From 936745719941ffb447829567b647092c8a550142 Mon Sep 17 00:00:00 2001 From: Anne Lorenz Date: Fri, 21 Dec 2018 13:50:58 +0100 Subject: [PATCH] updated labeling --- data/interactive_labeling.csv | 580 ++++++------ ...t_articles_organizations_without_banks.pkl | Bin 0 -> 810990 bytes src/2018-12-01-al-interactive-labeling.ipynb | 874 ++++-------------- src/MNBInteractive.py | 4 +- src/NER.py | 62 +- 5 files changed, 534 insertions(+), 986 deletions(-) create mode 100644 obj/dict_articles_organizations_without_banks.pkl diff --git a/data/interactive_labeling.csv b/data/interactive_labeling.csv index 5287d0e..299f72a 100644 --- a/data/interactive_labeling.csv +++ b/data/interactive_labeling.csv @@ -9,12 +9,12 @@ 7|'4dcad7443ecfcb3944f55ab346156bd6cdfb1919'|'India plans expansive budget despite growth, revenue worries'|'Business 36pm EST India plans expansive budget despite growth, revenue worries left right India''s Prime Minister Narendra Modi gestures as he reads a joint statement with Myanmar''s State Counsellor Aung San Suu Kyi (not pictured) at Hyderabad House in New Delhi, India October 19, 2016. REUTERS/Adnan Abidi 1/3 left right Finance Minister Arun Jaitley addresses a delegation while speaking on the Goods and Services Tax (GST) issues during the Vibrant Gujarat investor summit in Gandhinagar, January 11, 2017. REUTERS/Amit Dave 2/3 left right India''s Prime Minister Narendra Modi delivers a speech next to Mexican President Enrique Pena Nieto (not pictured), at Los Pinos presidential residence in Mexico City, Mexico, June 8, 2016. REUTERS/Edgard Garrido 3/3 By Manoj Kumar - NEW DELHI NEW DELHI India''s finance minister is likely to borrow more than originally planned when he presents the budget on Feb. 1, senior aides and officials said, despite counting on revenues from a national sales tax whose launch date is still unknown. Arun Jaitley is looking at how to fund giveaways to taxpayers and higher public investment to help nurse Asia''s third-largest economy back to health after the government''s shock decision in November to abolish high-value banknotes. That is raising concern among some economists and investors that the government will take too many fiscal risks. Yet officials say that, given the choice, they would choose growth sustained by state investment over a fiscal straitjacket. "Some degree of flexibility on fiscal discipline should not be seen as irresponsible fiscal management," one senior government official told Reuters, requesting anonymity due to the sensitivity of the matter. A fiscal advisory panel, which includes central bank head Urjit Patel, has advocated widening the budget deficit to "slightly over" 3 percent of gross domestic product to free up funds for road, railway and irrigation projects. "It is not possible to keep up the pace of capital expenditure without increasing the fiscal deficit beyond 3 percent of GDP," another official, briefed on the committee''s findings, added. New Delhi earlier aimed to cut the federal deficit to 3 percent of GDP over the next two fiscal years, compared with 3.5 percent in the year now drawing to a close. Independent economists are also penciling in a higher federal deficit in the coming fiscal year, at 3.3-3.4 percent of GDP, creating room for the government to invest an extra $6 billion. That has drawn a warning from ratings agency Standard & Poor''s, which says that slowing the pace of fiscal consolidation could delay India''s chances of an upgrade due to its high and rising debt levels. HEROIC ASSUMPTIONS Jaitley''s team forecasts a recovery in nominal GDP growth, the key driver of tax revenues, to around 12 percent in 2017/18. Yet that assumes oil prices of $55-60 per barrel and a long-delayed Goods and Services Tax being implemented in July. And the economy is still getting over the shock of Prime Minister Narendra Modi''s decision in November to scrap 86 percent of cash in circulation in a bid to purge the economy of illicit "black money". The International Monetary Fund has chopped a percentage point off India''s forecast of real economic growth to 6.6 percent in the current fiscal year to March, meaning China regains the crown as the world''s fastest-growing large economy. The Washington-based lender has also shaved 0.4 of a percentage point off its forecast for the coming fiscal year. Finance ministry officials remain tight-lipped about how quickly they expect growth to bounce back after it slowed following so-called demonetization. International prices for crude oil, India''s most expensive import item, could meanwhile overshoot the finance ministry''s expectations as exporting nations curb output, hurting the growth and revenue outlook. "This budget is presented in a very uncertain situation," said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a New Delhi think-tank that is partly funded by the government. Modi faces the imminent verdict of voters in five regional elections, most importantly in the battleground state of Uttar Pradesh that is home to more than 200 million people. A setback there for his nationalist party could harm his chances of winning a second term in 2019. Election authorities have barred the government from offering targeted budget ''sops'' to buy votes. And even if the government does ramp up public investment in Jaitley''s fourth budget, it has little room for maneuver - nearly nine in every 10 rupees it spends go on servicing debt or paying wages and subsidies. "It will not be a populist, but a pragmatic budget," said a senior finance ministry official with direct knowledge of budget planning. (Additional reporting by Rajesh Kumar Singh and Douglas Busvine; Editing by Mike Collett-White) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-india-budget-idUSKBN15A01Y'|'2017-01-26T07:30:00.000+02:00'|7.0|''|-1.0|'' 8|'7c83e74cb8329aa6a8ad4acad04ad6bea54babb2'|'UPDATE 1-Ford Motor criticizes Trump immigration order'|'(Adds more details from statement)By David ShepardsonWASHINGTON Jan 30 Ford Motor Co on Monday criticized President Donald Trump''s controversial immigration order, becoming one of the highest profile U.S. manufacturers to question the decision to temporary ban travelers coming from seven predominantly Muslim countries.Ford Executive Chairman Bill Ford Jr. and Chief Executive Officer Mark Fields said in a statement to employees that the company does not support what it called a new U.S. travel ban."We do not support this policy or any other that goes against our values as a company," they said, adding that Ford is not aware of any employees directly affected by the policy.Fields met twice with Trump last week to talk about economic issues. Ford was harshly criticized by Trump during the campaign for moving some production to Mexico, but he has praised the automaker in recent weeks for announcing new U.S. investments.Ford is based in Dearborn, Michigan, home to one of the largest Arab-American populations in the United States.General Motors Co, Fiat Chrysler Group NV, Toyota Motor Corp and Honda Motor Co are among automakers that have declined to comment when asked by Reuters about the immigration order.Tesla Motors Inc CEO Elon Musk has also criticized the order. (Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ford-trump-idINL1N1FK11M'|'2017-01-30T13:44:00.000+02:00'|8.0|''|-1.0|'' 9|'5dc3f467f86c9eb3197fee8a4fa9544c348e549e'|'UPDATE 1-Indonesia says bond dealers must avoid conflicts of interest'|'* Primary dealers must ''safeguard'' partnership with govt* Govt can revoke appointment if dealers break the rules* Govt to look at track record of dealership applicants* Fin ministry cut ties with JPMorgan after research downgrade (Adds context)By Eveline Danubrata and Gayatri SuroyoJAKARTA, Jan 11 Indonesia''s finance ministry, which recently cut its business ties with JPMorgan Chase & Co , announced new rules that require primary bond dealers to "safeguard" their partnership with the government and avoid conflicts of interest.The regulation is likely to add to analysts'' concern about moves to strike back over unfavourable investment commentary after Indonesia punished the U.S. bank for its downgrade of the country''s stocks in November.Primary dealers "have the duty to safeguard the partnership with the Indonesian government based on professionalism, integrity, the avoidance of conflict of interest, and looking at the interests of the Republic of Indonesia," according to documents uploaded to the ministry''s website on Wednesday.The documents, dated Dec. 30, said the finance minister can revoke the appointment of a primary dealer if it does not fulfill the stated conditions.The finance minister also has the authority to accept or reject an application to be a primary dealer by taking into consideration the track record of the bank or securities firm, including its working experience with the ministry.A primary dealer is a bank or a securities firm appointed by the finance minister that can buy government bonds in auctions and resell them in the secondary market. Indonesia had 19 such dealers as of Nov. 25.Foreigners hold more than 37 percent of Indonesia''s government bonds. The local capital market lacks depth and liquidity, making the perception of foreign investors particularly important for Southeast Asia''s biggest economy.The Finance Ministry dropped the JPMorgan''s services as a primary dealer for domestic sovereign bonds and as an underwriter for bonds sold to the global market. The bank also no longer receives certain transfers of state revenue.Suahasil Nazara, the head of the ministry''s fiscal policy office, on Jan. 4 defended the penalising of JPMorgan, saying its research was "not credible and not objective".(Additional reporting by Fransiska Nangoy; Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-bonds-idINL4N1F11SU'|'2017-01-11T01:47:00.000+02:00'|9.0|''|-1.0|'' -10|'a5896e7e00701c57d5aac21b809b66e3b9031ae8'|'China stocks climb to new 6-week highs; Hong Kong firmer'|'Industrials - Wed Jan 25, 2017 - 11:51pm EST China stocks climb to new 6-week highs; Hong Kong firmer * SSEC +0.1 pct, CSI300 +0.3 pct, HSI +1.4 pct * China''s Dec industrial profits grow at sharply slower pace SHANGHAI Jan 26 China stocks are set for a five-day winning streak, hitting a fresh six-week high on Thursday morning, but gains were curbed after profits earned by industrial firms grew at a sharply slower pace last month. Market turnover stayed thin on the last trading day before the Lunar New Year, China''s biggest holiday, starting on Friday. Markets will be closed for a week and will reopen on Feb. 3. Hong Kong stocks rallied and were poised for four days of gains, drawing inspiration from the Dow Jones Industrial Average breaching the 20,000-point level for the first time on Wednesday. Sentiment was also helped by a weaker U.S. dollar, easing fears of capital outflows from the city. In China, the blue-chip CSI300 index rose 0.3 percent, to 3,387.16 points at the end of the morning session, while the Shanghai Composite Index gained 0.1 percent, to 3,153.77 points. Blue chip shares have gained almost 1 percent so far this week. "Investors are in a holiday mood now," said Cao Xuefeng, head of research at Huaxi Securities in Chengdu, noting the market is traditionally firm ahead of the Lunar New year. But bullish sentiment was partly offset by China''s profit growth earned by industrial firms in December, which eased sharply to 2.3 percent compared with November''s 14.5 percent. Cao said the slower pace was due to a cooling property market and seasonal factors as many workers had already left the factories for their home towns ahead of the new year. "The path of U.S. interest rate rises, Trump''s policies to China, whether he will brand China a currency manipulator, is there going to be a trade war - all these will affect the economy in China this year," Cao said, adding that it was hard to predict Trump''s next move. "He plays against the rules. He isn''t like former U.S. presidents." Sector performance was mixed in China. An index tracking the industrial sector lost 0.1 percent at midday after briefly hitting a two-week high in early trade. Banks were among best gainers on the mainland. An index tracking the sector was up nearly 0.8 percent, after China''s banking regulator reported that commercial banks'' non-performing loan (NPL) ratio stood at 1.74 percent at the end of 2016, basically flat from end of the third quarter. In Hong Kong, the Hang Seng index added 1.4 percent, to 23,365.01 points, while the Hong Kong China Enterprises Index gained 1.4 percent, to 9,875.77 points. The Dow surged on Wednesday as solid earnings and optimism over President Donald Trump''s pro-growth initiatives revitalised a post-election rally. Sectors gained across the board at midday, with tech stocks and real estate developers among the best performers. Hong Kong exchanges will be closed on Jan. 30 and 31 for the Lunar New Year. (Reporting by Jackie Cai and John Ruwitch; Editing by Jacqueline Wong) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1FG1TI'|'2017-01-26T11:51:00.000+02:00'|10.0|''|-1.0|'' +10|'a5896e7e00701c57d5aac21b809b66e3b9031ae8'|'China stocks climb to new 6-week highs; Hong Kong firmer'|'Industrials - Wed Jan 25, 2017 - 11:51pm EST China stocks climb to new 6-week highs; Hong Kong firmer * SSEC +0.1 pct, CSI300 +0.3 pct, HSI +1.4 pct * China''s Dec industrial profits grow at sharply slower pace SHANGHAI Jan 26 China stocks are set for a five-day winning streak, hitting a fresh six-week high on Thursday morning, but gains were curbed after profits earned by industrial firms grew at a sharply slower pace last month. Market turnover stayed thin on the last trading day before the Lunar New Year, China''s biggest holiday, starting on Friday. Markets will be closed for a week and will reopen on Feb. 3. Hong Kong stocks rallied and were poised for four days of gains, drawing inspiration from the Dow Jones Industrial Average breaching the 20,000-point level for the first time on Wednesday. Sentiment was also helped by a weaker U.S. dollar, easing fears of capital outflows from the city. In China, the blue-chip CSI300 index rose 0.3 percent, to 3,387.16 points at the end of the morning session, while the Shanghai Composite Index gained 0.1 percent, to 3,153.77 points. Blue chip shares have gained almost 1 percent so far this week. "Investors are in a holiday mood now," said Cao Xuefeng, head of research at Huaxi Securities in Chengdu, noting the market is traditionally firm ahead of the Lunar New year. But bullish sentiment was partly offset by China''s profit growth earned by industrial firms in December, which eased sharply to 2.3 percent compared with November''s 14.5 percent. Cao said the slower pace was due to a cooling property market and seasonal factors as many workers had already left the factories for their home towns ahead of the new year. "The path of U.S. interest rate rises, Trump''s policies to China, whether he will brand China a currency manipulator, is there going to be a trade war - all these will affect the economy in China this year," Cao said, adding that it was hard to predict Trump''s next move. "He plays against the rules. He isn''t like former U.S. presidents." Sector performance was mixed in China. An index tracking the industrial sector lost 0.1 percent at midday after briefly hitting a two-week high in early trade. Banks were among best gainers on the mainland. An index tracking the sector was up nearly 0.8 percent, after China''s banking regulator reported that commercial banks'' non-performing loan (NPL) ratio stood at 1.74 percent at the end of 2016, basically flat from end of the third quarter. In Hong Kong, the Hang Seng index added 1.4 percent, to 23,365.01 points, while the Hong Kong China Enterprises Index gained 1.4 percent, to 9,875.77 points. The Dow surged on Wednesday as solid earnings and optimism over President Donald Trump''s pro-growth initiatives revitalised a post-election rally. Sectors gained across the board at midday, with tech stocks and real estate developers among the best performers. Hong Kong exchanges will be closed on Jan. 30 and 31 for the Lunar New Year. (Reporting by Jackie Cai and John Ruwitch; Editing by Jacqueline Wong) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1FG1TI'|'2017-01-26T11:51:00.000+02:00'|10.0|11.0|0.0|'' 11|'f2704dbd08a08f1aad5c2f43febc7cb6fd6011d2'|'Indonesia penalises JPMorgan for ''underweight'' call - officials'|'By Nilufar Rizki and Eveline Danubrata - JAKARTA JAKARTA Indonesia will drop JPMorgan Chase & Co from providing some services to the government after the bank''s research arm said investors should reduce their exposure to the country, senior finance ministry officials said on Tuesday."After we did a comprehensive review, we said no need to use JPMorgan''s services as a primary (bond) dealer and a perception bank," Suahasil Nazara, the head of the ministry''s fiscal policy office, told Reuters.A 2006 government decree says a perception bank is one appointed by the finance minister to receive transfers of state revenue not related to imports, including tax, onshore excise and non-tax revenue.Nazara said the penalty on JPMorgan was already in effect.In an equities research note dated Nov. 13, JPMorgan downgraded its investment recommendation on Indonesia to "underweight" from "overweight", citing higher risk premiums for emerging markets after Donald Trump won the U.S. presidential election."Bond markets are starting to price in faster growth and higher deficit," the bank wrote, adding that the "spike in volatility" may stop or reverse flows into fixed-income assets in emerging markets.However, the bank said in the note that the downgrade on Indonesia and Brazil was a "tactical" response to Trump''s victory. Both economies are improving, with lower policy rates likely to support valuations for 2017, it added.A JPMorgan spokeswoman said on Tuesday that it continued to operate its business in Indonesia as usual. "The impact on our clients is minimal, and we continue to work with the Ministry of Finance to resolve the matter," she said by email.The finance ministry''s Nazara said the bank''s analysis "did not make sense" because it recommended a "neutral" position for Brazil, which is better than for Indonesia, despite what he said was a more stable political situation in the Southeast Asian nation."We have asked them to clarify their assessment. They''ve explained to us, but we found their argument not credible. It''s not that we think we''re so great, but we look at ourselves and we look at other countries'' economies," Nazara said."Our mindset is, if you''re doing business here in Indonesia, the spirit is to maintain stability. Don''t create unnecessary volatility to create business," he added.Robert Pakpahan, Indonesia''s director general for budget financing and risk management, told reporters on Tuesday that JPMorgan''s research should not have a major impact on Indonesia''s future bond issuance, but the sanction on JPMorgan would remain in place "until we say otherwise".Primary dealers of Indonesian government bonds as of Nov. 25 included Citibank, Deutsche Bank AG, Hongkong and Shanghai Banking Corporation Limited and local lender PT Bank Central Asia Tbk, according to the finance ministry''s website. ( bit.ly/2iKae6n )Indonesia''s 10-year credit default swap, a contract used to measure credit risk in fixed-income products, and the yield on its benchmark 10-year bonds spiked after the U.S. election, though they have since dipped.Trump signalled more protective U.S. trade policies, raising concerns about the impact on developing markets.Analysts have said Indonesia''s economy should be supported by domestic consumption, which makes up more than half of gross domestic product.But the relatively high foreign ownership of government bonds and Indonesia''s lack of depth of financial markets make it vulnerable to capital reversals, they say.Indonesia''s central bank said shortly after the Federal Reserve raised U.S. interest rates in December that it was on guard against "reversals" of capital flows into the country.However, Fitch Ratings revised in December Indonesia''s credit rating outlook to positive, citing a relatively low government debt burden, favourable growth outlook and an improving business environment.(Reporting by Nilufar Rizki and Eveline Danubrata; Additional reporting by Gayatri Suroyo, Hidayat Setiaji and Fransiska Nangoy; Editing by Richard Borsuk and Will Waterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-bonds-jpmorgan-idINKBN14N0O7'|'2017-01-03T06:55:00.000+02:00'|11.0|''|-1.0|'' 12|'a612e7075c0cb777363abc9f1c3c13e83cddba81'|'Prime property predictions for 2017: Savills'|'Prime property predictions for 2017: Savills Buyers must either add value or head to emerging markets - if they have the stomach for it 3 days ago by Yolande Barnes 1. The global challenge for real estate investors is to find value in a world where low interest rates have pushed asset prices, including residential property, to the full. Even private investors are now banking more on what a property can actually provide for them either in terms of amenity or additional income than on capital growth. City properties in great locations, either historic settings or sunbelt, are becoming increasingly sought after. Buyers all over the planet are beginning to recognise that neighbourhoods offering a high quality of life will appreciate in value, not just so many square feet of bricks and mortar. 2. We think there are still some enclaves in 2017 with scope for capital growth but these are few and far between. Europe as a global region has seen less of the effect of falling capitalisation rates which have characterised major US and Asian cities, so we expect some further growth even in major cities. In the main however, only higher yielding secondary and tertiary properties, rather than prime, are likely to see residential property growth through asset value catch-up. 3. With yields now at their lowest ever levels globally, the drivers of capital growth in future will be occupier demand and subsequent rental growth rather than competition between investors. After 2017, the fundamental quality of places will start to matter much more to buyers. Real estate will behave less like a commodity and so the emphasis will be on what value can be added rather than how it will automatically appreciate over time. 4. The biggest opportunities for growth lie outside developed economies, outside the famous world cities and outside prime areas. The trick is spotting the next up and coming, neighbourhood, city or economic region. At a global scale, it is less developed regions which have the greatest potential for growth as growing middle classes become homeowners or pay higher rents. The fundamentals will matter but levels of risk and lack of transparency in Africa, South America and less developed parts of Asia mean that buying property in these regions is not for the faint hearted. Yolande Barnes is Head of Savills World Research See Christies predictions here Next up: Nathan Brooker, property writer for FT House & Home Tags:'|'ft.com'|'http://www.ft.com/rss/companies/property'|'https://propertylistings.ft.com/propertynews/united-states/4924-prime-property-predictions-for-2017-savills.html?ftcamp=published_links%2Frss%2Fcompanies_property%2Ffeed%2F%2Fproduct'|'2017-01-06T17:16:00.000+02:00'|12.0|''|-1.0|'' 13|'b35e1132185336ed92fcb7d3ecbf5f107cf99a94'|'Fitch Rates Autonomous Community of Asturias''s Bonds ''BBB'''|' 39am EST Fitch Rates Autonomous Community of Asturias''s Bonds ''BBB'' (The following statement was released by the rating agency) BARCELONA, January 23 (Fitch) Fitch Ratings has assigned the Autonomous Community of Asturias''s (Asturias; BBB/Stable/F2) senior unsecured debt a long-term local currency rating of ''BBB''. The rating also applies to the region''s following bonds: - EUR19.2m 0.654% fixed-rate, with bullet repayment and five-year maturity - EUR20m 0.654% fixed-rate, with bullet repayment and five-year maturity - EUR102m 0.862% fixed-rate, with periodic repayment and nine-year maturity The bonds have been used to refinance existing obligations. KEY RATING DRIVERS The bonds'' ratings are aligned with Asturias''s Long-Term Issuer Default Rating as the notes constitute senior and unsecured debt of the region. Asturias''s IDRs reflect weak fiscal performance, a moderately high direct debt burden and financial support from the central government. The Stable Outlook incorporates Fitch''s expectations that the region''s fiscal performance will gradually improve, limiting direct debt growth to 107%-110% of current revenue through to 2017, versus 106% in 2015. RATING SENSITIVITIES A rating action on Asturias would be mirrored on the bonds'' rating. Contact: Primary Analyst Julia Carner Analyst +34 93 323 8401 Fitch Ratings Espana, S.A.U. Av. Diagonal, 601, Barcelona 08028 Secondary Analyst Guilhem Costes Senior Director +34 93 323 8410 Committee Chairperson Raffaele Carnevale Senior Director +39 02 87 90 87 203 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria International Local and Regional Governments Rating Criteria - Outside the United States (pub. 18 Apr 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017886 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986910'|'2017-01-23T17:39:00.000+02:00'|13.0|''|-1.0|'' 14|'27352e5538c0f384e4bd53c024902fe145bb357e'|'Uber drivers are employees ''eligible for company social security contributions'' - Swiss agency'|' 09am GMT Uber drivers are employees ''eligible for company social security contributions'' - Swiss agency A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration ZURICH Uber drivers are employees for which the company must pay social security contributions, a Swiss insurance agency has ruled, dealing a blow to the U.S. ride-hailing platform that says drivers are freelance contractors. The California-based startup whose cab service has expanded worldwide stands accused in many countries of bypassing national labour protection standards and shunning collective negotiation with drivers who work on freelance terms. Suva - which as a provider of Swiss obligatory on-the-job accident insurance helps decide which workers are freelance - found Uber Technology [UBER.UL] drivers are staff because they faced consequences if they did not meet Uber rules and could not set prices and payment terms independently, broadcaster SRF reported. SRF cited an appeal ruling in one driver''s case it said it had seen. Suva was not immediately available for comment. Labour representatives hailed the ruling, but local Uber boss Rasoul Jalali pointed out to SRF that the Suva decision was not the final word. "If we cannot find an agreement with Suva, we will have to rely on the courts," he said. Founded in 2009, Uber has taken the world by storm but come up against opposition too. Various services it has proposed have been banned in some countries and it faces numerous battles in U.S. courts over labour standards, safety rules and pricing policies that trigger fare surges at peak times. (Reporting by Michael Shields; Editing by Nick Macfie) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-swiss-uber-idUKKBN14P0J7'|'2017-01-05T14:09:00.000+02:00'|14.0|''|-1.0|'' -15|'0a9ab89aac6175e5f4e675db1910dda3d0568d1b'|'LPC-Kenya''s syndicated loan delayed-bankers'|'Financials - Tue Jan 31, 2017 - 8:23am EST LPC-Kenya''s syndicated loan delayed-bankers By Sandrine Bradley - LONDON LONDON Jan 31 The Kenyan government''s efforts to raise an internationally syndicated loan has been delayed by uncertainty surrounding a second US$250m loan made by The Eastern and Southern African Trade and Development Bank (PTA Bank) to the sovereign, bankers close to the situation said. Banks submitted bids in response to a request from Kenya in December for bonds or loans totalling up to US$1bn, and earlier this month the government mandated Standard Chartered, Standard Bank, Citigroup and Rand Merchant Bank to lead a loan that is expected to total around US$800m. The confusion has arisen because there is uncertainty about whether the US$250m provided by PTA Bank will be syndicated to the market or not. If it is offered to banks, it could have significant consequences for the four lenders looking to syndicate the larger loan, bankers said. There is only a relatively small pool of banks available to lend to Kenya, and bankers say that lenders would only be able to lend to one of the two loans, but not both, because of exposure issues. "The deal with PTA is confusing all of us. We thought it was a bilateral and not a market transaction. You cannot have two transactions in the market at the same time. It will not necessarily stop the deal but it raises serious questions," said one banker. Until lenders receive clarification of what will happen with the PTA loan, the situation has now reached a ''stalemate'', a second banker said. "If PTA syndicates at the same time [as the larger loan] it complicates the whole process. None of the arranging banks would have proposed what they proposed if they knew the existence of the other syndication," another banker said. Subsequent bank meetings to discuss the loan, including one which took place in Nairobi on January 19 and another on January 30, did not clarify the situation, the bankers said. "It is frustrating that an African sovereign is behaving like this. It was a fantastically run RFP (request for proposals) process - clear and transparent -- and then this happens. It doesn''t make sense," the third banker said. PTA Bank and the Kenyan government did not respond to requests for comment by telephone and by email. Kenyan economic growth is expected to slip to 5.7% in 2017 from about 5.9% in 2016, the central bank said on Tuesday. (Editing by Christopher Mangham) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/kenya-loans-idUSL4N1FL2HC'|'2017-01-31T20:23:00.000+02:00'|15.0|''|-1.0|'' +15|'0a9ab89aac6175e5f4e675db1910dda3d0568d1b'|'LPC-Kenya''s syndicated loan delayed-bankers'|'Financials - Tue Jan 31, 2017 - 8:23am EST LPC-Kenya''s syndicated loan delayed-bankers By Sandrine Bradley - LONDON LONDON Jan 31 The Kenyan government''s efforts to raise an internationally syndicated loan has been delayed by uncertainty surrounding a second US$250m loan made by The Eastern and Southern African Trade and Development Bank (PTA Bank) to the sovereign, bankers close to the situation said. Banks submitted bids in response to a request from Kenya in December for bonds or loans totalling up to US$1bn, and earlier this month the government mandated Standard Chartered, Standard Bank, Citigroup and Rand Merchant Bank to lead a loan that is expected to total around US$800m. The confusion has arisen because there is uncertainty about whether the US$250m provided by PTA Bank will be syndicated to the market or not. If it is offered to banks, it could have significant consequences for the four lenders looking to syndicate the larger loan, bankers said. There is only a relatively small pool of banks available to lend to Kenya, and bankers say that lenders would only be able to lend to one of the two loans, but not both, because of exposure issues. "The deal with PTA is confusing all of us. We thought it was a bilateral and not a market transaction. You cannot have two transactions in the market at the same time. It will not necessarily stop the deal but it raises serious questions," said one banker. Until lenders receive clarification of what will happen with the PTA loan, the situation has now reached a ''stalemate'', a second banker said. "If PTA syndicates at the same time [as the larger loan] it complicates the whole process. None of the arranging banks would have proposed what they proposed if they knew the existence of the other syndication," another banker said. Subsequent bank meetings to discuss the loan, including one which took place in Nairobi on January 19 and another on January 30, did not clarify the situation, the bankers said. "It is frustrating that an African sovereign is behaving like this. It was a fantastically run RFP (request for proposals) process - clear and transparent -- and then this happens. It doesn''t make sense," the third banker said. PTA Bank and the Kenyan government did not respond to requests for comment by telephone and by email. Kenyan economic growth is expected to slip to 5.7% in 2017 from about 5.9% in 2016, the central bank said on Tuesday. (Editing by Christopher Mangham) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/kenya-loans-idUSL4N1FL2HC'|'2017-01-31T20:23:00.000+02:00'|15.0|12.0|0.0|'' 16|'5b93ab29269511879205074eb7586d4370053e9c'|'Australia shares end higher on materials and financials; NZ up'|'Financials 1:09am EST Australia shares end higher on materials and financials; NZ up (Updates to close) Jan 25 Australian shares closed modestly higher on Wednesday, supported by financial stocks that rose on positive leads from U.S. counterparts, and by materials that were underpinned by higher commodity prices. The S&P/ASX 200 index rose 0.4 percent, or 21.40 points, to end at 5,671.50. The S&P 500 and Nasdaq set record highs on Tuesday in a broad rally led by financial and technology stocks. Australia''s local financial index snapped six sessions of losses, with the ''Big four'' up between 0.4 percent and 1.1 percent. The metals and mining index rose as much as 2.4 percent to its highest in over two years. Steel and iron ore futures in China rose for a second day on Wednesday, supported by hopes that demand for both commodities will strengthen after the Lunar New Year holiday. Mining giant BHP Billiton Ltd rose as much as 3.5 percent to its highest since June 2015. The world''s biggest miner reported a 9 percent rise in iron ore output in its fiscal second quarter. Rival Rio Tinto Ltd gained as much as 3.8 percent, its highest in over two and a half years, after it agreed to sell its unit Coal & Allied Industries Ltd to Yancoal Australia Ltd for up to $2.45 billion in cash. New Zealand''s benchmark S&P/NZX 50 index closed 0.4 percent, or 26.75 points higher, at 7,090.91, its highest close in over three months. Industrials led gains, with Port Of Tauranga ending 2.3 percent higher. (Reporting by Sindhu Chandrasekaran in Bengaluru; Editing by Kim Coghill) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-close-idUSL4N1FF1YU'|'2017-01-25T13:09:00.000+02:00'|16.0|''|-1.0|'' 17|'dfba9f5378e673ed9402de33b1a7496ea65fbdf0'|'Carlyle explores sale of vitamin maker Nature''s Bounty - Bloomberg'|'Carlyle Group LP is exploring a sale of one of the largest U.S. herbal supplement maker, Nature''s Bounty Co, Bloomberg reported on Friday.Carlyle has held talks with potential advisers about selling the Ronkonkoma, New York-based Nature''s Bounty, Bloomberg reported, citing people familiar with the matter. ( bloom.bg/2jibKjG )Nature''s Bounty, formerly known as NBTY Inc, could fetch as much as $6 billion in a sale, Bloomberg reported. Carlyle bought NBTY in 2010.While finding a buyer for the whole business is the preferred option, the private equity may also decide to shop the international unit separately, Bloomberg said citing two of the people.Carlyle and Nature''s Bounty, whose brands include "Solgar" and "MET-Rx", were not available to comment outside regular U.S. business hours.(Reporting by Subrat Patnaik in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nature-s-bounty-m-a-carlyle-group-idINKBN14Q0Y0'|'2017-01-06T06:48:00.000+02:00'|17.0|''|-1.0|'' 18|'08a489fcd216f66f11d4acca5c6ff870e81c20f7'|'Wall St Week Ahead-Optimism among S&P 500 CEOs as Trump takes power'|'Funds News 1:00pm EST Wall St Week Ahead-Optimism among S&P 500 CEOs as Trump takes power (Repeats story first published on Friday with no changes to text) By Noel Randewich SAN FRANCISCO Jan 20 U.S. President Donald Trump''s administration is only hours old, but already a small parade of S&P 500 companies'' chiefs have voiced optimism that his promised tax cuts, stimulus spending and deregulation will boost corporate profits. In the days ahead of Friday''s inauguration, senior executives from Morgan Stanley, Delta Air Lines and other major U.S. corporations said the Trump White House has already sparked a brighter outlook for business. "There is certainly more reason to be optimistic as we enter 2017 than there was at the beginning of 2016," Morgan Stanley CEO James Gorman said on Tuesday after his bank said profit doubled in the fourth quarter. He pointed to factors including a surge in consumer confidence after the Nov. 8 election and lower taxes promised by Trump. Just under way, fourth-quarter earnings reporting season is providing a glimpse of what major large companies expect under Trump, and their take is largely positive so far. Over a dozen S&P 500 companies reporting results in the last week have signaled optimism about potential tax cuts, infrastructure spending, employee benefit costs and reduced regulation. With corporate earnings already on the mend after a slump in oil prices and a strong dollar last year, S&P 500 companies are expected on average to grow their earnings by 6.3 percent in the December quarter and 13.6 percent in the March quarter, according to Thomson Reuters I/B/E/S. Since the November election, the S&P 500 has rallied 6 percent to record highs, in part due to expectations Trump will pass policies that stimulate the economy. Banks have led gains, with investors betting Trump will roll back regulations passed by President Barack Obama following the 2008 financial crisis, which many investors say went too far. After United Continental Holdings on Tuesday posted lower December-quarter profits, airline President Scott Kirby told analysts on a call, "It feels like we are on a really good path. It felt to me like there was an inflection point after the election for business demand." An also upbeat Delta Air Lines Chief Executive Ed Bastian told analysts this month that he was excited about potential infrastructure spending promised by Trump, as well as a chance to make his case about unfair competition from Middle Eastern airlines heavily subsidized by governments. Vince Delie, Chief Executive of F.N.B., which own First National Bank, said on a quarterly conference call on Thursday that he was saw more confidence among commercial customers and a potential pickup in lending. "There are at least conversations occurring about larger capex opportunities within our customer base, which didn''t happen before," Delie said. Not everyone is over the moon, however. Kansas City Southern''s CEO bemoaned an uncertain environment on Friday after the cross-border railroad reported lower quarterly profits, hurt by a slump in Mexico''s peso since Trump''s election. "Obviously the political and economic uncertainty is probably first and foremost on most of our minds, and the irony of us reporting earnings on the Inauguration Day of the 45th President is not entirely lost on us," Chief Executive Patrick Ottensmeyer told analysts. Indeed, some business leaders and lobbyists in Washington who were initially enthusiastic about Trump''s victory have begun to exhibit some hesitance over his agenda amid confusing messages on healthcare, taxes and trade. SURGING CONFIDENCE Still, while Trump''s views on immigration and a range of other issues are at odd with many Americans, most small businesses and consumers do see a brighter future as he launches his presidency. An index of small business confidence in December hit a 12-year high, according to the National Federation of Independent Business. The U.S. consumer confidence index in December hit its highest level since August 2001, a month before the Sept. 11 attacks. Following strong stock gains in November and December, many on Wall Street are concerned that Trump may fail to deliver on all of his promises. A Republican-controlled Congress might balk at infrastructure spending or tax reductions that significantly widen the federal budget deficit. Other investors worry that Trump could follow through on campaign-trail threats to tear up global trade deals and crack down on illegal immigrants from Mexico who provide low-wage labor in agriculture, restaurants and other industries. "Folks are potentially underestimating the degree to which Trump is serious about real reform on trade an immigration," warned Jon Adams, senior investment strategist at BMO Global Asset Management. "Investors, in general, are hopeful Trump will take a more pragmatic approach on those issues." Over the past two months, Trump has publicly targeted and threatened a range of multinationals, including Ford Motor , General Motors, Boeing Co and Lockheed Martin. That may have left CEOs wary of publicly disagreeing with his policies. "You don''t want to step on a mine. So the best course of action is to be somewhat optimistic, positive but also somewhat noncommittal so you''re not trapped one way or another," said Robert Pavlik, chief market strategist at Boston Private Wealth in New York. Trump''s frequent use of Twitter to single out companies for criticism or praise has created volatile spikes in trading of their shares, which is good for online brokers including Charles Schwab and TD Ameritrade. "Each time, it''s a new market event and a potential trading opportunity for our clients. Like everyone else, we''re watching it with interest," TD Ameritrade Director of Finance Jeff Goeser said on a conference call on Wednesday after the company reported an increase in quarterly profits. (Reporting by Noel Randewich, additional reporting by Caroline Valetkevitch in New York; editing by Dan Burns and Nick Zieminski) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-stocks-weekahead-repeat-scheduled-co-idUSL1N1FA1XP'|'2017-01-23T01:00:00.000+02:00'|18.0|''|-1.0|'' @@ -45,7 +45,7 @@ 43|'bb5be1d9fb3bfe0e1e2a3216e546d06d54db1caa'|'Japan December manufacturing activity expands at fastest pace in a year - PMI'|' 34am GMT Japan December manufacturing activity expands at fastest pace in a year: PMI Smoke is emitted from a chimney as a man fishes at the Keihin industrial zone in Kawasaki, Japan, March 28, 2016. REUTERS/Yuya Shino/File Photo TOKYO Japanese manufacturing activity expanded at the fastest pace in a year in December as orders picked up, a private survey showed on Wednesday, in an encouraging sign that the struggling economy may be regaining momentum. The Final Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) rose to 52.4 in December on a seasonally adjusted basis, higher than a preliminary reading of 51.9 and a final 51.3 in November. The index remained above the 50 threshold that separates expansion from contraction for the fourth consecutive month and showed activity expanded at the fastest pace since December 2015. The final output component of the PMI index also rose to a one-year high of 53.8 in December from 52.4 in November. The preliminary reading for December was 53.1. The final index for new orders, which measures both domestic and external demand, rose to a one-year high of 53.2, versus a preliminary 52.8 and 51.1 in the previous month. Much of the jump in demand appeared to be in the form of domestic orders, though survey respondents also reported increases in sales to Europe, China and North America. Japan''s exports, factory output and consumer spending have recently shown signs of recovery, offering some hope for policymakers struggling to pull the economy out of stagnation. (eporting by Stanley White; Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-pmi-idUKKBN14O01P'|'2017-01-04T07:33:00.000+02:00'|43.0|''|-1.0|'' 44|'89bf2b3bdfb569c57e7d121abae987b38300744b'|'Anadarko Petroleum to sell Texas assets for $2.3 bln'|'Deals 42pm EST Anadarko Petroleum to sell Texas assets for $2.3 billion Anadarko Petroleum Corporation ( APC.N ) said on Thursday it would sell its Eagleford Shale assets in South Texas for about $2.3 billion to Sanchez Energy Corporation ( SN.N ) and Blackstone Group LP ( BX.N ). The divestiture includes about 155,000 net acres mainly located in Dimmit and Webb counties. (Reporting by Vishaka George in Bengaluru; Editing by Alan Crosby) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-anadarko-petrol-divestiture-idUSKBN14W35V'|'2017-01-13T06:40:00.000+02:00'|44.0|''|-1.0|'' 45|'000665f06f4b4cd61e2c24aa4a92bc3805b13ae2'|'GSK grabs Astra executive to replace exiting pharma head'|' 19am GMT GSK grabs Astra executive to replace exiting pharma head Signage for GlaxoSmithKline is seen on it''s offices in London, Britain, March 30, 2016. REUTERS/Toby Melville/File Photo LONDON GlaxoSmithKline said on Thursday that Abbas Hussain, its global head of pharmaceuticals, is leaving the company and will be replaced by Luke Miels from AstraZeneca. Hussain had been seen as a potential contender to take over from Chief Executive Andrew Witty, who steps down at the end of March, but the job went to GSK''s consumer health division boss Emma Walmsley. "Succession processes are challenging for everyone involved and, unfortunately, it is rare that all of those involved stay with the company," Witty said. (Reporting by Ben Hirschler; '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gsk-astrazeneca-idUKKBN1530Q5'|'2017-01-19T14:19:00.000+02:00'|45.0|''|-1.0|'' -46|'4a69f337f0ec460879d9ec0eed1a409377a69f7b'|'RPT-Ivory Coast''s two-day mutiny leaves foreign investors unfazed'|'Financials - Wed Jan 11, 2017 - 3:00am EST RPT-Ivory Coast''s two-day mutiny leaves foreign investors unfazed (Repeats to additional clients; no change in text.) * Investors keep faith in Ouattara after two-day revolt * Govt pays soldiers'' bonuses, Ouattara sacks military heads * Ivory Coast dollar bonds little changed By Karin Strohecker LONDON, Jan 10 Soldiers rampaging through Ivory Coast in a two-day mutiny have done little to dent investors'' faith that President Alassane Ouattara will retain control and push ahead with reforms in a country seen as a rare African success story of recent years. Disgruntled soldiers demanding bonuses and wage rises kicked off a revolt on Friday in French-speaking West Africa''s largest economy. Troops in military camps across the country then joined the mutiny, the second in less than three years in the world''s top cocoa exporter. The government conceded to the low-ranking soldiers'' demands and agreed to pay bonuses likely to cost state coffers tens of millions of dollars. Yet Ivory Coast''s dollar-bonds maturing in 2024, 2028 and 2032 - the main exposure point of foreign portfolio investors to the western African nation - have edged down less than a couple of cents across the curve, according to data from Tradeweb. "There is a great deal of confidence in President Ouattara himself and his ability to manage the country since he took over," said Jan Dehn, head of research at emerging market focussed asset manager Ashmore. "But it is also a relatively simple matter: Soldiers had not been paid their salaries for a couple of months, they got pissed off, they went out and caused some havoc.... They paid them the salary, and that is why things calmed down now." Ivory Coast emerged from a 2002-2011 political crisis as one of the continent''s rising stars with an economy that has grown by around 10 percent or just below annually in the four years to 2015, according to World Bank data. It has been praised for structural reforms such as a sweeping overhaul of its cocoa sector and investment in infrastructure. In September, Washington lifted decade-old sanctions against the country citing the successful 2015 presidential election and progress in tackling illegal trafficking of arms and natural resources. To reaffirm his control, Ouattara dismissed the heads of the army, police and gendarmes on Monday. Prime Minister Daniel Kablan Duncan also resigned and dissolved the government. The swiftness with which the mutiny was quelled also reassured investors, said Samir Gadio, head of Africa Strategy FICC Research at Standard Chartered Bank. "What the market sees in Ivory Coast is an improving story in an environment where other Eurobond issuers actually have seen their fundamentals deteriorate in recent years," he said. "Investors have been constructive on Ivory Coast, they recognise that fundamentals have improved, that policy making is on track, and I don''t think that one-off event is going to lead to a significant reassessment of the country''s credit profile." African governments designated as frontier markets have been keen issuers on international capital markets in recent years, but momentum has ground to a halt amid soaring borrowing costs. However some investors warn that Ouattara''s failure to rein in the army, cobbled together from rival rebel groups and government soldiers, could threaten economic recovery and political stability. "This is a very unstable country - both politically and economically. Exports are heavily focused on certain commodities and institutions are very, very underdeveloped," said Lutz Roehmeyer at Landesbank Berlin Investment. While he was not looking to add to the small dollar-bond exposure he currently holds, Roehmeyer said having the West African CFA Franc currency pegged to the euro made local debt a more compelling investment opportunity. Ivory Coast offered a yield of over 5 percent for a CFA issue in December. The government said last year it hoped to develop its local bond market and issue to foreign investors. "If you look at other countries in Africa that had to devalue dramatically last year such as Egypt, Nigeria, Angola or Mozambique you see they already have dramatic problems and that the currency weakness is yet another issue weighing them down, which Ivory Coast does not have. It is a massive bonus to have a stable currency," said Roehmeyer. (Editing by Hugh Lawson) Next In Financials Chinese investors losing appetite for bonds in 2017 SHANGHAI, Jan 11 Stung by a late-2016 tumble in bonds, Chinese investors are signalling a switch into shares this year in the hope of better returns as the economy recovers and as a hedge against rising inflation and tighter monetary policy.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ivorycoast-mutiny-investment-idUSL5N1F11CI'|'2017-01-11T15:00:00.000+02:00'|46.0|''|-1.0|'' +46|'4a69f337f0ec460879d9ec0eed1a409377a69f7b'|'RPT-Ivory Coast''s two-day mutiny leaves foreign investors unfazed'|'Financials - Wed Jan 11, 2017 - 3:00am EST RPT-Ivory Coast''s two-day mutiny leaves foreign investors unfazed (Repeats to additional clients; no change in text.) * Investors keep faith in Ouattara after two-day revolt * Govt pays soldiers'' bonuses, Ouattara sacks military heads * Ivory Coast dollar bonds little changed By Karin Strohecker LONDON, Jan 10 Soldiers rampaging through Ivory Coast in a two-day mutiny have done little to dent investors'' faith that President Alassane Ouattara will retain control and push ahead with reforms in a country seen as a rare African success story of recent years. Disgruntled soldiers demanding bonuses and wage rises kicked off a revolt on Friday in French-speaking West Africa''s largest economy. Troops in military camps across the country then joined the mutiny, the second in less than three years in the world''s top cocoa exporter. The government conceded to the low-ranking soldiers'' demands and agreed to pay bonuses likely to cost state coffers tens of millions of dollars. Yet Ivory Coast''s dollar-bonds maturing in 2024, 2028 and 2032 - the main exposure point of foreign portfolio investors to the western African nation - have edged down less than a couple of cents across the curve, according to data from Tradeweb. "There is a great deal of confidence in President Ouattara himself and his ability to manage the country since he took over," said Jan Dehn, head of research at emerging market focussed asset manager Ashmore. "But it is also a relatively simple matter: Soldiers had not been paid their salaries for a couple of months, they got pissed off, they went out and caused some havoc.... They paid them the salary, and that is why things calmed down now." Ivory Coast emerged from a 2002-2011 political crisis as one of the continent''s rising stars with an economy that has grown by around 10 percent or just below annually in the four years to 2015, according to World Bank data. It has been praised for structural reforms such as a sweeping overhaul of its cocoa sector and investment in infrastructure. In September, Washington lifted decade-old sanctions against the country citing the successful 2015 presidential election and progress in tackling illegal trafficking of arms and natural resources. To reaffirm his control, Ouattara dismissed the heads of the army, police and gendarmes on Monday. Prime Minister Daniel Kablan Duncan also resigned and dissolved the government. The swiftness with which the mutiny was quelled also reassured investors, said Samir Gadio, head of Africa Strategy FICC Research at Standard Chartered Bank. "What the market sees in Ivory Coast is an improving story in an environment where other Eurobond issuers actually have seen their fundamentals deteriorate in recent years," he said. "Investors have been constructive on Ivory Coast, they recognise that fundamentals have improved, that policy making is on track, and I don''t think that one-off event is going to lead to a significant reassessment of the country''s credit profile." African governments designated as frontier markets have been keen issuers on international capital markets in recent years, but momentum has ground to a halt amid soaring borrowing costs. However some investors warn that Ouattara''s failure to rein in the army, cobbled together from rival rebel groups and government soldiers, could threaten economic recovery and political stability. "This is a very unstable country - both politically and economically. Exports are heavily focused on certain commodities and institutions are very, very underdeveloped," said Lutz Roehmeyer at Landesbank Berlin Investment. While he was not looking to add to the small dollar-bond exposure he currently holds, Roehmeyer said having the West African CFA Franc currency pegged to the euro made local debt a more compelling investment opportunity. Ivory Coast offered a yield of over 5 percent for a CFA issue in December. The government said last year it hoped to develop its local bond market and issue to foreign investors. "If you look at other countries in Africa that had to devalue dramatically last year such as Egypt, Nigeria, Angola or Mozambique you see they already have dramatic problems and that the currency weakness is yet another issue weighing them down, which Ivory Coast does not have. It is a massive bonus to have a stable currency," said Roehmeyer. (Editing by Hugh Lawson) Next In Financials Chinese investors losing appetite for bonds in 2017 SHANGHAI, Jan 11 Stung by a late-2016 tumble in bonds, Chinese investors are signalling a switch into shares this year in the hope of better returns as the economy recovers and as a hedge against rising inflation and tighter monetary policy.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ivorycoast-mutiny-investment-idUSL5N1F11CI'|'2017-01-11T15:00:00.000+02:00'|46.0|13.0|0.0|'' 47|'340c976c46ad26c63178e96d383336f78c426b08'|'US theater chain AMC to buy Stockholm-based Nordic Cinema for $929 mln'|'Funds 17am EST US theater chain AMC to buy Stockholm-based Nordic Cinema for $929 mln Jan 23 U.S. movie theater chain AMC Entertainment Holdings Inc said on Monday it would buy Nordic Cinema Group, the largest theater operator in Sweden, Finland, Estonia, Latvia and Lithuania, for the equivalent of $929 million in cash. AMC is buying Stockholm-based Nordic Cinema from European private equity firm Bridgepoint and Swedish media group Bonnier Holding. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D''Souza) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/nordic-cinema-ma-amc-entmt-holdgs-idUSL4N1FD403'|'2017-01-23T19:17:00.000+02:00'|47.0|''|-1.0|'' 48|'17beb275a66ebdfd662cbb892ba73d6215daa510'|'Italy says aspects of Trump''s stance on trade are worrying'|'Business News 18am EST Italy says aspects of Trump''s stance on trade are worrying Pier Carlo Padoan, Minister of Economy and Finance of Italy attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich BRUSSELS Signs that U.S. President Donald Trump is ready to adopt protectionist trade policies are a cause for concern and would hurt Europe, Italian Economy Minister Pier Carlo Padoan said on Friday. Speaking to reporters after a meeting with European finance ministers in Brussels, Padoan said he viewed positively Trump''s intention to stimulate the U.S. economy, but his early policy indications on trade had "very worrying aspects". "If protectionism really sets in in the United States this would hurt Europe," Padoan said. Turning to Italy''s public finances, the minister said it would be "a big problem for Italy" if an ongoing tussle between Rome and the European Commission resulted in Brussels opening a formal procedure to force the government to make steeper deficit cuts. (writing by Gavin Jones, editing by Isla Binnie) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-italy-idUSKBN15B16E'|'2017-01-27T19:11:00.000+02:00'|48.0|''|-1.0|'' 49|'e7cb628c8c8ea3b9d50295c51f868405ef6e95a4'|'Qatar National Bank raising $1 billion loan from Asian lenders: sources'|'By Davide Barbuscia - DUBAI DUBAI Qatar National Bank QNBK.QA, the largest bank in the Middle East and Africa by assets, is raising a $1 billion, three-year syndicated loan in the Asian bank market, sources familiar with the situation said on Wednesday.The Qatari lender is not new to the international loan market and has previously raised large debt facilities in both U.S. dollars and euros.Agricultural Bank of China has a leading role in the new loan, the sources said.A QNB spokesman did not immediately respond to a request for comment.The Qatari lender approached banks for the new loan financing in mid-December, asking them to commit sizeable tickets ranging between $100 million and $300 million, one source said.The loan offers all-in pricing including interest margin and banks fees of 120 basis points over the London interbank offered rate, the same source said.QNB raised a 2.25 billion euro ($2.40 billion), three-year loan in May last year with a group of 14 lenders, including European and Asian banks. That loan paid an interest rate of 105 bps over the euro interbank offered rate.Established in 1964 as the country''s first Qatari-owned commercial bank, QNBs current ownership is equally split between the government''s Qatar Investment Authority and the private sector.The Qatar Investment Authority was the top cornerstone investor in Agricultural Bank of Chinas $22.1 billion initial public offer of shares in 2010.QNB is rated Aa3 by Moodys, A+ by Standard & Poor''s, and AA- by Fitch.(Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-qnb-loans-idINKBN1521SR'|'2017-01-18T10:17:00.000+02:00'|49.0|''|-1.0|'' @@ -54,7 +54,7 @@ 52|'e7825b371bbd3ffbf5008980c4c18e82529adf14'|'Global clean energy investment falls to $288 billion in 2016 - research'|' Global clean energy investment falls to $288 billion in 2016 - research An employee walks between rows of solar panels at a solar power plant on the outskirts of Dunhuang, Gansu province, China, June 10, 2011. REUTERS/Stringer/File Photo LONDON Clean energy investment worldwide fell by 18 percent to $287.5 billion last year due to sharp falls in renewable technology prices and less spending on projects by large markets China and Japan, research showed on Thursday. Chinese investment in renewable sources of energy, such as wind and solar, was $87.8 billion last year, 26 percent lower than an all-time high of $119 billion in 2015, while Japanese investment was 43 percent lower at $22.8 billion, Bloomberg New Energy Finance (BNEF) said in an annual report. "After years of record-breaking investment driven by some of the world''s most generous feed-in tariffs, China and Japan are cutting back on building new large-scale projects and shifting towards digesting the capacity they have already put in place," said Justin Wu, head of Asia for BNEF. China faces slowing power demand and the government is focusing on grid investment so renewable energy can generate to its full potential. Growth in Japan, meanwhile, will not come from utility-scale projects but from small-scale solar systems, BNEF said. Even though overall investment was down, offshore wind experienced a record financing of $29.9 billion in 2016, 40 percent higher than the previous year, as developers in Europe and China took advantage of bigger turbines and improved economics. Acquisition activity in clean energy broke the $100 billion mark for the first time at $117.5 billion in 2016, up from $97 billion in 2015, due to a rise in corporate mergers and acquisitions and renewable energy project purchases, the report said. Renewable technology costs have fallen with raw material costs, improved technology and policy changes that have encouraged the installation of more solar and wind power. (Reporting by Nina Chestney; Editing by Ruth Pitchford) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-renewables-investment-idINKBN14W14W'|'2017-01-12T16:48:00.000+02:00'|52.0|''|-1.0|'' 53|'6760add4d6cd53fc2301c10abbc557248f8c85a1'|'Fitch Affirms Pacific & Orient Insurance at IFS ''BBB+''; Outlook Stable'|' 10pm EST Fitch POI''s rating is constrained by its focus on the small niche market and its volatile reserving experience amid Malaysia''s industry-wide underwriting deficit for third-party motor insurance. POI''s underwriting performance improved in the financial year to end-September 2016 (FY16). Lower gross premiums from stiff market competition were offset by a significant reversal in net claim liabilities due to a strengthened claim reserve in FY15. This improved POI''s combined ratio to 85% in FY16, from 103% in FY15. Fitch expects top-line growth to remain under pressure in FY17 due to the increasingly competitive landscape for motor premiums and uncertainty caused by the planned detariffication of motor rates from July 2017. Nonetheless, we expect overall underwriting performance to be stable due to management''s emphasis on bottom-line profitability. POI maintained its regulatory capital ratio above 200% at end-FY16, well above the 130% regulatory minimum. Net leverage fell to 2.6x at end-FY16, compared with 3.5x a year ago, as the company maintaining consistent surplus growth amid falling premiums. Fitch does not expect this trend to continue as premium growth normalises. POI derives close to 80% of its gross premiums from the motor class and had a 2.1% non-life market share in Malaysia in 2015, as measured by gross premiums. Its reserving experience has been volatile over the last five years due to an industry push to close out older claims and changes in actuarial claim liability assessments. Fitch will continue monitoring POI''s reserving practices amid potential underwriting volatility in its niche motor business. The company''s investment mix remains prudent and highly liquid, with more than 80% of invested assets placed in cash and deposits in FY16. We expect a moderate shift away from deposits in the near-term as POI intends to optimise investment returns on a risk-adjusted basis. RATING SENSITIVITIES Key rating triggers for a downgrade include deteriorating underwriting performance, with the combined ratio persistently above 97%; a sustained increase in financial leverage to above 35%; weaker capitalisation, with net premiums/adjusted equity consistently above 2x; or significant capital deterioration as measured by Fitch''s Prism Factor-Based Capital Model. We do not expect an upgrade for POI in the near term. However, the company''s rating could be upgraded over the medium term if it broadens its market presence and improves business diversification while maintaining its combined ratio below 90%. Contact: Primary Analyst Christopher Han Associate Director +65 6796 7224 Fitch Ratings Singapore Pte Ltd. One Raffles Quay South Tower #22-11 Singapore 048583 Secondary Analyst Jeffrey Liew Senior Director +852 2263 9939 Committee Chairperson Siew Wai Wan Senior Director +65 6796 7217 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available at www.fitchratings.com Applicable Criteria Insurance Rating Methodology (pub. 15 Sep 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017810 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit985452'|'2017-01-20T11:10:00.000+02:00'|53.0|''|-1.0|'' 54|'18a280cbe6b8ca9140a841acc492926e1df3c502'|'UPDATE 1-Grana y Montero posts quarterly loss, cites Odebrecht project'|'(Adds comments from company on divestiture plan, net profit without impacts from pipeline, context on Odebrecht scandal)LIMA Jan 27 Grana y Montero , Peru''s biggest construction conglomerate, reported a fourth-quarter net loss of 130 million soles ($39.4 million) on Friday after it lost a major contract due to corruption concerns about its partner.For the fourth quarter of 2015, the company posted 82 million soles in net profit.This week Peru terminated Brazilian builder Odebrecht''s $5 billion natural gas pipeline contract in which Grana had owned a 20 percent stake, capping months of uncertainty that sank Grana''s share value.The company said that without the effects from the pipeline project, net profit would have risen 55 percent in 2016. Instead, it dropped 90 percent to 8.6 million soles.To quickly pay off debt and guarantees linked to the collapse of the contract, Grana''s board approved a plan to divest $300 million in certain assets.Grana, which has described its partnership with Odebrecht on the pipeline and other projects as a mistake, said earlier this month that it was weighing its legal options.Odebrecht has been at the center of a growing graft scandal in Latin America since it acknowledged in late December that it distributed hundreds of millions of dollars in bribes across the region, including $29 million in Peru. (Reporting by Mitra Taj; Editing by Chizu Nomiyama and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/peru-grana-y-montero-idINL1N1FH0IZ'|'2017-01-27T10:33:00.000+02:00'|54.0|''|-1.0|'' -55|'3ec019e7123133b2374918e1dd4de831b55e8f23'|'Amazon''s Alexa moves in on Google''s Android system'|'Money News - Sat Jan 7, 2017 - 5:35am IST Amazon''s Alexa moves in on Google''s Android system Mike George, VP Alexa, Echo and Appstore for Amazon, speaks during the LG press conference at CES in Las Vegas, U.S., January 4, 2017. REUTERS/Rick Wilking By Julia Love Amazon.com Incs ( AMZN.O ) digital assistant appeared almost everywhere at the CES technology show this week in Las Vegas, even making an unexpected appearance on rival Googles Android system. Companies ranging from appliance maker Whirlpool Corp ( WHR.N ) to Ford Motor Co ( F.N ) unveiled products featuring Alexa, the digital assistant from Amazon that responds to voice commands. Most strikingly, Chinese firm Huawei Technologies Co [HWT.UL], which manufactures smartphones running on the Android operating system produced by Alphabet Inc''s ( GOOGL.O ) Google, announced that its flagship handset will come with an app that gives users access to Alexa in the United States. The adoption of Alexa by a prominent Android manufacturer indicates that Amazon may have opened up an early lead over Google as the companies race to present their digital assistants to as many people as possible, analysts said. Many in the technology industry believe that such voice-powered digital assistants will supplant keyboards and touch screens as a primary way consumers interact with devices. While the shift is only in the early stages, Google must establish a strong presence quickly, particularly on Android devices, to maintain its dominance in internet search, said analyst Jan Dawson of Jackdaw Research. To the extent that voice becomes more important and something other than Googles voice assistant becomes the most popular voice interface on Android phones, thats a huge loss for Google in terms of data gathering, training its AI (artificial intelligence), and ultimately the ability to drive advertising revenue, he said. Alexa debuted on the Amazon Echo smart speaker, and Amazon is establishing a broad array of hardware and software partnerships around it. The competing Google Assistant launched last year on the companys Pixel smartphone, after appearing on Google''s messaging app, and has begun to roll out to third-party devices as well. Graphics processor maker Nvidia Corp ( NVDA.O ) announced at CES that its Shield television will feature the assistant. While Google has expressed an interest in bringing its assistant to other Android smartphones, the decision to debut the feature on its own hardware may have strained relations with manufacturers, Dawson said. It highlights just what a strategic mistake it can be for services companies to make their own hardware and give it preferential access to new services, he said. A spokeswoman for Google declined to comment. While Amazon has a head start, Google is no by no means out of the race, given the strength of its internet search technology. The Google Assistant can already field queries that Alexa cannot, said Sergei Burkov, chief executive of Alterra.ai, an artificial intelligence company. A huge part of an assistant is search, he said. Google is a search company. Amazon is not. (Reporting by Julia Love in Las Vegas; Editing by Bill Rigby) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ces-android-alexa-idINKBN14R007'|'2017-01-07T07:05:00.000+02:00'|55.0|''|-1.0|'' +55|'3ec019e7123133b2374918e1dd4de831b55e8f23'|'Amazon''s Alexa moves in on Google''s Android system'|'Money News - Sat Jan 7, 2017 - 5:35am IST Amazon''s Alexa moves in on Google''s Android system Mike George, VP Alexa, Echo and Appstore for Amazon, speaks during the LG press conference at CES in Las Vegas, U.S., January 4, 2017. REUTERS/Rick Wilking By Julia Love Amazon.com Incs ( AMZN.O ) digital assistant appeared almost everywhere at the CES technology show this week in Las Vegas, even making an unexpected appearance on rival Googles Android system. Companies ranging from appliance maker Whirlpool Corp ( WHR.N ) to Ford Motor Co ( F.N ) unveiled products featuring Alexa, the digital assistant from Amazon that responds to voice commands. Most strikingly, Chinese firm Huawei Technologies Co [HWT.UL], which manufactures smartphones running on the Android operating system produced by Alphabet Inc''s ( GOOGL.O ) Google, announced that its flagship handset will come with an app that gives users access to Alexa in the United States. The adoption of Alexa by a prominent Android manufacturer indicates that Amazon may have opened up an early lead over Google as the companies race to present their digital assistants to as many people as possible, analysts said. Many in the technology industry believe that such voice-powered digital assistants will supplant keyboards and touch screens as a primary way consumers interact with devices. While the shift is only in the early stages, Google must establish a strong presence quickly, particularly on Android devices, to maintain its dominance in internet search, said analyst Jan Dawson of Jackdaw Research. To the extent that voice becomes more important and something other than Googles voice assistant becomes the most popular voice interface on Android phones, thats a huge loss for Google in terms of data gathering, training its AI (artificial intelligence), and ultimately the ability to drive advertising revenue, he said. Alexa debuted on the Amazon Echo smart speaker, and Amazon is establishing a broad array of hardware and software partnerships around it. The competing Google Assistant launched last year on the companys Pixel smartphone, after appearing on Google''s messaging app, and has begun to roll out to third-party devices as well. Graphics processor maker Nvidia Corp ( NVDA.O ) announced at CES that its Shield television will feature the assistant. While Google has expressed an interest in bringing its assistant to other Android smartphones, the decision to debut the feature on its own hardware may have strained relations with manufacturers, Dawson said. It highlights just what a strategic mistake it can be for services companies to make their own hardware and give it preferential access to new services, he said. A spokeswoman for Google declined to comment. While Amazon has a head start, Google is no by no means out of the race, given the strength of its internet search technology. The Google Assistant can already field queries that Alexa cannot, said Sergei Burkov, chief executive of Alterra.ai, an artificial intelligence company. A huge part of an assistant is search, he said. Google is a search company. Amazon is not. (Reporting by Julia Love in Las Vegas; Editing by Bill Rigby) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ces-android-alexa-idINKBN14R007'|'2017-01-07T07:05:00.000+02:00'|55.0|6.0|0.0|'' 56|'4974c2fbf20e538b4a19f744e6e2c73267f123d4'|'Fitch: Improved Markets Drive Morgan Stanley''s 4Q16 Earnings Performance'|'Financials 35pm EST Fitch: Improved Markets Drive Morgan Stanley''s 4Q16 Earnings Performance (The following statement was released by the rating agency) CHICAGO, January 17 (Fitch) Improved markets drove good earnings performance for Morgan Stanley (MS) according to Fitch Ratings. During a seasonally slower fourth quarter of 2016 (4Q16), MS''s net income was up 2% from the sequential quarter and up 79% from the prior year, which included restructuring costs in the company''s fixed income trading business and challenging market conditions. On a full-year basis, MS''s net income was down 2% from the prior year, which Fitch considers to be satisfactory given the slow start to the year, but lower than some peers. The quarterly results were driven by strong advisory net revenue on higher levels of completed M&A activity. An additional driver of results was stronger performance in the company''s Fixed Income business unit across most product categories amid better industrywide trading conditions. The company''s reported annualized return on average equity (ROAE) was 8.7% in 4Q16, unchanged from the sequential quarter, but up from 4.9% excluding DVA in the year-ago quarter. On a full-year basis, MS''s ROAE was 8.0%, up from 7.8% excluding DVA in the prior year. Fitch considers these results to be encouraging, though they remain below the company''s long-term ROAE target range of between 9%-11%. MS''s results generally were in line with peer banks that have reported 4Q16 results to date, as all have benefited from improved market conditions for trading activity within their Fixed Income, Currency, and Commodities divisions (FICC). Additionally, higher interest rates over the course of the year have begun to drive some improvement in net interest income (NII) across the industry. MS''s overall investment banking net revenue grew 15% from the sequential quarter and 5% from the year-ago quarter. This was due to the improved advisory results noted previously as well as improved debt underwriting net revenue due to higher levels of non-investment grade issuance. Equity underwriting net revenue modestly declined amid continuing slow volumes of new initial public offerings (IPOs). As noted, reported sales and trading net revenue was up 1% from the sequential quarter and 49% from the year-ago quarter. Net revenue from equity trading, a franchise strength for MS, increased 4% from the sequential quarter and 9% from the year-ago quarter. Fixed income net revenue was essentially unchanged from the sequential quarter, which is significant as the fourth quarter tends to be seasonally slow. Relative to the year-ago quarter net revenue more than doubled. Overall wealth management net revenue in 4Q16 was up 3% from the sequential quarter and 6% from the year-ago quarter. This was in part driven by higher NII, which expanded 11% from the sequential quarter and 26% from the year-ago quarter. Given the Federal Reserve''s rate hike in December 2016 as well the view of potentially higher rates over the course the year, NII may continue to expand over the next 12 months. The wealth management segment''s pre-tax operating margin in 4Q16 was 22%, down from 23% in the sequential quarter but up from 20% in the year-ago quarter. This quarter''s result was only slightly below the company''s long-term pre-tax profit margin for this segment of between 23%-25%, as the segment''s potential operating leverage remains constrained. The company''s investment management segment''s 4Q16 net revenue was down 9% from the sequential quarter and 19% from the year-ago quarter due largely to markdowns of legacy limited partner investments in third party sponsored funds. Asset management fees excluding these markdowns were essentially unchanged from the prior year. Expense management continues to be a key area of focus for MS''s management team. Relative to the year-ago quarter the company generated positive operating leverage but relative to the sequential quarter generated modest negative operating leverage as high marketing and professional services cost weighed on the overall expense base. Overall pre-tax margin incrementally declined to 25% in 4Q16, down from 27% in the sequential quarter, but up from 19% in the year-ago quarter. MS'' fully phased-in Basel III Common Equity Tier 1 (CET1) ratio under the advanced approaches remained unchanged from the sequential quarter at 15.8% in 4Q16, and up from 14.0% in the year ago quarter. MS''s CET1 ratio remains at the top end of peer group averages, although it is expected to modestly decline over time via capital returns, subject to regulatory approval. MS''s 4Q''16 fully phased-in Enhanced Supplementary Leverage Ratio improved to 6.3% in 4Q16, up from 6.2% in the sequential quarter, and up from 5.8% in the year-ago quarter. Liquidity remained solid with the company''s Global Liquidity Reserve (GLR) up to $202 billion, or 24.9% of total assets amid continued deposit growth. MS''s deposit balances were up to $155.8 billion in 4Q16 from $151.8 billion in the sequential quarter. Contact: Justin Fuller, CFA Senior Director +1-312-368-2057 Fitch Ratings, Inc. 70 W. Madison Street Chicago, IL 60602 Nathan Flanders Managing Director +1-212-908-0872 Media Relations: Hannah James, New York, Tel: + 1 646 582 4947, Email: hannah.james@fitchratings.com. Additional information is available at ''www.fitchratings.com''. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986963'|'2017-01-18T03:35:00.000+02:00'|56.0|''|-1.0|'' 57|'c15263c3c56244f799c86460638f383bfd958c51'|'UPDATE 1-Frontier Airlines hires banks to plan IPO - New York Times'|'(Adds details)Jan 5 Low-cost carrier Frontier Airlines is preparing for an initial public offering and has hired banks to plan the debut, The New York Times reported, citing people familiar with the matter.Frontier Airlines has hired Deutsche Bank AG, JPMorgan Chase & Co and Evercore to manage the debut, the newspaper reported. nyti.ms/2jgXFCTThe Denver-based airline is aiming to raise about $500 million, valuing the company at about $2 billion, NYT said, citing sources.A spokesman for Frontier Airlines, which is owned by private equity firm Indigo Partners, declined to comment. Deutsche Bank, JPMorgan Chase and Evercore were not immediately available for comment outside U.S. business hours.Bloomberg had reported last year in March that the company had hired Barclays Plc, Deutsche Bank, JPMorgan Chase, Citigroup Inc to work on its IPO. bloom.bg/2hWtUXM(Reporting by Rama Venkat Raman in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/frontier-airlines-ipo-idINL4N1EW1JU'|'2017-01-06T00:32:00.000+02:00'|57.0|''|-1.0|'' 58|'bea211ce7a562e52774fcef97880c645e2e3c9f4'|'How artificial intelligence could help make the insurance industry trustworthy - Guardian Sustainable Business'|'W ith its complex rules, fine print and lengthy processes, its little wonder that the $1.2tn insurance industry has a poor reputation for trust and customer service. In a recent global survey from accounting firm EY, consumers ranked insurance below banks, car manufacturers, online shopping sites and supermarkets for trustworthiness. A newcomer to the field, New York City-based Lemonade hopes to reverse that reputation by using technology and behavioral science to create a faster and more transparent service.The company is working with Dan Ariely, a professor of psychology and behavioral economics at Duke University, to take antagonism out of its relationship with customers. Lemonade set out to create algorithms that make it easy and quick to sign up and approve claims in minutes rather than days. By automating the service as much as possible, the company, which sells renters and homeowners insurance, hopes to keep costs low.Is an even smaller New York apartment the key to sustainable living? Read more Lemonade is fast and transparent rather than slow and opaque, said David Charron, a lecturer at the Haas School of Business at the University of California at Berkeley. Their success here will be interesting to watch and may depend on acquiring dissatisfied customers from big insurance companies.Lemonade launched its initial service in New York last September and earlier this month filed for a license to 46 other states and the District of Columbia. It recently raised $34m from investors including GV (formerly Google Ventures) and General Catalysts, bringing the total to $60m.To demonstrate transparency, and informed by its work with Ariely, the insurance startup publicizes how it divvies up the premiums in running its service. Lemonade makes money by keeping a flat fee of 20% of a customers premium. It sets aside 40% mainly for buying reinsurance from firms such as Lloyds of London to cover major claims that exceed what the premiums can cover. The remaining 40% will cover claims, with whatever is left going to a charity of the customers choice at the end of the year.The company, which is registered as a public benefit corporation , includes the charity component to show its not just about making profits. This practice is unusual because an insurance company usually keeps all the profit or pays dividends to its shareholders or policyholders, said Justin Sydnor, a behavioral economist and associate professor of risk and insurance at the University of Wisconsin-Madison.The charity component also helps to minimize fraudulent claims, said Lemonade CEO and co-founder Daniel Schreiber.When they have a common cause that theyre raising money for, the thinking is that if they make a fraudulent claim, they arent hurting the insurance company but rather the charity or organization they have chosen to give back unclaimed money to, Schreiber said, adding customers could feel extra guilty if they are raising money to benefit their communities, such as a school library or soccer field.The ease of sign-up appealed to Aviv Gadot, 33, who opted for the companys basic renters coverage of $5 per month. He didnt previously buy renters insurance because, he said, dealing with insurance companies required filling out endless paperwork and took too much time. He also didnt trust that insurers would treat him fairly: Their incentive is to keep my money and prevent me from claiming, since it goes directly to their bottom line.Lemonade is part of a trend by insurance companies to improve how they market their services and serve customers online. Berkshire Hathaway, for example, created AirCare , flight insurance that promises immediate payouts for cancellations, delays and baggage loss. Then theres UK-based Gaggel, which allows friends and family to put cash aside in the event their loved ones damage or lose their mobile phone.These more tech-focused insurance companies raised $2.6bn in funding last year, according to investment bank Financial Technology Partners.The emphasis on speed and ease of use online also reflects the insurance companies desire to attract younger customers. According to a 2014 Swiss Re survey , US consumers under age 44 are more than twice likely to buy life insurance on the internet than those over 65. A similar trend is taking hold in Europe and Latin America. Lemonade declined to disclose the number of customers, but it said that 87% of its customers never bought insurance for their homes before and 81% of them are 25-44 years old.Patagonia, Black Diamond take on Utah officials over public land rights Read more Lemonade is able to screen applicants or claims quickly because its software can quickly pull data and cross-reference information about a particular home or neighborhood from a variety of sources. This reduces the need for the company to ask a lot of information from customers, Sydnor said.The startup created two chatbots based on two of its employees, and it expects its algorithms to learn from interactions with customers to improve service over time. The two employees are available to speak with customers by phone and handle more complex cases.We only use our claim algorithms to help us reach one single decision: should a claim be handled automatically or not, said Schreiber. The algorithms will either pay claims instantly or call in the human to take charge.In a quarterly performance review posted online , Lemonade noted that five of the six claims from 2016 required human intervention. But it touted a particular claim was handled completely by a chatbot: The first time ever that a claim was handled solely by artificial intelligence from triage, through fraud mitigation and down to the actual payment by wire. Start to finish, without involving us humans, all done by AI Jim!A big challenge for Lemonade will come when it faces a flurry of claims from a major natural disaster, Sydnor said.When you have 100 large claims to process in a town, it may be challenging to meet your customers needs with a very small claims-adjuster team, he added. On the other hand, there may be ways to improving communications and making initial payments using AI that will make Lemonade faster and more responsive in those times.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jan/28/insurance-company-lemonde-claims'|'2017-01-28T22:00:00.000+02:00'|58.0|''|-1.0|'' @@ -147,7 +147,7 @@ 145|'04435e48132c79cd3e702b574b9863325a255782'|'RPT-UPDATE 1-U.S. scrambles to clear egg exports to bird flu-hit Korea'|'Company News - Sun Jan 1, 2017 - 9:47pm EST RPT-UPDATE 1-U.S. scrambles to clear egg exports to bird flu-hit Korea (Repeats earlier story for wider readership with no change to text.) By Tom Polansek CHICAGO Dec 30 U.S. officials are urgently seeking an agreement with South Korea that would allow imports of American eggs so farmers can cash in on a shortage caused by the Asian country''s worst-ever outbreak of bird flu. The two sides are negotiating over terms of potential shipments after South Korea lifted a ban on imports of U.S. table eggs that it imposed when the United States grappled with its own bout of bird flu last year, according to the U.S. Department of Agriculture. If an agreement is reached, U.S. shipments could bring some relief to South Koreans who have faced soaring egg prices and rationing since the outbreak there began last month. The egg shipments also would help U.S. farmers cope with an oversupply that is depressing prices. The opportunity to profit by filling South Korea''s shortfall with U.S. eggs has sent brokers and traders into overdrive. About 26 million birds, more than a quarter of South Korea''s poultry stock, have been culled to control the outbreak, and most of the birds have been egg-laying hens. Strains of bird flu, which can be spread to poultry by wild birds, have been detected across Asia and in Europe in recent weeks. Two people in China and one person in Hong Kong have died in the outbreaks. The United States could reach agreement to open trade with South Korea as early as next week, said Mark Perigen, national supervisor for shell eggs for a division of the USDA. "Everybody''s working hard to get it done," Perigen said in an interview on Friday, adding that USDA employees had worked during holiday vacations on the issue. "They''re desperate for eggs over there, and the government realizes that," Perigen said. South Korea''s embassy in Washington did not immediately respond to a phone message seeking comment. Glenn Hickman, chief executive of Hickman''s Eggs in Arizona, has received calls from brokers searching for U.S. eggs to ship to South Korea. "Everybody in Korea who needs eggs has Googled everybody in the world who might have eggs," Hickman said. "We''re getting calls from brokers who have no idea even the right questions to ask us," he added. "It''s just somebody who knows how to freight stuff from the U.S. to Korea." With no agreement yet between the two countries, Hickman is asking employees to take contact information for the potential customers. United States Egg Marketers, a cooperative of farmers that was established to export eggs, has received "numerous inquiries about this already, including from people who have never exported anything in their lives," said Eka Inall, the group''s president. "Our phone is blowing up, our email is blowing up," she said. Last year, U.S. food companies imported eggs from Europe after bird flu ravaged domestic chicken flocks and sent egg prices to record highs. Since then, U.S. prices have tumbled as farmers have ramped up production. The United States produced 7.44 billion table eggs in November, up 11.5 percent from a year earlier, and there were 312 million hens laying table eggs on Dec. 1, up 8 percent from a year before, according to USDA. On Dec. 26, the average price for a dozen large white U.S. eggs was $1.17, down from a high of $2.88 in August 2015, according to market data firm Urner Barry. "Current conditions in the U.S. are definitely a motivating factor to get this thing done," Brian Moscogiuri, an Urner Barry egg analyst, said about U.S. efforts to start shipments to South Korea. If South Korea begins importing U.S. eggs, its residents may need to adjust to a different appearance of the food staple. Jim Sumner, president of the U.S. Poultry and Egg Export Council, said many Koreans prefer brown colored eggs, while the United States mostly produces white eggs. "As they say, beggars can''t be choosers," he said. (Editing by Matthew Lewis and Michael Perry) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/health-birdflu-southkorea-usa-repeat-upd-idUSL1N1ES02H'|'2017-01-02T09:47:00.000+02:00'|145.0|''|-1.0|'' 146|'7a0524280924039832ffa27ee9cb786d4420c9e9'|'Euro zone bailout fund - Greek public debt is manageable'|'Business News 00pm GMT Euro zone bailout fund - Greek public debt is manageable The Greek Parliament is seen behind flags displayed for sale during an anti-austerity rally organized by the country''s biggest public sector union ADEDY in Athens, Greece July 15, 2015. REUTERS/Yannis Behrakis BRUSSELS Greece''s public debt can be manageable, the euro zone bailout fund said on Sunday, responding to a leaked report by the International Monetary Fund that the country''s debt will explode to 275 percent of GDP by 2060. A spokesman for the bailout fund, the European Stability Mechanism (ESM), said the path for Greek public finances agreed between Athens and the euro zone was credible and backed by contingency measures in case of unforeseen events. "We believe that Greece''s debt burden can be manageable, if the agreed reforms are fully implemented, thanks to the ESM''s exceptionally favorable loan conditions over the long term and the recently adopted short-term debt relief measures," the ESM said. In the document, seen by the Financial Times, the IMF calculated that Greeces debt load would reach 170 per cent of gross domestic product by 2020 and 164 per cent by 2022. But it would become explosive thereafter and grow to 275 per cent of GDP by 2060, the paper quoted the report as saying. The spokesman said, however, that the euro zone had promised to offer Greece additional debt relief if Athens delivers on all its reform promises. "As a result, we see no reason for an alarmistic assessment of Greece''s debt situation," the spokesman said. The IMF has long been calling for substantial euro zone debt relief for Athens, but Germany, which faces elections this year, has been strongly opposed to such a move until after 2018, when Greece is to finish all its promised reforms. The IMF assessment of Greek debt developments may make it impossible for the Fund to join the current bailout for Greece, now shouldered only by euro zone governments, because the fund''s policy is to enter programs which in the end allow a country to cope on its own. Euro zone governments want the IMF on board, but do not seem to be ready to provide the debt relief to Greece that is necessary for the Fund to join. (Reporting By Jan Strupczewski; Editing by Stephen Powell) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-greece-debt-idUKKBN15D0XJ'|'2017-01-29T23:42:00.000+02:00'|146.0|''|-1.0|'' 147|'9d7fcc34c0dee38ec0d79731218451bd8f15ef3f'|'Barratt builds fewer homes in London'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/construction'|'https://www.ft.com/content/6d330386-d89c-11e6-944b-e7eb37a6aa8e?ftcamp=published_links%2Frss%2Fcompanies_construction%2Ffeed%2F%2Fproduct'|'2017-01-12T16:05:00.000+02:00'|147.0|''|-1.0|'' -148|'44ad2523c12d7c21d92f25ab08e6e188ba28d2b6'|'Argentina launches US$7bn two-part bond'|'By Paul Kilby NEW YORK, Jan 19 (IFR) - Here is the pricing progression on the new US$7bn bond offering from Argentina, expected to price later on Thursday: SIZE MATURITY IPTs GUIDANCE LAUNCH US$3.25bn 5-year high 5% area 5.625%-5.75% 5.625% US$3.75bn 10-year low 7% area 6.875%-7.00% 7.00% Bookrunners: BBVA, Citigroup, Deutsche Bank, HSBC, JP Morgan and Santander (Reporting by Paul Kilby; Editing by Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bond-idINL1N1F91J4'|'2017-01-19T15:05:00.000+02:00'|148.0|''|-1.0|'' +148|'44ad2523c12d7c21d92f25ab08e6e188ba28d2b6'|'Argentina launches US$7bn two-part bond'|'By Paul Kilby NEW YORK, Jan 19 (IFR) - Here is the pricing progression on the new US$7bn bond offering from Argentina, expected to price later on Thursday: SIZE MATURITY IPTs GUIDANCE LAUNCH US$3.25bn 5-year high 5% area 5.625%-5.75% 5.625% US$3.75bn 10-year low 7% area 6.875%-7.00% 7.00% Bookrunners: BBVA, Citigroup, Deutsche Bank, HSBC, JP Morgan and Santander (Reporting by Paul Kilby; Editing by Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bond-idINL1N1F91J4'|'2017-01-19T15:05:00.000+02:00'|148.0|6.0|0.0|'' 149|'a0ec0b2104c6a784d23c731f8491937ea0d99461'|'Italy to announce new 15-year BTP bond on Tuesday - sources'|'Financials 29am EST Italy to announce new 15-year BTP bond on Tuesday - sources MILAN Jan 17 Italy is set to announce later on Tuesday it has hired a group of banks for the syndicated issue of a new 15-year nominal bond, two market sources said, in the first test of investor appetite for its debt after last week''s sovereign downgrade. It was not immediately possible to reach the Treasury for comment. Italy last launched a 15-year BTP bond in March 2015. Expectations for a new 15-year issue have been weighing on longer-dated Italian bonds in recent days. "The Treasury is at work on a new 15-year issue. It is expected to announce the mandate after market close," one of the sources said. Italy lost its last remaining single ''A'' rating on its debt on Friday when Canadian rating agency DBRS downgraded it to ''BBB (high)'' from ''A (low)''. (Reporting by Luca Trogni, writing by Valentina Za, editing by Francesca Landini) Next In Financials Fitch Affirms CIFD at ''A''; Stable Outlook (The following statement was released by the rating agency) PARIS, January 17 (Fitch) Fitch Ratings has affirmed Credit Immobilier de France Developpement''s (CIFD) Long-Term Issuer Default Rating (IDR) at ''A''. The Long-Term IDR of Caisse Centrale du Credit Immobilier de France (3CIF), the group''s financing arm, has also been affirmed at ''A''. The Outlooks are Stable. A full list of rating actions is at the end of this rating action commentary. These rating actions are part of a review of euro'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-bonds-15year-idUSI6N1F2000'|'2017-01-17T22:29:00.000+02:00'|149.0|''|-1.0|'' 150|'6535246e4fed34ab3aa4d550a5a3b9012cd8ec27'|'Flipkart reshuffle signals shift to margins over volume'|'By Sankalp Phartiyal and Shounak Dasgupta - MUMBAI/BENGALURU MUMBAI/BENGALURU Even before he was appointed to run India''s biggest e-commerce company, Kalyan Krishnamurthy had signaled a change: as head of sales at Flipkart he focused on profitable "big ticket" items, a shift away from the industry''s fixation on growth at all costs.That helped turn around the group''s revenues after a series of valuation writedowns, and secured the top job for the veteran of Flipkart''s largest investor, Tiger Global, in a management shakeup this week.Krishnamurthy was named CEO on Monday, while co-founder and outgoing CEO Binny Bansal moved into the new role of group head."The trigger (for the reshuffle)... was repeated mark-downs in its valuation by the fund units of Morgan Stanley and Fidelity," said one source familiar with investor discussions.The person said investors, led by Tiger, were getting increasingly edgy as the writedowns not only stung early investors who bought in at higher valuations, but made it harder for Flipkart to tap the market and raise fresh capital.The company is preparing for an initial public offering, probably in 2018 or 2019.Flipkart and Tiger Global both declined to comment on the reshuffle and its implications.Flipkart has seen its lead in the online market in India eaten into by global giant Amazon.But some company sources credited Krishnamurthy, who joined Flipkart in June to spearhead some of its core sales efforts, with outmaneuvering Amazon during the festive sales push from October onwards.No official data for the period are available, but several analysts and company sources said Flipkart clocked higher gross merchandise value (GMV).A source close to the company said Flipkart''s GMV for the peak month of October was more than 50 billion rupees (599.02 million).Flipkart and Amazon declined to reveal their sales data.Company sources said Krishnamurthy achieved this by offering discounts and other incentives on more expensive items like televisions, handsets and home appliances, helping it achieve better margins than rivals who paid more attention to volume."He focused the discounts on high demand categories like mobile (phones), TV and large items - washing machines, air conditioners," said one employee.Whether Flipkart can outsmart Amazon over the longer term remains to be seen.Deep pockets are key to winning market share through aggressive discounting, and the American giant has announced a $5 billion investment plan in India.Bank of America Merrill Lynch, in a September 2016 report, said it expected Flipkart''s GMV market share to remain largely unchanged at 44 percent by 2019. By comparison, the brokerage expected Amazon''s share to grow to 37 percent from 28 percent estimated for 2016.FALLING VALUATIONA senior Flipkart executive, who like other company sources declined to be named because he was not authorized to speak to the press, said this week''s management restructuring was on the cards from the day Krishnamurthy joined Flipkart.The source close to Flipkart added that Tiger Global, the U.S. hedge fund that owns about a third of the company, wanted to be more closely involved in Flipkart''s operations.Launched by two former Amazon employees in 2007, Flipkart has grown to become India''s most valuable startup worth $15 billion in 2015.But its valuation has since dropped to below $10 billion by late 2016 amid intensifying competition, and it needs fresh funds to stay ahead of Amazon in the battle for supremacy in the world''s fastest growing internet services market.Talks were held with U.S. retailer Wal-Mart Stores Inc, which is looking to invest between $750 million and $1 billion in Flipkart, Reuters reported in October.Binny Bansal told Reuters in October that the company had cash reserves to last up to three years, but the source close to the firm said Flipkart had about two years before its war chest dried up.The company raised a little over $1 billion in the last two years, but needs to raise more funds in the next six to eight months, according to the same source."Tiger, along with other investors, want to steady the ship and make it IPO-ready as soon as they can," said the source familiar with investor discussions.Binny Bansal also mentioned "IPO readiness" as one of his key objectives as group CEO in an internal memo announcing the reshuffle.Flipkart''s restructuring takes away control of daily operations from Binny Bansal, who replaced Sachin Bansal a year ago as CEO.As group CEO, Binny will oversee the allocation of capital across units while Sachin will be responsible for strategic direction of existing business, Flipkart said in a statement."Investors are happy with the way the founders have stepped aside and given the control to professionals, as it''s very rare in India," one of the sources said.A day after Krishnamurthy took charge, three senior executives including the head of Flipkart''s logistics unit and its chief marketing officer quit the company, according to local media. A company spokesman declined to comment.(Additional reporting by Sumeet Chatterjee in Hong Kong, Rishika Sadam, Gaurika Juneja, Supantha Mukherjee, Ankit Ajmera, Noor Zainab Hussain, Sayantani Ghosh and Rachit Vats in Bengaluru, Rahul Bhatia in Mumbai; Editing by Euan Rocha and Mike Collett-White)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-flipkart-online-strategy-idINKBN14W1UU'|'2017-01-12T10:22:00.000+02:00'|150.0|''|-1.0|'' 151|'67085e26413a96aab9d760f16801104bd7307739'|'Sri Lanka shares fall; foreign selling inches close to 1 bln rupees'|'Basic Materials 31am EST Sri Lanka shares fall; foreign selling inches close to 1 bln rupees COLOMBO Jan 5 Sri Lankan shares fell for a fifth straight session and ended at a nine-month low on Thursday as foreign investors continued to sell shares, offloading close to one billion rupees worth of stocks in the first four sessions of the new year. Foreign investors sold a net 181.7 million rupees ($1.22 million) worth of equities on Thursday, extending the net outflow in the first four trading sessions of the year to 996.6 million rupees. Worries over a weakening rupee, rising interest rates and continued foreign selling in index heavyweight John Keells Holdings Plc also weighed on the sentiment. The Colombo stock index ended 0.09 percent down at 6,147.52, its lowest close since April 4. The bourse fell 9.7 percent in 2016, its second straight annual decline. The index has been trading in the oversold territory since Tuesday with 14-day relative strength index breaking below 30, Thomson Reuters data showed. A level between 30 and 70 indicates the market is neutral. Conglomerate John Keells, which saw net foreign selling of 2.34 million shares that accounted for 62 percent of the day''s turnover of 802.4 million rupees, ended 0.14 percent lower. Talks of a high net worth foreign investor exiting from Keells has triggered panic selling, dealers said. "Foreign selling in Keells is still continuing and that has brought the market down," said Dimantha Mathew, head of research, First Capital Equities (Pvt) Ltd. Analysts said interest rate volatility and policy uncertainties are also hurting investor sentiment. Yields on treasury bill auctions rose 5-6 basis points at a weekly auction on Wednesday, a day after the central bank governor signalled less intervention to defend the currency as market has braced for a depreciation. Shares in Hemas Holdings Plc dropped 2.20 percent while biggest listed lender Commercial Bank of Ceylon Plc lost 0.77 percent. ($1 = 149.4000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas Mohan) Next In Basic Materials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/sri-lanka-stocks-idUSL4N1EV3CA'|'2017-01-05T19:31:00.000+02:00'|151.0|''|-1.0|'' @@ -188,7 +188,7 @@ 186|'5c7b784a2a860c6224a1b975e2e0ed9699fb1b4b'|'UPDATE 1-Louis Dreyfus revives shelved euro bond plans'|'(Adds investor and banker comments, expected timing)By Laura BenitezLONDON, Jan 30 (IFR) - Commodity trader Louis Dreyfus will test investor appetite for riskier debt this week, after its previous plans were thwarted by torrid market conditions and soaring funding costs.The unrated borrower is expected to issue a 300m five-year deal as soon as tomorrow, a lead banker said, following an investor call on Monday via BNP Paribas, Credit Agricole, Credit Suisse and HSBC.Soaring funding costs and a challenging backdrop soured the firm''s hopes of selling a bond last year, forcing it to shelve a trade in November.One investor expects the deal to price around 4%, based on the company''s existing bonds and CDS.That would be a marked improvement from the feedback of mid to high 4% that investors gave to lead banks last year. Then, one account expected it to price with an even higher yield of 5%."They should achieve a better cost of funding this time around, but they have to be careful not to push pricing too far. It would be really detrimental to have to pull two deals," one investor looking at the deal said."Their secondaries have improved a lot now, whereas before their bonds were offered only. But that said, it''s a tricky credit and not many accounts can even consider it. I suspect high yield accounts won''t look at it."Its 4% Apr 2020s were bid at 2.83% on Monday morning, having been Quote: d at 4.1% in late November, according to Tradeweb.The company is struggling with ample supply of commodities, lower prices and slower economic growth. Investor concerns last time around centred on struggling operating profits and deteriorating leverage."Louis Dreyfus is a privately-held commodities company without a credit rating, so the trade is not for everyone," a banker on the deal said."But there is a new CFO which will hopefully give investors a roadmap for the future," he added.The commodity trader, controlled by Margarita Louis-Dreyfus through the Akira family trust set up by her late husband Robert, appointed a new CFO in December.Armand Lumens, previously at Royal Dutch Shell, became the latest in a series of leadership changes. (Reporting By Laura Benitez, Editing by Sudip Roy and Julian Baker)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/louis-dryfs-com-bond-idUSL5N1FK2KK'|'2017-01-30T16:34:00.000+02:00'|186.0|''|-1.0|'' 187|'6cfd44a1e91e26e2fa4bb635d42e1aead4c2c0f2'|'Indonesia''s c.bank holds key rate, guards against global risks'|'Financials - Thu Jan 19, 2017 - 4:22am EST Indonesia''s c.bank holds key rate, guards against global risks JAKARTA Jan 19 Indonesia''s central bank on Thursday held its benchmark interest rate unchanged, as expected, saying it is guarding against global risks and rising utility prices at home. Bank Indonesia (BI) left the 7-day reverse repurchase rate unchanged at 4.75 percent, as all 22 analysts in a Reuters poll had predicted. The central bank also held steady the two other rates, which act as the floor and ceiling of the overnight interbank money market, at 4.00 percent and 5.50 percent, respectively. BI trimmed its benchmark six times during January-October 2016 by a total of 150 basis points, trying to spur bank lending and aid economic growth. Last year, BI switched its main policy rate to enhance the effect of monetary easing on market rates. Until August, BI''s main policy rate was the 12-month reference rate. KEY DATA: Announcement date Rate (percent)*'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/indonesia-economy-rates-idUSJ9N1D100P'|'2017-01-19T16:22:00.000+02:00'|187.0|''|-1.0|'' 188|'a8a12979a5ae58ad241b02935dfcd509e7f1cf4d'|'UBS plans to raise stake in China securities JV to 49 percent: sources'|'HONG KONG UBS Group AG ( UBSG.S ) plans to raise its stake in its Chinese securities joint venture to 49 percent from about 25 percent, sources with direct knowledge of the development said on Monday.China allowed foreign banks to boost shareholdings in securities joint ventures to a maximum 49 percent in 2012 from the previous cap of a third to help modernize the country''s capital markets and boost capital flows into the country.But foreign investments banks with securities joint ventures in China have not as yet raised their stakes as most of the ventures were small or struggling to break even due to sluggish onshore deals.News of the UBS stake increase plan was first reported by the Wall Street Journal.A spokesman for UBS declined to comment.(Reporting by Sumeet Chatterjee, Elzio Barreto and Julie Zhu; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ubs-group-china-jointventure-idINKBN14T026'|'2017-01-08T22:15:00.000+02:00'|188.0|''|-1.0|'' -189|'91ee327cc472b14dd5e2306dc238c95fa30f8d93'|'Shell bolsters offshore wind interests with bid in U.S. tender'|'Business News - Wed Jan 18, 2017 - 5:54pm GMT Shell bolsters offshore wind interests with bid in U.S. tender The logo of Royal Dutch Shell plc is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. REUTERS/Lucas Jackson LONDON Royal Dutch Shell ( RDSa.L ) has been shortlisted by the U.S. government to make a bid for an offshore wind project licence in the waters off North Carolina, as it comes under pressure from shareholders to diversify into green energy. Shell, as well as Norway''s Statoil ( STL.OL ), qualified to participate in the upcoming leasing round offshore Kitty Hawk, the U.S. interior ministry said on Tuesday. The lease award is set for March 16. Shell''s core business of producing oil and gas is reeling after more than two years of weak prices. The company has limited experience in building offshore wind farms but last month won a bid to build a 700-megawatt offshore wind farm in the Netherlands, together with more experienced partners. Statoil is also increasing its presence in the sector and last month secured a lease to build a wind farm offshore New York. Energy companies Avangrid Inc ( AGR.N ) and Enbridge Inc ( ENB.TO ) were also among the shortlisted firms. (Reporting by Karolin Schaps; editing by Susan Thomas) Next In Business News HSBC, UBS to shift 1,000 jobs each from UK in Brexit blow to London DAVOS, Switzerland Two of Europe''s biggest banks warned on Wednesday they could each move around 1,000 jobs out of London, in the clearest sign yet of how financial firms are preparing for disruption caused by Britain''s exit from the European Union.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-renewables-usa-idUKKBN1522M5'|'2017-01-19T00:54:00.000+02:00'|189.0|''|-1.0|'' +189|'91ee327cc472b14dd5e2306dc238c95fa30f8d93'|'Shell bolsters offshore wind interests with bid in U.S. tender'|'Business News - Wed Jan 18, 2017 - 5:54pm GMT Shell bolsters offshore wind interests with bid in U.S. tender The logo of Royal Dutch Shell plc is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. REUTERS/Lucas Jackson LONDON Royal Dutch Shell ( RDSa.L ) has been shortlisted by the U.S. government to make a bid for an offshore wind project licence in the waters off North Carolina, as it comes under pressure from shareholders to diversify into green energy. Shell, as well as Norway''s Statoil ( STL.OL ), qualified to participate in the upcoming leasing round offshore Kitty Hawk, the U.S. interior ministry said on Tuesday. The lease award is set for March 16. Shell''s core business of producing oil and gas is reeling after more than two years of weak prices. The company has limited experience in building offshore wind farms but last month won a bid to build a 700-megawatt offshore wind farm in the Netherlands, together with more experienced partners. Statoil is also increasing its presence in the sector and last month secured a lease to build a wind farm offshore New York. Energy companies Avangrid Inc ( AGR.N ) and Enbridge Inc ( ENB.TO ) were also among the shortlisted firms. (Reporting by Karolin Schaps; editing by Susan Thomas) Next In Business News HSBC, UBS to shift 1,000 jobs each from UK in Brexit blow to London DAVOS, Switzerland Two of Europe''s biggest banks warned on Wednesday they could each move around 1,000 jobs out of London, in the clearest sign yet of how financial firms are preparing for disruption caused by Britain''s exit from the European Union.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-renewables-usa-idUKKBN1522M5'|'2017-01-19T00:54:00.000+02:00'|189.0|10.0|0.0|'' 190|'963e82e1727dddec4e94e38c57d845a55ef85e63'|'Japan steel industry fears protectionism from Trump: industry official'|'TOKYO Japan''s steel industry is concerned over the risks of a U.S. exit from the Trans-Pacific Partnership deal and reform of the North American Free Trade Agreement by the incoming Trump administration, a Japanese industry official said on Friday."We are worried about the risks of the Trump administration taking protectionism actions or policies," Kosei Shindo, chairman of the Japan Iron and Steel Federation, told a news conference.Shindo is also president of Nippon Steel & Sumitomo Metal Corp ( 5401.T ), Japan''s biggest steelmaker.(Reporting by Yuka Obayashi; Editing by Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-japan-steel-trump-idINKBN1540KM'|'2017-01-20T03:42:00.000+02:00'|190.0|''|-1.0|'' 191|'49615918b39d2b7b1e949ab73a723d692dbbe23a'|'MOVES-Dubai''s Network International appoints new CEO'|'Funds News - Sun Jan 8, 2017 - 6:43am EST MOVES-Dubai''s Network International appoints new CEO DUBAI Jan 8 Network International, the largest payment processing firm across the Middle East and Africa, has appointed Simon Haslam as chief executive, it said on Sunday. Haslam, who was previously the president and chief executive of U.S.-based Elavon, succeeds Bhairav Trivedi, who will continue to serve as an adviser to the Network International board and also work on special projects for the firm during the transition period. The Dubai-based company is jointly owned by Emirates NBD , Dubai''s largest bank, and private equity firms, Warburg Pincus and General Atlantic. (Reporting by Tom Arnold; Editing by Mark Potter) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/network-international-moves-idUSD5N1EF00B'|'2017-01-08T18:43:00.000+02:00'|191.0|''|-1.0|'' 192|'cec93d52f70e2377c21b176a0cd2b171396d7c50'|'Vodafone-Idea deal could speed up India telecoms consolidation'|'Technology News - Tue Jan 31, 2017 - 11:32am GMT Vodafone-Idea deal could speed up India telecoms consolidation FILE PHOTO: A man casts silhouette onto an electronic screen displaying logo of Vodafone India after a news conference to announce the half year results in Mumbai, India, November 10, 2015. REUTERS/Shailesh Andrade/File Photo By Sankalp Phartiyal and Devidutta Tripathy - MUMBAI MUMBAI A proposed merger between Vodafone''s ( VOD.L ) India operation and Idea Cellular ( IDEA.NS ) would create a market leader in India''s crowded and hyper-competitive telecoms sector, forcing smaller players into two likely options: merge or exit altogether. Britain''s Vodafone confirmed on Monday it was in talks to merge its Indian subsidiary with its local rival in an all-share deal, driving Idea''s shares to a near six-month high on Tuesday. The combined entity would be a formidable player, with a subscriber base of about 395 million and a revenue market share of around 40 percent in the country''s telecoms sector, although divestments would be needed in certain regions to comply with competition rules, analysts said. Both complement each other. Idea is stronger in rural areas and Vodafone''s Indian unit is more competitive in cities, and they would be able to cut costs mainly through reduced capital spending and network operating costs, analysts added. That synergy would pose a direct threat to current market leader Bharti Airtel ( BRTI.NS ) and Reliance Jio, the upstart launched by billionaire Mukesh Ambani last year that has up-ended India''s telecoms market with free voice and data until the end of March. That kind of intensifying competition would raise the stakes for India''s smaller wireless providers, with analysts predicting a period of consolidation to allow them to better compete against the top three players. The stakes would be especially high for small players such as Telenor ( TEL.OL ) or Tata Teleservices ( TTML.NS ). Videocon Telecom, for example, is already in the process of exiting. "If data (from Jio) is free and the likes of Bharti, Vodafone and Idea have a huge post-paid subscriber base and good products, I wouldn''t be surprised if there is further consolidation in the sector or some smaller players exit," said Naveen Kulkarni, co-head of research at PhillipCapital. Jio''s entry has forced players to offer cheaper plans of their own, cutting deeply into their profits. Deals are already in the works. Reliance Communications ( RLCM.NS ), controlled by Anil Ambani, has agreed to acquire Sistema''s ( SSAq.L ) Indian mobile phone operations. It has also agreed to combine its wireless business with Aircel, majority owned by Malaysia''s Maxis. Meanwhile, Bharti Airtel is in talks to acquire Telenor''s Indian operations, local media has widely reported. Bharti Airtel welcomed the proposed alliance between Vodafone and Idea, saying "consolidation is always good", although it said companies must not be forced into consolidation by an "unfair playing field". But mergers won''t guarantee success in India''s telecoms sector, analysts warned. India remains a capital-intensive market. Spectrum costs are high and big investments in network are needed to cover a vast geography. At the same time margins are wafer-thin, as carriers offer one of the world''s cheapest data and voice prices. "If it eventually becomes a market of three players, good for them. They will make money," said a banker who is not involved in the deal and did not wish to be named. "I don''t see any future for the small ones. They will be taken over or will exit the market." (Writing by Rafael Nam; Editing by Adrian Croft) Next In Technology News Canon unlikely to help Toshiba with investment in memory chip business TOKYO Japan''s Canon Inc said would be difficult to invest in Toshiba Corp''s memory chip business, dousing hopes that the struggling conglomerate could count on its business partner for help as it scrambles for funds to offset a multi-billion dollar writedown. Canada''s Wealthsimple takes on crowded U.S. robo-adviser market TORONTO Wealthsimple, a Canadian-based robo-adviser startup, announced a C$20 million ($15.25 million) investment from Power Financial Corp, and formally launched in the United States on Tuesday, as it looks to compete in a crowded American market dominated by big investment firms. TOKYO Japanese camera and printer maker Canon Inc forecast full-year operating profit to climb 11.4 percent, its first rise in three years, bolstered by earnings from a medical equipment unit it bought from Toshiba Corp last year. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-vodafone-m-a-idea-cellular-idUKKBN15F17U'|'2017-01-31T18:28:00.000+02:00'|192.0|''|-1.0|'' @@ -215,7 +215,7 @@ 213|'096b4834869d96f6d843e7f016b220e861096108'|'Nippon Steel mulls discussing exit clause for Brazil''s Usiminas'|'Big Story 10 57am EST Nippon Steel mulls discussing exit clause for Brazil''s Usiminas A logo of Nippon Steel & Sumitomo Metal Corp is pictured outside its headquarters in Tokyo November 9, 2012. REUTERS/Yuriko Nakao/File Photo SAO PAULO Nippon Steel & Sumitomo Metal Corp does not rule out discussing with partner Ternium SA an amendment of an existing shareholder accord giving them the possibility of exiting Brazilian steelmaker Usinas Siderrugicas de Minas Gerais SA, a senior executive with the Japanese company said on Tuesday. (Reporting by Alberto Alerigi Jr; Writing by Guillermo Parra-Bernal; Editing by Chizu Nomiyama) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usiminas-restructuring-idUSKBN1511XH'|'2017-01-17T20:55:00.000+02:00'|213.0|''|-1.0|'' 214|'971b45e210b0bb5f70be9b3795ec9a0df09da68c'|'Late Christmas shoppers boost December retail sales'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/world/uk/business'|'https://www.ft.com/content/7e2ae57e-d67a-11e6-944b-e7eb37a6aa8e?ftcamp=published_links%2Frss%2Fworld_uk_business-economy%2Ffeed%2F%2Fproduct'|'2017-01-10T15:31:00.000+02:00'|214.0|2.0|0.0|'' 215|'f89fe3d3e7ff0e944e2265f51ad739f773971bc7'|'GM Dec U.S. sales up 8 pct, sees record for industry in 2017'|'Money News - Wed Jan 4, 2017 - 9:55pm IST GM Dec U.S. sales up 8 pct, sees record for industry in 2017 The GM logo is seen at the General Motors Warren Transmission Operations Plant in Warren, Michigan October 26, 2015. Photo taken October 26. REUTERS/Rebecca Cook/Files By Bernie Woodall - DETROIT DETROIT General Motors Co on Wednesday reported an unexpected 8 percent rise in December U.S. auto sales while Ford Motor Co also beat forecasts, indicating that 2016 results will beat a record high set last year. Key economic indicators, especially consumer confidence, continue to reflect optimism about the U.S. economy, and strong customer demand continues to drive a very healthy U.S. auto industry, said Mustafa Mohatarem, GMs chief economist. We believe the U.S. auto industry remains well positioned for sales to continue at or near record levels in 2017. Analysts polled by Reuters expected GM''s December U.S. sales to increase by about 3.5 percent from a year earlier. Ford''s December U.S. sales increased 0.3 percent while Wall Street estimated a decline of about 2.5 percent. The better-than-expected results helped boost shares of GM, up 4.4 percent, and Ford up 4.2 percent. GM said December industry sales will be a robust 18.2 million vehicles on a seasonally adjusted annualized basis, far exceeding the 17.7 million vehicles forecast by 35 economists polled by Thomson Reuters. Ford Chief Executive Officer Mark Fields said on Tuesday the auto industry and Ford will be helped by "pro-growth" policies expected by the incoming administration of U.S. President-elect Donald Trump. GM and Ford notched the gains as they kept inventory at healthy levels. GM ended the year with 71 days of inventory, meeting its target of about 70 days of supply. Ford ended with 70 days of U.S. inventory. Analysts were concerned that GM''s inventory levels were high, but the data showed otherwise. Ford was led by the F-Series pickup truck, which rose 2.7 percent to 87,512. The model line was the top-selling pickup truck in the United States for a 40th consecutive year. Japan''s Toyota Motor Corp reported a 2 percent gain. Analysts expected a decline of 1 percent to 4 percent. Fiat Chrysler Automobiles'' sales slid 10 percent while analysts looked for a decrease of between 10 percent and 15 percent. The fall was partly due to production ending on several sedan models. However, sales at its Jeep brand, which has been its strongest since the 2008-2009 recession, fell 6 percent in December. Jeep Cherokee sales fell 25 percent as rivals fielded new models in the increasingly competitive midsize SUV segment. Investors will watch to see if consumer discounts, which cut into company profits, are also at a record high, which analysts expected. Nissan Motor Co''s sales rose 10 percent in December, led by its luxury brand Infiniti, which gained 20.6 percent. (Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-autos-idINKBN14O1OO'|'2017-01-04T23:25:00.000+02:00'|215.0|''|-1.0|'' -216|'7cd34b6d93662ac525df61e86cbc829d2dcb4471'|'Forbes Energy eyes quick emergence from prepackaged Chapter 11'|'Commodities 2:22pm EST Forbes Energy eyes quick emergence from prepackaged Chapter 11 CHICAGO U.S. oilfield services company Forbes Energy Services Ltd ( FESL.PK ) said it expected to "promptly" emerge from bankruptcy after filing a Chapter 11 plan on Monday with a prepackaged deal to exchange $280 million of debt for equity. Dozens in the sector, whose services include drilling wells and hauling water for energy exploration companies, have sought protection from creditors as low energy prices have prompted producers to scale back on drilling. In a filing with the U.S. Bankruptcy Court in Houston, Forbes said the slump had reduced demand for its activities, rendering it unable to make payments on some of its debt. It said holders of 87 percent of senior unsecured notes had voted to accept its restructuring plan. The Alice, Texas, company operates around 173 well servicing rigs in Texas, Louisiana and Pennsylvania. It also transports and disposes of fluids used in drilling. Forbes said it had ample liquidity to support the business during the Chapter 11 proceeding and also secured a $50 million facility to be funded by certain of bondholders to ensure adequate working capital after the bankruptcy. Existing equity in the company, including common and preferred stock, would be canceled. Competitors Key Energy Service Inc KEGXQ.PK and Basic Energy Services Inc ( BAS.N ) each filed for bankruptcy in the fourth quarter but emerged soon after. Another competitor, Seventy Seven Energy Inc ( SVNT.PK ), emerged from bankruptcy in August and recently announced an approximately $1.76 billion deal to be acquired by Patterson-UTI Energy Inc ( PTEN.O ). (Reporting by Tracy Rucinski; Editing by Lisa Von Ahn) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-forbesenergy-bankruptcy-idUSKBN1572KH'|'2017-01-24T02:19:00.000+02:00'|216.0|''|-1.0|'' +216|'7cd34b6d93662ac525df61e86cbc829d2dcb4471'|'Forbes Energy eyes quick emergence from prepackaged Chapter 11'|'Commodities 2:22pm EST Forbes Energy eyes quick emergence from prepackaged Chapter 11 CHICAGO U.S. oilfield services company Forbes Energy Services Ltd ( FESL.PK ) said it expected to "promptly" emerge from bankruptcy after filing a Chapter 11 plan on Monday with a prepackaged deal to exchange $280 million of debt for equity. Dozens in the sector, whose services include drilling wells and hauling water for energy exploration companies, have sought protection from creditors as low energy prices have prompted producers to scale back on drilling. In a filing with the U.S. Bankruptcy Court in Houston, Forbes said the slump had reduced demand for its activities, rendering it unable to make payments on some of its debt. It said holders of 87 percent of senior unsecured notes had voted to accept its restructuring plan. The Alice, Texas, company operates around 173 well servicing rigs in Texas, Louisiana and Pennsylvania. It also transports and disposes of fluids used in drilling. Forbes said it had ample liquidity to support the business during the Chapter 11 proceeding and also secured a $50 million facility to be funded by certain of bondholders to ensure adequate working capital after the bankruptcy. Existing equity in the company, including common and preferred stock, would be canceled. Competitors Key Energy Service Inc KEGXQ.PK and Basic Energy Services Inc ( BAS.N ) each filed for bankruptcy in the fourth quarter but emerged soon after. Another competitor, Seventy Seven Energy Inc ( SVNT.PK ), emerged from bankruptcy in August and recently announced an approximately $1.76 billion deal to be acquired by Patterson-UTI Energy Inc ( PTEN.O ). (Reporting by Tracy Rucinski; Editing by Lisa Von Ahn) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-forbesenergy-bankruptcy-idUSKBN1572KH'|'2017-01-24T02:19:00.000+02:00'|216.0|12.0|0.0|'' 217|'f45c5c90e70437911ac7534cfab5c184fefd6315'|'Berkshire Hathaway unit buys big NYC-area real estate firm'|'Deals 55pm EST Berkshire Hathaway unit buys big NYC-area real estate firm Berkshire Hathaway shareholders walk by a video screen at the company''s annual meeting in Omaha May 4, 2013. REUTERS/Rick Wilking/File Photo By Jonathan Stempel - NEW YORK NEW YORK HomeServices of America Inc, a unit of Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ), on Tuesday said it has purchased the Houlihan Lawrence residential real estate firm, its second foray into the New York City area this month. The purchase by HomeServices, the second-largest U.S. residential real estate brokerage, was disclosed eight days after its majority-owned Berkshire Hathaway HomeServices unit announced the opening of its first New York City office. Terms of Tuesday''s transaction were not disclosed. Established in 1888 and based in Rye Brook, New York, Houlihan Lawrence has 1,300 employees and 30 offices serving the counties of Westchester, Putnam, Dutchess, Orange and Ulster in New York, and Fairfield in Connecticut. It said sales volume totaled $6.7 billion last year. Ron Peltier, chief executive of HomeServices, said in an interview that while there have been signs of softness in the New York-area luxury housing market, millennials and first-time buyers have shown greater interest in buying homes. "Houlihan Lawrence is a very prestigious, well-run and well-established company. It is a wonderful way for us to enter the marketplace," Peltier said. "Even though the market may be experiencing a bit of a slowdown, it is going to be temporary." Stephen and Chris Meyers, who are respectively chief executive and managing principal of Houlihan Lawrence, will remain, while their sister Nancy Seaman will step aside as chairman, the brokerage said. HomeServices said it now has nearly 29,500 employees in close to 570 offices in 28 U.S. states, and that residential sales volume topped $93 billion in 2016. The Minneapolis-based brokerage was started in 1998, and has gradually entered the Westchester market in recent years. Buffett has run Berkshire since 1965. His Omaha, Nebraska-based conglomerate''s more than 90 businesses include insurers, chemical and energy companies, food and apparel companies and a railroad. (Reporting by Jonathan Stempel in New York; Editing by David Gregorio) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-houlihan-lawrence-m-a-berkshire-hatha-idUSKBN15135C'|'2017-01-18T05:52:00.000+02:00'|217.0|''|-1.0|'' 218|'576c095b8b6a708aba3ebed0cb6bcf8260e4fbb1'|'Top execs of Abu Dhabi''s Etihad airline group to quit amid strategy review'|'ABU DHABI Jan 24 The longtime chief executive of Abu Dhabi''s Etihad Aviation Group, which owns one of the Middle East''s top airlines, will leave this year as the group reviews its strategy in a challenging market, Etihad said on Tuesday.James Hogan will step down as president and CEO of the group in the second half of 2017. Chief financial officer James Rigney will also leave later this year, Etihad said.Chairman Mohamed Mubarak Fadhel al-Mazrouei said the airline, which has seven equity partnerships with other carriers around the world including Air Berlin and Alitalia , would "progress and adjust" those links. (Reporting by Stanley Carvalho; Writing by Andrew Torchia)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/etihad-airways-ceo-idUSD5N19L00N'|'2017-01-24T09:57:00.000+02:00'|218.0|''|-1.0|'' 219|'6f43cad174c2be3e04d4967529f9a4697fe9a698'|'Hong Kong court rejects short seller''s appeal bid in Evergrande case'|'Financials 41am EST Hong Kong court rejects short seller''s appeal bid in Evergrande case HONG KONG Jan 13 Hong Kong''s Court of Appeal on Friday rejected activist short seller Andrew Left''s bid to appeal a tribunal ruling that found him culpable of market misconduct over a research report involving China Evergrande Group, his lawyer said. On Nov. 16, Left filed an appeal to reverse findings of law, and a separate application to appeal findings of fact made by the Market Misconduct Tribunal. On Friday, the court refused Left leave to appeal findings of fact, said Timothy Loh, managing partner at Timothy Loh LLP law firm in Hong Kong. "Mr. Left is currently considering the possibility of appealing this decision to refuse leave to the Court of Final Appeal. Mr. Left believes that the decision of the Market Misconduct Tribunal is patently wrong and, unless it is overturned on appeal, will deter the investing public in Hong Kong from engaging in the robust discussion necessary to police listed company disclosures." In August, the tribunal found the U.S.-based short seller culpable of market misconduct with the publication of a research report in June 2012 alleging Chinese property developer China Evergrande was insolvent. (Michelle Price +85298121634) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/lawsuit-evergrande-idUSL4N1F32MX'|'2017-01-13T13:41:00.000+02:00'|219.0|''|-1.0|'' @@ -321,7 +321,7 @@ 319|'e1a6773fd95cb702ba82cce87b867f396dbc9cb7'|'RPT-UPDATE 1-LSE Boerse chiefs travel to meet top German politician - sources'|'Financials 37am EST RPT-UPDATE 1-LSE Boerse chiefs travel to meet top German politician - sources (Repeats Thursday''s story without changes) By Andreas Krner FRANKFURT Jan 12 Top executives from Deutsche Boerse and the London Stock Exchange will meet a top German politician to resolve a dispute about where to locate the combined group''s headquarters, three sources said, with pressure growing for it to be in Frankfurt. The meeting on Jan. 17 comes as Britain''s government prepares to trigger divorce talks with the European Union, a move that has put a question mark over the deal and created uncertainty over the City of London''s future. Britain''s departure from the 28-member bloc would place London, Europe''s financial capital and planned headquarters of the new group, outside the EU. German regulators, fearing a loss of control, want Frankfurt to play the leading role, or, at the very least, be one of two headquarters. The meeting will be held in Wiesbaden, in the state of Hesse, where Frankfurt is also located. It will be attended by one of Germany''s top politicians, Volker Bouffier, the state''s premier and an ally of Chancellor Angela Merkel. "Those at the meeting want to come face to face to find out what could work but nothing will be finalised," said one of the people with knowledge of the plans, adding that the question of where the headquarters should be would be high on the agenda. London Stock Exchange Chief Executive Xavier Rolet and Carsten Kengeter, head of Deutsche Boerse, will travel to the meeting. The chairmen of both firms, Deutsche Boerse''s Joachim Faber, and Donald Brydon from the LSE, will also attend. Deutsche Boerse and the London Stock Exchange declined to comment. Bouffier''s office could not immediately be reached. LSE management want the headquarters to stay in London. But it is unlikely that Germany will agree. Shortly after the vote in Britain to leave the European Union, Germany''s financial market regulator, Felix Hufeld, said London could not host the headquarters. This position has since hardened, creating a hurdle to the planned $25 billion merger. On Wednesday, the head of the European Central Bank, Mario Draghi, said that it too would carefully look at the proposed merger, particularly given Britain''s decision to leave the EU. "The United Kingdom''s withdrawal (from the EU) may lead to a loss of oversight and supervision of UK central counterparties by the ECB," Draghi wrote in a letter to a European lawmaker. (Additional reporting by John O''Donnell and Arno Schuetze; writing by John O''Donnell; Editing by Elaine Hardcastle) Next In Financials TABLE-Foreign trading in South Korean stocks SEOUL, Jan 13 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0729 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 13 *-108.5 162.0 -58.4 ^January 12 31.4 -10.4 -32.1 January 11 485.5 -55.1 -430.0 January 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/deutsche-boerse-ma-lse-idUSL5N1F315L'|'2017-01-13T14:37:00.000+02:00'|319.0|''|-1.0|'' 320|'c5ce323781c4dccf648e9cc49f80dd9a710c7b98'|'GIC leads $1.04 bln investment in office tower in downtown Manhattan'|'SINGAPORE Jan 25 Singapore sovereign wealth fund GIC Pte Ltd and Paramount Group have formed a joint venture to acquire office tower "60 Wall Street" in downtown Manhattan for $1.04 billion.The JV, in which GIC has a 95 percent share, is paying $640 per square foot for the 47 storey tower that also serves as the U.S. headquarters of Deutsche Bank, a joint statement said.GIC, which is among the more established real estate investors in the world, has more than 350 property-related investments in over 40 countries.These include investments in the Time Warner Centre in New York and assets in the United Kingdom, Japan and Australia.(Reporting by Saeed Azhar; Editing by Michael Perry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/gic-property-idINL4N1FF060'|'2017-01-24T21:54:00.000+02:00'|320.0|''|-1.0|'' 321|'aa11f2568c17351fdb740956e131c8015338f462'|'UPDATE 1-Euronext suspends rapeseed futures to review specifications'|' 53pm EST UPDATE 1-Euronext suspends rapeseed futures to review specifications (Adds details, background) PARIS Jan 31 Euronext said on Tuesday it was temporarily suspending its rapeseed futures and options contracts to review their technical specifications with industry players. The rapeseed futures and options contracts for the August 2019 expiry month and onwards, which were due to be listed on Feb. 1, will not be made available to trade, the exchange said in a statement. Euronext is waiting to complete discussions with the industry on the issue and also for the outcome of a meeting of an expert committee in the spring, it said in an emailed statement. "This temporary suspension aims to analyse whether enhancements to the contract specifications are required," it said. It declined to give further details. Industry players such as France''s largest rapeseed buyer Saipol, have been pushing for a rise in the oil content basis of rapeseed contracts to 42 percent from 40 percent currently to bring it closer to French rapeseed''s oil content. Saipol changed the terms of its own contracts last year - a move criticised by many suppliers who wanted to be paid a premium for the additional oil content. Saipol also said it would also seek a change in the futures contract. (Reporting by Sybille de La Hamaide and Valerie Parent. Editing by Jane Merriman) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/oilseeds-euronext-rapeseed-idUSL5N1FL6ML'|'2017-02-01T01:53:00.000+02:00'|321.0|''|-1.0|'' -322|'9d4651cb73d3d3126de81e32aa115a3746bc5a85'|'BRIEF-GC Investment files to Katowice Court restructuring, repair plans'|'Bankruptcy News 9:59am EST BRIEF-GC Investment files to Katowice Court restructuring, repair plans Jan 13 GC Investment SA : * Says it filed to Katowice Court its restructuring and repair plans; and financial forecast for 2017-2024 * Once the plans have been approved by the creditors and court, the management will take all the necessary measures to implement a 5-year share buyback program * The share buyback program will include shares issued by the company in regards to the agreement with creditors * Under the restructuring and repair plans, it wants to issue series E shares at the issue price of 1 zloty each and offer them to the creditors * The number of new series E shares, each creditor will be offered, will be set as the quotient of the sum of the outstanding debt towards the company divided by the series E share issue price * Taking into account, the price of 1 zloty per share, GC Investment will be obliged to issue 89.3 mln of the series E shares * Will cover the purchase of own shares through the sale of properties Source text for Eikon: ($1 = 4.1096 zlotys) (Gdynia Newsroom) Next In Bankruptcy News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1F33MD'|'2017-01-13T21:59:00.000+02:00'|322.0|''|-1.0|'' +322|'9d4651cb73d3d3126de81e32aa115a3746bc5a85'|'BRIEF-GC Investment files to Katowice Court restructuring, repair plans'|'Bankruptcy News 9:59am EST BRIEF-GC Investment files to Katowice Court restructuring, repair plans Jan 13 GC Investment SA : * Says it filed to Katowice Court its restructuring and repair plans; and financial forecast for 2017-2024 * Once the plans have been approved by the creditors and court, the management will take all the necessary measures to implement a 5-year share buyback program * The share buyback program will include shares issued by the company in regards to the agreement with creditors * Under the restructuring and repair plans, it wants to issue series E shares at the issue price of 1 zloty each and offer them to the creditors * The number of new series E shares, each creditor will be offered, will be set as the quotient of the sum of the outstanding debt towards the company divided by the series E share issue price * Taking into account, the price of 1 zloty per share, GC Investment will be obliged to issue 89.3 mln of the series E shares * Will cover the purchase of own shares through the sale of properties Source text for Eikon: ($1 = 4.1096 zlotys) (Gdynia Newsroom) Next In Bankruptcy News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1F33MD'|'2017-01-13T21:59:00.000+02:00'|322.0|12.0|0.0|'' 323|'338be1dc277aca1ab3c4e9214ae7c40a4c8b5ea3'|'We may have less than five years to change how we learn, earn and care - Guardian Sustainable Business'|'O ver the course of the last year, at the World Economic Forum and elsewhere, I have asked participants two questions. First I ask for a show of hands on whether they feel confident about their current skills taking them through to the end of their careers about one in five raise their hands. Then I ask if they feel confident about advising their children on their education to prepare for their own futures: none raises their hand. These are some of the most knowledgeable, leading figures in the world and yet they, like many of us, are uncertain about what the future of labour markets looks like.This is not surprising.Globalisation and technology are accelerating both job creation and destruction. Some estimates have put the risk of automation as high as half of current jobs, while others forecast a considerably lower value of 9%. Still, all occupations will go through change: we found that on average one-third of the skillsets required to perform todays jobs will be wholly new by 2020.At the same time, education and training systems are not keeping pace with these shifts. Some studies suggest that 65% of children now entering primary school will have jobs that do not yet exist and for which their education will fail to prepare them, exacerbating skills gaps and unemployment in the future. Even more urgent, underdeveloped adult training and skilling systems are unable to support learning for the active workforce of nearly 3 billion people.Artificial intelligence has arrived, but Australian businesses are not ready for it Read more In addition, outdated cultural norms and institutional inertia create roadblocks for half of the worlds talent and are getting worse in the new context. Despite womens leap forward in education, their participation in the paid workforce remains low; and progress is stalling, with current forecasts for economic parity at 170 years.The near-term outcomes of these dynamics, compounded through other demographic, geopolitical and economic factors, are profoundly challenging. They include skills gaps in the workforce that are difficult for employers and workers alike, unemployment and job displacement, particularly in blue-collar and services work, rising fear of further technological unemployment, insufficient supply of talent for many high-skill occupations, and loss of female talent and potential. Together these factors are exacerbating income inequality and creating a crisis of identity.Yet, most of these dire predictions need not be foregone conclusions. If leaders act now, using this moment of transformation as an impetus for tackling long-overdue reform, they have the ability not only to stem the flow of negative trends but to accelerate positive ones and create an environment in which more than 7 billion people on the planet can live up to their full potential. Instead, in several advanced economies, we are seeing the political and social consequences of short-term, emotive and sometimes disingenuous thinking. For those who are losing out from the changes under way, fear is an understandable response. But turning away immigrants, trade or technology itself, and disengaging from the world, is a distraction, at best. At worst, this will create even more negative consequences for those already losing out and many more. It is up to courageous, responsible and responsive leaders and citizens to take the long view and set out on the path to more fundamental, relevant reforms and an inspiring future.How? By investing in human capital and preparing people for the new opportunities of the fourth industrial revolution. The World Economic Forum has worked with leaders, experts and practitioners to create a common vision and a shared change agenda focused on how we learn, earn and care.Transform education ecosystems Most education systems are so far behind the mark on keeping up with the pace of change today and so disconnected from labour markets that nothing short of a fundamental overhaul will suffice in many economies. The eight key areas of action here are early childhood education, future-ready curricula, a professionalised teaching workforce, early exposure to the workplace, digital fluency, robust and respected technical and vocational education, openness to education innovation, and, critically, a new deal on lifelong learning.Facilitate the transition to a new world of work While there are deeply polarised views about how technology will impact employment, there is agreement that we are in a period of transition. Policy needs to catch up and facilitate this transition. We propose four areas of action: recognition of all work models and agile implementation of new regulations, updated social protection, adult learning and continuous re-skilling, and proactive employment services.Advance the care economy Often undervalued and unregulated, care is one of the most fundamental needs among both young and old populations. It has a strong impact on education, and holds potential for job growth. We propose six areas of action: recognise and value care as a vital sector of the economy, professionalise the care workforce, rebalance paid and unpaid work responsibilities, expand high-quality care infrastructure, create new financial provisions to facilitate care, and use technology as a tool for balancing care and work.To do any of this and to make it pay off it is critical that policy design includes agile multi-stakeholder governance, empowerment of the individual, objective measurement, universal access and long-term planning as fundamental tenets.Automated mining will cost jobs and tax income: it''s time for governments to act Read more The rapid pace of change means we need to act urgently. By some estimates, the window of opportunity for action is three to five years. This may sound daunting but there are a large variety of robust success stories to learn from and emulate. There are also substantial new commercial opportunities such as adult education, care services, employment services that make this space ripe for public-private collaboration.Its the harder path to follow, theres no doubt about it. Transforming education ecosystems, creating a care economy and managing the transition to a new world of work require political will, innovative policy, new financing models and, most importantly, a new mindset.But this is also the only viable path if we want to get ahead of the transition under way and turn this moment of flux into an opportunity for revitalising growth and realising human potential in the age of the fourth industrial revolution.This article first appeared on the World Economic Forum site. The white paper on Realizing Human Potential in the Fourth Industrial Revolution: An Agenda for Leaders to Shape the Future of Education, Gender and Work can be found here .'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jan/30/we-may-have-less-than-five-years-to-change-how-we-learn-earn-and-care'|'2017-01-30T08:06:00.000+02:00'|323.0|''|-1.0|'' 324|'421cd9acab441d3afbadfd530d9f98970ea5ed14'|'Baidu names former Microsoft exec as COO in artificial intelligence push'|'BEIJING China''s Baidu Inc said it has appointed a former Microsoft Corp executive as chief operating officer, part of a push into artificial intelligence as earnings from its core search engine business wane.Baidu has been refocusing its business strategy after the introduction of new advertising regulations, aimed at medical advertising in particular, led to a 16 percent drop in ad customers during quarter ended in September.Qi Lu, who was an executive vice president at Microsoft and headed its unit in charge of Office, Bing and Skype until last September, will help develop artificial intelligence as a key strategic focus for Baidu over the next decade."Dr. Lu possesses a wealth of leadership and management experience, and is a leading authority in the area of artificial intelligence," Baidu Chief Executive Robin Li in a statement.The company launched a $200 million fund in October to focus on artificial intelligence, augmented reality and deep learning, followed by a $3 billion fund announced in September to target mid and late stage start-ups.In 2014 Baidu appointed another former Microsoft executive, Zhang Ya-Qin, as president, overseeing emerging business. Zhang will report directly to Lu under the new arrangement.Baidu, which is expected to report full-year earnings next month, has forecast a 4.6 percent dip in revenue in the quarter ending in December.(Reporting by Cate Cadell; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-baidu-management-idINKBN1510A0'|'2017-01-17T00:24:00.000+02:00'|324.0|''|-1.0|'' 325|'fe8911148515aeac92845844c1718e225d9e8a81'|'MIDEAST STOCKS-Q4 earnings misses may pull down Saudi'|'Financials - Sun Jan 22, 2017 - 12:35am EST MIDEAST STOCKS-Q4 earnings misses may pull down Saudi DUBAI Jan 22 Weak fourth-quarter earnings at several major Saudi Arabian companies may pull down stocks in that market on Sunday, while other Gulf markets may have a moderately firm tone after oil prices and global equities ended last week on a strong note. Savola Group, Saudi Arabia''s largest food products company, swung to a net loss of 964.3 million riyals ($257.2 million) in the three months to the end of December from a profit of 515.3 million riyals a year ago. The company said it did not plan to pay quarterly dividends in 2017, attributing the profit drop to lower gross profits, higher financial charges, and non-recurring items booked during the quarter. Analysts polled by Reuters had on average forecast Savola would make a quarterly profit of 53.6 million riyals. Several banks also missed estimates, partly because of rises in provisions for credit losses in a weak Saudi economy. Alawwal Bank swung to a net loss of 249.3 million riyals from a net profit of 451.3 million riyals; Alistithmar Capital and EFG Hermes had forecast a profit of 330.5 million and 438.0 million riyals. Saudi British Bank posted a 35 percent drop in fourth-quarter net profit, Banque Saudi Fransi reported a 61 percent drop, and Samba Financial Group reported a 12 percent fall. All three missed analysts'' forecasts. (Reporting by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1FB0JS'|'2017-01-22T12:35:00.000+02:00'|325.0|''|-1.0|'' @@ -352,7 +352,7 @@ 350|'78a2261e4f99d3cffa6b87cf2729e69877322246'|'Luxottica buys Brazil retailer Oticas Carol in 110 million euro deal'|'MILAN Italian eyewear group Luxottica ( LUX.MI ) has agreed to buy Brazilian optical chain Oticas Carol in a 110 million euro ($117 million) deal that expands its retail footprint in the South American country.Luxottica, which earlier this month signed a $50 billion merger deal with top lens maker Essilor ( ESSI.PA ), is already present in Brazil with a network of Sunglass Hut shops, a manufacturing plant and its wholesale business.Oticas Carol operates a franchise of around 950 outlets selling both prescription frames and sunglasses, with annual revenue of around 200 million euros. Its main shareholders are investment funds 3i Group, Neuberger Berman and Siguler Guff & Company.Luxottica is due to report full-year sales later on Monday.($1 = 0.9413 euros)(Reporting by Valentina Za)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-luxottica-m-a-brazil-idINKBN15E1GD'|'2017-01-30T10:29:00.000+02:00'|350.0|''|-1.0|'' 351|'13b547f4eb0a61bc4a0193f1402f8a58573c5120'|'Top executives of Abu Dhabi''s Etihad airline group to quit amid strategy review'|' 02am GMT Top executives of Abu Dhabi''s Etihad airline group to quit amid strategy review James Hogan, CEO of Etihad Airways, speaks during the India Economic Summit 2014 at the World Economic Forum in New Delhi November 6, 2014. REUTERS/Anindito Mukherjee ABU DHABI The longtime chief executive of Abu Dhabi''s Etihad Aviation Group, which owns one of the Middle East''s top airlines, will leave this year as the group reviews its strategy in a challenging market, Etihad said on Tuesday. James Hogan will step down as president and CEO of the group in the second half of 2017. Chief financial officer James Rigney will also leave later this year, Etihad said. Chairman Mohamed Mubarak Fadhel al-Mazrouei said the airline, which has seven equity partnerships with other carriers around the world including Air Berlin and Alitalia, would "progress and adjust" those links. (Reporting by Stanley Carvalho; Writing by Andrew Torchia) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-etihad-airways-ceo-idUKKBN1580K5'|'2017-01-24T14:02:00.000+02:00'|351.0|''|-1.0|'' 352|'978bb8f27a6e904eea64afcae05f2b4766a260b9'|'Grana y Montero shares sink, says Odebrecht partnership a ''mistake'''|'LIMA Peruvian builder Grana y Montero''s shares dropped by more than 12 percent on Thursday after it called its partnership with corruption-plagued Brazilian builder Odebrecht a "mistake" and said it was considering taking legal action.Corporate General Manager Mario Alvarado said in an interview with local Peruvian magazine Caretas that Grana knew nothing about any kickback schemes and had no idea that Odebrecht had a special department dedicated to secretly distributing bribes."It''s clear we made a mistake in this partnership," Alvarado was Quote: d saying in the magazine''s edition published Thursday. "We''re studying our legal options in order to make a decision."Grana confirmed the accuracy of the Quote: s.The company''s shares closed 14.6 percent lower on Lima''s bourse on Thursday and 12.15 percent weaker in New York.Grana''s shares have dropped about 42 percent on both stock exchanges since December 21, 2016 when Odebrecht acknowledged in a U.S. plea deal that it distributed $29 million in bribes to win public work contracts in Peru from about 2005 to 2014, part of hundreds of millions in corrupt payments across the region.Grana has been one of Odebrecht''s most important Peruvian partners this century, working with it on half a dozen public work contracts worth more than $10 billion, according to a report by the comptroller''s office on Wednesday.Grana owns a 20 percent stake in a natural gas pipeline project that Odebrecht won in 2014 after its sole competitor was disqualified the day of the auction. Grana was not a part of the original consortium and bought its stake from Odebrecht in 2015.The government has said it would cancel the pipeline contract if financing that hinges on Odebrecht exiting the project does not come through this month. Odebrecht has been trying to sell its 55 percent stake for more than six months and has been in talks with Brookfield Asset Management Inc.Odebrecht has said it would cooperate with local prosecutors to reach a plea deal that would include civil reparations for crimes committed.(Reporting By Ursula Scollo and Mitra Taj; Editing by Diane Craft)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-grana-y-montero-odebrecht-idUSKBN14W32W'|'2017-01-13T01:47:00.000+02:00'|352.0|''|-1.0|'' -353|'0f1bb1d62560e12d74b0c94ab1ef3c026b4cd521'|'Brazil''s BRF says halal food unit IPO remains an option'|'SAO PAULO Jan 6 BRF SA, the world''s largest poultry exporter, said on Friday an initial public offering of a subsidiary focused on the halal processed food market remains a strategic option.Reuters reported on Thursday that BRF wants to raise about $1.5 billion from the sale of a 20 percent stake in the unit, known as One Foods Holdings Ltd. In a Friday securities filing in response to the report, BRF said the IPO could take place in London but it is also gauging a private placement. (Reporting by Bruno Federowski; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/one-foods-holdings-ipo-idINE6N1DJ018'|'2017-01-06T18:18:00.000+02:00'|353.0|''|-1.0|'' +353|'0f1bb1d62560e12d74b0c94ab1ef3c026b4cd521'|'Brazil''s BRF says halal food unit IPO remains an option'|'SAO PAULO Jan 6 BRF SA, the world''s largest poultry exporter, said on Friday an initial public offering of a subsidiary focused on the halal processed food market remains a strategic option.Reuters reported on Thursday that BRF wants to raise about $1.5 billion from the sale of a 20 percent stake in the unit, known as One Foods Holdings Ltd. In a Friday securities filing in response to the report, BRF said the IPO could take place in London but it is also gauging a private placement. (Reporting by Bruno Federowski; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/one-foods-holdings-ipo-idINE6N1DJ018'|'2017-01-06T18:18:00.000+02:00'|353.0|5.0|0.0|'' 354|'b018ab6f61c443e61257e912da769f62940437e1'|'PRESS DIGEST- British Business - Jan 5'|' 27pm EST PRESS DIGEST- British Business - Jan 5 Jan 5 - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times The Competition and Markets Authority has raised concerns over Mastercard Inc''s takeover of VocaLink Holdings, warning that the deal could give the credit and debit card provider too strong a hold over part of the United Kingdom''s payment systems. bit.ly/2hShkbX Poor Christmas trading at Next Plc has delivered a blow to the entire retail industry, hitting confidence and dragging down the shares in many listed stores groups yesterday. bit.ly/2j6eCvM The Guardian The discount retail chain B&M European Value Retail SA revealed a bumper Christmas trading period with sales up to 7.2 percent at established UK stores in 13 weeks to Dec. 24. bit.ly/2hS8RWh David Metcalf, a founding member of the Low Pay Commission and former chairman of the Migration Advisory Committee, was named on Thursday as the first director of Labour Market Enforcement. bit.ly/2j6fXmd The Telegraph ConvaTec Group Plc, the wound dressings manufacturer, has bought Dutch rival Eurotec Beheer for 25 million euros ($26.30 million), in the company''s first acquisition since listing on the stock market in October. bit.ly/2j6eTi2 Britain''s economy is bouncing back from the slump in business confidence which struck in the wake of the Brexit vote, with services, manufacturing and construction firms all reporting solid growth in the final months of 2016. bit.ly/2j6dg4d Sky News Next Plc has warned its shoppers they face price rises of up to 5 percent in the year ahead, with a series of cost pressures potentially knocking annual profits by as much as 14 percent. bit.ly/2hSh4cV Currency trading broker FxPro has shelved plans for a London stock market flotation amid a crackdown by regulators on financial spread-betting groups. bit.ly/2j6hWXS The Independent Mark Clare is to replace Baroness Ford as the chairman of Grainger Plc, breaking up the first all-female board of a FTSE company. ind.pn/2hShmR6 Department store chain John Lewis Plc saw sales surge by more than a third in the run-up to Christmas, with a similar boost of 31.1 percent at its Waitrose supermarkets, despite tough trading conditions for retailers. ind.pn/2j6ht7O ($1 = 0.9507 euros) (Compiled by Vishal Sridhar; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL4N1EU4C0'|'2017-01-05T08:27:00.000+02:00'|354.0|''|-1.0|'' 355|'9aa1fdfa7b76521f97619dbc73f7cf12ce29b9aa'|'Gates charity to sell 60 mln Berkshire shares, as Buffett urged'|'Business 37am EST Gates charity to sell 60 million Berkshire shares, as Buffett urged Businessman Bill Gates exits through the lobby at Trump Tower in Manhattan, New York City, U.S., December 13, 2016. REUTERS/Andrew Kelly By Jonathan Stempel The foundation created by billionaire Bill Gates and his wife Melinda plans to sell 60 million Class B shares of Berkshire Hathaway Inc ( BRKa.N ) donated by Warren Buffett, reflecting the fellow billionaire'' s desire that proceeds be spent on charitable works. In a regulatory filing on Tuesday, the Bill & Melinda Gates Foundation said the sales would occur from July 1, 2017 to June 30, 2020, under a plan similar to one expiring on June 30, 2017. Sixty million Class B shares of Berkshire are currently worth about $9.6 billion. The Gates Foundation, which works to improve education and health and reduce poverty worldwide, is the largest beneficiary of Buffett''s 2006 commitment to donate nearly all of his wealth to charity. The foundation, which received more than $2.1 billion of Berkshire stock last year, said it owns about 68.71 million Class B shares, worth roughly $11 billion. Bill Gates is a co-founder of Microsoft Corp ( MSFT.O ) and a director of Berkshire. Buffett is also donating Berkshire shares to four family charities. In the HBO documentary "Becoming Warren Buffett" scheduled to air on Jan. 30, Buffett explained why he is giving away his fortune, estimated on Wednesday by Forbes magazine at $71.6 billion despite more than $24.3 billion of donations so far. "In my entire lifetime, everything that I''ve spent will be quite a bit less than 1 percent of everything I make. The other 99 percent plus will go to others because it has no utility to me," Buffett said. "So it''s silly for me to not transfer that utility to people who can use it." The Gates Foundation will sell its Berkshire shares through a 10b5-1 program, named for a federal rule allowing periodic share sales by executives and other insiders without raising the specter of insider trading. (Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-berkshire-hatha-gatesfoundation-idUSKBN15228H'|'2017-01-18T22:34:00.000+02:00'|355.0|''|-1.0|'' 356|'4ac708388d9483c97662c9af546362bea3aa4c52'|'U.S.-based stock funds attract $2.4 bln in weekly period -Lipper'|'Company 57pm EST U.S.-based stock funds attract $2.4 bln in weekly period -Lipper NEW YORK Jan 5 Investors pumped $2.4 billion into U.S.-based stock funds during the week through Jan. 4, Lipper data showed on Thursday, marking the second straight week of inflows. Taxable bond funds took in $1.2 billion during the week, following three straight weeks of withdrawals, the research service said. (Reporting by Trevor Hunnicutt; Editing by Bernard Orr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/investment-mutualfunds-lipper-idUSL1N1EV1XG'|'2017-01-06T04:57:00.000+02:00'|356.0|''|-1.0|'' @@ -373,7 +373,7 @@ 371|'8c321c6922b33e07c9262feaf2d5bda168a81632'|'Deutsche Bank sees chance to set out future course after U.S. settlement'|'Business News 25am EST Deutsche Bank sees chance to set out future course after U.S. settlement The logo of Germany''s largest business bank, Deutsche Bank is seen in front of one of the bank''s office buildings in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach By Matthias Inverardi - DUESSELDORF, Germany DUESSELDORF, Germany Deutsche Bank ( DBKGn.DE ) plans to put its home German market and corporate customers at the center of its plans when it spells out more of its future strategy over the next few months, the lender''s finance chief said on Friday. Marcus Schenck''s remarks make clear that the bank feels it is finally able to focus on reshaping its core business, after last month agreeing a $7.2 billion penalty over the sale of U.S. toxic mortgage debt -- its largest in a long line of legal battles. "We want to go on the offensive," Chief Financial Officer Schenck told a gathering of customers, striking an upbeat tone after months of uncertainty over the fine that had prompted fears that Germany''s largest bank would need a state bailout. "We want to score goals," he said, expressing relief that the fine had now been agreed. The penalty was lower than the $14 billion at first suggested by U.S. authorities. The original organizational change, launched in October 2015 by Chief Executive John Cryan, aimed to cut costs by reducing g staff numbers and overheads and selling off some non-core businesses. But toward the end of last year, staff numbers had barely changed from around 100,000 and there was little clarity on what the bank''s long-term business model would look like, increasing pressure on management to speed up its turnaround. Even Christine Lagarde, the head of the International Monetary Fund, had taken the unusual step of questioning the bank''s business model, urging it to "decide what size it wants to have". There have, however, already been some indications about the direction the bank will take. In November, two people familiar with the matter said that Deutsche Bank was looking to cut its loan securitization business further starting with repackaged U.S. mortgages. As well as rolling back the repackaging and resale of U.S. mortgages, European car loan securitization and other areas may also be cut, the people said. Such a move would mark a retreat from a core business that helped Deutsche become one of the most dominant investment banks in the world before the financial crash. In paring back its presence, Deutsche would be responding not only to tighter regulation but also tougher market conditions. (Writing By John O''Donnell; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-germany-deutsche-bank-idUSKBN14X1TJ'|'2017-01-13T22:25:00.000+02:00'|371.0|''|-1.0|'' 372|'52ce21c7a75e76ec592bf0f37f924ada1c732b42'|'UPDATE 1-AirAsia X cleared for US flights, 1st Asian budget carrier to get nod'|'* Says received FAA nod to fly to any destination within U.S.* Says also mulling resumption of its London route (Updates with spokesman''s comments on London route resumption)KUALA LUMPUR Jan 24 Malaysia''s AirAsia X Bhd said it had become Asia''s first low-cost carrier to receive approval to operate scheduled passenger flights to any destination within the United States.The long-haul airline in a statement said it gained approval from the United States'' Federal Aviation Authority (FAA) and that it was considering flights to several U.S. states, including Hawaii."Our expansion up until now has concentrated on Asia, Australasia and the Middle East, and we are excited about our first foray into an entirely new market as we look beyond Asia Pacific," Group Chief Executive Officer Kamarudin Meranun said in the statement on Tuesday.The announcement comes a day after Emirates Airline , the world''s largest long-haul carrier, said it would add a U.S. route. A U.S. airline lobby group said that move amounted to unfair competition because Gulf carriers received government subsidies.Gulf carriers deny receiving subsidies.AirAsia X also said it was mulling the resumption of flights on its London route. The airline suspended its London flights in March 2012 due to high taxes, but has held on to hopes of continuing the route since."At the moment we are looking at resuming our London routes and are working towards the necessary approvals," a spokesman told Reuters in an email. (Reporting by Liz Lee; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airasia-x-usa-idINL4N1FE2QO'|'2017-01-24T05:22:00.000+02:00'|372.0|''|-1.0|'' 373|'c949917e0c2335c020149ff8ac8f6214dd5913e6'|'UnitedHealth to buy Surgical Care Affiliates in $2.3 bln deal'|'Deals 20am EST UnitedHealth to buy Surgical Care Affiliates in $2.3 billion deal UnitedHealth Group Inc ( UNH.N ) said on Monday its Optum unit would buy Surgical Care Affiliates Inc ( SCAI.O ) in a deal valuing the company at about $2.3 billion. The offer of $57 per share, represents a premium of 17 percent to Friday''s close. The deal will be funded between 51 percent to 80 percent with UnitedHealth Group stock, with the remainder in cash. (Reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-surgical-care-m-a-unitedhealth-idUSKBN14T15E'|'2017-01-09T18:16:00.000+02:00'|373.0|''|-1.0|'' -374|'bf81cfa977b7992e265b4ff5493247f47eaff429'|'Fibria sees pulp prices holding on to most gains through 2017'|' 11am EST Fibria sees pulp prices holding on to most gains through 2017 SAO PAULO Jan 31 Brazil''s Fibria Celulose SA , the world''s largest producer of eucalyptus pulp, expects the outlook for higher global pulp prices to stretch into the second quarter of 2017, executives told journalists on an earnings call on Tuesday. Chief Executive Marcelo Castelli said he expected prices to be flat or slightly lower in the second half of the year, but he said a sharp drop in prices this year was unlikely. (Reporting by Brad Haynes and Alberto Alerigi Jr.; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fibria-outlook-idUSS0N17F00A'|'2017-01-31T21:11:00.000+02:00'|374.0|''|-1.0|'' +374|'bf81cfa977b7992e265b4ff5493247f47eaff429'|'Fibria sees pulp prices holding on to most gains through 2017'|' 11am EST Fibria sees pulp prices holding on to most gains through 2017 SAO PAULO Jan 31 Brazil''s Fibria Celulose SA , the world''s largest producer of eucalyptus pulp, expects the outlook for higher global pulp prices to stretch into the second quarter of 2017, executives told journalists on an earnings call on Tuesday. Chief Executive Marcelo Castelli said he expected prices to be flat or slightly lower in the second half of the year, but he said a sharp drop in prices this year was unlikely. (Reporting by Brad Haynes and Alberto Alerigi Jr.; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fibria-outlook-idUSS0N17F00A'|'2017-01-31T21:11:00.000+02:00'|374.0|6.0|0.0|'' 375|'636b0df34e471714ef2269cedb636c4c43af5686'|'Companies blast out bonds on new year momentum'|'* January volumes expected to hit three-year highs* Demand pours into new trades* M&A-led bond flurry expectedBy Laura BenitezLONDON, Jan 4 (IFR) - European companies capitalised on high investor cash reserves and positive new year momentum on Wednesday to fire out bonds while market conditions remain favourable.Auto firms BMW, RCI and PSA Banque France are among those raising financing this week, where year-to-date volumes are expected to hit three-year highs."Investors have high cash balances and are looking for credit opportunities, let''s see how far this Trump-led rally can continue for," one syndicate banker said.Issuers are making the most of the strong market backdrop and looking to avoid a repeat of 2016 when the European bond market was disrupted several times as unexpected political turns made investors nervous and caused pricing technicals to swing out of favour.Bankers and investors expect this year''s political calendar to spark a similar level of uncertainty and disruption, which will see borrowers grab safe market windows while they can.Brexit negotiations and France''s presidential election are some of the events expected to cause potential market volatility in the coming months.SPEEDING INToday''s deals have so far lured strong investor demand, illustrated by an over 4bn order book for BMW Finance''s dual tranche four and 7.5-year benchmark deal.Elsewhere, PSA Banque France, rated Baa2 (positive) by Moody''s, is marketing a 500mn no-grow three-year deal, while auto spare parts manufacturer Valeo, rated Baa2/BBB, will price a 500m six-year and attracted over 3bn of demand.Germany-based chemicals group BASF is looking to lock in more sterling financing to further capitalise on the Bank of England''s stimulus programme.BASF, rated A1/A/A (Moody''s/S&P/Scope), is marketing a long eight-year sterling deal, after selling the BoE''s first eligible bond for its corporate bond buying programme at the close of September last year.Elsewhere, German healthcare group Fresenius kicked off 2017''s jumbo M&A-linked bond supply on Tuesday, in what is expected to be a busy year for the European market.Fresenius is preparing to meet investors for the next stage of financing its 5.76bn acquisition of Spain''s biggest hospital chain IDC Salud Holding (Quironsalud).Bankers say that M&A financing could make a big impact on January''s overall bond volumes, while expecting the European market to generally take a decent chunk out of a busy M&A pipeline throughout 2017.British American Tobacco is expected to tap the market for M&A-linked supply, after it made a US$47bn bid for the rest of US tobacco company Reynolds American it does not already own.Investors expect most of the financing to be issued in the US dollar market but say low costs could mean they issue a reasonable portion in euros in early 2017.Bayer is another candidate with a hotly anticipated M&A-related deal, having said it will sell a mix of senior and hybrid debt to help finance its US$66bn takeover of US seed company Monsanto.Bayer expects to close the transaction by the end of 2017.This start of the year activity will give bond investors comfort for the rest of the month, bankers say, while primary issuance in other corners, namely the financials and SSA markets, are also well underway for a busy January. (Reporting By Laura Benitez)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/corporatebonds-euro-idINL5N1EU1CT'|'2017-01-04T08:54:00.000+02:00'|375.0|''|-1.0|'' 376|'9884c296a959876ab6292edc823a03d5d4c029ad'|'ASIA OPEN: Risk markets seen cautious ahead of US earnings'|'Financials 27pm EST ASIA OPEN: Risk markets seen cautious ahead of US earnings By John Weavers SYDNEY, Jan 13 (IFR) - Asian risk assets may have a slight negative bias, following an overnight slippage on Wall Street where investors and traders positioned themselves ahead of the fourth-quarter earnings season that kicks off later today. Ongoing disappointment over a lack of clarity on Donald Trump''s economic and fiscal policies, plus an absence of company stock buybacks before earnings announcements contributed to respective daily declines of 0.21%, 0.32% and 0.29% in the S&P 500, Dow Jones and Nasdaq Composite. Treasuries were well bid again on Thursday, a day after the Investment Company Institute revealed the biggest cashflow to bond funds from stock funds since the election. US two-year and 10-year yields both eased 1bp to 1.18% and 2.36%, respectively, while 30-year yields firmed 1bp to 2.96%. European bourses were weighed down by a catch-up sell-off in healthcare stocks on Trump''s criticism of pharmaceutical pricing, as well as a slide in auto shares after the Environmental Protection Agency accused Fiat Chrysler of excess diesel omissions. With Fiat Chrysler''s share price plunging over 16%, it was no surprise to see the FTSE Milan underperforming with a 1.69% slide. The DAX, CAC 40 and Spanish IBEX declined 1.07%, 0.51% and 0.01%, respectively, while the FTSE 100 managed to eke out a 0.03% increase for its record 13th successive positive session. Gilt and Spanish 10-year yields eased 4bp and 2bp to 1.30% and 1.43%, as 10-year Bund and BTP yields rose 6bp and 4bp to 0.31% and 1.90%, respectively. US investment-grade and high-yield CDS spreads finished unchanged and 2bp wider at 66.5bp and 354bp after Europe''s main and crossover CDS spreads had climbed 1bp and 4bp to 70.5bp and 293.5bp, respectively. PRIMARY MARKETS The Republic of Korea (Aa2/AA/AA-) is marketing SEC-registered 10-year US dollar bonds at Treasuries plus 70bp-75bp with joint bookrunners Bank of America Merrill Lynch, Citigroup, Goldman Sachs, HSBC, JP Morgan, KDB and Samsung Securities. Changchun Urban Development and Investment Holdings, rated Baa1 (Moody''s), has set guidance at Treasuries plus 240bp for three-year Reg S US dollar bonds. CMBC International is sole global coordinator and joint bookrunner with ANZ. China Everbright Securities HK, China Merchants Securities HK and ICBC Singapore are joint lead managers. Unrated S E A Holdings has tightened price guidance on its offering of three-year Reg S US dollar bonds to 4.5%-4.625%. Credit Suisse and HSBC are joint global coordinators and joint bookrunners with DBS, MUFG and Standard Chartered. National Australia Bank (Aa2/AA-/AA-) has updated guidance for seven-year Samurai bonds to 12bp over yen offer-side swaps, ahead of pricing today, alongside a 10-year tranche being marketed at 17bp over. Daiwa, Nomura and SMBC Nikko are joint lead managers. Guangzhou R&F Properties, rated BB (Fitch), is reopening its US$265m 5.75% Reg S January 12 2022s around final yield guidance of 5.95%. AMTD, Citigroup, Morgan Stanley and UBS have joined original leads Goldman Sachs, China Merchants Securities (HK), Deutsche Bank and Haitong International as joint bookrunners for the tap. Auckland Council, rated Aa2/AA (Moody''s/S&P), issued a 500m 1.0% 10-year Eurobond at mid-swaps plus 33bp, inside 40bp area guidance. German agency Rentenbank (Aaa/AAA/AAA) is expected to tap its NZ$850m (US$590m) 5.375% April 23 2024 Kauri bond today for a minimum NZ$50m through sole lead ANZ. (Reporting by John Weavers) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/asia-bonds-idUSL1N1F22JO'|'2017-01-13T06:27:00.000+02:00'|376.0|''|-1.0|'' 377|'1eeeaa648a7e8f5e7ec3d0abde60a3a02ea87565'|'Saudi Aramco''s oil reserves confirmed by external audit - sources'|'Business 27pm GMT Saudi Aramco''s oil reserves confirmed by external audit - sources FILE PHOTO - An oil pipeline is laid next to the Vopak-Dialog oil storage facility (R) and a Refinery and Petrochemical Integrated Development (RAPID) project construction site in Pangerang in Malaysia''s southern state of Johor October 6, 2015. REUTERS/Edgar Su/File Photo By Rania El Gamal , Reem Shamseddine and Alex Lawler - DUBAI/KHOBAR, Saudi Arabia/LONDON DUBAI/KHOBAR, Saudi Arabia/LONDON The first independent audit of Saudi Aramco''s [IPO-ARMO.SE] oil reserves has confirmed the state oil company''s own figures, sources familiar with the situation said, ahead of its planned share market listing next year. The listing, expected to be the world''s biggest initial public offering (IPO), is a centrepiece of a Saudi Arabian government plan to transform the country by enticing investment and diversifying the economy away from oil. Based on a figure of 265 billion barrels, Aramco''s fields contain about 15 percent of the world''s proven reserves. Any finding that the reserves are significantly above or below that could affect the company''s market value in the listing. "The independent audit produced no surprises," a source familiar with the situation said on Friday. "Aramco''s reserves have always been reported internally in line with international practice." Aramco had asked two U.S. oil reserve auditing specialists to review its deposits. These are Gaffney, Cline and Associates, part of Baker Hughes ( BHI.N ) and Dallas-based DeGolyer and MacNaughton. DeGolyer and MacNaughton completed its audit last year, two of the sources said. Aramco and DeGolyer could not be reached for immediate comment on Friday. Gaffney Cline also could not be reached for immediate comment. Saudi Arabia''s proven oil reserves have been listed at about 265 billion barrels in oil industry reference publications such as the BP Statistical Review of World Energy for many years. Aramco said its crude oil and condensate reserves were 261.1 billion barrels in its 2015 annual report. The reserves audit produced figures "definitely not below" those published by Aramco, a second source familiar with the matter said, while a third source said the auditing firm''s estimate was higher than Aramco''s own. The IPO plan is being championed by Deputy Crown Prince Mohammed bin Salman, who oversees energy and economic policy in the world''s top oil-exporting country. Prince Mohammed has said he expects the IPO, which will offer up to five percent of the company, to value Aramco at a minimum of $2 trillion. Senior oil industry figures have welcomed the Aramco IPO for casting more light on Saudi Arabia''s oil reserves. Many of the world''s biggest sovereign reserves holders have not changed their numbers for years. The head of Russian oil company Rosneft ( ROSN.MM ) Igor Sechin said last year the Aramco listing would give transparency over reserves data which had not been updated for 30 years. (Additional reporting by Dmitry Zhdannikov in London; Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-saudi-aramco-reserves-idUKKBN15B1C5'|'2017-01-27T20:27:00.000+02:00'|377.0|''|-1.0|'' @@ -435,7 +435,7 @@ 433|'0deb2dfda71bdde466c87db0ad2623ce8e907b13'|'Kuwait sovereign fund says it will focus on technology, infrastructure'|'Financials 47pm EST Kuwait sovereign fund says it will focus on technology, infrastructure KUWAIT Jan 30 The two main investment priorities of the Kuwait Investment Authority (KIA) this year are technology and infrastructure, the sovereign wealth fund''s chairman Anas al-Saleh told Reuters on Monday. Saleh, who is also finance minister, said the KIA''s technology portfolio was small but growing. At the same time, it is cautious about valuations, he added. The KIA is one of the world''s biggest sovereign funds with assets estimated at $592 billion, according to the Sovereign Wealth Fund Institute, which tracks the industry. (Reporting by Hadeel Al Sayegh; Writing by Andrew Torchia) Next In Financials Fitch Rates Crown Castle''s Sr. Unsecured Notes ''BBB-''; Outlook Stable (The following statement was released by the rating agency) CHICAGO, January 30 (Fitch) Fitch Ratings has assigned a ''BBB-'' rating to Crown Castle International Corp.''s (Crown) offering of senior unsecured notes due 2027. Crown''s Long-Term Issuer Default Rating (IDR) is ''BBB-''. The Rating Outlook remains Stable. Crown will use the proceeds from the note offering to reduce borrowings on its revolving credit facility (RCF) including borrowings to fund its acquisition of FPL FiberNet Holdings UPDATE 2-Keysight Technologies to buy Ixia for $1.6 billion Jan 30 Keysight Technologies Inc, a provider of software and equipment to the electronics industry, said on Monday it would buy U.S. data technology company Ixia for about $1.6 billion in cash in a bid to increase its software and security portfolio. Jan 30 The chief executives of Goldman Sachs Group and Ford Motor Co joined the criticism of President Donald Trump''s order to halt arrivals from several Muslim-majority countries, as equity markets fell and the dollar slipped on Monday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/kuwait-sovereign-funds-idUSL5N1FK5OE'|'2017-01-31T02:47:00.000+02:00'|433.0|''|-1.0|'' 434|'00af002d4fcdd9d8545330fa7435d250b9cd78d3'|'TREASURIES-Bonds steady ahead of heavy data week, Fed meeting'|'* Fed will conclude January meeting on Wednesday * Heavy week of data including January jobs figures By Karen Brettell NEW YORK, Jan 30 U.S. Treasuries were little changed on Monday, ahead of policy meetings of the U.S. Federal Reserve on Tuesday and Wednesday and a heavy week of data that will culminate in Friday''s jobs report for January. The Fed is expected to leave interest rates unchanged, though traders will be looking for any indications on when the next rate hike is likely at the Fed''s first meeting since Donald Trump was sworn in as U.S. President on Jan. 20. Traders are pricing in only a 4 percent chance of a rate hike this week, after the U.S. central bank raised rates for the first time in a year in December, according to the CME Group''s FedWatch Tool. Friday''s employment report for January will be closely perused for indications on economic strength. Several manufacturing reports are also due this week. Refunding announcements and borrowing projections by the Treasury Department will be a focus for traders. "This week is very busy ... we have a packed data calendar," said Thomas Simons, a money market economist at Jefferies in New York. "I think that may lead to a bit of a malaise to start the week here ... there isn''t a lot to get going on yet." Benchmark 10-year notes gained 1/32 in price to yield 2.48 percent, little changed from Friday. Bonds had little reaction to data on Monday showing that U.S. consumer spending rose solidly in December as households bought motor vehicles and a range of services amid rising wages, pointing to sustained domestic demand that is likely to set the economy up for faster growth in early 2017. The jobs data on Friday is expected to show that employers added 171,000 jobs in the month, according to the median estimate of 72 economists polled by Reuters. (Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FK0OJ'|'2017-01-30T11:20:00.000+02:00'|434.0|''|-1.0|'' 435|'aec63c84581985294abd9ebaa8a61e5d0141f9f3'|'PE firm Warburg buys $121 million stake in Indian cinema operator PVR'|'MUMBAI Affiliates of private equity firm Warburg Pincus have bought a 14 percent stake in India''s largest multiplex chain PVR Ltd for 8.2 billion rupees ($120.5 million), PVR said on Wednesday.Warburg bought the stake from affiliates of private equity firm Multiples Alternate Asset Management and PVR''s founders, India''s biggest cinema chain operator said in a statement.Multiples Alternate Asset will continue to hold a 14 percent stake in PVR, while PVR''s founders will remain the biggest shareholders with a more than 20 percent stake, it said.Shares of PVR, which currently operates 562 screens across 48 cities, closed at a record high after earlier rising as much as 7.7 percent, in a broader Mumbai market that gained 0.2 percent.($1 = 68.0450 Indian rupees)(Reporting by Sankalp Phartiyal; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/pvr-m-a-warburg-idINKBN1521F4'|'2017-01-18T08:29:00.000+02:00'|435.0|''|-1.0|'' -436|'6e727f73c3f60ec0a4560ec81727481fceb09093'|'Exclusive: Glencore challenges Trafigura by ramping up Russian oil'|'Deals - Tue Jan 31, 2017 - 10:42am EST Exclusive: Glencore challenges Trafigura by ramping up Russian oil The logo of commodities trader Glencore is pictured in front of the company''s headquarters in the Swiss town of Baar November 20, 2012. REUTERS/Arnd Wiegmann/File Photo By Gleb Gorodyankin and Olga Yagova - MOSCOW MOSCOW Glencore ( GLEN.L ) has become the largest buyer of Russian Urals oil from Rosneft ( ROSN.MM ), overtaking rival Trafigura after taking a stake in Russia''s biggest oil major last month, a Reuters analysis of trade data showed. Ivan Glasenberg, Glencores chief executive, said last week during a meeting with Russian President Vladimir Putin that the company was studying cooperation with Rosneft in a number of areas, including supplies to India and China. Glencore was able to secure the bigger share of Urals oil after it teamed up with the Qatar Investment Authority (QIA) to buy a 19.5 percent stake in Rosneft. As part of the deal, Glencore was given access to additional Rosneft volumes. This has ended a long streak of dominance in the Urals market for Trafigura, which has been buying crude from Rosneft under two long-term agreements. However, Trafigura remains the biggest buyer of Rosneft crude of all blends after China''s CNPC. Data supplied by traders showed Rosneft increased Urals supplies to Glencore by 300,000 tonnes to 1.2 million tonnes in the Baltic Sea this month, while deliveries to Trafigura fell by 280,000 tonnes from December to 740,000 tonnes. "Rosneft has pinched the volumes for Glencore from Trafigura," said one trader. Rosneft, Glencore and Trafigura declined to comment. As part of the agreement with Glencore and QIA, Rosneft has concluded a deal with a company called QHG Trading, linked to the new shareholders, to supply up to 55 million tonnes of crude in total over a 5-year period. Rosneft will supply QHG Trading with 4.5 million tonnes to 11 million tonnes of oil per year, with the price being set according to a formula pegged to global oil prices. The tie-up with Glencore has allowed Rosneft to start supplying oil to Hungary and Slovakia with Glencore, expanding into new markets. Glencore acquired 160,000 tonnes of Urals to ship oil via Druzhba pipeline to those destinations. Glencore started to receive fuel oil volumes from Rosneft under the new deal in January, a market source told Reuters. Trafigura remains the second largest buyer of oil from Rosneft after China''s CNPC, which receives more than 25 million tonnes of Russian crude oil per year by pipeline under a state agreement. In addition to Urals it also acquires Asia-bound ESPO blend and Sokol. The data supplied by traders showed that Rosneft planned to supply Glencore with a total of 1.36 million tonnes of oil this month, with 1.58 million tonnes of oil going to Trafigura. Rosneft has said it also plans to cooperate closely with Trafigura in international trading and crude oil swaps, including through a joint purchase of Indian refiner Essar Oil last year. (Additional reporting by Dmitri Zhdannikov; Writing by Vladimir Soldatkin; Editing by Alexander Smith) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-russia-rosneft-oil-glencore-idUSKBN15F1Y9'|'2017-01-31T22:42:00.000+02:00'|436.0|''|-1.0|'' +436|'6e727f73c3f60ec0a4560ec81727481fceb09093'|'Exclusive: Glencore challenges Trafigura by ramping up Russian oil'|'Deals - Tue Jan 31, 2017 - 10:42am EST Exclusive: Glencore challenges Trafigura by ramping up Russian oil The logo of commodities trader Glencore is pictured in front of the company''s headquarters in the Swiss town of Baar November 20, 2012. REUTERS/Arnd Wiegmann/File Photo By Gleb Gorodyankin and Olga Yagova - MOSCOW MOSCOW Glencore ( GLEN.L ) has become the largest buyer of Russian Urals oil from Rosneft ( ROSN.MM ), overtaking rival Trafigura after taking a stake in Russia''s biggest oil major last month, a Reuters analysis of trade data showed. Ivan Glasenberg, Glencores chief executive, said last week during a meeting with Russian President Vladimir Putin that the company was studying cooperation with Rosneft in a number of areas, including supplies to India and China. Glencore was able to secure the bigger share of Urals oil after it teamed up with the Qatar Investment Authority (QIA) to buy a 19.5 percent stake in Rosneft. As part of the deal, Glencore was given access to additional Rosneft volumes. This has ended a long streak of dominance in the Urals market for Trafigura, which has been buying crude from Rosneft under two long-term agreements. However, Trafigura remains the biggest buyer of Rosneft crude of all blends after China''s CNPC. Data supplied by traders showed Rosneft increased Urals supplies to Glencore by 300,000 tonnes to 1.2 million tonnes in the Baltic Sea this month, while deliveries to Trafigura fell by 280,000 tonnes from December to 740,000 tonnes. "Rosneft has pinched the volumes for Glencore from Trafigura," said one trader. Rosneft, Glencore and Trafigura declined to comment. As part of the agreement with Glencore and QIA, Rosneft has concluded a deal with a company called QHG Trading, linked to the new shareholders, to supply up to 55 million tonnes of crude in total over a 5-year period. Rosneft will supply QHG Trading with 4.5 million tonnes to 11 million tonnes of oil per year, with the price being set according to a formula pegged to global oil prices. The tie-up with Glencore has allowed Rosneft to start supplying oil to Hungary and Slovakia with Glencore, expanding into new markets. Glencore acquired 160,000 tonnes of Urals to ship oil via Druzhba pipeline to those destinations. Glencore started to receive fuel oil volumes from Rosneft under the new deal in January, a market source told Reuters. Trafigura remains the second largest buyer of oil from Rosneft after China''s CNPC, which receives more than 25 million tonnes of Russian crude oil per year by pipeline under a state agreement. In addition to Urals it also acquires Asia-bound ESPO blend and Sokol. The data supplied by traders showed that Rosneft planned to supply Glencore with a total of 1.36 million tonnes of oil this month, with 1.58 million tonnes of oil going to Trafigura. Rosneft has said it also plans to cooperate closely with Trafigura in international trading and crude oil swaps, including through a joint purchase of Indian refiner Essar Oil last year. (Additional reporting by Dmitri Zhdannikov; Writing by Vladimir Soldatkin; Editing by Alexander Smith) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-russia-rosneft-oil-glencore-idUSKBN15F1Y9'|'2017-01-31T22:42:00.000+02:00'|436.0|13.0|0.0|'' 437|'ba2582c6d12696734330347333b32f6c35190b56'|'In sign of more hawkish Fed, Evans nods to three rate hikes'|'Business News - Fri Jan 6, 2017 - 11:23pm GMT In sign of more hawkish Fed, Evans nods to three rate hikes Chicago Federal Reserve President Charles Evans answers a question at the Chicago Banking Symposium in Chicago, Illinois, United States, June 3, 2015. REUTERS/Jim Young By Ann Saphir and Jason Lange - CHICAGO CHICAGO Chicago Federal Reserve President Charles Evans said on Friday the central bank could raise interest rates three times this year, faster than he had expected just a few months ago and in line with the majority of his colleagues. The comments from Evans, a voting member of the Fed''s policy committee this year, reinforced the view that the Fed could step up the pace of its rate hiking campaign if the incoming Trump administration unleashed a fiscal stimulus. Evans has been an outspoken proponent of low-interest rate policy for several years. "I still think two (Fed rate hikes) is not an unreasonable expectation," Evans told reporters in Chicago, adding that if the economic data comes in stronger than expected, "three is not going to be implausible." Two other U.S. policymakers, Cleveland Fed President Loretta Mester and Richmond Fed President Jeffrey Lacker, said Friday they would support even faster rate hikes. "Ive been ... seeing a little more strength in the economy," Cleveland Fed''s Mester told Fox Business Network, adding that more than three rate hikes this year is "probably" appropriate. But Dallas Fed President Robert Kaplan said he supported a gradual and patient path for hikes, arguing it was too early to know whether Trump policies would boost economic growth. Kaplan and Evans were in Chicago for an economics conference. The Fed raised interest rates last month by a quarter of a point and policymakers signaled they expect to raise rates three more times in 2017. Minutes from that meeting showed policymakers might signal an even more aggressive path of rate increases if inflationary pressures rise. Incoming President Donald Trump has promised to double America''s pace of economic growth and "rebuild" the country''s infrastructure, and about half of the Fed''s 17 policymakers factored a fiscal stimulus into their economic forecasts, according to the minutes. Evans said he was among the policymakers including fiscal stimulus in his forecasts, while Kaplan said he had yet to incorporate expectations of future economic policies. "I want to be judicious about that," Kaplan told reporters in Chicago, saying he does not want to "prejudge what is going to be positive or what is going to be negative." Lacker said in a speech the Fed "may need to increase more briskly than markets appear to expect." Prices for interest rate futures contracts suggest investors are betting on two or three rate hikes this year. (Reporting by Ann Saphir and Jason Lange in Chicago and Lindsay Dunsmuir in Washington; Editing by Chizu Nomiyama and Chris Reese) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-idUKKBN14Q2AK'|'2017-01-07T03:01:00.000+02:00'|437.0|''|-1.0|'' 438|'cc32dad06d90757705f52a238d63c7eea417ca62'|'Wells Fargo looks to rebuild reputation with new compensation plan'|'Business News - Wed Jan 11, 2017 - 12:00am GMT Wells Fargo looks to rebuild reputation with new compensation plan A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S., September 26, 2016. REUTERS/Mike Blake Wells Fargo & Co ( WFC.N ) has unveiled a new compensation structure for branch bankers as it tries to recover from a scandal driven by aggressive sales targets that slammed its share price and led to the resignation of Chief Executive John Stumpf. The new plan creates incentives based on customer service rather than sales goals, is longer-term in nature and includes additional monitoring of sales activities, according to an internal document provided by Mary Eshet, a bank spokeswoman. "Our top priority is to communicate the new plan to leaders and team members first and we are focused on ensuring they have the information they need to be successful," Eshet wrote in an email. "This new plan is one step in our efforts to restore trust with team members and customers, and we will continue to make additional changes." Wells Fargo has struggled since September after it agreed with regulators to pay $190 million in fines and restitution to settle charges that its employees wrongly created as many as 2 million accounts without customer authorization. (Reporting by Dan Freed in New York; Editing by Alan Crosby) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wells-fargo-accounts-compensation-idUKKBN14U2U5'|'2017-01-11T07:00:00.000+02:00'|438.0|''|-1.0|'' 439|'37541846b37811b9cc0ada3c5413ad678cc550c1'|'UBS plans to raise stake in China securities JV to 49 percent: sources'|' 8:15pm EST UBS plans to raise stake in China securities JV to 49 percent: sources The logo of Swiss bank UBS is seen on a building in Zurich, Switzerland December 19, 2012. REUTERS/Michael Buholzer HONG KONG UBS Group AG ( UBSG.S ) plans to raise its stake in its Chinese securities joint venture to 49 percent from about 25 percent, sources with direct knowledge of the development said on Monday. China allowed foreign banks to boost shareholdings in securities joint ventures to a maximum 49 percent in 2012 from the previous cap of a third to help modernize the country''s capital markets and boost capital flows into the country. But foreign investments banks with securities joint ventures in China have not as yet raised their stakes as most of the ventures were small or struggling to break even due to sluggish onshore deals. News of the UBS stake increase plan was first reported by the Wall Street Journal. A spokesman for UBS declined to comment. (Reporting by Sumeet Chatterjee, Elzio Barreto and Julie Zhu; Editing by Stephen Coates) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-ubs-group-china-jointventure-idUSKBN14T026'|'2017-01-09T08:15:00.000+02:00'|439.0|''|-1.0|'' @@ -451,7 +451,7 @@ 449|'14eff8ef40c8d1383de9e5e85a6cc3deecdc370e'|'Brazil''s IBG eyes Praxair-Linde assets amid merger -Valor'|'SAO PAULO Jan 11 IBG-Indstria Brasileira de Gases Ltda may bid for assets of proposed merger partners Praxair Inc and Linde AG should Brazilian antitrust watchdog Cade force them to divest businesses to approve their deal, Valor Econmico newspaper said on Wednesday.In December, industrial gas companies Linde and Praxair announced plans to merge, creating a $65 billion global entity with extensive business in Brazil.IBG founder Newton de Oliveira told Valor the combined entity would have too much market power. Praxair''s White Martins Ltda controls 59 percent of Brazil''s industrial gas market, while Linde''s unit has 12 percent, Valor Quote: d Oliveira as saying.If Cade orders Praxair and Linde to dispose of some assets, IBG would be interested in acquiring those in Brazil''s north and northeastern regions.IBG, Praxair and Linde were not immediately available to comment on the Valor report.In 2010, Cade found Praxair, Linde and other competitors guilty of price-fixing and market collusion, and imposed a record fine of 2.5 billion reais ($783 million) on them.($1 = 3.1950 reais) (Reporting by Ana Mano; Editing by Guillermo Parra-Bernal and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/linde-ma-praxair-brazil-idINL1N1F10D3'|'2017-01-11T09:22:00.000+02:00'|449.0|''|-1.0|'' 450|'e934e46e71ea565fff4e1d7e5fb8f1a37be6e6ba'|'Greek prosecutor raids Novartis Athens offices in bribery probe'|'Business News - Wed Jan 4, 2017 - 6:23am EST Greek prosecutor raids Novartis Athens offices in bribery probe The logo of Swiss pharmaceutical company Novartis is seen on its headquarters building in Basel, Switzerland October 27, 2015. REUTERS/Arnd Wiegmann ATHENS Greek corruption prosecutors have raided the Athens offices of Swiss drug maker Novartis ( NOVN.S ) as part of an ongoing probe over bribery allegations after media reports, a court official told Reuters on Wednesday. "In the framework of a judicial probe that was ordered in December, prosecutors raided the offices of Novartis over the last few days to search for possible bribery," said the official, who declining to be identified. The investigation was ordered after the country''s justice minister responded to media reports alleging bribes by Novartis to doctors and public officials. "The prosecutors do not have any other evidence apart from the reports and have asked U.S. judicial authorities for assistance," the court official said. Novartis did not respond to a request for immediate comment. The Swiss drug maker is fighting a widening lawsuit by U.S. prosecutors who allege its sales force ran a decade-long doctor kickback scheme involving sham events that led to overcharging the federal government. The drugmaker has disputed the allegations, which were filed in 2013, but faces an investigation in Turkey after an anonymous whistleblower alleged the company paid bribes there through a consulting firm to secure business advantages worth an estimated $85 million. In 2015 Novartis paid $390 million to settle U.S. allegations that it used kickbacks to specialty pharmacies to inappropriately push the sales of its drugs. (Reporting by George Georgiopoulos and Lefteris Papadimas; additional reporting by Michael Shields in Zurich; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-novartis-greece-corruption-idUSKBN14O156'|'2017-01-04T18:23:00.000+02:00'|450.0|''|-1.0|'' 451|'02565791426da3512d009c93f1be7ec99c66454a'|'Valeant to sell Dendreon unit to China''s Sanpower for $819.9 million'|'Business News - Tue Jan 10, 2017 - 4:03am GMT Valeant to sell Dendreon unit to China''s Sanpower for $819.9 million A sign for the headquarters of Valeant Pharmaceuticals International Inc is seen in Laval, Quebec June 14, 2016. REUTERS/Christinne Muschi/File Photo Valeant Pharmaceuticals International Inc ( VRX.TO ) said its affiliate will sell its Dendreon Pharmaceuticals business to China''s Sanpower Group Co Ltd for $819.9 million in cash. Valeant will use the proceeds to repay its term loan debt under its senior credit facility, the company said on Monday. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Sunil Nair) Next In Business News Asia stocks steady, oil in flux, sterling suffering ''hard'' Brexit fears SINGAPORE Asian stock markets steadied on Tuesday and crude prices inched up from Monday''s three-week low, with investors uncertain whether output cuts by major exporters, led by Saudi Arabia and Russia, will be enough to support the oil market as other producers have increased supplies.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dendreon-m-a-sanpower-idUKKBN14U0B9'|'2017-01-10T11:03:00.000+02:00'|451.0|''|-1.0|'' -452|'b513b3a477bf681667518df722d8147e7fc0e341'|'Trump aide Kushner scraps plan for Canada visit -Canada official'|'CALGARY, Alberta Jan 23 A senior aide to U.S. President Donald Trump has scrapped plans to visit Canada for talks with officials in Prime Minister Justin Trudeau''s team, a Canadian government source said on Monday.The source said the planned visit by Trump son-in-law Jared Kushner had hit logistical problems. A separate source had earlier said Kushner intended to meet Trudeau aides on the margins of a cabinet retreat in Calgary. (Reporting by David Ljunggren; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-politics-kushner-idINL1N1FD25Z'|'2017-01-23T19:42:00.000+02:00'|452.0|''|-1.0|'' +452|'b513b3a477bf681667518df722d8147e7fc0e341'|'Trump aide Kushner scraps plan for Canada visit -Canada official'|'CALGARY, Alberta Jan 23 A senior aide to U.S. President Donald Trump has scrapped plans to visit Canada for talks with officials in Prime Minister Justin Trudeau''s team, a Canadian government source said on Monday.The source said the planned visit by Trump son-in-law Jared Kushner had hit logistical problems. A separate source had earlier said Kushner intended to meet Trudeau aides on the margins of a cabinet retreat in Calgary. (Reporting by David Ljunggren; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-politics-kushner-idINL1N1FD25Z'|'2017-01-23T19:42:00.000+02:00'|452.0|11.0|0.0|'' 453|'e5ac6bfadd16f8fb876fa42dad9a3c8e78f39280'|'SpaceX 2015 accident cost it hundreds of millions: Wall St. Journal'|'Business News - Fri Jan 13, 2017 - 3:47pm EST SpaceX 2015 accident cost it hundreds of millions: Wall St. Journal An unmanned SpaceX Falcon 9 rocket explodes after lift-off from Cape Canaveral, Florida, June 28, 2015. REUTERS/Mike Brown CAPE CANAVERAL, Fla. - Elon Musks SpaceX lost more than a quarter of a billion dollars in 2015 after a botched cargo run to the International Space Station and the subsequent grounding of its Falcon 9 rocket fleet, The Wall Street Journal reported on Friday. The accident derailed SpaceXs expectations of $1.8 billion in launch revenue in 2016, an analysis of the privately held firms financial documents showed, according to the Journal, which said it had obtained the documents. SpaceX declined to comment on the Journals report. In a statement emailed to Reuters, SpaceX Chief Financial Officer Bret Johnsen said the company is in a financially strong position with more than $1 billion in cash reserves and no debt. SpaceX, owned and operated by Musk, who also is chief executive of Tesla Motors Inc ( TSLA.O ), is aiming to return to flight on Saturday following a second Falcon 9 accident on Sept. 1. (Reporting by Irene Klotz; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-space-spacex-idUSKBN14X2FL'|'2017-01-14T03:47:00.000+02:00'|453.0|''|-1.0|'' 454|'b9e6050a12b3734cb7ea9acd4f05b1cc406bfc44'|'U.S. to probe whether Fujifilm violating Sony magnetic tape patents'|'Internet 40pm EST U.S. to probe whether Fujifilm violating Sony magnetic tape patents A man stands in front of the headquarters of Fujifilm Holdings Corp in Tokyo, Japan, June 2, 2016. REUTERS/Thomas Peter WASHINGTON The U.S. International Trade Commission said on Wednesday it had launched on investigation into whether Fujifilm Holdings Corp was violating patents which Sony Corp holds for certain magnetic tape cartridges. The ITC said the products at issue in its probe were so-called Linear Tape-Open, or LTO, magnetic tape products and tape cartridge components comprising such products. (Reporting by Timothy Ahmann, editing by G Crosse) Next In Internet News Facebook dismissive of censorship, abuse concerns, rights groups allege WASHINGTON Nearly 80 rights groups on Wednesday accused Facebook of "racially biased censorship" and failing to be more transparent about its removal policies and cooperation with law enforcement, adding to criticism the company has faced in recent months over its management of content on its network of 1.8 billion users.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sony-fujifilm-ip-idUSKBN1522PT'|'2017-01-19T01:39:00.000+02:00'|454.0|''|-1.0|'' 455|'6576ffd55fe2e952b7c2640ddea1d5accc160baa'|'EU, U.S. strike deal to boost transatlantic insurance market'|' 52pm GMT EU, U.S. strike deal to boost transatlantic insurance market BRUSSELS The European Union and the United States agreed on Friday to reduce legal and capital barriers to boost the $3 billion (2.4 billion) transatlantic insurance and reinsurance market. The accord has been under negotiation for more than a year and follows an agreement last year on derivatives. U.S. and EU representatives said in a joint statement they had reached a deal "that will ensure ongoing robust insurance consumer protection and provide enhanced regulatory certainty for insurers and reinsurers operating in both the U.S. and the EU." Under the deal, EU and U.S. authorities will lift requirements for reinsurers to hold more capital against risks if they operate from the other side of the Atlantic, eliminating one key hurdle for cross-border expansion. Insurers will also benefit from lower supervisory requirements, a move expected to reduce costs. "This is a major deal that is set to benefit insurers, reinsurers and policy holders on both sides of the Atlantic," said the EU financial services commissioner, Valdis Dombrovskis. The deal paves the way for EU companies to increase their market share in the United States and for US companies to sell their policies more easily in the 28 European Union countries. The deal needs approval from the European Parliament and U.S. Congress. Two powerful Democrats on U.S. congressional committees said in statements on Friday that they will review the agreement to make certain that it leads to more balanced treatment of U.S. insurance companies. "I look forward to closely studying the agreement and consulting with stakeholders to ensure that the agreement successfully addresses EU discrimination against the U.S. insurance and reinsurance industries," said Representative Richard Neal of Massachusetts, the most powerful Democrat on the U.S. House Ways and Means committee. (Reporting by Francesco Guarascio, additional reporting by Suzanne Barlyn; editing by Alissa de Carbonnel and Cynthia Osterman) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-usa-insurance-idUKKBN14X2A3'|'2017-01-14T01:52:00.000+02:00'|455.0|''|-1.0|'' @@ -520,7 +520,7 @@ 518|'c2d6fb051a7423c8442ed373c0582e6dde5a8ecc'|'Europe''s bank rescue rule in doubt, even among enforcers'|'By Francesco Canepa and Andreas Krner - FRANKFURT FRANKFURT Some senior regulators are privately raising doubts over whether politically unpopular European rules seeking to shield taxpayers from bank bailouts will ever be enforced as intended."Bail-ins" were trumpeted as the centerpiece of Europe''s response to the financial crisis, but some of the people who will have to apply them are now questioning in private whether they will be used following the Italian government''s rescue of the troubled Monte dei Paschi di Siena ( BMPS.MI ).The bail-in rules demand that private investors must suffer some losses before public money is used to rescue a bank.But in the case of Monte dei Paschi, Italy used an exception built into the new rules to avoid a bail-in of senior bond and savings account holders, thereby setting a dangerous precedent for other crisis-struck lenders in Italy and beyond."A bail-in of savers would cause a revolt in Italy and could bring down the whole euro project by boosting anti-euro parties," one source told Reuters.Imposing losses on creditors, who sometimes include small savers, is economically damaging and politically painful at a time when public resentment towards the European Union is running high and elections loom in key countries.Against this backdrop, banks are struggling to raise the capital they need to deal with unpaid loans accumulated during the economic downturn.The head of the German banking association, Michael Kemmer, has said Rome''s approval of a "precautionary recapitalization" of Monte dei Paschi just before Christmas, after the bank failed to find enough private investors to back its capital increase, puts regulators'' credibility at risk.Ratings agency Moody''s said the rescue, which is awaiting European Commission approval, "raises questions regarding the European authorities'' commitment to follow strictly the ... bail-in provisions to resolve troubled banks"."The SRB is the most useless institution in Europe because no-one dares to use it at the moment," one European regulator said of the euro zone''s Single Resolution Board, which is in charge of bail-ins.But its head Elke Koenig said last week she had no concerns about the application of the directive, while an EC spokesperson said the rules "apply on a case-by-case basis to a specific bank in its specific circumstances".TESTING TIMESThe SRB''s Koenig may find her faith is put to the test soon, with a number of smaller Italian banks still trying to raise capital and Italy''s top lender, UniCredit in the process of raising 13 billion euro ($14 billion) through a cash call."A first round of losses must be absorbed by the state if the banking system is to be rescued," Gennaro Pucci, head of investment firm PVE Capital, said, estimating around 100 billion euros in public money may be needed.Cleaning up balance sheets has been a key objective of the European Central Bank, which wants to bring down the amount of bad loans to free up resources for fresh lending.This risks backfiring, however, if banks try to sell more non-performing loans (NPLs) and shares than investors are prepared to buy."In the end, the ECBs effort to clean up banks'' balance sheets too quickly may be counterproductive," Marco Troiano, a director at ratings agency Scope, said."At present, there''s just not enough appetite out there to buy the NPLs and subscribe capital increases on a wide scale."Even in euro zone countries where bailouts took place before the new rules, some banks are still not out of the woods.Portugal''s Novo Banco, the so called ''good bank'' carved out of the collapsed Banco Espirito Santo, and Germany''s HSH Nordbank may need further state help if they can''t find buyers.U.S. hedge fund Lone Star, the top bidder for government-owned Novo Banco, has asked for a state guarantee on its investment, prompting calls from two leftist parties that prop up Portugal''s minority government that the firm be nationalized instead.Bailed out during the crisis, HSH Nordbank has until February 2018 to find a buyer or be wound down.The bank''s management says it has a good chance of finding an investor. But some question whether it would be allowed to go under even it did not manage to do so.(Additional reporting by Francesco Guarascio in Brussels; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eurozone-banks-bailout-idINKBN1522V2'|'2017-01-18T17:06:00.000+02:00'|518.0|''|-1.0|'' 519|'a21cddb3bda3548ee830675b5978c25b20d318c1'|'Stock markets hit by US travel ban fears business live'|'Business live Stock markets hit by US travel ban fears business live All the days economic and financial news, as president Trumps ban on citizens from seven countries entering the US worries investors Monday 30 January 2017 08.22 GMT View more sharing options 08:20 Markets hit by fears over Trump travel ban Stock markets and the US dollar are both starting the week on the back foot, as Donald Trumps controversial travel ban worries investors. Shares have fallen in Asia, amid fears that Trumps policies will hurt the US economy, and trigger a new phase of protectionism. Japans Nikkei fell 0.5%, while Australias S&P/ASX index shed almost 1%. European stock markets are under pressure too, with Londons FTSE 100 dropping by 55 points, or 0.75%, to 7129 in early trading. The US dollar also retreated against the Japanese yen, dropping by 0.2% to 114.88. Eddie van der Walt (@EdVanDerWalt) State of play. pic.twitter.com/MdqrDcsJ8H The selloff comes after Trump imposed a 90-day ban on citizens from Iraq, Syria, Iran, Sudan, Libya, Somalia or Yemen travelling to the US, and temporarily halted Americas refugee programme. The move has sparked heavy criticism around the globe, and protests in several American cities. In Britain, a petition against Trump being granted a state visit to Britain has already attracted almost one million signatures. Theresa May feels heat over travel ban as Donald Trump stands firm Read more Financial analysts are concerned that the backlash against Trumps plans could have serious economic consequences. Stephen Innes, a senior trader at OANDA, summed the situation up well: World leaders were quick to condemn President Trumps executive order to ban U.S. travel from seven Muslim countries. The global reaction has been one of universal condemnation. The fear here is that the market may start to think that personal vendetta is clouding the Oval Office judgment and they could express a huge vote of non-confidence through the markets. The increase in civil unrest alone should be a concern for investors, and with a lack of clarity on the economic policy front, markets will be cantankerous early in the week as theyre completely uncertain of whats next from President Trump on the geopolitical landscape. People chant slogans at the Indianapolis International Airport on Sunday. Photograph: Kelly Wilkinson/AP Updated 07:44 The agenda: Big week for news Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. This is going to be a big week for news, with European growth data being released, two key central bank meetings, and a new healthcheck on Americas jobs market. On Tuesday, we get new eurozone GDP figures showing how the currency bloc fared in the last three months of 2016, plus euro inflation data for January. Wednesday brings a Federal Reserve meeting; the US central bank isnt expected to raise interest rates, but could hint at a hike in March. Heres Bloombergs take: Joe Weisenthal (@TheStalwart) This is going to be an insane week. On top of political fallout from Friday, a huge week for data. Via @5thrule pic.twitter.com/wQE3sE0AaE January 29, 2017 On Thursday the Bank of England will announce its interest rate decision, and publish its quarterly inflation report. With inflation picking up, the BoE could face pressure to raise rates sooner than expected. Finally, Friday will bring the latest US jobs data, in the Non-Farm Payroll report. That will show if Americas labour market is slowing down, after years of solid growth under Barack Obama. Coming up today.... The week starts with new inflation figures from Germany, at 1pm GMT, and America at 1.30pm GMT. Economists predict that Germanys inflation rate may have risen to 2% in January, slightly over the eurozones target, and ahead of other European countries. German politicians are already anxious that the European Central Bank is too relaxed about the rising cost of living, so todays data could fuel that debate. Eurozone inflation rates Photograph: Bloomberg TV Analysts at RBC Capital Markets say: The consensus call is that the German inflation rate rose to 2% y/y in January, in line with the ECBs own target with the likelihood that the rate will rise further in coming months which will likely see further public calls from Germany policy makers and commentators for the ECB to begin to consider normalising policy. Well also have an eye on Greece, as talks with its creditors drag on. Experts fear trouble ahead unless the latest phase of Athens bailout is signed off by 20 February. Greece has three weeks to deal with ''potentially disastrous'' debt, says IMF Read more Well be tracking all the main events through the day.... Share'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/business/live/2017/jan/30/stock-markets-us-dollar-trump-travel-ban-german-inflation-business-live'|'2017-01-30T15:22:00.000+02:00'|519.0|''|-1.0|'' 520|'39bc6ca0908eb475825ea0ae2084ca8acb9c6cb0'|'France should sell non-strategic stakes in firms - Fillon'|' 11:20pm GMT France should sell non-strategic stakes in firms - Fillon Francois Fillon, member of Les Republicains political party and 2017 presidential candidate of the French centre-right, presents his New Year wishes at a news conference at his campaign headquarters in Paris, France, January 10, 2017. REUTERS/Philippe Wojazer PARIS Francois Fillon, the conservative politician seen by opinion polls as most likely to win the French presidential election this year, says France should sell state stakes in firms deemed as not having a strategic importance for the country. "The state should only be a shareholder in strategic companies," Fillon said in an interview with French magazine Capital. He declined in the published interview to name any individual companies to which this might apply. He also told Capital that France "must not show any signs of weakness" in terms of ensuring French technology companies could challenge bigger international rivals such as Google, Apple, Facebook and Amazon. Fillon''s interview echoed similar comments last month, when he said he was favourable towards privatisations of state shareholdings in order to raise cash for investments in major infrastructure projects. Fillon, a former Prime Minister, said in December France should sell out of "unnecessary investments" in private-sector companies, citing carmaker Renault as an example. The French government holds just under 20 percent of Renault and has significant stakes in several other large companies including Air France, Airbus, Peugeot, Orange and Engie. (Reporting by Jean-Baptiste Vey and Sudip Kar-Gupta; Editing by James '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-election-fillon-idUKKBN14X2LO'|'2017-01-14T06:20:00.000+02:00'|520.0|''|-1.0|'' -521|'607d431c75766724d313b87f7e0ab20830169da0'|'What really happens when Royal Mail fails to deliver? - Money'|'When Royal Mail fails to deliver an item, perhaps because they are too big or the person is out and a signature is required, what happens to these items next? I presume theyre destroyed. I ask, because last July I was awaiting delivery of a rare vintage lamp, which never turned up. The sender assured me it was not returned. I purchased another vintage item at the end of last year but was working away from home when it was delivered. A red card was left dated 4 November 2016. There is no number to contact and it only says that the item will be returned to sender after 18 days. There was no mention of what to do after 18 days if the item wasnt returned. I am thinking of taking a small claims action to highlight these constant disposals of peoples property. WF, Sternfield, Suffolk Royal Mail told us: We contacted the customer for more details and established that the item, dating from 4 November, was returned to the sender in line with our policy of returning non-collected items after 18 calendar days at the delivery office.The customer has informed us that the sender has now received the item and that he and the sender are in contact to agree next steps.The overwhelming majority of mail is delivered safely to the correct address. If a recipient is not at home, a card is left informing them that their item has been forwarded to the local delivery office to be collected at a convenient time. In the case of non-collection from a delivery office, the item is returned to the sender after 18 calendar days.The Royal Mail says it does not keep a record of the items which are eventually destroyed, due to the large number of items that the national returns centre in Belfast handles every day.We are clearly not going to get to the bottom of what happens in the bowels of the mysterious returns centre, but if you are awaiting a delivery of some value when you know youre not going to be home, do make special arrangements.People who know that they will not be at home when an item is expected to be delivered, for example, can use the Royal Mail Keepsafe service which will store mail safely for up to 66 days. The cost varies depending on how long you have it running, but prices start from 13.50 for 17 days.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/31/royal-mail-return-sender-deliver'|'2017-01-31T14:00:00.000+02:00'|521.0|''|-1.0|'' +521|'607d431c75766724d313b87f7e0ab20830169da0'|'What really happens when Royal Mail fails to deliver? - Money'|'When Royal Mail fails to deliver an item, perhaps because they are too big or the person is out and a signature is required, what happens to these items next? I presume theyre destroyed. I ask, because last July I was awaiting delivery of a rare vintage lamp, which never turned up. The sender assured me it was not returned. I purchased another vintage item at the end of last year but was working away from home when it was delivered. A red card was left dated 4 November 2016. There is no number to contact and it only says that the item will be returned to sender after 18 days. There was no mention of what to do after 18 days if the item wasnt returned. I am thinking of taking a small claims action to highlight these constant disposals of peoples property. WF, Sternfield, Suffolk Royal Mail told us: We contacted the customer for more details and established that the item, dating from 4 November, was returned to the sender in line with our policy of returning non-collected items after 18 calendar days at the delivery office.The customer has informed us that the sender has now received the item and that he and the sender are in contact to agree next steps.The overwhelming majority of mail is delivered safely to the correct address. If a recipient is not at home, a card is left informing them that their item has been forwarded to the local delivery office to be collected at a convenient time. In the case of non-collection from a delivery office, the item is returned to the sender after 18 calendar days.The Royal Mail says it does not keep a record of the items which are eventually destroyed, due to the large number of items that the national returns centre in Belfast handles every day.We are clearly not going to get to the bottom of what happens in the bowels of the mysterious returns centre, but if you are awaiting a delivery of some value when you know youre not going to be home, do make special arrangements.People who know that they will not be at home when an item is expected to be delivered, for example, can use the Royal Mail Keepsafe service which will store mail safely for up to 66 days. The cost varies depending on how long you have it running, but prices start from 13.50 for 17 days.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/31/royal-mail-return-sender-deliver'|'2017-01-31T14:00:00.000+02:00'|521.0|8.0|0.0|'' 522|'f6b85b57211cc7476115d521f83d1583cbe41923'|'India''s Axis Bank Q3 net profit plunges as bad loans jump'|'Financials - Thu Jan 19, 2017 - 6:31am EST India''s Axis Bank Q3 net profit plunges as bad loans jump MUMBAI Jan 19 Axis Bank Ltd, India''s third-biggest private sector lender by assets, reported on Thursday third-quarter net profit tumbled 73 percent as provisions for bad loans jumped. Net profit fell to 5.80 billion rupees ($85 million) for the three months ended Dec. 31, from 21.75 billion rupees a year earlier, missing 7.79 billion rupees on average expected by analysts. Gross bad loans as a percentage of total loans rose to 5.22 percent from 4.17 percent in the previous quarter, and compared with 1.68 percent a year ago. Provisions, including for bad loans, surged more than five times from a year earlier to 37.96 billion rupees. Ahead of the results, Axis shares closed down about 1 percent in a Mumbai market that gained 0.22 percent. Earlier in the day, Axis Bank''s smaller rival - Yes Bank - reported a better-than-expected 31 percent rise in net third-quarter net profit to 8.83 billion rupees. Another private sector lender Federal Bank Ltd reported a 26 percent rise in third-quarter profit, roughly matching estimates. Lakshmi Vilas Bank, which also reported on Thursday, saw its net profit rising about 70 percent. ($1 = 68.1550 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/axis-bank-results-idUSL4N1F93V4'|'2017-01-19T18:31:00.000+02:00'|522.0|''|-1.0|'' 523|'801b129e947c35f551d892774fadb2abb5fea2e3'|'Indonesia expects Freeport to pay higher taxes -Finance Ministry official'|'JAKARTA Jan 18 The Indonesian unit of U.S. copper miner Freeport McMoRan Inc is expected to pay more in taxes once it obtains a new mining permit, a finance ministry official said, as part of new rules on the mining sector in Southeast Asia''s largest economy."The impact is positive for government revenues," said Suahasil Nazara, head of the fiscal policy office. Under the new rules Freeport would pay less income tax, he said, but would now have to pay a dividend tax and a 10 percent value added tax.The total amount Freeport pays in taxes, however, would increase only "slightly", he said. (Reporting by Gayatri Suroyo; Writing by Fergus Jensen; Editing by Kenneth Maxwell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-mining-freeport-mcmoran-idINJ9N1EZ00F'|'2017-01-18T05:39:00.000+02:00'|523.0|''|-1.0|'' 524|'2aa15ab4be1ea5906e799520f8d259f3ba4ffdc9'|'U.S. eggs crack Korean market as Seoul fights worst bird flu outbreak'|' 33am EST U.S. eggs crack Korean market as Seoul fights worst bird flu outbreak * S.Korea expects to import 25 mln eggs by week''s end * Egg prices have rocketed 70 pct since bird flu hit * New hens won''t start producing till H2 2017 By Jane Chung SEOUL, Jan 23 U.S. white-shelled eggs landed on South Korean supermarket shelves beside local brown-shelled eggs on Monday as the country scrambled to boost imports to relieve a shortage amid its worst-ever bird flu outbreak. Some 6 million eggs, mainly from the United States, are set to hit the shelves this week as South Korea launched emergency import measures after egg prices shot up 70 percent ahead of the Lunar New Year holiday this weekend. Thirty U.S. eggs cost 8,470 won ($7.27) at Lotte Mart, one of South Korea''s major discount stores, which began selling the imports on Monday. That was down from the average retail price for local eggs of 9,285 won as of Jan. 20. Prices stood at around 5,438 won when the first bird flu case was confirmed in November, according to state-run Korea Agro-Fisheries & Food Corp. "U.S.-origin eggs are good, but I prefer to use Korean eggs because the Lunar New Year holiday is a Korean traditional holiday. Even if local eggs are more expensive, I would buy them," said Park Hee-kil, a 64-year-old lady who was shopping at a Lotte Mart store in Seoul. In the wake of the bird flu epidemic, Asia''s fourth-largest economy culled more than 32 million farm birds, or nearly a fifth of its poultry population, mostly egg-laying hens. The country''s egg production is expected to decline 12.7 percent to 559,000 tonnes in 2017 from a year earlier, according to the state-run Korea Rural Economics Institute (KREI). "Egg imports may be needed through the first half of this year," said Ji Seon-U, a researcher at the state-run think tank, adding that the volume would depend on how soon egg prices and output stabilised. The Korean government expected a total of 1,500 tonnes, or roughly 25 million eggs, to be imported mainly from the United States before the holiday season. That compared with a total of 1,856 tonnes of egg products worth about $12 million imported last year, according to customs office data. As of Sunday, 444 tonnes of shell eggs and 217 tonnes of egg products had been shipped to Korea since Jan.5, according to the agriculture ministry. The ministry also plans to import a total of 200,000 baby chickens and parent stock for egg-laying hens from five bird flu-free countries, including the United States, Australia and Spain, to rebuild flocks. "However we can''t start it right away because farms have to be virus-free for three months," Ji said. Given it takes at least six months for the offspring of parent stock birds to start laying eggs, the new hens would only start producing in the second half of this year, he said. ($1 = 1,165.4000 won) (Reporting by Jane Chung; Additional reporting by Choi Ji Won; Editing by Sonali Paul) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/health-birdflu-southkorea-idUSL4N1F6396'|'2017-01-23T16:33:00.000+02:00'|524.0|''|-1.0|'' @@ -535,7 +535,7 @@ 533|'1ba6eb8cb56feb5a8345d808ec0d7a46cab38f61'|'France''s Technicolor warns on profits'|' 36pm GMT France''s Technicolor warns on profits Sandra Carvalho, Chief Marketing Officer of Technicolor, speaks during the LG press conference at CES in Las Vegas, U.S., January 4, 2017. REUTERS/Rick Wilking French media and entertainment company Technicolor ( TCH.PA ) said on Thursday that core profits last year fell short of its forecast, hit by lower than anticipated sales in its connected home business and changes in foreign exchange rates. The company said it expects to report adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of about 565 million euros. In October it reaffirmed a forecast of 600-630 million euros. However, the company said free cash flow was in line with its target at above 240 million euros. (Reporting by Alan Charlish; Editing by Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-technicolor-idUKKBN14W2OF'|'2017-01-13T01:36:00.000+02:00'|533.0|''|-1.0|'' 534|'af103845cd33071d1d17cfdc5359d90f6748bd43'|'Metro reports sluggish Christmas sales at Real and Media-Saturn'|' 18am GMT Metro reports sluggish Christmas sales at Real and Media-Saturn The logo of German retailer Metro is seen on its cash and carry store in Kiev, Ukraine, August 17, 2016. REUTERS/Valentyn Ogirenko BERLIN German retailer Metro ( MEOG.DE ), which plans to split into two companies by mid-2017, reported that sales slipped 0.6 percent in the critical Christmas quarter due to weakness at its Real hypermarkets and sluggish performance in consumer electronics. Sales for the October-December quarter rose 0.1 percent on a like-for-like basis to 17 billion euros ($18 billion), slightly below analysts'' expectations for 17.2 billion, according to Thomson Reuters Smart Estimates. Metro plans to split off the cash-and-carry business that serves independent traders, hotels and restaurants, along with Real, from the Media-Saturn consumer electronics group, hoping to help each become more focused and able to pursue growth. The cash-and carry business saw sales rise 0.7 percent on a like-for-like basis, boosted by Spain, Turkey and China, Metro said on Tuesday. It was also helped by a recovery in the Russian rouble and reported like-for-like sales growth in Russia despite more intense price competition. Metro scrapped plans to list its Russia business in 2014 at the height of the Ukraine crisis. Meanwhile, Real hypermarkets in Germany, battling tough competition from discounters, saw same-store sales fall 1.7 percent due to a weak start to Christmas trade, with food sales hurt most. Data out last week showed that German retail sales rose by between 1.8 and 2.1 percent on the year in 2016 in real terms, a slightly slower growth rate than in the previous year. Metro confirmed its forecast for the 2016/17 fiscal year for a slight rise in overall sales and a slight improvement in earnings before interest and taxation before special items. Metro said its Media-Saturn consumer electronics unit had flat like-for-like sales, with December turnover hurt by consumers pulling forward purchases due to the "Black Friday" sale in November. It saw declines in sales of entertainment, photo and hardware products roughly offset by growth in smartphones, white goods and televisions. British rival Dixons Carphone ( DC.L ) said last month it is planning for tougher times ahead although it has not yet seen any impact on consumer demand from Britain''s vote to leave the European Union. (Reporting by Emma Thomasson; Editing by Georgina Prodhan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-metro-ag-results-idUKKBN14U0M6'|'2017-01-10T14:18:00.000+02:00'|534.0|''|-1.0|'' 535|'23d65c615177b0f349165d4276feeb944613565c'|'UPDATE 1-Portugal yields fall after bond sale test; Trump appearance eyed'|'Bonds News 8:08am EST UPDATE 1-Portugal yields fall after bond sale test; Trump appearance eyed * Lisbon to sell 3 bn euros of 10-year bonds * President-elect Trump due to speak at 1600GMT * Italian court rules on labour reform referendum (Writes through) By John Geddie and Dhara Ranasinghe LONDON, Jan 11 Portuguese yields edged back from 11-month highs on Wednesday as the country got through one of its toughest bond sales in years, while safe-haven bonds were also in demand with investors nervous about an upcoming Donald Trump press conference. Wrestling a bank crisis, a sluggish economy and reduced support from the European Central Bank, Lisbon is poised to sell three billion euros of a new 10-year bond on Wednesday after attracting demand of more than 8.5 billion euros. "If you look at how much issuance Portugal needs to do this year, and we''re looking at around 16 billion euros, that''s already around 15-20 percent of their issuance in one go in this auction," said Orlando Green, European fixed income strategist at Credit Agricole. "That might be what the market is looking at and that may have given Portugal a small bid today." Germany sold 4 billion euros of 10-year debt on Wednesday at its regular auction, with strategists saying demand was supported by concern about Donald Trump''s first press conference since he won November''s U.S. presidential election. Trump''s calls for fiscal stimulus have pushed up inflation expectations, and with it stocks and bond yields. But his protectionist statements and jibes at China are considered potential sources of diplomatic tension that could roil markets. His press conference is scheduled for 1600GMT. German 10-year yields -- the bloc''s benchmark -- fell 3 basis points to 0.25 percent, keeping clear of Monday''s 0.325 percent three-week high. NORMALISE Portuguese 10-year yields fell 5 basis points to 4.01 percent. So did those in neighbouring Spain, which fell 5 bps to 1.43 percent. Italian yields also fell but lagged the rally slightly after news that its new Prime Minister Paolo Gentiloni had undergone emergency heart surgery . Portugal has been benefiting less than others from the trillions of euros the European Central Bank has spent buying bonds, and it is just one ratings downgrade away from being excluded from the ECB''s bond purchases altogether. Strategists said Portugal''s bond sale could ease concern about a lack of its debt available for the ECB bond-buying programme. "The new benchmark and the resulting injection of liquidity, PSPP-related purchases of Portuguese government bonds could well normalise to some extent, at least in the short term, and unfold their positive yield-compressing effect," DZ Bank strategist Sebastian Fellechner said. In southern Europe, investors are also waiting a ruling on Italy''s constitutional court on whether a request to hold a referendum on a 2014 labour-market reform is in line with the constitution. DZ Bank said it is "pretty unlikely" that a plebiscite will actually be held, even if the constitutional court approves the request. For Reuters new Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Editing by Larry King) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/eurozone-bonds-idUSL5N1F135J'|'2017-01-11T20:08:00.000+02:00'|535.0|''|-1.0|'' -536|'0ef0e5fd4157fc95ec44da1d8558e682a312a151'|'UPDATE 2-Viacom names global entertainment group COO'|'(Adds detail from internal memo, changes sourcing)By Jessica Toonkel and Liana B. BakerJan 5 Viacom Inc on Thursday named Sarah Levy, the chief operating officer of its Nickelodeon network, COO of its global entertainment group, as new Chief Executive Bob Bakish seeks to turn around the ailing media company.Viacom is also set to make a handful of executive cuts in its music and entertainment group, which includes cable networks Comedy Central and MTV and had been led by 25-year veteran Doug Herzog, who left the company this week, two sources told Reuters on Thursday.The sources wished to remain anonymous because they are not permitted to speak to the media.Viacom created the global entertainment group late last year to combine its international division with its music and entertainment group as well as TV Land and CMT.In her new role Levy will oversee a number of functions for the global entertainment group, including strategy and business development, research and operations, according to a memo reviewed by Reuters to employees from Bakish."By aligning GEG operations, we''re taking an important step towards becoming a more integrated organization," Bakish said in the memo.Viacom named Bakish, former head of its international business, as acting CEO at the end of October, and then permanent CEO on Dec. 12 when it announced the end of merger explorations with CBS Corp.Viacom, which also owns Nickelodeon and Paramount, has been struggling to improve ratings and ad revenue. Last year, the company''s stock fell 14.7 percent.Bakish is hoping to turn Viacom around. His strategy includes improving relations with the media company''s television distributors as well as a focus on fixing MTV, he told Reuters in an interview late last year.Denise Denson, who headed distribution, left the company in December.Viacom, which is majority owned by Sumner Redstone and his daughter Shari Redstone, was embroiled in a corporate governance drama for much of last year. In August, the Redstones won a battle to maintain control of the company, resulting in the dismissal of former CEO Philippe Dauman. (Reporting By Jessica Toonkel in New York and Liana B. Baker in San Francisco; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/viacom-reorg-idINL1N1EV1AR'|'2017-01-05T16:18:00.000+02:00'|536.0|''|-1.0|'' +536|'0ef0e5fd4157fc95ec44da1d8558e682a312a151'|'UPDATE 2-Viacom names global entertainment group COO'|'(Adds detail from internal memo, changes sourcing)By Jessica Toonkel and Liana B. BakerJan 5 Viacom Inc on Thursday named Sarah Levy, the chief operating officer of its Nickelodeon network, COO of its global entertainment group, as new Chief Executive Bob Bakish seeks to turn around the ailing media company.Viacom is also set to make a handful of executive cuts in its music and entertainment group, which includes cable networks Comedy Central and MTV and had been led by 25-year veteran Doug Herzog, who left the company this week, two sources told Reuters on Thursday.The sources wished to remain anonymous because they are not permitted to speak to the media.Viacom created the global entertainment group late last year to combine its international division with its music and entertainment group as well as TV Land and CMT.In her new role Levy will oversee a number of functions for the global entertainment group, including strategy and business development, research and operations, according to a memo reviewed by Reuters to employees from Bakish."By aligning GEG operations, we''re taking an important step towards becoming a more integrated organization," Bakish said in the memo.Viacom named Bakish, former head of its international business, as acting CEO at the end of October, and then permanent CEO on Dec. 12 when it announced the end of merger explorations with CBS Corp.Viacom, which also owns Nickelodeon and Paramount, has been struggling to improve ratings and ad revenue. Last year, the company''s stock fell 14.7 percent.Bakish is hoping to turn Viacom around. His strategy includes improving relations with the media company''s television distributors as well as a focus on fixing MTV, he told Reuters in an interview late last year.Denise Denson, who headed distribution, left the company in December.Viacom, which is majority owned by Sumner Redstone and his daughter Shari Redstone, was embroiled in a corporate governance drama for much of last year. In August, the Redstones won a battle to maintain control of the company, resulting in the dismissal of former CEO Philippe Dauman. (Reporting By Jessica Toonkel in New York and Liana B. Baker in San Francisco; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/viacom-reorg-idINL1N1EV1AR'|'2017-01-05T16:18:00.000+02:00'|536.0|9.0|0.0|'' 537|'2626356f375b2d6aed00cae69ecf37a39a166f66'|'Bidders circle insolvent German cocoa firm Euromar - sources'|'HAMBURG Jan 31 Several potential bidders have expressed an interest in German cocoa grinder Euromar Commodities GmbH, which declared insolvency in December, sources with knowledge of the situation said on Tuesday.Some five groups have shown interest, including a Swiss-based trading and cocoa processing house and a Malaysian cocoa processor, they said.A spokesman for insolvency administrator Rolf Rattunde declined to comment.Rattunde has said he will attempt to restructure Euromar and return it to long-term operations.Euromar is a major producer of cocoa products including cocoa butter and cocoa powder at its plant at Fehrbellin near Berlin. The company suffered liquidity problems caused by exchange rate fluctuations in the British pound, in which cocoa is traded, and swings in cocoa prices.A U.S. associate company Transmar Commodity Group Ltd also filed for bankruptcy protection in December.German traders estimate the plant in Fehrbellin can crush 150 tonnes of beans a day, which with full 365 day production means around 54,700 tonnes a year. Germany grinds about 400,000 tonnes of cocoa annually.Euromar''s problems were a factor causing a sudden fall in European cocoa grindings in the fourth quarter of 2016.Euromar has never given official production figures."In the long term I do not expect the Euromar insolvency to have a major impact on the market," a German trader said."The company has always kept its production volumes secret but my feeling is that there is enough capacity in Europe, West Africa and Asia to meet demand if the Euromar processing plant does not return to long-term operations." (Reporting by Michael Hogan; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/euromar-cocoa-idINL5N1FL1LG'|'2017-01-31T05:11:00.000+02:00'|537.0|''|-1.0|'' 538|'01de1ebb350e47c2a0f30d2196a193a1a8c8b8a9'|'Bayer says had productive meeting with Trump over Monsanto deal'|'Market News - Thu Jan 12, 2017 - 5:10am EST Bayer says had productive meeting with Trump over Monsanto deal By Ludwig Burger and Patricia Weiss - FRANKFURT FRANKFURT Jan 12 German drugs and pesticides maker Bayer, which will need regulatory approval for its $66 billion deal to buy U.S. seeds giant Monsanto, said company chief executives had a productive meeting with U.S. president-elect Donald Trump. Trump talked to Bayer Chief Executive Werner Baumann, Monsanto CEO Hugh Grant and some of their advisers in New York, his transition team said on Wednesday, part of meetings before he takes office later this month. "It was a productive meeting about the future of agriculture and the need for innovation," a Bayer spokesman said on Thursday, declining to provide more details for the moment. The fate of major proposed mergers, not just Bayer-Monsanto but also Dow Chemical and DuPont, which plan to spin off their combined agriculture businesses, will be decided by Trump''s nominees to lead antitrust enforcement at the Justice Department and the Federal Trade Commission. Antitrust and industry experts see the regulatory hurdles to a deal as manageable because Bayer''s main business in agriculture is pesticides while Monsanto''s focus is on genetically modified seeds. Under such a scenario, Bayer could at worst be asked to divest soybean, cotton and canola seed assets as well as LibertyLink-branded crops that are resistant to its glufosinate herbicide, an important alternative to Monsanto''s Roundup Ready seeds. But uncertainty remains over what regulators will make of the merged group''s grip of the overall agriculture market, with a combined market share in seeds and pesticides of about 28 percent. Critics argue this dominant market position will allow it to crimp research and development efforts. Bayer has said that much needed innovation will come from combined seeds-chemicals offerings and that it needs to merge to compete against other integrated suppliers such as the future Dow-Dupont. Monsanto shares closed little changed at $108.45 on Wednesday, offering an 18 percent upside to Bayer''s takeover bid of $128 per share or $66 billion in total. Bayer shares were down 0.6 percent at 100.40 euros at 0942 GMT. The meeting took place on the day of Trump''s first news conference as president-elect, which also saw him slam drug companies as "getting away with murder" in what they charge the government for medicines. Bayer, the inventor of aspirin, is among the world''s top 20 pharmaceutical groups, with products including Yasmin birth-control pills and stroke prevention drug Xarelto. (Editing by Keith Weir) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/monsanto-ma-bayer-trump-idUSL5N1F225I'|'2017-01-12T17:10:00.000+02:00'|538.0|''|-1.0|'' 539|'76998450cd95998f29b60f67bd7bea4d1955e1dc'|'Egypt''s Finance Ministry to issue $800 mln 1-year dollar-denominated T-bill'|'Financials - Thu Jan 5, 2017 - 11:19am EST Egypt''s Finance Ministry to issue $800 mln 1-year dollar-denominated T-bill CAIRO Jan 5 Egypt''s Finance Ministry will issue $800 million in one-year dollar-denominated treasury bills to local banks and foreign financial institutions on January 9, the central bank said in a statement on Thursday. The auction deadline is Jan. 9, 2017, and the maturity date for the issuance is Jan. 9, 2018, the statement said. The government has turned mainly to the local money market to finance its public deficit since a popular uprising in early 2011 that deterred many foreign investors. (Reporting by Asma Alsharif; Editing by Dominic Evans) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/egypt-debt-treasuries-idUSL5N1EV4EU'|'2017-01-05T23:19:00.000+02:00'|539.0|''|-1.0|'' @@ -561,7 +561,7 @@ 559|'eb152e6a8661b9066672e0fc2017b91997a3b1ce'|'RBI employees urge governor to protect autonomy'|'Economic 12:17pm IST RBI employees urge governor to protect autonomy left right A man talks on his mobile phone as he walks past the logo of the Reserve Bank of India (RBI) inside its head office in Mumbai June 14, 2010. REUTERS/Rupak De Chowdhuri/Files 1/4 left right The Reserve Bank of India (RBI) Governor Urjit Patel attends a news conference after the bi-monthly monetary policy review in Mumbai, India, October 4, 2016. REUTERS/Danish Siddiqui/Files 2/4 left right People queue to withdraw cash at the ICICI bank ATM in Lucknow, November 14, 2016. REUTERS/Pawan Kumar/Files 3/4 left right Workers unload boxes carrying Indian currency outside a bank in Chandigarh, November 15, 2016. REUTERS/Ajay Verma/Files 4/4 By Suvashree Choudhury - MUMBAI MUMBAI The employee union of the Reserve Bank of India (RBI) has urged the bank''s governor to protect central bank autonomy and not allow the government to interfere in processes, after criticism over how it handled a ban on high-value currency. The bank and Prime Minister Narendra Modi have been criticised for the implementation of their November decision to abolish high-value bills that accounted for 86 percent of currency in circulation. Economists said slow replacement of the bills undermined the RBI''s reputation for competence, while some raised doubts about the bank''s independence for agreeing to implementation with limited preparation. The RBI''s employee union in a letter to the governor dated January 13 said it was "painful" the central bank was being criticised despite its staff successfully carrying out the "humongous task" of replacing the old bills. It cited a recent local media report saying the finance ministry had sent a bureaucrat to coordinate the bank''s cash operations. "If true, this is most unfortunate and we take strong exception to this measure of the government as impinging on RBI autonomy," the union said in the letter. The RBI did not require any assistance, it said. "Apart from showing RBI operations and its gigantic performance in poor light, the government now blatantly encroaches on its jurisdiction," the union said in the letter, a copy of which was seen by Reuters. An RBI union member confirmed the authenticity of the letter. The RBI did not provide an immediate comment. A finance ministry spokesman declined to comment. Modi''s decision on November 8 to suddenly scrap 500 and 1,000 rupee banknotes as part of a crackdown on tax dodgers and counterfeiters has resulted in severe cash shortages, impacting companies, farmers and households alike. The action has also sparked political concern, with some people in Modi''s own party anxious that the cash crunch could hurt their prospects in states going to the polls this year. One RBI official involved in drafting the union''s letter said employees were worried that government intervention in distributing new bills could be politically influenced ahead of state polls. (Reporting by Suvashree Choudhury; Additional reporting and writing by Aditya Kalra; Editing by Rafael Nam and Christopher Cushing) Next In Economic News China steel exports fall from record in relief for global steelmakers MANILA China''s steel exports fell in 2016 from a record in the previous year, dragged down by improved demand at home and Beijing''s resolve to tackle overcapacity, in a relief for steelmakers elsewhere that have been hit by cheap Chinese shipments.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-rbi-employe-governor-idINKBN14Y06U'|'2017-01-14T13:47:00.000+02:00'|559.0|''|-1.0|'' 560|'af874a2041608f268bb6c1ef75154d0927b1e4ac'|'Israel''s Check Point Software Q4 profit tops estimates'|'TEL AVIV Jan 19 Network security provider Check Point Software Technologies reported quarterly net profit that beat expectations on strong growth in demand for mobile security and threat prevention products and an increase in new customer wins.Check Point earned $1.46 per diluted share excluding one-time items in the fourth quarter, up from $1.20 a year earlier. Revenue grew 6 percent to $487 million, the Israel-based company said on Thursday.It was forecast to earn $1.25 a share on revenue of $478 million, according to Thomson Reuters I/B/E/S."We realised triple-digit growth across our focus areas of mobile and advanced threat prevention," said Chief Executive Gil Shwed.For all of 2016, Check Point earned $4.72 per share, up 13 percent, while revenue grew 7 percent to $1.74 billion.(Reporting by Tova Cohen; Editing by Steven Scheer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/chk-pnt-sftwre-results-idINL5N1F91K8'|'2017-01-19T07:08:00.000+02:00'|560.0|''|-1.0|'' 561|'c01de74c2e4cbb88b147027e2f6b2a3836bdf64e'|'UPDATE 1-Peru sees much weaker economic growth in 2017 on graft scandal'|'(Adds comments on new measures)LIMA Jan 25 Peru''s economy might grow by 3.8 percent instead of 4.8 percent this year as previously forecast by the government as a massive graft scandal slows public work projects and deters new investments, the country''s finance minister said on Wednesday.Alfredo Thorne told a press conference that he was preparing new measures to offset the impacts on the economy from an ongoing inquiry into bribes that Brazil''s Odebrecht has acknowledged distributing to win billions in contracts in Peru.Some 5 billion soles ($1.51 billion) will be disbursed for public investments by March 31, building on an injection of 3.89 billion soles to help local governments develop infrastructure in all of 2017, Thorne said.State bidding agency Proinversion is also aiming to award projects this year worth between $3.3 billion and $5.5 billion that would be financed mostly by the private sector, Thorne added. (Reporting By Mitra Taj; Editing by David Gregorio and Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peru-economy-growth-idUSL1N1FF1UA'|'2017-01-26T01:07:00.000+02:00'|561.0|''|-1.0|'' -562|'094af45e0bad1ad08d372909c46dd68a87cbc5ea'|'Shanghai suspends sales of commercial office projects'|'Business News - Sat Jan 7, 2017 - 11:14pm EST Shanghai suspends sales of commercial office projects A woman wears a mask as she rides near the Bund during a polluted day in Shanghai, China, January 2, 2017. REUTERS/Aly Song SHANGHAI Municipal authorities in Shanghai suspended sales of commercial office projects from Jan. 6, in the latest move to crack down on irregularities in the property market amid concerns about soaring prices. The suspension came after the municipality''s housing and urban-rural development committee received increasing complaints about "illegal sales and unauthorized alterations" to commercial housing projects, it said in an online statement published over the weekend. "The committee, along with other relevant departments, has launched the focused clean-ups and verifications starting Jan. 6, and signing contracts online for such projects would be suspended during the period," it said. The committee added that it had found "relatively serious unauthorized changes" to commercial office projects in the city, with some privately installing gas pipelines to change the nature of the use of the housing. Housing developers used "false propaganda to seriously mislead housing buyers" for such projects, according to the statement. Media reported in late December that the city had suspended planning and management approvals for apartment-style office buildings that have residential function. The country''s first- and second- tier cities have rolled out a slew of measures over the past few months, including higher mortgage down payments and tighter real estate-related loans, in an attempt to cool their housing markets after a rally in housing prices. (Reporting by Winni Zhou, Yawen Chen and Alexandra Harney; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-china-property-shanghai-idUSKBN14S02W'|'2017-01-08T11:11:00.000+02:00'|562.0|''|-1.0|'' +562|'094af45e0bad1ad08d372909c46dd68a87cbc5ea'|'Shanghai suspends sales of commercial office projects'|'Business News - Sat Jan 7, 2017 - 11:14pm EST Shanghai suspends sales of commercial office projects A woman wears a mask as she rides near the Bund during a polluted day in Shanghai, China, January 2, 2017. REUTERS/Aly Song SHANGHAI Municipal authorities in Shanghai suspended sales of commercial office projects from Jan. 6, in the latest move to crack down on irregularities in the property market amid concerns about soaring prices. The suspension came after the municipality''s housing and urban-rural development committee received increasing complaints about "illegal sales and unauthorized alterations" to commercial housing projects, it said in an online statement published over the weekend. "The committee, along with other relevant departments, has launched the focused clean-ups and verifications starting Jan. 6, and signing contracts online for such projects would be suspended during the period," it said. The committee added that it had found "relatively serious unauthorized changes" to commercial office projects in the city, with some privately installing gas pipelines to change the nature of the use of the housing. Housing developers used "false propaganda to seriously mislead housing buyers" for such projects, according to the statement. Media reported in late December that the city had suspended planning and management approvals for apartment-style office buildings that have residential function. The country''s first- and second- tier cities have rolled out a slew of measures over the past few months, including higher mortgage down payments and tighter real estate-related loans, in an attempt to cool their housing markets after a rally in housing prices. (Reporting by Winni Zhou, Yawen Chen and Alexandra Harney; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-china-property-shanghai-idUSKBN14S02W'|'2017-01-08T11:11:00.000+02:00'|562.0|10.0|0.0|'' 563|'bc310e39399f824063432b814a113e86cf4247b9'|'Toyota shares slide after targeted by Trump over Mexico manufacturing'|'Business News - Fri Jan 6, 2017 - 12:27am GMT Toyota shares slide after targeted by Trump over Mexico manufacturing The logo of Toyota is pictured at at the 37th Bangkok International Motor Show in Bangkok, Thailand, March 22, 2016. Picture taken March 22, 2016. REUTERS/Chaiwat Subprasom TOKYO Shares of Toyota Motor Corp ( 7203.T ) tumbled on Friday after U.S. President-elect Donald Trump threatened to impose a hefty fee on the automaker if it builds its Corolla cars for the U.S. market at a plant in Mexico. Toyota dropped as much as 3.1 percent to 6,830 yen in early trade. Other Japanese carmakers fell. Honda Motor Co ( 7267.T ) lost 2.4 percent and Nissan Motor Co ( 7201.T ) shed 2.0 percent, underperforming the broad Topix .TOPX index, which slipped 0.7 percent. A stronger yen was also expected to weigh on shares of automakers. (Reporting by Ayai Tomisawa; Editing by Chris Gallagher) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-toyota-stocks-idUKKBN14Q01X'|'2017-01-06T07:27:00.000+02:00'|563.0|''|-1.0|'' 564|'0380f52b07ab0e8a25760ee47399bac3ebe0fcd2'|'Qatar''s Masraf Al Rayan to halt brokerage business'|' 34am EST Qatar''s Masraf Al Rayan to halt brokerage business DUBAI Jan 2 Masraf Al Rayan, Qatar''s second-largest bank by market capitalisation, said on Monday that it had decided to suspend the activities and licence of its brokerage business, Al Rayan Financial Brokerage Company. After obtaining the necessary approvals from regulatory authorities, the bank said the last date of trading for the company would be Jan. 12. All remaining stocks held by clients will be then transferred to their accounts at the Qatar Central Securities Depository before the termination of activities on Feb. 23. Al Rayan Financial Brokerage Company has a paid up capital of 50 million riyals ($13.7 million), representing 0.06 percent of the total assets of the bank as of Sept. 30, 2016, it said. ($1 = 3.6410 Qatar riyals) (Reporting by Tom Arnold) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/masraf-al-rayan-brokerage-idUSD5N1E9007'|'2017-01-02T13:34:00.000+02:00'|564.0|''|-1.0|'' 565|'5172e529f3cfa0baff7702fae1c44319e2d408b6'|'Investors hold fewest net shorts on U.S. Treasuries since November -JPM'|'NEW YORK Jan 4 The margin on bearish bets on longer-dated U.S. Treasuries over bullish positions shrank to its smallest since late November as bargain-minded investors emerged after the recent bond market selloff, a J.P. Morgan survey released on Wednesday showed.Some fund managers stepped up their Treasury purchases in the latter half of December after the benchmark 10-year yield hit 2.64 percent, the highest since September 2014, after the Federal Reserve raised short-term interest rates by a quarter point on Dec. 14, analysts said.The share of "long" investors who said they were holding more longer-dated U.S. government debt than their portfolio benchmarks was 11 percent, matching the level on Dec. 12 when J.P. Morgan released its last Treasury survey.The firm''s survey of clients include bond fund managers, central banks and sovereign wealth funds.The share of "short" investors, who said they were holding fewer longer-dated Treasuries than their benchmarks, tumbled to 20 percent from 39 percent three weeks earlier.Nevertheless, short investors outnumbered long investors, or net shorts, by nine percentage points, which was the lowest since Nov. 28. That compared with 28 percentage points on Dec. 12, which was the biggest difference since June 28, 2015.In addition to hints the Fed might increase interest rates faster in 2017, inflation worries intensified following an agreement among major oil producers to cut output, propelling crude prices to an 18-month high.Uneasiness about inflation stemming from a possible fiscal stimulus package under a Trump administration has underpinned the jump in longer-dated U.S. yields since the Nov. 8 election.On Wednesday, the 10-year yield was last at 2.450 percent, unchanged from on Tuesday but up about 60 basis points since Donald Trump''s presidential victory.The share of "neutral" investors, who said on Tuesday they were holding amounts of longer-dated Treasuries that match their benchmarks, rose to 69 percent, up from 50 percent on Dec. 12, J.P. Morgan''s survey showed. (Reporting by Richard Leong; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/treasuries-jpmorgan-idINL1N1EU14F'|'2017-01-04T15:39:00.000+02:00'|565.0|''|-1.0|'' @@ -583,25 +583,25 @@ 581|'bde7ccd5436cce8d5ae3d505a75c7b75378717bd'|'China Vanke, centre of power struggle, says No. 2 shareholder has a plan'|'Thu China Vanke, center of power struggle, says No. 2 shareholder has a plan A sign of China Vanke is seen in Hong Kong, China August 22, 2016. REUTERS/Bobby Yip/File Photo By Clare Jim - HONG KONG HONG KONG Property developer China Vanke ( 2.SZ ) ( 2202.HK ), embroiled in a high-profile corporate power tussle for over a year, said on Thursday its No. 2 shareholder China Resources Group is considering a major plan. The country''s second-largest developer said in a statement it had been informed on Wednesday that China Resources and a unit were ''formulating a major plan involving its holdings in Vanke but are still finalizing the details.'' China Resources said it had nothing further to add at this point. Vanke has been plunged into crisis ever since financial conglomerate Baoneng Group built up a 25 percent stake and sought to oust management. To counter that, it agreed to a $6.9 billion deal with white knight Shenzhen Metro Group but last month called it off saying it could not get major shareholders to agree. Baoneng''s shares will come out of a lock-up period that prevents them from being sold on Jan. 17, according to a Citi report. China Resources, which owns 15.2 percent of Vanke, previously opposed the Shenzhen Metro deal but has said it was not working with Baoneng to oust management. Complicating matters, China Evergrande Group ( 3333.HK ), the country''s biggest homebuilder, quickly built up a stake of 14.07 percent in the latter half of last year but has since said it is not interested in seeking control of its rival. Vanke''s shares were suspended from trade in both Hong Kong and Shenzhen earlier in the day. (Reporting by Clare Jim; Additional reporting by Donny Kwok; Editing by Edwina Gibbs) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-vanke-stocks-idUKKBN14W0GL'|'2017-01-12T12:52:00.000+02:00'|581.0|''|-1.0|'' 582|'9f3ba190fc99cacc694e4d35ab856d5e4eff3883'|'UK''s Imperial Brands teams up in joint venture with China Tobacco'|'By Martinne Geller Britain''s Imperial Brands ( IMB.L ) has formed a joint venture with state-owned China National Tobacco (CNTC) in a move to gain a foothold in the world''s largest cigarette market.The joint venture announced on Wednesday could boost Imperial''s long-term earnings potential and competitive position in the growing e-cigarette market and increase the chances of the world''s fourth-biggest tobacco company attracting takeover interest as the industry consolidates, according to analysts.Big tobacco companies are facing shrinking markets due to health concerns and are all investing heavily in developing less harmful alternatives to smoking tobacco.Imperial''s shares closed up 1 percent at 3,626.5 pence in London."We think today''s news could make a bid more likely," said Jefferies analysts, citing speculation that Imperial could be swept up in a wave of consolidation brought on by British American Tobacco''s ( BATS.L ) $47 billion bid for Reynolds American ( RAI.N ).The joint venture, Global Horizon Ventures Limited (GHVL), will be based in Hong Kong and link Imperial with CNTC subsidiary Yunnan Tobacco, which controls over one-fifth of the Chinese market.Imperial said the joint venture will expand Imperial''s West and Davidoff brands in China, and Yunnan''s Jade and Horizon brands internationally."Further tobacco and next-generation product launches, as well as potential M&A opportunities, will also be evaluated by GHVL in due course," it said in a statement.China is by far the world''s largest tobacco market, selling about 2.5 trillion cigarettes a year, or about one in every third cigarette smoked.The market is dominated by state-owned monopoly CNTC, which struck partnerships with Marlboro maker Philip Morris International ( PM.N ) in 2005 and British American in 2013.A partnership with China Tobacco could give Imperial more capital and scale with which to expand in the growing market for cigarette alternatives. So far it has stuck to e-cigarettes, which heat nicotine-laced liquid into vapor, unlike Philip Morris and BAT, which also have tobacco-heating devices they say may be more appealing to smokers who can''t quit.A successful initial partnership could pave the way for an all-out takeover bid down the road, Jefferies analysts said, noting it also makes Imperial more attractive to Japan Tobacco ( 2914.T ), long seen as a likely suitor.Imperial was advised by Vermilion Partners and Allen & Overy on the transaction, whose financial terms were not disclosed.BAT is in talks with U.S. peer Reynolds about buying the 58 percent of the company it does not already own. Reynolds'' next-generation technology is seen as a key driver for that move, as smoking declines in Western markets due to growing health consciousness.(Additional reporting by Noor Zainab Hussain in Bengaluru; Editing by Alexander Smith, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-imperial-brands-jv-china-idINKBN14V28V'|'2017-01-11T14:44:00.000+02:00'|582.0|''|-1.0|'' 583|'3e3bf19106a202f6c790db9a0538fc411aac8f58'|'TREASURIES-Prices gain as Trump roils dollar, raising uncertainty'|'(Recasts with bond rally, adds Trump comments, Quote: s, updates prices) * Trump''s comments on dollar spark safety buying * Fed begins two-day meeting * Heavy data week anticipated By Karen Brettell NEW YORK, Jan 31 U.S. Treasury prices gained on Tuesday as President Donald Trump expressed concern about the value of the dollar, sending it lower and raising demand for safe haven U.S. bonds. In comments targeted to the pharmaceutical industry, Trump said currency devaluation by other countries had increased drugmakers'' outsourcing their production and called on the companies to make more of their products in the United States. The remarks came after Trump''s new National Trade Council head Peter Navarro suggested that Germany was benefiting from a "grossly undervalued" exchange rate. "It''s a significant change in policy in the dollar," said Lou Brien, a market strategist at DRW Trading in Chicago. " ... It''s destabilizing. The fact that they are talking around (the strong dollar policy) is going to upset the markets." Data on Tuesday also showed consumer confidence fell from a 15-year high in January, driven by a less optimistic outlook on business conditions, jobs and consumer income. A Chicago survey also found that business production in the Midwest grew at a slower pace and was below economists'' expectations in January. "Part of the story was the data," said Brien. Benchmark 10-year notes gained 12/32 in price to yield 2.44 percent, down from 2.48 percent late on Monday and the lowest level since Jan. 24. Investors are preparing for a barrage of data this week, culminating in Friday''s jobs report for January, that they will evaluate for further signs of the strength of the U.S. economy. The data is expected to show employers added 175,000 jobs in the month, according to the median of 102 economists polled by Reuters. The U.S. Federal Reserve is expected to keep interest rates unchanged when it concludes its two-day meeting on Wednesday, in its first policy decision since Trump took office, as the central bank awaits greater clarity on his economic policies. "The Fed tomorrow will be interesting in gauging the near-term policy bias, but no one''s expecting anything in terms of an actual increase or a definitive shift in their rhetoric," said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets in New York. "I think the market is expecting the tone to be more optimistic and on the margin more hawkish," Lyngen said. Treasuries are likely to gain support on Tuesday from demand for them for month-end rebalancing. (Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FL12K'|'2017-01-31T13:05:00.000+02:00'|583.0|''|-1.0|'' -584|'382101b55fd902f16a66626c92073b70fe7ca666'|'SunEdison settles contract fight to help close $150 million sale'|'By Jim Christie Bankrupt renewable energy company SunEdison Inc has reached a deal with a spinoff company that helps clear the way for a $150 million sale of its solar materials business to a Chinese buyer, according to court papers filed on Tuesday.Chinese solar equipment maker GCL-Poly Energy Holdings Ltd agreed to buy the business in August, part of SunEdison''s drive to shed assets to raise money to repay its creditors.The sale ran into trouble due to an objection from SunEdison Semiconductor, which was spun off by SunEdison in 2014.The spin-off company argued in an October court filing it had not consented to transfer of intellectual property licenses as part of the deal.SunEdison has resolved that objection to help close the sale and will extend a services agreement with its affiliate through September at reduced rates.In addition, SunEdison Semiconductor gets an administrative expense claim of nearly $2.7 million and a general unsecured claim non-priority claim of about $16.5 million, compared with the $40 million in unsecured claims it had asserted.Once the fastest-growing U.S. renewable energy company, SunEdison filed for Chapter 11 bankruptcy protection in April after a binge of debt-fueled acquisitions proved unsustainable.A hearing at which the settlement could be approved will be held in U.S. Bankruptcy Court in Manhattan on Jan. 24, two days ahead of SunEdison''s target date for filing a Chapter 11 plan.(Reporting by Jim Christie; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bankruptcy-sunedison-inc-idINKBN14P00D'|'2017-01-04T21:03:00.000+02:00'|584.0|''|-1.0|'' +584|'382101b55fd902f16a66626c92073b70fe7ca666'|'SunEdison settles contract fight to help close $150 million sale'|'By Jim Christie Bankrupt renewable energy company SunEdison Inc has reached a deal with a spinoff company that helps clear the way for a $150 million sale of its solar materials business to a Chinese buyer, according to court papers filed on Tuesday.Chinese solar equipment maker GCL-Poly Energy Holdings Ltd agreed to buy the business in August, part of SunEdison''s drive to shed assets to raise money to repay its creditors.The sale ran into trouble due to an objection from SunEdison Semiconductor, which was spun off by SunEdison in 2014.The spin-off company argued in an October court filing it had not consented to transfer of intellectual property licenses as part of the deal.SunEdison has resolved that objection to help close the sale and will extend a services agreement with its affiliate through September at reduced rates.In addition, SunEdison Semiconductor gets an administrative expense claim of nearly $2.7 million and a general unsecured claim non-priority claim of about $16.5 million, compared with the $40 million in unsecured claims it had asserted.Once the fastest-growing U.S. renewable energy company, SunEdison filed for Chapter 11 bankruptcy protection in April after a binge of debt-fueled acquisitions proved unsustainable.A hearing at which the settlement could be approved will be held in U.S. Bankruptcy Court in Manhattan on Jan. 24, two days ahead of SunEdison''s target date for filing a Chapter 11 plan.(Reporting by Jim Christie; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bankruptcy-sunedison-inc-idINKBN14P00D'|'2017-01-04T21:03:00.000+02:00'|584.0|11.0|4.0|'' 585|'c04d3c5f4817a61b9e9b65ed3973a502c6135e26'|'Vivendi looks to Israeli businessman to fuel convergence push'|'Fri Jan 6, 2017 - 4:46pm GMT Vivendi looks to Israeli businessman to fuel convergence push The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau/File Photo By Ana Mano and Guillermo Parra-Bernal - SAO PAULO SAO PAULO Israeli businessman Amos Genish was vital to Vivendi SA''s ( VIV.PA ) successful foray in Brazil a few years ago. Now the French media company has turned to him to create a single platform for digital, content and media distribution services, something its rivals are struggling to do. Credited for pioneering the adoption of digital services at the helm of two Brazilian phone companies, Genish, 56, could engage in partnerships with mobile carriers as a way to channel Vivendi''s videos, songs and games to consumers across Europe more easily. His appointment this week as Vivendi''s first chief convergence officer comes as global media companies bet on megadeals to increase their presence in entertainment-rich regions like the Americas, Europe and Asia while struggling to make efficient use of their digital capabilities and content. Genish''s ties with Spain''s Telefnica SA ( TEF.MC ), which he competed against and then presided over in Brazil until November, could prove useful for Vivendi to disseminate content in other countries without having to acquire phone carriers, analysts said. "This will be a trump card for Vivendi in the forging of new partnerships with global carriers," Natixis analyst Jerme Bodin said. "In particular, he knows Telefnica and its Latin American businesses inside out." Genish''s new role, integrating all the content that Vivendi''s platforms produce and delivering it efficiently to customers, exemplifies how global media companies are responding to digital rivals such as Netflix Inc ( NFLX.O ) and Amazon.com Inc ( AMZN.O ). "Now it seems there is an organic strategy that aims to create value through making the existing platform more efficient, and not only through acquisitions," said Joo Moura, head of Brazilian industry group Telcomp. Controlled by French billionaire Vincent Bollor, Vivendi wants to become one of Europe''s dominant media companies. Founded as a water utility during the reign of Napoleon III, it reshaped itself after embarking on a whirlwind of acquisitions and asset sales in the late 1990s. Vivendi owns France''s No. 1 pay TV service Canal+, music label Universal Music Group and YouTube competitor Dailymotion. It also controls large stakes in Italy''s Mediaset SpA ( MS.MI ) and Telecom Italia SpA ( TLIT.MI ). FROM GVT TO TELEFNICA Convincing carriers to channel content in different regions might help Vivendi sidestep the threat of rival media companies that are trying to combine their assets. Some such deals are facing more scrutiny from regulators, consumers and politicians. To that end, Rupert Murdoch''s Twenty-First Century Fox Inc ( FOXA.O ) struck a $14.6 billion agreement last month to buy the 61 percent of Sky Plc ( SKYB.L ) it does not already own. British politicians have vowed to monitor the deal closely. U.S. President-elect Donald Trump remains opposed to AT&T Inc''s ( T.N ) planned $85.4 billion takeover of Time Warner Inc ( TWX.N ), Bloomberg News said on Thursday. Reuters reported last month that Bollor was bidding for a stake in Imagina, Spain''s No. 1 sports broadcasting rights company, while he also faces off with former Italian Prime Minister Silvio Berlusconi over control of Mediaset. Ita BBA analyst Susana Salaru said Genish''s move to Vivendi meant a loss for Telefnica, which will miss his entrepreneurial spirit and knowledge of an industry poised for consolidation in coming years. A former Israeli army captain, Genish founded phone company GVT SA in 1999 and transformed it into a fast-growing carrier. Vivendi bought GVT after a fierce bidding war with Telefnica in 2010 and kept him as chief executive officer. Four years later, Vivendi sold GVT to Telefnica, realizing a capital gain of more than $4 billion, when it exited Brazil during a dispute among shareholders, including Bollor, over the company''s focus and soaring debt. Following Telefnica''s purchase of GVT, Genish became CEO of local subsidiary Telefnica Brasil SA ( VIVT4.SA ). Under him, data surpassed voice as the main revenue source for the company''s wireless unit, the first time a local carrier achieved this. Under Genish, shares of Telefnica Brasil rose about 11 percent, and he more than doubled targeted cost savings from the GVT acquisition. He also tried to boost the company''s digital services division, whose 40 million clients use 80 applications developed through partnerships and in-house. One of these is Studio+, a new provider of short films for cellphone viewing. (Editing by Lisa Von Ahn) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-moves-vivendi-genish-idUKKBN14Q207'|'2017-01-06T23:43:00.000+02:00'|585.0|''|-1.0|'' 586|'9d9cf62750229df485eeedf6b60035a6ea510715'|'Trump to meet Novartis CEO, other pharma bosses on Tuesday'|'Tue Jan 31, 2017 - 12:13pm GMT Trump to meet Novartis CEO, other pharma bosses on Tuesday Joe Jimenez, the CEO of Swiss pharmaceutical company Novartis AG, addresses a news conference to present the company''s 2016 results in Basel, Switzerland January 25, 2017. REUTERS/Arnd Wiegmann By John Miller U.S. President Donald Trump, who has accused drugmakers of "getting away with murder" on prices, will meet executives from the pharmaceutical industry at the White House on Tuesday. Switzerland''s Novartis ( NOVN.S ) said its chief executive Joe Jimenez, chairman-elect of the Pharmaceutical Research and Manufacturers of America (PhRMA), would be among those attending, after the White House announced the meeting on Monday. Trump and the Republican-majority Congress, as well as raising concerns over medicine prices, have also begun rolling back former President Barack Obama''s signature healthcare legislation. Jimenez said last week that he wanted to talk to Trump about efforts to develop outcomes-based pricing models, which would pay for clinical results rather than a flat price per pill, as well as plans to replace Obama''s Affordable Care Act (ACA), popularly known as "Obamacare". "I''m in Washington quite frequently, because we have a large government affairs group," Jimenez told reporters at the company''s annual press conference. "Obviously, we would love to in the coming months be able to sit down and talk with the administration about how we can be helpful in what is happening in the U.S. around the Affordable Care Act and also show him some of what we have done in terms of outcomes-based pricing and being a leader in that space." Trump spooked investors in the pharmaceuticals and biotech sectors by saying on Jan. 11, while president-elect, that drug companies were "getting away with murder" on what they charged the government for medicine and that he would do something about it. That prompted PhRMA, the industry''s largest lobbying group, to unveil a new TV marketing campaign last week, called "Go Boldly," to improve its image by focusing attention on strides in research. Company executives, meanwhile, have tried to tread a careful line in defending their industry while expressing optimism that the United States would continue to reward scientific advances. "If you provide true medical differentiation coupled with a strong intellectual property position, I think the U.S. will continue to reward this kind of innovation," Roche ( ROG.S ) CEO Severin Schwan told Reuters this month. "If you don''t offer that then, frankly, I think it is the right thing that prices should come down." (Additional reporting by Eric Beech and Ben Hirschler; Editing by Peter Cooney and Susan Fenton) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-pharmaceuticals-novartis-idUKKBN15F13K'|'2017-01-31T19:12:00.000+02:00'|586.0|''|-1.0|'' 587|'9cd325934613a8da099d33c2e2baa4f54ef5ed55'|'Global growth outlook shaky on trade protectionism fears - Reuters poll'|'Business News - Wed Jan 18, 2017 - 11:48am GMT Global growth outlook shaky on trade protectionism fears - Reuters poll left right An employee of a foreign exchange trading company works near monitors showing U.S. President-elect Donald Trump (top R), and the Japanese yen''s exchange rate against the euro in Tokyo, Japan, January 18, 2017. REUTERS/Toru Hanai 1/2 left right FILE PHOTO: A stack of shipping containers are pictured in the Port of Miami in Miami, Florida, U.S., May 19, 2016. REUTERS/Carlo Allegri/File Photo 2/2 By Rahul Karunakar The global economic outlook remains shaky, despite recent pockets of resilience, according to the overwhelming majority of economists polled by Reuters who said a rise in protectionist trade policies would hamper growth. With elections due in a number of major euro zone countries, political change in the bloc was picked as a close second choice for potential disruptions to the global economic revival. That uncertainty is heightened by the signs of a rise in nationalist sentiment worldwide, as exemplified by Britain''s surprise vote last year to leave the European Union and Donald Trump''s shock U.S. election victory. Three months ago, economists overwhelmingly cited a pickup in international trade as essential for improvement in the world economy. But an expected rise in protectionist policies has dented confidence in those prospects. This trend is reflected in most other Reuters polls over the past month on major economies, stock prices, bond yields and foreign exchange rates. [POLL/] "Clearly, the geopolitical, political and economic risks facing the world are many and multifarious, and it is no easy matter to isolate those that seem most apparent to us," wrote Mike Carey, chief economist at CA-CIB in a note. "While 2017 does not look as if it will be the ''year of living dangerously'', 2018 could well be more fraught." Reuters polls of over 500 economists across Asia, Europe and the Americas reveal downgrades, or at best no change to growth forecasts compared with previous months, as well as a weaker inflation outlook across most countries. While the latest poll gave only a 10 percent probability of a global economic recession this year, the main difference this time is that the range of forecasts for global growth showed lower highs and lower lows. Speculation that Trump will enact bold stimulus and reflationary measures once in office has pushed up U.S. 10-year Treasury yields by around 50 basis points since election day, lit a fire under the dollar and sent U.S. stocks to record highs. But concerns over his stand on trade are starting to undermine investor sentiment, with the yen - considered a safety bet in uncertain times - back to its highest levels in more than five weeks. "Maybe a home-grown U.S. wage acceleration is underway, with Trump''s policies acting as a conduit to bring it all about. It''s a nice thought, but we need more substance," wrote Jan Lambregts, global head of financial markets research at Rabobank. "Trump''s fiscal plans are as of yet unclear in size, focus and therefore impact. Markets are currently priced for perfection when it comes to Trump''s policies. That''s a lot to ask for." Trump''s posture on trade has clouded the outlook for the U.S. economy with rising risks of a trade war with China. [ECILT/US] A strong dollar, which hit a 14-year high earlier this month and is up close to 6 percent since the U.S. election result, acts as a drag on the economy by making U.S. exports relatively more expensive as well as damping down import price inflation. Across the Atlantic, the recent optimism that the euro zone economy is on a more robust growth path has weakened and will only be maintained if there are no major upsets in several national elections there. [ECILT/EU] While euro zone inflation in December was the highest in 3-1/2 years, the outlook for price growth remained weak. Not a single economist in the poll of more than 60 said they expected inflation to hit 2 percent this year or next. "Despite the U.S. reflation trade, we see little underlying inflation pressure in Europe. Meaningful fiscal expansion seems unlikely and structural reform has stalled or even reversed," wrote Janet Henry, global chief economist at HSBC. "QE is failing to lift inflation but the ECB may need to taper, if only to shift pressure back to governments." Britain''s inflation rate is expected to soar following sterling''s fall since the Brexit vote. But the economy will dodge a recession this year at least as the Bank of England maintains its ultra-easy policy stance. [ECILT/GB] EMERGING ECONOMIES RECOVERING Since Trump''s victory, expectations of protectionist policies have driven investors out of emerging markets. But the latest poll showed Brazil will come out of its worst recession ever this year, albeit very slowly and still leaving millions unemployed. [ECILT/BR] Despite expectations for sluggish world trade and Trump''s trade policy, China - the world''s second-largest economy - is forecast to grow 6.5 percent this year as the government keeps up policy support. [ECILT/CN] India, which was one of the few exceptions in emerging markets with a stable outlook, likely lost momentum in the final three months of 2016 after Prime Minister Narendra Modi''s ban on high-value currency notes hurt demand and businesses. [ECILT/IN] (For a graphic of poll results: tmsnrt.rs/2e7JFpt ) (For other stories from the poll) (reuters://realtime/verb=Open/url=cpurl://apps.cp./cms/?pageId=winners-2016 for top forecasters in Reuters polls) (Polling, analysis and additional reporting by Reuters Polls Bengaluru and bureaus in Jakarta, Seoul, London, Milan, Paris, Johannesburg, Toronto, Brasilia, Mexico City, Lima, Buenos Aires, Bogota, Caracas and Santiago; Editing by Ross Finley and Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-economy-poll-idUKKBN1521HK'|'2017-01-18T18:48:00.000+02:00'|587.0|''|-1.0|'' 588|'0edabbb713c9a5f32eabfc7210f69b3d683abdb7'|'Societe Generale to pay $50 million to settle U.S. fraud claims'|'Fri Jan 20, 2017 - 6:34pm GMT Societe Generale to pay $50 million to settle U.S. fraud claims The logo of Societe Generale Private Banking is seen at an office building in Zurich, Switzerland October 13, 2016. REUTERS/Arnd Wiegmann NEW YORK Societe Generale ( SOGN.PA ) agreed to pay a $50 million civil fine to settle U.S. claims that it defrauded investors in connection with the marketing and sale of residential mortgage-backed securities. The U.S. Department of Justice announced the settlement on Friday, and said the French bank acknowledged having committed misconduct. (Reporting by Jonathan Stempel in New York; Editing by James Dalgleish) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-societegenerale-settlement-idUKKBN1542HS'|'2017-01-21T01:28:00.000+02:00'|588.0|''|-1.0|'' 589|'833a8b22bf498da20e632bf276c7ba6ad015e50b'|'Australia offers financial support for crippled Alcoa aluminium plant'|'Company 49am EST Australia offers financial support for crippled Alcoa aluminium plant By Melanie Burton and Sonali Paul - SYDNEY/MELBOURNE SYDNEY/MELBOURNE Jan 9 The Australian government has offered "substantial" financial support to help repair Alcoa Corp''s aluminium smelter in Victoria that was crippled last month by a state-wide blackout, government ministers said on Monday. The outage, which caused molten aluminium to solidify, disrupted some production at the 300,000-tonnes-per-year Portland smelter and raised questions about the facility''s long-term future. The ongoing negotiations between Australia''s government, energy provider AGL Energy, and Alcoa suggest the smelter may eventually resume full production. "The state''s substantial support is aimed at keeping the smelter open and sustainable into the future," state minister Philip Dalidakis in a statement. The government had offered "significant, immediate financial support" as well as the potential for further assistance through Australia''s Clean Energy Finance Corporation, a government-owned bank that invests in renewables, to provide longer-term energy security, said a spokesman for federal minister Greg Hunt. Both ministers declined to comment on the scale of financial support because negotiations were confidential, but Australia''s Fairfax Media reported that Alcoa received an offer of A$240 million ($175.63 million), comprised of $200 million in state funds over four years and a $40 million interest-free loan from Canberra. A spokesman for Alcoa also declined to comment on the negotiations, saying only that the plant continued to operate at a reduced capacity. To seal the deal, pressure is now on AGL Energy to agree to provide cheaper power to the plant as a result of the government''s financial support. A spokeswoman for the energy firm said discussions with Alcoa were ongoing. James Purcell, the member of the state parliament for Western Victoria, said an announcement could be made on Friday if a power supply deal can be reached. "Everyone is working to ensure that the smelter remains open," Dan Tehan, federal member of parliament for the district which includes Portland, told Reuters. Tehan said federal assistance to Alcoa was justifiable in the wake of the power outage that damaged the smelter. "In my view, such an event warrants the government looking at ways it can assist the smelter to get back on its feet and continue operations," he said. "It is critically important to the local economy that we get the smelter back up and running at full production." ($1 = 1.3665 Australian dollars) (Reporting by Melanie Burton in Sydney and Sonali Paul in Melbourne; Editing by Randy Fabi) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/alcoa-corp-australia-smelter-idUSL4N1EZ25U'|'2017-01-09T15:49:00.000+02:00'|589.0|''|-1.0|'' -590|'0c336eb83a26e3009b6be856105b5d5d28e956af'|'Credit Suisse CEO sees conditions improving in 2017: Bloomberg TV'|'Business News 5:07am EST Credit Suisse CEO sees conditions improving in 2017: Bloomberg TV Tidjane Thiam, CEO of the Credit Suisse bank attends the World Economic Forum (WEF) annual meeting of the Forum in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich ZURICH Credit Suisse ( CSGN.S ) Chief Executive Tidjane Thiam sees market conditions improving during 2017 as the bank''s reorganization gathers pace and its efficiency drive continues. Switzerland''s second-biggest lender has accelerated its transformation and achieved "a lot" in 12 months, Thiam told Bloomberg TV in an interview from Davos on Tuesday. "After a year in 2016 where you saw revenues really go down (across the sector)...hopefully 2017 will be better but all this is markets permitting," he said. "Certainty we see a strength in fixed income, you can see that. You can see the securitized products market going. You can see generally global credit products growing. You can see leveraged finance still at a reasonable level of activity," he said, while the equities business would have a "reasonable" year. Credit Suisse was now in a decent capital position and was progressing at "full speed" toward the flotation of its Swiss bank unit later this year, Thiam said. (Reporting by John Revill; Editing by Michael Shields) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-creditsuisse-ceo-idUSKBN151160'|'2017-01-17T17:07:00.000+02:00'|590.0|''|-1.0|'' +590|'0c336eb83a26e3009b6be856105b5d5d28e956af'|'Credit Suisse CEO sees conditions improving in 2017: Bloomberg TV'|'Business News 5:07am EST Credit Suisse CEO sees conditions improving in 2017: Bloomberg TV Tidjane Thiam, CEO of the Credit Suisse bank attends the World Economic Forum (WEF) annual meeting of the Forum in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich ZURICH Credit Suisse ( CSGN.S ) Chief Executive Tidjane Thiam sees market conditions improving during 2017 as the bank''s reorganization gathers pace and its efficiency drive continues. Switzerland''s second-biggest lender has accelerated its transformation and achieved "a lot" in 12 months, Thiam told Bloomberg TV in an interview from Davos on Tuesday. "After a year in 2016 where you saw revenues really go down (across the sector)...hopefully 2017 will be better but all this is markets permitting," he said. "Certainty we see a strength in fixed income, you can see that. You can see the securitized products market going. You can see generally global credit products growing. You can see leveraged finance still at a reasonable level of activity," he said, while the equities business would have a "reasonable" year. Credit Suisse was now in a decent capital position and was progressing at "full speed" toward the flotation of its Swiss bank unit later this year, Thiam said. (Reporting by John Revill; Editing by Michael Shields) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-creditsuisse-ceo-idUSKBN151160'|'2017-01-17T17:07:00.000+02:00'|590.0|15.0|0.0|'' 591|'b684d91fe4b876d44661179bdad8d5d7d0be2b10'|'Snow, rain pummel parts of California, Nevada and Oregon'|'U.S. 5:00am EST Snow, rain pummel parts of California, Nevada and Oregon A private contractor clears deep snow from a driveway during a heavy winter storm in Incline Village, Nevada, U.S. January 10, 2017 REUTERS/Bob Strong Heavy rain and snowfall hit parts of California, Nevada and Oregon early on Wednesday, causing roads to be closed, schools to cancel classes and widespread flooding along already swollen waterways. A National Weather Service blizzard warning remained in effect until late on Wednesday morning for ski resort towns in the greater Lake Tahoe area, including Truckee and South Lake Tahoe, California, and neighboring Nevada enclaves of Stateline and Incline Village. Snow accumulations of 5 to 10 feet (1.5 to 3 meters) were forecast above elevations of 7,000 feet, with fierce wind gusts reaching 100 miles (160 km) per hour along the ridge of the Sierra Nevada mountain range, the National Weather Service reported. An avalanche warning was issued for much of the same mountain regions. "Those venturing outdoors may become lost or disoriented so persons in the warning area are advised to stay indoors," the weather service said. Roadways, including Interstate 80 near the border of California and Nevada, were closed on Wednesday morning. Schools throughout the region canceled Wednesday classes, including the Portland Public Schools district in Oregon, attended by about 50,000 students. Several flood warnings remained in effect until Wednesday morning for lower elevations in northern and central California and in western Nevada, where creeks and rivers were expected to overrun their banks. Several communities in the region opened evacuation centers for people who heeded warnings from officials to move to higher ground to avoid flooding. Heavy downpours sent a wall of mud down onto a house in Fairfax, California, trapping an elderly couple and their two granddaughters, according to local media. Firefighters rescued the couple and children and no one was injured, an ABC affiliate reported. A series of floodgates on the Sacramento River, just upstream of California''s capital, were opened for the first time in 11 years on Tuesday to divert high water around the city and into a special drainage channel, said Lauren Hersh, a spokeswoman for the state Water Resources Department. The cascade of rain and snow marked the fourth round of extreme precipitation unleashed during the past month by a weather pattern meteorologists call an "atmospheric river" - a dense plume of moisture flowing from the tropical Pacific into California. The storms have brought some sorely needed replenishment to many reservoirs left low by five years of drought, while restoring California''s mountain snowpack to 135 percent of its average water-content level for this time of year as of Tuesday, state water officials said. (Reporting by Brendan O''Brien in Milwaukee; editing by Dominic Evans) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-weather-idUSKBN14V119'|'2017-01-11T16:54:00.000+02:00'|591.0|''|-1.0|'' 592|'3a8a6f2e2c3528110f788c58a7d0755b0a8bc3a4'|'Rosneft signs oil supply deal with firm linked to Qatar and Glencore'|'Business News - Tue Jan 10, 2017 - 8:23am GMT Rosneft signs oil supply deal with firm linked to Qatar and Glencore Workers stand next to a logo of Russia''s Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin MOSCOW Russian oil major Rosneft ( ROSN.MM ) has concluded a deal with a company linked to Qatar and commodities trader Glencore to supply up to 55 million tonnes of crude in total over a 5-year period, Rosneft said in a statement on Tuesday. The agreement follows the acquisition of a 19.5 percent stake in Rosneft by Qatar Investment Authority (QIA) fund and Glencore ( GLEN.L ) last month for around 710 billion roubles ($11.8 billion). Under the terms of the acquisition, Glencore had said it would conclude a five-year supply agreement with Rosneft giving it an extra 220,000 barrels a day to trade. The supply deal announced on Tuesday was between Rosneft and QHG Trading LLP. A Rosneft representative said the firm is a Glencore subsidiary. It is registered at the same address as Glencore''s London office. Regulatory filings list company officers as Glencore Energy UK Ltd and Qatar Holding LLC, a unit of the Qatar Investment Authority. Rosneft said in a statement on Tuesday that it may supply QHG Trading with between 4.5 million tonnes and 11 million tonnes of oil per year with the price being set according to a formula pegged to global oil prices. Currently, Rosneft''s largest buyer of oil is Swiss commodities trader Trafigura with estimated annual purchasing volumes of around 20 million tonnes, equal to the entire annual output of two large refineries or enough to meet the consumption of a country such as Spain for half a year. (Reporting by Vladimir Soldatkin; Editing by Christian Lowe) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-rosneft-supply-idUKKBN14U0RF'|'2017-01-10T15:23:00.000+02:00'|592.0|''|-1.0|'' 593|'f9f18f6a6d5d12b294815bee4836b8e56967cc72'|'Britain''s Next could give formal profit alert - Sky News'|' 53pm EST Britain''s Next could give formal profit alert: Sky News Mannequins are pictured in the window of a Next clothing store in London, Britain, March 26, 2009. REUTERS/Luke MacGregor/File Photo British clothing retailer Next Inc ( NXT.L ) could give a formal profit warming for its 2017 financial year in its fourth-quarter trading update, Sky News reported, citing a source. bit.ly/2iM9FsD A spokeswoman for the company said Next would report its quarterly trading update on Wednesday as scheduled without providing further details. The retailer was downbeat about prospects for 2017 when it reported its quarterly results in November. In November, the company projected full-price sales for its year to January 2017 in a range of down 1.75 percent to up 1.25 percent. (Reporting by Vishal Sridhar in Bengaluru; editing by Susan Thomas) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-next-uk-outlook-idUSKBN14N1QM'|'2017-01-04T02:48:00.000+02:00'|593.0|''|-1.0|'' 594|'820c4909bffdba0add694e87f96e5398890d9597'|'UK''s Co-op Christmas sales boosted by new membership scheme'|' 30am GMT UK''s Co-op Christmas sales boosted by new membership scheme A sign is seen outside a Co-operative retail store in east London, April 10, 2014. REUTERS/Toby Melville LONDON Britain''s Co-operative Group ( 42TE.L ), the mutually-owned supermarkets to funeral services group, enjoyed strong trading in the final quarter of 2016, it said on Wednesday, hailing the positive impact of a new membership scheme. The Co-op nearly collapsed in 2013 after a 1.5 billion-pound ($1.9 billion) funding "hole" was found in its banking operation. But it has recovered under Chief Executive Richard Pennycook, aided by the shift in Britons'' grocery shopping habits towards more frequent trips to smaller convenience stores. In September, Pennycook launched a new membership scheme targeting the recruitment of one million additional members and the handing back of more than 100 million pounds a year from 2018 to members and their local communities. Through the scheme, Co-op members receive a 5 percent reward for purchases they make on own-brand products and services, with a further 1 percent directly benefiting local causes. The mutual said underlying sales in its core convenience supermarket estate increased 4 percent year-on-year from Sept. 21 to Dec. 31, with total Co-op food like-for-like sales up 3.4 percent. The Co-op is Britain''s fifth largest grocer with a 6 percent market share, trailing Tesco ( TSCO.L ), Sainsbury''s ( SBRY.L ), Asda ( WMT.N ) and Morrisons ( MRW.L ). It said direct motor insurance sales increased 17 percent in the period year-on-year, while sales of pre-paid funeral plans were up 73 percent. The Co-op said the success of the membership scheme, with 400,000 new members in the four months since launch, had prompted it to accelerate its recruitment plans. The target for one million new members has been brought forward to the end of 2017. It currently has 4.1 million active members. Last week, Morrisons and Sainsbury''s reported better than expected Christmas trading, while Tesco also reported solid numbers. ($1 = 0.8123 pounds) (Reporting by James Davey; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-co-operative-outlook-idUKKBN1521FT'|'2017-01-18T18:30:00.000+02:00'|594.0|''|-1.0|'' 595|'82d7abe232f08ec94155b6f606af864b0d88f22d'|'UK factory order books strongest since 2015, costs growing - CBI'|' 22am GMT UK factory order books strongest since 2015, costs growing - CBI One of the blast furnaces of the Tata Steel plant is seen at sunset in Port Talbot, South Wales, May 31, 2013. REUTERS/Rebecca Naden/File Photo LONDON British manufacturers have reported the strongest inflow of orders in nearly two years but are also seeing their costs rise sharply following last year''s Brexit vote which pushed down the value of sterling, a survey showed on Wednesday. The Confederation of British Industry''s monthly industrial orders balance rose to +5 in January from zero in December, its highest level since April 2015. Economists polled by Reuters had expected a smaller rise to +2. Britain''s economy has so far withstood the shock of June''s vote to leave the European Union. The Bank of England is expected to raise its predictions for growth this year when it meets next week in what would be a second quarterly upgrade, a Reuters poll of economists showed earlier this week. "UK manufacturers are firing on all cylinders right now with domestic orders up and optimism rising at the fastest pace in two years," Rain Newton-Smith, the CBI''s chief economist, said. "The weaker pound is driving export optimism for the year ahead, but is having a detrimental impact on costs for firms and ultimately for consumers." The CBI survey''s reading of prices that manufacturers expect to charge in the next three months rose to +28 from +26, the highest level since June 2011. In a separate quarterly questionnaire, the CBI found a measure of unit costs among manufacturers rose to its highest level since July 2011. (Reporting by William Schomberg, Editing by David Milliken) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-manufacturing-cbi-idUKKBN15918N'|'2017-01-25T18:22:00.000+02:00'|595.0|''|-1.0|'' -596|'062bdc3fd1962cd7f464de69433f047b5bc286c3'|'Swiss private banks see asset influx after U.S. election - Baer CEO'|'Money 8:48am EST Swiss private banks see asset influx after U.S. election: Baer CEO CEO Boris Collardi of Swiss private bank Julius Baer gestures as he addresses a news conference to present the bank''s half-year results in Zurich, Switzerland July 25, 2016. REUTERS/Arnd Wiegmann/File Photo By Brenna Hughes Neghaiwi - ZURICH ZURICH Swiss private banks have profited from rising stock markets and renewed client optimism since the election of U.S. President Donald Trump, Julius Baer Chief Executive Boris Collardi said on Thursday. "We have seen client interest in financial markets increasing," Collardi told Reuters. "With stocks going up, you have assets going up, transaction volumes going up, which is all a positive for the banks because we have more assets, more revenues." Over the medium to long term, banks also stand to gain from deregulation in a sector increasingly saddled with mounting compliance efforts since the 2008 financial crisis, he said. Speaking earlier at a conference in Berne about the implications of Britain''s decision to exit the European Union, Collardi warned Switzerland should not unnecessarily cut off any negotiating possibilities amid a changing political landscape and uncertain future for the EU. While the consequences of Brexit will remain manageable for Swiss banks in the foreseeable future, Switzerland stands little chance of gaining significantly from the weakness of London''s financial center, he said. This year would be a year of many changes and he expected consolidation in Europe''s banking sector over the medium term. "As long as the cost of money remains low and stock valuations go up, we could be in a positive environment for M&A," Collardi said. "We still have overcapacity in the European banking sector. I could imagine that some of the Swiss banks, based on their strength, may continue to take advantage of international M&A opportunities." (Editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-swiss-banks-wealth-idUSKBN15A1SY'|'2017-01-26T20:46:00.000+02:00'|596.0|''|-1.0|'' +596|'062bdc3fd1962cd7f464de69433f047b5bc286c3'|'Swiss private banks see asset influx after U.S. election - Baer CEO'|'Money 8:48am EST Swiss private banks see asset influx after U.S. election: Baer CEO CEO Boris Collardi of Swiss private bank Julius Baer gestures as he addresses a news conference to present the bank''s half-year results in Zurich, Switzerland July 25, 2016. REUTERS/Arnd Wiegmann/File Photo By Brenna Hughes Neghaiwi - ZURICH ZURICH Swiss private banks have profited from rising stock markets and renewed client optimism since the election of U.S. President Donald Trump, Julius Baer Chief Executive Boris Collardi said on Thursday. "We have seen client interest in financial markets increasing," Collardi told Reuters. "With stocks going up, you have assets going up, transaction volumes going up, which is all a positive for the banks because we have more assets, more revenues." Over the medium to long term, banks also stand to gain from deregulation in a sector increasingly saddled with mounting compliance efforts since the 2008 financial crisis, he said. Speaking earlier at a conference in Berne about the implications of Britain''s decision to exit the European Union, Collardi warned Switzerland should not unnecessarily cut off any negotiating possibilities amid a changing political landscape and uncertain future for the EU. While the consequences of Brexit will remain manageable for Swiss banks in the foreseeable future, Switzerland stands little chance of gaining significantly from the weakness of London''s financial center, he said. This year would be a year of many changes and he expected consolidation in Europe''s banking sector over the medium term. "As long as the cost of money remains low and stock valuations go up, we could be in a positive environment for M&A," Collardi said. "We still have overcapacity in the European banking sector. I could imagine that some of the Swiss banks, based on their strength, may continue to take advantage of international M&A opportunities." (Editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-swiss-banks-wealth-idUSKBN15A1SY'|'2017-01-26T20:46:00.000+02:00'|596.0|13.0|0.0|'' 597|'49bf3ba6acfdacbc23b86b2ade7a85eca976d4e6'|'RPT-INVESTMENT FOCUS-History suggests Trump month will be stocks down, dollar up'|'(Repeats from Friday without changes)* Graphic: One month in: reut.rs/2j1xrmu* Graphic: The Presidential Touch: tmsnrt.rs/2jtEpzi* Stock performance in previous transitions:* Trump trades fade as inauguration looms:By Jamie McGeever and Marc JonesLONDON, Jan 20 For financial markets, the Trump era begins on Monday, and if history is any guide the following month should be a rocky one for Wall Street but positive for the dollar.The S&P 500 has fallen a median 2.7 percent in the month after each new president has taken the keys to the White House since Herbert Hoover did so in January 1929, according to Reuters analysis.Only four presidents have seen Wall Street rise in their first month in power: Hoover (+3.8 percent), John F. Kennedy in 1961 (+6 pct), George H. W. Bush in 1989 (+5.3 pct) and Bill Clinton in 1993 (0.8 pct).The market has fallen in the first month under every other incoming president since Hoover. Even Ronald Reagan and Barack Obama, who ultimately presided over 120 percent and 165 percent rallies on Wall Street during their two terms, respectively, saw initial slides of 4.8 percent and 15 percent.The dollar tends to fare better. Analysis going back to the early 1970s when the currency was taken off the gold standard shows it has risen an average 2.2 percent in the first month of a first-time president.Donald Trump takes office as the 45th president of the United States with investor apprehension over an incoming president has rarely been higher."There are two sides to Trump, the one side focusing on U.S. stimulus which drives up global growth and the other side, the protectionist Donald Trump that could do the opposite. So the big question is which will we get?," said State Street Global Advisors'' EMEA head of currencies James Binny.Markets latched on after Trump won the November election to his reflationary and pro-growth stance: stocks rose to new highs, the bond selloff deepened, and the dollar clocked a 14-year peak against the euro.But as the inauguration has drawn closer, that momentum has faded. This week, the Dow Jones and dollar hit six-week lows, the 10-year U.S. Treasury yield its lowest since late November, and gold rose to its highest in two months.Some investors are playing safe."We are neutral, because we don''t know exactly what direction Trump will take," said Lukas Daadler, chief investment officer of investment solutions at Robeco, a subsidiary of Robeco Group. The latter has 269 billion euros in assets under management."There is some extreme positioning out there, so there''s the risk of a short squeeze. But we''ve taken a neutral stance, and we might see more detail on his plans next week."Much of that positioning is in the U.S. bond market and the dollar. Speculators have amassed record bets against 10-year Treasuries, and according to Bank of America Merrill Lynch''s January fund manager survey, the most overcrowded trade in the world now is the pro-dollar trade.BAML strategists said on Friday that although there has been a clear cooling of "Trump trade" bets in recent weeks, overall investor sentiment is its highest in three months.They recommend sticking with they call the "Icarus trade" - one last 10 percent rise in stocks and commodities before the rally ends.(Graphic by Vikram Subhedar; Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-markets-repeat-investment-focu-idINL5N1FD1S1'|'2017-01-23T06:05:00.000+02:00'|597.0|''|-1.0|'' 598|'3e01e1dc6bb84a9691a45eaf9a84defbf3fbb677'|'UPDATE 1-Cheering better growth, ECB still to keep policy, stimulus unchanged'|'Bonds News - Thu Jan 19, 2017 - 4:22am EST UPDATE 1-Cheering better growth, ECB still to keep policy, stimulus unchanged * Rates, QE seen unchanged * Growth improving but fraught with risk * Decision at 1245, Draghi at 1330 (Adds quote, Fed) By Balazs Koranyi and Francesco Canepa FRANKFURT, Jan 19 Even as euro zone growth and inflation slowly pick up pace, the European Central Bank is set to argue on Thursday that its extra-easy policy stance is still needed to keep the recovery on course. The ECB is all but certain to leave current monetary policy in place and maintain a promise for lengthy stimulus, having extended its bond-buying programme just last month. ECB President Mario Draghi can argue the bank has done its part to mend growth, but he will also likely note the recovery is not self-sustaining, underlying inflation is weak and markets could become more volatile as the Federal Reserve gradually raises rates. So turning down the taps now is inappropriate, Draghi is expected to say, once again underscoring diverging policy paths between the ECB and the Federal Reserve, whose chair, Janet Yellen, signalled further interest rate increases on Wednesday. "Draghi seems to be comfortable to allow inflation to drift higher before declaring full victory over deflation," David Kohl an economist at Swiss private bank Julius Baer, said. On the face of it, Draghi should be relaxed. Inflation hit a three year high last month, manufacturing activity is accelerating and confidence indicators are firming, all pointing to solid growth at the end of last year. Indeed, euro zone business growth was the fastest in more than five years in December, order books are surging on export demand, and consumption is holding up, despite rising energy costs, all pointing to the sort of resilience not seen since before the bloc''s debt crisis. The underlying picture is mixed, however, giving Draghi plenty of arguments to bat back criticism, particularly from Germany, the bloc''s biggest economy and the ECB''s top policy foe. Inflation is still just half of the bank''s 2 percent target and the jump is mostly down to higher oil prices while underlying price growth remains dangerously weak. The market euphoria after Donald Trump''s surprising U.S. election win is also yet to be backed up concrete policy action and the threat of more protectionist policies from the United States and possibly Britain could reverse market sentiment. The ECB announces its rate decision at 1245 GMT and Draghi holds a news conference at 1330 GMT. GERMAN ANGST The ECB last month agreed to cut its asset buys by a quarter from April but extended the 2.3 trillion euro scheme, known as quantitative easing, until the end of the year, promising substantial accommodation and extended market presence. The extension threatens to reignite tensions between the bank and Berlin, particularly as Germany heads towards an election in the fall and with Finance Minister Wolfgang Schaeuble often pointing the finger at the ECB for problems. Berlin argues that super cheap borrowing costs negate pressure on inefficient euro zone members to reform but unduly punish frugal German savers, who have seen the return on their savings evaporate. Indeed, with German inflation rates above the euro zone average and government bond yields in negative territory across much of the yield curve, real rates are negative for many savers, pushing some voters towards the rightist Alternative for Germany party. Still, cutting back stimulus may be a double edged sword, even for Germany, which is struggling with a bloated and inefficient bank sector. Higher ECB rates would not only cost the budget billions of euros in extra spending but would risk thwarting a still fledgling lending growth. "The lending channel is no longer clogged up, but it is not completely free either and progress has only been possible thanks to massive measures by the ECB," Commerzbank said. "If monetary policy were to be tightened again, and the burdens from existing loans were to increase once more, the lending channel would close and the economic picture would worsen considerably again," Commerzbank added. The risk for now is if the oil stabilises at a relatively high level, eventually feeding into core inflation and raising the risk that inflation could even overshoot the ECB''s target. Still, it would take years such a pass through and all indication is that Draghi would happily tolerate a modest overshoot after facing the threat of deflation for years. (Editing by Jeremy Gaunt) Hammond: UK''s budget stance is "steady as she goes" DAVOS, Switzerland Jan 19 British finance minister Philip Hammond said on Thursday he saw no case right now for using some of the room he reserved last year for the government to borrow more, ahead of his annual budget on March 8.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ecb-policy-idUSL5N1F923U'|'2017-01-19T16:22:00.000+02:00'|598.0|''|-1.0|'' 599|'bb9f4ebc8b35e2df84d7a7884313a2682b0c6f24'|'Brazil court decision could stifle loans to states -officials'|'Bonds 34pm EST Brazil court decision could stifle loans to states -officials By Alonso Soto - BRASILIA BRASILIA Jan 10 Brazil''s federal government is less likely to authorize cash-strapped states to raise fresh debt after the Supreme Court forced the Treasury to use its own money to honor loans not paid by the Rio de Janeiro state, three government officials told Reuters on Tuesday. As the guarantor of nearly all loans contracted by states, the Treasury has withheld states'' own tax revenues to honor missed payments. However, last week''s court order prevents the government from withholding those tax revenues, meaning it has to use its own resources to honor unpaid debts. Over the last five years, Rio accumulated billions of dollars in government-backed loans with state-run lenders and multilateral banks to pay for infrastructure ahead of the 2014 World Cup and 2016 Olympics. But Rio, like several other Brazilian states, is unable to pay back the money as the country''s worst recession on record drags down its tax income and oil royalties. Hospitals across Brazilian states are running out of supplies, police and teachers are not being paid and badly needed infrastructure projects are frozen because of the crunch. "The decision was well intentioned, but it creates a huge problem. It fuels legal uncertainty that could undermine future loans," said one of the officials who asked not to be named because he was not allowed to speak publicly. That uncertainty could discourage Brazil''s Treasury from approving new debt to states, said a senior finance ministry official who also requested anonymity. The ruling added pressure on President Michel Temer to reach a deal with Rio de Janeiro this week to ease its financial crisis before 6.5 billion reais ($2 billion) in local and external debts are due this year. The treasury''s press office declined to comment for the story. A deal with Rio would lift the order the head of the Supreme Court, Carmen Lucia, that forced the federal government to release 374 million reais for Rio de Janeiro to pay for wages and services. Critics say that such legal uncertainty hampers investment, as individual judges have broad discretion to suspend debt contracts, award labor compensations and halt building projects. "If the court continues to grant those injunctions to states without any fiscal adjustment then we will have a problem," said Carlos Kawall, chief economist with Banco Safra and former head of the national treasury The government paid 2.2 billion reais in debt Rio failed to honor last year, according to the Treasury. The state missed payments to the Inter-American Development Bank (BID) and Agence Franaise de Developpement. Rio has about 340 million reais in payments due to the World Bank next year, according to the state''s finance secretary. Other states are considering asking for similar injunctions to prevent the government from withholding their transfers. When a loan is not paid by a state, the federal government withholds federal revenues earmarked for those local governments to honor their obligations. ($1 = 3.197 reais) (Reporting by Alonso Soto; Editing by Lisa Shumaker) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/brazil-economy-states-idUSL1N1F00WG'|'2017-01-11T04:34:00.000+02:00'|599.0|''|-1.0|'' -600|'d535abe4724dcbff97f3c7350e0099165e29829d'|'UPDATE 1-EU states should guarantee minimum income for citizens - Juncker'|'Financials 11pm EST UPDATE 1-EU states should guarantee minimum income for citizens - Juncker (writes through, adds quotes, background) By Francesco Guarascio BRUSSELS Jan 23 The European Commission wants all EU member states to introduce minimum wages and incomes for their workers and unemployed, the head of the EU executive president said on Monday, in an effort to combat growing social inequality and poverty. The Commission, which has limited powers in the area of social policy, is preparing an overhaul of the EU''s functions and targets and wants it to include tackling social and economic injustices that have often been successfully exploited by right-wing eurosceptic parties across the 28-nation bloc. "There should be a minimum salary in each country of the European Union," Jean-Claude Juncker told a conference on social rights in Brussels, adding that those seeking work should also have a guaranteed minimum level of income. Juncker, a former prime minister of Luxembourg, said each state should be free to set its own minimum wage, but added: "There is a level of dignity we have to respect." Living standards and costs vary widely across the EU, and some parts of the EU, especially in southern Europe, are suffering very high levels of unemployment. Juncker urged companies to adopt a minimum wage to help counter "social dumping" - a term that describes the employment of cheaper labour, sometimes involving migrants or moving production to lower-wage countries. Juncker said reforming EU social policy should start within the bloc''s 19-country euro zone, which already shares a single currency and fiscal supervision. The Commission will present its reform proposals in the coming weeks, before a summit in Rome on March 25 that will celebrate the 60th anniversary of the Treaty of Rome, which laid the foundations of today''s European Union. (Reporting by Francesco Guarascio; Editing by Gareth Jones) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/eu-labour-juncker-idUSL5N1FD500'|'2017-01-24T01:11:00.000+02:00'|600.0|''|-1.0|'' +600|'d535abe4724dcbff97f3c7350e0099165e29829d'|'UPDATE 1-EU states should guarantee minimum income for citizens - Juncker'|'Financials 11pm EST UPDATE 1-EU states should guarantee minimum income for citizens - Juncker (writes through, adds quotes, background) By Francesco Guarascio BRUSSELS Jan 23 The European Commission wants all EU member states to introduce minimum wages and incomes for their workers and unemployed, the head of the EU executive president said on Monday, in an effort to combat growing social inequality and poverty. The Commission, which has limited powers in the area of social policy, is preparing an overhaul of the EU''s functions and targets and wants it to include tackling social and economic injustices that have often been successfully exploited by right-wing eurosceptic parties across the 28-nation bloc. "There should be a minimum salary in each country of the European Union," Jean-Claude Juncker told a conference on social rights in Brussels, adding that those seeking work should also have a guaranteed minimum level of income. Juncker, a former prime minister of Luxembourg, said each state should be free to set its own minimum wage, but added: "There is a level of dignity we have to respect." Living standards and costs vary widely across the EU, and some parts of the EU, especially in southern Europe, are suffering very high levels of unemployment. Juncker urged companies to adopt a minimum wage to help counter "social dumping" - a term that describes the employment of cheaper labour, sometimes involving migrants or moving production to lower-wage countries. Juncker said reforming EU social policy should start within the bloc''s 19-country euro zone, which already shares a single currency and fiscal supervision. The Commission will present its reform proposals in the coming weeks, before a summit in Rome on March 25 that will celebrate the 60th anniversary of the Treaty of Rome, which laid the foundations of today''s European Union. (Reporting by Francesco Guarascio; Editing by Gareth Jones) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/eu-labour-juncker-idUSL5N1FD500'|'2017-01-24T01:11:00.000+02:00'|600.0|6.0|0.0|'' 601|'5661105b096ce07e1945a9ab10c90c31854cdef7'|'ATR chief says in no hurry to develop larger aircraft'|'Industrials - Mon Jan 23, 2017 - 12:05am EST ATR chief says in no hurry to develop larger aircraft TOULOUSE, France Jan 23 Franco-Italian turboprop maker ATR is likely to develop a larger version of its aircraft family in the future, but is in no hurry to act, its chief executive said. ATR is jointly owned by aerospace groups Airbus and Leonardo, which are seen as split over whether to focus on the existing family of two models seating 42 to 78 people, or build a new model with 100 seats to keep up with demand for more capacity. "My personal view is that a larger ATR is a question of when rather than if," CEO Christian Scherer told Reuters, adding that any decision would be a matter for joint shareholders. "If you want to take a more conservative stance, and I can imagine myself in the shoes of both shareholders, there is nothing wrong with ATR today. It is a very nice franchise and profitable contribution and we don''t see any chess moves that should fundamentally modify the game. So we can go on; there is no urgency," he said. "Do I as ATR have the ambition to continue to introduce new features, new airplanes, new products to grow? Absolutely. I am happy to see that we have one shareholder who is of the same opinion. The other one is exercising a perfectly rational business judgment and saying ATR is doing very well, keep on going." Scherer, a former Airbus commercial strategy and defence executive, was appointed to run ATR in November. His predecessor, Patrick de Castelbajac, told Flightglobal last July that Airbus wanted to revamp the existing ATR 42/72 series with new engines, while Italy''s Leonardo was keen on expanding the family with an all-new 100-seat model. Both projects could happen at different times, he said. Airbus and Leonardo each owns half of ATR. Leonardo has indicated it would like to take greater control of ATR, while Airbus is said to be interested in Leonardo''s stake in MBDA, the European missile maker in which Airbus already has a share. Officials on both sides say they have held informal talks but that discussions are not advanced. Analysts say 35-year-old ATR is profitable, partly because the cost of developing its main models was absorbed long ago. But figures published on Monday show that while deliveries have trebled in the past decade, the number of years of production in its backlog has fallen from over five years to fewer than three, spurring a debate about how it should secure its growth. (Reporting by Tim Hepher; Editing by Paul Simao) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/atr-aircraft-idUSL5N1FC13L'|'2017-01-23T12:05:00.000+02:00'|601.0|''|-1.0|'' -602|'424e6a83296d6935f3d195a16b8dea43e59dd355'|'Global steel output rises 0.8 percent in 2016 vs 2015'|' 48am GMT Global steel output rises 0.8 percent in 2016 vs 2015 A worker uses a cutting torch near a reheating furnace at the ArcelorMittal steel plant in Ghent, Belgium, July 7, 2016. REUTERS/Francois Lenoir LONDON Global crude steel output rose by 0.8 percent last year, industry data showed on Wednesday, as mills in top producer China churned out more metal to meet higher demand even as Beijing cracked down on excess capacity. Global crude steel output in 2016 reached 1,629 million tonnes in 2016 versus 1,615 a year earlier, with output in China rising 1.2 percent to hit 808 million tonnes, according to the World Steel Association. China accounts for about half the world''s steel output and around half of the excess global steelmaking capacity, estimated at 350 million tonnes. Beijing last year cut 45 million tonnes of steelmaking capacity, but much of it was already idle. As a result, steel output in the country continued to rise as mills were tempted by a 60 percent annual surge in steel prices SRBcv1 that came in part as a result of government rhetoric on steel capacity cuts. China is planning to close 100-150 million tonnes of annual steelmaking capacity over the 2016-2020 period. It has pledged this year to eliminate all low-quality steel production by the end of June - a move that should cut about 4 percent of steel output. "Substantial steel prices rises were seen in all markets in the fourth quarter of 2016. In China, demand last year was supported by a sharp upturn in real estate investment," said Chris Houlden, research manager at consultants CRU. Outside China, WorldSteel data showed output in Japan, the world''s second largest producer, fell 0.3 percent to 105 million tonnes, while output in India, the world''s third largest steelmaker, surged 7.4 percent to 96 million tonnes. Output in the European Union fell by 2.3 percent and remained flat year-on-year in North America, the data showed. (Reporting by Maytaal Angel, editing by Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-steel-idUKKBN15915O'|'2017-01-25T17:48:00.000+02:00'|602.0|''|-1.0|'' +602|'424e6a83296d6935f3d195a16b8dea43e59dd355'|'Global steel output rises 0.8 percent in 2016 vs 2015'|' 48am GMT Global steel output rises 0.8 percent in 2016 vs 2015 A worker uses a cutting torch near a reheating furnace at the ArcelorMittal steel plant in Ghent, Belgium, July 7, 2016. REUTERS/Francois Lenoir LONDON Global crude steel output rose by 0.8 percent last year, industry data showed on Wednesday, as mills in top producer China churned out more metal to meet higher demand even as Beijing cracked down on excess capacity. Global crude steel output in 2016 reached 1,629 million tonnes in 2016 versus 1,615 a year earlier, with output in China rising 1.2 percent to hit 808 million tonnes, according to the World Steel Association. China accounts for about half the world''s steel output and around half of the excess global steelmaking capacity, estimated at 350 million tonnes. Beijing last year cut 45 million tonnes of steelmaking capacity, but much of it was already idle. As a result, steel output in the country continued to rise as mills were tempted by a 60 percent annual surge in steel prices SRBcv1 that came in part as a result of government rhetoric on steel capacity cuts. China is planning to close 100-150 million tonnes of annual steelmaking capacity over the 2016-2020 period. It has pledged this year to eliminate all low-quality steel production by the end of June - a move that should cut about 4 percent of steel output. "Substantial steel prices rises were seen in all markets in the fourth quarter of 2016. In China, demand last year was supported by a sharp upturn in real estate investment," said Chris Houlden, research manager at consultants CRU. Outside China, WorldSteel data showed output in Japan, the world''s second largest producer, fell 0.3 percent to 105 million tonnes, while output in India, the world''s third largest steelmaker, surged 7.4 percent to 96 million tonnes. Output in the European Union fell by 2.3 percent and remained flat year-on-year in North America, the data showed. (Reporting by Maytaal Angel, editing by Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-steel-idUKKBN15915O'|'2017-01-25T17:48:00.000+02:00'|602.0|12.0|0.0|'' 603|'ba7784b4ac2c4472caed86aa9aba2342b568bfc3'|'PRESS DIGEST- New York Times business news - Jan 11'|' 17am EST PRESS DIGEST- New York Times business news on the New York Times business pages. on the verge of pleading guilty to criminal charges and paying $4.3 billion in fines, in a deal that would resolve a federal criminal investigation into its cheating on vehicle emissions tests, the automaker said on Tuesday. nyti.ms/2jtdNNH - The publisher of The Daily Mirror, a left-wing British tabloid, said on Tuesday it was in early-stage talks to acquire a minority stake in a new company that would include assets of the Northern & Shell Media Group, which publishes two rival right-wing tabloids, The Daily Express and The Daily Star. nyti.ms/2j64abm is pushing further into the very sector that it helped to disrupt with a $2.6 billion bid for Ltd, a department store and mall operator in China. Alibaba, a Chinese e-commerce behemoth, already owned 28 percent of Intime, which is listed in Hong Kong, and made an offer with Shen Guo Jun, the founder of the department store chain, to take the company private. nyti.ms/2j66u27 - Mark Zuckerberg and Priscilla Chan have hired a top political operative to lead the next phase of their philanthropic work at the Chan Zuckerberg Initiative, the limited liability company they set up in 2015 to conduct charitable efforts. David Plouffe, who managed Barack Obama''s 2008 presidential campaign and is chief adviser and a board member at Uber, is leaving the ride-hailing company to join the Chan Zuckerberg Initiative as president of policy and advocacy. nyti.ms/2jtfiLE - John Carlin, who was the Justice Department''s top national security lawyer, has moved to the law firm Morrison & Foerster to lead its global risk and crisis management practice, the firm announced on Tuesday. nyti.ms/2iDPU6a (Compiled by Rama Venkat Raman '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1F11ZG'|'2017-01-11T12:17:00.000+02:00'|603.0|''|-1.0|'' 604|'fa512e70a341b214c96874d27a12e6c67d654623'|'China, Hong Kong stocks rebound; Vanke jumps as China Resources steps down'|'Energy - Thu Jan 12, 2017 - 11:27pm EST China, Hong Kong stocks rebound; Vanke jumps as China Resources steps down * SSEC +0.1 pct, CSI300 +0.4 pct, HSI +0.5 pct * Vanke shares hit one-month intraday high * Energy rebound on strong oil prices SHANGHAI, Jan 13 China stocks were up on Friday morning, on course to snap a three-day losing streak, as the property sector rebounded strongly on strength in China Vanke Co Ltd''s , the country''s second largest developer. Hong Kong stocks also rose, setting for a third week of gains, with support from the energy sector as oil prices advanced. The benchmark CSI300 index rose 0.4 percent, to 3,330.61 points at the end of the morning session, while the Shanghai Composite Index gained 0.1 percent, to 3,122.93 points. The benchmark index has lost more than 0.5 percent so far this week. Investors cheered China Vanke Co Ltd''s breakthrough in a high-profile corporate power tussle lasting for over a year, after its No. 2 shareholder China Resources Group decided to sell its entire stake to Shenzhen Metro Group. Shares of the industry bellwether jumped around 7 percent on the mainland and 5.6 percent in Hong Kong at the lunch break. But gains in China were limited as investors were awaiting the upcoming corporate earnings season to kick off late on Friday, to justify a flurry of solid economic data in the world''s second largest economy. Earlier this month, China''s manufacturing sector posted a monthly expansion for the fifth time in December, but the pace slowed more than expected amid the government''s effort to rein in soaring asset prices. Sector performance in the mainland market was mixed, with property leading the gains, up around 2.3 percent. Insurance firms retreated 0.6 percent despite their premium income rising almost 30 percent in 2016, as investors stayed cautious amid a tightening regulatory environment. Metallurgical Corporation of China Ltd slid around 2 percent after closing at a six-week high in the previous session, as optimism fuelled by restructuring hopes quickly faded. The tech-heavy ChiNext sub-index, China''s equivalent of the Nasdaq, was set to lose for a seventh session and hit a six-month intraday low as faster approvals for IPOs boosted the supply of small-caps. In Hong Kong, the Hang Seng index added 0.5 percent, to 22,932.47 points, bringing its weekly gain to around 1.9 percent, while the Hong Kong China Enterprises Index gained 0.7 percent, to 9,792.44 points. Nearly all sectors in the city gained modestly, with the energy sector the biggest performer, up nearly 2.4 percent by the lunch break. Oil majors including CNOOC Ltd and PetroChina Co Ltd rallied as oil prices held sharp gains from the previous two sessions. (Reporting by Jackie Cai and John Ruwitch; Editing by Simon Cameron-Moore) Next In Energy'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1F31Y5'|'2017-01-13T11:27:00.000+02:00'|604.0|''|-1.0|'' 605|'e76c99cb8596b5027537f547a7bc60ca53e77bc2'|'PM May indicates Britain will seek "hard Brexit" in EU talks'|'Market News 21am EST PM May indicates Britain will seek "hard Brexit" in EU talks * UK PM May to unveil Brexit plans at 1145 GMT * May to say UK to seek no partial membership of EU * Sterling falls over fears of ''hard Brexit'' By Kylie MacLellan and William James LONDON, Jan 17 Britain will not seek a Brexit deal that leaves it "half in, half out" of the EU, Prime Minister Theresa May will say on Tuesday in a speech setting out her priorities for divorce talks which indicates she is prepared to leave the single market. Sterling, which has traded at the lowest levels against the U.S. dollar for more than three decades, fell to near three-month lows and stocks were mostly weaker as investors feared May would spell out plans for a "hard Brexit". "We seek a new and equal partnership, between an independent, self-governing, global Britain and our friends and allies in the EU," May will say, according to advance extracts released by her office. "Not partial membership of the European Union, associate membership of the European Union, or anything that leaves us half-in, half-out. We do not seek to adopt a model already enjoyed by other countries. We do not seek to hold on to bits of membership as we leave." Her 12 objectives for upcoming exit talks from the European Union will include ditching preferential access to the single market and quitting the European Court of Justice in return for full control of Britain''s borders, several newspapers reported. More than six months after Britons voted to leave the EU, May has come under fire from investors, businesses and lawmakers for revealing little about the future relationship she will seek when she begins formal divorce talks by the end of March. She is due to set out more detail on her plans at 1145 GMT on Tuesday in a speech to an audience including foreign diplomats and Britain''s own Brexit negotiating team. "NEW FREE BRITAIN" The extracts from her speech did not set out explicit details of the future trading relationship she wants to have with the EU or what her 12 priorities would be, but British newspapers, most of which backed Brexit, said it would delight those who supported leaving the bloc. "Theresa''s New Free Britain", the Daily Mail said on its front page while The Sun, Britain''s biggest-selling tabloid, called it "Great Brexpectations". Media reported May would be less explicit on her plans for the customs union, but that her emphasis on building new trade relationships would make clear Britain could be no longer a member of the single market in the way it is now. The EU would be likely to insist on freedom of movement for EU citizens in return for full access to the single market, while many of those who voted for Brexit did so precisely in order to be able to restrict immigration. The Times newspaper said May would acknowledge for the first time that transitional deals would be needed to avoid a Brexit ''cliff edge'' for businesses after Britain leaves the economic bloc that accounts for roughly half of its exports and imports. May will say she wants Britain to be a "magnet for international talent", and a "great, global trading nation" that reaches beyond Europe to build relationships with other countries around the world. She will also say that it is in Britain''s national interest for the EU to succeed. "We will continue to be reliable partners, willing allies and close friends. We want to buy your goods, sell you ours, trade with you as freely as possible, and work with one another to make sure we are all safer, more secure and more prosperous through continued friendship," she will say. (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-eu-may-idUSL5N1F7255'|'2017-01-17T16:21:00.000+02:00'|605.0|''|-1.0|'' @@ -653,7 +653,7 @@ 651|'5e0c34c56e7e0ebbf574a50e8c27cb707bf41cb4'|'John Lewis posts strong sales growth in pre-Christmas week'|' 11:17am GMT John Lewis posts strong sales growth in pre-Christmas week Shoppers pass a branch of John Lewis in London, Britain, September 15, 2016. REUTERS/Toby Melville LONDON John Lewis [JLP.UL] [JLPLC.UL], Britain''s biggest department store chain, said sales in the week before Christmas soared 36 percent as shoppers splurged on household items and the figures were boosted by two extra trading days compared to the same period in 2015. That contrasted with a 9.4 percent drop in department store sales in the following week ended Dec. 31, when there were fewer trading days due to the timing of public holidays. The employee-owned firm reported similar trends at its upmarket grocery chain Waitrose, with sales in the week to Dec. 24, up 31.1 percent, on strong demand for sparkling wine and party food, while they fell 12.5 percent in the week to Dec. 31. (Reporting by Sarah Young, editing by Paul Sandle) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-john-lewis-table-idUKKBN14O14K'|'2017-01-04T18:17:00.000+02:00'|651.0|''|-1.0|'' 652|'2423505f7db2b4791997a9e2c434334326ccfe8b'|'TREASURIES-Yields rise as data shows stronger economy'|'* 10-year yields rise to two-week highs * Jobs, housing, manufacturing data all strong * U.S. to sell $13 bln 10-year TIPS By Karen Brettell NEW YORK, Jan 19 U.S. Treasury yields rose to two-week highs on Thursday after data showed solid economic growth, a day after Federal Reserve Chair Janet Yellen signaled further rate hikes are likely. The number of Americans filing initial claims for unemployment benefits fell unexpectedly last week back to near the lowest levels in decades. U.S. homebuilding rebounded more than expected in December, suggesting that the housing market contributed to economic growth in the fourth quarter. Manufacturing activity in the Philadelphia area also grew faster than expected in January, the Federal Reserve of Philadelphia said. "This morning we had some economic news which came out stronger than anticipated," said Gary Pollack, head of fixed-income trading at Deutsche Bank Private Wealth Management in New York. Benchmark 10-year notes fell 20/32 in price to yield 2.46 percent, up from 2.39 percent late Wednesday, and the highest since Jan. 4. Yields had also risen on Wednesday after data showed rising inflation data and on Yellen''s comments. U.S. consumer prices increased in December as households paid more for gasoline and rental accommodations, leading to the largest year-on-year rise in 2-1/2 years. Yellen said, with the U.S. economy close to full employment and inflation headed toward the Federal Reserve''s 2 percent goal, it "makes sense" for the U.S. central bank to gradually lift interest rates. "The market is extremely sensitive to monetary policy given the last FOMC meeting in December, where they indicated possibly three rate hikes in 2017," said Pollack. "It showed a Fed that is a little more aggressive in returning to normal monetary policy." The Treasury Department on Thursday will auction $13 billion of 10-year Treasury Inflation-Protected Securities (TIPS), which will gauge concern about rising inflation as President-elect Donald Trump prepares to take office on Friday. Yellen will speak again on Thursday at 8 p.m. EST (1:00 a.m. GMT) on the outlook for the economy and monetary policy. (Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1F90UO'|'2017-01-19T11:39:00.000+02:00'|652.0|''|-1.0|'' 653|'1d1fd437aae23ec68b8740d2dfea84e0467cf080'|'Germany urges EU to speed trade deals after Trump, Brexit'|'Business News - Fri Jan 27, 2017 - 1:55pm GMT Germany urges EU to speed trade deals after Trump, Brexit A rainbow is seen behind European flags during a euro zone EU leaders emergency summit on the situation in Greece at the European Council headquarters in Brussels, Belgium, July 7, 2015. REUTERS/Eric Vidal By Tom Krkemeier - BRUSSELS BRUSSELS Germany called on the European Union on Friday to speed deals to open trade with a dozen or more countries, mainly in Asia, and to boost support for free trade around the world in response to scepticism about it from new U.S. President Donald Trump. In a paper presented to EU finance ministers at a meeting in Brussels and seen by Reuters, the bloc''s leading economic power repeated its view that Trump, along with Britain leaving the EU, posed risks for the world economy. The Union must bolster common policies such as in defense, diplomacy and the economy, it said. It should also "give a timely push against protectionism and for free trading relationships and international cooperation", the paper continued, referring indirectly to Trump''s scepticism on trade agreements. In his first week in office, he signed an order pulling the United States out of the multilateral Trans-Pacific Partnership with Asian states. Listing 12 countries, mainly in Asia, that are at varying stages of talks with Brussels, where the EU executive runs trade policy, the German paper said: "The Commission should seize the initiative now to make decisive progress in these negotiations." It noted potential deals with: Indonesia, the Philippines, Malaysia, India, China, Vietnam, Singapore, Japan, Thailand, Myanmar, Australia and New Zealand. It also noted that talks dating back some 20 years with the six Arab countries of the Gulf Cooperation Council had lately shown little progress. (Writing by Alastair Macdonald; editing by Ralph Boulton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-trade-germany-idUKKBN15B1EG'|'2017-01-27T20:54:00.000+02:00'|653.0|''|-1.0|'' -654|'7125b47a3ce1bd150f0050c5216766805322d421'|'"Show me the money": divorce first, then trade deal, EU tells UK'|'Thu Jan 26, 2017 - 8:10am GMT ''Show me the money'': divorce first, then trade deal, EU tells UK Britain''s Prime Minister Theresa May delivers a speech on leaving the European Union at Lancaster House in London, January 17, 2017. REUTERS/Kirsty Wigglesworth/Pool By Alastair Macdonald and Jan Strupczewski - BRUSSELS BRUSSELS Since Prime Minister Theresa May set out her Brexit goals last week, interest in Britain has focused on the future trade deals she may one day strike with the United States and other powers, as well as with the European Union. In Brussels and European capitals, that looks like putting the cart before the horse. "They''re talking about their future relationships," said one EU official preparing for talks with London. "But first we need to get divorced. This is not going to be easy. Frankly, it''s going to be very, very messy." In diplomatic language, the European Commission''s spokesman Margaritis Schinas told a news conference this week: "First, one needs to agree on the terms for an orderly separation and then, on the basis of this, build a future new, good relationship." As with other divorces, the bitterest battle may be over money. And there is no certainty that any settlement can be agreed at all. "Britains payments to the EU budget and the issue of the EU quickly starting talks on an FTA (free trade agreement) with Britain will be linked," said a second senior EU official. "There cannot be discussions of a future relationship without first regulating the issue of an orderly separation." EU negotiators reckon Britain has a weak hand to play; May must accept a two-year guillotine on talks that she hopes will end with a deal to keep "maximum" British access to EU markets while pulling Britain out of the single market and its obligations. Put simply, if May wants to draft an FTA in only two years as she says -- a goal that prompts head-shaking in Brussels -- continentals think they can hold her hostage with the threat of trade tariffs from 2019 unless she settles British debts. Many discount as bluster May''s warning that she would rather have no deal than a bad deal, walking away without free trade and daring continentals to take a hit to their own exports. But some diplomats voice concern that London may be tempted to flounce out without paying EU bills worth tens of billions. YOUR BILL: 60 BILLION EUROS May insists Britain wants to remain a friend and constructive partner for the EU. It would hardly enhance Britain''s reputation among future global trade partners to flee with bills unpaid. The other EU member states want it to pay its share of the spending commitments that were agreed when it was a member, stretching out some years, as well as possibly funds to cover the pensions of British EU staff. There will, however, be differences over the size of the bill, estimated informally by EU officials at very roughly 60 billion euros -- more than Britain spends on defense each year. "I can see this turning very bloody over money," said a person who has had preliminary contact with negotiators on both sides. EU officials have prepared arguments to counter suggestions that Britain should be credited with a share of EU assets -- buildings, say -- to offset what it will owe Brussels on leaving. The bloc''s negotiators will argue that Britain was not asked to pay extra for a share of existing EU assets when it joined in 1973, so it has no right to demand repayment of any share now. Filling the hole left by the bloc''s second biggest economy in the EU budget is already causing jitters as the remaining 27 brace for the seven-yearly blood ritual of financial planning. German leaders see a grim prospect of picking up the biggest tab, while the ex-communist eastern states, who are the major net beneficiaries of EU spending, fear they will lose out. British officials say they can use the money card to divide the 27. On the EU side, diplomats are saying that if London tries that, it will find its hopes of a quick free trade deal put on hold. Other knotty issues to be settled in the withdrawal treaty include border arrangements, notably in Ireland, and the rights of EU and British expatriates. Brussels has accused May of underestimating the problem by calling for a deal on that right now. (Writing by Alastair Macdonald; Editing by Kevin Liffey) Up Next Exclusive: Millions of barrels of Venezuelan oil stuck at sea in dirty tankers HOUSTON/PUNTO FIJO, Venezuela More than 4 million barrels of Venezuelan crude and fuels are sitting in tankers anchored in the Caribbean sea, unable to reach their final destination because state-run PDVSA cannot pay for hull cleaning, inspections, and other port services, according to internal documents and Reuters data.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-divorce-idUKKBN15A0RP'|'2017-01-26T15:03:00.000+02:00'|654.0|''|-1.0|'' +654|'7125b47a3ce1bd150f0050c5216766805322d421'|'"Show me the money": divorce first, then trade deal, EU tells UK'|'Thu Jan 26, 2017 - 8:10am GMT ''Show me the money'': divorce first, then trade deal, EU tells UK Britain''s Prime Minister Theresa May delivers a speech on leaving the European Union at Lancaster House in London, January 17, 2017. REUTERS/Kirsty Wigglesworth/Pool By Alastair Macdonald and Jan Strupczewski - BRUSSELS BRUSSELS Since Prime Minister Theresa May set out her Brexit goals last week, interest in Britain has focused on the future trade deals she may one day strike with the United States and other powers, as well as with the European Union. In Brussels and European capitals, that looks like putting the cart before the horse. "They''re talking about their future relationships," said one EU official preparing for talks with London. "But first we need to get divorced. This is not going to be easy. Frankly, it''s going to be very, very messy." In diplomatic language, the European Commission''s spokesman Margaritis Schinas told a news conference this week: "First, one needs to agree on the terms for an orderly separation and then, on the basis of this, build a future new, good relationship." As with other divorces, the bitterest battle may be over money. And there is no certainty that any settlement can be agreed at all. "Britains payments to the EU budget and the issue of the EU quickly starting talks on an FTA (free trade agreement) with Britain will be linked," said a second senior EU official. "There cannot be discussions of a future relationship without first regulating the issue of an orderly separation." EU negotiators reckon Britain has a weak hand to play; May must accept a two-year guillotine on talks that she hopes will end with a deal to keep "maximum" British access to EU markets while pulling Britain out of the single market and its obligations. Put simply, if May wants to draft an FTA in only two years as she says -- a goal that prompts head-shaking in Brussels -- continentals think they can hold her hostage with the threat of trade tariffs from 2019 unless she settles British debts. Many discount as bluster May''s warning that she would rather have no deal than a bad deal, walking away without free trade and daring continentals to take a hit to their own exports. But some diplomats voice concern that London may be tempted to flounce out without paying EU bills worth tens of billions. YOUR BILL: 60 BILLION EUROS May insists Britain wants to remain a friend and constructive partner for the EU. It would hardly enhance Britain''s reputation among future global trade partners to flee with bills unpaid. The other EU member states want it to pay its share of the spending commitments that were agreed when it was a member, stretching out some years, as well as possibly funds to cover the pensions of British EU staff. There will, however, be differences over the size of the bill, estimated informally by EU officials at very roughly 60 billion euros -- more than Britain spends on defense each year. "I can see this turning very bloody over money," said a person who has had preliminary contact with negotiators on both sides. EU officials have prepared arguments to counter suggestions that Britain should be credited with a share of EU assets -- buildings, say -- to offset what it will owe Brussels on leaving. The bloc''s negotiators will argue that Britain was not asked to pay extra for a share of existing EU assets when it joined in 1973, so it has no right to demand repayment of any share now. Filling the hole left by the bloc''s second biggest economy in the EU budget is already causing jitters as the remaining 27 brace for the seven-yearly blood ritual of financial planning. German leaders see a grim prospect of picking up the biggest tab, while the ex-communist eastern states, who are the major net beneficiaries of EU spending, fear they will lose out. British officials say they can use the money card to divide the 27. On the EU side, diplomats are saying that if London tries that, it will find its hopes of a quick free trade deal put on hold. Other knotty issues to be settled in the withdrawal treaty include border arrangements, notably in Ireland, and the rights of EU and British expatriates. Brussels has accused May of underestimating the problem by calling for a deal on that right now. (Writing by Alastair Macdonald; Editing by Kevin Liffey) Up Next Exclusive: Millions of barrels of Venezuelan oil stuck at sea in dirty tankers HOUSTON/PUNTO FIJO, Venezuela More than 4 million barrels of Venezuelan crude and fuels are sitting in tankers anchored in the Caribbean sea, unable to reach their final destination because state-run PDVSA cannot pay for hull cleaning, inspections, and other port services, according to internal documents and Reuters data.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-divorce-idUKKBN15A0RP'|'2017-01-26T15:03:00.000+02:00'|654.0|12.0|0.0|'' 655|'75fd3afe1bef39725b438e8004533b1a337dbf3c'|'Fed''s Kaplan says backs gradual rate increases in 2017'|'CHICAGO The U.S. economy is ready for gradual interest rate increases this year and it remains too early to know whether Trump administration policies will boost economic growth, Dallas Federal Reserve Bank President Robert Kaplan said on Friday."We should be removing accommodation in 2017. I think we can do it gradually and patiently," Kaplan, who has a vote on Fed interest rate policy this year, told an economics conference in Chicago, adding that he was not ready to "pre-judge" changes in tax and spending policies in the incoming administration.(Reporting by Ann Saphir and Jason Lange; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-fed-kaplan-idINKBN14Q2IP'|'2017-01-06T20:23:00.000+02:00'|655.0|''|-1.0|'' 656|'727919a2e3ac20123be56dfc40a268c574422be0'|'Shell sells Thailand gas field stake to Kuwait''s Kufpec for $900 million'|'Business 5:57am GMT Shell sells Thailand gas field stake to Kuwait''s Kufpec for $900 million A passenger plane flies over a Shell logo at a petrol station in west London, in this January 29, 2015 file photo. REUTERS/Toby Melville/Files SINGAPORE Royal Dutch Shell ( RDSa.L ) said on Tuesday it will sell its stake in Thailand''s Bongkot gas field to Kuwait Foreign Petroleum Exploration Company for $900 million (719.5 million pounds). The transaction will include Shell''s 22.2 percent equity stake in the Bongkot field and adjoining acreage offshore Thailand consisting of Blocks 15, 16 and 17 and Block G12/48, Shell said in a statement. The deal is expected to be completed in the first quarter of 2017, Shell said. (Reporting by Florence Tan; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-thailand-gas-shell-idUKKBN15F0DG'|'2017-01-31T12:57:00.000+02:00'|656.0|''|-1.0|'' 657|'94be653fb2fc39e05ee922ced6f8ede2f8077ab1'|'Netflix adds a third more subscribers than expected; shares jump 7 percent'|'Internet 4:13am IST Netflix adds a third more subscribers than expected; shares jump seven percent The Netflix sign on screen is shown on an iPad in Encinitas, California, U.S. on April 19,2013. REUTERS/Mike Blake/File Photo By Lisa Richwine and Anya George Tharakan Streaming video pioneer Netflix Inc ( NFLX.O ) added over a third more subscribers than expected in the last quarter of 2016, a sign of success for its ambitious global expansion that sent its shares up 7 percent in extended trading. Netflix signed up 7.1 million new subscribers globally, far more than the 5.2 million analysts had expected, despite higher prices, beating targets at home and abroad, according to research firm FactSet. Original shows like "Marvel''s Luke Cage" and British drama "The Crown" performed strongly around the world, Netflix said, noting that competitors were adapting to compete. Amazon.com Inc ( AMZN.O ) recently expanded its Amazon Prime Video service globally, and Britain''s BBC announced plans to release entire series at once to allow the "binge watching" popularized by Netflix. "It''s becoming an internet TV world, which presents both challenges and opportunities for Netflix as we strive to earn screen time," the company said in its quarterly letter to shareholders. Netflix, in its earnings report, said it added 5.1 million subscribers outside the United States and 1.9 million in its home market in the quarter ended Dec. 31. ( nflx.it/2jyes47 ) Analysts had forecast 3.73 million non-U.S. additions and 1.44 million at home. "The future battleground at home is now in keeping hold of customers as much as it is in trying to acquire new ones," said Neil Saunders, head of retail analyst firm Conlumino. "In our view, the fact that consumers have readily absorbed the price increase, and that Netflix has continued to advance its subscriber numbers in spite of it, indicates the company is now firmly in pole position in the streaming arena." Netflix said it planned to release over 1,000 hours of original programing this year, up from 600 hours last year. The Los Gatos, California-based company said revenue rose 35.9 percent to $2.48 billion in the December quarter. Analysts on average had expected $2.47 billion, according to Thomson Reuters I/B/E/S. The company said it expected to add 1.50 million subscribers in the United States in the current quarter, fewer than the FactSet estimate of 1.79 million. In international markets, Netflix said it expected to add 3.70 million subscribers, above the average estimate of 3.05 million. Up to Wednesday''s close of $133.26, Netflix''s stock had risen 33.5 percent since it reported third-quarter results in October. Netflix rose as much as 8.2 percent in after hours trading, adding nearly $5 billion to the companys stock market value. (Reporting by Anya George Tharakan in Bengaluru; Editing by Peter Henderson and Richard Chang) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-netflix-results-idINKBN1522YR'|'2017-01-19T05:31:00.000+02:00'|657.0|''|-1.0|'' @@ -684,7 +684,7 @@ 682|'8d646e0ebc3c71dccbd55c497e95cbab74f61132'|'Otonomy''s ear infection drug succeeds in late-stage trial'|'Health 21am EST Otonomy''s ear infection drug succeeds in late-stage trial Drug developer Otonomy Inc said on Thursday its drug to treat acute otitis externa (AOE), an infection in the outer ear canal, met the main goal in a late-stage trial. The drug, Otiprio, is approved for use in pediatric patients during tympanostomy tube placement surgery. The company said it would submit a supplemental marketing approval application with the U.S. Food and Drug Administration in the first half of 2017. (Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-otonomy-trials-idUSKBN14P1BO'|'2017-01-05T19:18:00.000+02:00'|682.0|''|-1.0|'' 683|'05b952849d4e02c03640ddb5928b45fda022885f'|'U.S. President Trump poses grave risk to world trade -French Finance Minister'|'World News 47am EST U.S. President Trump poses grave risk to world trade: French Finance Minister French Finance Minister Michel Sapin speaks during an interview with Reuters in his office at the Bercy Ministry in Paris, France, October 4, 2016. REUTERS/Jacky Naegelen PARIS U.S. President Donald Trump''s administration poses a grave risk to international trade and Europe will have to stand up to him to prevent the collapse of global economic institutions, French Finance Minister Michel Sapin said on Tuesday. "Our American partner appears to want to take unilaterally protectionist decisions which could destabilise the whole world economy," Sapin said in a speech to an audience of international economists gathered at the French finance ministry. "Decisions by the new U.S. administration are posing a grave risk to the world trade order," he said. "Neither France nor Europe ... can watch helplessly as our economic institutions risk being dislocated," he added. (Reporting by Myriam Rivet; writing by Michel Rose) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-trump-sapin-idUSKBN15F0S1'|'2017-01-31T15:36:00.000+02:00'|683.0|''|-1.0|'' 684|'22ae641f8a9382de7e1dad0f97f747f94f764e64'|'London banks'' Brexit battle heads to Europe'|'Business News - Tue Jan 10, 2017 - 5:58am EST London banks'' Brexit battle heads to Europe A man looks towards the Canary Wharf business district in London, Britain December 11, 2016. REUTERS/Toby Melville By Andrew MacAskill and Anjuli Davies - LONDON LONDON Banks with large London operations say they will step up lobbying European officials because they are running out of arguments to convince the British government the industry needs single market access after Britain leaves the European Union. Banks have focused on pressuring British officials to push for as much market access as possible since voters decided seven months ago to leave the EU. They held fewer meetings with European officials, according to several senior sources in the financial services industry. The focus is shifting because after scores of meetings and research reports, banks, which say they may begin moving staff and operations out of London in the next few months if there is no clarity, feel they are running out of new points to make. Prime Minister Theresa May said on Sunday she was not interested in Britain keeping "bits" of its EU membership, interpreted by some as signaling she will favor immigration controls over access to the single market. Banks are now planning a new round of lobbying to highlight how a hard Brexit could harm the EU and the UK. They have identified French politicians, EU regulators and government officials, as key groups to win over. "The battle for Britain is over, the battle for France is about to begin," said one senior lobbyist. Another senior lobbyist for one of the major global banks said he will spend more time in Brussels this year to target the EU''s chief Brexit negotiator Michel Barnier and his teams as well as Didier Seeuws, a Belgian diplomat, who is helping coordinate the Brexit negotiations. Another lobbyist said he is planning to visit Paris to meet with French politicians and regulators later this month. Britain''s position as Europe''s financial center is emerging as one of the main collision points in the Brexit talks. Some European politicians see an opportunity to challenge British dominance of finance after decades of viewing its free-wheeling "Anglo-Saxon" model of capitalism with suspicion. EU leaders like French President Francois Hollande have said they plan to weaken Britain''s grip on finance by, for instance, demanding the lucrative business of clearing euros should move to the euro zone. Finance is Britain''s most important industry, accounting for about a tenth of its economic output and is its biggest source of business tax revenue. EUROPE''S INVESTMENT BANKER But Britain also acts as "the investment banker for Europe", Bank of England Governor Mark Carney said in November, with more than half the equity and debt raised for European governments and companies done in the UK. Banks will argue that Europe depends on the strength and the depth of the financial sector in London to service its economy and companies. If access to the EU is cut off, regional financial stability could be in jeopardy, they will say. UK-based banks had total outstanding loans of more than 1.1 trillion pounds to European companies and governments at the start of 2016. The British government has also privately appealed to financial organizations to make their case in Europe if they want a transitional period where their ability to operate in the EU would be phased out gradually over several years. Finance minister Philip Hammond told a meeting of finance executives at the end of November they should lobby European governments if they want to secure a post-Brexit transitional deal, according to two people who were present. Hammond made the comments at the annual dinner of the All-Party Parliamentary Group on Wholesale Financial Markets and Services, attended by executives from the major British and international banks, according to the people who attended. "He basically said we need a transitional deal to avoid a cliff edge effect, but the EU also needs to argue for it," one person at the dinner said. "He was implying that we need to help the government prepare the ground." A Treasury spokesman, when asked for comment, reiterated Hammond''s previous statements to lawmakers that Europe will harm itself if they use Brexit to undermine London''s position as the region''s principal financial center. Bankers say more work is needed on forging a consensus between Britain and Europe on what any transitional deal may look like. European officials say they will not discuss such a deal before Britain triggers Article 50 of the EU''s Lisbon Treaty to start the process of leaving the EU. "Everyone has a different definition of what it means in Europe and within Whitehall. We''re trying to get a common view on what transition means," one of the lobbyists said. THAWING RELATIONS The British government''s relationship with business has gradually improved after months of friction after the vote. It hit a low point during the Conservative party conference in October when May attacked a "rootless" international elite and officials privately suggested banks would get no special favors in the Brexit negotiations. Nevertheless, banks feel they have largely finished putting forward their case for single market access. "We feel we''ve been lobbying the UK government to death. We''ve presented every piece of evidence, every report, research, you name it," one of the lobbyists said. "We''ve been repeating ourselves for a month or two now... What else do they really need from us now?" One government official, who asked not to be named, said regular dialogue with the finance sector will continue, but the number of meetings may reduce. "The door is open if people want to talk to us. There is not an arbitrary point at which speaking to people is no longer helpful," the person said. "But it has been intense, as we wanted it to be, and that intensity may ease." (Additional reporting by Huw Jones; editing by Anna Willard) Next In Business News Alibaba''s Ma meets Trump, promises to bring one million jobs to U.S. NEW YORK/BEIJING Alibaba Executive Chairman Jack Ma met U.S. President-elect Donald Trump on Monday and laid out the Chinese e-commerce giant''s new plan to bring one million small U.S. businesses onto its platform to sell to Chinese consumers over the next five years, an Alibaba spokesman said. Toshiba asks creditors not to call in loans: sources TOKYO Toshiba Corp met creditors on Tuesday and asked them not to use provisions in debt agreements to call in their loans early, giving the troubled company time to work out a turnaround plan, sources with knowledge of the matter said. NEW YORK Citigroup Inc stands to get less of a profit boost than other big U.S. banks from lower corporate tax rates expected from the new government in Washington. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-banks-idUSKBN14U178'|'2017-01-10T17:58:00.000+02:00'|684.0|''|-1.0|'' -685|'58e0cfc70d8741782a766128fecad27018da7ca8'|'AXA UK says travel policies to cover those hit by U.S. ban'|' 12:19pm GMT AXA UK says travel policies to cover those hit by U.S. ban Logo of France''s biggest insurer Axa is seen in front the compagny headquarter in Paris, France, August 4, 2016. REUTERS/Jacky Naegelen/File Photo LONDON The UK division of French insurer AXA ( AXAF.PA ) said its travel policies would cover those denied access to the United States due to a U.S. travel ban on people from seven Muslim-majority countries. An executive order by U.S. President Donald Trump halted travel by people with passports from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen for 90 days. "Although not technically covered, we view the current situation as unprecedented and unforeseen and as such we are extending the cover under our (travel) policies," AXA UK said in a statement. (Reporting by Carolyn Cohn; Editing by Rachel Armstrong) Oil steady but U.S. drilling weakens deal to cut output LONDON Oil prices were steady on Monday, but news of another increase in U.S. drilling activity spread concern over rising output just as many of the world''s oil producers are trying to comply with a deal to pump less in an attempt to prop up prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-immigration-axa-sa-idUKKBN15E19K'|'2017-01-30T19:19:00.000+02:00'|685.0|''|-1.0|'' +685|'58e0cfc70d8741782a766128fecad27018da7ca8'|'AXA UK says travel policies to cover those hit by U.S. ban'|' 12:19pm GMT AXA UK says travel policies to cover those hit by U.S. ban Logo of France''s biggest insurer Axa is seen in front the compagny headquarter in Paris, France, August 4, 2016. REUTERS/Jacky Naegelen/File Photo LONDON The UK division of French insurer AXA ( AXAF.PA ) said its travel policies would cover those denied access to the United States due to a U.S. travel ban on people from seven Muslim-majority countries. An executive order by U.S. President Donald Trump halted travel by people with passports from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen for 90 days. "Although not technically covered, we view the current situation as unprecedented and unforeseen and as such we are extending the cover under our (travel) policies," AXA UK said in a statement. (Reporting by Carolyn Cohn; Editing by Rachel Armstrong) Oil steady but U.S. drilling weakens deal to cut output LONDON Oil prices were steady on Monday, but news of another increase in U.S. drilling activity spread concern over rising output just as many of the world''s oil producers are trying to comply with a deal to pump less in an attempt to prop up prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-immigration-axa-sa-idUKKBN15E19K'|'2017-01-30T19:19:00.000+02:00'|685.0|11.0|0.0|'' 686|'5498751f07c9d6347e2bc6a68147bc770992095a'|'17 global development clichs to avoid in 2017 - Global Development Professionals Network'|'1. On the ground Someone once told me that this phrase exists to differentiate perspectives from ivory towers. But to me, it feels more commonly used as a lazy, somewhat self-righteous substitute for parachuting into a developing nation. I get countless pitches from writers who tell me theyre on the ground in [insert country in Africa, Asia, or Latin America]. A question: When they return home, do they not walk on the ground?Related, people talk about the research they are conducting in the field. Are they researching the growth patterns of organic wheat? Or the nighttime behaviors of field mice?2. Empowerment This is one of those words that has great intentions who doesnt want to, say, empower women? but has lost its edge with overuse. It will also forever remind me of a photo I once saw taken by an NGO in rural India, in which several women gathered around a poster that said, Thanks to [name redacted] workshop, we are EMPOWERED.Empowerment isnt like a light switch; its a long and messy process, and it certainly wont be completed in a workshopFirst, Im not sure the women in the photo read English. Second, empowerment isnt like a light switch; its a long and messy process, and it certainly wont be completed in a workshop.3. Income-generating activity Because for some reason poor people cant just have a job. Also see livelihood opportunities.4. Photos of children chasing after a jeep Theres something about this particular photographic choice that, to me, reinforces the white saviour narrative.5. Capacity building For those of you who arent familiar with this cringe-worthy phrase, the World Health Organisation defines it as the development and strengthening of human and institutional resources. Whatever that means.6. Global citizen Ever noticed how most people who give themselves this epithet are white and citizens of countries with powerful passports ? Until people begin referring to Syrian refugees as global citizens, were avoiding the term altogether.7. Villages v towns Several months ago, I received a draft that started with, In towns across Europe and villages in Africa. What distinguishes a town from a village? And why across Europe but in Africa? On a related note, I implore writers to think twice before using loaded terms like tribe.Facebook Twitter Pinterest Cliched development image Photograph: age fotostock / Alamy/Alamy 8. Photos of Maasai warriors with cell phones What a pithy way to convey the ways in which traditional cultures are adapting to the 21st century. #ict4d 9. Stories that focus more on the do-gooder than the actual work I love profiles of impressive people who have effected tremendous social change. But I dont love stories that serve as glorified hero worship, or that treat the worthiness of someones work as evidence of the works success.10. Do-gooder Lets not turn powerful individuals who work on social change into teachers pets.11. Do good and do well Such a grammatically awkward way to talk about a for-profit organisation with a social mission.12. Giving voice to the voiceless Yes, one of the intentions of The Development Set is to publish underreported stories that will increase visibility of historically marginalised populations. But the word voiceless at best reminds me of Ariel in The Little Mermaid and at worst, feels condescending.13. Liaising with key local stakeholders Jargon police here. As with most jargon, this can be solved through specificity. Instead of stakeholder, tell me who matters when a decision is being made. And when you say liaise, do you mean youre having a conversation?14. Silver bullet There are none, and certainly not in the complicated world of social impact. I commit to never rhetorically asking in a headline whether an innovation is a silver bullet. The answer is no.15. Stories in which black/brown people are used as flat, colourful characters Louise Linton''s Zambia is not the Zambia I know Read more Im reminded here of Binyavanga Wainainas essay in Granta, How to Write about Africa :Among your characters you must always include The Starving African, who wanders the refugee camp nearly naked, and waits for the benevolence of the West. Her children have flies on their eyelids and pot bellies, and her breasts are flat and empty. She must look utterly helpless. She can have no past, no history; such diversions ruin the dramatic moment. Moans are good. She must never say anything about herself in the dialogue except to speak of her (unspeakable) suffering. Also be sure to include a warm and motherly woman who has a rolling laugh and who is concerned for your well-being. Just call her Mama.On the other hand, too many experts quoted in health/development stories are dripping with privilege, especially compared to the quintessential Starving African. I implore writers to think about the people youre choosing to interview for your stories, and the ways in which you plan to use them. You may also want to check the list of Aspen New Voices and Global Health Corps fellows for experts from Africa and Asia.16. Beneficiaries Poverty porn vs empowerment: The best and worst aid videos of 2016 Read more Wayan Vota has written about the inherent problems with this term: The definition of the term beneficiary means a person who derives advantage from something, usually a will, trust or other financial instrument. The implication is that this recipient is a passive recipient of largesse. And somehow, we have adopted this term in development. That the people we are working with should be passive recipients of our financial gifts.17. Third world This term originated during the Cold War to define countries that were neither aligned with NATO nor the Communist Bloc. Its now used as shorthand for non-industrialised countries though according to its definition, it also includes neutral countries like Switzerland. Like several of the other phrases in this list, third world also feels quite paternalistic.But Im not sure how to replace it. We typically use developing country, but recognise that theres an increasingly false divide between developed and developing countries. Ive had crystal-clear Skype connections in Tanzania and Thailand, while Ive struggled with public transportation to New York Citys JFK airport. Other terms, like least developed countries and global south also have their pitfalls.Whats the most cringe-inducing of this list? What phrase are you actually OK with? And did I miss any tropes or clichs?This article was first published on The Development Set . Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jan/13/17-global-development-cliches-to-avoid-in-2017'|'2017-01-13T18:05:00.000+02:00'|686.0|''|-1.0|'' 687|'db911d13f65abbcf756325776d7aeef03d0eac79'|'Oil majors, car makers to push hydrogen technology to help cut emissions'|'Business News - Tue Jan 17, 2017 - 9:13pm GMT Oil majors, car makers to push hydrogen technology to help cut emissions left right Ben van Beurden, chief executive officer of Royal Dutch Shell, speaks during a news conference in Rio de Janeiro, Brazil, February 15, 2016. REUTERS/Sergio Moraes 1/2 left right Total Chief Executive Officer Patrick Pouyanne attends an economic forum in Paris, France, December 1, 2016. REUTERS/Jacky Naegelen 2/2 DAVOS, Switzerland The heads of some of the world''s biggest oil firms and automakers agreed on Tuesday to push for broader global use and bigger investments in using hydrogen to help reduce emissions and arrest global warming. The oil firms'' and car makers'' chiefs said the plan was part of global efforts to keep global warming well below 2 degrees Celsius, an ambitious goal agreed by 195 countries in Paris in 2015. "In this context, we are convinced that the unique contribution that hydrogen solutions offer needs to be strongly reaffirmed now," the participants, including the chiefs of oil firms Total ( TOTF.PA ) and Royal Dutch Shell ( RDSa.L ), Patrick Pouyanne and Ben van Beurden, said in a statement. The declaration was also signed by the CEOs of car makers BMW, Daimler, Honda, Hyundai, Kawasaki and Toyota as well as miner Anglo American and energy and engineering firms Engie, Linde and Air Liquide. Hydrogen does not release any CO2 at the point of use and its technologies and products have progressed significantly, the firms said in a statement. They aim to accelerate investment in developing and commercialising the hydrogen sector, currently amounting to just 1.4 billion euros a year - compared with the hundreds of billions of dollars invested annually by the oil sector. "We need governments to back hydrogen with actions of their own - for example through large scale infrastructure investment schemes," the statement quoted the head of Air Liquide Benoit Potier as saying. "We are not trying to bring hydrogen only to cars or trains. We are trying to bring a systemic approach. Hydrogen can generate power, produce heat and it is close to the chemical industry. And it is the most abundant element in the universe," Potier told a news conference. The head of oil major Shell Ben van Beurden said that despite starting a hydrogen business 20 years ago, his firm today had only had five hydrogen refuelling stations in Germany and three in California. "You need a coordinated approach to make it work. Hopefully, we can have hundreds (of stations)," he said. The head of Total Pouyanne said hydrogen was also the best way to store energy and Total was studying those opportunities. (Reporting by Dmitry Zhdannikov; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-energy-idUKKBN1512ZB'|'2017-01-18T04:13:00.000+02:00'|687.0|''|-1.0|'' 688|'27416ed858a438c3812148cb3c040455d8530967'|'Online healthcare platform Practo raises $55 million in fresh funding - Reuters'|'MUMBAI Indian online healthcare platform Practo said on Tuesday it had raised $55 million from new and existing investors in a fresh round of funding led by China''s Tencent Holdings.Bengaluru-headquartered Practo, founded in 2008, acts as a one-stop shop for patients booking appointments with doctors for online and in-person consultations.New investors in the latest round include Japan''s Recruit Holdings Co -owned RSI Fund and Thrive Capital, Practo''s founder and chief executive Shashank ND told Reuters.Sequoia Capital, Matrix Partners, Capital G and Tencent were among the existing investors, who also participated in the latest round of funding, he said."The main focus will be to further invest in the platform to make it accessible to more Indians," said Shashank, who added that Practo will expand its medicine delivery and diagnostics services, currently available in the tech-hub of Bengaluru, to all major Indian cities.The firm may soon partner with health insurance providers, Shashank said.A part of the new funds will be used to expand the company''s services in South East Asia, he said. The company already has a presence in Indonesia, the Philippines, Brazil and Singapore.The firm says 45 million appointments annually are currently managed through its website.(Reporting by Sankalp Phartiyal; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/practo-funding-idINKBN1510LH'|'2017-01-17T04:22:00.000+02:00'|688.0|''|-1.0|'' @@ -764,7 +764,7 @@ 762|'eb83a7467a49c25d2783f83b1eaa2237f1dd0ee9'|'Interview: India''s top bank SBI eyes up to $1.5 billion capital raising next fiscal year'|'By Angeline Ong and Sujata Rao - DAVOS, Switzerland DAVOS, Switzerland India''s biggest lender by assets, State Bank of India, could tap capital markets next fiscal year to raise up to $1.5 billion, its chief said on Friday, though it first needs to complete a planned merger with its subsidiary banks.In an interview with Reuters on the sidelines of the World Economic Forum in Davos, Arundhati Bhattacharya also said the lender would look to raise funds from stake sales in its life insurance unit that could list in a year to 18 months, and by paring its holding in UTI Asset Management Co, which is also looking to go public."We do plan to raise some capital. However, this is also dependent on the fact that there is a merger that we are planning to do," said Bhattacharya, 60, who has been at the helm of SBI as its chairman since late 2013.SBI, which is merging its five subsidiary banks with itself and also taking over a small state-run lender for women, previously expected the merger to be completed by March.The deals could now get delayed by a quarter, Bhattacharya said, as banks are still busy replacing withdrawn banknotes after India''s sudden move in November to cancel 86 percent of its currency. India''s fiscal year starts in April."As long as the merger is not over and done with, it could be difficult to approach the capital markets," Bhattacharya said, adding the lender could look to raise between $1 billion and $1.5 billion from the markets.SBI last sold shares in January 2014 to raise $1.2 billion.Bhattacharya said activities were "slowly getting back to normal" as effects of the banknote ban subside, although it would still take until the end of February to fully gauge the impact.Bhattacharya hoped recent lending rate cuts by banks including SBI, after they were flush with billions of dollars of deposits following the banknote ban, would help "kickstart" credit growth, which is hovering near two-decade lows."We feel that credit growth will pick up ... definitely by the second half of next (fiscal) year we should see substantial pick up," she said.Ratings agency Fitch estimates India''s banks will need about $90 billion to meet global Basel III rules which are due to be fully implemented by March 2019.Indian banks face a March deadline from the country''s central bank to identify and make provisions for the troubled assets.But Bhattacharya said: "It''s unlikely now to be finished by March 2017, but probably in another quarter or two it should be at least many of the large ones would have found some kind of resolution."BNP Paribas Cardif, SBI''s partner in its life insurance arm, was no longer interested in picking up 10 percent more in SBI Life at current valuations, Bhattacharya said.The two sides had been in talks over the stake after India allowed higher foreign holdings in the insurance sector. In separate deals, SBI last month agreed to sell stakes in SBI Life to KKR and Temasek($1 = 68.1400 Indian rupees)(Writing and additional reporting by Devidutta Tripathy in Mumbai; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/davos-meeting-state-bank-india-idINKBN1541ZJ'|'2017-01-20T11:46:00.000+02:00'|762.0|''|-1.0|'' 763|'53eebaecc34e704d28149bb3ee9275d72f1924cb'|'Yahoo''s Marissa Mayers to resign from board after Verizon deal closes'|'Yahoo Inc ( YHOO.O ) said Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc ( VZ.N ).Five other directors would also resign after the deal closes, Yahoo said in an filing on Monday. ( bit.ly/2iXrbwn )The company also named Eric Brandt chairman of the board, effective Jan. 9.Verizon''s $4.83 billion deal for Yahoo''s core internet assets came under renewed scrutiny by federal investigators and lawmakers last month after Yahoo disclosed the largest known data breach in history.Mayer said in July that she planned to stay at Yahoo through the transaction''s close.Yahoo said the remaining company would be renamed Altaba Inc after the deal closes.(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-yahoo-m-a-verizon-idINKBN14T2I7'|'2017-01-09T20:37:00.000+02:00'|763.0|''|-1.0|'' 764|'82faae128fdab0de28d79dc704836341e12b515b'|'Actelion says R&D company will launch with 1 bln Sfr cash'|'Market News - Thu Jan 26, 2017 - 3:22am EST Actelion says R&D company will launch with 1 bln Sfr cash ZURICH Jan 26 Actelion said the new research and development company to be created following the $30 billion takeover by Johnson & Johnson will be launched with 1 billion Swiss francs ($1.00 billion)in cash. The unit will be spun out into a standalone company based and listed in Switzerland and will be led by Actelion Chief Executive and founder Jean-Paul Clozel, with Johnson & Johnson taking a 16 percent stake with rights to another 16 percent via a convertible note. ($1 = 0.9994 Swiss francs) (Reporting by John Revill) Next In Market News Physical gold demand slides to 7-year low in 2016 -GFMS * Physical gold demand slides 20 pct to 3,349 T in 2016 * Gold market surplus biggest this century * GFMS forecasts gold at $1,259/oz in 2017 By Jan Harvey LONDON, Jan 26 Physical gold demand fell 20 percent last year to its lowest since 2009, GFMS analysts at Thomson Reuters said in a report on Thursday, as a rebound in prices after three straight years of losses blunted appetite for the metal. Buying of jewellery, coins and bars, plus official sector and indu'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/actelion-ma-johnsonjohnson-newco-idUSFWN1FG0DD'|'2017-01-26T15:22:00.000+02:00'|764.0|''|-1.0|'' -765|'5eec80439a75190e3137326b9f77e242a7b686e8'|'Russian retailer Magnit misses 2016 sales forecast'|'Business News - Tue Jan 10, 2017 - 9:01am GMT Russian retailer Magnit misses 2016 sales forecast People walk to enter a grocery store owned by Russian retailer Magnit on the suburbs of Moscow August 1, 2012. REUTERS/Sergei Karpukhin MOSCOW Russia''s biggest food retailer Magnit ( MGNT.MM ) reported on Tuesday a 12.8 percent increase in 2016 sales, missing its 14-16 percent growth forecast. The low-cost retailer has seen revenue growth slow as competition increased among stores seeking to tap into the pool of cash-strapped consumers who have cut back on spending as the rouble weakened and inflation ran high. Analysts have said they expect Magnit to cede its leading position to X5 Retail Group ( PJPq.L ) in 2017 as the aggressively expanding competitor has been reporting sales growth in excess of 20 percent. Other retailers in the sector have yet to report their 2016 sales figures. Magnit''s 2016 sales rose to 1.1 trillion roubles (15.06 billion pounds) from 947.8 billion roubles in 2015, with growth slowing from the 24 percent achieved in 2015. In December alone, sales growth slowed to 6.9 percent from more than 10 percent in previous months. Like-for-like sales were down 0.3 percent last year as Magnit''s customer numbers dropped 0.9 percent while the average bill rose 0.65 percent, Magnit said in a statement. It also opened fewer new stores than planned, adding 927 convenience shops against an earlier forecast 1,000-1,100 stores, Magnit said in a statement. Magnit Chief Executive Officer Sergey Galitskiy said in October the company was likely to end 2016 with fewer net openings than planned as it was ramping up closures of inefficient outlets. Shares in Magnit were down 3.3 percent by 0827 GMT in Moscow, underperforming a broader market index . (Reporting by Maria Kiselyova; Editing by Christian Lowe) Next In Business News L''Oreal to buy three skincare brands from Valeant for $1.3 billion PARIS French cosmetics group L''Oreal is acquiring three specialized skincare brands - CeraVe, AcneFree and Ambi - from Canada''s Valeant Pharmaceuticals International for $1.3 billion (1.07 billion pounds) in cash to expand into one of the fastest growing areas of the beauty industry.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-magnit-salesfigures-idUKKBN14U0VI'|'2017-01-10T16:01:00.000+02:00'|765.0|''|-1.0|'' +765|'5eec80439a75190e3137326b9f77e242a7b686e8'|'Russian retailer Magnit misses 2016 sales forecast'|'Business News - Tue Jan 10, 2017 - 9:01am GMT Russian retailer Magnit misses 2016 sales forecast People walk to enter a grocery store owned by Russian retailer Magnit on the suburbs of Moscow August 1, 2012. REUTERS/Sergei Karpukhin MOSCOW Russia''s biggest food retailer Magnit ( MGNT.MM ) reported on Tuesday a 12.8 percent increase in 2016 sales, missing its 14-16 percent growth forecast. The low-cost retailer has seen revenue growth slow as competition increased among stores seeking to tap into the pool of cash-strapped consumers who have cut back on spending as the rouble weakened and inflation ran high. Analysts have said they expect Magnit to cede its leading position to X5 Retail Group ( PJPq.L ) in 2017 as the aggressively expanding competitor has been reporting sales growth in excess of 20 percent. Other retailers in the sector have yet to report their 2016 sales figures. Magnit''s 2016 sales rose to 1.1 trillion roubles (15.06 billion pounds) from 947.8 billion roubles in 2015, with growth slowing from the 24 percent achieved in 2015. In December alone, sales growth slowed to 6.9 percent from more than 10 percent in previous months. Like-for-like sales were down 0.3 percent last year as Magnit''s customer numbers dropped 0.9 percent while the average bill rose 0.65 percent, Magnit said in a statement. It also opened fewer new stores than planned, adding 927 convenience shops against an earlier forecast 1,000-1,100 stores, Magnit said in a statement. Magnit Chief Executive Officer Sergey Galitskiy said in October the company was likely to end 2016 with fewer net openings than planned as it was ramping up closures of inefficient outlets. Shares in Magnit were down 3.3 percent by 0827 GMT in Moscow, underperforming a broader market index . (Reporting by Maria Kiselyova; Editing by Christian Lowe) Next In Business News L''Oreal to buy three skincare brands from Valeant for $1.3 billion PARIS French cosmetics group L''Oreal is acquiring three specialized skincare brands - CeraVe, AcneFree and Ambi - from Canada''s Valeant Pharmaceuticals International for $1.3 billion (1.07 billion pounds) in cash to expand into one of the fastest growing areas of the beauty industry.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-magnit-salesfigures-idUKKBN14U0VI'|'2017-01-10T16:01:00.000+02:00'|765.0|6.0|0.0|'' 766|'c35cef4a4afd1f9bbb828ab3d74da319b7881f1a'|'Futures flat as earnings season gathers pace'|' 7:29am EST Futures flat as earnings season gathers pace Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017. REUTERS/Brendan McDermid By Yashaswini Swamynathan U.S. stock index futures were little changed on Tuesday as investors assessed quarterly earnings reports, while seeking more clarity on President Donald Trump''s economic policies. * Trump''s focus on protectionism over fiscal stimulus since taking office on Friday has disappointed investors, who had driven up Wall Street to record highs following his election. * Wall Street dipped on Monday after Trump warned of border taxes and signed orders to withdraw the United States from the Trans-Pacific trade deal. * The dollar turned positive after falling to a seven-week low on Tuesday. Oil prices were flat, while gold declined for the first time in four days. * Data due on Tuesday includes a report on existing home sales, which likely fell to 5.52 million in December from 5.61 million the previous month. * Shares of General Motors ( GM.N ), Ford ( F.N ) and Fiat Chrysler ( FCAU.N ) rose in premarket trading. Trump is expected to meet the executives of the auto makers to discuss U.S. jobs. * Johnson & Johnson dropped 2.5 percent to $111.11 after the company reported a quarterly revenue that missed analysts'' expectations. * Apple ( AAPL.O ) was off 0.71 percent on a Barclays downgrade to "equal-weight" from "overweight". Of the 49 brokerages covering the stock, only eight have a "hold" or equivalent rating. * Yahoo ( YHOO.O ) rose 2.9 percent to $43.54 after the company reported better-than-expected quarterly profit and revenue and said the sale of its core internet business to Verizon ( VZ.N ) should be completed in the second quarter. Futures snapshot at 6:54 a.m. ET: * Dow e-minis 1YMc1 were up 4 points, or 0.02 percent, with 17,054 contracts changing hands. * S&P 500 e-minis ESc1 were down 0.25 points, or 0.01 percent, with 76,667 contracts traded. * Nasdaq 100 e-minis NQc1 were up 1.25 points, or 0.02 percent, on volume of 14,557 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN1581J9'|'2017-01-24T19:29:00.000+02:00'|766.0|''|-1.0|'' 767|'bc66f34f8193107cc02830ab1ca3327a8d6eb2f5'|'London Metal Exchange chief resigns - HKEX statement'|'Financials 12:55am EST London Metal Exchange chief resigns - HKEX statement * Jones to retire from all HKEX Group roles with immediate effect * LME chief operating officer Chamberlain appointed CEO in interim HONG KONG Jan 23 London Metal Exchange (LME) Chief Executive Garry Jones is stepping down just over three years after being appointed to run the world''s largest and oldest metals market, parent company Hong Kong Exchanges and Clearing Ltd (HKEX) said on Monday. Jones is retiring from all his positions within the HKEX Group, including his positions at the LME and LME Clear, with immediate effect. He will be replaced in the interim by Matthew Chamberlain, the LME''s 34-year-old chief operating officer, until a permanent replacement is found, the bourse said in a stock exchange filing. Andrew Dodsworth, the LME''s head of market operations, has been appointed interim COO. Jones will serve as an advisor to the LME until the end of the year, the bourse said. HKEX appointed Jones, a well-known industry veteran, CEO of the LME in August 2013, selecting the former top executive at the NYSE Liffe to help drive its expansion into commodities and beyond. Jones, with 30 years of experience in exchanges and financial services, but limited experience in metals, inherited a difficult role at a time when the LME was caught in a controversy over warehousing metals and its impact on consumers. The former NYSE Liffe executive also courted controversy during his tenure after the LME moved a year ago to hike fees by an average of 31 percent, angering the bourse''s members. (Reporting by Michelle Price; additional reporting by Josephine Mason in Beijing; Editing by Stephen Coates) Next In Financials Canada''s CALGARY, Alberta, '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/lme-ceo-idUSL4N1FD27C'|'2017-01-23T12:55:00.000+02:00'|767.0|''|-1.0|'' 768|'2494a2ceae66397c3c31c990358f89b5a03800f9'|'Flush with funds, Israeli tech firms delay exits'|'By Tova Cohen - TEL AVIV TEL AVIV Whenever potential buyers have approached Tel Aviv-based Fiverr, the technology firm has said no; like a growing number of Israeli start-ups, it has enough backing from private investors to stay independent for longer.Traditionally, many of Israel''s numerous tech companies have sold out at an early stage to global giants like Cisco, IBM and Microsoft. Only a few - such as cyber security leader Check Point Software - have reached a significant size.But now start-ups are using a sharp rise in private investment to pursue growth, often aiming for eventual stock market flotations. With founders looking longer term rather than trying to make quick money, acquisitions of Israeli technology firms fell in 2016 to their lowest level in six years.Fiverr, backed by large venture capital funds including California-based Accel and Bessemer, is among those hoping to follow the Check Point model.Its online marketplace allows freelancers to offer services ranging from logo design to cartoons, and translations to psychic readings. Asking prices range from $5 to $10,000.A consumer-oriented company focused on the U.S. market, Fiverr raised $60 million in November 2015, bringing its total funding to date to $110 million."Fiverr should be a multi-billion dollar business. This is why we aren''t looking to be acquired," Chief Executive Micha Kaufman told Reuters. "Eventually a company like ours will go public."Fiverr declined to disclose the company''s current valuation or name the would-be buyers that have approached it in the past couple of years.Israel''s high tech industry is well established, using skills of workers trained in the military and intelligence sectors. Tax breaks and government funding have encouraged start-ups, and also drawn in entrepreneurs from abroad.But acquisitions of Israeli high-tech companies more than halved last year to $3.5 billion, according to PricewaterhouseCoopers.Stock market listings in the sector are also dwindling as investors increasingly prefer bigger tech companies. After eight initial public offerings valued at $3.4 billion in 2015, only two IPOs totaling $44 million took place in 2016 - one in London and the other in Tel Aviv.Instead, private investment is rising. In the first nine months of 2016 Israeli start-ups raised $4 billion, up 27 percent from a year earlier, according to the Israel Venture Capital Research Centre (IVC), which has forecast a record year in 2016.Investment in more established late stage companies surged 47 percent to $1.6 billion in the first nine months, IVC said.The Aleph VC fund said four of its 12 companies have declined offers from would-be buyers in the hundreds of millions of dollars."I''m seeing for first time that many founders are saying no to M&A. It''s a good thing," Aleph partner Eden Shochat said. "These bigger companies create pockets of knowledge ... which is required to build an industry."Aleph was structured to allow 12 years for investors to cash in, instead of the seven years typical for the venture capital sector, he said.Accel, which has just opened an Israeli office, said it can invest $50 million in a growth stage company and has raised a fifth fund of $500 million to invest in Israel and Europe."The fact that money is available has clearly impacted the level of exits," Accel partner Philippe Botteri said.Adam Fisher, a partner who manages Bessemer''s Israel office, expects this trend of holding out to continue as long as growth funding, especially from new sources such as China, is abundant.LESS EFFICIENTFisher believes the availability of growth capital also has disadvantages. The risk is that generously-funded companies may be less efficient than those running on a shoestring.Moreover, rejecting an offer to hold out for more money limits the number of potential buyers, while an IPO may also not be possible if stock market investors consider a firm has yet to grow big enough for a flotation.Gone are the days of the tech boom in the late 1990s when relatively small firms listed on the U.S. Nasdaq market."Startups often need growth financing to reach the current IPO threshold of $100 million revenue run rate, but by no means does that imply that growth financing will create an IPO candidate," Fisher said.Despite the country''s reputation as a center for innovation, many global buyers prefer the more established markets of the United States and Europe. Rubi Suliman, high-tech leader for PwC Israel, said there are still not enough buyers who are familiar and comfortable enough with Israeli high-tech to drive a wave of deals."When potential buyers are relatively scarce, deal prices are expected to go down," he said.Taking the IPO route could also prove difficult for Israeli firms in certain business areas. Some of the largest private companies in revenue terms are in the online advertising sector, which public markets have turned against.The valuation of Israeli adtech firm Matomy, for example, has nearly halved since it went public in London in 2014.With Facebook and Google owning much of the distribution and profit from selling ads directly to the advertiser, the pie for adtech firms is much smaller, said Nir Blumberger, Accel''s Israel-based partner and a former corporate development executive at Facebook.Amounts made by investors exiting adtech firms through sales or IPOs fell to $238 million in 2016 from about $600 million in 2015, according to IVC and the Meitar law firm.In cyber security technology, the need for firms'' services is growing but a proliferation of start-ups means competition is stiff. Cyber start-ups raised more funds last year than in 2015, but exits nearly halved to $660 million, IVC data shows."I still foresee this will be a big area for M&A and IPOs in the future but it will take a while to be built into a revenue stream," said Shochat.A third group is automotive tech, boosted by the success of Mobileye which makes driver warning systems aimed at preventing accidents. Investment in start-ups nearly doubled in 2016 to $680 million though exits brought in only $190 million.Investors caution that companies in this sector require a lot of money over a very long period.(editing by David Stamp)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-israel-tech-idINKBN14P1OS'|'2017-01-05T11:18:00.000+02:00'|768.0|''|-1.0|'' @@ -794,7 +794,7 @@ 792|'6e3771a6df24b48fd305280ed196d267c48458a9'|'S.Korea prosecutor says Samsung''s Lee paid bribes to Park''s friend'|'Company News - Mon Jan 16, 2017 - 12:28am EST S.Korea prosecutor says Samsung''s Lee paid bribes to Park''s friend SEOUL Jan 16 South Korea''s special prosecutor''s office said on Monday that Samsung Group leader Jay Y. Lee had paid bribes totaling 43 billion won ($36.42 million) to Choi Soon-sil, the friend of President Park Geun-hye at the centre of an escalating corruption scandal. The prosecutor''s office said on Monday it will seek a warrant to arrest Lee on charges of bribery and embezzlement. Lee Kyu-chul, a spokesman for the prosecutor''s office, told journalists that arrest warrants would not be sought for three other Samsung executives questioned during the investigation. ($1 = 1,180.5300 won) (Reporting by Se Young Lee; Writing by Christine Kim; Editing by Simon Cameron-Moore) Next In Company News Morgan Stanley gets regulatory nod to raise China securities JV stake - source HONG KONG, Jan 16 Morgan Stanley the maximum permissible 49 percent, matter said, making it the first '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/southkorea-politics-samsung-group-charge-idUSS6N1CU01K'|'2017-01-16T12:28:00.000+02:00'|792.0|''|-1.0|'' 793|'7edb226dc89e4c498ce291c50c3073e84cf00b61'|'MOVES-Lloyds Bank North America appoints CEO'|'Company 49am EST MOVES-Lloyds Bank North America appoints CEO Jan 12 Lloyds Bank said Andy Schaeffer would replace Mark Grant as chief executive of its North America business, effective Feb. 1. Schaeffer joined Lloyds Bank North America in July 2014 and was made head of North America markets a year later. He has 25 years of experience in the banking industry. Grant, as previously announced, will return to London as CEO designate of the Group''s Non-Ring-Fenced Bank alongside his responsibilities for Lloyds Bank''s operations in Asia, Europe and North America. (Reporting by Laharee Chatterjee in Bengaluru) Next In Company News GLOBAL MARKETS-U.S. stocks slide, dollar drops as Trump optimism wanes NEW YORK, Jan 12 Wall Street stocks fell nearly 1 percent and the U.S. dollar dropped to a five-week low on Thursday after President-elect Donald Trump''s eagerly awaited news briefing the previous day ignored his fiscal policies, which are expected to boost the economy.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lloyds-bank-north-america-moves-andy-sch-idUSL4N1F24QZ'|'2017-01-12T23:49:00.000+02:00'|793.0|''|-1.0|'' 794|'bdb536e7b7d2f848c7d864914f3ddd49b107eec2'|'Thai c.bank has FX buffers to handle volatility - governor'|'Financials 7:11am EST Thai c.bank has FX buffers to handle volatility - governor LONDON Jan 10 Thailand has enough foreign exchange reserves to handle market volatility if it flares up again this year, the head of the country''s central bank said on Tuesday. Emerging market currencies in Asia are being buffeted by a parallel rise in the dollar and a fall in China''s yuan, but Veerathai Santiprabhob said Thailand had the ammunition to cope with any stress. "We have built good buffers to protect us from financial instability," Santiprabhob said at an event hosted by policy think-tank OMFIF. (Reporting by Marc Jones; editing by John Geddie) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/thailand-cenbank-idUSL9N1EE002'|'2017-01-10T19:11:00.000+02:00'|794.0|''|-1.0|'' -795|'6ee1f5740e7b1e3fe3f346a009ebc7b573f8cae3'|'UK''s Southern rail strike next week reduced to three days'|'Industrials - Wed Jan 4, 2017 - 5:16am EST UK''s Southern rail strike next week reduced to three days LONDON Jan 4 Train drivers on Britain''s Southern rail commuter network have cut a planned six-day strike on one of London''s main commuter networks next week to three days, the ASLEF union said on Wednesday. Strikes will now take place on January 10, 11 and 13 after ASLEF reduced the walkout which was due to last from January 9 to 14, the latest action in a long-running dispute over whose role it should be to open and close train doors. Southern train services connect Brighton and Gatwick Airport to London, and are run by GTR, a joint venture owned by London-listed Go-Ahead and France''s Keolis. The network has been hit by months of industrial action, with stoppages by ASLEF and the RMT, which represents conductors, causing Britain''s worst rail disruption for two decades in December. "ASLEF''s move shows pure contempt for the travelling public and it still causes massive disruption over next week," a Southern spokesman said. "These strikes are pointless and they should call the whole thing off and let common sense prevail." (Reporting by Sarah Young; editing by Michael Holden) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/britain-railways-strike-idUSL5N1EU1PP'|'2017-01-04T17:16:00.000+02:00'|795.0|''|-1.0|'' +795|'6ee1f5740e7b1e3fe3f346a009ebc7b573f8cae3'|'UK''s Southern rail strike next week reduced to three days'|'Industrials - Wed Jan 4, 2017 - 5:16am EST UK''s Southern rail strike next week reduced to three days LONDON Jan 4 Train drivers on Britain''s Southern rail commuter network have cut a planned six-day strike on one of London''s main commuter networks next week to three days, the ASLEF union said on Wednesday. Strikes will now take place on January 10, 11 and 13 after ASLEF reduced the walkout which was due to last from January 9 to 14, the latest action in a long-running dispute over whose role it should be to open and close train doors. Southern train services connect Brighton and Gatwick Airport to London, and are run by GTR, a joint venture owned by London-listed Go-Ahead and France''s Keolis. The network has been hit by months of industrial action, with stoppages by ASLEF and the RMT, which represents conductors, causing Britain''s worst rail disruption for two decades in December. "ASLEF''s move shows pure contempt for the travelling public and it still causes massive disruption over next week," a Southern spokesman said. "These strikes are pointless and they should call the whole thing off and let common sense prevail." (Reporting by Sarah Young; editing by Michael Holden) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/britain-railways-strike-idUSL5N1EU1PP'|'2017-01-04T17:16:00.000+02:00'|795.0|8.0|0.0|'' 796|'ce04ea0ad28be91b5bcf16949854740b577b4f40'|'China should stop intervening in forex market and let yuan float - researcher'|'Economic 54am IST China should stop intervening in forex market and let yuan float - researcher FILE PHOTO: Arrangement of various world currencies including Chinese Yuan, US Dollar, Euro, British Pound, shot January 25, 2011. REUTERS/Kacper Pempel/Illustration/File Photo SHANGHAI China should stop intervening in the foreign exchange market, devalue the yuan and let it float freely to restore stability, a senior researcher at a government-backed think tank said. Xiao Lisheng, a finance expert with the Chinese Academy of Social Sciences, made the remarks in an article on Monday in the official China Securities Journal amid a growing debate among the country''s economists on whether authorities should let the closely-managed currency trade more freely. The yuan lost 6.6 percent against the dollar last year, the biggest annual loss since 1994. "The more the government delays the release of depreciation pressure, the greater the impact and destructive power of the release of depreciation pressure will be," Xiao wrote. The authorities should "let the yuan exchange rate have a one-off adjustment to realize a free float" of the currency, he said. The yuan is allowed to trade in a band of 2 percent on either side of a daily reference rate managed by the central bank. Authorities have said repeatedly there was no basis for continued depreciation of the unit, but many currency strategists predict a further weakening this year if the U.S. dollar remains strong, spurring further capital outflows from China. Xiao said the current mid-point formation mechanism, adopted in 2015, is still immature and in transition, although it has eased depreciation pressure and curbed sharp declines in the country''s foreign exchange reserves. "But any foreign exchange rate mechanism without a free float cannot fundamentally reach a market clearing (price)," he wrote. The mechanism for setting the daily reference rate was adopted after a one-off devaluation of the yuan in August 2015. It is opaque, but factors in the closing price from a day earlier and the movements of various other currencies. Yu Yongding, a former central bank adviser, has also advocated that China stop intervening to help preserve its dwindling foreign exchange reserves, and suggested the central bank set a "bottom line" of 25 percent for the yuan to depreciate. China''s foreign exchange reserves fell to near six-year lows in December, but held just above the critical $3 trillion level, as authorities stepped in to support the weakening yuan ahead of U.S. President-elect Donald Trump''s inauguration. For 2016 as a whole, China''s reserves fell nearly $320 billion to $3.011 trillion, on top of a record drop of $513 billion in 2015. (Reporting by Winni Zhou and John Ruwitch; Editing by Kim Coghill) Next In Economic News Davos elites struggle for answers as Trump era dawns DAVOS, Switzerland The global economy is in better shape than it''s been in years. Stock markets are booming, oil prices are on the rise again and the risks of a rapid economic slowdown in China, a major source of concern a year ago, have eased. RBI employees urge governor to protect autonomy MUMBAI The employee union of the Reserve Bank of India (RBI) has urged the bank''s governor to protect central bank autonomy and not allow the federal government to interfere in processes following criticism over how it handled a ban on high-value currency. GANDHINAGAR, India Business leaders from around the world attending an investment summit in the Gujarat this week cheered Prime Minister Narendra Modi''s reforms, and said the disruption caused by his radical demonetisation move should be temporary. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-yuan-depreciation-idINKBN1500EC'|'2017-01-16T12:24:00.000+02:00'|796.0|''|-1.0|'' 797|'42c0612bdc19f6284b6b7fb620800386bd2e05f8'|'BOJ to keep policy steady, seek to allay tapering fears'|' 11:30pm GMT BOJ to keep policy steady, seek to allay tapering fears Haruhiko Kuroda, Governor of the Bank of Japan attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 20, 2017. REUTERS/Ruben Sprich By Leika Kihara - TOKYO TOKYO The Bank of Japan is set to keep monetary policy steady on Tuesday and seek to allay speculation of an early tapering of its massive stimulus, as recent bond market turbulence puts to the test its revamped policy framework that aims to control the yield curve. Japanese government bond yields spiked last week after the BOJ skipped a much-anticipated auction to buy short-term debt on Wednesday, leaving investors wondering about its intentions and casting doubt on its resolve to cap bond yields. Two days later, it surprised markets again by increasing bond purchases. The BOJ says such adjustments to its market operations are aimed at getting markets accustomed to a decision it made last September, which was to shift its policy focus to interest rates from the pace of bond buying, sources say. The central bank was forced into making the policy revamp after more than three years of aggressive bond buying failed to accelerate inflation to its 2 percent target. But the new framework, dubbed "yield curve control" (YCC), has brought in new challenges. With markets accustomed to huge bond buying by the BOJ, any sign of slowdown in its purchases has heightened market volatility and prompted market speculation it could withdraw stimulus earlier than expected. At a post-meeting news conference, BOJ Governor Haruhiko Kuroda is likely to stress that any tapering of the bank''s huge asset-buying programme would be some time off as inflation remains distant from its 2 percent target. "Kuroda probably won''t want to give markets the impression the BOJ is eyeing an early exit from its ultra-loose policy as that could turn around the current favourable weak-yen trend," said Izuru Kato, chief economist at Totan Research. "The BOJ may consider raising its yield targets later this year, but only if yen declines become excessive and hurt households by pushing up grocery costs." Markets are also focussing on what Kuroda has to say on uncertainty over U.S. President Donald Trump''s economic policies and their impact on Japan. Global bond yields have risen on expectations that Trump''s pledge of big infrastructure spending could lead to higher U.S. inflation, putting upward pressure on Japanese long-term rates. At the two-day rate review ending on Tuesday, the BOJ is set to maintain a pledge to guide short-term rates at minus 0.1 percent and the 10-year bond yield to around zero percent. The BOJ is the first major central bank to commit to directly controlling long-term interest rates. The task has been made more difficult by a loose commitment it keeps to buy government bonds at the current pace, so that the balance of holdings increase at 80 trillion yen (553.88 billion pounds) per year. UPBEAT ON INFLATION The BOJ will also conduct a quarterly review of its growth and price forecasts at the two-day policy meeting. The bank''s nine-member board is likely to raise its growth estimates for the coming years, as exports and output show signs of life on brightening prospects for the global economy. But the central bank is likely to make only minor, if any, upward revisions to its already optimistic inflation forecasts despite external headwinds that push up prices, such as a rebound in oil costs and rising import prices from a weak yen. Despite prospects of accelerating inflation, many central bankers remain wary on whether price rises driven by external factors could transform into sustained price growth backed by strength in the economy. The BOJ now projects core consumer inflation to hit 1.5 percent in the fiscal year beginning in April and accelerate to 1.7 percent the following year. Japan''s economic growth remained anaemic in the first half of last year as private consumption slumped, leaving many market players forecasting the BOJ''s next move would be to ease policy. But a pick-up in global demand has helped exports recover since late last year, heightening prospects of a stronger economic recovery. Some market players now bet the BOJ may hike its yield targets this year if inflation accelerates reflecting strength in the economy. (Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN15D17B'|'2017-01-30T06:30:00.000+02:00'|797.0|''|-1.0|'' 798|'3f6766297252b59317b494cede2faf0a92beac48'|'Macy''s cuts 2016 adjusted profit forecast as holiday sales weigh'|'Business 5:00pm EST Macy''s cuts 2016 adjusted profit forecast as holiday sales weigh A sign marks the Macy''s store in downtown Boston, Massachusetts, U.S., May 10, 2016. REUTERS/Brian Snyder Macy''s Inc ( M.N ), the biggest U.S. department store operator, cut its 2016 adjusted profit forecast, largely due to weak holiday season sales. The company''s shares were down 8.9 percent at $32.63 in extended trading on Wednesday. Macy''s cut its adjusted profit forecast for the year ending Jan. 30 to $2.95-$3.10 per share from $3.15-$3.40 per share it previously expected. The company said its comparable sales on an owned plus licensed basis fell 2.1 percent in November and December. On an owned basis, comparable sales fell 2.7 percent during the period. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News U.S. December auto sales on pace for record high, led by GM DETROIT Sales of new cars and trucks in the United States likely set new records for December and the full year, automakers said on Wednesday, and investors bid up shares in the sector as strong consumer confidence and stable fuel prices bolstered the industry''s outlook.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-macy-s-outlook-idUSKBN14O28R'|'2017-01-05T04:58:00.000+02:00'|798.0|''|-1.0|'' @@ -886,7 +886,7 @@ 884|'7aa722d831fbe3202fd7e153ca17b28d2a5099de'|'European shares retreat after 7 sessions of gains, Cobham plunges'|'Company 13am EST European shares retreat after 7 sessions of gains, Cobham plunges (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets) * STOXX Europe 600 index down 0.3 pct * Cobham plunges 20 pct after results * Miners track weaker metals prices By Atul Prakash LONDON, Feb 16 European equities fell on Thursday after seven straight sessions of gains, with weaker metal prices weighing on miners and a poor update battering shares in engineering group Cobham. Companies like NN Group and Drax also dragged the market lower after their disappointing updates. The pan-European STOXX 600 fell 0.3 percent by 0957 GMT after recent gains to a two-month high on Wednesday. Britain''s commodity-heavy FTSE 100 index was down 0.4 percent, while Germany''s DAX dropped 0.2 percent. Cobham led the STOXX 600 lower after slumping nearly 20 percent to its lowest level in about 13 years and heading for its biggest-ever daily fall. The sharp sell-off came after the company missed a profit target that had already been repeatedly lowered and took a charge on a troubled contract with Boeing, capping "an incredibly turbulent and disappointing year" for the defence and aerospace group. The company said 2017 could be even worse as it struggles to fix operational problems in difficult markets. Its shares have already more than halved in the last 12 months. "Investors are ditching the stock as it looks like the problems at Cobham go further than anyone realised when all this started. There is every reason to think that management''s review of the business may throw up further concerns and more write-downs," said Neil Wilson, an analyst at ETX Capital. Miners put pressure on the broader market. The STOXX Europe 600 Basic Resources index fell 0.9 percent, the biggest sectoral decliner, as copper prices fell after China''s overseas investment weakened and sentiment waned over demand in the world''s top copper user. Shares in Anglo American, Antofagasta and Rio Tinto fell 0.5 to 2.4 percent. Elsewhere, Dutch insurance company NN Group dropped 8 percent after its fourth quarter core profit missed expectations, while power producer Drax fell 7 percent after saying it was reviewing its dividend policy. However, broader market losses were partly offset by stronger airlines. Air France-KLM jumped 6 percent after reporting better-than-expected operating profit for 2016 and said it had made a "resilient" start to 2017. Shares in International Consolidates Airlines Group and Lufthansa rose 1.9 percent and 2.8 percent respectively. Mobile telecom equipment maker Ericsson advanced 3.4 percent, the biggest gainer in the STOXX 600, on a media report saying that Cisco was open to larger acquisitions, while IT services group Capgemini was up 2.7 percent after saying that it was targeting higher 2017 earnings. (Editing by Gareth Jones) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1G12GR'|'2017-02-16T17:13:00.000+02:00'|884.0|''|-1.0|'' 885|'1a1d2830045328d6c72a12ef46220fd8e61fb582'|'Electra to receive 203 mln pounds from Audiotonix sale'|'LONDON Feb 3 Electra Private Equity is to receive 203 million pounds ($254 million) after its investment arm sold Audiotonix, a manufacturer of audio mixing consoles, to French buyout group Astorg.The sale comes as Electra is in the process of separating itself from the investment arm, which has renamed itself Epiris and is due to split from the firm in June.Epiris said the deal had generated a return close to five times the amount originally invested."This has been a fantastic deal for Epiris and its investors, and clearly demonstrates our strategy in action," said Charles Elkington, a partner at Epiris.The Auditonix sale is expected to close in the first quarter of this year. ($1 = 0.7985 pounds) (Reporting By Andrew MacAskill; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/electra-pvt-eqty-sale-idINL5N1FO1BR'|'2017-02-03T04:59:00.000+02:00'|885.0|''|-1.0|'' 886|'228bd844b8c8203b7307079f09ec53c944124c4a'|'News Corp posts second-quarter loss'|'Thu Feb 9, 2017 - 4:30pm EST News Corp posts second-quarter loss News Corp ( NWSA.O ), the owner of the Dow Jones Newswires and book publisher HarperCollins, posted a second-quarter loss as it struggles to offset the decline in advertising income in its newspaper business. Net loss available to News Corp shareholders was $290 million, or 50 cents per share, in the quarter ended Dec. 31, compared with a profit of $62 million, or 11 cents per share, a year earlier. The company, controlled by media mogul Rupert Murdoch, said revenue fell 2.1 percent to $2.12 billion. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Savio D''Souza) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-news-corp-results-idUSKBN15O2VX'|'2017-02-10T04:23:00.000+02:00'|886.0|''|-1.0|'' -887|'7de686d3e5df0afcfab415f7c3f42c1b26565cc6'|'Argentine GDP warrants rally on improving economic data'|'Company 51pm EST Argentine GDP warrants rally on improving economic data By Paul Kilby NEW YORK, Feb 2 (IFR) - Argentine GDP warrants are rallying this week as investors bet that stronger economic data will soon translate into a payout. The US dollar warrants were trading as high as US$10.30 on Thursday, up from around US$9.00 last week just before the government released data on January 26 showing that economic activity in November had jumped 1.4% month on month. That marked the second month-on-month gain, raising hopes that Argentina''s GDP growth could eventually top 3% and trigger payment on the warrants. "Accumulated strong data is creating strong conviction and putting the coupon back in play," Siobhan Morden, head of Latin America fixed-income strategy at Nomura. Prices have been further bolstered following reports that car sales had surged in January and that the government is further hiking electricity prices to cut fiscal deficits. "If higher inflation (from electricity hikes) is not coupled with an accordingly weaker peso, which we believe is likely, it also will boost the value of the US dollar and euro warrants," wrote an analyst this week. Last year the government said it would offer investors options to retire the GDP warrants, but the finance ministry has yet to follow through with such plans. Under that plan, the US dollar warrants issued in 2005 and 2010 could be sold back at US$10.25 and US$10.00 respectively, while euro and the peso denominated instruments had a sell-back price of 10.00. (Reporting By Paul Kilby; Editing by Jack Doran) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-bonds-idUSL1N1FN1AD'|'2017-02-03T00:51:00.000+02:00'|887.0|''|-1.0|'' +887|'7de686d3e5df0afcfab415f7c3f42c1b26565cc6'|'Argentine GDP warrants rally on improving economic data'|'Company 51pm EST Argentine GDP warrants rally on improving economic data By Paul Kilby NEW YORK, Feb 2 (IFR) - Argentine GDP warrants are rallying this week as investors bet that stronger economic data will soon translate into a payout. The US dollar warrants were trading as high as US$10.30 on Thursday, up from around US$9.00 last week just before the government released data on January 26 showing that economic activity in November had jumped 1.4% month on month. That marked the second month-on-month gain, raising hopes that Argentina''s GDP growth could eventually top 3% and trigger payment on the warrants. "Accumulated strong data is creating strong conviction and putting the coupon back in play," Siobhan Morden, head of Latin America fixed-income strategy at Nomura. Prices have been further bolstered following reports that car sales had surged in January and that the government is further hiking electricity prices to cut fiscal deficits. "If higher inflation (from electricity hikes) is not coupled with an accordingly weaker peso, which we believe is likely, it also will boost the value of the US dollar and euro warrants," wrote an analyst this week. Last year the government said it would offer investors options to retire the GDP warrants, but the finance ministry has yet to follow through with such plans. Under that plan, the US dollar warrants issued in 2005 and 2010 could be sold back at US$10.25 and US$10.00 respectively, while euro and the peso denominated instruments had a sell-back price of 10.00. (Reporting By Paul Kilby; Editing by Jack Doran) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-bonds-idUSL1N1FN1AD'|'2017-02-03T00:51:00.000+02:00'|887.0|11.0|0.0|'' 888|'d28c65b9f6b5b3ef141c64f1ebfe00c497385412'|'BRIEF-First Global Data Ltd says was recently served with an application by Fountain Asset Corp'|' 31pm EST BRIEF-First Global Data Ltd says was recently served with an application by Fountain Asset Corp Feb 13 First Global Data Ltd : * First Global Data Ltd says was recently served with an application by fountain asset corp * First Global -in application, fountain is seeking an order co deliver to fountain options to subscribe for and purchase 3.4 million common shares at $0.10/share * First Global Data Ltd says "is in process of investigating fountain''s allegations" '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FY11E'|'2017-02-14T08:31:00.000+02:00'|888.0|''|-1.0|'' 889|'4f01823d55ef8fd4b4ba5b731d8a7de3ee1ed92b'|'China''s top coal miners push for Beijing to cap output again - sources'|' 36am GMT China''s top coal miners push for Beijing to cap output again - sources left right FILE PHOTO: A worker speaks as he loads coal on a truck at a depot near a coal mine from the state-owned Longmay Group on the outskirts of Jixi, in Heilongjiang province, China, October 24, 2015. REUTERS/Jason Lee/File Photo 1/3 left right FILE PHOTO: A driver gets off a loading vehicle at local businessman Sun Meng''s small coal depot near a coal mine of the state-owned Longmay Group on the outskirts of Jixi, in Heilongjiang province, China, October 23, 2015. REUTERS/Jason Lee/File Photo 2/3 left right FILE PHOTO: A man stands amidst coal at a factory in Shaoxing, Zhejiang province, April 29, 2014. REUTERS/William Hong/File Photo 3/3 BEIJING China''s major coal miners pushed for the government to reinstate limits on thermal coal output at an industry meeting on Tuesday citing weakening demand and growing supply, two sources briefed on the gathering said. It''s not clear if a government representative was at the meeting, which took place at the China Coal Association headquarters in Beijing. Beijing is considering reimposing tough measures to cut output after the peak winter heating season ends, spurring a rally in prices to three-month highs on Tuesday. The sources declined to be named as they were not authorised to speak to the media. If reintroduced, it would be the third major shift in policy by the government in the past year as Beijing aims to move the world''s largest energy market towards cleaner, renewable fuel sources, while ensuring utilities have enough fuel. Executives from top miners China Coal Energy Co Ltd ( 601898.SS ) and China Shenhua Energy Co Ltd ( 601088.SS ) were among the attendees, sources said. The companies and the Coal Association did not respond to requests for immediate comment. Speculation about a cut pushed domestic thermal coal futures CZCcv1 to 562 yuan (65.75) per tonne on Tuesday, their highest since mid-November and up 16 percent since the start of the year. In April last year, the government ordered mines to limit the number of days they operate each year to 276 days from 330 as part of its effort to cut inefficient surplus capacity, triggering an historic surge in prices as supplies to utilities tightened. In November, the NDRC reversed the curbs in a bid to avert a winter energy crisis. Some mining executives and analysts have said the government may take a more flexible approach to the policy this year, chastened by the wild price lurches in 2016. Global miners were the main beneficiaries of the price rally, helping the industry exit a long bear market. (Reporting by Meng Meng and Josephine Mason; editing by Jason Neely and Louise Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-coal-output-idUKKBN16017Q'|'2017-02-21T18:36:00.000+02:00'|889.0|''|-1.0|'' 890|'adf80546dfd3a212e776279f25c563e623f992b3'|'MOVES- MUFG, Brit Ltd, Greenhill, Idinvest, TriOptima'|'Company 36pm EST MOVES- MUFG, Brit Ltd, Greenhill, Idinvest, TriOptima Feb 6 The following financial services industry appointments were announced on Monday. To inform us of other job changes, email moves@thomsonreuters.com. MITSUBISHI UFJ FINANCIAL GROUP (MUFG) The Japanese firm hired Anne Gebuhrer to head its European Financial Institutions Debt Capital Markets (DCM). BRIT LTD The specialty insurer, a unit of Canada''s Fairfax Financial Holdings Ltd, named Tim Chesson senior vice president of Brit Global Specialty USA (BGSU), effective Jan. 23. GREENHILL & CO INC Richard Phillips has been appointed vice chairman of the advisory firm and co-head of its Australia office. IDINVEST PARTNERS SA The Paris-based securities brokerage named Alban Wyniecki as an investment director. TRIOPTIMA Per Sjoberg has stepped down from his role as CEO for the post-trade derivatives processing firm owned by NEX Group Plc . (Compiled by Sruthi Shankar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL4N1FR4MI'|'2017-02-07T03:36:00.000+02:00'|890.0|''|-1.0|'' @@ -911,7 +911,7 @@ 909|'a99fe41bed6afb46be5b995f540acb3d33aa42c1'|'Verizon, Yahoo agree to cut deal price by as much as $350 million - WSJ'|'Business News - Tue Feb 21, 2017 - 12:46pm GMT Verizon, Yahoo agree to cut deal price by as much as $350 million - WSJ A Verizon sign is seen at a retail store in San Diego, California, U.S. on April 21, 2016. REUTERS/Mike Blake/File Photo Verizon agreed to a revised deal to buy Yahoo Inc''s ( YHOO.O ) core internet business for $4.83 billion (4 billion), as much as $350 million less than the original price, the Wall Street Journal reported, citing people familiar with the matter. The revised agreement could be announced as soon as Tuesday, the Journal said. Verizon Communications Inc ( VZ.N ) had been trying to persuade Yahoo since last year to amend the terms of the agreement to reflect the economic damage from two cyber attacks. The two companies will also split any future liabilities and costs that arise from the data breaches, the WSJ reported. Yahoo and Verizon were not immediately available for comment. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sayantani Ghosh) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-yahoo-m-a-verizon-idUKKBN1601ES'|'2017-02-21T19:46:00.000+02:00'|909.0|''|-1.0|'' 910|'c83a196e02e841138c484a029047a429d8a6ad31'|'Tesla down ahead of first quarterly report to include SolarCity'|'By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Shares of Tesla were down almost 1 percent on Wednesday ahead of the electric car maker''s first quarterly report following its $2.6 billion acquisition of solar panel installer SolarCity.Wall Street estimates for Tesla''s fourth-quarter loss per share vary widely, potentially due in part to the deal. In the previous quarter, Tesla posted its first net profit in more than three years.Over the past three months, the stock has enjoyed a 41 percent rally and is near record highs, while short bets against Tesla remain elevated despite nearly $2 billion in paper losses suffered by short sellers this year.Options trading strategies suggest investors expect a 6.5 percent move in Tesla''s stock - up or down - by Friday.Musk, the largest shareholder in both companies, combined Tesla and SolarCity in a bid to create a clean energy powerhouse. More recently, the Silicon Valley billionaire became a key figure on President Donald Trump''s business council."The recent run-up in Tesla stock has less to do, in our view, with anything around the near-term financials, and more to do with the nearly superhero status of Elon Musk," wrote Barclays analyst Brian Johnson in a note to clients on Wednesday.A year ago, Musk said Tesla would become full-year profitable in 2016, a promise that helped the stock rebound from a two-year low. Since then, the shares have doubled. In afternoon trade on Nasdaq they were around $275.75.The average analyst estimate for Tesla''s quarterly adjusted, non-GAAP loss per share is 43 cents, according to Thomson Reuters data. But Tesla could report a loss of 63 cents per share, according to the Thomson Reuters Starmine estimate, which gives more weight to analysts with stronger track records.In Wednesday''s report after markets close, Wall Street will be looking for updates on Tesla''s plan to launch volume production of its Model 3 sedan in the second half of this year. Tesla was set to begin test-building its Model 3 this past Monday, Reuters reported.Six analysts recommend buying Tesla''s stock, another six recommend selling, and eight are neutral, according to Thomson Reuters data.(Reporting by Noel Randewich; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-markets-tesla-idINKBN1612HS'|'2017-02-22T16:23:00.000+02:00'|910.0|''|-1.0|'' 911|'942d8655960971205ccf10e3e7ac420762c252f2'|'BRIEF-Summit Midstream Partners LP announces pricing of senior notes'|' 18pm EST BRIEF-Summit Midstream Partners LP announces pricing of senior notes Feb 8 Summit Midstream Partners LP : * Summit Midstream Partners LP announces pricing of senior notes * Summit Midstream Partners - notes will be issued at par and bear interest at 5.75 pct per annum, payable semi-annually in arrears '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AZCU'|'2017-02-09T05:18:00.000+02:00'|911.0|''|-1.0|'' -912|'a3f943b4aa4fd8fc32d8a079e6cb2ac9531d2ee7'|'EQT Infrastructure to buy Lumos Networks in $950 mln deal'|'Fiber-based service provider Lumos Networks Corp ( LMOS.O ) said on Monday it agreed to be bought by investment firm EQT Infrastructure in an all-cash deal with an enterprise value of about $950 million.The offer of $18 per share represents an 18.2 percent premium to Lumos'' closing price of $15.23 on Friday.(Reporting by Anya George; Editing by Leslie AdlerTharakan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lumos-network-m-a-eqt-infrastructure-idINKBN15Z1G1'|'2017-02-20T11:17:00.000+02:00'|912.0|''|-1.0|'' +912|'a3f943b4aa4fd8fc32d8a079e6cb2ac9531d2ee7'|'EQT Infrastructure to buy Lumos Networks in $950 mln deal'|'Fiber-based service provider Lumos Networks Corp ( LMOS.O ) said on Monday it agreed to be bought by investment firm EQT Infrastructure in an all-cash deal with an enterprise value of about $950 million.The offer of $18 per share represents an 18.2 percent premium to Lumos'' closing price of $15.23 on Friday.(Reporting by Anya George; Editing by Leslie AdlerTharakan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lumos-network-m-a-eqt-infrastructure-idINKBN15Z1G1'|'2017-02-20T11:17:00.000+02:00'|912.0|9.0|2.0|'' 913|'a21b7b82ff86936d9e30ad00cacd61374c25d42b'|'Hannover Re hikes 2017 profit guidance after January renewals'|'Financials - Thu Feb 2, 2017 - 1:46am EST Hannover Re hikes 2017 profit guidance after January renewals FRANKFURT Feb 2 Germany''s Hannover Re raised its 2017 net profit guidance to more than 1 billion euros ($1.1 billion) from more than 950 million euros after what it said was a strong round of treaty renewals at the start of the year. The world''s third largest reinsurer also said on Thursday it now expected gross premiums to rise by a low single-digit percentage this year. The company said it was pleased with the outcome of talks to renew reinsurance contracts with its insurance company clients in January, saying its premium volume had grown about 7 percent, including its structured reinsurance business, despite continued price pressure. ($1 = 0.9266 euros) (Reporting by Maria Sheahan; Editing by Amrutha Gayathri) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hannover-rueck-outlook-idUSASM00097W'|'2017-02-02T13:46:00.000+02:00'|913.0|''|-1.0|'' 914|'e3450ac52751d800db172136b47f82a16adb17ae'|'Ukraine PM sees IMF deal by end-Feb amid new fighting in east'|' 20pm GMT Ukraine PM sees IMF deal by end-Feb amid new fighting in east Ukrainian Prime Minister Volodymyr Groysman speaks during an interview with Reuters in Brussels, Belgium February 10, 2017. REUTERS/Yves Herman - By Robin Emmott - BRUSSELS BRUSSELS Kiev expects to reach a deal with the International Monetary Fund by the end of the month to allow the next tranche of aid, Prime Minister Volodymyr Groysman said on Friday, and blamed Russia for renewed fighting flared in eastern Ukraine. Speaking after the biggest surge in violence in Ukraine''s industrial east for more than a year, Groysman also called on new U.S. President Donald Trump to provide "defensive weapons" to Ukraine to bring Moscow back into peace talks. "We have practically completed negotiations (with the IMF) and only a few nuances remain," he said of talks with the global lender to unlock the latest series of loans under Ukraine''s $17.5 billion (14 billion pound) bailout by the end of the month. Groysman said Kiev intends to cooperate with the Washington-based lender but that the IMF needed to have "realistic" expectations on what Ukraine could achieve in terms of judicial reforms that are holding up talks. "It''s important that all the conditions ... have realistic deadlines," he told Reuters during a two-day visit to Brussels where he met officials from the European Union and the North Atlantic Treaty Organisation. (Reporting by Robin Emmott; Editing by Alissa de Carbonnel) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ukraine-crisis-idUKKBN15P1F8'|'2017-02-10T19:20:00.000+02:00'|914.0|''|-1.0|'' 915|'2e7dc596cdc334b8530fcf48905725b2a131d8e3'|'TMX posts quarterly profit helped by cost cuts'|'Feb 13 TMX Group Ltd posted a net profit for the fourth quarter, compared with a loss in the year-ago period, boosted by cost cuts.The owner of the Toronto Stock Exchange said the net profit attributable to shareholders was C$52.6 million ($40.2 million), or 95 Canadian cents per share, in the last three months of 2016, compared with a loss of C$159 million, or C$2.92 per share, a year earlier.Revenue rose 7 percent to C$189.4 million. ($1 = 1.3074 Canadian dollars) (Reporting by Vishal Sridhar in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tmx-grp-results-idINL4N1FZ1GS'|'2017-02-13T23:16:00.000+02:00'|915.0|''|-1.0|'' @@ -932,7 +932,7 @@ 930|'0972052a21b710f401f6298c19344659fd6b113a'|'UPDATE 1-Sweden''s MTG upbeat on 2017 after Q4 profit tops forecast'|' 48am EST UPDATE 1-Sweden''s MTG upbeat on 2017 after Q4 profit tops forecast (Adds CEO comments, detail) Feb 2 Swedish media group MTG said on Thursday it was aiming to grow profits and sales this year after posting a quarterly profit above market forecasts and proposing a raised dividend for 2016. * Q4 adjusted operating income 554 million SEK ($63.5 mln) vs 509 mln SEK seen in Reuters poll * Q4 sales of SEK 5.0 bln with 8 pct organic growth vs 4.9 bln SEK seen in Reuters poll * CEO Jorgen Madsen Lindemann says ambition for this year is to increase revenues and profits * CEO says keeps ambition for digital arm MTGx to be profitable in 2018 * CEO says aiming for MTGx to show lower losses this year * MTGx had negative operating margin of 21 pct in Q4 * CEO says hunt for new acquisitions going well * CEO says sees negative currency effects of around 100 million SEK in 2017 vs 250 mln last year * Board of directors to propose a dividend of SEK 12.00 per share vs 11.70 SEK seen in Reuters poll * With linear TV viewing in decline, MTG is transforming from a traditional broadcaster into a digital entertainment firm * Co said last month it had sold its stake in Czech FTV Prima Holding and was considering raising its ownership in online gaming firm InnoGames * MTG, controlled by Swedish investment firm Kinnevik , entered the multi-billion dollar online gaming market by taking a 35 percent stake in InnoGames in October last year ($1 = 8.7240 Swedish crowns) (Reporting by Helena Soderpalm; editing by Niklas Pollard) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mtg-ceo-idUSL5N1FN1F7'|'2017-02-02T14:48:00.000+02:00'|930.0|''|-1.0|'' 931|'b2f222e725187e7f3711264c30609a831143c48e'|'Soon time to watch for rising global inflation?'|' 26pm GMT Global Economy Weekahead: Soon time to watch for rising global inflation? FILE PHOTO:A shopping trolley is pushed around a supermarket in London, Britain May 19, 2015. REUTERS/Stefan Wermuth/File Photo By Ross Finley - LONDON LONDON The global economy has weathered the new U.S. administration''s sweeping challenges to the status quo with surprising aplomb given serious threats made to world trade, but what is not so clear is how much longer inflation will remain stubbornly low. Nearly a decade since the start of the financial crisis and an avalanche of emergency monetary stimulus that ensued, inflation is only just now close to the 2 percent target many of the world''s biggest central banks still keep. But there have been stirring signals on inflation elsewhere in the world, suggesting a turning point may be closer. The Reserve Bank of India just dropped its bias to ease policy, citing global inflation pressures as one reason for a sudden volte-face. Mexico''s central bank, grappling with a falling peso, hiked rates on Thursday to a near-eight year high. Key releases on inflation for the United States, Britain and China are due next week, forecast at 2.4, 1.9 and 2.4 percent, respectively, according to Reuters polls. The worry is with growth holding up and commodity prices giving inflation a nudge up now, the last thing needed with most major central bank rates still near zero is more fuel poured onto to an already-raging fire. An expected announcement from the Trump administration on plans for sweeping tax cuts is likely only weeks away, and has again boosted already-lofty stock prices, despite widespread worries about the barriers to trade that may come later. Federal Reserve Chair Janet Yellen is due to testify to Congress next week for the first time since Donald Trump moved into the White House. She doesn''t appear ready to signal a major step up in the Fed''s glacial pace of rate rises yet either. Inflation in the economy is picking up: but so far not because spare capacity has been eaten up in product and labour markets, triggering price rises driven by demand outstripping shortages of supply. Instead, the latest rise has to do with rising costs, particularly energy costs, leaving central bankers, notably European Central Bank President Mario Draghi, saying they will instead focus on the next round of inflation pressures. The main impediment to higher inflation rests in one of the side-effects from the free flow of labour: a lack of wage pressure. "What had appeared to be a promising trend of stronger wage growth broadening out to include more higher paying industries has reversed since late last year," notes Morgan Stanley U.S. economist Robert Rosener. "Wage pressures remain predominately in low-wage industries, limiting gains in overall aggregate wage growth." The U.S. unemployment rate is below 5 percent, close to where most economists say is the lowest it can go before shortages start to drive up the cost of labour. Despite this latest setback in the official data, the general expectation is that wage inflation will soon take off, especially given that it is one of President Trump''s stated aims to hire American. The talk of wage inflation has been less robust in the Britain, however. Britain is facing an imported inflation challenge following Britons'' majority vote last June to leave the European Union that caused a 15 percent fall in sterling. That could send inflation to 3 percent or higher later this year. The Bank of England just cut its estimate of the unemployment rate it thinks will generate inflation to 4.5 percent from 5.0 percent based on recent evidence that already-low unemployment isn''t boosting wages much. Its latest agents survey of businesses shows very modest expectations for pay settlements in the coming year, only slightly above 2 percent. Average UK weekly earnings excluding bonuses are forecast to rise 2.7 percent in the three months to December on a year ago, steady compared with the last official set of data. It is clear that going forward, there is still plenty of uncertainty over what Britain''s future trading relationship will be with the EU and how long that will take. But if the unemployment rate keeps falling, it should soon be time for a trend of rising wages to re-establish itself, so long as basic laws of economics still apply. "There seems to be a real inconsistency between the way the U.S. is being analysed and the way the UK is being analysed," said Charles Goodhart, former member of the BoE''s Monetary Policy Committee, at a recent conference hosted by Fathom Consulting and Thomson Reuters. "That means that there must be, to my mind, at least a 50 percent possibility that wages will go up in line with inflation... in which case interest rates in the UK will go up. So it all depends on wages. Watch wages like a hawk." '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-economy-weekahead-idUKKBN15P1WE'|'2017-02-10T22:26:00.000+02:00'|931.0|''|-1.0|'' 932|'3710380ff3824493d1078c74065690262d388691'|'China''s Sun Art''s 2016 profit up 5.2 pct, beats forecast'|'Company 6:40am EST China''s Sun Art''s 2016 profit up 5.2 pct, beats forecast HONG KONG Feb 19 Hypermarket operator Sun Art Retail Group Ltd on Sunday posted a 5.2 percent rise in 2016 net profit, beating forecasts, as steady demand from lower-tier cities helped offset increasing pressure from the country''s rapidly growing e-commerce sector. The retailer, a joint venture between Taiwanese conglomerate Ruentex Group and French retailer Groupe Auchan SA, posted a net profit of 2.6 billion yuan ($379 million) for the 12 months ended December, up from 2.4 billion yuan in 2015. That compared with an average forecast of 2.5 billion yuan from 16 analysts polled by Reuters. (Reporting by Donny Kwok; Editing by Mark Potter) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sun-art-results-idUSL4N1G028X'|'2017-02-19T18:40:00.000+02:00'|932.0|''|-1.0|'' -933|'09a3dcd725047d9887942d6ac64bc5a5970d8f1e'|'PSA Opel deal would benefit both companies - GM CEO'|'Company News 42am EST PSA Opel deal would benefit both companies - GM CEO FRANKFURT Feb 15 General Motors Chief Executive Mary Barra on Wednesday told employees that combining GM''s European Opel and Vauxhall business with Peugeot would be beneficial for both companies. "While there can be no assurance of any agreement, any possible transaction would enable PSA Groupe and Opel Vauxhall to leverage their complementary strengths, enhancing their competitive positions for the future in a rapidly changing European market," Barra said in message to staff, according to extracts of the message seen by Reuters. Barra urged employees not to let speculation about Opel''s fate distract the carmaker from carrying out its business. Barra concluded by saying that no additional information could be provided at this point, "because we are simply not at that point in our discussions." (Reporting by Edward Taylor. Editing by Jane Merriman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-barra-idUSL8N1G05YN'|'2017-02-15T23:42:00.000+02:00'|933.0|''|-1.0|'' +933|'09a3dcd725047d9887942d6ac64bc5a5970d8f1e'|'PSA Opel deal would benefit both companies - GM CEO'|'Company News 42am EST PSA Opel deal would benefit both companies - GM CEO FRANKFURT Feb 15 General Motors Chief Executive Mary Barra on Wednesday told employees that combining GM''s European Opel and Vauxhall business with Peugeot would be beneficial for both companies. "While there can be no assurance of any agreement, any possible transaction would enable PSA Groupe and Opel Vauxhall to leverage their complementary strengths, enhancing their competitive positions for the future in a rapidly changing European market," Barra said in message to staff, according to extracts of the message seen by Reuters. Barra urged employees not to let speculation about Opel''s fate distract the carmaker from carrying out its business. Barra concluded by saying that no additional information could be provided at this point, "because we are simply not at that point in our discussions." (Reporting by Edward Taylor. Editing by Jane Merriman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-barra-idUSL8N1G05YN'|'2017-02-15T23:42:00.000+02:00'|933.0|6.0|2.0|'' 934|'71c22e87e6eea49945ea2c9d59e4857281cb964b'|'Toshiba says not aware Westinghouse unit considering Chapter 11 filing'|'Company 8:48pm unit TOKYO Feb 24 Toshiba Corp Company News UPDATE 2-YPF, Shell sign deal for Vaca Muerta pilot project BUENOS AIRES, Feb 23 Argentina''s state-run oil company YPF SA said it reached a preliminary deal with Royal Dutch Shell Plc on Thursday to develop oil and gas assets in the Vaca Muerta shale field, involving a $300 million investment from Shell.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toshiba-accounting-idUST9N1FM040'|'2017-02-24T08:48:00.000+02:00'|934.0|''|-1.0|'' 935|'b5f94a461bd8071b589aa620959ad94b07fc1a35'|'Oscars ratings for 2017 pacing behind last year in early numbers -Nielsen'|'Company 59am EST Oscars ratings for 2017 pacing behind last year in early numbers -Nielsen Feb 27 ABC''s broadcast of The 89th Academy Awards on Sunday night drew a 22.4 overnight rating, according to Nielsen data released by the Walt Disney Co unit. The 22.4 rating is down 4 percent from last years show, which ended up translating to 34.4 million, the third-lowest rated since 1974. ABC will release viewership numbers later on Monday. (Reporting by Tim Baysinger; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/awards-oscars-ratings-idUSL2N1GC0L0'|'2017-02-27T21:59:00.000+02:00'|935.0|''|-1.0|'' 936|'6c26ff154dd9675a833f701dbfc9cfe6c86a81b6'|'Toshiba to purchase IHI''s stake in Westinghouse'|' 51am EST Toshiba to purchase IHI''s stake in Westinghouse TOKYO Feb 17 Toshiba Corp on Friday said it would buy 3 percent of U.S. nuclear power subsidiary Westinghouse Electric Co LLC from Japanese infrastructure firm IHI Corp for $157 million. Toshiba said it had received notice from IHI that it would exercise an option to sell its Westinghouse stake to Toshiba. Toshiba is trying to sell part or all of its stake in its memory chip business as it seeks funds to offset an multi-billion dollar writedown at Westinghouse. (Reporting by Junko Fujita; Editing by Christopher Cushing) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toshiba-accounting-idUST9N1FM03A'|'2017-02-17T14:51:00.000+02:00'|936.0|''|-1.0|'' @@ -1032,7 +1032,7 @@ 1030|'aea6690f5819e4bd9879155613577d4c13d1c1b8'|'Sports Direct in talks to bid for Bob''s, Eastern Mountain Sports - sources'|' 40pm GMT Sports Direct in talks to bid for Bob''s, Eastern Mountain Sports - sources A worker walks up stairs before a Sports Direct general meeting to vote on the re-appointment of chairman Keith Hellawell in Shirebrook, January 5, 2017. REUTERS/Darren Staples By Jessica DiNapoli Struggling British sportswear retailer Sports Direct ( SPD.L ) is in talks to bid for Eastern Outfitters LLC, the parent of U.S. discount chain Bob''s Stores and outdoor retailer Eastern Mountain Sports, people familiar with the matter said. The sportswear chain, founded and controlled by Chief Executive Mike Ashley, is Britain''s largest sporting goods retailer with about 700 stores there and in the rest of Europe and has been looking for ways to expand in the United States. A regulatory filing to the London Stock Exchange on Thursday also revealed that Sports Direct had taken a 11.2 percent stake in troubled UK fashion retailer French Connection ( FCCN.L ), through contracts for difference. A spokesman for Sports Direct declined to comment on its intentions in either situation. The firm had a disastrous 2016. British lawmakers condemned it for "Victorian" working conditions, investors and media criticised its corporate governance and trading was poor with a series of profit warnings issued. It bid for the intellectual property of bankrupt U.S. retailer Sports Authority last year, but lost out to Dick''s Sporting Goods Inc ( DKS.N ). Sports Direct is now in talks with Eastern Outfitters about becoming a stalking horse bidder in a bankruptcy auction for the company, the people familiar with the matter said on Wednesday. That would set the price floor for more bids in the auction. Shares in Sports Direct, down 24 percent over the last year, were up 1.7 percent at 303.5 pence at 1505 GMT. Meriden, Connecticut-based Eastern Outfitters has hired law firm Cole Schotz PC to prepare for a Chapter 11 bankruptcy filing, expected in the coming days, the people said. Together, Bob''s and Eastern Mountain Sports have a total of close to 90 stores in the United States. Sports Direct has expressed interest in preserving at least some of them, according to the sources who asked not to be identified because the negotiations are confidential. Eastern Outfitters and Cole Schotz did not immediately return requests for comment. Eastern Outfitters is owned by private equity firm Versa Capital Management LLC, which acquired Bob''s and Eastern Mountain Sports through the bankruptcy last year of the store chains'' then holding company, Vestis Retail Group LLC. Versa said at the time that Eastern Outfitters had more than $400 million in annual revenue. The U.S. sporting goods sector is being tested by the advent of internet shopping and discount chains. Sports Authority, speciality golf retailer Golfsmith International Holdings Inc and sporting goods manufacturer Performance Sports Group Ltd are among companies that filed for bankruptcy in 2016. Sports Direct''s brands include boxing-inspired line Everlast and fitness label LA Gear. It sold the Dunlop brand to Sumitomo Rubber Industries for $137.5 million (109.66 million) in December. (Reporting by Jessica DiNapoli, additional reporting by James Davey; Editing by Chris Reese and Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-easternoutfitters-m-a-sports-direct-idUKKBN15H228'|'2017-02-02T23:40:00.000+02:00'|1030.0|''|-1.0|'' 1031|'3083d6f80a98e32e66a81183e505009d1bd0ca1d'|'European Parliament adopts draft reform of carbon market post-2020'|'Business News - Wed Feb 15, 2017 - 3:31pm GMT European Parliament adopts draft reform of carbon market post-2020 By Alissa de Carbonnel - BRUSSELS BRUSSELS The European Parliament on Wednesday adopted draft reforms of the EU''s carbon market post-2020 that aim to balance greater cuts in greenhouse gases with protection for energy-intensive industries. The European Union''s emission trading system (ETS), a cap-and-trade permit system to regulate industry pollution, has suffered from excess supply since the financial crisis, depressing its prices and heightening the need for reform. But politicians and EU nations are divided over how best to fix the complex system, with industry and environment groups lobbying hard on opposing sides. Reform efforts have also been overshadowed by Britain''s decision to quit the bloc, raising fears it would also leave the EU''s scheme, hammering prices. The draft, adopted by 379-263 votes, rejected a more environmentally ambitious proposal for the faster removal of surplus carbon permits from the ETS - sparking criticism from climate campaigners. Instead, it sticks with the EU executive''s proposal for the cap on emissions to fall by 2.2 percent per year - the so-called linear reduction factor - until at least 2024. The Climate Action Network said it "betrayed the spirit" of the Paris accord to slow global warming, while Dutch green lawmaker Bas Eickhout said provisions to protect industry showed "the lobbyists have won out in the end." But leading policymakers called it the best compromise possible in tough talks. EU lawmakers will now enter negotiations with representatives of the bloc''s 28 governments to hammer out the final legislation. The benchmark European carbon contract CFI2Zc1 fell by about 2 percent following the vote, hovering around 5 euros/tonne, but Thomson Reuters carbon analysts said the market reaction would be short-lived. "The Parliament position significantly tightens the market balance," said Hege Fjellheim, an analyst at Thomson Reuters. INDUSTRY PROTECTION FROM ''CARBON LEAKAGE'' The cap-and-trade system is the EU''s key tool to meet its goal of a 43 percent cut in greenhouse gases from industries and power plants covered by the market compared with 2005. It aims to send a policy signal to encourage their investment in renewables and low-carbon electricity production. In a bid to shore up prices, the Parliament''s proposal doubles the rate at which the scheme''s Market Stability Reserve (MSR) soaks up excess allowances to 24 percent per year from 2019. It also cancels 800 million carbon allowances from the MSR in 2021. To minimise the risk of industry moving abroad to escape climate regulation, the draft allows for the share of allowances auctioned to be reduced by up to five percent to cushion against the impact of a cap on overall allocations, known as the cross-sectoral correction factor. The cement industry, which some lawmakers had pushed to exclude from free allowances, will remain on the list of installations receiving handouts. The deal drew mixed reactions from other industries. The steel, metal and chemical sectors welcomed the step towards adopting the long-awaited reforms but said they hoped for more safeguards for their competitiveness in continuing talks. The shipping industry protested its inclusion under the scheme from 2023 in the draft proposal, which also calls for reforms to tighten emission controls on aviation. However, lawmakers leading the reform have said the two provisions are likely to be traded away in upcoming negotiations with member states. (Additional reporting by Susanna Twidale and Angela Maytaal in London; Editing by David Evans and Ken Ferris) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-carbon-idUKKBN15U1Z2'|'2017-02-15T22:31:00.000+02:00'|1031.0|''|-1.0|'' 1032|'ce6f9e72efc0be2ec94892e0851362b4def59bbb'|'CANADA STOCKS-TSX little changed as Barrick helps it touch record'|' 49am EST CANADA STOCKS-TSX little changed as Barrick helps it touch record * TSX up 14.35 points, or 0.09 pct, to 15,859.30 * Six of the TSX''s 10 main groups were higher OTTAWA Feb 16 Canada''s main stock index was little changed on Thursday after touching a record high as Barrick Gold Corp jumped on the company''s better-than-expected profits, but that was offset by a drop in Sun Life, which reported a decline in earnings. Bay Street also got some help from the energy sector, which was boosted by firmer oil prices and a 2.3 percent gain in Cenovus Energy Inc . The oil and gas producer reported an unexpected quarterly profit and the stock was up at C$18.38. The overall energy sector climbed 0.1 percent as oil prices were up 0.2 percent at $53.21 a barrel after sources said OPEC could extend its supply reduction deal with non-members. Barrick was the biggest lift on the index, jumping 6 percent to C$26.79, the day after the miner announced stronger-than-anticipated profit and a debt reduction plan. Goldcorp Inc also drove the market higher as lower costs at its gold mines in the Americas helped its quarterly profit beat expectations. Its stock was up 4.1 percent at C$22.72. The gold subindex climbed 1.4 percent. At midmorning, the Toronto Stock Exchange''s S&P/TSX composite index was up 14.35 points, or 0.09 percent, to 15,859.30. Of the index''s 10 main groups, six were in positive territory. The stock index touched a record high at 15,863.28, making for the fifth session in a row that equities have notched a new record. But a drop in shares of Sun Life Financial Inc kept overall market gains in check after the insurer reported a drop in quarterly underlying profit. Sun Life was down 3 percent at C$51.05. Bombardier fell 3.1 percent to C$2.50 after it posted lower-than-expected revenue on weak demand in its rail and business aircraft divisions. Bombardier has struggled in recent years as it brings its new CSeries jet program to the market. The Canadian government agreed last week to provide aid to the company. (Reporting by Leah Schnurr; Editing by Jeffrey Benkoe) Next In Company News GRAPHIC- ZURICH, '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1G111H'|'2017-02-16T22:49:00.000+02:00'|1032.0|''|-1.0|'' -1033|'f97636f44ce4afa7ec7959239f2db1c1a6e53c25'|'J&J says kept drug price increases below 10 percent since 2012'|' 33pm GMT J&J says kept drug price increases below 10 percent since 2012 A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake By Michael Erman - NEW YORK NEW YORK Johnson & Johnson ( JNJ.N ) on Monday said the average list price of its drugs rose less than 10 percent each year since 2012, noting that the net price paid for the drugs, which includes discounts and rebates, was significantly lower. The company released a report with its price increase history in response to widespread outcry over high U.S. prices for prescription drugs. U.S. President Donald Trump has said drug companies are "getting away with murder" in what they charge the government for medicines. Johnson & Johnson, which makes Remicade for rheumatoid arthritis and the blood thinner Xarelto, said in 2016 the average increase in list price for its drugs was 8.5 percent, while the net price change was 3.5 percent. The highest average price increases at the company over the five-year period were in 2015, when the average list price rose 9.7 percent from the previous year and the average net price increase was 5.2 percent. The company said it generally limits its annual aggregate list price increase to single digit percentages. Merck ( MRK.N ) released a report on its own pricing history last month, revealing slightly larger average increases over the five year period than Johnson & Johnson. In response to the criticism of high drug prices, AbbVie Inc ( ABBV.N ), Allergan ( AGN.N ) and Danish diabetes company Novo Nordisk ( NOVOb.CO ) have pledged to keep all drug price increases in 2017 under 10 percent. (Reporting by Michael Erman; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-johnson-johnson-drugpricing-idUKKBN16629F'|'2017-02-28T02:33:00.000+02:00'|1033.0|''|-1.0|'' +1033|'f97636f44ce4afa7ec7959239f2db1c1a6e53c25'|'J&J says kept drug price increases below 10 percent since 2012'|' 33pm GMT J&J says kept drug price increases below 10 percent since 2012 A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake By Michael Erman - NEW YORK NEW YORK Johnson & Johnson ( JNJ.N ) on Monday said the average list price of its drugs rose less than 10 percent each year since 2012, noting that the net price paid for the drugs, which includes discounts and rebates, was significantly lower. The company released a report with its price increase history in response to widespread outcry over high U.S. prices for prescription drugs. U.S. President Donald Trump has said drug companies are "getting away with murder" in what they charge the government for medicines. Johnson & Johnson, which makes Remicade for rheumatoid arthritis and the blood thinner Xarelto, said in 2016 the average increase in list price for its drugs was 8.5 percent, while the net price change was 3.5 percent. The highest average price increases at the company over the five-year period were in 2015, when the average list price rose 9.7 percent from the previous year and the average net price increase was 5.2 percent. The company said it generally limits its annual aggregate list price increase to single digit percentages. Merck ( MRK.N ) released a report on its own pricing history last month, revealing slightly larger average increases over the five year period than Johnson & Johnson. In response to the criticism of high drug prices, AbbVie Inc ( ABBV.N ), Allergan ( AGN.N ) and Danish diabetes company Novo Nordisk ( NOVOb.CO ) have pledged to keep all drug price increases in 2017 under 10 percent. (Reporting by Michael Erman; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-johnson-johnson-drugpricing-idUKKBN16629F'|'2017-02-28T02:33:00.000+02:00'|1033.0|10.0|0.0|'' 1034|'a76ef262f0d1061e5ad4c2a849bbea57a88171e8'|'L''Oreal eyes Body Shop sale, posts higher revenue, profit'|'By Sudip Kar-Gupta and Martinne Geller - PARIS/LONDON PARIS/LONDON French cosmetics giant L''Oreal ( OREP.PA ) is weighing a possible sale of The Body Shop retail chain, it said on Thursday as it posted higher sales and profits.L''Oreal said in a statement that it had decided to "explore all strategic options regarding The Body Shop''s ownership in order to give it the best opportunities and full ability to continue its development."It said no final decision had been taken on the British chain, which it bought over a decade ago.Founded in 1976 by social and environmental activist Anita Roddick, the brand was a pioneer in the ethical beauty business, but has since suffered from heavy competition as many other brands adopted similar philosophies."Given the uninspiring performance of the brand, we suspect it shouldn''t come as a big surprise," said RBC Capital Markets analysts.L''Oreal is being advised by Lazard, according to an earlier report in the Financial Times, which said some private equity suitors had already expressed interest in buying the brand and it could fetch 1 billion euros.L''Oreal said 2016 sales had risen 2.3 percent from a year ago to 25.84 billion euros ($27.6 billion), slightly ahead of the mean average forecast for sales of 25.75 billion euros according to a Reuters consensus conducted with Inquiry Financial.Earnings per share for 2016 also rose 4.6 percent.Looking ahead, L''Oreal said that despite "an economic context that is still volatile and uncertain", it was "confident it will once again outperform the beauty market in 2017" with another year of growing sales and profits.L''Oreal, whose brands include Maybeline New York, Kiehl''s and Redken, issued its statement after the Paris stock market had closed with the stock up 0.4 percent after marginal gains so far this year on top of a roughly 12 percent gain in 2016.L''Oreal has been very active lately in terms of deal-making, announcing the $1.2 billion acquisition of IT Cosmetics last July and the $1.3 billion purchase of three brands from Valeant last month. It said the possible sale of The Body Shop was part of a related "brand portfolio optimisation".(Reporting by Sudip Kar-Gupta; Editing by Andrew Callus/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-loreal-results-idINKBN15O2BS'|'2017-02-09T15:19:00.000+02:00'|1034.0|''|-1.0|'' 1035|'bf70c02f0d0a3435886759f950e6fbe15bbcfb30'|'Tiffany says CEO Frederic Cumenal steps down'|' 34pm EST Tiffany says CEO Frederic Cumenal steps down Feb 5 Jeweler Tiffany & Co on Sunday said Frederic Cumenal has stepped down as chief executive officer, effective immediately. The retailer said its chairman and previous CEO, Michael Kowalski, would serve as interim CEO while the board of directors seeks a new CEO. Kowalski will continue as Chairman. (Reporting by Scott DiSavino; Editing by Jonathan Oatis) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-tiffany-idUSASB0AYLM'|'2017-02-06T05:34:00.000+02:00'|1035.0|''|-1.0|'' 1036|'b9482d37574d05fa6fb3f8f8f6db205652714b81'|'BRIEF-Mosaic Co files for potential mixed shelf, size undisclosed - SEC filing'|' 4:59pm EST BRIEF-Mosaic Co files for potential mixed shelf, size undisclosed - SEC filing Feb 17 Mosaic Co * Mosaic Co files for potential mixed shelf, size undisclosed - SEC filing Source text for Eikon: ( bit.ly/2m4Ugob ) UPDATE 3-Enbridge CEO says Canada only needs two more export pipelines CALGARY, Alberta, Feb 17 Two new crude oil export pipelines will provide enough capacity to ship Canadian production to market until at least the mid 2020s, Enbridge Inc Chief Executive Al Monaco said on Friday, making clear his company''s Line 3 should be one of them. * Reached a confidential agreement to settle the proceedings filed by the minority shareholders in court MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mosaic-co-files-for-potential-mixe-idUSFWN1G210A'|'2017-02-18T04:59:00.000+02:00'|1036.0|''|-1.0|'' @@ -1066,7 +1066,7 @@ 1064|'d4749cf8ec098ab19d5b70b326b3cf532d880e46'|'BRIEF-Slate Office REIT may purchase for cancellation up to 3.9 mln units'|' 19pm EST BRIEF-Slate Office REIT may purchase for cancellation up to 3.9 mln units Feb 27 Slate Office Reit: * Slate Office REIT- may purchase for cancellation up to maximum of 3.9 million units over 12-month period from March 2, 2017 to March 1, 2018 * Slate Office REIT- intends to fund purchases of units under its normal course issuer bid out of general funds of REIT Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-slate-office-reit-may-purchase-for-idUSFWN1GC15Z'|'2017-02-28T05:19:00.000+02:00'|1064.0|''|-1.0|'' 1065|'b7d9a608b7aa3e263311ee1acf40b3f760881c4d'|'ABB says cooperating with UK corruption probe'|'Business News - Fri Feb 10, 2017 - 11:30am EST ABB says cooperating with UK corruption probe A woman takes pictures of the logo of Swiss power technology and automation group ABB ahead of a news conference to present the company''s full-year results in Zurich, Switzerland February 8, 2017. REUTERS/Arnd Wiegmann ZURICH ABB ( ABBN.S ) said it was cooperating with anti-fraud authorities in the United States and Britain and had reported past dealings with Monaco-based engineering and construction group Unaoil, including alleged improper payments to third parties. The Serious Fraud Office in Britain said earlier it has launched an investigation into the activities of ABB''s United Kingdom subsidiaries, their officers, employees and agents for suspected bribery and corruption. "As a result of an internal investigation, ABB self-reported ... certain of its past dealings with Unaoil and its subsidiaries, including alleged improper payments made by these entities to third parties," ABB said in a statement. Unaoil in May denied a media report linking it to corrupt practices involving big oil companies and said it has been the victim of an extortion attempt by unidentified criminals. (Reporting by John Revill; Editing by Michael Shields) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-abb-unaoil-investigation-idUSKBN15P22Q'|'2017-02-10T23:30:00.000+02:00'|1065.0|''|-1.0|'' 1066|'ee8d9b77c031be7b4c9f4b5dc0c85eff7ea41fa0'|'Symantec sought to buy FireEye, talks end with no deal: sources'|'Security software provider Symantec Corp held talks to acquire FireEye Inc about six months ago, but is not currently pursuing a deal with the cyber security company, people familiar with the matter said on Thursday.The two companies could not reach a deal because of disagreements over price, the sources said, asking not to be identified because the negotiations were confidential. Symantec and FireEye declined to comment.Shares of FireEye had jumped earlier on Thursday after financial blog Zero Hedge published an article based on anonymous sources stating that Symantec''s LifeLock unit was willing to offer $16 per share for FireEye.FireEye shares were up 2 percent in late morning trading in New York on Thursday, giving the company a market capitalization of close to $2 billion.(Reporting by Greg Roumeliotis in New York; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fireye-m-a-symantec-idINKBN16222L'|'2017-02-23T13:57:00.000+02:00'|1066.0|''|-1.0|'' -1067|'a164bab8e97d2158f331ab6be1cf3b7247eb6312'|'Sony rules out pictures biz sale, committed to turnaround - Reuters'|'TOKYO Sony Corp on Thursday said it does not plan to sell its pictures business after suffering a $1 billion writedown, and instead aims to turn it around by adding sales channels and making more use of movie characters."We believe in long-term upside potential for pictures," Chief Financial Officer Kenichiro Yoshida said at an earnings briefing, reiterating that Sony continues to regard the business as important to the group.The pictures writedown, brought about by a shrinking market for movies on disc, prompted Sony to cut 11 percent off the group''s full-year operating profit outlook to 240 billion yen.The cut could have been more severe were it not for a weaker yen and Chinese smartphone makers'' strong demand for Sony''s image sensors - itself a business only just recovering from earthquake damage.Sony''s semiconductor division, which makes the sensors, is now likely to lose only 19 billion yen on an operating basis this financial year, rather than the 53 billion yen previously forecast. Even so, fluctuation in the smartphone market means Sony has to maintain a cautious stance, Yoshida said.SHORT-TERM HURTThe pictures division, which also includes media networks and television programmes, underpinned Sony''s earnings while its core consumer electronics business struggled against low-cost Asian rivals.Such was the profitability of pictures that activist shareholder Daniel Loeb urged Sony in 2013 to partially spin off the division so it could pump cash into reviving the electronics business.Sony did sell some pictures assets, and the electronics business has since returned to profit. Its movie studio, however, now trails rivals in box office share and hit films.Pictures'' current struggle "partly stems from Sony''s focus on short-term profit over many years," Yoshida said.Citing the sale of rights to Spider-Man merchandise and a Latin American TV channel in fiscal 2011, a number of short-term measures at the cost of long-term profit and cash flow reduced pictures'' profitability, he said.That business, which currently accounts for some 10 percent of Sony''s overall sales, can recover through expansion in growing markets such as China as well as by bolstering sales of merchandise after films are released, Yoshida said.Chief Executive Officer Kazuo Hirai is currently taking on a larger role in pictures, notably at Sony Entertainment where he is seeking a successor to resigning CEO Michael Lynton.($1 = 112.5700 yen)(Reporting by Makiko Yamazaki; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/sony-results-idINKBN15H0EW'|'2017-02-02T08:24:00.000+02:00'|1067.0|''|-1.0|'' +1067|'a164bab8e97d2158f331ab6be1cf3b7247eb6312'|'Sony rules out pictures biz sale, committed to turnaround - Reuters'|'TOKYO Sony Corp on Thursday said it does not plan to sell its pictures business after suffering a $1 billion writedown, and instead aims to turn it around by adding sales channels and making more use of movie characters."We believe in long-term upside potential for pictures," Chief Financial Officer Kenichiro Yoshida said at an earnings briefing, reiterating that Sony continues to regard the business as important to the group.The pictures writedown, brought about by a shrinking market for movies on disc, prompted Sony to cut 11 percent off the group''s full-year operating profit outlook to 240 billion yen.The cut could have been more severe were it not for a weaker yen and Chinese smartphone makers'' strong demand for Sony''s image sensors - itself a business only just recovering from earthquake damage.Sony''s semiconductor division, which makes the sensors, is now likely to lose only 19 billion yen on an operating basis this financial year, rather than the 53 billion yen previously forecast. Even so, fluctuation in the smartphone market means Sony has to maintain a cautious stance, Yoshida said.SHORT-TERM HURTThe pictures division, which also includes media networks and television programmes, underpinned Sony''s earnings while its core consumer electronics business struggled against low-cost Asian rivals.Such was the profitability of pictures that activist shareholder Daniel Loeb urged Sony in 2013 to partially spin off the division so it could pump cash into reviving the electronics business.Sony did sell some pictures assets, and the electronics business has since returned to profit. Its movie studio, however, now trails rivals in box office share and hit films.Pictures'' current struggle "partly stems from Sony''s focus on short-term profit over many years," Yoshida said.Citing the sale of rights to Spider-Man merchandise and a Latin American TV channel in fiscal 2011, a number of short-term measures at the cost of long-term profit and cash flow reduced pictures'' profitability, he said.That business, which currently accounts for some 10 percent of Sony''s overall sales, can recover through expansion in growing markets such as China as well as by bolstering sales of merchandise after films are released, Yoshida said.Chief Executive Officer Kazuo Hirai is currently taking on a larger role in pictures, notably at Sony Entertainment where he is seeking a successor to resigning CEO Michael Lynton.($1 = 112.5700 yen)(Reporting by Makiko Yamazaki; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/sony-results-idINKBN15H0EW'|'2017-02-02T08:24:00.000+02:00'|1067.0|5.0|0.0|'' 1068|'c773e8aa8ae6e9fa7ca1fe993c78c8eb1e7890d1'|'Snap makes $3 billion IPO details public'|'Business News - Thu Feb 2, 2017 - 9:59pm GMT Snap makes $3 billion IPO details public The logo of messaging app Snapchat is seen at a booth at TechFair LA, a technology job fair, in Los Angeles, California, U.S., January 26, 2017. REUTERS/Lucy Nicholson Snap Inc, owner of popular messaging service Snapchat, made many of its financial details public for the first time on Thursday as it prepared to raise up to $3 billion (2.39 billion pounds) in an initial public offering. The Los Angeles-based company said it generated $404.5 million in sales in 2016, up from $58.7 million in 2015. It had a net loss of $514.6 million in 2016, up from a net loss of $372.9 million in 2015. Snap expects to go public as soon as March and could be valued at between $20 billion and $25 billion, sources familiar with the situation have said. That would give the company the richest valuation in a U.S. technology IPO since Facebook Inc ( FB.O ). Snap said it will list on the New York Stock Exchange under the ticker "SNAP". (Reporting by Lauren Hirsch; Editing by Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-snap-inc-ipo-idUKKBN15H2V7'|'2017-02-03T04:59:00.000+02:00'|1068.0|''|-1.0|'' 1069|'f149b915971fc101b6ebe52c36c11039eb6926f8'|'Insurer Lancashire reports lower full-year profit'|'Business News - Thu Feb 16, 2017 - 7:35am GMT Insurer Lancashire reports lower full-year profit Insurer Lancashire Holdings ( LRE.L ) forecast another challenging year ahead after posting a 12-percent fall in full-year profit, hurt by continuing pricing pressure and a slight fall in gross written premiums in its LLoyd''s and marine businesses. The property and casualty insurer, which writes policies for heavy-duty assets such as oil rigs, ships and aircraft, said pretax profit fell to $150.4 million in the year ended Dec. 31, 2016, from $171.7 million a year earlier. Lancashire''s gross written premiums fell about 1.1 percent to $633.9 million in the period, while its combined ratio improved to 76.5 percent from 72.1 percent in 2015. "Whilst we expect market conditions to remain difficult for the foreseeable future, which requires discipline and patience to navigate, our strategy has the ability to respond across the insurance cycle," CEO Alex Maloney said in a statement. The company said it was carrying a "bit more" capital buffer on Jan. 1 than it typically would, which would allow it to take advantage of any opportunities up ahead. (Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lancashire-results-idUKKBN15V0OQ'|'2017-02-16T14:35:00.000+02:00'|1069.0|''|-1.0|'' 1070|'c83be87a4e6b0f14c3f2b813ff2bce72af3d49f0'|'Fertilizer maker Agrium forecasts less profitable year than expected'|'Thu Feb 9, 2017 - 6:33pm EST Fertilizer maker Agrium forecasts less profitable year than expected WINNIPEG, Manitoba Agrium Inc ( AGU.TO ) ( AGU.N ), a Canadian fertilizer maker and the world''s biggest farm retailer, on Thursday forecast a less profitable year than expected. The Calgary, Alberta-based company said after normal trading hours that it expects to earn $4.50-$6 per share in 2017. The midpoint, $5.25, fell below analysts'' average estimate of $5.45, according to Thomson Reuters I/B/E/S. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Jonathan Oatis) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-agrium-results-idUSKBN15O32U'|'2017-02-10T06:20:00.000+02:00'|1070.0|''|-1.0|'' @@ -1080,7 +1080,7 @@ 1078|'9ab4203bc1d56f106bc5c6a04442f452576a282d'|'BRIEF-Dr Reddy''s says U.S. court finds co''s product infringes some patents'|' 14pm EST BRIEF-Dr Reddy''s says U.S. court finds co''s product infringes some patents Feb 16 Dr.Reddy''s Laboratories Ltd * Says Dr. Reddy''s Laboratories announces U.S. district court''s opinion relating to patent infringement * Court found that asserted claims of the "094" and "980" patents were not invalid * Court found that co''s proposed palonosetron hydrochloride product infringes certain claims of some U.S. patents Source text: bit.ly/2ks6WZY '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G019U'|'2017-02-16T11:14:00.000+02:00'|1078.0|''|-1.0|'' 1079|'fbd4c6a188aa3528bde836d4d34229c88928cfab'|'SoftBank nears deal to invest $3 billion in U.S. startup WeWork - CNBC'|'Business News - Sun Feb 26, 2017 - 11:34pm GMT SoftBank nears deal to invest $3 billion in U.S. startup WeWork - CNBC A man talks on the phone as he stand in front of an advertising poster of the SoftBank telecommunications company in Tokyo October 16, 2015. REUTERS/Thomas Peter Japan''s SoftBank Group Corp ( 9984.T ) is close to finalising an investment in U.S. office-sharing startup WeWork in a deal expected to be worth over $3 billion, CNBC reported on Sunday. The investment under discussion is a $2 billion primary tranche of funding, followed by a secondary round worth more than $1 billion, CNBC reported, citing a source. cnb.cx/2lVk0X5 SoftBank may increase the size of the secondary investment to nearly $2 billion for a total investment of nearly $4 billion, CNBC added. SoftBank could not immediately be reached for comment. WeWork declined to comment. (Reporting by Ismail Shakil in Bengaluru; Editing by Cynthia Osterman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wework-m-a-softbank-group-idUKKBN1650Z1'|'2017-02-27T06:34:00.000+02:00'|1079.0|''|-1.0|'' 1080|'96ac442445e8e6e64973373a0968eb5d997a2f0b'|'Some Platinum hedge fund clients get hopeful sign from receiver'|'By Lawrence Delevingne - NEW YORK NEW YORK A federal court-appointed receiver for troubled U.S. hedge fund manager Platinum Partners has hinted that some clients may yet recover much of their assets."Though we have just initiated our review, thus far we have not observed a major shift in overall portfolio value," Bart Schwartz, chairman of Guidepost Solutions, wrote in a message posted to platinumpartnersreceiver.com last week.Guidepost is working to liquidate Platinum''s investments in hard-to-sell private energy, mining and other companies after six top executives of the firm, including founder Mark Nordlicht and President Uri Landesman, were charged in December with running a $1 billion fraud. All six have pleaded not guilty.Platinum executives reported to Guidepost in September that two funds, Platinum Partners Credit Opportunities funds and the Platinum Partners Liquid Opportunity funds, had assets of $520 million and $16 million respectively, according to Schwartz''s note.The new message from Schwartz said that Guidepost continues to work with a valuation expert to assess those assets, a process that will continue for several months."We intend to purposefully and prudently liquidate the Funds investments and generate cash whenever possible," Schwartz wrote. "However, we do not intend to engage in a fire sale and are not interested in impairing value for the sake of generating cash."A spokesman for Platinum declined to comment.Investors in Platinum''s credit and liquid strategies may fare better than those in the firm''s largest group of funds, Platinum Partners Value Arbitrage (PPVA). They are also being wound down under the supervision of a Cayman Islands-based liquidator per the mandate of a local court and received bankruptcy protection from a U.S. court to avoid an asset fire-sale.The PPVA funds were the focus of the U.S. government''s December charges. The Department of Justice and the Securities and Exchange Commission alleged that Platinum dramatically inflated the value of the companies in the PPVA portfolio and favored some investors over others who wanted to take their money out, among other issues.Reuters previously reported that clients of PPVA were not likely to recover the full value of their investments in the hedge funds that were once known for reported average annual returns of 17 percent.(Reporting by Lawrence Delevingne; Editing by Carmel Crimmins and Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hedgefunds-platinum-idINKBN15S2GD'|'2017-02-13T18:17:00.000+02:00'|1080.0|''|-1.0|'' -1081|'f48593bbdebbf595e5d36320b2704b603a658130'|'Virgin Australia defers Boeing deliveries after profits drop'|'Business News - Fri Feb 17, 2017 - 2:54am GMT Virgin Australia defers Boeing deliveries after profits drop By Jamie Freed - SYDNEY SYDNEY Virgin Australia Holdings Ltd ( VAH.AX ) on Friday said it would defer the delivery of new Boeing Co ( BA.N ) 737 MAX aircraft for at least a year as it continues to battle against tough demand conditions in the domestic aviation market. Virgin Chief Executive John Borghetti said the capital cost of buying the new aircraft for Australia''s second-largest airline "far outweighs" savings on offer from operating more fuel-efficient planes given the oil price was relatively low. "The fuel business case isn''t as good as it was," he told Reuters in a phone interview after the airline reported a 48 percent fall in first-half underlying pre-tax earnings to A$42.3 million ($32.56 million). "On balance we can push these back." Borghetti declined to say how many 737 MAX deliveries would be affected, but a person with knowledge of the situation told Reuters it was between five and 10 aircraft. Borghetti did not rule out a further deferral, depending on market conditions. Virgin is the latest customer of the U.S. based aircraft manufacturer to defer deliveries at a time when orders for Boeing and rival Airbus Group SE ( AIR.PA ) have slowed globally due to weakening economies and relatively low oil prices. Australia''s domestic aviation market, dominated by Virgin and its larger rival Qantas Airways Ltd ( QAN.AX ), has been subdued for the past year due to weak demand for flying from corporate customers, including mining companies, as well as government travelers. Virgin said domestic yields, a proxy for average fare prices, had fallen by 5.6 percent in the first half of the financial year, although Borghetti said booking trends had improved in the last few weeks in a positive sign. "I would like to think it would improve in the second half of this calendar year but who knows?" Borghetti said of the outlook. "At some point you have got to believe the market has got to come back." Virgin on Friday separately said it planned to launch flights between Australia and Hong Kong in the middle of this year as part of a proposed alliance with shareholder HNA Aviation and affiliated carriers Hong Kong Airlines and Hong Kong Express. Borghetti declined to disclose the departure city for the flight, which could compete against non-stop flights to Hong Kong flown by Qantas and Cathay Pacific Airways Ltd ( 0293.HK ). He said Virgin also planned to fly to Beijing and Shanghai in the future, but that would depend on the availability of airport slots. (Reporting by Jamie Freed; Editing by Louise Ireland and Lisa Shumaker) Next In Business News Facebook CEO warns against reversal of global thinking SAN FRANCISCO Facebook Inc Chief Executive Mark Zuckerberg laid out a vision on Thursday of his company serving as a bulwark against rising isolationism, writing in a letter to users that the company''s platform could be the "social infrastructure" for the globe.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-virgin-au-hldgs-results-idUKKBN15W06W'|'2017-02-17T09:54:00.000+02:00'|1081.0|''|-1.0|'' +1081|'f48593bbdebbf595e5d36320b2704b603a658130'|'Virgin Australia defers Boeing deliveries after profits drop'|'Business News - Fri Feb 17, 2017 - 2:54am GMT Virgin Australia defers Boeing deliveries after profits drop By Jamie Freed - SYDNEY SYDNEY Virgin Australia Holdings Ltd ( VAH.AX ) on Friday said it would defer the delivery of new Boeing Co ( BA.N ) 737 MAX aircraft for at least a year as it continues to battle against tough demand conditions in the domestic aviation market. Virgin Chief Executive John Borghetti said the capital cost of buying the new aircraft for Australia''s second-largest airline "far outweighs" savings on offer from operating more fuel-efficient planes given the oil price was relatively low. "The fuel business case isn''t as good as it was," he told Reuters in a phone interview after the airline reported a 48 percent fall in first-half underlying pre-tax earnings to A$42.3 million ($32.56 million). "On balance we can push these back." Borghetti declined to say how many 737 MAX deliveries would be affected, but a person with knowledge of the situation told Reuters it was between five and 10 aircraft. Borghetti did not rule out a further deferral, depending on market conditions. Virgin is the latest customer of the U.S. based aircraft manufacturer to defer deliveries at a time when orders for Boeing and rival Airbus Group SE ( AIR.PA ) have slowed globally due to weakening economies and relatively low oil prices. Australia''s domestic aviation market, dominated by Virgin and its larger rival Qantas Airways Ltd ( QAN.AX ), has been subdued for the past year due to weak demand for flying from corporate customers, including mining companies, as well as government travelers. Virgin said domestic yields, a proxy for average fare prices, had fallen by 5.6 percent in the first half of the financial year, although Borghetti said booking trends had improved in the last few weeks in a positive sign. "I would like to think it would improve in the second half of this calendar year but who knows?" Borghetti said of the outlook. "At some point you have got to believe the market has got to come back." Virgin on Friday separately said it planned to launch flights between Australia and Hong Kong in the middle of this year as part of a proposed alliance with shareholder HNA Aviation and affiliated carriers Hong Kong Airlines and Hong Kong Express. Borghetti declined to disclose the departure city for the flight, which could compete against non-stop flights to Hong Kong flown by Qantas and Cathay Pacific Airways Ltd ( 0293.HK ). He said Virgin also planned to fly to Beijing and Shanghai in the future, but that would depend on the availability of airport slots. (Reporting by Jamie Freed; Editing by Louise Ireland and Lisa Shumaker) Next In Business News Facebook CEO warns against reversal of global thinking SAN FRANCISCO Facebook Inc Chief Executive Mark Zuckerberg laid out a vision on Thursday of his company serving as a bulwark against rising isolationism, writing in a letter to users that the company''s platform could be the "social infrastructure" for the globe.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-virgin-au-hldgs-results-idUKKBN15W06W'|'2017-02-17T09:54:00.000+02:00'|1081.0|6.0|0.0|'' 1082|'ef10ee9644e72cf12342a55b3b5765b3431c10fb'|'Snap bets on hardware as Facebook threat looms'|'Technology 6:04am GMT Snap bets on hardware as Facebook threat looms The logo of messaging app Snapchat is seen at a booth at TechFair LA, a technology job fair, in Los Angeles, California, U.S., January 26, 2017. REUTERS/Lucy Nicholson/File Photo 1/2 A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017. REUTERS/Brendan McDermid/File Photo 2/2 By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Snap Inc takes to the road in London on Monday to promote its initial public offering with a daring proposition: that it can build hot-selling hardware gadgets and ad-friendly software features fast enough to stay one step ahead of Facebook. No longer just a purveyor of a smartphone app for disappearing messages, Snap has hired hundreds of hardware engineers, built a secretive product development lab and scoured the landscape for acquisitions as it pursues its newly stated ambition to be "a camera company." These efforts, which are aimed at developing hardware and so-called augmented reality technologies, are central to the strategy of a company that is seeking a valuation of up to $22 billion in its early March IPO despite heavy losses and the specter of stiff competition for advertising dollars with a far-larger Facebook. (Graphic: tmsnrt.rs/2kXZxA7 ) It is a big gamble and the odds against Snap are long. There is little precedent for a company with its roots in software and social networking succeeding in the notoriously difficult consumer hardware business. Few U.S. firms aside from Apple have made big profits on hardware, and camera and wearable gadget makers have much lower valuations than Snap is seeking. Once-hot camera start-up GoPro is a cautionary tale: its stock sits 61 percent below its 2014 IPO price. More broadly, creating new products and features that have mass-market appeal and cannot be readily mimicked is a huge challenge, analysts say. "Its worrisome, said Paul Meeks, chief investment officer at Sloy, Dahl & Holst, which manages more than $1 billion in assets. Snapchat is going to have to continue to be really innovative and distinctive. Its going to be very tough to trump Facebook. Snap declined to comment for this story. Snap first signaled its new focus with the September reveal of Spectacles, funky sunglasses with an embedded video camera for posting to the Snapchat app. The company spent $184 million on research and development last year, nearly half its revenue. Augmented reality, which refers to computer-generated images overlaid on real surroundings and viewed through a smartphone or special glasses, is a big part of the plan. Snap''s "lenses" image-overlay feature has been a hit, and gives Snap an advertising format that''s unique, at least for now. "If you''re going to make the bet longer-term on Snap, you are betting they are going to come up with innovative products that Facebook can''t copy," said Nabil Elsheshai, senior equity analyst at Thrivent Financial, who is considering whether to recommend that his firm buy Snap''s IPO. Facebook-owned Instagram last year rolled out a feature called Stories, modeled after Snapchat''s feature by the same name. Snapchat had about 100 million fewer downloads than Instagram in 2016, according to market research firm App Annie. NEW GADGETS Snap had 158 million daily active users in the fourth quarter, up just 3 percent from the previous quarter, compared to 14 percent growth during the same period in 2015, according to Snap''s IPO filing. New gadgets that offer more ways to interact with Snapchat could help attract new users and get existing users to spend more time on the app. "Ultimately, that''s what advertisers are going to be looking at," said Douglas Melsheimer, managing director at investment bank and consulting firm Bulger Partners. Snap, along with Facebook and host of online rivals ranging from Google to BuzzFeed, is capitalizing on the shift of video advertising dollars from traditional television to the internet. Snap''s IPO filing reads "as if all the hard things in front of them that they have to do are already done," said Rett Wallace, cofounder and chief executive at Triton Research. But, he said, that''s not the case. "How will they hold up against all the guys you don''t want to be fighting against in the world - Facebook, Google and Apple?" Hardware is part of the answer. Snap has recruited hardware experts from Apple, Alphabet Inc''s Google, Nest and Motorola, according to an analysis of LinkedIn profiles. One former employee described ample resources and support from management for the hand-picked hardware teams. Last spring, Snap set out to hire up to 300 hardware, augmented reality and virtual reality specialists in a single month, according to another former employee. It also set up Snap Labs, a group dedicated to working on secretive projects. Its members have reviewed acquisition targets in areas including wearable cameras, facial recognition and 3D scanning technology, according to people close to the discussions. Spectacles itself came from Snap''s acquisition of startup Vergence Labs in 2014. The sunglasses surprised even Snap''s earliest investors, who say hardware was not in Snap''s initial pitch to them. "It was a disappearing messaging product, and that''s it," said Jeremy Liew, a partner with Lightspeed Venture Partners, who made the initial venture investment into Snap. Like most Snap backers he lauded the Spectacles rollout. Snap has acquired at least 10 startups since 2014 according to firms tracking such deals, and M&A deal makers say Snap is one of the most active shoppers they have heard from. "AMAZON PASS" Snap''s R&D investment as a percentage of revenue is far higher than what Facebook or Twitter were spending before they went public. One result of that investment has been a wave of patent filings - about 46 total, according to research firm CB Insights. They include eye-wear patents for Spectacles, as well as patents for photo and video-capture devices, and object and facial recognition, which is key to developing augmented reality technology. One former employee said Snap is working to figure out ways to turn the warehouse of data it collects from Memories, a feature for users to save photos on Snap''s server, into augmented reality or facial recognition applications. Spectacles "opens the doors for augmented reality," Elsheshai said. "That''s a different direction for the company than just adding more social media capabilities." The quirky popularity of Spectacles further endears users to Snapchat, he said, but doubted that such niche products can propel the user growth Snap needs in the long term. The greatest impediment to Snap''s innovation efforts, however, may be its hefty losses: the company lost $515 million last year on $404 million in sales. Revenue from Spectacles. was "not material," according to Snap''s IPO filing. Snap, like Amazon.com, is expecting public investors to allow the company to lose money for years on the promise that more investment in innovation will pay off later. "They are going to have to get the Amazon pass - investors that don''t care in the short run," Elsheshai said. (Reporting by Heather Somerville; Julia Love; Editing by Jonathan Weber and Tomasz Janowski) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-snap-ipo-hardware-analysis-idUKKBN15Z0F5'|'2017-02-20T13:03:00.000+02:00'|1082.0|''|-1.0|'' 1083|'6a3a3d7a6d5b0f462fb48533bb79890805bfccea'|'Toshiba prepares to unveil nuclear hole, other perils threaten'|'Business 11:03pm GMT Toshiba prepares to unveil nuclear hole, other perils threaten FILE PHOTO - The logo of Toshiba Corp is pictured at its headquarters in Tokyo, Japan, August 31, 2015. REUTERS/Yuya Shino/File Photo By Makiko Yamazaki and Taro Fuse - TOKYO TOKYO Toshiba Corp will on Tuesday detail a writedown of close to $6 billion after bruising cost overruns at its U.S. nuclear arm, turning investor attention to the Japanese group''s efforts to fix that and other balance sheet headaches. The TVs-to-construction conglomerate warned of a potential multi-billion dollar nuclear writedown in December, a year after a $1.3 billion accounting scandal. Sources familiar with the matter say the final charge, to be detailed alongside quarterly earnings, will be as high as 700 billion yen ($6.2 billion), a sum which alone would wipe out the company''s shareholder equity. Toshiba, which has seen its market value almost halve since the prospect of a writedown emerged in December, is also expected to outline the prospects for its nuclear arm and update investors on efforts to raise capital, including through the sale of a stake in its flagship memory chips business. "The question for Toshiba is how is it going to move forward," said Masahiko Ishino, analyst at Tokai Tokyo Research Center. He added Toshiba would need to show how it could stay competitive in the cash-generating but capital-intensive memory chip industry, given its battered balance sheet. Toshiba has offered a 19.9 percent of its prize chips business to investment funds and rivals including Bain Capital, SK Hynix and Micron Technology. PILLAR OF BUSINESS On Thursday, a source said that Toshiba had received bids of between 200 billion yen to 400 billion yen for the flash memory stake, a range that could cover the 300 billion yen the company wants to raise. It prefers multiple investors. Toshiba is a pillar of Japan''s business establishment. Born in the tumult of Japan''s emergence from centuries of isolation, it made Japan''s first light bulb and was a pioneer in laptop computers. Toshiba''s 190,000 workers, employed at some 500 units, likely will make it too big to fail. But as with other established Japanese firms that have dodged financial collapse, such as liquid crystal display inventor Sharp Corp, Toshiba could face protracted pain. Financial sources last week pointed to problem businesses within Toshiba beyond nuclear, including Landis+Gyr AG. Toshiba agreed to buy that unlisted meter maker for $2.3 billion in 2011 to tap smart grid demand that at the time was expected to grow six-fold to around $70 billion in 10 years. At the end of September, the goodwill value of Landis+Gyr was 143.2 billion yen ($1.3 billion). Other stumbling blocks for Toshiba include a $7.4 billion commitment four years ago to buy U.S. liquefied natural gas believing that would help sell power plant turbines. ACCOUNTING SCANDAL A fall in Asian gas prices, now at about half the level they were, has cast doubt on that strategy. Toshiba, on a stock exchange watchlist barring it from issuing new shares, must also contend with fallout from the 2015 accounting scandal. Mitsubishi UFJ Trust and Banking Corp last month said it will seek 1 billion yen in damages, while sources say Sumitomo Mitsui Trust Bank Ltd and Mizuho Trust & Banking Co are preparing similar suits.[nL4N1FK07I} With its latest financial crisis unresolved, investors appear most nervous about Toshiba''s short-term prospects. The cost of insuring against a credit default has soared over the past two months. Five-year insurance, or credit default swaps, was quoted at 315/355 basis points on Friday, compared with 75 basis points in mid-December. That quote, below late December highs, suggests it would cost $315,000-$355,000 per year for five years to insure $10 million in bonds. The CDS curve <0#TOSBJPACMPBMK=> is inverted, suggesting short-term cover is most expensive. ($1 = 113.1900 yen) (Reporting by Makiko Yamazaki and Taro Fuse; Writing by Tim Kelly; Editing by Richard Borsuk) Next In Business News VW says has no plans to retain large number of temporary staff BERLIN Volkswagen said it has no plans to keep a large number of temporary workers on its books following a media report saying management at the carmaker''s VW brand would retain about 2,000 of them as labour leaders and executives wrestle over the company''s turnaround plan.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN15R11Q'|'2017-02-13T06:03:00.000+02:00'|1083.0|''|-1.0|'' 1084|'928689255871580b88dc8e76d3b9a55fca6c941a'|'Alphabet''s self-driving car unit sues Uber with trade theft charge'|'Technology News - Fri Feb 24, 2017 - 8:13pm EST Alphabet''s self-driving car unit sues Uber with trade theft charge left right Waymo unveils a self-driving Chrysler Pacifica minivan during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid 1/3 left right FILE PHOTO -- An Autonomous trucking start-up Otto vehicle is shown during an announcing event in Concord, California, U.S. August 4, 2016. REUTERS/Alexandria Sage/File Photo 2/3 left right A man arrives at the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid 3/3 By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO Alphabet Inc''s ( GOOGL.O ) Waymo self-driving car unit sued Uber Technologies [UBER.UL] and its autonomous trucking subsidiary Otto on Thursday over allegations of theft of its confidential and proprietary sensor technology. Waymo accused Uber and Otto, acquired by the ride services company in August, with stealing confidential information on Waymo''s Lidar sensor technology to help speed its own efforts in autonomous technology. "Uber''s LiDAR technology is actually Waymo''s LiDAR technology," said Waymo''s complaint in the Northern District of California. Uber said it took "the allegations made against Otto and Uber employees seriously and we will review this matter carefully." Lidar, which uses light pulses reflected off objects to gauge their position on or near the road, is a crucial component of autonomous driving systems. Previous systems have been prohibitively expensive and Waymo sought to design one over 90 percent cheaper, making its Lidar technology among the company''s "most valuable assets," Waymo said. Waymo is seeking an unspecified amount of damages and a court order preventing Uber from using its proprietary information. Otto launched with much fanfare in May, due in part to the high profile of one of its co-founders, Anthony Levandowski, who had been an executive on Google''s self-driving project. Uber acquired the company in August for what Waymo said in the lawsuit was $680 million. Waymo said that before Levandowski''s resignation in January 2016 from Google, whose self-driving unit was renamed Waymo in December, he downloaded over 14,000 confidential files, including Lidar circuit board designs, thereby allowing Uber and Otto to fast-track its self-driving technology. Waymo accused Levandowski of attempting to "erase any forensic fingerprints" via a reformat of his laptop. "While Waymo developed its custom LiDAR systems with sustained effort over many years, defendants leveraged stolen information to shortcut the process and purportedly build a comparable LiDAR system in only nine months," the complaint said. Last month, Tesla Inc ( TSLA.O ) electric car company sued the former head of its Autopilot system. It said he tried to recruit Tesla engineers for his new venture with the former head of Google''s self-driving programme while still working there, and said he stole proprietary data belonging to Tesla. Waymo''s lawsuit said it learned of this use of trade secrets and patent infringement after it was inadvertently copied on an email from a component vendor that included a design of Uber''s Lidar circuit board, which bore a "striking resemblance" to Waymo''s design. Waymo noted that Google devoted over seven years to self-driving cars and said Uber''s forays into the technology through a partnership with Carnegie Mellon University had stalled by early 2016. (Reporting by Alexandria Sage; editing by Grant McCool) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-autonomous-lawsuit-idUSKBN164011'|'2017-02-25T08:13:00.000+02:00'|1084.0|''|-1.0|'' @@ -1178,7 +1178,7 @@ 1176|'4d735baaf091184da5833f812f4c76f78ec730b2'|'BRIEF-Terex Corp reports Q4 loss per share $2.96'|' 54pm EST BRIEF-Terex Corp reports Q4 loss per share $2.96 Feb 21 Terex Corp: * Terex announces fourth quarter and full year 2016 results and provides 2017 guidance * Q4 loss per share $2.96 from continuing operations * Q4 sales $1.0 billion versus i/b/e/s view $918.8 million * Sees FY 2017 earnings per share $0.60 to $0.80 excluding items * Q4 adjusted earnings per share $0.07 from continuing operations excluding items * Sees FY 2017 sales about $3.9 billion * Q4 earnings per share view $-0.05 -- Thomson Reuters I/B/E/S * Terex Corp - income from continuing operations, as adjusted, for Q4 of 2016 was $7.4 million, or $0.07 per share * Terex Corp - "looking ahead to 2017, we expect our primary global markets to remain challenging" * Terex Corp sees 2017 adjusted earnings per share of between $0.60 and $0.80 * Terex Corp qtrly net sales $974.7 million versus $1,167.6 million '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-terex-corp-reports-q4-loss-per-sha-idUSASB0B1DW'|'2017-02-22T04:54:00.000+02:00'|1176.0|''|-1.0|'' 1177|'5c734871f01788542c08fcf178192871a326959e'|'IT security firm Sophos rises after $100 million Invincea deal'|'LONDON British IT security company Sophos ( SOPH.L ) has agreed to buy malware protection company Invincea for $100 million to bolster its product line and give it a stronger presence in the U.S. government, healthcare and financial services sector.Shares in Sophos rose 5.5 percent to a four-month high of 287 pence, topping the mid-cap index .FTMC , after the deal was announced on Wednesday.Sophos chief executive Kris Hagerman said Invincea''s machine learning-based threat detection technology would be rapidly integrated into its product line, representing a significant growth opportunity for the company.The deal, which includes a $20 million earn-out in addition to the $100 million cash payment, came as Sophos reported a 16 percent rise in third-quarter billings to $164.1 million.(Reporting by Paul Sandle, editing by James Davey)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sophos-group-m-a-invincea-idINKBN15N0XO'|'2017-02-08T06:27:00.000+02:00'|1177.0|''|-1.0|'' 1178|'d0d325c3ed921d2c96450577df7bea1b28f3733b'|'Braskem sees Brazil plastics market growing 2 pct in 2017 -CEO'|'Company News 13am EST Braskem sees Brazil plastics market growing 2 pct in 2017 -CEO SAO PAULO Feb 22 Petrochemical producer Braskem SA expects demand for plastic resins to grow around 2 percent this year from 2016, Chief Executive Fernando Musa said on a Wednesday earnings call. Demand for polyethylene, polypropylene and PVC in Brazil rose 13 percent in the fourth quarter from a year ago, Braskem said in an unaudited earnings release on Wednesday. (Reporting by Brad Haynes) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/braskem-results-outlook-idUSE6N1CB02G'|'2017-02-22T22:13:00.000+02:00'|1178.0|3.0|0.0|'' -1179|'b8e9359db5cf4434a3ef78a31aa6449641a0ee39'|'PSA boss to meet top German officials over Opel plans'|' 22am EST PSA boss to meet top German officials over Opel plans PARIS Feb 15 The chief executive of Peugeot maker PSA Group, Carlos Tavares, plans to meet senior German officials in the near future to discuss the possible acquisition of General Motors'' European Opel division, the French carmaker said on Wednesday. "Carlos Tavares intends to meet with Opel''s stakeholders in Germany," a PSA spokesman said, without giving any timetable for the talks. Tavares may meet German Chancellor Angela Merkel as part of those discussions, he said. (Reporting by Laurence Frost; editing by Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/psa-opel-ma-germany-idUSL8N1G02UV'|'2017-02-15T17:22:00.000+02:00'|1179.0|''|-1.0|'' +1179|'b8e9359db5cf4434a3ef78a31aa6449641a0ee39'|'PSA boss to meet top German officials over Opel plans'|' 22am EST PSA boss to meet top German officials over Opel plans PARIS Feb 15 The chief executive of Peugeot maker PSA Group, Carlos Tavares, plans to meet senior German officials in the near future to discuss the possible acquisition of General Motors'' European Opel division, the French carmaker said on Wednesday. "Carlos Tavares intends to meet with Opel''s stakeholders in Germany," a PSA spokesman said, without giving any timetable for the talks. Tavares may meet German Chancellor Angela Merkel as part of those discussions, he said. (Reporting by Laurence Frost; editing by Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/psa-opel-ma-germany-idUSL8N1G02UV'|'2017-02-15T17:22:00.000+02:00'|1179.0|11.0|2.0|'' 1180|'88e44d0d48ae246abed97a0bd28fd1b863adc56c'|'Morning News Call - India, February 21'|' 27pm EST Morning News Call - India, February 21 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:00 am: N. Chandrasekaran to take over as new chairman of Tata Sons in Mumbai. 11:00 am: Microsoft CEO Satya Nadela to meet Electronics and IT Minister Ravi Shankar Prasad in New Delhi. 12:00 pm: Environment Minister Anil Dave briefs media on air pollution in New Delhi. 1:30 pm: Reliance Industries Chairman Mukesh Ambani video statement in Mumbai. 2:00 pm: Finance Secretary Ashok Lavasa to speak at an event in New Delhi. 3:00 pm: Foreign Investment Promotion Board meets to consider 24 FDI proposals in New Delhi. LIVECHAT-INDIAN CRICKET BEYOND BCCI AND IPL Cricketer Jatin Paranjpe joins us at 11:00 am to share his views on cricket in the Kohli era, IPL and on why despite repeated attempts cricket still remains a passionate sport in a handful of countries. To join the conversation, click on the link: here LIVECHAT- FOREX PULSE We explore the outlook for FX markets with Derek Halpenny, European head of FX research at Bank of Tokyo-Mitsubishi UFJ at 3:30 pm. To join the conversation, click on the link: here INDIA TOP NEWS TCS announces up to $2.4 bln share buyback Software services exporter Tata Consultancy Services will buy back shares worth up to 160 billion rupees, it said on Monday, adding to pressure on similarly cash-rich rival Infosys to follow suit. Rosneft-led consortium plans to complete Essar acquisition next month -sources A consortium led by Russian oil major Rosneft plans to finally complete its $12.9 billion acquisition of India''s Essar Oil next month, two Russian sources close to the deal told Reuters. Reliance''s Jio hails Uber ride in payments battle with PayTM Uber users in India, who until now had Chinese Internet giant Alibaba-backed PayTM as the only payment wallet option available to book a ride, will now be able to pay through Reliance Jio Infocomm''s Jio Money. Goldman unit launches up to $82 mln block deal in Max Financial - terms A unit of Goldman Sachs has launched a block deal to sell up to $82.1 million worth of shares in Max Financial Services Ltd with an upsize option of $41.1 million, a deal term sheet showed on Monday. Russia to start deliveries of helicopters to India in 2019 Russia will start initial deliveries of military helicopters to India in 2019, with assembly and manufacturing to follow in Asia''s fastest growing economy, the chief executive of state-owned manufacturer Russian Helicopters said on Monday. India looks to expand energy ties with Myanmar India plans to sell refined crude oil products to Myanmar as part of New Delhi''s efforts to deepen ties with its eastern neighbour, which is expected to see strong demand for fuels as it builds new roads, factories, utilities and airports. India extends anti-dumping duty on some Chinese steel items by 5 yrs India has extended anti-dumping duty on some steel products from China by five years, in a bid to retain protectionist barriers and stem the tide of cheap foreign products. GLOBAL TOP NEWS Outspoken general named Trump''s top security adviser U.S. President Donald Trump on Monday named Lieutenant General Herbert Raymond McMaster as his new national security adviser, choosing a military officer known for speaking his mind and challenging his superiors. Toshiba seeking $8.8 bln for majority stake in chip unit -source Toshiba Corp wants to raise at least 1 trillion yen from the sale of a majority stake in its flash memory chip business as a buffer against any fresh financial problems, a source with direct knowledge of the matter said. Malaysian PM says probe into airport killing will be fair Malaysia''s Prime Minister Najib Razak said on Monday his government''s investigation of the killing of the North Korean leader''s half-brother, Kim Jong Nam, will be "objective", as tensions rose between the countries. GLOBAL MARKETS Asian stocks held near 1-1/2-year highs in subdued early trade as a holiday in the United States left investors with few catalysts, while the euro nursed overnight losses as lingering concerns about the looming French election rattled its bonds. U.S. crude futures rose for a second day with data showing hedge funds are betting big across oil markets following OPEC production cuts agreed last year. Gold prices eased slightly amid a firmer dollar as investors waited on clues on the timing of U.S. interest rate hikes in a host of speeches by Federal Reserve officials. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 66.97/67.00 February 20 -$64.73 mln -$10.31 mln 10-yr bond yield 7.17 pct Month-to-date $1.58 bln $1.10 bln Year-to-date $1.56 bln $990.44 mln (Money markets are closed on account of Mumbai local elections) For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] (Erum Khaled in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL4N1G61IM'|'2017-02-21T10:27:00.000+02:00'|1180.0|''|-1.0|'' 1181|'c37936a7fd75bf7e54a1decc92c138ea30be9e08'|'UK fashion retailer Reiss names Angelides as CEO'|'LONDON Feb 20 British fashion retailer Reiss named former Next executive Christos Angelides as its new chief executive on Monday in a move aimed at allowing founder and chairman David Reiss to scale back his responsibilities.Reiss, which is majority owned by private equity firm Warburg Pincus, said the appointment was part of a planned succession process. It ends speculation that Angelides might join Marks & Spencer to lead its struggling clothing division.Angelides, who spent 28 years at Next with 14 as group product director, had a brief stint as president of Abercrombie and Fitch based in the United States.He will start his new role at the end of March and will resign as a non-executive director of rival French Connection on Feb. 28."I am delighted that Christos has agreed to lead Reiss ... and look forward to working closely with him in order to ensure an orderly succession," said David Reiss, who will remain chairman but give up the CEO role.Last month Reiss reported total sales up 19.7 percent in the six weeks to Jan. 7. ($1 = 0.8026 pounds) (Reporting by James Davey; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/reiss-ceo-idINL8N1G5296'|'2017-02-20T08:24:00.000+02:00'|1181.0|''|-1.0|'' 1182|'52c35f699315a55f3fd31d216ce19457fdc97eb1'|'BRIEF-Eaton Vance Q1 adjusted earnings per share $0.53'|' 07am EST BRIEF-Eaton Vance Q1 adjusted earnings per share $0.53 Feb 22 Eaton Vance Corp - * Q1 adjusted earnings per share $0.53 * Q1 revenue $355 million * Q1 earnings per share view $0.57 -- Thomson Reuters I/B/E/S * Consolidated net inflows of $7.8 billion in q1 of fiscal 2017 versus net inflows of $5.3 billion * Consolidated assets under management were $363.7 billion on January 31, 2017, up 20 percent * Qtrly revenue $354.96 million versus $331.6 million last year * Q1 revenue view $351.2 million -- Thomson Reuters I/B/E/S * Average consolidated assets under management were $344.9 billion in Q1, up 12 percent * Consolidated sales and other inflows were $44.9 billion in Q1, up 47 percent Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-eaton-vance-q1-adjusted-earnings-p-idUSASB0B1JT'|'2017-02-22T21:07:00.000+02:00'|1182.0|''|-1.0|'' @@ -1280,7 +1280,7 @@ 1278|'c13a6c481f8602ff802e20b951b1a66011f61a5b'|'Exclusive: Burger King and Tim Horton''s owner in bid to buy Popeyes - sources'|'Restaurant Brands International Inc ( QSR.TO ), the owner of the Burger King and Tim Horton''s fast-food chains, has approached Popeyes Louisiana Kitchen Inc ( PLKI.O ) to express interest in an acquisition, people familiar with the matter said on Monday.A deal would be a bet by Oakville, Ontario-based Restaurant Brands that it can use its international reach to introduce Atlanta, Georgia-based Popeyes'' famous Louisiana-style fried chicken and buttermilk biscuits to more diners globally.RBI and Popeyes have yet to agree on a deal price, and there is no certainty that negotiations will continue, or that they will lead to any agreement, the people said. Restaurant Brands has also been considering the acquisition of other companies, one of the people added.The sources asked not to be identified because the matter is confidential. Popeyes declined to comment, while Restaurant Brands did not immediately respond to a request for comment.(Reporting by Lauren Hirsch and Greg Roumeliotis in New York; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/popeyes-m-a-rstrnt-brnd-idINKBN15S2DL'|'2017-02-13T17:30:00.000+02:00'|1278.0|''|-1.0|'' 1279|'ce59f6951eaee0dc1c32fea914c8683df7747c73'|'Ex-VW chairman refuses to testify in German emissions probe'|' 2:32pm GMT Ex-VW chairman refuses to testify in German emissions probe Ferdinand Piech, chairman of the supervisory board of German carmaker Volkswagen, arrives at the annual shareholders meeting in Hanover in this April 25, 2013 file photo. REUTERS/Fabian Bimmer/Files HAMBURG/BERLIN Ex-Volkswagen ( VOWG_p.DE ) Chairman Ferdinand Piech, who resigned after a showdown with former chief executive Martin Winterkorn, has refused to testify to German lawmakers investigating a possible government''s role in the VW emissions scandal, according to his lawyer. Piech, also VW''s former CEO who spearheaded the carmaker''s global expansion, gave testimony to lawyers of U.S. law firm Jones Day last April and to German prosecutors in Braunschweig near VW''s Wolfsburg headquarters in December, his lawyer said. "These comments were solely directed at the inquirers of Jones Day and the prosecutors respectively. They were not directed at the public media," Piech''s Hamburg-based lawyer, Gerhard Strate, said in an emailed statement. He said Piech has no intention "to comment in public on what is being circulated as the alleged content of the questioning". A German media report earlier this week said Piech had informed top directors at VW about potential cheating with diesel emissions tests in the United States six months before the scandal became public in September 2015. Piech has not commented on the report by Bild am Sonntag. The unsourced report said Piech raised the issue with Winterkorn and subsequently informed members of the supervisory board''s steering committee in March 2015 - a month before Piech was ousted as chairman. A person familiar with the matter told Reuters on Sunday that Piech had raised the issue of excess diesel emissions of VW cars in the United States with Winterkorn in March 2015. The former CEO then replied to Piech that a recall of affected vehicles was already underway and that the problem would be resolved, the person said, adding that Winterkorn last year had given the same account to Jones Day. Winterkorn''s lawyer has said his client would not be commenting until he had been granted access to files held by Braunschweig prosecutors. VW has said it might take legal action against Piech over his reported assertions. The supervisory board''s labour representatives have since denied the reported allegations, as did Stephan Weil, a member of the steering committee and prime minister of Lower Saxony state, VW''s No. 2 stakeholder. Left Party lawmaker Herbert Behrens, who chairs the German parliamentary committee tasked with investigating the emissions irregularities, said earlier this week that the latest escalation required a Piech testimony. Behrens didn''t return calls seeking comment while fellow committee member Oliver Krischer, a Green Party lawmaker, criticised the refusal to testify. "This of course damages the (VW) brand and the entire German auto industry if those involved, even if they no longer belong to the company, do not manage to draw a line and clear the air," Krischer told broadcasting network Deutschlandfunk. The eight-member cross-party committee will question Weil and Transport Minister Alexander Dobrindt over the scandal on Thursday. The panel was set up last April to clarify whether Germany''s federal government and regulators were involved in VW''s emissions manipulations or failed to contribute towards their disclosure. Last month it questioned Winterkorn, who denied early knowledge of the cheating. (Reporting by Jan Schwartz and Andreas Cremer; editing by Mark Heinrich and David Evans) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-piech-idUKKBN15Q0LL'|'2017-02-12T21:32:00.000+02:00'|1279.0|''|-1.0|'' 1280|'157accd89429c9b510ddb7a10cb9fef4ee7039eb'|'BRIEF-Mandalay Resources Q4 consolidated loss per share $0.06'|' 08pm EST BRIEF-Mandalay Resources Q4 consolidated loss per share $0.06 Feb 16 Mandalay Resources Corp * Mandalay Resources Corporation announces fourth quarter and full-year 2016 financial results, quarterly dividend, and updated guidance for 2017 * Consolidated net loss before special items of $10.8 million, or $0.02 loss per share before special items, for Q4 * Says cutting workforce by about 10 percent * Qtrly revenue $32.4 million versus $43.6 million * Qtrly consolidated loss per share $0.06 Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mandalay-resources-q4-consolidated-idUSASB0B0YX'|'2017-02-17T10:08:00.000+02:00'|1280.0|''|-1.0|'' -1281|'b87100dc989b863dbf30f42124a185f2af9665a9'|'Big banks avoid hiring spree despite trading boom'|' 45am GMT Big banks avoid hiring spree despite trading boom Workers walk to work during the morning rush hour in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh By Jamie McGeever and Anjuli Davies - LONDON LONDON Market trading is booming at U.S. and European banks thanks to Donald Trump and Brexit, and yet the glory days of dealing rooms the size of football pitches remain as distant as ever. Scarred by the 2007-09 global financial crisis and a subsequent regulatory clampdown, cost-conscious banks aren''t taking on more traders, uncertain whether the revival will last. "There''s no hiring spree," Jason Kennedy, chief executive of recruitment firm Kennedy Group in London, told Reuters. "Management don''t know if the boom is real or not, if we''re in a bubble or not. The last thing they are doing is gear up, only to find there''s nothing behind it." Last year''s shocks of the British vote to leave the European Union and Trump''s U.S. presidential election victory fuelled a surge in market volatility and banks'' trading activity, revenue and profit. But that won''t mean more traders, with banks avoiding any return to dealing rooms staffed by hundreds like before the crisis, instead investing more in automated trading. Europe''s largest bank HSBC ( HSBA.L ) began cutting around 100 senior jobs last month in its investment banking division worldwide, according to sources with direct knowledge of the matter, without saying how many were traders. Germany''s largest lender, the troubled Deutsche Bank, ( DBKGn.DE ) is set to scrap roughly one in five equity trading jobs under a scheme to cut costs across the globe, according to sources, and will slash pay and bonuses. Even Wall Street''s big beasts, which have profited most from the boom, are cautious about how long it will continue, with some offering existing staff juicier bonuses to prevent departures of talent rather than expanding the payroll. "We''d always rather do more with less," said one senior source at a major Wall Street trading firm. "We are not looking to ramp up hiring. New technology will help," the source told Reuters. "We are always looking at productivity gains. Sometime saying you''re hiring a bunch of people is a sign of great stupidity." The biggest trading gains have been in fixed income, currency and commodities (FICC). The top five U.S. banks made $10.5 billion (8 billion pounds) in revenue from FICC trading in the fourth quarter, and $14.1 billion in the previous three month period. The $24.6 billion total for the second half of last year was up 37 percent from $17.9 billion from the same period in 2015. Only four of Europe''s biggest banks - Credit Suisse ( CSGN.S ), Deutsche Bank and France''s Societe Generale ( SOGN.PA ) and BNP Paribas ( BNPP.PA ) - have reported their fourth quarter earnings so far. They too said FICC trading revenue had increased, although not as strongly as at their Wall Street rivals, and their equity trading performance has been patchier. GRAPHIC: Big banks'' trading revenue reut.rs/2kp0D9g A LID ON COSTS In recent years, banks have hired heavily in two areas. One is regulatory compliance to handle a welter of new rules imposed by U.S. and European authorities, as well as to prevent a repeat of the pre-crisis misbehaviour that earned some banks huge penalties. The other is technology to improve efficiency. Trading is a different story. According to Coalition, an industry analytics firm, the total number of FICC front office staff - covering sales, trading and research - at the top 12 global banks fell to 17,479 last year from 18,755 the year before. That''s down 7 percent on the year and marks a decline of nearly 25 percent from 2012. Within that lies a deeper retrenchment at European banks, where FICC staffing levels have been slashed by 30 percent since 2012. That''s nearly twice the rate at U.S. banks. George Kuznetsov, head of research and analytics at Coalition, said banks are struggling to meet return on equity targets in their FICC trading operations. While he expects FICC trading revenue to rise 4-5 percent this year, banks will continue to keep a lid on costs wherever possible. In addition, it''s unclear if something similar to the Brexit and Trump effects last year will be replicated this year to keep markets volatile. "As a result, we think headcount will remain relatively stable this year compared to 2016. We don''t see any significant expansion," he said. Still, the outlook may be brightening for European banks. After years of savage cost cuts, scaling back operations and pulling out of some markets, the gap between them and U.S. banks both in terms of headcount and revenue will stop widening. "There''s only so much cost cutting you can do in the businesses you want to be in. Aside from one or two individual cases, the majority of strategic choice and restructuring in FICC has probably been done," Kuznetsov said. A senior manager in equities trading at a large Wall Street bank said all his hiring was done "three years ago". While investment is still being made, particularly in technology and the online trading platform, this year he will be looking to hire only "opportunistically" when talented individuals become available. The head of interest rates trading at another U.S. bank said automation plays an increasingly important role, and has affected up to 20 percent of headcount in his division. Banks continue to rely on the "juniorisation" of trading desks, where senior and more expensive traders are replaced with younger, less experienced and cheaper graduates and trainees, as a means of keeping costs down. "In the last three or four years, we''ve invested a lot in the ''junior population''. As a percentage of our trading business, it has materially increased," the head of rates trading said. (Graphic by Vikram Subhedar; Editing by David Stamp) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-banks-trading-idUKKBN15U1DA'|'2017-02-15T18:45:00.000+02:00'|1281.0|''|-1.0|'' +1281|'b87100dc989b863dbf30f42124a185f2af9665a9'|'Big banks avoid hiring spree despite trading boom'|' 45am GMT Big banks avoid hiring spree despite trading boom Workers walk to work during the morning rush hour in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh By Jamie McGeever and Anjuli Davies - LONDON LONDON Market trading is booming at U.S. and European banks thanks to Donald Trump and Brexit, and yet the glory days of dealing rooms the size of football pitches remain as distant as ever. Scarred by the 2007-09 global financial crisis and a subsequent regulatory clampdown, cost-conscious banks aren''t taking on more traders, uncertain whether the revival will last. "There''s no hiring spree," Jason Kennedy, chief executive of recruitment firm Kennedy Group in London, told Reuters. "Management don''t know if the boom is real or not, if we''re in a bubble or not. The last thing they are doing is gear up, only to find there''s nothing behind it." Last year''s shocks of the British vote to leave the European Union and Trump''s U.S. presidential election victory fuelled a surge in market volatility and banks'' trading activity, revenue and profit. But that won''t mean more traders, with banks avoiding any return to dealing rooms staffed by hundreds like before the crisis, instead investing more in automated trading. Europe''s largest bank HSBC ( HSBA.L ) began cutting around 100 senior jobs last month in its investment banking division worldwide, according to sources with direct knowledge of the matter, without saying how many were traders. Germany''s largest lender, the troubled Deutsche Bank, ( DBKGn.DE ) is set to scrap roughly one in five equity trading jobs under a scheme to cut costs across the globe, according to sources, and will slash pay and bonuses. Even Wall Street''s big beasts, which have profited most from the boom, are cautious about how long it will continue, with some offering existing staff juicier bonuses to prevent departures of talent rather than expanding the payroll. "We''d always rather do more with less," said one senior source at a major Wall Street trading firm. "We are not looking to ramp up hiring. New technology will help," the source told Reuters. "We are always looking at productivity gains. Sometime saying you''re hiring a bunch of people is a sign of great stupidity." The biggest trading gains have been in fixed income, currency and commodities (FICC). The top five U.S. banks made $10.5 billion (8 billion pounds) in revenue from FICC trading in the fourth quarter, and $14.1 billion in the previous three month period. The $24.6 billion total for the second half of last year was up 37 percent from $17.9 billion from the same period in 2015. Only four of Europe''s biggest banks - Credit Suisse ( CSGN.S ), Deutsche Bank and France''s Societe Generale ( SOGN.PA ) and BNP Paribas ( BNPP.PA ) - have reported their fourth quarter earnings so far. They too said FICC trading revenue had increased, although not as strongly as at their Wall Street rivals, and their equity trading performance has been patchier. GRAPHIC: Big banks'' trading revenue reut.rs/2kp0D9g A LID ON COSTS In recent years, banks have hired heavily in two areas. One is regulatory compliance to handle a welter of new rules imposed by U.S. and European authorities, as well as to prevent a repeat of the pre-crisis misbehaviour that earned some banks huge penalties. The other is technology to improve efficiency. Trading is a different story. According to Coalition, an industry analytics firm, the total number of FICC front office staff - covering sales, trading and research - at the top 12 global banks fell to 17,479 last year from 18,755 the year before. That''s down 7 percent on the year and marks a decline of nearly 25 percent from 2012. Within that lies a deeper retrenchment at European banks, where FICC staffing levels have been slashed by 30 percent since 2012. That''s nearly twice the rate at U.S. banks. George Kuznetsov, head of research and analytics at Coalition, said banks are struggling to meet return on equity targets in their FICC trading operations. While he expects FICC trading revenue to rise 4-5 percent this year, banks will continue to keep a lid on costs wherever possible. In addition, it''s unclear if something similar to the Brexit and Trump effects last year will be replicated this year to keep markets volatile. "As a result, we think headcount will remain relatively stable this year compared to 2016. We don''t see any significant expansion," he said. Still, the outlook may be brightening for European banks. After years of savage cost cuts, scaling back operations and pulling out of some markets, the gap between them and U.S. banks both in terms of headcount and revenue will stop widening. "There''s only so much cost cutting you can do in the businesses you want to be in. Aside from one or two individual cases, the majority of strategic choice and restructuring in FICC has probably been done," Kuznetsov said. A senior manager in equities trading at a large Wall Street bank said all his hiring was done "three years ago". While investment is still being made, particularly in technology and the online trading platform, this year he will be looking to hire only "opportunistically" when talented individuals become available. The head of interest rates trading at another U.S. bank said automation plays an increasingly important role, and has affected up to 20 percent of headcount in his division. Banks continue to rely on the "juniorisation" of trading desks, where senior and more expensive traders are replaced with younger, less experienced and cheaper graduates and trainees, as a means of keeping costs down. "In the last three or four years, we''ve invested a lot in the ''junior population''. As a percentage of our trading business, it has materially increased," the head of rates trading said. (Graphic by Vikram Subhedar; Editing by David Stamp) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-banks-trading-idUKKBN15U1DA'|'2017-02-15T18:45:00.000+02:00'|1281.0|14.0|0.0|'' 1282|'79c4c6384ccc5c9666c6c9ed61c1a5828aa54051'|'UPDATE 1-Google to help publishers find malicious comments on articles'|'Company 20pm EST UPDATE 1-Google to help publishers find malicious comments on articles (Adds details from Cohen interview, paragraph 13) By Julia Fioretti BRUSSELS Feb 23 Alphabet Inc''s Google and subsidiary Jigsaw launched on Thursday a new technology to help news organisations and online platforms identify abusive comments on their websites. The technology, called Perspective, will review comments and score them based on how similar they are to comments people said were "toxic" or likely to make them leave a conversation. It has been tested on the New York Times and the companies hope to extend it to other news organisations such as The Guardian and The Economist as well as websites. "News organizations want to encourage engagement and discussion around their content, but find that sorting through millions of comments to find those that are trolling or abusive takes a lot of money, labour, and time. As a result, many sites have shut down comments altogether," Jared Cohen, President of Jigsaw, which is part of Alphabet, wrote in a blog post. "But they tell us that isnt the solution they want. We think technology can help." Perspective examined hundreds of thousands of comments that had been labelled as offensive by human reviewers to learn how to spot potentially abusive language. CJ Adams, Jigsaw Product Manager, said the company was open to rolling out the technology to all platforms, including larger ones such as Facebook and Twitter where trolling can be a major headache. The technology could be expanded to identify personal attacks or off-topic comments too, Cohen said. Perspective will not decide what to do with comments it finds are potentially abusive; rather publishers will be able to flag them to their moderators or develop tools to help commenters understand the impact of their writing. Cohen said a significant portion of abusive comments came from people who were "just having a bad day." The initiative against trolls follows efforts by Google and Facebook to combat fake news stories in France, Germany and the United States after they came under fire during the U.S. presidential campaign when it became clear they had inadvertently fanned false news reports. The debate surrounding fake news has sparked calls from politicians for social networks to be held more liable for the content on their platforms. Jigsaw is offering the product to publishers for free and hopes to support languages other than English soon, Cohen said in an interview. While the technology is in its early days and could misinterpret language such as sarcasm, it will improve over time, Cohen said. (Additional reporting by Julia Love in San Francisco.) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/google-news-idUSL1N1G81ED'|'2017-02-24T01:20:00.000+02:00'|1282.0|''|-1.0|'' 1283|'19abf886cbc9da146f81508507448be7b9032f92'|'Discount broker shares tumble on price war fears'|'Business News - Thu Feb 2, 2017 - 7:18pm EST Discount broker shares tumble on price war fears A TD Ameritrade sign is seen outside a branch in Schaumburg, Illinois, U.S., October 24, 2016. REUTERS/Jim Young By Sinead Carew and Trevor Hunnicutt Shares in discount brokerages TD Ameritrade ( AMTD.O ), E*Trade ( ETFC.O ) and Charles Schwab ( SCHW.N ) fell as investors bet Schwab''s slashing of trading commissions would be the start of a price war. Schwab announced earlier on Thursday that it would reduce its online equity and ETF trade commissions to $6.95 from $8.95 and claimed to have the lowest commission among competitors. Shares in TD Ameritrade were hit the hardest as it derives about 42 percent of revenue from trading fees, the biggest exposure of the three companies. Its shares fell as much as 11 percent and were last down 9.3 percent at $41.79, on track for its biggest one-day percentage decline since Dec. 2008. Trading volume was 7.5 times the 10-day moving average. "You''re going to continue to see downward pricing pressure on transaction-based business," Matt Lynch, Managing Partner at Strategy & Resources LLC in Dayton, Ohio. "Throughout the industry I think there''s a heightened sensitivity to those fees." TD Ameritrade Chief Executive Tim Hockey told CNBC that he was not surprised by the Charles Schwab price move and that he would look and see what his company would do. "We think it''s much more around the tools, the capabilities and the experiences," Hockey said. Shares in E*Trade fell 9.7 percent to $33.97 after hitting a low of $33.33 earlier in the session. It was on track for its biggest one-day decline since June. Trading volume for E*Trade was 4 times its 10-day moving average. Schwab, which derives about 11 percent of its revenue from trading fees, saw its shares fall 4.9 percent at $39.33. Trading volume for Schwab was twice its 10-day moving average. William Katz, analyst at Citigroup, said in a research note that the move "raises commoditization risks for the online trading model as it could lead to a further round of price cuts." (Additional reporting By Elizabeth Dilts in New York; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-markets-stocks-brokerages-idUSKBN15I013'|'2017-02-03T07:18:00.000+02:00'|1283.0|''|-1.0|'' 1284|'09684f21629b2a4212b66d66e620eae3f8dbfc20'|'Australia must charge royalties on natural gas or lose billions, says expert - Business'|'The petroleum resource rent tax has failed to collect billions of dollars in revenue and the Turnbull government should reintroduce royalties for natural gas projects off north-west Australia, a resource tax expert has said.Dr Diane Kraal from Monash University has warned flaws in the PRRT regime mean Chevrons giant Gorgon gas project off WA will not pay the tax until at least 2030, despite decades of operation.She said modelling showed $5bn in revenue would be raised from Gorgon by 2030 if royalties were reintroduced. She urged the Coalition to do just that to ensure Australians were properly remunerated for the exploitation of their gas resources.Fears Australia losing billions in liquefied natural gas tax sparks calls for inquiry Read more She said her research indicated other natural gas projects in commonwealth waters should also be subject to commonwealth royalties, including Chevrons Wheatstone, Woodsides Pluto LNG project, and Inpexs Ichthys project.The treasurer, Scott Morrison, announced a formal review of the PRRT regime in November following a rapid decline in revenues from the tax.He acknowledged revenues from the PRRT had halved since 2012-13, while crude oil excise collections had fallen by more than half. When he announced his inquiry into the tax, he said he wanted it to be completed in time for this years budget.It followed months of disquiet about the effectiveness of the tax and warnings from groups like the Tax Justice Network that Australia was set to blow another resources boom because the PRRT was failing to collect adequate revenue from the explosion in liquefied natural gas exports.Kraal has made six recommendations for reform of the tax. In her submission to the PRRT review , seen by Guardian Australia, she says the government ought to retain the PRRT legislation, but with significant modifications.She says the transferability of exploration expenses ought to be overhauled. Transferability of exploration expenditure was negotiated for oil back in 1990, and is not working as intended today for gas, her submission says.Gas projects only provide utility rates of return, not super profits as found in oil. Transferability of exploration expenses should be modelled for a fairer outcome from community resources.She also calls for an overhaul of the gas transfer price method, which is used to price gas feedstock used in LNG processing.There are alternatives, such as the use of the mid-stream breakeven price method, or the Net Back method alone, either of which would derive a fairer price, her submission says.Advance Pricing Arrangements should be made transparent to the public, much like the Australian Tax Office sanitised private rulings or interpretive decisions.Kraals submission is based on new research which she presented at the Australasian tax conference in New Zealand mid-January.She says the research is significant for its unique review of Australias petroleum taxation from the 1980s to the rise in the 2000s of natural gas projects for LNG export.According to the ATO, revenue from the PRRT plummeted by 32% in 2014-15, a decline of $576m, despite significant growth in export production.More than a third of big companies paid no tax in 2014-15, ATO reports Read more Last year, the Australian National Audit Office released a damning report revealing significant shortcomings with the way in which royalties were levied on offshore petroleum operations from the North West Shelf (NWS) off Western Australia.It found oil and gas companies operating in Australia may have wrongly claimed billions of dollars in tax deductions in recent years, leaving governments underpaid millions in royalties.In September, a letter cosigned by 21 union and left-leaning organisations, including the Australian Council of Social Service, the ACTU, Greenpeace, the Australia Institute, ActionAid, GetUp and the Uniting church, was sent to the prime minister, Malcolm Turnbull, and Morrison calling for a parliamentary inquiry into the PRRT.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/09/australia-must-charge-royalties-on-natural-gas-or-lose-billions-says-expert'|'2017-02-09T02:00:00.000+02:00'|1284.0|''|-1.0|'' @@ -1290,7 +1290,7 @@ 1288|'16016ea3bf5327b7af03047aa5fc2849bab124c2'|'Japan fourth-quarter GDP grows 1.0 percent annualised on exports, capex'|' 07am GMT Japan fourth-quarter GDP grows 1.0 percent annualised on exports, capex Japan''s national flag is seen in front of containers and cranes at an industrial port in Tokyo, Japan, January 25, 2017. REUTERS/Kim Kyung-Hoon TOKYO Japan''s economy grew at an annualised rate of 1.0 percent in October-December, posting a fourth straight quarter of expansion, led by solid exports and firmer capital expenditure, government data showed on Monday. The preliminary reading for fourth-quarter gross domestic product compared with the median estimate of 1.1 percent growth in a Reuters poll of economists. It followed a revised 1.4 percent expansion in the prior quarter, the Cabinet Office data showed. On a quarter-on-quarter basis, GDP rose 0.2 percent, versus 0.3 percent growth expected by economists. To view the full tables, go to the Cabinet Office''s website: here (Reporting by Tetsushi Kajimoto, Stanley White and Chang-Ran Kim) Next In Business News VW says has no plans to retain large number of temporary staff BERLIN Volkswagen said it has no plans to keep a large number of temporary workers on its books following a media report saying management at the carmaker''s VW brand would retain about 2,000 of them as labour leaders and executives wrestle over the company''s turnaround plan.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-gdp-idUKKBN15S00C'|'2017-02-13T07:07:00.000+02:00'|1288.0|''|-1.0|'' 1289|'df03f46ff72b89968b1947a061a1f162e6ccc733'|'Don''t bank on users to rescue clearing houses top regulator warns'|'Wed Feb 1, 2017 - 3:06pm GMT Don''t bank on users to rescue clearing houses top regulator warns By Huw Jones - LONDON LONDON Customers of a failed clearing house should only be made to stump up cash as a "last resort", otherwise they risk being put off using the system, global regulators warned on Wednesday. Clearing of many derivatives was made compulsory to inject more transparency and safety following the financial crisis, when their opacity helped to accentuate the market fallout. This has prompted the expansion of firms like LCH ( LSE.L ), Eurex Clearing ( DB1Gn.DE ) and ICE Clear ( ICE.N ) which stand between two sides of a stock, bond or derivatives trade to ensure the transaction is completed, even if one side goes bust. To avoid them becoming "too big to fail", the Financial Stability Board (FSB), which coordinates financial rules for the Group of 20 economies (G20), has published draft guidance which sets out how regulators can close down a failing clearing house. It also lists the tools they should have to move swiftly in a crisis to avoid contagion. The European Union has already pushed ahead with a draft law on equipping regulators with tools to tackle failing clearers. Clearing houses already have a default fund, but if losses are greater than the fund, then "margin" cash posted by clients, such as asset managers, could be used to plug the hole. Fund managers have fiercely resisted this, saying this cash is owned by savers and pensioners and the FSB says such "haircuts" should be "limited to use as a last-resort-tool", with alternatives including members contributing more into a clearing house''s default fund. "Jurisdictions should take into due account the impact on financial stability and on incentives to centrally clear," the FSB says in its draft guidance. The financial sector has resisted attempts by regulators to set a fixed point beyond which closure of a clearing house starts automatically, saying attempts to keep them going should be given plenty of time. The FSB suggests several indicators that "should not be regarded as exhaustive or as fixed or automatic triggers", adding that national regulators should consider announcing publicly which ones shape their closure decision. The FSB said it will look further into the issue and may provide further guidance by the end of 2018. (Editing by Alexander Smith `)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-g20-clearing-regulations-idUKKBN15G4SQ'|'2017-02-01T22:05:00.000+02:00'|1289.0|''|-1.0|'' 1290|'ddfd83f215854ebb5580eea1b09c77f3e54b6741'|'Trump pick for China ambassador aims to boost trade ties - Chinese state media'|'Business News - Fri Feb 3, 2017 - 3:17am GMT Trump pick for China ambassador aims to boost trade ties - Chinese state media Governor of Iowa Terry Branstad exits after meeting with U.S. President-elect Donald Trump at Trump Tower in Manhattan, New York City, U.S., December 6, 2016. REUTERS/Brendan McDermid BEIJING U.S. President Donald Trump''s pick for ambassador to China, Terry Branstad, said he would help increase trade between the two countries, Chinese state media reported, amid concerns over protectionist talk from the new U.S. administration. Trump has railed against China''s trade practices, blaming them for U.S. job losses, and has threatened to impose punitive tariffs on Chinese imports. Beijing says it will work with Washington to resolve any trade disputes, but state media has warned of retaliation if Trump takes the first steps toward a trade war. Branstad, currently the governor of Iowa, said he would help to work out differences and that there was immense potential for more Chinese investment in the United States. "We want to continue to enhance the relationship and to increase trade between our two countries," Branstad told China''s official Xinhua news agency in an interview in the United States published late on Thursday. "I hope ... that I can play a constructive role trying to work out many of these differences in a way that makes it a win-win. It is beneficial to both of our countries, and also benefits the rest of the world," Xinhua cited Branstad as saying. "I think we have seen just the tip of the iceberg of the potential (Chinese) investments here," he said. Trump''s nomination of Branstad, a longtime Republican governor who has developed relationships with Chinese President Xi Jinping and other Chinese leaders, was well-received, even among some Democrats. He still faces a confirmation hearing. Trump has moved to fill his administration with critics of China''s trade policies, including Wilbur Ross for Commerce Secretary, Robert Lighthizer for U.S. Trade Representative, and Peter Navarro, an economist and China hawk who will serve as a White House adviser. Free trade advocates worry the Trump trade team will be too quick to use tariffs to keep imports out, raising costs for manufacturers that rely on imported parts - or even sparking retaliatory trade wars. Xi made a vigorous defence of globalisation at the World Economic Forum last month, and presented China''s economy as a "wide open", despite complaints from the foreign business community that Beijing has not made good on pledges of economic liberalisation. (Reporting by Michael Martina; Editing by Nick Macfie) Next In Business News Leading indicator of London new home builds slumps by a third LONDON The number of new homes built in London fell 6 percent last year and a closely watched indicator of future supply dropped by a third, industry data showed on Friday, as the Brexit vote hit a market already coming off record highs. Bank of England, ramping up growth forecast, in no mood for rate hike LONDON The Bank of England made its latest sharp increase to forecasts for British economic growth in 2017 on Thursday, but appeared in no rush to raise interest rates, warning of "twists and turns" on the road out of the European Union. SAN FRANCISCO/WASHINGTON Uber Technologies Inc [UBER.UL] Chief Executive Officer Travis Kalanick quit President Donald Trump''s business advisory group on Thursday amid mounting pressure from activists and employees who oppose the administration''s immigration policies. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-china-trade-idUKKBN15I0BO'|'2017-02-03T10:17:00.000+02:00'|1290.0|''|-1.0|'' -1291|'0f978c307456ba6d62a6df32750dd351a96454a8'|'Starbucks to speed up hiring of veterans amid refugee blowback'|'Thu Feb 2, 2017 - 4:59pm GMT Starbucks to speed up hiring of veterans amid refugee blowback A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California, United States, October 27, 2015. REUTERS/Lucy Nicholson Starbucks Corp ( SBUX.O ), facing backlash from some customers over its plans to hire refugees, said it would speed up its previously stated goal of hiring 10,000 veterans and military spouses by 2018. Chief Executive Howard Schultz announced on Sunday the company''s plans to hire 10,000 refugees over the next five years, two days after U.S. President Donald Trump''s executive order put a four-month hold on allowing refugees into the United States and temporarily barred travelers from Syria and six other Muslim-majority countries. It was one of the strongest commitments from a CEO of a major U.S. company against Trump''s order, after several other corporate bosses have stayed silent on Trump''s immigration curbs though the president is likely to face questions when he meets some of them on Friday. As part of the refugee hiring plan, Schultz said the Starbucks would initially focus on hiring those who have served with U.S. troops as interpreters and support personnel abroad. The world''s largest coffee chain soon after faced backlash on social media with several people using #BoycottStarbucks to urge customers to stay away from its stores. Some users also posted screenshots of them deleting the company''s app on their phones. However, users including actor Jessica Chastain tweeted in support of the company after it announced its refugee hiring plans. The world''s largest coffee chain said on Thursday it had already hired over 8,800 veterans and spouses so far and pledged to "keep going". Starbucks, along with former Secretary of Defense Robert Gates, had announced plans in 2013 to hire 10,000 veterans and military spouses over the next five years. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Shounak Dasgupta) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-immigration-starbucks-idUKKBN15H24F'|'2017-02-03T00:12:00.000+02:00'|1291.0|''|-1.0|'' +1291|'0f978c307456ba6d62a6df32750dd351a96454a8'|'Starbucks to speed up hiring of veterans amid refugee blowback'|'Thu Feb 2, 2017 - 4:59pm GMT Starbucks to speed up hiring of veterans amid refugee blowback A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California, United States, October 27, 2015. REUTERS/Lucy Nicholson Starbucks Corp ( SBUX.O ), facing backlash from some customers over its plans to hire refugees, said it would speed up its previously stated goal of hiring 10,000 veterans and military spouses by 2018. Chief Executive Howard Schultz announced on Sunday the company''s plans to hire 10,000 refugees over the next five years, two days after U.S. President Donald Trump''s executive order put a four-month hold on allowing refugees into the United States and temporarily barred travelers from Syria and six other Muslim-majority countries. It was one of the strongest commitments from a CEO of a major U.S. company against Trump''s order, after several other corporate bosses have stayed silent on Trump''s immigration curbs though the president is likely to face questions when he meets some of them on Friday. As part of the refugee hiring plan, Schultz said the Starbucks would initially focus on hiring those who have served with U.S. troops as interpreters and support personnel abroad. The world''s largest coffee chain soon after faced backlash on social media with several people using #BoycottStarbucks to urge customers to stay away from its stores. Some users also posted screenshots of them deleting the company''s app on their phones. However, users including actor Jessica Chastain tweeted in support of the company after it announced its refugee hiring plans. The world''s largest coffee chain said on Thursday it had already hired over 8,800 veterans and spouses so far and pledged to "keep going". Starbucks, along with former Secretary of Defense Robert Gates, had announced plans in 2013 to hire 10,000 veterans and military spouses over the next five years. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Shounak Dasgupta) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-immigration-starbucks-idUKKBN15H24F'|'2017-02-03T00:12:00.000+02:00'|1291.0|11.0|0.0|'' 1292|'36c863cb48098394761f99f5327e6ef641475986'|'Ecopetrol extends force majeure on Vasconia crude to March exports -trade'|'Company News 13am EST Ecopetrol extends force majeure on Vasconia crude to March exports -trade Feb 23 A force majeure declared by Colombian state-run oil company Ecopetrol SA on some shipments of Vasconia crude has been extended to March deliveries, affecting at least seven cargoes of the medium grade, traders said on Thursday. Colombia''s second largest oil pipeline, the Cano Limon-Covenas, has been attacked by rebels more than a dozen times this year compared with 43 attacks for all of 2016 according to official figures, impacting exports of Vasconia. Ecopetrol declared force majeure in late January on up to five shipments for February delivery, according to traders who buy and sell that grade. After the line was halted two more times, the decision was extended to cargoes planned for March delivery. The most recent incident occurred last week, when pumping operations were halted due to a bomb attack by rebels. Ecopetrol said at the time production and exports had not been interrupted. The company did not immediately respond to a request for comment. The 485-mile (780-km) pipeline can transport up to 210,000 barrels per day of crude from oil fields operated by U.S.-based Occidental Petroleum Corp to the Caribbean port of Covenas. An alternative pipeline, the Oleoducto Central (Ocensa), and trucks are often used to transport Vasconia crude when the Cano Limon-Covenas line is out of service. But when many consecutive attacks occur or the pipeline is interrupted for a long period of time, exporters of Vasconia including Ecopetrol and Occidental, declare force majeure on affected shipments as a means to keep exports flowing to as many customers as possible. A declining number of tankers willing to move to Caribbean waters for orders due to smaller offers of Venezuelan and Colombian grades for export also has recently caused shipment delays to load Vasconia and other crudes, one of the sources said. Exports of Vasconia from Covenas terminal in Colombia have declined so far in February to some 296,000 bpd versus 306,000 bpd in January, according to Thomson Reuters Trade Flows data. (Reporting by Florence Tan in Singapore and Marianna Parraga in Houston; editing by Gary McWilliams and Marguerita Choy) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/colombia-ecopetrol-forcemajeure-idUSL1N1G71L0'|'2017-02-23T22:13:00.000+02:00'|1292.0|''|-1.0|'' 1293|'13b3d341ad5c986d0f058d8e05f45a69f3821431'|'Goldman hedge fund folding London operations, shifting staff to U.S. - sources'|' 27am GMT Goldman hedge fund folding London operations, shifting staff to U.S.: sources A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo By Maiya Keidan and Olivia Oran - NEW YORK/LONDON NEW YORK/LONDON Goldman Sachs Investment Partners (GSIP), which opened in 2008 with one of the biggest launches in hedge fund history, is folding its London operations into the United States and shifting staff members to New York, four sources told Reuters. About eight staff members who made up the London team were recently told to move to the Battery Park City headquarters of Goldman Sach Group Inc ( GS.N ) in lower Manhattan or find a new job internally, the sources said. A Goldman spokesman confirmed the move but not the details, adding that the reasons for the staff shift were not related to Brexit. "This is a discrete decision for reasons specific to GSIP, one investment team within Goldman Sachs, and shouldnt be construed as anything but that," he said. The move was triggered by managing director Nick Advani, who led the hedge fund''s London operations, the sources said. He said in June he would be stepping down from his role, they said, requesting anonymity because they are not authorized to speak to the media. Advani, now an advisory director at Goldman, did not respond to requests for comment. Advani is expected to leave the firm later this year, the sources said. Managing director Raluca Ragab, who had been formally leading the London-based team since Advani''s departure, will also leave Goldman once the move is complete, one of the sources said. Ragab''s departure is for personal reasons, one of the sources added. Multi-strategy hedge fund GSIP launched in November 2008 with $7 billion in assets, one of the largest hedge fund launches at the time. GSIP, run globally by co-heads Raanan Agus and Kenneth Eberts, sits within Goldman''s asset management division. But a focus on value investing with around 20 positions mainly in equities became more challenging in recent years, a former employee told Reuters. GSIP''s Global Long Short Partners Offshore fund posted losses of 8.2 percent in the year to end-September in 2016 after small gains of 1.5 percent in 2015, according to an investor letter reviewed by Reuters. Last September, three of the fund''s top five credit positions were in the Europe Middle East and Africa region, according to the letter. GSIP''s assets fell in 2014 after Goldman pulled out $2.8 billion in response to the U.S. Dodd-Frank financial reform law and the Volcker rule, which restricted banks'' proprietary trading. The fund now manages around $3.5 billion. Separately, Goldman may move up to 1,000 staff out of London in response to Britain''s vote to leave the European Union, it was reported last month. (Reporting by Maiya Keidan in London and Olivia Oran ia New York, additional reporting by Carolyn Cohn and Simon Jessop; Editing by Tom Brown and David Gregorio) Up Next Global automakers blame tax policy, Lunar New Year for China sales drop BEIJING China vehicle sales in January fell by the largest margin since 2015 for several global automakers, with General Motors Co and Ford Motor Co blaming the roll back of a tax cut on small-engined vehicles and the Lunar New Year holiday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-hedgefunds-goldman-sachs-exclusive-idUKKBN15N2LZ'|'2017-02-09T16:10:00.000+02:00'|1293.0|''|-1.0|'' 1294|'88fc4d066c9198b6ff4ef51228d19d375379cb7c'|'Rheinmetall, Raytheon to cooperate in defence technology'|'Business News - Fri Feb 17, 2017 - 9:26am GMT Rheinmetall, Raytheon to cooperate in defence technology FRANKFURT German and U.S. defence groups Rheinmetall ( RHMG.DE ) and Raytheon ( RTN.N ) have signed a memorandum of understanding to cooperate globally on defence technology, they said in a joint statement on Friday. The partnership should bring together Raytheon''s market-leading position in air-defence systems and guided missiles with Rheinmetall''s expertise in combat and defence systems, army weapons and munitions, they said. (Reporting by Georgina Prodhan; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rheinmetall-raytheon-cooperation-idUKKBN15W0UT'|'2017-02-17T16:26:00.000+02:00'|1294.0|''|-1.0|'' @@ -1325,7 +1325,7 @@ 1323|'c85543d3d38c176667f5079c957dcb86c09afa50'|'BUSINESS WATCH - Living in a ''bipolar world'''|'A daily selection of our best business coverage - Wed Feb 8, 2017 - 3:37pm EST BUSINESS WATCH - Living in a ''bipolar world'' A trader wearing a Trump hat works at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., January 20, 2017. REUTERS/Stephen Yang ''We''re living in a bipolar world'' BlackRock Chief Executive Larry Fink added is voice to the choir of major figures in the financial world calling for a dose of caution after Trump''s election touched off a rally in U.S. stocks. "The markets are probably ahead of themselves, he said.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-businesswatch-idUSKBN15N29O'|'2017-02-09T03:37:00.000+02:00'|1323.0|''|-1.0|'' 1324|'0ca6759095f9befeeabf8d25a2855825f877dba9'|'CEE MARKETS-Warsaw stocks rise, led by banks, as earnings improve'|'* Warsaw equities index jumps to highest in more than 15 months * Poland''s Bank Pekao reports 13 percent annual rise in Q4 net * Expectations for central bank rate hike helps banks-analyst * Leu stays firmer than 4.5 vs euro as political conflict eases By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, Feb 9 Banks stocks pushed Warsaw''s blue-chip stock index to its highest in more than 15 months on Thursday after fourth-quarter earnings from Bank Pekao beat forecasts. The index rose 1.3 percent by 0926 GMT, outperforming Central Europe''s other main indices as well as the main Western European stock markets. Pekao rose 2.5 percent to a seven-month high after reporting a 13 percent increase in annual net profits. Shares of Poland''s biggest bank, PKO BP, rose 1.5 percent. Gains by oil stocks after crude oil prices rose also helped the Warsaw index. PKN Orlen added 2.5 percent. Poland''s fourth-largest bank, mBank, also reported higher than-expected earnings on Wednesday, even though profits fell almost 6 percent in annual terms, reflecting the impact of a bank tax imposed in 2016. Poland''s government introduced less business-friendly policies than its predecessor, causing the stock exchange index to fall to seven-year lows last year. "Another solid report from a bank may provide some ground for optimism, but the strong upwards trend of Polish financial stocks can be observed for weeks, and that''s due to strong expectations of rate hikes," said Haitong analyst Kamil Stolarski. "Yesterday, NBP (the central bank) once again left interest rates unchanged, but tightening is a very hot topic among market players, and the majority expect that rates will be raised in 2018, with obvious benefit for Polish banks," he added. The biggest Czech bank, Komercni Banka, also reported bigger-than-expected in earnings. Hungarian banks surged as well last year. The Polish zloty eased 0.1 percent to 4.3165 to the euro, after a rebound to a four-month high at 4.2734 early this week, followed by profit-taking. Romania''s leu also eased a shade but remained on the stronger side of 4.5 to the euro, at around 4.49. Last week, it reached its weakest level in seven month, 4.554, amid mass protests over a government decree that would have decriminalised some graft offences. It recovered this week as the decree was rescinded. The Constitutional Court will look at the decree later on Thursday. "Given that we expect no escalation in the political conflict, we would project no additional strong reaction in EUR/RON (leu) for the near-term," Raiffeisen analyst Wolfgang Ernst said in a note. CEE SNAPS AT 1026 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.03 +0.0 -0.05 10 35 5% % Hungary 309.0 309.1 +0.0 -0.08 forint 800 750 3% % Polish 4.316 4.312 -0.09 2.02% zloty 5 4 % Romanian 4.490 4.488 -0.04 0.99% leu 5 6 % Croatian 7.468 7.461 -0.09 1.17% kuna 0 2 % Serbian 123.8 123.8 +0.0 -0.40 dinar 500 600 1% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 956.7 955.2 +0.1 +3.8 5 1 6% 1% Budapest 32744 32595 +0.4 +2.3 .98 .92 6% 2% Warsaw 2111. 2083. +1.3 +8.4 60 65 4% 0% Bucharest 7612. 7605. +0.1 +7.4 65 17 0% 5% Ljubljana 748.9 754.6 -0.75 +4.3 6 4 % 7% Zagreb 2184. 2184. +0.0 +9.5 93 58 2% 3% Belgrade <.BELEX15 700.8 699.6 +0.1 -2.30 > 8 3 8% % Sofia 603.0 603.6 -0.11 +2.8 0 5 % 3% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year 8 bps s 5-year bps s 10-year bps s Poland 2-year bps s 5-year bps s 10-year bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.26 0.25 0.27 0 PRIBOR=> Hungary < 0.38 0.47 0.61 0.25 BUBOR=> Poland < 1.79 1.815 1.885 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1FU392'|'2017-02-09T08:03:00.000+02:00'|1324.0|''|-1.0|'' 1325|'5de6e57a8e13e9d0b19628ff782912fa710d01cc'|'Peru to seek arrest of ex president Toledo in mega graft inquiry'|'LIMA Feb 4 Prosecutors in Peru were preparing to request the arrest of former president Alejandro Toledo on Saturday after uncovering evidence that implicates him in $20 million in bribes that the Brazilian conglomerate Odebrecht has acknowledged distributing to win a contract during his government, a source said.Authorities searched a house owned by Toledo in Lima early on Saturday, the attorney general''s office said on Twitter without providing additional details.A source in the attorney general''s office who was not authorized to make public comments said the raid follows the detection of $11 million transferred to an associate of Toledo that prosecutors believe is part of $20 million in bribes that Odebrecht has said it gave to help secure an infrastructure contract during his 2001-2006 term.A representative of Toledo did not immediately respond to requests for comment. Toledo, reached by phone from Paris by the local daily El Comercio, denied taking any bribes, according to audio of the interview posted on the newspaper''s website.Peru already has imprisoned one of its former presidents for graft - ex-authoritarian leader Alberto Fujimori, who is serving a 25-year sentence for convictions that include human rights abuses.Toledo rose to power denouncing Fujimori and promising to usher in a democratic era free of corruption.In a settlement with U.S. prosecutors in December, Odebrecht acknowledged distributing $29 million in bribes to secure public work contracts in Peru over a period spanning three presidencies.The agreement said the family-owned engineering conglomerate made $20 million worth of corrupt payments between 2005 and 2008 to benefit an unnamed high-ranking official that offered to help the company win an infrastructure contract in 2005.Current President Pedro Pablo Kuczynski was Toledo''s finance minister and prime minister and has denied any involvement in Odebrecht''s kickback schemes."Justice must be the same for everyone," Kuczynski said on Twitter. "If someone committed acts of corruption, they must be penalized. I''ve ordered the executive to collaborate with whatever is necessary to guarantee the investigation is efficient. Corruption never again."Kuczynski is the subject of a separate preliminary investigation regarding a law he signed off on in 2006 that removed legal obstacles to highway contracts awarded to Odebrecht and other Brazilian companies. He has denied wrongdoing.Odebrecht has acknowledged doling out hundreds of millions in bribes to win public work contracts in Latin America, spurring inquiries from Peru to Panama that have shaken the region''s elites. (Reporting By Mitra Taj; Editing by Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/peru-toledo-idINL1N1FP0BC'|'2017-02-04T13:25:00.000+02:00'|1325.0|''|-1.0|'' -1326|'df670e827c738e890be2ba778c513ca2edfac6f7'|'BRIEF-Atwood Oceanics reports quarterly EPS $0.15'|' 23pm EST BRIEF-Atwood Oceanics reports quarterly EPS $0.15 Feb 3 Atwood Oceanics Inc - * Quarterly revenue $157.6 million versus $307.8 million * Quarterly earnings per share $0.15 * During quarter ended December 31, 2016, company did not recognize any impairment * Q1 earnings per share view $0.18, revenue view $156.9 million -- Thomson Reuters I/B/E/S Source text: [ bit.ly/2l5a4HG ] '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FO12N'|'2017-02-04T04:23:00.000+02:00'|1326.0|''|-1.0|'' +1326|'df670e827c738e890be2ba778c513ca2edfac6f7'|'BRIEF-Atwood Oceanics reports quarterly EPS $0.15'|' 23pm EST BRIEF-Atwood Oceanics reports quarterly EPS $0.15 Feb 3 Atwood Oceanics Inc - * Quarterly revenue $157.6 million versus $307.8 million * Quarterly earnings per share $0.15 * During quarter ended December 31, 2016, company did not recognize any impairment * Q1 earnings per share view $0.18, revenue view $156.9 million -- Thomson Reuters I/B/E/S Source text: [ bit.ly/2l5a4HG ] '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FO12N'|'2017-02-04T04:23:00.000+02:00'|1326.0|8.0|0.0|'' 1327|'8d7d74c722f8b5fd03d6776d91c716c239157439'|'TUI ordered to compensate customers delayed by staff sickness action'|' 23am GMT TUI ordered to compensate customers delayed by staff sickness action The logo of of German travel company TUI AG is seen outside of one of its branch offices in Vienna, Austria, December 27, 2016. REUTERS/Leonhard Foeger FRANKFURT Travel and tourism group TUI ( TUIT.L ) must pay passengers compensation over disruptions to German flights because of crew members calling in sick in October, a court in Hanover ruled on Wednesday. The court found in favour of two parties who had sued over delays and a cancellation, ordering TUI to pay them 800 euros (679 pounds) and 2,000 euros respectively, plus interest. The staff shortages in October followed TUI''s announcement of plans to put its German TUIfly airline into a new leisure airline joint venture with parts of Air Berlin ( AB1.DE ), sparking employee concern over potential job cuts and worsening working conditions. Many pilots and crew called in sick, forcing TUIfly to cancel dozens of flights during what was a school holiday period for some German federal states, including the one in which TUIfly is based. TUI''s staff returned to work when the company offered to keep pay and conditions unchanged for three years. The company has refunded the cost of holidays that were cancelled but more than 600 complaints have been filed at the Hanover court by customers seeking additional compensation under European Union rules. TUI has said that the circumstances were beyond its control so it shouldn''t have to pay the compensation. The court said on Wednesday that TUIfly did not present sufficient evidence to prove that its workers had staged a wildcat strike and did not show that it took all reasonable measures to avoid flight delays. The ruling does not have any binding effect on the outstanding complaints against TUI. TUI said on Tuesday that it had incurred costs of 22 million euros as a result of the disruption from workers'' sick leave. It also said it was still in talks with Air Berlin shareholder Etihad and the authorities over the proposed venture and that it would hopefully start in time for the winter flying season from October. (Reporting by Maria Sheahan; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tui-court-idUKKBN15U14C'|'2017-02-15T17:23:00.000+02:00'|1327.0|''|-1.0|'' 1328|'cd47e68da0465f452b7f4c181845b4645ca522ae'|'PRESS DIGEST- British Business - Feb 21'|' 28pm EST PRESS DIGEST- British Business - Feb 21 Feb 21 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times Unilever Plc is facing calls to simplify its complex shareholder structure amid claims that its convoluted ownership could have helped scupper a proposed 115 billion pound deal with Kraft Heinz Co. bit.ly/2m68pSP The business secretary, Greg Clark, pledged the government''s "unbounded commitment" to protect jobs at Vauxhall on Monday amid fears for the British workforce if the business is sold. bit.ly/2m68GW3 The Guardian Greece''s bailout inspectors are returning to Athens to seek changes to the country''s tax, pensions and labour market laws in a sign that Greek Prime Minister Alexis Tsipras will give way to European pressure for deeper reforms. bit.ly/2m610CV Bovis Homes Group Plc is to pay 7 million pounds ($8.72 million) to repair poorly built new homes sold to customers, raising fresh questions about the standards of new-build properties across the country and the regulation of the market. bit.ly/2m60CV1 The Telegraph The European Commission wants Britain to be paying into EU projects for four years after it has signed a Brexit deal, with final payments continuing up until the end of 2023, the Daily Telegraph has learned. bit.ly/2m5Tx73 Volkswagen AG drivers affected by the "dieselgate" scandal have been left with no choice but to sue the company, according to lawyers acting for drivers. bit.ly/2m60apG Sky News Executives at Anglo American Plc, the FTSE-100 mining group, face the prospect of forfeiting millions of pounds in share awards following an investor revolt last year which helped provide impetus for a wider government crackdown on boardroom pay. bit.ly/2m5W410 The Independent Global sales of UK food and drink have hit the 20 billion-pound mark for the first time in history, as the government prepares to ramp up its focus on international trade following UK''s decision to leave the EU. ind.pn/2m5QT0S ($1 = 0.8030 pounds) (Compiled by Subrat Patnaik in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL4N1G605B'|'2017-02-21T08:28:00.000+02:00'|1328.0|''|-1.0|'' 1329|'8f4137d895e0295039cd74f6093ae11360822c39'|'Indian airports face capacity crunch as market booms'|'By Aditi Shah - MUMBAI MUMBAI India''s aviation industry risks a capacity crunch as an expansion in landing slots and terminals fails to keep pace with the number of jets entering the market and rapid growth in demand from travellers, executives warned on Wednesday.Airlines including Interglobe Aviation''s IndiGo, SpiceJet and GoAir have 880 aircraft on order as they tap into a market growing 20 percent-plus per annum thanks to rising incomes and low-cost fares.Domestic passenger numbers topped 100 million last year, with most of the growth involving flights into and out of the biggest cities."The airport infrastructure at many airports is breaking at the seams because there is no more capacity," said Sanjiv Kapoor, chief strategy and commercial officer at Vistara, an Indian airline jointly owned by Singapore Airlines and Tata Sons."Everyone is scrambling to grab whatever little is left but what happens after that?" Kapoor told Reuters at an aviation conference in Mumbai.Most of India''s 40 largest airports will exceed their design capacity within a decade based on projected growth rates, consultancy CAPA estimates, with Mumbai and Chennai fast approaching saturation.Kapil Kaul, CEO for South Asia at CAPA, said India could run out of capacity within three to five years. "We are not ready beyond 2020-2021," he said.India''s government plans to open 50 disused airports by 2020, and has given approval for 18 greenfield airports.Junior aviation minister Jayant Sinha said this week India would need to triple capacity within 15 years at a cost of up to 3 trillion rupees ($45 billion), mostly from private sources.Delays in acquiring land, as well as the inability of debt-laden domestic airport operators such as GMR Group and GVK to invest, have stymied expansion proposals."No one will invest in airports till you open investment in airlines," Manish Sinha at GMR Hyderabad International Airport Ltd said, referring to a 49 percent cap on foreign ownership of Indian carriers.Capacity constraints are most acute in Mumbai, where aircraft can wait for landing spots for 45 minutes, according to Martin Consulting.The government wants to build a new airport - under discussion for 20 years - outside the city but has repeatedly delayed plans, with initial bids due this year.ORDER BOOKSNewer Indian carriers are set to swell aircraft order books further.Vistara could order 50 narrow-body and 50 wide-body aircraft this year, Kaul at CAPA said. AirAsia India plans to grow its fleet to 20 aircraft by mid-2018.In an attempt to lure firms, India last year allowed foreign investors to invest 100 percent in brownfield airport projects.Operators such as Singapore''s Changi Airport have expressed interest, although questions remain about the government''s revenue sharing model.The looming capacity crunch adds to the worries of Indian carriers, which last year reported their first combined profit in a decade.CAPA estimates airlines will lose $250 million to $300 million this year amid intensifying competition."There is a need to look at profitable growth and not just capacity deployment," said Amitabh Malhotra, managing director at Rothschild Global Advisory in India.Malhotra said it would be tough to maintain a 20 to 25 percent growth rate as rising fuel costs bite.($1 = 67.3125 Indian rupees)(Writing by Tommy Wilkes; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-airlines-idINKBN15N171'|'2017-02-08T08:26:00.000+02:00'|1329.0|''|-1.0|'' @@ -1459,7 +1459,7 @@ 1457|'768672231c1f3a658bb9249a284b988da075d6bb'|'Goldman, shareholders sell South Korea''s Daesung Industrial Gases'|'Company 10am EST Goldman, shareholders sell South Korea''s Daesung Industrial Gases SEOUL Feb 24 Goldman Sachs and other shareholders said on Friday they had sold 100 percent of South Korea''s second-largest producer of industrial gases to Asian private equity firm MBK Partners. The shareholders of Daesung Industrial Gases, including Goldman and Daesung Group Partners Co Ltd, did not disclose the sale price. The sale price is about $2 billion, South Korean online media Money Today reported this week, citing unnamed industry sources. That would be a record high price for a private equity-to-private equity buyout deal in South Korea. A Goldman Sachs spokesman declined to comment on price. Daesung Industrial Gases makes more than half of its revenue from industries such as display, semiconductors and petrochemicals. It reported an operating profit of 53.9 billion Korean won ($47.71 million) on revenue of 581.1 billion. ($1 = 1,129.75 won) (Reporting by Joyce Lee; editing by Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/daesung-ma-mbk-partners-idUSL4N1G93P9'|'2017-02-24T19:10:00.000+02:00'|1457.0|''|-1.0|'' 1458|'e906d90d8679649c05309d8395347411671989af'|'Vale scraps controlling bloc, merges shares in major transparency move'|' 18pm GMT Vale scraps controlling bloc, merges shares in major transparency move By Guillermo Parra-Bernal - SAO PAULO SAO PAULO Vale SA ( VALE.N ) plans to become a company with no defined controlling shareholder as soon as possible, in a landmark step aimed at enhancing transparency and equal rights for all shareholders in the world''s largest iron ore producer. In a Monday statement, Vale said controlling shareholders grouped under holding company Valepar SA agreed to renew an accord that keeps them together for three and a half years. The controlling shareholders will have to soon present a proposal to merge the company''s several classes of stock into a single, common one by November. The existing 20-year accord governing Valepar, which expires in May, will be extended through November to guarantee a transition to Vale''s new structure. Holders of Vale''s Class A preferred shares ( VALE5.SA ) will receive 0.9342 common share ( VALE3.SA ) based on the 30-day average through last Friday, as part of the process. After that step is completed, Vale would pay owners of Valepar a 10 percent premium for their shares. That step, which should dilute minority shareholders by 3 percent, is a pre-condition to the rest of the process, the statement said. The change represents a milestone in a country long hobbled by corporate governance abuses and reorganizations that hampered minority investors in most cases. Reuters reported on Jan. 19 the planned to make Vale a company with dispersed share ownership and the listing of a single type of stock. "The transaction seems to be a win-win for both controlling and minority shareholders," said Rodolfo de Angele, a senior basic materials analyst with JPMorgan Securities. People Reuters at the time that Bradespar SA ( BRAP4.SA ) and pension fund Previ Caixa de Previdncia [PREVI.UL] sought the plan to boost Vale''s appeal among investors. Once the accord expires, no shareholder could own more than 25 percent of Vale or else will have to buy out other shareholders. The partners in Valepar include Previ - currently Vale''s largest shareholder, - Bradespar, Japan''s Mitsui & Co ( 8031.T ), an arm of state development bank BNDES, and pension funds Petros Fundao [PETROS.UL], Funcef [FUNCEF.UL] and Fundao Cesp. "BRUTAL CHANGE" Vale''s management plans to discuss the accord with investors at a conference call later on Monday. The transitional agreement needs backing from the equivalent of 20 percent of Vale''s voting shares, guaranteeing the necessary governance to implement the diluted ownership plan, the statement said. The 3.073 billion-real (795.5 million) goodwill generated by Vale''s incorporation of Valepar will be split equally among all shareholders, the statement said. The plan will also help limit government meddling in Vale - an aspect that weighed down the company''s stock during President Dilma Rousseff''s five years in office. Improved governance stemming from the move could help Vale''s stock cut the valuation gap relative to its global mining peers. Currently, Vale''s American depositary receipts ( VALE.N ) trade at the equivalent of 10.5 times estimated earnings for this year, below Rio Tinto Plc''s ( RIO.L ) 10.7 times and BHP Billiton Plc''s ( BLT.L ) 15.9 times, according to Thomson Reuters data. The implications of Monday''s announcement on investor perception about Vale''s governance should translate into a faster convergence of Vale and Rio Tinto share prices, Banco BTG Pactual''s trading desk said in a client note, adding that the move could help unleash 21 percent more value for Vale shareholders. "It''s a brutal change of governance for the company," the note said. Brad Haynes and Paula Arend Laier in So Paulo; Editing by Leslie Adler) UK '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-vale-sa-equity-agreement-idUKKBN15Z1BV'|'2017-02-20T20:18:00.000+02:00'|1458.0|''|-1.0|'' 1459|'7b7283b23506dc43d381e87af884f6cf8ef0cbcd'|'UPDATE 3-Fillon scandal, Frexit fears force up French borrowing costs'|'* Investors fret over political risk before election* Poll shows Fillon not making it to second round* French 10-year yields hit 17-month high* France/Belgium yield gap widest since at least 2008* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Updates prices, adds Quote: )By Abhinav RamnarayanLONDON, Feb 1 The premium investors demand to hold France''s government debt compared to that of its main euro zone peers hit multi-year highs on Wednesday, with bonds under pressure from political risks ahead of presidential elections.All euro zone bonds have fallen out of favour recently as global growth and inflation signals feed investor appetite for riskier investments like stocks.But French debt has been particularly badly hit, with the election in April and May a major factor.Investors fear the possibility of a win for Marine Le Pen, leader of the far-right National Front (FN). In an interview with Reuters on Tuesday, the FN said it would put leaving the euro at the heart of its economic platform.Le Pen is not expected to win in polls, but the campaign of the former favourite, conservative Francois Fillon, has suffered from allegations his wife was paid for work she did not seem to have done.France''s 10-year bond yield rose to a near 17-month high on Wednesday of 1.13 percent.The gap, or spread, to its German equivalent hit an almost three-year high of 64 basis points (bps). Compared with similarly-rated Belgium, it was the highest since at least April 2008 at 26 bps."The France spread to Belgium is the gauge we use for political risk, and that has widened further after an adviser to Le Pen fleshed out their Frexit plans," said ING strategist Martin van Vliet."And with Fillon under the microscope as well, France is definitely underperforming."A poll on Wednesday showed an increase in support for both Le Pen and centrist Emmanuel Macron, with Fillon, the candidate of The Republicans, not making the second round."French government bonds are trading purely on election fears, and the polls this morning showed increased support for Le Pen so that adds to it," BBVA strategist Jaime Costero Denche said."I think the market is going to react to every poll from this point on."Most other euro zone yields were up 3-4 bps on Wednesday on the back of strong euro zone economic data.Data on Wednesday showed euro zone factories started 2017 by ramping up activity at the fastest rate for nearly six years.That came on the back of data on Tuesday showing inflation in the euro zone hit 1.8 percent last month, just below the European Central Bank''s target, putting pressure on the bank to wind down stimulus sooner rather than later.Investors also had an eye on the U.S. Federal Reserve''s first meeting of 2017 due later on Wednesday, waiting for hints on how aggressive a stance the world''s most important central bank will take on interest rate increases. (Additional reporting by John Geddie; Editing by Andrew Roche)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-france-idINL5N1FM1PT'|'2017-02-01T13:47:00.000+02:00'|1459.0|''|-1.0|'' -1460|'ce6ffb7dff04386d3ab3f59ad72b35887eef04cb'|'MOVES-SocGen names Rajat Kohli head of global markets for India'|' 07am EST MOVES-SocGen names Rajat Kohli head of global markets for India Feb 27 Societe Generale said on Monday it appointed Rajat Kohli as head of global markets for India. Kohli, who has more than 14 years of experience, is charged with developing SocGen''s markets activities, including derivatives, foreign exchange and INR products, in the country. Kohli, based in Mumbai, will replace Gopal Bhattacharya. (Reporting by Sruthi Shankar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ste-generale-moves-rajat-kohli-idUSL3N1GC3RX'|'2017-02-27T18:07:00.000+02:00'|1460.0|''|-1.0|'' +1460|'ce6ffb7dff04386d3ab3f59ad72b35887eef04cb'|'MOVES-SocGen names Rajat Kohli head of global markets for India'|' 07am EST MOVES-SocGen names Rajat Kohli head of global markets for India Feb 27 Societe Generale said on Monday it appointed Rajat Kohli as head of global markets for India. Kohli, who has more than 14 years of experience, is charged with developing SocGen''s markets activities, including derivatives, foreign exchange and INR products, in the country. Kohli, based in Mumbai, will replace Gopal Bhattacharya. (Reporting by Sruthi Shankar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ste-generale-moves-rajat-kohli-idUSL3N1GC3RX'|'2017-02-27T18:07:00.000+02:00'|1460.0|10.0|0.0|'' 1461|'8b22256bb2d11f23111292463146014ae7df6ea3'|'Dubai''s Emaar to recover 1.22 billion dirhams for hotel fire insurance claim'|'Business News - Mon Feb 6, 2017 - 5:52am GMT Dubai''s Emaar to recover 1.22 billion dirhams for hotel fire insurance claim The Address Downtown Dubai hotel and residential block is seen engulfed by fire near the Burj Khalifa, the tallest building in the world, during the New Year celebrations in Dubai January 1, 2016. REUTERS/Hassan Al Rasi DUBAI Dubai''s Emaar Properties EMAR.DU said on Monday it will recover 1.22 billion dirhams (265.89 million pounds) from an insurance claim for the Address Downtown hotel which caught fire on New Year''s Eve 2015. The insurance claim, signed with Orient Insurance, will result in a write back of the 301 million dirhams provision created in 2015 to cover the incident. The write back will be recorded as income in the quarter ending Dec. 31 2016, according to a bourse statement. ($1 = 3.6726 UAE dirham) (Reporting by Alexander Cornwell; Writing by Tom Arnold) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-emaar-properties-address-downtown-ins-idUKKBN15L0FK'|'2017-02-06T12:52:00.000+02:00'|1461.0|''|-1.0|'' 1462|'8d9a6e595ae99dd4bc54f6493bdfbd0589dd2c8a'|'Bosch Ltd profit down about 20 pct'|'Feb 10 Bosch Ltd* Dec quarter net profit 2.18 billion rupees* Dec quarter total income from operations 28.64 billion rupees* Net profit in dec quarter last year was 2.73 billion rupees as per Ind-AS; total income from operations was 26.58 billion rupees* Says special payout in form of interim dividend of INR 75 per share Source text - ( bit.ly/2lqxVVK ) '|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/idINFWN1FV0BJ'|'2017-02-10T05:06:00.000+02:00'|1462.0|''|-1.0|'' 1463|'c194bcd2579c289390d74e97ef992b85c751378e'|'BRIEF-Nelnet board approves dividend'|' 21pm EST BRIEF-Nelnet board approves dividend * Sets quarterly cash dividend of $0.14 per share Source text for Eikon: NEW YORK, Feb 3 With a swipe of his pen, U.S. President Donald Trump on Friday started killing off a retirement advice rule that wealth managers from Wall Street to Wisconsin have spent the last six years lobbying against. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FO12O'|'2017-02-04T04:21:00.000+02:00'|1463.0|''|-1.0|'' @@ -1487,12 +1487,12 @@ 1485|'1344da14e0a716b44256e9fb5c12668685bd8789'|'Co-op ''saviour'' Richard Pennycook to step down as CEO'|' 5:07pm GMT Co-op ''saviour'' Richard Pennycook to step down as CEO LONDON Britain''s Co-operative Group ( 42TE.L ) said Richard Pennycook, its CEO who played a key role in steering the group through a 2013 crisis, is to step down on March 1 and be succeeded by Steve Murrells, the current boss of the group''s food business. The mutually-owned supermarkets to funeral services group said on Tuesday that Pennycook, who has since led its rebuilding, would remain as an adviser to the group, primarily focusing on its relations with the Co-operative Bank ( 42RQ.L ). The Co-op nearly collapsed in 2013 after a 1.5 billion-pound funding "hole" was found in the banking operation. But it has recovered under Pennycook, aided by the shift in Britons'' grocery shopping habits towards more frequent trips to smaller convenience stores. "Richard Pennycook saved our Co-op," said Co-op Chair Allan Leighton. "In three short years he has rescued and rebuilt our business and restored pride to our 70,000 colleagues and 4.5 million members. We owe Richard a huge debt of gratitude and his place in Co-op history is secured." Former Morrisons ( MRW.L ) finance chief Pennycook, who joined the Co-op on an interim basis having put on hold a planned portfolio career, has signalled that he now wishes to return to that plan, said the Co-op. Murrells joined the Co-op to run its food business in 2012. In other changes Pippa Wicks, currently group chief operating officer, becomes deputy CEO, while Jo Whitfield, currently finance director of the food business, will become CEO of Co-op Food on an interim basis. Last month the Co-op said it enjoyed strong trading in the final quarter of 2016, helped by the positive impact of a new membership scheme. (Reporting by James Davey; Editing by Adrian Croft) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-co-operative-grp-moves-idUKKBN15M207'|'2017-02-08T00:03:00.000+02:00'|1485.0|''|-1.0|'' 1486|'0805badca3b6f9bc1e1648b7f9da5a70a1fba84d'|'ECB policymakers call for steady hand, patience - minutes'|' 35pm GMT ECB policymakers call for steady hand, patience - minutes European Central Bank (ECB) President Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, Germany, January 19, 2017. REUTERS/Kai Pfaffenbach FRANKFURT The European Central Bank needs to maintain a ''steady hand'' approach to reassure markets and should look through the current inflation surge, policymakers agreed at the bank''s January 19 meeting, the minutes of the discussion showed on Thursday. The surge in energy prices is temporary and has not increased the price of other goods and services, so substantial ECB stimulus was still needed to revive persistently weak underlying inflation, rate setters agreed. Although Executive Board member Yves Mersch recent called on the bank to remove the prospect of lower rates from its guidance, policymakers at the meeting widely agreed to keep the guidance intact, the ECB said in a document that did not show evidence of serious disagreement. "The Governing Council was seen as well advised to remain patient and maintain a ''steady hand'' to provide stability and predictability in an environment still characterised by a high level of uncertainty," the ECB said. "The recent increases in energy prices had thus far not translated into indirect or second-round effects on broader inflation," it added. Inflation has surged this year, essentially hitting the ECB''s target of almost 2 percent last month. This has fuelled calls from traditionally conservative policymakers in places like Germany for the bank to curtail stimulus. ECB President Mario Draghi has rebuffed those calls, pleading for patience and arguing that the surge is temporary and mostly due to a blip in oil prices, not the type of sustained rise that would warrant action. Having already extended asset buys until the end of the year, the ECB did not change its policy last month and even kept the door open to more stimulus in case of unexpected shocks. Market see an unchanged policy stance for most of this year. (Reporting by Balazs Koranyi; Editing by Francesco Canepa) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-idUKKBN15V1IQ'|'2017-02-16T19:35:00.000+02:00'|1486.0|''|-1.0|'' 1487|'0e01b4521ab331082767e5aecda16bb17a33757e'|'BRIEF-Health Canada approves Otsuka and Lundbeck''s REXULTI as a treatment for schizophrenia in adults'|' 5:09pm EST BRIEF-Health Canada approves Otsuka and Lundbeck''s REXULTI as a treatment for schizophrenia in adults Feb 17 H Lundbeck A/S * Health Canada approves Otsuka and Lundbeck''s REXULTI(tm) (brexpiprazole) as a treatment for schizophrenia in adults * Lundbeck Canada - REXULTI will be co-marketed by two companies and is expected to become commercially available in Canada this spring Source text: [ bit.ly/2kxY0C9 ] UPDATE 3-Enbridge CEO says Canada only needs two more export pipelines CALGARY, Alberta, Feb 17 Two new crude oil export pipelines will provide enough capacity to ship Canadian production to market until at least the mid 2020s, Enbridge Inc Chief Executive Al Monaco said on Friday, making clear his company''s Line 3 should be one of them. * Reached a confidential agreement to settle the proceedings filed by the minority shareholders in court MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-health-canada-approves-otsuka-and-idUSFWN1G210E'|'2017-02-18T05:09:00.000+02:00'|1487.0|''|-1.0|'' -1488|'0e3982d2bd6bd2869997891a6030b040f91261a0'|'EU''s Katainen hopes to revive EU-U.S. free trade talks under Trump - Reuters'|'BERLIN The European Union could revive talks on a free trade deal with the United States under the administration of President Donald Trump, European Commission Vice President Jyrki Katainen said on Tuesday.The two sides failed to conclude negotiations on the Transatlantic Trade and Investment Partnership (TTIP) before former president Barack Obama left office last month."TTIP has not been mentioned by the new US-administration," Katainen said at a business conference in Berlin. "So we still expect that it will be possible to relaunch discussions and to create a sustainable business environment."(Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Madeline Chambers)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-usa-trump-trade-europe-idUSKBN15M181'|'2017-02-07T14:45:00.000+02:00'|1488.0|''|-1.0|'' +1488|'0e3982d2bd6bd2869997891a6030b040f91261a0'|'EU''s Katainen hopes to revive EU-U.S. free trade talks under Trump - Reuters'|'BERLIN The European Union could revive talks on a free trade deal with the United States under the administration of President Donald Trump, European Commission Vice President Jyrki Katainen said on Tuesday.The two sides failed to conclude negotiations on the Transatlantic Trade and Investment Partnership (TTIP) before former president Barack Obama left office last month."TTIP has not been mentioned by the new US-administration," Katainen said at a business conference in Berlin. "So we still expect that it will be possible to relaunch discussions and to create a sustainable business environment."(Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Madeline Chambers)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-usa-trump-trade-europe-idUSKBN15M181'|'2017-02-07T14:45:00.000+02:00'|1488.0|12.0|0.0|'' 1489|'64d1ff962750c43aa0a45b79d142261077872a72'|'Japanese investors unwind U.S., French bonds positions in Dec'|'TOKYO Feb 8 Japanese investors dumped U.S. and French bonds in December, government data showed on Wednesday, as the post-U.S. election global bond sell-off prompted market participants to unwind aggressive holdings of these two countries'' debt.Japanese investors sold 2.262 trillion yen ($20.1 billion) of U.S. bonds in December, data from Japan''s Ministry of Finance showed. This is their biggest net selling since May 2013, when U.S. bonds crashed on suggestions from then Federal Reserve Chairman Ben Bernanke that the central bank could taper its bond buying programme.U.S. bond prices have plunged since U.S. President Donald Trump''s election victory in November, forcing Japanese investors to do an about-face after massive buying of dollar debt products that ranged from U.S. Treasuries to corporate debt.Still, despite the big sell-off in December and smaller net selling in November, last year saw their U.S. bonds buying hit a record high of 15.4 trillion yen ($137 billion) as they hunted yield in U.S. bonds after the Bank of Japan''s aggressive monetary policy diminished returns on domestic bonds.Japanese investors also sold 232 billion yen (1.94 billion euros) in French bonds in December, logging their biggest net selling since June 2015.Early last year, Japanese investors gobbled up French bonds as alternatives to German bunds, whose yields have fallen into negative territory due to the European Central Bank''s stimulus.For the whole of 2016, they bought 3.839 trillion yen (32 billion euros) of French bonds, their biggest net buying since 2012. ($1 = 112.27 yen) (1 euro = 119.88 yen) (Reporting by Hideyuki Sano; Editing by Sam Holmes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL4N1FT2AT'|'2017-02-08T04:43:00.000+02:00'|1489.0|''|-1.0|'' 1490|'2eae86c9ca19b436e70211265cb0b03410831053'|'German industry orders rise at strongest pace in 2-1/2 years'|' 7:10am GMT German industry orders rise at strongest pace in 2-1/2 years FILE PHOTO - A steel-worker is pictured at a furnace at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony on March 21, 2012. REUTERS/Fabian Bimmer/File Photo BERLIN Higher demand for capital goods at home and abroad drove the biggest monthly increase in German industrial orders in around 2-1/2 years in December, data showed on Monday. Contracts for goods ''Made in Germany'' were up by 5.2 percent on the month, the Economy Ministry said. That was the biggest monthly increase since July 2014 and was far stronger than the Reuters consensus forecast for a rise of 0.5 percent. Domestic demand jumped by 6.7 percent while foreign orders increased by 3.9 percent, with bookings from euro zone countries soaring by 10.0 percent. The data for November was revised down to a fall of 3.6 percent from a previously reported drop of 2.5 percent. (Reporting by Michael Nienaber; Editing by Michelle Martin) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-orders-idUKKBN15L0JO'|'2017-02-06T14:03:00.000+02:00'|1490.0|''|-1.0|'' 1491|'521364e97dd4f16df60d6a428fe3757a0ff7fca8'|'Insurer RSA shows resilience after failed Zurich bid'|'By Carolyn Cohn - LONDON LONDON Forecast-beating 2016 results show British insurer RSA ( RSA.L ) can thrive on its own, two years after rival Zurich Insurance ( ZURN.S ) walked away from a bid, it said on Thursday.Shares in the home and motor insurer, best known in Britain for its More Than brand, rose more than 5 percent after it reported a strong performance last year across most of its main businesses in Britain, Ireland, Canada and Scandinavia.Chief Executive Stephen Hester, the former boss of British bank RBS ( RBS.L ), has cut costs and sold assets since joining RSA in 2014 with a brief to turn it around following an accounting scandal at its Irish division.Zurich pulled out of a 5.6 billion pound ($7 billion) bid for the company in September 2015, due to problems in its own business, and Hester said RSA was doing fine alone."Our shareholders are benefiting significantly from not having sold to Zurich," he told a media call.He added there were no bids on the table for RSA, and the firm "does not need a deal"."If something came along, it would need to be additive to be of interest, rather than a substitute for what we are doing," he said.Merger and acquisition talk has been swirling around European insurance markets due to strong competition in the sector and low interest rates, which have hit investment income.Italian bank Intesa Sanpaolo has said it is studying a possible combination with Assicurazioni Generali ( GASI.MI ), Italy''s biggest insurer.RSA has no plans to sell more of its businesses, Hester told Reuters by phone, after a recent deal to offload legacy business - closed to new policyholders - to Enstar ( ESGR.O )."There''s nothing meaty on the stocks," Hester said.RSA posted a 25 percent rise in 2016 operating profit to 655 million pounds and raised its target for return on tangible equity to 13-17 percent from a previous range of 12-15 percent.Its shares were the second best performer in the FTSE 100 index .FTSE at 1320 GMT, up 5.5 percent at 609 pence, after earlier hitting 617.5 pence, their highest since July 2011.RSA "has again shown real progress", RBC analysts said in a note, reiterating their "perform" recommendation on the stock.The insurer said it would pay a final dividend of 11 pence per share and total dividend of 16 pence, up 52 percent from a year earlier and above a forecast 15.1 pence.($1 = 0.8042 pounds)(Reporting by Carolyn Cohn; Editing by Keith Weir and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rsa-results-idINKBN1621M9'|'2017-02-23T10:52:00.000+02:00'|1491.0|''|-1.0|'' 1492|'e5ac3d939b802e698e70db0f8a1b149b603f28a5'|'Victoria''s Secret weighs on L Brands Feb comp sales forecast'|'Wed Feb 22, 2017 - 10:36pm GMT Victoria''s Secret weighs on L Brands February comparable sales forecast A director chair is seen backstage before the Victoria''s Secret Fashion Show at the Grand Palais in Paris, France, November 30, 2016. REUTERS/Benoit Tessier L Brands ( LB.N ) forecast a steeper drop in February comparable sales as its biggest brand, Victoria''s Secret, faces slowing demand, sending the company''s shares down nearly 13 percent in after-market trading on Wednesday. L Brands forecast a mid-to-high teens decline in total comparable sales, above the mid-single digit drop it had estimated previously. The company said it expected a fall of about 20 percent in February comparable sales at Victoria''s Secret and a mid-single digit decline at Bath & Body Works. L Brands has restructured its business to focus on its core brands and exited certain product categories last year, including swim and apparel business of Victoria''s Secret. The exit lowered the company''s total comparable sales for the fourth quarter by 2 percentage points, L Brands said on Wednesday. Ongoing weakness in core lingerie could be more difficult to repair as management continues to employ various incentives to rejuvenate traffic, Mizuho Securities analyst Betty Chen said in a pre-earnings note. The company''s net income fell to $631.7 million, or $2.18 per share, in the fourth quarter ended Jan. 28 from $636 million, or $2.15 per share, a year earlier. Excluding a tax settlement, L Brands earned $2.03 per share, above the average analysts'' estimate of $1.90 per share, according to Thomson Reuters I/B/E/S. Earlier this month, L Brands reported a 2 percent rise in sales, its slowest quarterly sales growth in three years. The company''s shares were trading at $50.60 after the bell. Up to Wednesday''s close, they had fallen 31 percent in the past 12 months. (Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Anil D''Silva) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-l-brands-results-idUKKBN1612WB'|'2017-02-23T05:36:00.000+02:00'|1492.0|''|-1.0|'' -1493|'3dcb09f3dce7fd189f2672b8782d840e6c966581'|'Rolls-Royce loss lies heavy on FTSE 100'|' 12am GMT Rolls-Royce loss lies heavy on FTSE 100 People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo - RTSS1J0 By Kit Rees - LONDON LONDON Britain''s top share index traded flat on Tuesday, pausing after a five-day winning streak as Rolls-Royce ( RR.L ) tumbled after reporting a record loss. The blue chip FTSE 100 .FTSE index was flat in percentage terms at 7,279.54 points by 0946 GMT in choppy trade, having hit its highest level since mid-January in the previous session. Shares in engineering firm Rolls-Royce ( RR.L ) dropped 4.9 percent after the company announced a 4.6 billion pound loss, hit by a fine to settle bribery charges and by losses on its currency hedges. The stock was the most actively traded on the FTSE 100, with more than 87 percent of its 30-day average volume traded in the first hour of the session. Fellow defence firm BAE Systems ( BAES.L ) also fell nearly 2 percent. Analysts cited concerns about Rolls-Royce''s outlook as putting pressure on the shares. "Some investors may also have a restive reaction to the rather dry and narrow outlook comments, projecting only ''modest performance improvements'' and similar free cash flow generation as in 2016," said Ken Odeluga, market analyst at City Index. Improved earnings, however, buoyed shares in travel firm TUI ( TUIT.L ), which jumped 4.8 percent and was on track for its best day since early July 2016. TUI reported a narrower loss for the first quarter of 66.7 million euros, a 17 percent improvement on last year, and said it aimed to start offering holidays to customers from countries such as China, India, Spain and Italy. Analysts cited the sale of its specialist holiday arm Travelopia to KKR ( KKR.N ) in a $407 million deal as a further boost to its shares. "While we have reservations about the outlook for source markets, we are attracted to the increased diversification and the steps TUI that has taken to drive growth elsewhere in the business," analysts at Berenberg said in a note. Among smaller companies, a solid set of results boosted shares in Acacia Mining ( ACAA.L ), which rallied 6.7 percent and was the biggest mid cap gainer .FTMC . The gold miner said that production in 2017 would rise 40 percent, and proposed more than doubling its dividend. (Reporting by Kit Rees; Editing by Mark Trevelyan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN15T14L'|'2017-02-14T17:12:00.000+02:00'|1493.0|''|-1.0|'' +1493|'3dcb09f3dce7fd189f2672b8782d840e6c966581'|'Rolls-Royce loss lies heavy on FTSE 100'|' 12am GMT Rolls-Royce loss lies heavy on FTSE 100 People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo - RTSS1J0 By Kit Rees - LONDON LONDON Britain''s top share index traded flat on Tuesday, pausing after a five-day winning streak as Rolls-Royce ( RR.L ) tumbled after reporting a record loss. The blue chip FTSE 100 .FTSE index was flat in percentage terms at 7,279.54 points by 0946 GMT in choppy trade, having hit its highest level since mid-January in the previous session. Shares in engineering firm Rolls-Royce ( RR.L ) dropped 4.9 percent after the company announced a 4.6 billion pound loss, hit by a fine to settle bribery charges and by losses on its currency hedges. The stock was the most actively traded on the FTSE 100, with more than 87 percent of its 30-day average volume traded in the first hour of the session. Fellow defence firm BAE Systems ( BAES.L ) also fell nearly 2 percent. Analysts cited concerns about Rolls-Royce''s outlook as putting pressure on the shares. "Some investors may also have a restive reaction to the rather dry and narrow outlook comments, projecting only ''modest performance improvements'' and similar free cash flow generation as in 2016," said Ken Odeluga, market analyst at City Index. Improved earnings, however, buoyed shares in travel firm TUI ( TUIT.L ), which jumped 4.8 percent and was on track for its best day since early July 2016. TUI reported a narrower loss for the first quarter of 66.7 million euros, a 17 percent improvement on last year, and said it aimed to start offering holidays to customers from countries such as China, India, Spain and Italy. Analysts cited the sale of its specialist holiday arm Travelopia to KKR ( KKR.N ) in a $407 million deal as a further boost to its shares. "While we have reservations about the outlook for source markets, we are attracted to the increased diversification and the steps TUI that has taken to drive growth elsewhere in the business," analysts at Berenberg said in a note. Among smaller companies, a solid set of results boosted shares in Acacia Mining ( ACAA.L ), which rallied 6.7 percent and was the biggest mid cap gainer .FTMC . The gold miner said that production in 2017 would rise 40 percent, and proposed more than doubling its dividend. (Reporting by Kit Rees; Editing by Mark Trevelyan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN15T14L'|'2017-02-14T17:12:00.000+02:00'|1493.0|6.0|0.0|'' 1494|'eb3c06a4e059087bacd90496d3eda70f837fc5a1'|'EMERGING MARKETS-Mexican peso strengthens on reassurance from Mnuchin'|'Company News - 21pm EST EMERGING MARKETS-Mexican peso strengthens on reassurance from Mnuchin (Recasts, adds table) By Bruno Federowski SAO PAULO/MEXICO CITY, Feb 23 Mexico''s peso strengthened to its highest level in more than three months on Thursday after U.S. Treasury Secretary Steven Mnuchin said that any policies enacted by U.S. President Donald Trump would have a limited impact this year. In an interview with Fox Business Network, Mnuchin said he did not see any changes to the North American Free Trade Agreement (NAFTA) in the short-term and said the Trump administration has concerns about certain aspects of a border adjustment tax. The peso strengthened more than 1.5 percent to 19.61 per dollar before paring gains. In a Reuters interview with Trump later on Thursday, the U.S. president said he supported some form of an adjustment tax, without offering details. In Brazil, the real strengthened 0.45 percent, a day after central bank policymakers voted to cut the benchmark Selic rate by 75 basis points for the second straight time to 12.25 percent. In a statement, the bank said the future pace of loosening will hinge on the evolution of economic activity and inflation. Traders said U.S. data on Thursday showing a slight rise in weekly jobless claims reinforced expectations the Federal Reserve will increase interest rates at a gradual pace throughout the year. The Fed failed on Wednesday to provide a clear signal of a rate hike in March in the minutes from its latest policy meeting. A gradual pace of U.S. rate tightening would be good news for emerging market assets, which tend to lure investors seeking higher yields. Key Latin American stock indexes at 2200 GMT: Stock indexes Latest Daily pct YTD pct change change MSCI Emerging 952.12 0.12 10.42 Markets MSCI LatAm 2.668.48 -0.42 14.01 Brazil Bovespa 67.461.39 -1.64 12.01 Mexico IPC 47.206.36 0.02 3.43 Chile IPSA 4.359.13 -0.38 5.00 Chile IGPA 21.797.22 -0.34 5.13 Argentina MerVal 19.538.09 -1.89 15.49 Colombia IGBC 10.015.94 0.87 -1.11 Venezuela IBC 34.933.43 0.18 10.18 (Reporting by Bruno Federowski; Editing by Cynthia Osterman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1G8226'|'2017-02-24T05:21:00.000+02:00'|1494.0|''|-1.0|'' 1495|'0c3a84a2c745c961088563a0e7b6d27f04ba1112'|'PRESS DIGEST- Financial Times - Feb 22'|'Feb 22 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesLSE and D Boerse set to offer more concessions to secure merger on.ft.com/2m8X1pnHammond warns ''no pot of money'' for extra budget funds on.ft.com/2llcrscBank of England not able to forecast next recession, it admits on.ft.com/2llelckOverviewDeutsche Boerse AG and the London Stock Exchange Group Plc are planning further concessions from their fixed-income clearing businesses to satisfy the European antitrust watchdogs''s concerns about their planned merger.British finance minister Philip Hammond has told MPs that "there is no pot of money under my desk," adding that any extra spending must be paid for through higher taxes or savings elsewhere.Gertjan Vlieghe, an external member of the BoE''s Monetary Policy Committee, warned on Tuesday that the bank will not be able to forecast the next financial crisis or recession. "Our models are just not that good," Vlieghe said. (Compiled by Ismail Shakil in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL1N1G702U'|'2017-02-21T22:26:00.000+02:00'|1495.0|''|-1.0|'' 1496|'1edf7bfeffe989465afd59317a0cb772b245b8a1'|'Nissan says Brexit-induced fall in pound left it slightly worse off'|'Business News - Wed Feb 22, 2017 - 2:53pm GMT Nissan says Brexit-induced fall in pound left it slightly worse off People walk past a Nissan Motor Co''s showroom in Tokyo, Japan February 9, 2017. REUTERS/Toru Hanai - LONDON Japanese carmaker Nissan ( 7201.T ) said on Wednesday that the Brexit-induced fall in the pound, which dropped by some 15 percent against the euro after the June 23 referendum, had left it slightly worse off. When asked whether exporting cars from its north of England plant, which are now cheaper due to the depreciation in sterling, outweighed the extra cost of importing euro-denominated parts, Senior Vice President in Europe Colin Lawther said the overall effect was marginally negative. "We''re exposed to not having enough GBP pounds, so we are slightly worse off than we were in January, February the year before the currency changed dramatically," he told a conference in London on Wednesday. Nissan said last year that it would build two new models at its Sunderland plant in North East England after what a source said was a government pledge for extra support to counter any loss of competitiveness caused by Britain leaving the EU. (Reporting by Costas Pitas; editing by Maytaal Angel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-nissan-idUKKBN1611TN'|'2017-02-22T21:49:00.000+02:00'|1496.0|''|-1.0|'' @@ -1507,7 +1507,7 @@ 1505|'dfb11371114d1f8670ff15723e03321e6b4f1ca7'|'Top gold ETF gets Islamic finance certification to tap new markets'|' 24pm EST Top gold ETF gets Islamic finance certification to tap new markets Feb 15 The world''s largest physically-backed gold fund said on Wednesday it has been certified as sharia compliant, the latest effort aimed at spurring demand for bullion from investors across majority-Muslim countries. The SPDR Gold Trust, an exchange-traded fund which holds 836.7 tonnes of bullion worth $33 billion, now falls in line with rules from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). World Gold Trust Services, a subsidiary of the World Gold Council (WGC), said in a statement to Reuters that the ETF had received the certification from Malaysia-based Islamic advisory firm Amanie Advisors. (Reporting by Bernardo Vizcaino; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/islamic-finance-gold-idUSL4N1G003J'|'2017-02-15T07:24:00.000+02:00'|1505.0|''|-1.0|'' 1506|'ddb8f52ce091c37fdd82e294d7fce8564a6ccbb2'|'Takata pleads guilty to U.S. fraud charge linked to faulty air bags'|'Business News - Mon Feb 27, 2017 - 9:16pm GMT Takata pleads guilty to U.S. fraud charge linked to faulty air bags DETROIT Japan''s Takata Corp ( 7312.T ) on Monday pleaded guilty to a felony charge as part of an expected $1 billion (803.47 million pounds) deal with the U.S. Justice Department that includes compensation funds for automakers and victims of its faulty airbag inflators. After Takata''s guilty plea, a federal judge in Detroit was hearing objections on Monday to the settlement raised by lawyers for some victims of Takata inflator ruptures, who argue the settlement will be used by automakers to avoid liability, a court clerk said. Takata hopes to wins court approval of the settlement, a key hurdle to securing the backing of an investor or acquirer that can fund a turnaround effort and help it grapple with billions of dollars in costs related to the auto industry''s biggest-ever recall. (Reporting By David Shepardson in Washington and Joseph White in Detroit; Editing by Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-takata-settlement-idUKKBN1662EO'|'2017-02-28T04:16:00.000+02:00'|1506.0|''|-1.0|'' 1507|'a872106358ef5b75cdcb28d10a97f52d9e582da1'|'''Overpaid'' CEOs a risk for investors, study finds'|'Business News - Mon Feb 13, 2017 - 7:26pm GMT ''Overpaid'' CEOs a risk for investors, study finds By Ross Kerber - BOSTON BOSTON Executive pay that is disproportionate to a company''s past performance may also signal that poor returns are coming, according to a study set for release on Monday by shareholder activist group As You Sow. The Oakland, California non-profit found the average returns for the 100 S&P 500 .SPX companies it had previously identified as having the most questionable pay went on to underperform the index by 2.9 percentage points over a roughly two-year period ended on Jan. 31. As You Sow flagged as "overpaid" a number of chief executive officers known for high compensation despite the mixed performance of their companies'' shares over the period. For example, Discovery Communications Inc ( DISCA.O ) CEO David Zaslav received $32.4 million in 2015, according to the company''s most recent proxy filing. During the study period, Discovery shares fell 12 percent. Discovery representatives did not respond to requests for comment. Study lead author Rosanna Landis Weaver said investors could have used the findings of a similar report from 2015 to short the shares of companies giving their CEOs outsized rewards. "If you have a CEO whose primary interest is increasing his own wealth, that''s not going to be good for shareholders," she said in an interview. High executive pay has been controversial at a time of rising inequality. But investors routinely approve compensation at most large U.S. companies, with boards often saying they have linked it to performance metrics. As You Sow used two broad measures to judge if S&P 500 CEOs are overpaid. First, the group looked at factors that raised questions about how a board set compensation, such as whether pay exceeded that of peers, or whether it accounted for a relatively high share of total revenue. Second, As You Sow made a financial prediction of what each CEO might have been paid based on shareholder returns. Companies with the most red flags and biggest gaps between their actual and predicted compensation were judged the most overpaid. (Reporting by Ross Kerber in Boston; Editing by Lisa Von Ahn) Next In Business News Oil down two percent as dollar firms, OPEC compliance rate shrugged off NEW YORK Oil on Monday declined by about 2 percent, the most since mid January, as a stronger dollar and signs of rising U.S. crude output pressured prices while an OPEC report showing high compliance with last year''s production-cut deal underwhelmed investors.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-ceopay-investors-idUKKBN15S29C'|'2017-02-14T02:26:00.000+02:00'|1507.0|''|-1.0|'' -1508|'a5b13a274e6b5ac50600ee6c8eda2109de29d09d'|'BRIEF-Honeywell says Darius Adamczyk named CEO, effective March 31'|' 52pm EST BRIEF-Honeywell says Darius Adamczyk named CEO, effective March 31 Feb 10 Honeywell International Inc : * Says Mr Adamczyk appointed CEO * Honeywell - on February 10, 2017, elected Darius Adamczyk as chief executive officer - SEC filing * Honeywell - board does not intend to backfill role of chief operating officer when Adamczyk becomes CEO on March 31, 2017 Source text: ( bit.ly/2lzXzEz ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FV1BD'|'2017-02-11T04:52:00.000+02:00'|1508.0|''|-1.0|'' +1508|'a5b13a274e6b5ac50600ee6c8eda2109de29d09d'|'BRIEF-Honeywell says Darius Adamczyk named CEO, effective March 31'|' 52pm EST BRIEF-Honeywell says Darius Adamczyk named CEO, effective March 31 Feb 10 Honeywell International Inc : * Says Mr Adamczyk appointed CEO * Honeywell - on February 10, 2017, elected Darius Adamczyk as chief executive officer - SEC filing * Honeywell - board does not intend to backfill role of chief operating officer when Adamczyk becomes CEO on March 31, 2017 Source text: ( bit.ly/2lzXzEz ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FV1BD'|'2017-02-11T04:52:00.000+02:00'|1508.0|7.0|0.0|'' 1509|'80e30a8f720bdcb04cdc8d0f29c4c8d105b7c71a'|'Deals of the day-Mergers and acquisitions'|'(Adds Aon, Eurobank, Six Flags Entertainment, GfK, Trafigura, Immunomedics and Hospitality Property Fund; Updates Rathbone Square, Walt Disney and Unite Students)Feb 10 The following bids, mergers, acquisitions and disposals were reported by 1430 GMT on Friday:** Europe''s top utilities are planning to invest tens of billions of euros over the next three years to catch up with the green energy revolution, driving a flurry of takeovers by tech and engineering firms of niche, smart-energy innovators.** French asset manager Amundi said it was aiming to raise financing for the acquisition of rival Pioneer Investments from UniCredit by April, and reported a 10 percent rise in assets under management to 1.1 trillion euros ($1.17 trillion) in 2016.** Reckitt Benckiser has agreed to buy U.S. baby formula maker Mead Johnson Nutrition for $16.6 billion, giving the British consumer goods company a new product line and expanding its presence in developing markets.** Great Portland has agreed to sell Rathbone Square, a mixed-use development that houses Facebook''s new London headquarters, to German rival WestInvest Gesellschaft and asset manager Deka Immobilien for 435 million pounds ($542 million).** ArcelorMittal is still interested in acquiring Italian steel plant Ilva, the chief financial officer of the world''s largest steelmaker said.** Spain''s Telefonica has received several offers for a stake in its telecom masts subsidiary Telxius, the telecoms company said in a statement, adding it was negotiating and analyzing the different options available.** British specialty chemicals maker Elementis Plc said it would buy U.S.-based SummitReheis from an affiliate of private equity firm One Rock Capital Partners LLC for an enterprise value of $360 million to expand its personal care business.** Renault and alliance partner Nissan are ready to forge closer capital ties but will only do so if France sells its Renault stake, Chief Executive Carlos Ghosn said.** Walt Disney Co is to seek full control of Euro Disney after raising its stake in the underperforming operator of Disneyland Paris through a deal with Saudi billionaire Prince Alwaleed bin Talal.** Unite Students, the student accommodation unit of Unite Group Plc, and Singapore sovereign wealth fund GIC have bought Birmingham-based student housing provider Aston Student Village for 227 million pounds ($283 million).** Poland''s Deputy Energy Minister Grzegorz Tobiszowski said that the signing of a contract to take over the Polish assets of French power group EDF should take place early in the second quarter.** South Africa''s Hospitality Property Fund is in talks with Tsogo Sun to buy approximately 3.3 billion rand ($247 million) worth of hotel assets, the company said.** Insurance broker Aon Plc said it agreed to sell its employee benefits outsourcing business to private equity firm Blackstone Group LP for up to $4.8 billion.** Greek lender Eurobank is looking for a strategic partner to buy a stake in its fully-owned Romanian unit Bancpost as it tries to reduce its exposure to non-Greek assets, sources at the bank told Reuters.** The Public Investment Fund (PIF), Saudi Arabia''s top sovereign wealth fund, said it is not considering the acquisition of a stake in North American amusement park operator Six Flags Entertainment Corp.** Shareholders in GfK have tendered 14.5 percent of stock in the German market researcher to private equity firm KKR, still short of a minimum threshold only hours before KKR''s offer expires, a regulatory filing showed.KKR has offered 43.50 euros per share for GfK, valuing the group at around 1.59 billion euros ($1.7 billion).KKR is seeking to acquire control over at least 75 percent of the group together with GfK Verein, which already owns 56.46 of shares.** Commodity trader Trafigura will take a 15.5 percent stake in Finland''s nickel and zinc mine Terrafame, it said, which will help the mine ramp up operations following years of losses and production problems.** South Africa''s Hospitality Property Fund said it is in talks with hotel and gambling firm Tsogo Sun to buy hotel assets for about 3.3 billion rand ($247 million). (Compiled by Divya Grover in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1FV3C2'|'2017-02-10T11:40:00.000+02:00'|1509.0|''|-1.0|'' 1510|'6b678c9bee4eeb78c9ce263d85e38a06ece53780'|'U.S. reversal on transparency could sting Canadian, European oil companies'|'Commodities - Fri Feb 3, 2017 - 1:13am EST U.S. reversal on transparency could sting Canadian, European oil companies Filled oil drums are seen at Royal Dutch Shell Plc''s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin By Ernest Scheyder and Nia Williams - HOUSTON/CALGARY HOUSTON/CALGARY Canadian and European oil companies will find themselves at a competitive disadvantage to their American rivals if U.S. lawmakers scrap tighter transparency requirements on the industry, as expected, according to company executives, legal experts and trade groups. The U.S. Senate is poised to overturn the so-called "resource extraction rule", a regulation requiring U.S. natural resources companies to disclose taxes and other payments to foreign governments, in a vote that could come as early as Friday. The rule is among a handful of regulations ushered in during the final months of Barack Obama''s presidency that Republican lawmakers - who now control Congress - have targeted as being overly burdensome and bad for the U.S. economy. Democrats have no way to keep the law in place as Republicans need only a simple majority to kill the measure. But overturning the regulation, set to take effect next year, would leave Canadian and European natural resource companies with the most-stringent reporting standards in the world for payments to foreign governments - as U.S. behemoths like Exxon Mobil Corp ( XOM.N ) and Chevron Corp ( CVX.N ) get a reprieve. Certain details of contract negotiations and terms of bids to access reserves are currently required under regulations now in place in both Canada and Europe. Such information could reveal to competitors negotiating tactics and other metrics that many companies consider proprietary, observers say. "It definitely could put Canada at a disadvantage because we are fairly stringent on our rules, both domestically and internationally, on how our companies operate," said Mark Salkeld, chief executive officer of the Petroleum Services Association of Canada, an industry trade group. European oil company Royal Dutch Shell Plc ( RDSa.L ), meanwhile, pointed out that a reversal in the United States would go against the broader global trend toward transparency in the notoriously murky industry. "The trend that we have, with access to information, with bringing distant countries into our space all the time, we will have to live with that. I dont think any single political system can turn that around," CEO Ben van Beurden told reporters when asked about the proposed change in U.S. regulation. "BANG FOR THEIR BUCK" Required by the 2010 Dodd-Frank Wall Street reform law, the U.S. Securities and Exchange Commission''s extraction rule was finalized last summer. Canadian and European regulations were modeled after the Dodd-Frank efforts. But the rule was quickly targeted by Congressional Republicans after victories in the November election that brought President Donald Trump and his anti-regulation, pro-energy agenda into the White House. Trump has signaled a sweeping reduction in regulation to bolster the American drilling and mining industries, including by undoing Obama''s initiatives to combat climate change. Vivek Warrier, a partner at Bennett Jones, a law firm in Calgary, said that could put Canadian companies at an even steeper disadvantage. "When a potential investor comes in, they will look at the additional regulatory compliance costs that will impact Canadian companies and probably conclude there''s better bang for their buck south of the border," he said. Suncor Energy Inc ( SU.TO ), Canada''s largest oil and gas producer, said reporting on payments to foreign governments is a minor administrative burden. "But generally speaking we support reporting payments to governments as it contributes to greater transparency," said Sneh Seetal, a Suncor spokeswoman. Canadian Natural Resources Ltd ( CNQ.TO ) and Cenovus Energy Inc ( CVE.TO ), two Canadian oil producers, declined to comment. American oil companies, including Exxon Mobil, meanwhile, say that the regulation had threatened to put them at a competitive disadvantage to huge state-controlled oil companies like Russia''s Rosneft Ltd and China''s CNOOC Ltd ( 0883.HK ). "As publicly traded companies, we have to compete globally with state-owned companies who hold a large majority of proved reserves and have no similar transparency or reporting obligations," Exxon spokesman William Holbrook said. Stephen Comstock, director of tax policy for the American Petroleum Institute, said revoking the U.S. extraction rule is "a necessary step by Congress to establish sensible regulations that balance increasing transparency without diminishing our industry''s competitive advantage." Exxon and the API said they support an alternative scheme whereby a host country would report to its citizens at a regular interval how much money in total was generated from extractive industries, without breaking out company details. The U.S. oil industry also said that the U.S. Foreign Corrupt Practices Act would still remain in effect, prohibiting bribery of foreign officials. (Reporting by Ernest Scheyder in Houston and Nia Williams in Calgary; Additional reporting by Lisa Lambert and Sarah Lynch in Washington, D.C., Ron Bousso in London; Editing by Richard Valdmanis and Lisa Shumaker) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-resources-transparency-idUSKBN15I0ID'|'2017-02-03T13:00:00.000+02:00'|1510.0|''|-1.0|'' 1511|'d48e3726545ce980d7430c544aed693b4368951a'|'Fund manager Hermes wants better governance for private infrastructure'|'Business News - Mon Feb 13, 2017 - 11:00am GMT Fund manager Hermes wants better governance for private infrastructure LONDON British fund manager Hermes Investment Management on Monday called for improvements to the corporate governance code for private infrastructure assets, to ensure better outcomes for investors and other stakeholders. Among the suggestions made by Hermes, which manages 28.6 billion pounds across a range of assets, were for periodic board ''effectiveness reviews'', as well as an independent chairman and a minimum number of independent directors. Hermes also suggested a range of solutions aimed at ensuring the long-term interests of all stakeholders are protected, including the creation of a stakeholder committee. Pay should also be more closely aligned to ''non-financial'' issues such as health and safety, it said, adding it backed better transparency and disclosure of such information to help boost accountability and best-practice. "Few asset classes are as necessary, or significant, to the daily lives of individuals as infrastructure," said Peter Hofbauer, head of infrastructure, Hermes Investment Management. However as more of the assets are transferred from the public to the private sector, some of the principles of the corporate governance code for listed companies may not be appropriate or accepted in a private market environment. "The result, therefore, may not always be a consistent, or optimal, outcome for investors, employees and other stakeholders," Hofbauer said. (Reporting by Simon Jessop, Editing by Lawrence White) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hermes-governance-idUKKBN15S142'|'2017-02-13T18:00:00.000+02:00'|1511.0|''|-1.0|'' @@ -1552,7 +1552,7 @@ 1550|'548d1eac2a649343f0522ea1e012e6464828ca92'|'BRIEF-Quad/Graphics says Q4 gaap earnings per share $0.73'|' 56pm EST BRIEF-Quad/Graphics says Q4 gaap earnings per share $0.73 Feb 21 Quad/Graphics Inc- * Quad/Graphics reports fourth quarter and full-year 2016 results * Q4 gaap earnings per share $0.73 * Q4 sales fell 8.8 percent to $1.2 billion * Quad/Graphics Inc sees 2017 net sales $4.1 billion - $4.3 billion * Quad/Graphics Inc sees 2017 adjusted ebitda of $440 million to $480 million * Quad/Graphics Inc sees 2017 free cash flow $225 million - $275 million * FY2017 revenue view $4.20 billion -- Thomson Reuters I/B/E/S '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-quad-graphics-says-q4-gaap-earning-idUSASB0B1ER'|'2017-02-22T04:56:00.000+02:00'|1550.0|''|-1.0|'' 1551|'099a9dcb2e239bb647246af9e8a570979641afca'|'Exclusive: Business communications services provider 8x8 explores sale - sources'|'8x8 Inc ( EGHT.O ), a U.S. provider of internet-based voice and communication services to businesses, is exploring a potential sale of the company, people familiar with the matter said on Friday.8X8 has been working with Morgan Stanley ( MS.N ) to field interest from other companies and private equity firms, the people said. There was no certainty that these talks will continue or that they will lead to a deal, the people added.The sources asked not to be identified because the negotiations were confidential. 8x8 and Morgan Stanley did not immediately respond to requests for comment.The company''s market capitalization as of Friday was $1.34 billion.(Reporting by Liana B. Baker in San Francisco and Greg Roumeliotis in New York)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-8x8-m-a-idINKBN1632DL'|'2017-02-24T17:43:00.000+02:00'|1551.0|''|-1.0|'' 1552|'4d24eb072258692e74cd40eda14b0d3788992b17'|'Asda says fourth-quarter underlying sales fall 2.9 percent'|' 12:32pm GMT British supermarket Asda stems rate of sales decline Shoppers leave the Asda superstore in High Wycombe, Britain, February 7, 2017. Picture taken February 7, 2017. REUTERS/Eddie Keogh LONDON Asda, the British supermarket arm of the world''s largest retailer Wal-Mart ( WMT.N ), reported on Tuesday a tenth straight quarter of falling underlying sales, although the rate of decline did ease significantly. The UK''s third largest grocer, which brought in a new chief executive last July in an attempt to revive its fortunes, said sales at stores open over a year fell 2.9 percent, excluding fuel, in the three months to Dec. 31, its fiscal fourth quarter. That compared to analysts'' forecasts of a fall of 2-3 percent and declines of 5.8 percent and 7.5 percent in the previous two quarters respectively. "We have a lot of work to do in this market, but we''re encouraged by some early signs of traction with improvements in the customer value proposition," said Wal-Mart''s Chief Financial Officer Brett Biggs. Of Britain''s big four grocers, which also includes market leader Tesco ( TSCO.L ), Sainsbury''s ( SBRY.L ) and Morrisons ( MRW.L ), Asda has been most exposed to the advance of the German discounters Aldi [ALDIEI.UL] and Lidl [LIDUK.UL]. While the other three traditional groups have upped their game in recent years, Asda was slower to respond. It has lost over 1 percentage point of UK grocery market share since 2014, according to researcher Kantar Worldpanel. Its share currently stands at 15.6 percent, versus more than 28 percent for Tesco. Last June David Cheesewright, CEO of Walmart International, said Asda would shift from protecting profit to protecting market share and brought in Wal-Mart veteran Sean Clarke as Asda''s chief executive to sort the business out. Clarke has focused on making Asda more competitive, on improving the look and feel of stores as well as enhancing the quality and availability of product lines. (Reporting by James Davey; editing by Kate Holton) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-asda-outlook-idUKKBN1601BZ'|'2017-02-21T19:15:00.000+02:00'|1552.0|''|-1.0|'' -1553|'b0fe44e971b904d285588f131b0a23d58e374a70'|'DuPont settles lawsuits over Teflon-making chemical leak'|'Business 47am EST DuPont settles lawsuits over Teflon-making chemical leak FILE PHOTO -- The Dupont logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S. on December 22, 2015. REUTERS/Lucas Jackson/File Photo DuPont said on Monday it agreed to pay $670.7 million in cash to settle several lawsuits related to a chemical leak from a plant in West Virginia. The company said it settled about 3,550 personal injury claims arising from the leak of perfluorooctanoic acid, also known as PFOA or C-8, from DuPont''s Parkersburg, West Virginia, plant. The leak allegedly contaminated local water supplies and has been linked to six diseases, including testicular and kidney cancers. DuPont has used C-8 at the West Virginia plant since the early 1950s. The chemical is used to make Teflon. Titanium dioxide maker Chemours Co,which was spun off from DuPont, said it will pay half of the settlement. Both companies denied any wrongdoing. (Reporting by Arathy S Nair in Bengaluru; Editing by Martina D''Couto) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-du-pont-lawsuit-west-virginia-idUSKBN15S18U'|'2017-02-13T18:41:00.000+02:00'|1553.0|''|-1.0|'' +1553|'b0fe44e971b904d285588f131b0a23d58e374a70'|'DuPont settles lawsuits over Teflon-making chemical leak'|'Business 47am EST DuPont settles lawsuits over Teflon-making chemical leak FILE PHOTO -- The Dupont logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S. on December 22, 2015. REUTERS/Lucas Jackson/File Photo DuPont said on Monday it agreed to pay $670.7 million in cash to settle several lawsuits related to a chemical leak from a plant in West Virginia. The company said it settled about 3,550 personal injury claims arising from the leak of perfluorooctanoic acid, also known as PFOA or C-8, from DuPont''s Parkersburg, West Virginia, plant. The leak allegedly contaminated local water supplies and has been linked to six diseases, including testicular and kidney cancers. DuPont has used C-8 at the West Virginia plant since the early 1950s. The chemical is used to make Teflon. Titanium dioxide maker Chemours Co,which was spun off from DuPont, said it will pay half of the settlement. Both companies denied any wrongdoing. (Reporting by Arathy S Nair in Bengaluru; Editing by Martina D''Couto) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-du-pont-lawsuit-west-virginia-idUSKBN15S18U'|'2017-02-13T18:41:00.000+02:00'|1553.0|11.0|0.0|'' 1554|'a1416f79ed78459359008af7053c56012f73439a'|'EU trade chief backs China in fight against protectionism'|' 25pm GMT EU trade chief backs China in fight against protectionism File photo: European Trade Commissioner Cecilia Malmstrom holds a news conference on Commission''s proposal for a new methodology for anti-dumping investigations, at the EU Commission headquarters in Brussels, Belgium November 9, 2016. REUTERS/Yves Herman BRUSSELS The European Union is ready to join China in fighting protectionism worldwide but Beijing also needs to show it can play fair on trade and investment, the bloc''s trade chief said on Monday. U.S. President Donald Trump has threatened to impose punitive tariffs on Chinese imports, blaming China''s trade practices for U.S. job losses. Beijing says it will work with Washington to resolve any trade disputes, but state media have warned of retaliation if Trump takes the first steps towards a trade war. "If others around the world want to use trade as a weapon, I want to use it as a tonic, a vital ingredient for prosperity and progress," Trade Commissioner Cecilia Malmstrom told a business conference on EU-China relations, without explicitly mentioning Trump or the United States in her comments. "If others are closing their doors, ours are still open - as long as the trade is fair. And we will give China every opportunity to uphold its pledge against protectionism, and towards a multilateral agenda, too," she said. But Malmstrom added that "many barriers and irritants" remained to EU-China trade and said economic relations were far from balanced. Trade with China was worth one fifth of EU imported goods but only one tenth of its goods exports. Chinese investment flows into the EU rose to a record high of almost 40 billion euros (34.5 billion) last year, while EU investment into China fell to a 10-year low of less than 8 billion. Malmstrom said she hoped the latter issue could be addressed with an EU-China investment agreement, currently under negotiation. She said she hoped for a "new impulse" in talks this year. The EU commissioner praised Chinese President Xi Jinping''s speech at the World Economic Forum in the Swiss resort of Davos last month that portrayed China as the leader of a globalised world where only international cooperation can solve the big problems. Malmstrom said she agreed with Xi that a trade war would be catastrophic for all parties, adding that the Chinese leader''s big challenge this year would be to match rhetoric with reform. (Reporting by Philip Blenkinsop; Editing by Gareth Jones) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-china-trade-idUKKBN15L259'|'2017-02-07T01:25:00.000+02:00'|1554.0|''|-1.0|'' 1555|'82aba2f4a5b0b1e6c6a0eaf07b82ccb2abde71c5'|'Health insurer Cigna''s operating revenue rises 3 pct'|'Market News - Thu Feb 2, 2017 - 6:10am EST Health insurer Cigna''s operating revenue rises 3 pct Feb 2 Health insurer Cigna Corp, which is waiting for a ruling on the U.S. government''s lawsuit to block its acquisition by Anthem Inc, reported a 3 percent rise in quarterly operating revenue on Thursday, as it added new members. Cigna manages insurance plans for large corporations and sells health plans on the government exchanges created under Obamacare. The company said net income fell to $382 million, or $1.47 per share, in the fourth quarter ended Dec. 31, from $426 million, or $1.64 per share, a year earlier. Consolidated operating revenue increased to $9.89 billion from $9.58 billion. (Reporting by Ankur Banerjee in Bengaluru; Editing by Martina D''Couto) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/cigna-results-idUSL4N1FN2GN'|'2017-02-02T18:10:00.000+02:00'|1555.0|''|-1.0|'' 1556|'2f2612a17f491cbd11df55599364398993069e4b'|'Banco do Brasil misses estimates as provisions climb'|'Company News - Thu Feb 16, 2017 - 4:40am EST Banco do Brasil misses estimates as provisions climb SAO PAULO Feb 16 Banco do Brasil SA, the country''s largest bank by assets, missed fourth-quarter profit estimates on Thursday as a bigger-than-expected jump in loan-loss provisions offset resilient interest and fee income. The Brasilia-based, state-controlled lender earned 1.747 billion reais ($572 million) in recurring net income, below the average consensus estimates of 1.927 billion reais compiled by Thomson Reuters. The measure of profit before one-time items dropped 25 percent from the third quarter. Recurring return on equity slumped to 7.2 percent, the lowest in at least seven years. It came in at below the 8.2 percent consensus estimate for ROE in the fourth quarter. ($1 = 3.0565 reais) (Reporting by Guillermo Parra-Bernal; editing by John Stonestreet) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/banco-do-brasil-results-idUSE6N18202O'|'2017-02-16T16:40:00.000+02:00'|1556.0|''|-1.0|'' @@ -1669,7 +1669,7 @@ 1667|'98aee2f41c318b7a350c39e22fce2b205a1292c9'|'Amazon.com agrees in principle to buy Middle East''s Souq.com -sources'|'Company News 41am EDT Amazon.com agrees in principle to buy Middle East''s Souq.com -sources DUBAI, March 22 Amazon.com Inc has agreed in principle to buy 100 percent of Middle Eastern online retailer Souq.com from its shareholders, sources familiar with the deal told Reuters on Wednesday. Amazon declined to comment and a spokesperson for Souq.com could not immediately be reached for comment. Goldman Sachs helped to arrange the deal, the sources said. (Reporting by Hadeel Al Sayegh and Tom Arnold; Writing by Andrew Torchia; editing by David Clarke) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/souqcom-ma-amazoncom-idUSL5N1GZ4HM'|'2017-03-22T21:41:00.000+02:00'|1667.0|''|-1.0|'' 1668|'9fe2b43d8f7c1569172b24e9b49d146543fb7183'|'BRIEF-Insignia Systems Q4 loss per share $0.06'|' 8:02am EST BRIEF-Insignia Systems Q4 loss per share $0.06 March 3 Insignia Systems Inc * Q4 loss per share $0.06 * Insignia Systems Inc - total net sales decreased 22.8% to $5.7 million in Q4 2016 * Insignia Systems Inc - expecting a net loss in Q1 driven by reduced revenues * Insignia Systems Inc - current pops bookings for Q1 2017 are $4.4 million, compared to $5.6 million for Q1 2016 * Insignia Systems Inc - total bookings for pops programs set to run in final three quarters of 2017 is $8.6 million versus $8.4 million * Insignia Systems Inc - "company decided to discontinue sales of like machine, effective March 31st, 2017" * Insignia Systems Inc - in 2017, reducing overall costs and implementing a $1 million cost reduction plan * Insignia Systems Inc - Q1''17 revenue projecting to be below q1''16 - SEC filing * Insignia Systems Inc - expects new sales opportunities in back half of 2017 * Insignia Systems Inc - projecting a loss for 2017 due to investments necessary to restart revenue growth Source text for Eikon: ( bit.ly/2lBSfis ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-insignia-systems-q4-loss-per-share-idUSFWN1GG0DG'|'2017-03-03T20:02:00.000+02:00'|1668.0|''|-1.0|'' 1669|'d8fb5e115f87c2b653b283842eb4cd8e015102a3'|'Mr, Mrs, Mx or Misc? Banking giant HSBC introduces gender neutral titles'|'By Emma Batha LONDON (Thomson Reuters Foundation) - Banking giant HSBC announced on Friday that it is introducing a range of gender neutral titles for transgender customers and others who do not identify as male or female.The process for people wishing to change their gender on their bank account has also been simplified, the bank said in a statement on Transgender Day of Visibility.Instead of using the conventional honorifics Mr, Mrs or Ms, customers can choose from 10 gender neutral titles - Mx, Ind, M, Mre, Msr, Myr, Pr, Sai, Ser and Misc."Gender neutral titles allow people who don''t identify as a particular gender, or who don''t want to be identified by gender, to choose the title that works for them," the bank said in a statement.The titles, available to its high street customers in Britain, will be applied across their account including bank cards and correspondence. Training is to be given to all UK branch and contact centre staff.Customers who are transitioning can now change their gender on their account by taking a passport, driving license or birth certificate that supports the change of gender into a branch.Stuart Barette, trans lead of HSBC''s UK Pride Network, which advised on the new services, recalled how he was "terrified" the day he went into his branch in order to change his name and gender."Coming out to anyone is difficult, as you don''t know how people are going to react," Barette said in a statement."That''s why the changes we''ve been making are so important, so that our trans customers can feel confident that they''re going to have a good experience and be speaking with someone who has been trained to better understand them."The titles are also being introduced for people who do not feel their gender to be that of a woman or man.Ind is an abbreviation of individual, Mre for mystery, Msr is a combination of Miss and Sir, Pr an abbreviation of person.International Transgender Day of Visibility marked on March 31 aims to raise awareness of discrimination faced by transgender people.(Editing by Ros Russell; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, which covers humanitarian news, women''s rights, trafficking, corruption and climate change. Visit news.trust.org to see more stories.)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-bank-lgbt-idINKBN1721JF'|'2017-03-31T09:58:00.000+03:00'|1669.0|''|-1.0|'' -1670|'86741f63fe2cce7a6444745bcf088629a325dbcf'|'Banks could earn $332 million from wave of financial services deals'|' 13pm GMT Banks could earn $332 million from wave of financial services deals The offices of international finance companies are seen in the the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh By Pamela Barbaglia - LONDON LONDON A spate of big deals by financial services companies in Europe could earn investment banks an estimated $332 million (271 million pounds) in advisory fees, with Goldman Sachs ( GS.N ) set to take the lion''s share of the pot. In the past two days, revealed plans to buy ) and Deutsche Bank ( DBKGn.DE ) said it would raise 8 billion euros (6.9 billion pounds) from investors, potentially generating a big payday for investment banks working on those transactions. Earlier, British bank Shawbrook Group ( SHAW.L ) said it had received a $1 billion bid from two private equity firms. Goldman Sachs, which secured a major role in all three deals, has pocketed the highest fees from investment banking in the first two months of 2017 and pushing usual top dog JPMorgan ( JPM.N ) into third place. The U.S. bank could earn between $18 and $24 million for advising Standard Life while an additional $13 to $18 million could come from its advisory work with Shawbrook, according to estimates from Freeman Consulting. Aberdeen''s corporate brokers, JPMorgan and Credit Suisse ( CSGN.S ), which advised the Scottish asset manager on its sale, could share proceeds of between $23 and 30 million. But the biggest boost to investment banks'' fees will come from Deutsche Bank''s 8 billion euro share sale which could pay advisers up to 260 million euros, according to Freeman Consulting, based on underwriting fees of between 2 and 3.25 percent of the total raised. Goldman Sachs is one of eight banks underwriting Deutsche''s the rights issue alongside Credit Suisse, Barclays ( BARC.L ), BNP Paribas ( BNPP.PA ), Commerzbank ( CBKG.DE ), HSBC ( HSBA.L ), Morgan Stanley ( MS.N ) and UniCredit ( CRDI.MI ). The German bank will also pay more fees to a pool of banks underwriting the public offering of part of its asset management business, estimated at between 2.75 and 3.5 percent of the amount of money raised, according to Freeman. Appetite for big takeovers and fundraising deals in the financial services industry remains strong even if some have run up against regulatory and political hurdles. The long-awaited 29 billion euro merger of ( LSE.L ) with German rival Deutsche Boerse ( DB1Gn.DE ) was expected to pay a combined $184 million in advisory fees. But this deal is hanging by a thread after LSE turned down demands from European antitrust regulators to sell a trading platform in Italy. Since the start of the year, nearly $10 billion of financial services takeover deals have been announced in Europe, the Middle East and Africa (EMEA), with Britain accounting for almost half of the value, according to Thomson Reuters data. Equity capital markets deals across EMEA have almost doubled since the start of the year, with $36.7 billion of equity fundraisings since January compared with $21.3 billion in the same period last year. Italy''s biggest bank UniCredit, which tapped investors in February, is expected to pay about $450 million to Goldman Sachs and other banks who worked on its 13 billion euro share sale, according to Freeman Consulting. ($1 = 0.9439 euros) (Reporting By Pamela Barbaglia. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-investment-banking-fees-idUKKBN16D22E'|'2017-03-07T00:13:00.000+02:00'|1670.0|''|-1.0|'' +1670|'86741f63fe2cce7a6444745bcf088629a325dbcf'|'Banks could earn $332 million from wave of financial services deals'|' 13pm GMT Banks could earn $332 million from wave of financial services deals The offices of international finance companies are seen in the the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh By Pamela Barbaglia - LONDON LONDON A spate of big deals by financial services companies in Europe could earn investment banks an estimated $332 million (271 million pounds) in advisory fees, with Goldman Sachs ( GS.N ) set to take the lion''s share of the pot. In the past two days, revealed plans to buy ) and Deutsche Bank ( DBKGn.DE ) said it would raise 8 billion euros (6.9 billion pounds) from investors, potentially generating a big payday for investment banks working on those transactions. Earlier, British bank Shawbrook Group ( SHAW.L ) said it had received a $1 billion bid from two private equity firms. Goldman Sachs, which secured a major role in all three deals, has pocketed the highest fees from investment banking in the first two months of 2017 and pushing usual top dog JPMorgan ( JPM.N ) into third place. The U.S. bank could earn between $18 and $24 million for advising Standard Life while an additional $13 to $18 million could come from its advisory work with Shawbrook, according to estimates from Freeman Consulting. Aberdeen''s corporate brokers, JPMorgan and Credit Suisse ( CSGN.S ), which advised the Scottish asset manager on its sale, could share proceeds of between $23 and 30 million. But the biggest boost to investment banks'' fees will come from Deutsche Bank''s 8 billion euro share sale which could pay advisers up to 260 million euros, according to Freeman Consulting, based on underwriting fees of between 2 and 3.25 percent of the total raised. Goldman Sachs is one of eight banks underwriting Deutsche''s the rights issue alongside Credit Suisse, Barclays ( BARC.L ), BNP Paribas ( BNPP.PA ), Commerzbank ( CBKG.DE ), HSBC ( HSBA.L ), Morgan Stanley ( MS.N ) and UniCredit ( CRDI.MI ). The German bank will also pay more fees to a pool of banks underwriting the public offering of part of its asset management business, estimated at between 2.75 and 3.5 percent of the amount of money raised, according to Freeman. Appetite for big takeovers and fundraising deals in the financial services industry remains strong even if some have run up against regulatory and political hurdles. The long-awaited 29 billion euro merger of ( LSE.L ) with German rival Deutsche Boerse ( DB1Gn.DE ) was expected to pay a combined $184 million in advisory fees. But this deal is hanging by a thread after LSE turned down demands from European antitrust regulators to sell a trading platform in Italy. Since the start of the year, nearly $10 billion of financial services takeover deals have been announced in Europe, the Middle East and Africa (EMEA), with Britain accounting for almost half of the value, according to Thomson Reuters data. Equity capital markets deals across EMEA have almost doubled since the start of the year, with $36.7 billion of equity fundraisings since January compared with $21.3 billion in the same period last year. Italy''s biggest bank UniCredit, which tapped investors in February, is expected to pay about $450 million to Goldman Sachs and other banks who worked on its 13 billion euro share sale, according to Freeman Consulting. ($1 = 0.9439 euros) (Reporting By Pamela Barbaglia. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-investment-banking-fees-idUKKBN16D22E'|'2017-03-07T00:13:00.000+02:00'|1670.0|6.0|5.0|'' 1671|'469a58a5bf30abff0a7882de53d3952e1b1dbf00'|'Stocks, dollar recover as markets try to move past Trump''s policy stumble'|' 2:16am BST Stocks, dollar recover as markets try to move past Trump''s policy stumble Investors look at an electronic board showing stock information on the first trading day after the New Year holiday at a brokerage house in Shanghai, China, January 3, 2017. REUTERS/Aly Song - RTX2XB9T By Nichola Saminather - SINGAPORE SINGAPORE Asian stocks pulled ahead on Tuesday after Wall Street steadied and the dollar bounced from a four-month-low, as concern over Donald Trump''s setback on his healthcare reform bill gave away to tentative hopes for the U.S. President''s planned stimulus policies. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.3 percent in early trade. Japan''s Nikkei .N225 jumped 1.1 percent, its biggest one-day gain in more than two weeks, while Australian stocks advanced 0.9 percent. South Korean stocks .KS11 climbed 0.4 percent after data showed the domestic economy grew at a slightly faster pace than initially thought in the fourth quarter of 2016, supported by strong construction activity. Overnight, the S&P 500 .SPX and the Dow Jones Industrial Average .DJIA closed lower but had narrowed their losses from earlier in the session, when both hit near-six-week lows. The Nasdaq .IXIC ended higher. Risk appetite had evaporated after Trump''s failure to garner enough support last week to pass a bill repealing the Affordable Care Act, former President Barack Obama''s signature health care bill, even with a Republican-controlled Congress. That blow for Trump spooked global risk assets on concerns about the president''s ability to enact stimulus policies. The MSCI World index .MIWD PUS, which had stumbled last week, managed to recover, as confidence returned that the Trump administration will corral Congressional support for other pro-growth policies. "Markets appear reluctant to take the Trump disappointment too much further at this stage," Ric Spooner, chief market analyst at CMC Markets in Sydney, wrote in a note. "With U.S. economic growth showing signs of improvement and the (Federal Reserve) clearly embarked on a monetary tightening cycle, the significant correction that has already occurred in bonds and the U.S. dollar may already reflect an adequate wind-back of the markets Trump exuberance." The U.S. 10-year bond yield US10YT=RR, which hit a one-month low on Monday, recovered to trade higher at 2.3782 on Tuesday. The dollar added 0.1 percent to 110.75 yen JPY=D4 after touching its lowest level since November on Monday. The dollar index .DXY inched up to 99.233 after slumping to a 4-1/2-month low on Monday. The euro EUR=EBS was steady at $1.08655 on Tuesday, after touching its highest level since November on Monday. In commodities, the return of risk appetite helped lift oil from a level close to the 3-1/2-month low seen last week, despite lingering concerns about whether producers will extend an OPEC-led output cut beyond the end of June to ease a global glut. U.S. crude CLc1 gained 0.5 percent to $47.96 a barrel, after dropping as much as 1.9 percent on Monday. Gold XAU= was little changed at 1,253.06 early on Tuesday, after pulling back from the one-month-high hit earlier on Monday. (Reporting by Nichola Saminather; Editing by Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN16Z04Q'|'2017-03-28T09:16:00.000+03:00'|1671.0|''|-1.0|'' 1672|'476ed99eb49bd466258784067ac62dd7815e05ab'|'UPDATE 1-Hansteen to sell German, Dutch industrial properties for $1.4 bln'|'Company News - Mon Mar 20, 2017 - 5:01am EDT UPDATE 1-Hansteen to sell German, Dutch industrial properties for $1.4 bln (Adds details, background, share movement) March 20 Britain''s Hansteen Holdings has agreed to sell its German and Dutch industrial property portfolios for 1.28 billion euros ($1.38 billion) to a venture between Blackstone Group LP and M7 Real Estate. The price represents a premium of about 6 percent, or roughly 76 million euros, to the assets'' valuations at the end of 2016, Hansteen said in a statement on Monday. Hansteen''s shares rose more than 6 percent, before paring gains to trade up 3 percent at 125.55 pence at 0850 GMT. They were the top gainers on London''s midcap index. "This is a compelling opportunity to crystallise both the revaluation gains from these German and Dutch assets achieved by our active asset management and the gains from foreign exchange movements," Hansteen joint chief executives Morgan Jones and Ian Watson said. Last year, the industrial market outperformed all other European real estate sectors, including offices and retail, data from property consultant CBRE showed, as the sector benefited from higher demand for warehouses from retailers expanding their online operations. Over the fourth quarter, European commercial real estate deals reached a record high of 86.8 billion euros, boosted largely by a buoyant Germany market and growth in the Netherlands, according to the data. Hansteen, a UK real estate investment trust, said that the sale was expected to complete before the end of June and that it was advised by property consultant JLL. The sale leaves Hansteen with its UK business, where the market has seen some turbulence after Britain voted to leave the European Union. However, Hansteen said it had not noticed any significant effect on demand for industrial space following the June 23 vote. "Across the UK, we are experiencing pockets of rental growth and shorter incentives being offered to tenants as demand intensifies," the company said. ($1 = 0.9288 euros) (Reporting by Esha Vaish in Bengaluru; Editing by Jason Neely and Alexander Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hansteen-divestiture-idUSL5N1GX0ZS'|'2017-03-20T16:01:00.000+02:00'|1672.0|''|-1.0|'' 1673|'685bdac4accbe45f86b8a2ff7027918f4f4a6f00'|'Exclusive: Ferromex''s owner nears deal to acquire Florida East Coast Railway - sources'|'By Greg Roumeliotis The owner of Ferrocarril Mexicano (Ferromex), Mexico''s largest railroad operator, is nearing a deal to acquire Florida East Coast Railway for more than $2 billion, including debt, people familiar with the matter said on Monday.The potential deal shows that Ferromex''s parent, Mexican mining conglomerate Grupo Mexico ( GMEXICOB.MX ), is now seeking to apply its railroad operating expertise to foreign assets after dominating the railway freight sector.The acquisition would come at a sensitive time for relations between the United States and Mexico, following a pledge by U.S. President Donald Trump to renegotiate the North American Free Trade Agreement and tighten immigration controls.Grupo Mexico has prevailed in an auction for Florida East Coast Railway and is now negotiating final terms with the U.S. regional railroad''s owner, Fortress Investment Group LLC ( FIG.N ), two people said.If the negotiations are completed successfully, a deal could be announced as early as this week, the people added, asking not to be identified because the sale process is confidential.Fortress declined to comment. Ferromex, Grupo Mexico and Florida East Coast Railway did not immediately respond to requests for comment.Based in Jacksonville, Florida East Coast Railway operates a 351-mile (565-km) freight rail system located along the east coast of Florida.Fortress took Florida East Coast Railway private in 2007 for $3.5 billion. Fortress, an investment firm with $69.6 billion in assets under management as of the end of December, agreed last month to sell itself to Japan''s SoftBank Group Corp ( 9984.T ) for $3.3 billion.Grupo Mexico, one of the world''s largest copper producers, together with Kansas City Southern de Mexico and Ferrovalle, control more than 72 percent of the Mexican rail freight market. Grupo Mexico and Kansas City Southern de Mexico together have a 75 percent stake in Ferrovale.Earlier this month, Mexico''s antitrust watchdog criticized Grupo Mexico and Kansas City Southern de Mexico for using their rail freight market share to fix prices, restrict supply and impede access to their networks.(Reporting by Greg Roumeliotis in New York; Additional reporting by Gabriel Stargardter in Mexico City; Editing by David Gregorio and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-floridaeastcoastrailway-m-a-ferromex-idINKBN16Y297'|'2017-03-27T17:16:00.000+03:00'|1673.0|''|-1.0|'' @@ -1746,7 +1746,7 @@ 1744|'9627513053b24ffd397977b957ebe3cb342992ca'|'Halfway into 2017''s oil supply cut, Asia remains awash with fuel'|'Money News - Fri Mar 17, 2017 - 8:35am IST Halfway into 2017''s oil supply cut, Asia remains awash with fuel FULL COVERAGE: By Florence Tan and Henning Gloystein - SINGAPORE SINGAPORE Halfway into an OPEC-led oil supply cut, Asia remains awash with fuel in a sign that the group''s efforts to rein in a global glut have so far had little effect. The Organization of the Petroleum Exporting Countries (OPEC) and other suppliers including Russia have pledged to cut production by almost 1.8 million barrels per day (bpd) during the first half of this year to rein in oversupply and prop up prices. Yet almost three months into the announced cuts, oil flows to Asia, the world''s biggest and fastest growing market, have risen to near record highs. The Asian surplus will pressure global oil prices and weigh on the budgets of major oil producing nations but may also help spur growth in demand needed to soak up the excess. Thomson Reuters Oil Research and Forecasts data shows around 714 million barrels of oil are being shipped to Asia this month, up 3 percent since December when the cuts were announced. Responding to rising production, benchmark crude prices are down 10 percent since January, and analysts warn that more falls could follow. "Cuts are not enough to re-absorb the world''s excess supply. So, unless oil demand growth rebounds to record levels in 2017, oil prices could head for another substantial fall," said Leonardo Maugeri, senior fellow at the Harvard Kennedy School''s Belfer Center for Science and International Affairs. Not only are supplies from the Middle East and Russia to Asia still high despite the pledge to cut, but record volumes are flooding into Asia from the Americas and Europe. The result is a market awash with fuel. More than 30 supertankers are sitting off the coasts of Singapore and southern Malaysia filled with oil, despite a price structure that makes it unattractive to buy oil now and store it for sale at a later date. Crude for delivery in January 2018 is only 70 cents more expensive than that for delivery next May, making those floating storage vessels unprofitable. OPEC''S DILEMMA The ongoing glut poses a predicament for OPEC. Its members need higher oil prices to balance government budgets, but cutting back production to prop up prices means losing market share as other suppliers step in to fill the gap. OPEC''s cuts early in the year pushed up Middle East Dubai crude price against the international benchmark Brent, allowing oil from outside the Middle East to head to Asia. Traders are shipping competitively priced crudes such as Russian Urals, Kazakhstan''s CPC Blend, North Sea Forties and U.S. West Texas Intermediate to replace Middle East staples from Oman to Abu Dhabi. A record 10.5 million barrels of Russian Urals will arrive in Asia between April and June, Eikon data shows. Oil from Kazakhstan, the North Sea, Brazil, and the United States arriving in Asia in March is expected to reach 45 million barrels, double the volume in the same month a year ago. "The uptick in arbitrage has not gone unnoticed by the large Middle Eastern (OPEC) producers," analysts from consultancy JBC Energy said in a note to clients this week. In a move to beat off competition but which contradicts the announced cuts, OPEC''s de-facto leader Saudi Arabia unexpectedly cut light crude prices last week. State-owned Saudi Aramco has also given additional supplies to Asian customers in April, trade sources said. Stiff competition and ample supplies have depressed prices for Middle East and Asia-Pacific grades, some of them to multi-month lows. May-loading for Qatar Marine crude sold at discounts to its official selling price for the first time in four months while spot premiums for Russian and Malaysia''s flagship Kimanis crude have also hit lows. With few signs that producers will cut supplies deeply enough to end the glut, and indicators that output is rising in the United States, traders say only strong demand can eventually rein in the surplus. "Demand growth in Asia is about 700,000 bpd, so the glut will eventually clear," said Oystein Berentsen, managing director for oil trading company Strong Petroleum in Singapore. Not all are as confident. "Enduring excess supply could be eased by a robust demand growth," said Maugeri of the Belfer Center. "But preliminary data and analyses do not portend such a development, especially because of a significant slowdown in demand growth in China and India - the two major engines of world oil consumption growth." (Reporting by Florence Tan and Henning Gloystein; Additional reporting by Mark Tay; Editing by Lincoln Feast) Next In Money News Fed rate hikes could spell end to global easing SINGAPORE/WASHINGTON The Federal Reserve''s return to higher interest rates could lend a hand to beleaguered counterparts in Japan and Europe and signal the end of a long cycle of monetary stimulus across Asia, as central banks from Beijing to Ankara to London reacted on Thursday to the U.S. policy change.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-oil-idINKBN16O0AY'|'2017-03-17T10:05:00.000+02:00'|1744.0|''|-1.0|'' 1745|'c11e7996b5e287e506ab4c814ed29661ee361b7b'|'IG Group''s revenue falls 3.8 percent on weakness in UK, Ireland'|' 41am GMT IG Group''s revenue falls 3.8 percent on weakness in UK, Ireland IG Group Holdings Plc ( IGG.L ), a British online trading company, reported a 3.8 percent fall in quarterly revenue as it earned less per client, especially in the United Kingdom and Ireland. The company, which provides online stockbroking and trading services to retail investors, said revenue fell to 117.4 million pounds ($146.84 million) for the three months ended Feb. 28, from 122 million pounds a year earlier. Average revenue per client fell 15 percent with the United Kingdom and Ireland down 23 percent, partly as current clients traded less, IG said. However, IG''s active client numbers rose 13 percent in the quarter. The company, which was founded in 1974 as the world''s first spread-betting firm, said the fourth quarter had started better and that client recruitment remains strong. (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair) Most UK employers do not plan to raise pay to match rising inflation - XpertHR LONDON Most British companies do not expect to offer more generous pay deals to employees this year compared with 2016, adding to signs that higher inflation will gnaw at Britons'' living standards in the months ahead, a survey showed on Thursday. LONDON British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ig-grp-hldgs-results-idUKKBN16U0NC'|'2017-03-23T14:41:00.000+02:00'|1745.0|''|-1.0|'' 1746|'1f876d4ab1404a9268b6550fc36a3416f39767c0'|'After strategy shifts, Deutsche Bank taps investors again'|'Business 1:03pm EDT After strategy shifts, Deutsche Bank taps investors again The logo of Germany''s largest business bank, Deutsche Bank is seen in front of one of the bank''s office buildings in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Bank ( DBKGn.DE ) announced details of its latest bid for cash on Sunday, as it turned for the fourth time to investors, many of whom have privately expressed exasperation with its strategic shifts and heavy losses in recent years. Here are key points in Deutsche Bank''s strategy shifts since 2010: tmsnrt.rs/2mMpPUl The rights issue represents an increase of about 50 percent in Deutsche Bank''s current shares and puts the bank on course to have raised more than its 25 billion euro ($27 billion) market value in the last seven years. Since the financial crisis, the lender has been forced to change tack on strategy, most conspicuously in the case of Postbank, a German retail lender it bought in 2010, the same year it tapped investors for more than 10 billion euros. Less than five years later, management announced that Postbank would be sold, unveiling what they described as the "next milestone in the journey". Roughly two years later, under new Chief Executive John Cryan the sale has been canceled. Deutsche also announced in 2015 a reorganization to separate its markets and investment banking business, only to recombine them two years later. (Writing by John O''Donnell; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-bank-strategy-idUSKBN16R20T'|'2017-03-21T00:03:00.000+02:00'|1746.0|''|-1.0|'' -1747|'dc70d4a36431911d062a77f3edd369820b24b8fe'|'Puerto Rico offers new PREPA debt restructuring, bond insurers suffer'|'By Nick Brown and Daniel Bases - NEW YORK NEW YORK Puerto Rico Electric Power Authority, the island''s ailing power utility, on Tuesday reopened a long-agreed debt restructuring deal that drew ire from bondholders and put the stock of credit insurers under further selling pressure.The new restructuring proposal alters the 15 percent reduction in creditor principal, removes the requirement for an investment grade credit rating on restructured debt and decreases the size of a reserve fund put in place to insure payments are made on the bonds."That (investment grade) was never a realistic ask. I would love to say that we would have investment grade bonds, but it is just not true," Elias Sanchez, an official in Governor Ricardo Rossello''s office, told Reuters on Tuesday.Puerto Rico has struggled to pull itself out of a financial death spiral for several years, burdened by unsustainable debt, a 45 percent poverty rate and citizens leaving for the mainland.In 2015, PREPA hammered out a restructuring deal with creditors that was seen as a potential roadmap for a broader restructuring of the U.S. commonwealth''s crippling $70 billion debt load. PREPA alone has more than $8 billion in debt to restructure.The new proposal comes a day before a U.S. congressional hearing on the PREPA restructuring plan. Rossello is scheduled to testify as are the chairman of the federally appointed Financial Oversight and Management Board created under the PROMESA law last June, the chairman of PREPA and a representative of major creditors.Under the new deal 80 percent of the original debt would move into securitization bonds backed by a dedicated charge on customer bills. This essentially keeps the debt ringfenced from PREPA''s operations.In addition, creditors will receive 5 percent of their original investment in the form of a new bond backed by PREPA. That brings them to their 15 percent cut in principal.One group of PREPA creditors said the new proposal fundamentally changes the terms of the original deal."The modifications would undermine the value and structural integrity of the new PREPA securitization debt," the group said in a statement on Tuesday.BROADER FALLOUTPREPA''S original deal served as a bellwether. Its potential unraveling dovetails with the acceptance of a revised island-wide financial restructuring plan by the oversight board that sets aside less money for paying out debt.Under the newly certified plan, debt service would be $800 million per year versus $1.2 billion a year over a 10-year period. That puts the recovery rate for bondholders, in aggregate, around 30 cents on the dollar, according to analysts.Benchmark Puerto Rico general obligation (GO) debt has suffered in the wake of the decision. GO bonds maturing in 2035 and carrying an 8 percent coupon, traded at 61.575 on Tuesday, down from Monday''s closing price of 63.3, according to Thomson Reuters data..The bond is down 11.175 points in price since the plan was certified on March 13 and hit an all-time low on Monday at 61.35 before rising. Defaulted debt trades more like an equity and is not typically Quote: d with a yield.The debt has been in default since last year when U.S. Congress passed the PROMESA rescue law that suspended debt payments.Compounding the negative sentiment is a brewing civil war between various camps of Puerto Rico''s creditors.On Sunday, so-called COFINA bondholders, whose debt is backed by sales tax revenue, asked a federal judge in San Juan to deny the GO bondholder group''s effort to stop the island''s government from making payments on COFINA debt.Late Monday, a federal appeals court in Boston ordered that lawsuit frozen under PROMESA, which bars litigation over Puerto Rico debt defaults until May 1, to give the island and creditors time to work out a consensual restructuring without worry about lawsuits.GO debt traditionally is considered senior to all other debt obligations as it is backed by the good faith and credit of a municipality, but COFINA creditors have argued that the tax revenue stream guaranteeing their debt is off limits to the government.Bond insurers involved in Puerto Rico have seen their stock prices hammered by the uncertainty created by the lower debt service, growing legal rancor between creditor groups and now the reopening of the PREPA restructuring. The last element is particularly hard on Assured Guaranty Ltd and MBIA Inc which have exposure to PREPA.On Tuesday afternoon, Assured''s stock was down 1.9 percent at $37.05 and MBIA shares were down 1.8 percent at $8.28. Since March 13, Assured shares are down nearly 9 percent while MBIA''s are off more than 12 percent."All of these names had been performing well since PROMESA because there was an expectation of what would come from the deal," said Mark Palmer, financial equity analyst at BTIG in New York."Now with the PREPA deal being renegotiated ... there is a question about whether a higher level of losses for the insurers is going to occur. If it does occur, a lot of the pain is now baked in to the share price," he said.(Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puertorico-debt-prepa-idINKBN16S2MD'|'2017-03-21T17:06:00.000+02:00'|1747.0|''|-1.0|'' +1747|'dc70d4a36431911d062a77f3edd369820b24b8fe'|'Puerto Rico offers new PREPA debt restructuring, bond insurers suffer'|'By Nick Brown and Daniel Bases - NEW YORK NEW YORK Puerto Rico Electric Power Authority, the island''s ailing power utility, on Tuesday reopened a long-agreed debt restructuring deal that drew ire from bondholders and put the stock of credit insurers under further selling pressure.The new restructuring proposal alters the 15 percent reduction in creditor principal, removes the requirement for an investment grade credit rating on restructured debt and decreases the size of a reserve fund put in place to insure payments are made on the bonds."That (investment grade) was never a realistic ask. I would love to say that we would have investment grade bonds, but it is just not true," Elias Sanchez, an official in Governor Ricardo Rossello''s office, told Reuters on Tuesday.Puerto Rico has struggled to pull itself out of a financial death spiral for several years, burdened by unsustainable debt, a 45 percent poverty rate and citizens leaving for the mainland.In 2015, PREPA hammered out a restructuring deal with creditors that was seen as a potential roadmap for a broader restructuring of the U.S. commonwealth''s crippling $70 billion debt load. PREPA alone has more than $8 billion in debt to restructure.The new proposal comes a day before a U.S. congressional hearing on the PREPA restructuring plan. Rossello is scheduled to testify as are the chairman of the federally appointed Financial Oversight and Management Board created under the PROMESA law last June, the chairman of PREPA and a representative of major creditors.Under the new deal 80 percent of the original debt would move into securitization bonds backed by a dedicated charge on customer bills. This essentially keeps the debt ringfenced from PREPA''s operations.In addition, creditors will receive 5 percent of their original investment in the form of a new bond backed by PREPA. That brings them to their 15 percent cut in principal.One group of PREPA creditors said the new proposal fundamentally changes the terms of the original deal."The modifications would undermine the value and structural integrity of the new PREPA securitization debt," the group said in a statement on Tuesday.BROADER FALLOUTPREPA''S original deal served as a bellwether. Its potential unraveling dovetails with the acceptance of a revised island-wide financial restructuring plan by the oversight board that sets aside less money for paying out debt.Under the newly certified plan, debt service would be $800 million per year versus $1.2 billion a year over a 10-year period. That puts the recovery rate for bondholders, in aggregate, around 30 cents on the dollar, according to analysts.Benchmark Puerto Rico general obligation (GO) debt has suffered in the wake of the decision. GO bonds maturing in 2035 and carrying an 8 percent coupon, traded at 61.575 on Tuesday, down from Monday''s closing price of 63.3, according to Thomson Reuters data..The bond is down 11.175 points in price since the plan was certified on March 13 and hit an all-time low on Monday at 61.35 before rising. Defaulted debt trades more like an equity and is not typically Quote: d with a yield.The debt has been in default since last year when U.S. Congress passed the PROMESA rescue law that suspended debt payments.Compounding the negative sentiment is a brewing civil war between various camps of Puerto Rico''s creditors.On Sunday, so-called COFINA bondholders, whose debt is backed by sales tax revenue, asked a federal judge in San Juan to deny the GO bondholder group''s effort to stop the island''s government from making payments on COFINA debt.Late Monday, a federal appeals court in Boston ordered that lawsuit frozen under PROMESA, which bars litigation over Puerto Rico debt defaults until May 1, to give the island and creditors time to work out a consensual restructuring without worry about lawsuits.GO debt traditionally is considered senior to all other debt obligations as it is backed by the good faith and credit of a municipality, but COFINA creditors have argued that the tax revenue stream guaranteeing their debt is off limits to the government.Bond insurers involved in Puerto Rico have seen their stock prices hammered by the uncertainty created by the lower debt service, growing legal rancor between creditor groups and now the reopening of the PREPA restructuring. The last element is particularly hard on Assured Guaranty Ltd and MBIA Inc which have exposure to PREPA.On Tuesday afternoon, Assured''s stock was down 1.9 percent at $37.05 and MBIA shares were down 1.8 percent at $8.28. Since March 13, Assured shares are down nearly 9 percent while MBIA''s are off more than 12 percent."All of these names had been performing well since PROMESA because there was an expectation of what would come from the deal," said Mark Palmer, financial equity analyst at BTIG in New York."Now with the PREPA deal being renegotiated ... there is a question about whether a higher level of losses for the insurers is going to occur. If it does occur, a lot of the pain is now baked in to the share price," he said.(Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puertorico-debt-prepa-idINKBN16S2MD'|'2017-03-21T17:06:00.000+02:00'|1747.0|10.0|0.0|'' 1748|'dae3f514e6cf287a7f5c14f758bf815cb17a060d'|'Shell reluctant to part with California refinery amid asset sale'|'By Jessica Resnick-Ault and Ron Bousso - NEW YORK NEW YORK Royal Dutch Shell ( RDSa.L ) is in talks with several potential buyers for its refinery outside of San Francisco, but the Anglo-Dutch oil giant is reluctant to part with its last asset in California, three people familiar with the process say.The company is in the midst of a massive asset sale, shedding properties from Thailand to the North Sea to pay down debt following its $54 billion purchase of smaller British rival BG Group last year.Shell, Europe''s largest oil company, has sold around $15 billion of assets over the past year as part of a planned $30 billion in asset sales to trim debt incurred from the transaction.Bidders for Shell''s 158,000 barrel-per-day Martinez refinery, located 30 miles (48 km) northeast of San Francisco, include PBF Energy ( PBF.N ) and NTR Partners III LLC.Still, sources familiar with the issue say the company wants to sell for a higher price, with one saying the plant could be valued at about $900 million.Shell, which barred potential buyers from hiring advisors during a first round of the auction, has since allowed third parties to review materials related to a sale, according to one person familiar with the negotiations.Shell declined to comment. PBF referenced its quarterly calls with analysts, where it has said it considers all refining and logistics assets that come on the market, but declined to comment on interest in the specific plant. NTR did not respond to requests for comment.Shell retained Lazard last year to advise on the overall asset sale program. In the fall, Shell retained Deutsche Bank to find a buyer for the Martinez facility.EXIT FROM CALIFORNIA?Over the past 15 years, Shell has sold refineries in Bakersfield and Wilmington, California. Selling the Martinez plant would mark its exit from the state.While state-specific emissions regulations and fuel standards make it more expensive to operate a refinery in California, the plant still drew interest because of its location and ability to process local crude.Among the bidders, PBF bought a refinery in Torrance, California last year, while privately held NTR Partners has bid on other California plants.California''s environmental regulations and pipeline connections make the state an island, with few sources for gasoline imports.As a result, when one plant in California is shuttered, margins at other refineries in the state surge.Most operators in the state own more than one plant. PBF, one of the only California refiners with a single operation, would consider buying a second to hedge against disruptions at its troubled Torrance refinery, Jeff Dill, PBF''s president for West Coast operations said last month.The Martinez refinery, which has been operating since 1915, processes crude into gasoline, jet fuel, diesel and other refined products and has a coker unit for processing heavy crude.The potential sale would include a pipeline that brings crude produced in California''s San Joaquin Valley to the refinery.(Reporting By Jessica Resnick-Ault in New York and Ron Bousso in London; Additional reporting by Jarrett Renshaw and David French in New York and Liz Hampton in Houston; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shell-refinery-sale-idINKBN16U1GJ'|'2017-03-23T08:56:00.000+02:00'|1748.0|''|-1.0|'' 1749|'ccc91f0f097cc0dfcd1256a4adcf797f81631530'|'Spooked by yield rise, ECB wary of changing message again - sources'|'Business News - Wed Mar 29, 2017 - 12:59pm BST Spooked by yield rise, ECB wary of changing message again - sources FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the ''''Luminale, light and building'''' event in Frankfurt, Germany, March 12, 2016. REUTERS/Kai Pfaffenbach/File Photo By Balazs Koranyi - FRANKFURT FRANKFURT European Central Bank policymakers are wary of making any new change to their policy message in April after small tweaks this month upset investors and raised the spectre of a surge in borrowing costs for the bloc''s indebted periphery. One ECB source said the bank has been overinterpreted by markets at its March 9 meeting. Taken aback when markets started to price in an interest rate hike early next year, policymakers are keen to reassure investors that their easy-money policy is far from ending, suggesting reluctance change message before June, six sources in and close to the Governing Council indicated. While the current level of bond yields remains acceptable, a further increase would be problematic, particularly in places like Italy, Spain and Portugal, where debt payments are a major cost item and rising yields would curb spending and thwart growth. With the euro zone economy on its best run in almost a decade and conservative policymakers# keen to start winding down stimulus, the ECB gave a small nod to improvement with a tweak of its guidance in early March, axing a reference to being ready to act with all available instruments. But that message did not come across as hoped. "We wanted to communicate reduced tail risk but the market took it as a step to the exit," one of the sources said. "The message was way overinterpreted." Indeed, yields surged and investors quickly priced in a rate hike for the first quarter of 2018, even as policymakers tried in vain to play down those expectations. The market move was exacerbated when Austrian central bank chief Ewald Nowotny openly discussed another possible change in bank''s guidance, hinting at a major debate under the surface, a speculation the sources dismissed. ECB chief economist Peter Praet has been in damage control since, arguing that there is "strong logic" backing up the guidance, which stipulates that asset buys would have to end before any interest rate hike. The ECB declined to comment. With inflation below the ECB''s target for four straight years until recently, the bank has cut rates deep into negative territory and plans to buy at least 2.3 trillion euros worth of bonds, all in the hope of cutting borrowing costs enough to revive growth and with it inflation. NIGHTMARE Some have argued that with the economy on more solid footing, the ECB could soon eliminate the punitive interest rate charge, raising the deposit rate to zero, even as asset buys continue. "That would be a communication nightmare," one of the sources said. "If you raise rates, you can''t communicate that it''s a one off, only back to zero, then we stop again." "The market would immediately price in a new rate path, pushing the entire curve sharply higher," the source added With the euro zone government debt at 91.3 percent of GDP, not far below the 94.5 percent peak in 2014, governments can hardly afford big rise in borrowing costs as a yield rise could cap public spending, thwarting investment and growth. The sources also argued that the market may not be accurately pricing risks related to the new U.S. administration, like the possibility of trade wars, protectionism, financial deregulation or President Donald Trump''s difficulty in pushing his agenda through Congress. Banks, the biggest losers from negative rates, have meanwhile benefited from the steepening of the yield curve this year so there is no urgency to give them a hand, the sources added. Inflation having hit 2 percent last month, essentially meeting the ECB''s target, also put some pressure on policymaker as German criticism of loose monetary policy heated up. "Inflation has peaked for now and the oil price is down 10 percent so we are far having to worry about too much inflation," a third source said. While the sources acknowledged unexpected strength in the underlying economy, they said it was difficult to communicate this through its policy statements, especially with underlying inflation showing few signs of moving up. "A small change in the wording can easily be blown out of proportion," one of the sources said. "There is a communication risk and I would argue for stability." (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-idUKKBN1701I8'|'2017-03-29T19:59:00.000+03:00'|1749.0|''|-1.0|'' 1750|'614f0f00d601e8624eca5b7b1e0ce517928ed418'|'Wall St Week Ahead-Some bank bulls grow wary on policy uncertainty'|' 09pm EST Wall St Week Ahead-Some bank bulls grow wary on policy uncertainty By Sinead Carew - March 10 March 10 Bank shares have been the runaway winners of the post-election U.S. stock market boom as investors wagered that higher interest rates, lighter regulation, lower taxes and faster economic growth would boost profits for lenders. Up 32 percent since the election of Donald Trump, the S&P 500''s bank index has outpaced the wider market''s gain by roughly 3-to-1. Now, however, a changing dynamic in the bond market as the U.S. Federal Reserve gears up to raise interest rates at a faster pace than many had previously expected is beginning to give pause to some early bank stock bulls. With another strong U.S. jobs report in the books, the Fed is widely expected to raise overnight interest rates on Wednesday, and is now seen delivering three rate hikes in 2017. Rising rates can boost bank profits, but bank profitability also hinges on the difference between short-term rates, like those set by the Fed and which tend to mark the cost for banks to acquire their funds, and long-term rates, which serve as benchmarks for what banks charge their customers for loans. When that difference, or spread, is large, bank profits can rise rapidly. When it narrows, or flattens, profit growth can suffer. At issue now is what some investors see as a growing risk of a flattening yield curve under a more aggressive rate-hike path by the Fed. Forwards pricing for 2- and 10-year Treasury yields suggests the spread between them will narrow to about 93 basis points by year-end from the current 122 points. That is why Jeffrey Gundlach, chief executive officer at DoubleLine Capital and an early buyer of the Trump rally, said he has sold his financial stocks. "When the Fed tightens more than once a year, historically it is very consistent with a flatter curve," Gundlach said. "The yield curve won''t help the sector." In the month after the Nov. 8 U.S. Presidential election the S&P 500 bank index rose 24 percent. Since then the stocks have risen 5.7 percent as many investors awaited concrete signs of regulatory and tax reform. "Post-election, that was the easy money on financials right there," DoubleLine''s Gundlach said. MORE THAN JUST THE CURVE To be sure, the bank rally has been grounded on more than just rate hike expectations and yield curve forecasts. Investor interest has also been stoked by assumptions about Trump''s agenda in Washington. Investors have been betting that Trump''s promises of tax cuts would boost consumer spending and company profits, which would drive loan demand. Meanwhile, his promise to slash regulations could also cut compliance costs and allow banks to expand their loan portfolios more rapidly than possible under restrictions imposed following the financial crisis. That is among the reasons why David Lebovitz, global market strategist at J.P. Morgan Asset Management, still expects more gains for financial stocks. Even if regulatory and tax reform looks like it will take a long time, investors will likely be patient as long as Trump''s administration provides more specifics on its plans including timetables, Lebovitz said. But he cautioned that "disappointment on the policy front is the biggest risk" to stocks right now as investors have priced in policy changes already. Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, said that the bank sector''s outperformance may be "done" but stopped short of calling for a correction. "I''m not sure investors are looking at the shifting yields and market conditions. It seems to be buy and worry about the ''why'' later," he said. (Additional reporting by Jennifer Ablan and Richard Leong in New York.; Editing by Dan Burns and Meredith Mazzilli) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-weekahead-idUSL2N1GM25Y'|'2017-03-11T05:09:00.000+02:00'|1750.0|''|-1.0|'' @@ -1767,9 +1767,9 @@ 1765|'aac963ee9abeb84438f9e357105350c5b040fbbb'|'Snapchat said to be valued at nearly $24 billion - Mar. 1, 2017'|'Pondering Snap''s IPO over laser tag and paintball Even concerns about Snapchat''s slowing user growth aren''t stopping investors from clamoring for its stock. Snap, the parent company of Snapchat, priced its initial public offering at $17 a share on Wednesday, according to multiple reports . It had previously proposed a range of $14 to $16 a share. At that price, Snap would have a market value of nearly $24 billion, making it the largest U.S. tech IPO since Facebook ( FB , Tech30 ) . Reps for Snap did not immediately respond to a request for comment. "The demand for the Snap IPO has been very, very strong," says Jeff Zell, an analyst with IPO Boutique, a research firm. "Even the original naysayers and detractors from the deal have pretty much softened their negativity." Snap is scheduled to begin trading on the New York Stock Exchange on Thursday. Related: Snapchat''s $4 billion man The young company saw user growth slow to a halt in the final months of last year, according to its original IPO filing last month. The slowdown coincided with Facebook''s Instagram launching a Snapchat copycat feature. Snap''s sales are growing at a fast pace, rising to more than $400 million in 2016 from just $58.7 million in 2015. Most analysts expect Snap to report around $1 billion in sales this year. But Snap continues to struggle to make money -- and it signaled a profit may not be coming soon. The company suffered losses of $515 million in 2016, up from a loss of $373 million the year before. Some of the IPO demand can be chalked up to Snapchat being a well-known consumer brand -- and one of the only billion-dollar tech startups going public. "It''s going to be bringing a different type of investor to the table," Zell says. "Everyone has heard of it." The company will take in more than $3 billion from the public offering. Those funds will give Snap greater ability to compete for talent and acquisitions against larger Internet companies like Facebook. "We may also use a portion of the net proceeds to acquire complementary businesses, products, services, or technologies," Snap said in its filing. "However, we are not contemplating any material acquisitions at this time." Related: Snapchat''s IPO has a Twitter problem The Snapchat app launched in 2011 and set itself apart from other messaging services with a focus on disappearing messages. It initially developed a reputation as a service for sending salacious pictures, but has since moved far beyond that. Snapchat''s success has forced larger tech services like Facebook, Twitter ( TWTR , Tech30 ) and Instagram to clone its features, with mixed success. Facebook famously tried to acquire the company for $3 billion in 2013. The sum sounded outlandish at the time -- now, not so much. CNNMoney (New York) First published March 1, 2017: 5:00 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/03/01/technology/snap-ipo-final-pricing/index.html'|'2017-03-02T00:00:00.000+02:00'|1765.0|''|-1.0|'' 1766|'89f173581ea06b1a9b803572ab3b09471b1f85c0'|'RWE weighs options as utility M&A talk picks up'|'ESSEN, Germany German utility RWE ( RWEG.DE ) is considering options including tie-ups with rivals and the sale of a stake in its Innogy ( IGY.DE ) business, its chief executive said, raising the prospect for large M&A deals in the crisis-hit sector."We are in regular contact with a large number of market participants. We are constantly examining all strategic options our company is faced with," RWE Chief Executive Rolf Martin Schmitz told journalists at a news conference on Tuesday to present the company''s annual earnings.His remarks follow a report by Bloomberg saying that French energy group Engie ( ENGIE.PA ) was weighing a bid for its networks, renewables and retail unit Innogy, in which RWE holds a 76.8 percent stake after a separate listing last year.When asked specifically about speculation that RWE could be a suitor for smaller peer Uniper ( UN01.DE ), spun off by rival E.ON ( EONGn.DE ) last year, Schmitz said: "We are examining all options. And all options means all options."The talk of interest in German utilities reflects efforts by RWE and E.ON to restructure after Germany''s focus on promoting renewable energy virtually destroyed their established business model of selling power from fossil-fuel plants.Shares in RWE and Innogy were up 8.7 and 7.4 percent respectively, with traders pointing to the possibility of wider consolidation in the sector should a bid materialize. Uniper shares gained 4.4 percent while Engie''s traded 1.5 percent lower.ENGIE''S AIMSAnalysts at Morgan Stanley said a takeover of Innogy by Engie would make sense, adding it would give Engie access to customers in Britain, networks in Germany and raise its share of regulated profits.Engie Chief Executive Isabelle Kocher is pushing a strategy shift to focus the former French monopoly gas utility more on grids and renewables, but she has given no indication that she wants a transformative deal.The French company''s shares are down more than 70 percent from their 2008 highs and are trading well below book value, which would make financing such a big acquisition with a capital increase very expensive.Analysts at HSBC do not expect Engie to make a bid for Innogy, they said in a report, adding the German company''s mix of assets did not meet the French group''s "growth ambitions where energy efficiency and solar play a large part".Innogy and Engie, in which the French state holds a 28.65 percent stake, declined to comment.Innogy has a market valuation of almost 20 billion euros ($21.3 billion). Its shares listed at a price of 36 euros last October in Germany''s largest listing since 2000, and traded at 35.93 euros on Tuesday."There should also be a positive read across for E.ON, who could be an equally attractive (and cheaper) acquisition target for Engie, if RWE were to reject its offer," Bernstein analyst Deepa Venkateswaran said.RWE has previously said it wanted to remain a majority shareholder in Innogy in the long-term. It said on Tuesday that a supervisory board decision was in place that enabled RWE to cut it stake in Innogy to 51 percent.RWE last month canceled its dividend for ordinary shares for the second year in a row, and Schmitz said on Tuesday it would not be a good idea to pay out dividends by going into debt or selling Innogy shares.(Additional reporting by Vera Eckert and Geert De Clercq in Paris; Editing by Keith Weir)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-innogy-m-a-engie-idUSKBN16K2IB'|'2017-03-14T15:09:00.000+02:00'|1766.0|''|-1.0|'' 1767|'da09927f5858e1c9a68c271e0ab2db1c816587dc'|'Goldman to move hundreds of staff from London pre-Brexit: Europe CEO'|'By Anjuli Davies - LONDON LONDON Goldman Sachs will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans for Britain leaving the European Union, the Wall Street firm''s Europe CEO said."We are going to start to execute on those contingency plans," Richard Gnodde, chief executive officer of Goldman Sachs International, the European arm of the Wall Street bank, told CNBC on Tuesday."For this first period, this is really the period as we put in place contingency plans, this is in the hundreds of people as opposed to anything greater than that," he said.British Prime Minister Theresa May will trigger EU divorce proceedings on March 29, launching two years of negotiations that will shape the future of Britain and Europe.Leading financial firms warned for months before last year''s June referendum that they would have to move some jobs if there was a leave vote, and have been working on plans for how they would do so for the past several months.More details are emerging after May confirmed Britain would leave the European single market, ending banks'' hopes they might retain "passporting" rights that let them sell services across the EU from their London hubs.The bulk of Goldman''s European operations are in Britain, where it has around 6,000 employees, providing services including broking and market-making in securities, foreign-exchange trading and corporate finance across Europe.Gnodde said that the big question for contingency planning is whether Britain and the EU will agree on transitional arrangements as they try to hammer out a Brexit deal, which some fear could last beyond the two-year negotiation period."We can''t bank on them so we have to have contingency plans and that''s what are going to start to execute on."Initially, the Wall Street bank will start hiring people inside Europe and also moving some people out of London as well as investing in infrastructure and technology over the next 18 months to ensure that operations to service clients are up and running by the time Britain leaves the EU, said Gnodde.He declined to say which locations would benefit, though stated that the firm had banking licenses in France and Germany and offices in several European cities."In the next 18 months we will upgrade those facilities, we will be taking extra space in a number of them, and we will be increasing headcount and capability and infrastructure around those facilities.""What our eventual footprint will look like depends on the outcome of negotiations and what we''re obliged to do because of them. Whatever the scenario, whatever the outcome, London will remain for us a very significant regional hub and a very significant global hub," he added.(Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-eu-goldman-sachs-idINKBN16S1C5'|'2017-03-21T08:59:00.000+02:00'|1767.0|''|-1.0|'' -1768|'497758cfc8ef80db34c2ef9737906c84c35915a2'|'Judge says Reuters story would breach Brevan Howard''s right to confidentiality'|'Business 36am EDT Judge says Reuters story would breach Brevan Howard''s right to confidentiality LONDON A story by Reuters about Brevan Howard Asset Management would breach the British hedge fund manager''s right to confidentiality and is not of sufficient public interest to justify it being published, a British court has ruled. Brevan Howard was granted an injunction last week to stop Reuters publishing a story that it said was based on confidential and "highly sensitive" information that had been sent out to 36 potential investors. The full judgment released on Tuesday found that while the story might have undermined Brevan Howard''s reputation, it lacked "weightier public interest" such as exposing hypocrisy or incompetence. "Publication would not be for the purposes of demonstrating any behavior which is even arguably behavior deserving of moral censure," judge Andrew Popplewell said in a redacted copy of his ruling. The judge said there was a public interest to protect sensitive commercial material that is given to potential investors. "If a financial institution could not provide such information with adequate protection of its confidentiality, it would be forced to be less candid with investors who would be less well informed in making their investments," he wrote. Reuters argued that hedge fund managers, such as Brevan Howard, invested on behalf of institutional investors including public pension funds, which affect the finances of millions of people globally. A Reuters spokeswoman said: "Our objective is to publish news and information which is in the public interest, which we believe outweighs the confidentiality concerns put forward in this matter. "We are therefore deeply disappointed by this ruling and are reviewing the court''s decision". A spokesman for Brevan Howard, one of Europe''s biggest hedge fund managers, said that the firm "welcomes the decision of the court that supports the importance of its ability to communicate with its investors in a candid and responsible manner". Reuters news agency is part of the Thomson Reuters media and information group. (Reporting by Rachel Armstrong; Editing by Pravin Char) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brevan-howard-injunction-idUSKBN16Z1Y5'|'2017-03-28T22:29:00.000+03:00'|1768.0|''|-1.0|'' +1768|'497758cfc8ef80db34c2ef9737906c84c35915a2'|'Judge says Reuters story would breach Brevan Howard''s right to confidentiality'|'Business 36am EDT Judge says Reuters story would breach Brevan Howard''s right to confidentiality LONDON A story by Reuters about Brevan Howard Asset Management would breach the British hedge fund manager''s right to confidentiality and is not of sufficient public interest to justify it being published, a British court has ruled. Brevan Howard was granted an injunction last week to stop Reuters publishing a story that it said was based on confidential and "highly sensitive" information that had been sent out to 36 potential investors. The full judgment released on Tuesday found that while the story might have undermined Brevan Howard''s reputation, it lacked "weightier public interest" such as exposing hypocrisy or incompetence. "Publication would not be for the purposes of demonstrating any behavior which is even arguably behavior deserving of moral censure," judge Andrew Popplewell said in a redacted copy of his ruling. The judge said there was a public interest to protect sensitive commercial material that is given to potential investors. "If a financial institution could not provide such information with adequate protection of its confidentiality, it would be forced to be less candid with investors who would be less well informed in making their investments," he wrote. Reuters argued that hedge fund managers, such as Brevan Howard, invested on behalf of institutional investors including public pension funds, which affect the finances of millions of people globally. A Reuters spokeswoman said: "Our objective is to publish news and information which is in the public interest, which we believe outweighs the confidentiality concerns put forward in this matter. "We are therefore deeply disappointed by this ruling and are reviewing the court''s decision". A spokesman for Brevan Howard, one of Europe''s biggest hedge fund managers, said that the firm "welcomes the decision of the court that supports the importance of its ability to communicate with its investors in a candid and responsible manner". Reuters news agency is part of the Thomson Reuters media and information group. (Reporting by Rachel Armstrong; Editing by Pravin Char) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brevan-howard-injunction-idUSKBN16Z1Y5'|'2017-03-28T22:29:00.000+03:00'|1768.0|12.0|0.0|'' 1769|'1e790ecea4fc52753cf5a45aab6aab788a46e2ec'|'Brazil approves $3.9 billion BM&FBovespa-Cetip tie-up'|'BRASILIA/SAO PAULO Brazil''s antitrust watchdog Cade on Wednesday approved BM&FBovespa SA''s takeover of rival Cetip SA Mercados Organizados, and will not require any antitrust measures beyond those the exchange and clearinghouse firms proposed themselves.Three of four Cade board members decided to endorse the 12 billion-real ($3.9 billion) deal, which will involve independent pricing monitoring and platform access to rivals in terms previously proposed by the companies to the agency. Cristiane Alkmin, the case''s rapporteur, had sought tougher restrictions beyond those the companies agreed to.Ultimately, the plenary of Cade voted four-to-nil on approval to the deal, with the self-imposed restrictions. Shares of both companies surged.The spike in shares was "mainly due to the approval of the deal with remedies that were not very onerous," said Tito Labarta, an analyst with Deutsche Bank Securities in New York.The deal will give BM&FBovespa control of Cetip ( CTIP3.SA ), Latin America''s largest securities clearinghouse, with almost full control of Brazil''s market for registration and custody of local fixed-income instruments and over-the-counter derivatives.Currently BM&FBovespa enjoys a near monopoly on all trading, clearing and settlement services for locally traded shares and bourse-traded derivatives. Trading transactions in Brazil are settled through a central counterparty clearinghouse, a complex and capital-intensive venture that for years has helped drive newcomers away from BM&FBovespa''s turf.The so-called concentration control accord that BM&FBovespa presented to Cade agreed to create a committee to monitor pricing on some products and analyze requests from potential market newcomers to pay for the use of clearing and payment settlement platforms within the next 120 days.Terms of self-imposed remedies will remain in place for five years.Shares of BM&FBovespa ( BVMF3.SA ) closed 3.1 percent higher at 18.94 reais, after jumping as much as 7.1 percent during the session. Cetip''s stock added 1.4 percent to 48.30 reais.BM&FBovespa announced the deal in April, following repeated attempts to buy Cetip. The transaction would create the largest market structure player in Latin America, with stakes in Mexican, Colombian, Peruvian and Chilean counterparts.The accord has four main legs: implementing rules to access the combined entity''s post-trading capabilities in the equities segment; rules to treat clients equally; a compliance code for pricing for products and services, and; terms of access to the clearings and payment settlement platform.COMPETITORSPotential rivals demanded close monitoring of fulfillment of approval terms."Today''s historic ruling by Cade approves the BM&FBovespa-Cetip agreement but imposes important obligations on the firms that must be fulfilled in order to finalize their merger," exchange operator ATS Brasil said in a statement.ATS Brasil, which is still waiting for regulatory permission to start operations, said Cade''s ruling recognizes the shortcomings of Brazil''s market structure, such as high transactions costs. In September, ATS Brasil and parent company Americas Trading Group filed a complaint before Cade, alleging BM&FBovespa cut fees on cash equities trading and raised them for clearing and settlement services to discourage competition.Alkmin argued against BM&Bovespa''s self-imposed remedies for the deal."The problem is not competition, but the significant entry barriers that the deal poses," Alkmin said as she prepared to cast her vote on the deal in Brasilia. "By eliminating a competitor in a different market, in this case Cetip in the fixed income market, entry barriers will rise as a whole."The entity resulting from the combination of BM&FBovespa and Cetip is expected to generate some of the best operating readings among global exchanges, with margins and profit growth surpassing 70 percent and 10 percent a year, respectively, according to UBS Securities estimates.Fee-related income at the combined entity could rise to 50- percent of revenues, from BM&FBovespa''s current 20 percent, with trading-related income representing the other 50 percent, UBS analyst Frederic de Mariz said in a February client note.BM&FBovespa''s takeover of Cetip still requires regulatory approval by securities and exchange industry watchdog CVM, a decision that is highly expected.($1 = 3.0949 reais)(Additional reporting by Alberto Alerigi Jr and Bruno Federowski in So Paulo; Editing by David Gregorio)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-cetip-m-a-bm-f-bovespa-antitrust-idUSKBN16T35M'|'2017-03-23T01:11:00.000+02:00'|1769.0|''|-1.0|'' -1770|'1e560d8c15f08bd6e48648773edb51bc296a0e2d'|'Alcoa merges business units, names new aluminum unit head'|'Aluminum producer Alcoa Corp ( AA.N ) named a new head for its aluminum business on Thursday and said it would consolidate its business units into three divisions from six, to increase efficiency and cut costs.The three units will focus on aluminum, alumina and bauxite.The aluminum smelting, cast products and rolled products businesses, along with the majority of its energy business assets, will be combined into the new aluminum unit, Alcoa said.The company said Tim Reyes, who has since 2015 been president of Alcoa cast products - a unit that produces differentiated aluminum products - will head the new aluminum business.Martin Briere, who has been president of the aluminum unit focused on smelting since 2014, will leave the company, Alcoa said.Alcoa last year split into two entities. One company kept the Alcoa name and focuses on the traditional smelting business. The other, Arconic Inc ( ARNC.N ), specializes in higher-end aluminum and titanium alloys for the automotive, aerospace and construction industries.Alcoa expects a 4 percent growth in global aluminum demand this year, even as the market remains modestly over supplied, while bauxite and alumina markets are expected to be relatively balanced.The company''s shares were largely unchanged at $37.93 in morning trade on the New York Stock Exchange.(Reporting by Swetha Gopinath in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alcoa-restructuring-idINKBN1691Z1'|'2017-03-02T12:43:00.000+02:00'|1770.0|''|-1.0|'' +1770|'1e560d8c15f08bd6e48648773edb51bc296a0e2d'|'Alcoa merges business units, names new aluminum unit head'|'Aluminum producer Alcoa Corp ( AA.N ) named a new head for its aluminum business on Thursday and said it would consolidate its business units into three divisions from six, to increase efficiency and cut costs.The three units will focus on aluminum, alumina and bauxite.The aluminum smelting, cast products and rolled products businesses, along with the majority of its energy business assets, will be combined into the new aluminum unit, Alcoa said.The company said Tim Reyes, who has since 2015 been president of Alcoa cast products - a unit that produces differentiated aluminum products - will head the new aluminum business.Martin Briere, who has been president of the aluminum unit focused on smelting since 2014, will leave the company, Alcoa said.Alcoa last year split into two entities. One company kept the Alcoa name and focuses on the traditional smelting business. The other, Arconic Inc ( ARNC.N ), specializes in higher-end aluminum and titanium alloys for the automotive, aerospace and construction industries.Alcoa expects a 4 percent growth in global aluminum demand this year, even as the market remains modestly over supplied, while bauxite and alumina markets are expected to be relatively balanced.The company''s shares were largely unchanged at $37.93 in morning trade on the New York Stock Exchange.(Reporting by Swetha Gopinath in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alcoa-restructuring-idINKBN1691Z1'|'2017-03-02T12:43:00.000+02:00'|1770.0|6.0|4.0|'' 1771|'ad6581390fe51a4fbb916e56e987df34d0d07264'|'BRIEF-Cohen & Steers announces preliminary assets under management Feb 28'|' 40am EST BRIEF-Cohen & Steers announces preliminary assets under management Feb 28 March 8 Cohen & Steers Inc * Cohen & Steers announces preliminary assets under management February 28, 2017 * Cohen & Steers Inc - Preliminary assets under management of $59.1 billion as of February 28, 2017, an increase of $1.5 billion from January 31, 2017 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cohen-steers-announces-preliminary-idUSASB0B4BZ'|'2017-03-08T18:40:00.000+02:00'|1771.0|''|-1.0|'' 1772|'f3a6e09bacb7eb241568fbb625cba9f97aded874'|'Euro zone more willing to change after Brexit - top official'|' 8:48am BST Euro zone more willing to change after Brexit - top official left right European Commission Vice-President Jyrki Katainen is interviewed by Reuters on the fringe of a European People Party (EPP) summit in St Julian''s, Malta, March 30, 2017. REUTERS/Darrin Zammit Lupi 1/3 left right European Commission Vice-President Jyrki Katainen is interviewed by Reuters on the fringe of a European People Party (EPP) summit in St Julian''s, Malta, March 30, 2017. REUTERS/Darrin Zammit Lupi 2/3 left right European Commission Vice-President Jyrki Katainen is interviewed by Reuters on the fringe of a European People Party (EPP) summit in St Julian''s, Malta, March 30, 2017. REUTERS/Darrin Zammit Lupi 3/3 By Robin Emmott ST JULIAN''S, Malta The next steps in euro zone integration after Brexit could include greater investment in poorer members of the currency area, but only if they reduce the risky links between governments and banks, a top EU official said. Britain''s pending departure from the European Union has reignited the debate on how to reinvigorate the bloc and make the euro zone stronger and more sustainable, despite different views held by France and Germany. European Commission Vice President Jyrki Katainen said his political family, the powerful European People''s Party (EPP) that includes German Chancellor Angela Merkel, was ready to consider funding investment to weak members of the euro zone. That falls well short of long-held French demands, quashed by Germany, to coordinate economic policy across the euro zone and preside over fiscal transfers between its 19 members. But the centre-right EPP, whose lawmakers hold the most seats in the European Parliament, is more open to what Katainen called an "investment capacity", potentially backing projects through the EU''s new infrastructure investment fund via the European Investment Bank. "It''s understandable that in economics there are cycles and in order to keep a currency union as stable as possible, there''s a need to level the peaks and troughs," Katainen told Reuters an interview on Friday after an EPP congress in Malta. "If there are shocks in some members that are cyclical in nature, it makes sense to help," he said. Following the euro zone''s near break-up during the 2010-2012 crisis, many economists argued the currency area could only survive as a proper monetary union like the United States. That would mean a new European economic governance, possibly with a euro finance minister who has the means to make fiscal transfers from richer to poorer euro zone states. The idea has been anathema to Germany''s ruling class, with Merkel''s government having rejected any form of permanent transfers to poorer countries, fearing Berlin would have to foot the bill and would lose control of reckless spenders. But Katainen, a former Finnish prime minister whose country was among those who allied with Germany on the issue during the crisis, said he sensed a change in northern politicians. "I see more willingness to consider what the ideal currency union would look like," said Katainen. "My own thinking has also changed. It doesn''t cost anything to be open minded." While Britain is not a member of the euro zone, its decision to trigger exit proceedings from the EU on Wednesday has left officials looking for ways to keep European integration alive. "NO TRUST" The European Commission, the EU executive, is expected to come forward with a so-called reflection paper on deepening euro zone integration in May, although Katainen is not involved in that work. He said he spoke only for the EPP on the matter. "Because of Brexit, the sentiment of the remaining 27 countries on reforming the EU has strengthened, with a focus on EMU," Katainen said, referring to Economic and Monetary Union. The euro zone, the economic core of the 60-year-old European project, tightened fiscal rules and created its own rescue fund and a common supervisor for banks during the heat of the crisis but is still considered by many as incomplete. However, Katainen cautioned that the biggest obstacle was the lack of trust between members of the euro zone. "We don''t trust each other as much as we should." One step proposed by the EPP is for the euro zone to establish limits on the amount of money governments can borrow from euro zone banks to avoid crises that would wipe out lenders if a country defaulted. Domestic debt in the euro zone averaged almost 120 percent of banks own funds at the end of 2013, according to the EPP. For banks, EU rules that consider sovereign debt as having a zero-risk weighting on balance sheets are a problem, Katainen said because bonds issued by euro zone governments are considered risk-free by their bankers. "This is a viscous circle that must be broken. We must be ready to defend countries but we must also address the root causes of any crisis," he said. (Reporting by Robin Emmott; Editing by Vin Shahrestani) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-integration-idUKKBN1720TF'|'2017-03-31T15:48:00.000+03:00'|1772.0|''|-1.0|'' 1773|'18b1b9f83735e42ed3b6195ae3f60c9c9c227772'|'KKR, CDPQ to buy insurance brokerage USI'|'Private equity firm KKR ( KKR.N ) and Canadian pension fund Caisse de dpt et placement du Qubec (CDPQ) agreed to buy USI Insurance Services from Onex Corp ( ONEX.TO ) in a $4.3 billion deal, including debt.USI delivers property and casualty, employee benefits, personal risk and retirement solutions.The Valhalla, New York-based company had net debt of about $1.82 billion as of Dec. 31 and generated earnings before interest, taxes, depreciation and amortization of $353 million in 2016.Private equity firm Onex acquired USI in December 2012 for $2.3 billion from Goldman Sachs Group Inc''s ( GS.N ) private equity arm, funding $702 million of that through equity and borrowing the rest with debt placed on the company.Onex will receive proceeds of about $2.1 billion after the deal closes.(Reporting by Sweta Singh in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usiinsuranceservices-m-a-kkr-idINKBN16O1FT'|'2017-03-17T09:24:00.000+02:00'|1773.0|''|-1.0|'' @@ -1814,7 +1814,7 @@ 1812|'acc24304b11f7bc8cf1adcf64a71426abc991b6f'|'Dumping complaint could kill Argentine biodiesel exports, groups says'|'Commodities 37pm EDT Dumping complaint could kill Argentine biodiesel exports, groups says By Maximiliano Rizzi - BUENOS AIRES BUENOS AIRES Argentina''s biodiesel exports could be devastated if the U.S. government imposed anti-dumping duties on the country based on a complaint by the U.S. National Biodiesel Board, the heads of two local industry chambers said. The board last week asked the U.S. government to impose anti-dumping duties on imports of biodiesel from Argentina and Indonesia after two years of tension between U.S. and foreign producers over soaring imports. "If a sanction is applied against Argentina in the U.S. market, our exports will no longer be viable. At this point, there is no alternative market," Claudio Molina, executive director of the Argentine Biofuels Association said on Friday in an interview. The United States is Argentina''s No.1 biodiesel export market and U.S. sanctions would large exporters such as Cargill [CARG.UL], Bunge, Louis Dreyfus [AKIRAU.UL] and COFCO Agri, part of China''s state-run COFCO Group Argentine biodiesel exports to its previous No. 1 client, the European Union, were suspended due to complaints and counter claims pending before the World Trade Organization. Peru, another buyer of Argentine biodiesel, has also placed tariffs on Argentine biodiesel based on dumping complaints. The Argentine market, where biodiesel is mixed with diesel fuel, is not nearly big enough to absorb the excess should exports to the United States be blocked. Of the 1.6 million tonnes of biodiesel that Argentina exported in 2016, 90 percent went to the United States, according to Energy Ministry data. A hearing will be held in the United States next month to evaluate the U.S. board''s request, Molina said Argentina taxes biodiesel at a variable rate, at 6 percent this month. But producers pay significantly less for soy oil, the main ingredient of biodiesel, than international competitors because they do not have to pay a 27 percent tax on exports. Local industry representatives say Argentina has an added advantage because its soy fields and crushing plants are located near the country''s ports. "We have much more access to raw materials and we are more oriented toward exporting than the United States is," said Victor Castro, executive director of the Argentine Biofuels Chamber. "The system (for resolving dumping complaints) is so bureaucratic and it takes so long that it can leave you out of the market for years without a ruling," Castro added. The WTO ruled last year in favor of several claims by Argentina against anti-dumping duties imposed by the European Union but the adjudication continues and the duties remain. (Editing by Maximiliano Rizzi; Writing by Hugh Bronstein; Editing by Andrew Hay) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-biodiesel-argentina-idUSKBN1722HP'|'2017-04-01T01:32:00.000+03:00'|1812.0|''|-1.0|'' 1813|'0fc07685dcf928774392094720f633f65fc867ae'|'Julius Baer says 2016 pay for CEO Collardi rises to 6.49 million Swiss francs'|' 6:17am GMT Julius Baer says 2016 pay for CEO Collardi rises to 6.49 million Swiss francs Chief Executive Boris Collardi of Swiss private bank Julius Baer smiles as he addresses a news conference to present the bank''s full-year results in Zurich, Switzerland February 1, 2017. REUTERS/Arnd Wiegmann ZURICH Julius Baer ( BAER.S ) Chief Executive Boris Collardi received 6.49 million Swiss francs ($6.52 million) in total compensation for 2016, the Swiss private bank said in its annual report on Monday. This was up from 6.16 million francs in 2015. The Zurich-based bank''s share price fell 7.1 percent last year. (Reporting by Joshua Franklin; Editing by Michael Shields) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-julius-baer-ceo-salary-idUKKBN16R0CG'|'2017-03-20T13:17:00.000+02:00'|1813.0|''|-1.0|'' 1814|'26bb8346cd439042706f1555e917645b3679173f'|'MIDEAST STOCKS - Factors to watch - Mar 20'|'DUBAI, March 20 Here are some factors that may affect Middle East stock markets on Monday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Asia stocks mixed, dollar slips as Fed continues to weigh* MIDEAST STOCKS-Insurance shares buoy Saudi, weak currency aids Egypt* Oil prices drop on rise in U.S. drilling* PRECIOUS-Gold hits 2-wk high as Fed rate hike guidance weighs on dollar* Air strike kills 42 refugees off Yemen, Somalia demands investigation* Hundreds of Lebanese protest proposed tax rise* EXCLUSIVE-Libya''s NOC says expects to regain Es Sider, Ras Lanuf oil ports* Iraqi forces close in on Mosul mosque as residents flee* Iran''s South Pars field has begun oil production -SHANA* Germany supports group behind Turkish coup attempt- Erdogan spokesman* U.S. base rises from the rubble for Mosul push* Egypt''s Sisi to visit Washington on April 3 - White House* UAE summons Swiss ambassador over UN Bahrain statement* Syrian forces and rebels fight fierce clashes in northeast Damascus* Saudi-led coalition calls for U.N. supervision of Yemen port* Lebanon''s Jumblatt affirms son as political heirEGYPT* Egypt targets around 5 pct growth rate in FY 2017-18* BRIEF-Union National Bank Egypt board approves capital increase* Average yields rise on Egyptian three and nine-month T-bills* Egyptian budget to assume exchange rate of 16 pounds/dollar* Egypt received two cargoes of diesel fuel from Saudi AramcoSAUDI ARABIA* BRIEF-Saudi''s Chemanol says Saudi''s SIDF approves restructuring remaining installments of co''s loanUNITED ARAB EMIRATES* Abu Dhabi Commercial Bank issues $230 million Formosa bond* UAEs Aster DM Healthcare seeks loan change to offset payment delayssources* Top real estate tycoon appointed Dubai Holding chairman* UAE central bank foreign assets rise in February* MEDIA-Uber rivals from Dubai, China team up for ride-hailing allianceQATAR* Commercial Bank of Qatar considers international bond issue sources* BRIEF-Ooredoo Qatar announces group chief strategy, M&A officers appointment* Deutsche Bank to issue 687.5 mln new shares at 11.65 euros eachBAHRAIN* Bahrain''s GFH appoints new chairman, to focus on M&A (Reporting by Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1GW0GX'|'2017-03-20T01:27:00.000+02:00'|1814.0|''|-1.0|'' -1815|'cc141e3ec3d7651aa7588bffc742283248319324'|'BRIEF-Veritone Inc files for IPO of up to $15 mln'|'March 15 Veritone inc* files for ipo of up to $15.0 million - sec filing* Veritone inc says have applied to list common stock on the nasdaq capital market under the symbol veri* Veritone inc - wunderlich and Craig-Hallum capital group underwriters to the ipo* Veritone inc - proposed ipo price is an estimate solely for purpose of calculating sec registration fee Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-veritone-inc-files-for-ipo-of-up-t-idINFWN1GS0RB'|'2017-03-15T18:37:00.000+02:00'|1815.0|''|-1.0|'' +1815|'cc141e3ec3d7651aa7588bffc742283248319324'|'BRIEF-Veritone Inc files for IPO of up to $15 mln'|'March 15 Veritone inc* files for ipo of up to $15.0 million - sec filing* Veritone inc says have applied to list common stock on the nasdaq capital market under the symbol veri* Veritone inc - wunderlich and Craig-Hallum capital group underwriters to the ipo* Veritone inc - proposed ipo price is an estimate solely for purpose of calculating sec registration fee Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-veritone-inc-files-for-ipo-of-up-t-idINFWN1GS0RB'|'2017-03-15T18:37:00.000+02:00'|1815.0|11.0|0.0|'' 1816|'fbf5f47824acb28fd0935ca8b244e98a92b909ee'|'Prudential posts record operating profit in 2016, shares rise'|' 56am GMT Prudential posts record operating profit in 2016, shares rise The logo of British life insurer Prudential is seen on their building, in London October 21, 2008. REUTERS/Stephen Hird/File Photo LONDON British insurer Prudential ( PRU.L ) reported record 2016 operating profit of 4.3 billion pounds on Tuesday, led by growth in its Asian business and sending its shares higher. Analysts were expecting operating profit of 4.1 billion pounds, a company-compiled poll showed. Prudential, which has large operations in Britain, the United States and Asia, has been focussing on expanding its Asian business. The firm saw a 15 percent rise in Asian operating profit, to 1.6 billion pounds. The insurer, which is listed in London and Asia, said it would pay a second interim dividend of 30.57 pence per share and total dividend of 43.5 pence, up 12 percent from a year earlier and compared with a forecast 41.62 pence. Prudential''s shares were trading at 1,694.5 pence at 0847 GMT, up 1.8 percent at around a two-year high and at the top of the FTSE 100 index .FTSE . (Reporting by Carolyn Cohn; editing by Simon Jessop) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-prudential-results-idUKKBN16L0TI'|'2017-03-14T15:56:00.000+02:00'|1816.0|''|-1.0|'' 1817|'8d95e708a8598e0be09c77d0342b814f0628e34c'|'UPDATE 1-Transcom shares drop after Altor says it won''t raise bid'|'(Adds detail, background)March 1 Swedish private equity firm Altor said on Wednesday it would not hike its offer for call-center firm Transcom, sending Transcom shares, which had been trading above the bid level, lower.* Altor says will not raise offer for Transcom* Private equity firm Altor announced a recommended 2.29 billion crown cash bid of 87.50 SEK/share in December* Altor said last week it was extending the acceptance period in its bid for Transcom Worldwide to March 10 after failing to reach the 90 percent threshold needed to complete the offer in the initial period.* Both Maven Securities and Sand Grove Capital have disclosed Transcom holdings of more than 5 pct each since the bid was made.* Transcom shares drop 4.6 pct to 88 SEK at 1225 GMT Source text for Eikon: (Reporting by Johannes Hellstrom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/transcom-bid-altor-idINL5N1GE4DN'|'2017-03-01T09:30:00.000+02:00'|1817.0|''|-1.0|'' 1818|'d2c7ce8f0ade808396dab3805ce872ffc1c6eca4'|'Israel Aerospace puts IPO, foreign acquisitions in its sights'|'BEN GURION AIRPORT, Israel State-owned Israel Aerospace Industries (IAI) believes the need for a public share offer is becoming urgent as the country''s largest defense contractor wants to make acquisitions abroad to enable it to better compete in foreign markets.The 64-year-old company, which helped pioneer the development of military drones and also produces satellites, missiles and radar systems, is already planning to acquire companies and set up subsidiaries in countries like India and the United States, where protectionist policies demand that defense spending increasingly benefits local industry.Chief Financial Officer Eyal Younian said that to help finance acquisitions the government should move ahead soon with plans to sell a 20 percent stake in IAI on the Tel Aviv Stock Exchange.He said IAI currently needs to issue bonds or borrow money from banks and pay interest of 3-4 percent. An IPO would raise new capital, reducing the need to borrow."We cannot support the line of credit that we need for our businesses. The regulations in the banks in Israel and around the world limit us and we cannot support our backlog (of orders)," Younian told Reuters.In addition, many private contractors in Israel and overseas receive government subsidies but being state-owned IAI is ineligible and the rules should be changed, Younian said, pointing out that local rival Elbit Systems ( ESLT.TA ) pays corporate tax at a rate of 6 percent while IAI pays 24 percent.A senior government source with knowledge of the matter estimated IAI''s equity value at $3-$4 billion but said an IPO could not take place until a new chairman is appointed. The timing of that remains unclear, but the source said the earliest there could be an IPO was in 2018.IAI has annual sales of about $3.7 billion and its backlog of orders exceeds $9 billion.While the share offer will be in Tel Aviv, the next step could be a dual listing for the shares in the United States, Younian said.IAI must already submit financial reports to the bourse, where its bonds trade , as well as report to the government''s Companies Authority.Accounting for up to half of Israel''s defense exports, IAI had mostly grown internally over the last decade, but that is set to change."Now we will have to face the fact that countries are protecting their industries, like in India, like in Brazil, like in the USA," Younian said, adding that acquisitions would allow it to strengthen its foothold.He noted that in many countries only local companies can bid as a prime contractor. As a result IAI, which exports 80 percent of its production, is limited to being a subcontractor.FOREIGN DEALSIAI already has a U.S. subsidiary but it does not contribute significantly to the company''s production."I think our subsidiaries in the States and around the world should contribute much more in the coming decade. This is the strategic directive from the board of directors that we as management need to execute," he said.Younian said IAI, which employs 15,000 people, will carry out two "important and material" deals in the next few years related to its target markets of the United States and India, but he declined to elaborate.With Asia a focus for IAI, the company in February formed a joint venture in India with Kalyani Strategic Systems to build air defense systems and lightweight munitions.Indian media last week reported that India''s government had given the go-ahead for a $2.5 billion deal in which IAI and India would jointly develop a medium-range surface-to-air missile system.Eli Alfassi, IAI''s executive vice president for marketing, said IAI was awaiting official confirmation from India but declined to say how much the deal was worth.IAI is also waiting for Israel''s government to decide on whether to progress with a long-term satellite program after its Amos-6 communications satellite was destroyed when a SpaceX launcher exploded in Florida in September."We are hoping to build Amos-8," said Ofer Doron, head of IAI''s space division. "It''s under discussion right now."Talks also involve Spacecom ( SCC.TA ), the operator of the Amos satellites. Amos-8 would cost hundreds of millions of dollars and be ready for launch in about four years.(Editing by Greg Mahlich)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-israel-aerospace-strategy-idUSKBN1684KU'|'2017-03-01T16:52:00.000+02:00'|1818.0|''|-1.0|'' @@ -1843,7 +1843,7 @@ 1841|'11cdfe3f3c096f9553b573a5b5cbbcfb480114a0'|'BRIEF-SANCHEZ PRODUCTION PARTNERS LP SAYS BOARD ELECTED PATRICIO SANCHEZ AS PRESIDENT'|' 17pm EDT BRIEF-SANCHEZ PRODUCTION PARTNERS LP SAYS BOARD ELECTED PATRICIO SANCHEZ AS PRESIDENT March 28 Sanchez Production Partners LP * BOARD OF DIRECTORS OF GENERAL PARTNER OF SPP HAS ELECTED PATRICIO SANCHEZ AS PRESIDENT WASHINGTON, March 28 The U.S. Commerce Department will remove Chinese telecom equipment maker ZTE Corp from a trade blacklist after the company admitted to violating sanctions on Iran, the Commerce Department said in a notice made public on Tuesday, MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sanchez-production-partners-lp-say-idUSFWN1H50P8'|'2017-03-29T03:17:00.000+03:00'|1841.0|''|-1.0|'' 1842|'c218afb1e247b88e8ab4e7fc0289cd613c493b14'|'Philippine court denies regulator chance to review $1.5 billion telco deal'|'MANILA A Philippines appeals court has affirmed its order preventing the competition regulator from reviewing a $1.5 billion telecoms deal, a move that could strengthen the telecoms duopoly and further stymie foreign interest in the sector.The country''s two largest telecom firms, PLDT Inc and Globe Telecom Inc, last year acquired from San Miguel Corp a 700 megahertz spectrum network, prized for its wider reach and compatibility with fourth-generation (4G) telecommunications services.The Court of Appeals in August agreed to a request by PLDT, which runs cellphone operator Smart, to stop the Philippine Competition Commission (PCC) from reviewing the sale. The PCC said the deal did not follow correct procedures.The PCC filed a petition, but the court said it lacked merit, according to its Feb. 17 decision, news of which came out on Friday.The move against the PCC casts doubts on whether tough-talking President Rodrigo Duterte will deliver on his pledge to liberalize telecoms, which he has identified as among several sectors controlled by oligarchs with firms offering substandard services to consumers at high prices.Mid last year Duterte singled out the telecoms duopoly for failing to improve their services and gave them a year to shape up, or he would open the sector up.But that is complex, as telecoms is subject to a constitutional clause that limits foreigners to only 40 percent ownership of domestic telecoms company, a disincentive for foreign firms to invest in a fast-growing market of 100 million people.Critics say the $1.5 billion spectrum purchase by Globe and PLDT was more about keeping out competition than improving bandwidth. The two companies vehemently reject that and say they welcome competition and are making every effort to boost services.The Philippines is considered by experts to have some of the world''s worst telecoms services and businesses and consumers complain about intermittent data, dropped calls and poor cellular coverage, even in cities.To get around the problems, many Filipinos carry two phones, one for Globe and another Smart. Though there are two other operators, budget outfits TM and TNT are owned by Globe and Smart respectively, and use their parents'' networks.PCC said it could not comment on the decision due to a gag order the court had enforced.(Editing by Martin Petty and Stephen Coates)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-pldt-globe-telecom-antitrust-idUSKBN16A0FE'|'2017-03-03T08:29:00.000+02:00'|1842.0|''|-1.0|'' 1843|'a77b15166125e5860e8fbf4b42116f97bcc68f7e'|'Board of Brazil''s Oi approves changes to recovery plan'|'Deals 44pm EDT Board of Brazil''s Oi approves changes to recovery plan People walk in front of the headquarters of the Brazil''s largest fixed-line telecoms group Oi, in Rio de Janeiro, Brazil, June 22, 2016. REUTERS/Sergio Moraes SAO PAULO The board of Oi SA ( OIBR3.SA ), the Brazilian phone carrier currently under bankruptcy protection, approved changes to its recovery plan, according to a Wednesday securities filing. The changes included reducing the grace period on several classes of bonds to a maximum six years and giving creditors rights half of revenue from asset sales and operational cash flow, while guaranteeing a minimum cash position for the company equal to a fifth of net revenue. (Reporting by Brad Haynes; Editing by Sandra Maler) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-oi-sa-restructuring-idUSKBN16T3AF'|'2017-03-23T06:41:00.000+02:00'|1843.0|''|-1.0|'' -1844|'1ee395055935408042910a006438d3ebf9f07e5c'|'Alinda puts Canada''s Reliance Comfort on the block-sources'|'By John Tilak - TORONTO, March 7 TORONTO, March 7 U.S. investment firm Alinda Capital Partners is seeking buyers for Reliance Comfort L.P., a Canadian provider of heating and cooling systems, in a deal that could value the company C$3 billion to C$4 billion, according to people with knowledge of the process.Alinda has hired Canadian Imperial Bank of Commerce and Goldman Sachs as financial advisers for the sale, the people added.The sale is seen attracting interest from Canadian pension funds and U.S. private equity firms, said the people, who declined to be identified as the process is confidential.A CIBC spokeswoman declined comment. Alinda Capital and Goldman Sachs did not respond to requests for comment.Bloomberg reported the news earlier on Tuesday. ($1 = 1.3412 Canadian dollars) (Reporting by John Tilak; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/reliancecomfort-alinda-ma-idINL2N1GC19T'|'2017-03-07T19:32:00.000+02:00'|1844.0|''|-1.0|'' +1844|'1ee395055935408042910a006438d3ebf9f07e5c'|'Alinda puts Canada''s Reliance Comfort on the block-sources'|'By John Tilak - TORONTO, March 7 TORONTO, March 7 U.S. investment firm Alinda Capital Partners is seeking buyers for Reliance Comfort L.P., a Canadian provider of heating and cooling systems, in a deal that could value the company C$3 billion to C$4 billion, according to people with knowledge of the process.Alinda has hired Canadian Imperial Bank of Commerce and Goldman Sachs as financial advisers for the sale, the people added.The sale is seen attracting interest from Canadian pension funds and U.S. private equity firms, said the people, who declined to be identified as the process is confidential.A CIBC spokeswoman declined comment. Alinda Capital and Goldman Sachs did not respond to requests for comment.Bloomberg reported the news earlier on Tuesday. ($1 = 1.3412 Canadian dollars) (Reporting by John Tilak; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/reliancecomfort-alinda-ma-idINL2N1GC19T'|'2017-03-07T19:32:00.000+02:00'|1844.0|14.0|0.0|'' 1845|'9b279240f6a918d72ebe2e18790cac6e7ad4272c'|'EU''s competition watchdog says a few merger candidates may have misled'|'Business News 5:48pm BST EU''s competition watchdog says a few merger candidates may have misled European Competition Commissioner Margrethe Vestager holds a news conference after Dow Chemical gained conditional EU antitrust approval on Monday for their $130 billion merger by agreeing to significant asset sales, one of a trio of mega mergers that will redraw the... REUTERS/Yves Herman BRUSSELS A "small handful" of companies may have given misleading information when they sought approval for their mergers, Europe''s competition commissioner said on Monday, putting the companies at risk of sanctions and fines should regulators find proof of wrongdoing. The comments by Margrethe Vestager came as she weighs up Facebook''s ( FB.O ) response to charges of giving misleading data during its $22 billion (17.50 billion pounds) bid for phone messaging service WhatsApp in 2014. Facebook said that it was unable reliably to match the two companies'' user accounts but regulators said this was incorrect and that it was technically possible to do that. The European Commission has to date identified "a small handful, which is less than five but more than one and probably doesn''t qualify as several" companies which might have given misleading information, Vestager told a news conference. She said the cases were brought to her attention by people who spotted some inconsistencies in what merging companies said and what appeared in newspapers. It was not clear if the anomalies would trigger further investigations. Companies found to have given misleading information can be fined up to 1 percent of their global turnover. (Reporting by Foo Yun Chee; Editing by Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-m-a-vestager-idUKKBN16Y23U'|'2017-03-28T00:48:00.000+03:00'|1845.0|''|-1.0|'' 1846|'e2900946b05c2a0a31734b826c5c0371c977a0d5'|'"Phased approach": How to read EU Brexit guidelines'|'Economic 35pm IST "Phased approach": How to read EU Brexit guidelines EU Council President Donald Tusk holds British Prime Minister Theresa May''s Brexit letter, which was delivered by Britain''s permanent representative to the European Union Tim Barrow (not pictured) that gives notice of the UK''s intention to leave the bloc under Article 50 of... REUTERS/Yves Herman By Alastair Macdonald - BRUSSELS BRUSSELS European Council President Donald Tusk sent draft Brexit negotiating guidelines to leaders of Britain''s 27 EU partners on Friday, hoping to agree them on April 29 so that negotiations on British withdrawal can begin. These are key points of the 8-page draft, seen by Reuters: "PHASED APPROACH" If "sufficient progress" towards agreeing the terms of an "orderly withdrawal" on March 29, 2019, is made in a first phase of talks starting in early June, the EU27 could launch talks on how a long-term future free trade relationship could work, the draft says. That represents a compromise between the position of EU hardliners, who want no trade talks until the full Brexit deal is agreed, and British calls for an immediate start. Tusk told reporters the EU could assess as early as this autumn if progress was "sufficient". But it is unclear how it will arrive at that judgment. If leaders need unanimity, some could block trade talks. Eastern states with many expats in Britain may want more certainty on their rights, while western powers are more keen on talking about trade. "TRANSITIONAL ARRANGEMENTS" Britain could have a few years after March 2019 when it does not have to give up all benefits of membership, to ease the shift for people and businesses. But in that case it would have to accept EU rules, e.g. on free migration, and submit to supervision by the European Court of Justice and other EU authorities. "Any such transitional arrangements must be clearly defined, limited in time, and subject to effective enforcement mechanisms," the draft says. STICKING TOGETHER The EU 27 will stick together against British efforts to divide and conquer and is prepared to play hardball against Prime Minister Theresa May''s threat to walk out without a deal. Brussels thinks Britain needs a deal more than the EU. "The Union will act as one. It will be constructive throughout and will strive to find an agreement. This is in the best interest of both sides. The Union will work hard to achieve that outcome, but it will prepare itself to be able to handle the situation also if the negotiations were to fail." "NO DUMPING" Free trade will be a good outcome but Britain should not expect to get that if it seeks competitive advantages for its companies by state subsidies or by tearing up EU environmental or labour standards or setting itself up as a tax haven. "Any free trade agreement should be balanced, ambitious and wide-ranging. It cannot, however, amount to participation in the Single Market or parts thereof, as this would undermine its integrity and proper functioning. It must ensure a level playing field in terms of competition and state aid, and must encompass safeguards against unfair competitive advantages through, inter alia, fiscal, social and environmental dumping." RIGHTS AND BENEFITS Britain cannot have a better deal outside than inside the EU -- that would be a slippery slope to others leaving the Union. Tusk welcomes May''s acknowledgement she cannot "cherry pick" single market membership without accepting freedom of movement for EU workers but warns against her suggestion that Brussels open technical talks on trade in specific sectors. "Preserving the integrity of the Single Market excludes participation based on a sector-by-sector approach. A non-member of the Union, that does not live up to the same obligations as a member, cannot have the same rights and enjoy the same benefits as a member." "BREXIT BILL" Britain must pay up on its share of potential losses from guarantees given by the EU, among other things. Until it leaves, the actual bill probably can''t be calculated with accuracy. The main thing for the EU is to agree a "methodology" this year. "A single financial settlement should ensure that the Union and the United Kingdom both respect the obligations undertaken before the date of withdrawal. The settlement should cover all legal and budgetary commitments as well as liabilities, including contingent liabilities." "BORDER TROUBLE" The EU doesn''t want to disturb peace in Northern Ireland, where there will be a new EU land border. It is also paying attention to British military bases in Cyprus and is giving Spain a special say on the fate of the British territory of Gibraltar, which is not part of the UK but is in the EU. "In view of the unique circumstances on the island of Ireland, flexible and imaginative solutions will be required, including with the aim of avoiding a hard border, while respecting the integrity of the Union legal order." (Reporting by Alastair Macdonald; @macdonaldrtr; Editing by Mark Trevelyan) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-guidelines-idINKBN1721D6'|'2017-03-31T19:05:00.000+03:00'|1846.0|''|-1.0|'' 1847|'890e5bd6986afd0748f5910f468d8fcada74e853'|'Volkswagen trucks division targets strong profitability gain in 2017'|'MUNICH Volkswagen''s truck division aims to significantly increase its profitability this year as deepening cooperation between the MAN and Scania brands and improving overseas markets spur business, it said on Monday.Volkswagen (VW), which launched a new truck & bus division in 2015 to challenge global rivals Daimler and Volvo, is targeting a long-term operating margin target of 9 percent, up from 6.1 percent last year."We are not striving to become a volume champion, we want to be the most profitable ones," chief executive Andreas Renschler told journalists, referring to improving markets in Western Europe, Russia and China.But finance chief Matthias Gruendler made clear a financial results requires a rebound in the key Brazilian market where the VW division commands a 37-percent share of the country''s commercial-vehicles market.Overall truck and bus sales in Brazil have been falling for four years but demand is expected to rebound slightly in the second half of the year amid the improving economy with a chance for stronger growth in 2018, Gruendler said."Brazil has always been an important market and is characterized by a high degree of cyclicality," chief executive Andreas Renschler said.Under Renschler, who ran Daimler Trucks before joining VW in February 2015, Europe''s largest automotive group has also been seeking to expand its footprint in international truck markets.Last year, VW announced a stake purchase in U.S. truck maker Navistar International Corp which may earn the German group access to the vast North American truck market, and is also in talks about finding a new partner in China."We are currently in discussions about different opportunities," Renschler said. "All options are open" including a possible increase in MAN''s stake in China''s Sinotruk and finding a new partner.(Reporting by Andreas Cremer and Irene Preisinger; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/volkswagen-outlook-trucks-idINKBN16R1K5'|'2017-03-20T11:17:00.000+02:00'|1847.0|''|-1.0|'' @@ -1884,7 +1884,7 @@ 1882|'f4cd812fcee11e99824b1c9341ede4af75afea62'|'BRIEF-Blackberry reports Q4 GAAP loss per share $0.09'|' 15am EDT BRIEF-Blackberry reports Q4 GAAP loss per share $0.09 March 31 Blackberry Ltd: * Blackberry reports Q4 fiscal 2017 results above analyst consensus revenue and EPS estimates * Q4 non-GAAP earnings per share $0.04 * Q4 revenue $297 million versus I/B/E/S view $288.4 million * Blackberry Ltd - expect to be profitable on a non-GAAP basis and to generate positive free cash flow for full year * Q4 GAAP loss per share $0.09 * Q4 earnings per share view $0.00 -- Thomson Reuters I/B/E/S * Blackberry Ltd qtrly non GAAP total revenue $297 million versus $487 million last year * Blackberry - Q4 non-GAAP company total software and services revenues of $193 million; Q4 GAAP company total software and services revenues of $182 million * Qtrly GAAP gross margin of 60pct * Says Q4 non-GAAP gross margin of 65pct * Blackberry Ltd - total cash, cash equivalents, short-term, long-term investments increased by $89 million to approximately $1.7 billion as of Feb 28, 2017 * Blackberry Ltd -"looking ahead to fiscal 2018, we expect to grow at or above overall market in our software business" * Says expect to be profitable on a non-GAAP basis and to generate positive free cash flow for full year 2018 * Blackberry Ltd qtrly GAAP total revenue $286 million versus $464 million last year * FY2018 earnings per share view $0.02, revenue view $976.7 million -- Thomson Reuters I/B/E/S * Q4 earnings per share view $0.00, revenue view $288.8 million -- Thomson Reuters I/B/E/S Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-blackberry-reports-q4-gaap-loss-pe-idUSASB0B7W0'|'2017-03-31T19:15:00.000+03:00'|1882.0|''|-1.0|'' 1883|'8f225d79e4f67370a00f2823773b3830e05be7d0'|'EURO DEBT SUPPLY-Four euro zone states to sell debt in coming week'|'LONDON, March 31 Austria, Germany, France and Spain are the four euro zone sovereigns scheduled to sell debt at auction in the coming week.* Austria will issue 1.32 billion euros in bonds by reopening 2027 and 2023 issues in an auction on Tuesday.* Also on Tuesday, Germany will sell 1 billion euros of an inflation-linked bond maturing in 2026.* Germany returns on Wednesday to sell 4 billion euros of a fixed-rate five-year bond.* On Thursday, France will sell 7-8 billion euros in an auction of 10-year bonds and a bond maturing in 2031. Spain will also sell debt, with details to be announced later on Friday.(Compiled by John Geddie; Editing by Dhara Ranasinghe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-outlook-idINL5N1H82IB'|'2017-03-31T07:39:00.000+03:00'|1883.0|''|-1.0|'' 1884|'27c54f3328ab6e0573fd8ac4f9ef43ee4cf065cb'|'Kangaroo care why keeping baby close is better for everyone - Global Development Professionals Network'|'C armela Torres was 18 when she became pregnant for the first time. It was 1987 and she and her now-husband, Pablo Hernndez had just moved to Colombias capital, Bogot, in search of a better life. One December afternoon, suddenly out of nowhere, her body began to convulse with sharp contractions. It was more than two months before her due date. She rushed to the Instituto Materno Infantil (Mother and Child Hospital) in the east of the city. Not long after arriving she gave birth naturally to a baby boy weighing just 1,650 grams (3lb 10oz).Before she had a chance to hold him, her baby was whisked off to a neo-natal intensive care unit. Torres was simply told to get dressed and go home. I didnt even get to touch him, she says. They said I could come back and see him but the visiting times were very restricted just a couple of hours a day. When I did visit I was allowed to look but not touch.On the third day she was at home preparing for her next visit when the phone rang. It was the hospital, she says. They called to say my baby was dead. They didnt tell me the cause of death or give me any diagnosis. Just that he was dead. I hadnt even named him yet.A decade passed before Torres was ready to become pregnant again. A couple of months before her due date those familiar, severe contractions ripped through her body, stopping her in her tracks.I was petrified, she says. I didnt want another premature baby. I was taken to the exact same ward where I had my baby which died. I was extremely stressed.At one oclock the next morning Torres gave birth to another boy. She named him immediately, calling him Julian. He weighed almost the same as her firstborn and just like then, he was whisked straight into intensive care.Facebook Twitter Pinterest Kangaroo care unit at the San Ignacio University Hospital, Bogot. Photograph: Juliana Gmez/Mosaic ScienceI spent a very frightening night panicking that I was about to lose another baby, she says. But the next morning a doctor came to see me. She told me about a thing called Kangaroo Mother Care how I could act as a human incubator and carry my own baby and take it home with me.That day Torres was taught how to hold her baby under her clothing, upright between her breasts with his airways clear. She was taught how even the finest layer of fabric between her and her baby wasnt allowed it had to be continuous and direct skin-to-skin contact. She was taught how to breastfeed, how to sleep on her back propped up by cushions, and strictly never to bathe him as this would waste his precious energy. Remarkably, the very next afternoon, with her tiny baby strapped to her chest under a blanket, Torres walked out of hospital.Julian was very small and fragile but I was much happier taking him home with me than leaving him there, where my other baby had died, she says. Feeding him wasnt easy, but I had a lot of help. I carried him for a month, 24 hours a day, sharing shifts with my husband, until he hit his target weight of 2,500g. Once hed reached that we didnt have to do it any more and finally he got his first bath.Kangaroo Mother Care (KMC) is the brainchild of Colombian paediatrician Edgar Rey, who introduced it to the Instituto Materno Infantil in 1978. It was an idea born out of desperation. The institute served the citys poorest people. At the time this was the biggest neonatal unit in Colombia, responsible for delivering 30,000 babies a year. Overcrowding was so bad that three babies would have to share an incubator at a time, and the rate of cross-infection was high. Death rates were spiralling and so too was the level of abandonment as young, impoverished mothers, who never even got to touch their babies, found it easier just to take off.Rey happened upon a paper on the physiology of the kangaroo. It mentioned how at birth kangaroos are bald and roughly the size of a peanut very immature, just like a human pre-term baby. Once in its mothers pouch the kangaroo receives thermal regulation from the direct skin-to-skin contact afforded by its lack of hair. It then latches onto its mothers nipple, where it remains until it has grown to roughly a quarter of its mothers weight, when finally it is ready to emerge into the world.This struck a chord with Rey. He went back to the institute and decided to test it out. He trained mothers of premature babies to carry them just as kangaroos do. The results were remarkable. Death rates and infection levels dropped immediately. Overcrowding was reduced because hospital stays were much shorter, incubators were freed up, and the number of abandoned babies fell.Its 8am and already the shiny new KMC unit at the San Ignacio University Hospital in central Bogot is packed to the rafters. Rows of women, and a surprisingly high number of men, too, squeeze together a sea of colourful knitted hats and chunky coats, protection against the citys unpredictable cycle of hail, rain and heat. They sit on narrow pews with the tiniest little heads peeping skyward on their chests. Its warm, there is a buzz, and it is a million miles away from the sterile atmosphere of a typical neonatal intensive care unit.Facebook Twitter Pinterest A baby receiving kangaroo care at the San Ignacio University Hospital, Bogot. Photograph: Juliana Gmez/Mosaic ScienceMany seem to have settled in for the day one woman has her knitting out and another has her extended family in tow. Five paediatricians stand in a row behind a bench examining baby after baby.Traditional units are closed and have very restrictive visiting hours, says Nathalie Charpak, the French paediatrician who heads the unit. An important element of KMC is that the unit is open and parents have access so they can sit with their infants, connect with each other and gain confidence seeing others with very small babies doing the same thing.In 1989 Charpak did a study on a sample of babies from two of the very poorest hospitals in the city and proved that KMC was safe. In 1994, with funding from a Swiss NGO, a larger randomised trial proved conclusively that not only were babies dying less, but breastfeeding rates were up, hospital stays were shorter and infection was down. Charpak is also director of an NGO that researches and promotes KMC, the Fundacin Canguro the Kangaroo Foundation.It is clear KMC is about much more than just saving the babys life, says Charpak. I have fought all my life to show that KMC has nothing to do with comfort or massage or anything fluffy like that. It is difficult to do and each baby is carefully followed up every six weeks for the first year, but the benefits are extraordinary.One of the very first countries to investigate what was going on in Bogot was Venezuela. In 1994 a small team came to witness KMC for themselves. Others came too: Brazil in 1995, Ethiopia in 1996, followed shortly by Madagascar, India, Cameroon and many more.Many of the resulting KMC programmes are very successful. In Malawi, which has the highest rate of premature births in the world (181 babies out of 1,000), there is now a KMC centre in every district. Over the 10 years to 2015, the number of babies dying before their first birthday fell from 72 out of 1,000 to 43. I have seen a significant drop in mortality, says Indira, a midwife at Zomba Central Hospital in southern Malawi. It has also helped reduce congestion in the ward as babies are cared for at home. And it has helped reduce costs, because electricity is being saved as the mother is a perfect heat source for the baby.Facebook Twitter Pinterest Baby receiving kangaroo care at the San Ignacio University Hospital, Bogot. Photograph: Juliana Gmez/Mosaic ScienceThe World Health Organisation has estimated that KMC has the potential to save as many as 450,000 lives a year.Resistance, however, has come from where you might least expect it. For some health professionals, nurses and even paediatricians, Charpak says, it can be difficult to accept that care by mothers is better than anything they can offer themselves, especially if they have fought hard to bring shiny rows of incubators to their hospitals. There is also the prevailing idea that things are done better in westernised countries.Charpak and colleague Julieta Villegas now struggle to convince the world that it isnt just an option for poor women. Its not something just to be done in poor countries, says Charpak. There is a cost to it. Its a proper neonatal care with advantages that are clinically proven.Undeniably, though, it is cheaper. The estimated cost of neonatal care for premature babies in the US is up to $5,000 (4,000) a day. In low-income countries, a KMC programme can cost as little as $4.60 a day.Last November Charpak unveiled the most ambitious study yet into KMC aiming to track down the 716 families who took part in the original 1994 study. The original kangaroo babies were subjected to a series of rigorous checks including MRIs, neuroimaging, blood tests, psychosocial tests and physical evaluations. Each was measured for self-esteem, depression, hyperactivity, aggressiveness and more. So were the grown-up babies from the original control group, who had received traditional care. The full results were published in Pediatrics journal at the end of last year.The findings are groundbreaking, says Villegas. We found the kangaroo babies were less hyperactive, less antisocial, and they even earned higher wages. This is especially significant because these were babies who were the most fragile to begin with and who came from a lower socioeconomic background ... This is why we say with kangaroo care, we fight inequality. We dont just save lives, we change lives.This article first appeared on Mosaic Science and is republished here under a Creative Commons licence.Global development professionals network Maternal health Premature birth features '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/global-development-professionals-network/2017/mar/03/kangaroo-care-the-radical-skin-to-skin-approach-to-saving-premature-babies'|'2017-03-03T17:46:00.000+02:00'|1884.0|''|-1.0|'' -1885|'ad4810e048f30b4454ae60b4155a4e96a916937b'|'''Lots of nurses have already left'': EU workers head for exit - Politics'|'S ince news of the UKs looming departure from the European Union hit, lots of industries have spoken out about fears of losing European workers. On Monday academics from Oxford University said staff would go if they were not reassured about their future. It comes amid news that EU citizens working in the NHS are thinking of leaving in the next five years.We asked you about how the loss of European workers may affect, or is already affecting, your sector. We heard from a variety of people, including professors and doctors, who expressed concern that workers are already leaving. Here are a selection of your stories.Construction worker John, 51: The unwelcome atmosphere is turning people away from construction I am an Irish national who has lived and worked in London for nearly 30 years. Ive made my life and family here. Ive added to the community and to the industry. Throughout the UK, there is a lack of adequate training or interest from many in joining the construction industry. There has always been a strong interest from migrant communities. In my experience, the unwelcome atmosphere is turning people away and we do not train or encourage people into this industry. We need migrant workers.Facebook Twitter Pinterest Photograph: Martin Dalton/REX/Shutterstock Financial consultant Andy, 39: We had a large number of Europeans working here but now they are nearly all goneI work for a medium-sized financial provider who deals with a very diverse client base from around Europe. I am an EU citizen myself, but I am still in the UK. At work we had a large number of Europeans working in our customer support and sales teams but now they are nearly all gone (they have either progressed somewhere else in London or have left the country). We have now two non-Europeans who both can speak French in customer support. Only one guy in the sales department speaks German. He now does everything for the German client base. If he is sick or on holiday we have no German front office. We have no more Spanish or Italian speakers. The sad part is that overall we have actually increased the number of EU employees, just not in the UK. Around 40-50% of the overall workforce has left as we moved technical departments and finance functions (even director positions) abroad to keep access to our European markets. Most of those who lost their jobs were English. And with every job that moves abroad the London office loses relevance.The doctorMay, 43: I predict many doctors will leave, especially those now in training EU nationals working in the NHS express significant concerns regarding their right to stay and their careers. London used to be a world-open and liberal place, welcoming and supportive. Working in the NHS was stimulating and exciting. The outlook for the future is bleak. And there is zero reassuring communication from the UK government. I predict many doctors especially in training will leave. I have worked for the NHS 16 years. I have personally spoken to many doctors and midwives who are strongly considering leaving. I know of people who did not renew research contracts but I have not met anyone who has left already.European people working for the NHS feel utterly disappointed and disillusioned.MayThe team spirit in the NHS was and is stimulating. However, it is mainly created by the multinational teams that have in common a love and dedication to their specialty and medicine in general. British people hugely benefited. With the Brexit vote it feels that this effort, hard work and dedication is completely unappreciated and ignored. It is no surprise European and non-European people working for the NHS feel utterly disappointed and disillusioned. They will go where their work is appreciated.Facebook Twitter Pinterest Photograph: Peter Byrne/PA The entrepreneur Gerard, 31: I plan to shut down operations in London for Berlin. I dont want to deal with BrexitI work for an internet startup across London and Berlin. I see both cities competing already for tech talent. London will definitely lose that battle long-term. I havent left yet, but I plan to shut down operations in the UK when article 50 is triggered. Im lucky enough to have clients in Europe or unlucky enough to have them there whatever the case I dont want to deal with Brexit.Since then Ive been taking fewer UK clients knowing I will leave. I just feel sadly unwelcome now.GerardI loved London and I will always remember refreshing the Guardian website while counting the referendum results. It was like everything I was building fell apart. Since then Ive been taking [fewer] UK clients knowing I will leave. I just feel sadly unwelcome now.The professorSimon, 51: I am moving to another EU country to take up another university post I work in the university sector and the lifeblood of our work is provided by academics and researchers from all over the world, particularly from the EU. In addition, many of our students come to the university to study from abroad. The European Unions framework funding programmes including Horizon 2020 have been key to ensuring that the UK punches well above its weight in research and development. The loss of EU workers and access to the networks provided by the EU will have a devastating effect on the UK higher education sector.I am a UK national who has decided to leave. I am moving to another EU country to take up another university post. Although Brexit was not the only reason for this move (the new role will be an advancement in my career), it was a decisive factor in making me apply for the job given the future uncertainties in the UK higher education sector.The nurse Karen, 40: Five nurses have left alreadyBefore [the] Brexit [vote] we used to have hundreds of applicants in nursing. Now we hardly see 50. All staff are tired and worried about what will come next. In my department 60% of nurses are EU citizens and already five of them have handed in their notice. I am an EU citizen myself and Im already making plans to leave UK for good. The healthcare sector will collapse and I dont want to be part of it.Web designer Ben, 25: A European worker recently left. It was a big loss for the team I work in web design and development. Weve benefited greatly from the expertise of EU workers in our team. But now one of our main designers, responsible for delivering engaging websites, print media, presentations etc for clients has left. Her husband is in research of some sort (Im not sure exactly what it is) and his funding was moved out of the UK. Given that she wasnt feeling welcome in the UK any more, it was a no-brainer for them to simply move. It is a big loss for the team.Some names have been changed Topics EU referendum and Brexit NHS European Union Health features '|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/politics/2017/mar/14/lots-of-nurses-have-already-left-eu-workers-head-for-exit'|'2017-03-14T19:26:00.000+02:00'|1885.0|''|-1.0|'' +1885|'ad4810e048f30b4454ae60b4155a4e96a916937b'|'''Lots of nurses have already left'': EU workers head for exit - Politics'|'S ince news of the UKs looming departure from the European Union hit, lots of industries have spoken out about fears of losing European workers. On Monday academics from Oxford University said staff would go if they were not reassured about their future. It comes amid news that EU citizens working in the NHS are thinking of leaving in the next five years.We asked you about how the loss of European workers may affect, or is already affecting, your sector. We heard from a variety of people, including professors and doctors, who expressed concern that workers are already leaving. Here are a selection of your stories.Construction worker John, 51: The unwelcome atmosphere is turning people away from construction I am an Irish national who has lived and worked in London for nearly 30 years. Ive made my life and family here. Ive added to the community and to the industry. Throughout the UK, there is a lack of adequate training or interest from many in joining the construction industry. There has always been a strong interest from migrant communities. In my experience, the unwelcome atmosphere is turning people away and we do not train or encourage people into this industry. We need migrant workers.Facebook Twitter Pinterest Photograph: Martin Dalton/REX/Shutterstock Financial consultant Andy, 39: We had a large number of Europeans working here but now they are nearly all goneI work for a medium-sized financial provider who deals with a very diverse client base from around Europe. I am an EU citizen myself, but I am still in the UK. At work we had a large number of Europeans working in our customer support and sales teams but now they are nearly all gone (they have either progressed somewhere else in London or have left the country). We have now two non-Europeans who both can speak French in customer support. Only one guy in the sales department speaks German. He now does everything for the German client base. If he is sick or on holiday we have no German front office. We have no more Spanish or Italian speakers. The sad part is that overall we have actually increased the number of EU employees, just not in the UK. Around 40-50% of the overall workforce has left as we moved technical departments and finance functions (even director positions) abroad to keep access to our European markets. Most of those who lost their jobs were English. And with every job that moves abroad the London office loses relevance.The doctorMay, 43: I predict many doctors will leave, especially those now in training EU nationals working in the NHS express significant concerns regarding their right to stay and their careers. London used to be a world-open and liberal place, welcoming and supportive. Working in the NHS was stimulating and exciting. The outlook for the future is bleak. And there is zero reassuring communication from the UK government. I predict many doctors especially in training will leave. I have worked for the NHS 16 years. I have personally spoken to many doctors and midwives who are strongly considering leaving. I know of people who did not renew research contracts but I have not met anyone who has left already.European people working for the NHS feel utterly disappointed and disillusioned.MayThe team spirit in the NHS was and is stimulating. However, it is mainly created by the multinational teams that have in common a love and dedication to their specialty and medicine in general. British people hugely benefited. With the Brexit vote it feels that this effort, hard work and dedication is completely unappreciated and ignored. It is no surprise European and non-European people working for the NHS feel utterly disappointed and disillusioned. They will go where their work is appreciated.Facebook Twitter Pinterest Photograph: Peter Byrne/PA The entrepreneur Gerard, 31: I plan to shut down operations in London for Berlin. I dont want to deal with BrexitI work for an internet startup across London and Berlin. I see both cities competing already for tech talent. London will definitely lose that battle long-term. I havent left yet, but I plan to shut down operations in the UK when article 50 is triggered. Im lucky enough to have clients in Europe or unlucky enough to have them there whatever the case I dont want to deal with Brexit.Since then Ive been taking fewer UK clients knowing I will leave. I just feel sadly unwelcome now.GerardI loved London and I will always remember refreshing the Guardian website while counting the referendum results. It was like everything I was building fell apart. Since then Ive been taking [fewer] UK clients knowing I will leave. I just feel sadly unwelcome now.The professorSimon, 51: I am moving to another EU country to take up another university post I work in the university sector and the lifeblood of our work is provided by academics and researchers from all over the world, particularly from the EU. In addition, many of our students come to the university to study from abroad. The European Unions framework funding programmes including Horizon 2020 have been key to ensuring that the UK punches well above its weight in research and development. The loss of EU workers and access to the networks provided by the EU will have a devastating effect on the UK higher education sector.I am a UK national who has decided to leave. I am moving to another EU country to take up another university post. Although Brexit was not the only reason for this move (the new role will be an advancement in my career), it was a decisive factor in making me apply for the job given the future uncertainties in the UK higher education sector.The nurse Karen, 40: Five nurses have left alreadyBefore [the] Brexit [vote] we used to have hundreds of applicants in nursing. Now we hardly see 50. All staff are tired and worried about what will come next. In my department 60% of nurses are EU citizens and already five of them have handed in their notice. I am an EU citizen myself and Im already making plans to leave UK for good. The healthcare sector will collapse and I dont want to be part of it.Web designer Ben, 25: A European worker recently left. It was a big loss for the team I work in web design and development. Weve benefited greatly from the expertise of EU workers in our team. But now one of our main designers, responsible for delivering engaging websites, print media, presentations etc for clients has left. Her husband is in research of some sort (Im not sure exactly what it is) and his funding was moved out of the UK. Given that she wasnt feeling welcome in the UK any more, it was a no-brainer for them to simply move. It is a big loss for the team.Some names have been changed Topics EU referendum and Brexit NHS European Union Health features '|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/politics/2017/mar/14/lots-of-nurses-have-already-left-eu-workers-head-for-exit'|'2017-03-14T19:26:00.000+02:00'|1885.0|11.0|0.0|'' 1886|'144f542c73b054b73a0ffb7673a2a8f90afb72dd'|'Revealed: what small businesses want from Brexit negotiations - Guardian Small Business Network'|'Research released by the Federation of Small Businesses (FSB) reveals a trade deal with Europe is top of the list for small businesses post Brexit. The survey, completed by 1,758 members, found 63% of exporters would prioritise a deal with Europe first, followed by the US (49%), Australia (29%) and China (28%). Nine out of 10 (92%) exporting small businesses and 85% of importers trade with the EU. It is also the first foreign market many small firms go to: exporters are twice as likely to have exported to the EU for the first time, than another market. More than half (58%) of exporting small firms say it is easier to trade with the EU, compared to non-EU countries. A small proportion (6%) find it harder. The poll also found small businesses are concerned about tariffs imposed once the UK leaves the single market. A third (34%) of exporting firms say they would be deterred from trading with the EU if a tariff of between 2-4% was applied. This has been the EUs average range under World Trade Organisation rules over the past few years. Lord Marland: People are obsessed with free trade agreements Read more A large proportion (39%) of those that trade exclusively with the EU (21% of small firms surveyed) say any tariff rate above 0% would deter them from doing business with the trading bloc. More than three quarters (76%) of potential exporters also expect tariffs to play a significant role in their future plans. The cost of increased administrative burdens are a concern for more than half of all small businesses surveyed. Small firms that operate a global supply chain are also considering changes. One in five (20%) say they are thinking about relocating more, or all, of their supply chain to the EU. Only 9% are thinking about a move to the UK.But there is some hope for expanding business opportunities in other markets. The majority (72%) of exporting small businesses and 53% of importers trade both inside and outside of the single market. Almost one in five (19%) of exporters trade with at least one of the top four emerging markets China, India, United Arab Emirates and South Africa. China and India also feature in the top 10 global priority markets. Trading with emerging markets can be good for business the average turnover of small firms that export to China is 1.5m. Those that export to the EU have an average turnover of 893,203. A number of UK small firms expect very little or no change to their levels of trade after the country leaves the single market (42% of exporters, and 55% of importers). However 49% of exporters expect material change 20% believe they will export more and 29% expect to trade less. Only 7% of importers believe they will import more, compared to 31% who expect volumes to fall. FSB chair, Mike Cherry, said about the findings: Small firms trade with countries based on ease, cost and value and any future trade deal must deliver on these key aspects both with the EU single market and non-EU markets.The reality is that the EU single market is still a crucial market for smaller firms and cannot be undervalued. Compared to larger companies, small businesses typically work to tighter margins with limited resources, meaning changes to the trading landscape will hit them disproportionately hard. We call on the government to ensure that a sensible phased implementation arrangement is put in place to avoid a cliff edge, once we have left the EU.Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Small business Entrepreneurs Article 50 European Union news '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/mar/21/revealed-what-small-businesses-want-from-brexit-negotiations'|'2017-03-21T14:00:00.000+02:00'|1886.0|''|-1.0|'' 1887|'dd6edc1b0bbd6779a4c6c12f40745e4e53dbdfcb'|'Deals of the day-Mergers and acquisitions'|'March 28 The following bids, mergers, acquisitions and disposals were reported by 1015 GMT on Tuesday:** Barclays is in exclusive talks to sell its stake in Barclays Bank of Zimbabwe to Malawi''s First Merchant Bank, First Merchant Bank said in a statement on its website.** Aviva Plc is exploring a sale of its Friends Provident International unit, which offers life assurance and investment products, in a deal that could raise between $500 million and $700 million, a source with direct knowledge of the matter said.** Bain Capital Private Equity has decided not to proceed with the acquisition of Belgian packaging company Resilux due to an anti-trust ruling in Germany, the investment company said.** Amazon.com has agreed to buy Middle East online retailer Souq.com, thwarting a last minute bid by Dubai billionaire Mohamed Alabbar''s Emaar Malls.** Japanese beer maker Asahi Group Holdings Ltd said it will take on 7.4 billion euros ($8 billion) in bank loans to finance its acquisition of European assets from Anheuser-Busch InBev SAC NV.** China Southern Airlines Co Ltd said it will sell a small stake to American Airlines Group Inc in a $200 million deal that will give the carriers better access to the world''s two largest travel markets.** British housebuilder Redrow said it did not intend to make an offer for rival Bovis just over two weeks after its approach was rejected as too low, leaving one potential bidder for the ailing firm.** Tokyo Electric Power Company Holdings (Tepco) and Chubu Electric Power Co said they had signed an agreement to integrate their fossil fuel power plants under their JERA Co joint venture.** Akzo Nobel, the Dutch paints and coatings maker trying to avoid being taken over by larger U.S. rival PPG Industries, said it would detail its strategy to remain independent on April 19.** The new head of Spain''s Banco Popular, Emilio Saracho, is in talks to sell the lender''s property portfolio and also a stake to Libra Group, online newspaper El Confidencial reported.** Schlumberger, the world''s top oil services provider, has bought a stake in upstart rig operator Borr Drilling.** Strauss Coffee has agreed to buy back a 25.1 percent stake in the company held by buyout firm TPG Capital Management for 257 million euros ($279 million), its parent company Strauss Group said.** Australian sandalwood plantation group Quintis Ltd said its managing director has resigned and will consider making a takeover offer for the company together with an unnamed international group.** Brazilian miner Vale SA said on Monday it has wrapped up the sale of a stake in Mozambique''s Moatize coal project to Japan''s Mitsui & Co Ltd and received an initial payment of $733 million, the company said in a security filing.** Investment management firm Red Mountain Capital Partners LLC said in a letter on Monday that it is pushing apparel and accessories maker Deckers Outdoor Corp''s board to explore a sale of the company.** Russia''s biggest bank Sberbank is selling its subsidiary in Ukraine to a consortium of investors, which include Norvik Bank (Latvia) and a Belarussian private company, Sberbank said in a statement on Monday.** Olive Garden owner Darden Restaurants Inc said on Monday it would buy Cheddar''s Scratch Kitchen for $780 million in an all-cash transaction.** Bank holding company Home BancShares Inc said it would acquire regional lender Stonegate Bank in a cash-and-stock deal valued at about $778.4 million. ($1 = 0.9208 euros) (Compiled by Laharee Chatterjee in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1H53HE'|'2017-03-28T08:19:00.000+03:00'|1887.0|''|-1.0|'' 1888|'36a5b83e49802eb04df3a512af8c27575dc41b31'|'CERAWEEK-Mexico eyes U.S. market for Trion project''s crude, natural gas'|'Commodities 20pm EST Mexico eyes U.S. market for Trion project''s crude, natural gas Vehicles are seen next to fuel pumps at a Pemex gas station in Mexico City, Mexico, February 18, 2017. REUTERS/Jose Luis Gonzalez By Marianna Parraga - HOUSTON HOUSTON A pipeline network with spare capacity could allow Mexico to export oil and gas from its flagship offshore Trion project to the United States, the head of Mexico''s oil regulator said on Thursday. The deep water Trion development, with prospective reserves of almost 500 million barrels of oil, was farmed out in December by state-run Pemex [PEMEXF.UL] to Australia''s BHP Billiton, which became the operator of the $11 billion project. The ailing Mexican oil firm, which kept a 40-percent stake, jointly shares for the first time the risks and rewards of a potentially lucrative project with a private producer. Although a development plan has yet to be submitted, the consortium could use a cheaper and quicker option of getting production to the United States by using pipelines that serve the neighboring Great White field on the U.S. side of the Gulf of Mexico, Juan Carlos Zepeda, head of the national hydrocarbons commission (CNH), said on the sidelines of CERAWeek energy conference in Houston. The Great White field, which is operated by Royal Dutch Shell Plc, BP Plc and Chevron Corp, is producing around 70,000 barrels per day (bpd), leaving 50 percent available capacity in a crude line and a gas line connected to the U.S., Zepeda said. "There are only 39 kilometers (24 miles) from the Trion field to the Great White''s facilities," Zepeda told Reuters, noting that building a pipeline to Mexico''s shore would be more expensive and would take more time. The pipelines from Great White field on the U.S. side of the Perdido Fold Belt, the world''s second-deepest oil and gas production hub, are operated by U.S.-based Williams Companies as part of its 1,370-mile (2,200-km) network of gas and crude lines in the Gulf of Mexico. Other options for Trion production include building pipelines to the nearest ports, most likely Mexico''s Tampico or Brownsville in Texas, or setting up a Floating Production, Storage and Offloading (FPSO) facility to handle the output. Another block awarded to Pemex and China''s state-controlled offshore oil producer CNOOC, which in December gained a foothold in Mexico''s deepwater, is even closer to Great White. "The (Pemex and BHP) consortium must submit an appraisal in the coming 180 days, including test wells, to confirm the field''s extension and then a development plan must also be submitted," Zepeda said. Early production of light crude from Trion is expected for 2023, Pemex''s director Jose Antonio Gonzalez Anaya said earlier this week in Houston. "For Pemex this is historic deal. For 80 years, Pemex never had a partner with whom to share risks or equity," he said. The project had been put aside in early 2016 due to the company''s budget cuts and resumed nine months later as part of Mexico''s long-waited oil reform. MORE LICENSES COMING The CNH, which oversees contracts and runs oil auctions in Mexico, is offering 15 blocks for exploration and production in shallow water under profit sharing agreements and 26 onshore blocks under licenses, with results expected in June and July. A new deep water bidding round in the coming months is expected to offer blocks mostly in the same basins of Perdido and Salina. As in previous offshore auctions, licenses will be offered by the government to operate these blocks, Zepeda detailed. The last bidding round in the short term will be the first for so-called unconventional resources. Onshore blocks with shale oil and shale gas reserves close to the Eagle Ford basin in Texas will be offered, as well as areas in the Tampico Misantla formation, which is estimated to hold some 35 billion barrels of oil, mostly in shale rock. (Reporting by Marianna Parraga in Houston. Additional reporting by David Alire in Mexico City; Editing by Marguerita Choy) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ceraweek-mexico-idUSKBN16G2R4'|'2017-03-10T02:11:00.000+02:00'|1888.0|''|-1.0|'' @@ -1935,7 +1935,7 @@ 1933|'b7ef0335f9b2ff9d07c921e1de3343b4668a58e2'|'Schaeuble criticises foreign minister for saying Germany should pay more to EU'|'Money 1:29pm IST Schaeuble criticises foreign minister for saying Germany should pay more to EU German Finance Minister Wolfgang Schaeuble addresses a news conference at the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 18, 2017. REUTERS/Kai Pfaffenbach BERLIN German Finance Minister Wolfgang Schaeuble on Friday criticised Foreign Minister Sigmar Gabriel for saying Germany should provide more money for Greece and the European Union overall. Debt-laden Greece has struggled to implement reforms in return for financial support, much of which has come from the EU. Germany, a major contributor to the EU''s aid for Athens, holds elections in September. Gabriel, vice chancellor and a senior member of the Social Democrats (SPD) - junior partner in Chancellor Angela Merkel''s ruling coalition - said on Twitter: "In the next debate on Europe''s finances we could do something ''outrageous'' - namely signal willingness to pay more." And during a visit to Greece he held out the prospect of more aid for the troubled country. Schaeuble, a veteran member of Merkel''s Christian Democrats (CDU), told Deutschlandfunk radio that Gabriel''s suggestion to give the EU and Greece more cash "goes in the wrong direction completely" and sent the wrong message. "I was annoyed that while in Greece Mr Gabriel gave the Greeks a message that doesn''t help the Greeks but rather makes it more difficult for them to make the right decisions," Schaeuble said. He said that saying Germany must give more money to the EU would not solve the problem and would give countries the wrong incentive. He added that the problem in Europe, like in Greece, was not money but rather using it correctly. On whether Greece can stay in the euro zone, Schaeuble said: "Greece can only do that if it has a competitive economy." He said the country needed to carry out structural reforms and Greece would need time for that, which it would be granted. "But if the time is not used to carry out reforms because that''s uncomfortable, then that''s the wrong path," Schaeuble said. Disagreements among Greece, the EU and the IMF, which has yet to decide whether it will participate in the country''s current bailout, have delayed a crucial review of the aid programme. (Reporting by Michelle Martin and Gernot Heller; Editing by Hugh Lawson) Next In Money News Carlyle Group takes minority stake in logistics firm Delhivery NEW DELHI The Carlyle Group has acquired a minority stake in Indian logistics firm Delhivery, while existing investor hedge fund Tiger Global also raised its stake, for a combined investment of more than $100 million, the buyout fund said on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-greece-germany-idINKBN16V0TN'|'2017-03-24T15:59:00.000+03:00'|1933.0|''|-1.0|'' 1934|'0268c18da02d31199357a3be0a80b5cfdb31fab3'|'Investors add to bullish U.S. bond bets after Fed meeting -JPM'|'Business News 26am EDT Investors add to bullish U.S. bond bets after Fed meeting: JPM NEW YORK Investors picked up their bullish bets on longer-dated U.S. Treasuries as Federal Reserve signaled it will remain on a gradual path in raising interest rates after its two-day policy meeting last week. The share of "long" investors, who said they were holding more longer-dated Treasuries than their benchmarks, increased to 23 percent in the week of March 20 from 18 percent in the preceding week, J.P. Morgan showed in its latest Treasury client survey. J.P. Morgan surveyed clients, including bond fund managers, central banks and sovereign wealth funds. U.S. policymakers, as expected, increased key borrowing costs by a quarter percentage point to a range of 0.75 percent to 1.00 percent. Meanwhile, their outlook on growth and inflation was unchanged from December and showed no upward shift in the median view on three rate increases for 2017. In the days prior to the March 14-15 policy meeting, the perceived hawkish rhetoric from a group of Fed officials including Chair Janet Yellen stoked speculation the U.S. central bank might consider raising rates four times this year. U.S. yields have fallen in reaction to the Fed''s "dovish hike" last week as investors have moved money back into Treasuries, analysts said. The benchmark 10-year Treasury''s yield US10YT=RR was 2.488 percent early Tuesday, down from 2.595 percent a week ago. The share of "short" investors who said they were holding fewer longer-dated U.S. government securities than their portfolio benchmarks held at 23 percent for a second week. Short investors equaled long investors on Monday, compared with net shorts of five percentage points last week. The share of "neutral" investors, who said on Monday they were holding amounts of longer-dated Treasuries that match their benchmarks, fell to 54 percent from 59 percent the previous week, the survey showed. Active clients that include market makers and hedge funds, who are seen to take on speculative bets in Treasuries, dialed back their bullish bets, the latest J.P. Morgan survey showed. Thirty percent of them said they were long, unchanged from the prior week, while 20 percent said they were short, also unchanged on the week. The share of active neutrals remained at 50 percent. (Reporting by Richard Leong; Editing by Nick Zieminski) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-treasuries-jpmorgan-idUSKBN16S1KL'|'2017-03-21T20:21:00.000+02:00'|1934.0|''|-1.0|'' 1935|'425820bdb440749d4277767ae7bbb89f848ab664'|'BOJ''s Kuroda says there''s no reason to withdraw monetary stimulus now'|' 17am GMT BOJ chief Kuroda says no reason to withdraw monetary stimulus now left right Bank of Japan (BOJ) Governor Haruhiko Kuroda speaks during a Reuters Newsmaker event in Tokyo, Japan March 24, 2017. REUTERS/Toru Hanai 1/5 left right Bank of Japan (BOJ) Governor Haruhiko Kuroda speaks during a Reuters Newsmaker event in Tokyo, Japan March 24, 2017. REUTERS/Toru Hanai 2/5 left right Bank of Japan (BOJ) Governor Haruhiko Kuroda speaks during a Reuters Newsmaker event in Tokyo, Japan March 24, 2017. REUTERS/Toru Hanai 3/5 left right Bank of Japan (BOJ) Governor Haruhiko Kuroda speaks during a Reuters Newsmaker event in Tokyo, Japan March 24, 2017. REUTERS/Toru Hanai 4/5 left right Bank of Japan (BOJ) Governor Haruhiko Kuroda speaks during a Reuters Newsmaker event in Tokyo, Japan March 24, 2017. REUTERS/Toru Hanai 5/5 By Leika Kihara and Stanley White - TOKYO TOKYO Bank of Japan Governor Haruhiko Kuroda said on Friday there is "no reason" to withdraw the bank''s massive monetary stimulus now as inflation remains far from its 2 percent target. Kuroda also dismissed financial market concerns that at some point in the future the BOJ will lose its ability to control long-term interest rates under its yield-curve-control framework. "While some improvements have been observed in economic and price developments, there is still a long way to go to achieve our price target," Kuroda said in a speech at a Reuters Newsmaker event. Kuroda added that the BOJ won''t increase its bond yield target just because overseas long-term interest rates are rising, a scenario some traders believe is inevitable. The BOJ maintained its short-term interest rate target of minus 0.1 and a pledge to guide the 10-year government bond yield JP10YT=RR at around zero percent after a policy meeting on March 16. It also kept intact a loose pledge to maintain the pace of its annual increase in Japanese government bond (JGBs) holdings, which is 80 trillion yen ($718.78 billion). Japan''s long-stagnant economy has shown signs of life in recent months, with exports and factory output benefiting from a recovery in global demand. Core consumer prices rose for the first time in over a year in January and analysts expect them to continue to pick up slowly but steadily. That has led to a dramatic shift in market expectations, with a majority of analysts polled by Reuters predicting the BOJ''s next move would be to start scaling back its ultra-easy policy, likely beginning by raising its bond yield target. Japan''s domestic demand remains sluggish, however. Household spending fell 1.2 percent in January from a year earlier. (Reporting by Leika Kihara and Stanley White; Editing by Chris Gallagher and Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-kuroda-idUKKBN16V0FH'|'2017-03-24T12:13:00.000+03:00'|1935.0|''|-1.0|'' -1936|'43fcb2ebbb0ed5a018284efd21294712000a8105'|'Marriott to add up to 300,000 rooms by 2019'|'Business News - Tue Mar 21, 2017 - 8:12am EDT Marriott to add up to 300,000 rooms by 2019 Signage for the New York Marriott Marquis is seen in Manhattan, New York, November 16, 2015. REUTERS/Andrew Kelly Marriott International Inc ( MAR.O ) said on Tuesday it planned to add up to 300,000 rooms worldwide by 2019, as part of a three-year growth plan, ahead of the No. 1 hotel chain''s investor day. The owner of Ritz-Carlton and St. Regis luxury hotel brands said it would earn $675 million in stabilized fees from hotel rooms added to its system. Earlier this month, Marriott said it would speed up expansion of its Starwood brand in Europe by 2020. Marriott bought Starwood for about $12.41 billion in September, adding names such as Sheraton, W and Aloft to create the world''s largest hotel chain with more than 6,000 properties in 122 countries. The hotel chain said it expects non-property related franchisee fees, mainly credit card branding fees, to increase by $100 million by 2019. (Reporting by Rachit Vats in Bengaluru; Martina D''Couto) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-marriott-intnl-outlook-idUSKBN16S1DP'|'2017-03-21T19:12:00.000+02:00'|1936.0|''|-1.0|'' +1936|'43fcb2ebbb0ed5a018284efd21294712000a8105'|'Marriott to add up to 300,000 rooms by 2019'|'Business News - Tue Mar 21, 2017 - 8:12am EDT Marriott to add up to 300,000 rooms by 2019 Signage for the New York Marriott Marquis is seen in Manhattan, New York, November 16, 2015. REUTERS/Andrew Kelly Marriott International Inc ( MAR.O ) said on Tuesday it planned to add up to 300,000 rooms worldwide by 2019, as part of a three-year growth plan, ahead of the No. 1 hotel chain''s investor day. The owner of Ritz-Carlton and St. Regis luxury hotel brands said it would earn $675 million in stabilized fees from hotel rooms added to its system. Earlier this month, Marriott said it would speed up expansion of its Starwood brand in Europe by 2020. Marriott bought Starwood for about $12.41 billion in September, adding names such as Sheraton, W and Aloft to create the world''s largest hotel chain with more than 6,000 properties in 122 countries. The hotel chain said it expects non-property related franchisee fees, mainly credit card branding fees, to increase by $100 million by 2019. (Reporting by Rachit Vats in Bengaluru; Martina D''Couto) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-marriott-intnl-outlook-idUSKBN16S1DP'|'2017-03-21T19:12:00.000+02:00'|1936.0|13.0|0.0|'' 1937|'2c61e1f92298349a40578ebd6712d9d04ea4683c'|'Nifty hits record, rupee hits 17-month high'|'MUMBAI The NSE Nifty hit a record high while the rupee rose to its strongest level in nearly 17-months on Thursday after the raised interest rates as expected but signalled no pick-up in the pace of tightening.The NSE Nifty rose as much as 0.64 percent to a record high of 9,143 points, and was up 0.59 percent as of 0350 GMT. The benchmark BSE Sensex was up 0.55 percent.The partially convertible rupee hit as much as 65.2250 per dollar, its strongest since Oct. 30, 2015. It was last trading at 65.32/33 compared to its 65.71/72 close.Meanwhile the benchmark 10-year bond yield fell 4 basis points to 6.79 percent.(Reporting by Swati Bhat; Editing by Rafael Nam)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-nifty-sensex-rupee-markets-idINKBN16N0E7'|'2017-03-16T01:29:00.000+02:00'|1937.0|''|-1.0|'' 1938|'9b5bfa3e8819a91ad7b4577fe0772a7689c428a2'|'World stocks seen as most overvalued in 17 years - BAML survey'|'By Jamie McGeever - LONDON LONDON World stocks are their most expensive in 17 years, but bond yields will need to be much higher than they are currently to trigger an equity bear market, a monthly fund manager survey showed on Tuesday.Bank of America Merrill Lynch''s (BAML) poll of investors managing $592 billion worldwide was conducted from March 10-16, a period that saw Wall Street''s recent string of record highs fizzle out and the Federal Reserve raise U.S. interest rates.Global investors'' allocation to stocks hit a two-year high, according to the poll, with a net 48 percent now overweight the market.A net 34 percent of fund managers now thing equities are overvalued, the highest proportion since 2000, BAML said.Regionally, the U.S. stock market is the most overvalued, according to 81 percent of respondents. A net 44 percent think emerging market stocks are undervalued, while a net 23 percent say the same about euro zone equities.The biggest risk to the equity bull market will come from higher interest rates, reckon 35 percent of respondents, rather than weak company earnings (21 percent).A net 36 percent said the 10-year U.S. Treasury yield will have to rise above 3.5 percent before a bear market in stocks ensues. The yield has risen sharply since mid-2016 but has struggled to rise above 2.5 percent. The last time it was higher than 3.5 percent was six years ago.The Fed raised rates last week and is on course to tighten further this year. But investors are sceptical growth and inflation will be strong enough to warrant a sustained series of hikes, and longer-fated yields have slipped as a result.The drift lower in yields has pulled the dollar down with it. A key measure of the dollar''s trade-weighted value hit a six-week low on Tuesday.According to BAML''s survey, the dollar is its most overvalued since June 2006 and long dollar positions were once again far and away the most ''crowded trade'' in world markets.Despite the extreme pricing in stocks and the dollar, investors are confident neither is in bubble territory, and that economic growth and profits will continue to rise.A net 57 percent of those polled said global profits will improve over the coming year, up from 55 percent in the last month''s poll and close to a seven-year high, BAML said.European elections leading to euro zone disintegration remained the biggest ''tail'' risk to world markets followed by a global trade war, although both risks diminished from February. The proportion of those polled who think a global bond market crash is the biggest risk rose to 18 percent from 13 percent.(Reporting by Jamie McGeever; Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/funds-survey-baml-idINKBN16S1X7'|'2017-03-21T12:57:00.000+02:00'|1938.0|''|-1.0|'' 1939|'a9c6736d0540704843f741c9372cd07a9afa59e1'|'Finland''s Amer Sports buys U.S. ski maker Armada'|'Company News - Wed Mar 29, 2017 - 2:28am EDT Finland''s Amer Sports buys U.S. ski maker Armada HELSINKI, March 29 Finland''s Amer Sports , which makes Wilson tennis rackets and Salomon skis, will buy U.S. ski maker Armada for $4.1 million, the company said on Wednesday. Armada, which has annual sales of approximately $10 million, will be combined with Amer''s winter sports business. Amer Sports, whose other brands include Arc''teryx outdoor clothing and Atomic ski gear, said the acquisition had no financial impact on company results this year. (Reporting by Tuomas Forsell, editing by Louise Heavens) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/armada-ma-amer-sports-idUSASN00069I'|'2017-03-29T14:28:00.000+03:00'|1939.0|''|-1.0|'' @@ -1949,7 +1949,7 @@ 1947|'505881c727dfe14d5108e2094dfb7b33a1b9e175'|'Will the GOP Finally Crush Class Actions?'|'Republicans and their business allies perennially push tort-reform bills aimed at restricting whats sometimes called the litigation industry. They havent had much luck of late. Its been 12 years since one of those measures succeeded. But with Donald Trump in the White House, pro-business groups see an opening for a series of bills moving through the House that would discourage class actions and generally make it harder to sue businesses.Its an issue the president has some experience with. Only days after his election, Trump agreed to pay $25 million to settle claims that his defunct Trump University cheated more than 6,000 students with false promises of teaching them his real estate secrets. On the other hand, Trump has frequently initiated suits against business adversaries, so its tricky to predict what position hell take. The White House did not respond to requests for comment.Three bills, each of which would make life tougher for plaintiffs lawyers, were scheduled for votes by the full House on March 9 and 10. Several more are in the legislative pipeline. While House passage is a virtual certainty, the Senate presents a bigger challenge. With a 52-48 majority, Republicans would need to find eight Democratic votes to reach 60 and avoid a potential filibuster. Lisa Rickard, president of the Institute for Legal Reform, the U.S. Chamber of Commerces legal arm, says the chamber and other business advocates are focusing attention on 10 Democrats in red states who are up for reelection in 2018, including Bob Casey Jr. of Pennsylvania, Heidi Heitkamp of North Dakota, and Joe Manchin of West Virginia.Plaintiffs advocates predict the legislation will stall in the Senate with little or no Democratic support. These bills are driven by the U.S. Chamber of Commerce and the largest corporations, who want to escape responsibility for hurting people or other businesses, says Pamela Gilbert, a consumer attorney in Washington.The broadest bill, sponsored by Virginia Republican Bob Goodlatte, chairman of the House Judiciary Committee, would make it harder in several ways to bring class actions. The measure would bar plaintiffs firms from repeatedly representing the same client in class actions. The most obvious targets are prominent law firms that represent plaintiffs in securities suits. Such firms routinely represent institutional investors in multiple cases over time. Professor John Coffee Jr. of Columbia Law School wrote on his Blue Sky Blog that the restriction seems either a death sentence for the large plaintiffs firm or the end of large public pension funds serving as lead plaintiff.Statistics on class actions are sparse, partly because theres no central clearinghouse for state cases. But numbers are gathered for federal securities cases. Plaintiffs filed a record 270 federal class-action securities cases in 201644 percent more than the historical average of 188 filings from 1997 to 2015, according to Cornerstone Research.Another part of Goodlattes bill would allow class actions to move forward only when a judge certifies that all plaintiffs have suffered the same type and scope of injury. Imposing such obligations at the outset of a case would encourage more preliminary skirmishing and deter some class actions from ever getting off the ground.The most important business stories of the day. Get Bloomberg's daily newsletter. Sign Up Yet another section of Goodlattes bill would restrict plaintiffs attorneys fees to a percentage of the amount actually distributed to the class. That could effectively kill off suits that seek a change in corporate behavior and pay class members little or nothing in damages. The idea is to eliminate class actions that dont make any sense from the start, says John Beisner, a partner with Skadden, Arps, Slate, Meagher & Flom, a large corporate law firm. Of course, lawsuits that dont make sense to a defendant are often the height of reasonableness to the other side.The bottom line: A series of tort-reform bills seeks to curtail the litigation industry by limiting class-action suits and making it harder to sue businesses.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-09/will-the-gop-finally-crush-class-actions'|'2017-03-10T03:57:00.000+02:00'|1947.0|''|-1.0|'' 1948|'f2cc27c4442386423d541e4dc11bcdeb969abc24'|'BASF, on the sidelines of merger wave, eyes generic pesticides'|'Business News 3:00pm GMT BASF, on the sidelines of merger wave, eyes generic pesticides FILE PHOTO - Flags of the German chemical company BASF are pictured in Monheim, Germany April 20, 2012. REUTERS/Ina Fassbender/File Photo By Patricia Weiss and Ludwig Burger - FRANKFURT FRANKFURT With rivals joining forces all around, Germany''s BASF ( BASFn.DE ) has been eyeing a surprise foray into generic pesticides, although the issue is on hold while it looks to snap up assets being spun off in those mergers. With an internal debate raging about how to react to the mega-mergers, the world''s third-largest crop chemicals supplier last year looked into acquiring U.S. pesticides peer FMC Corp ( FMC.N ), according to three people familiar with the deliberations. While considerations did reach a concrete stage, BASF for now feels such a move would needlessly complicate its examination of several billions in assets put on the block by rivals to allay antitrust concerns. But the strategic rationale is intact and can be revisited, the sources told Reuters. BASF is the only player left among the top six in a global seeds and pesticides market worth over $100 billion that has not paired up with a major peer. Like most of its large rivals in crop protection, it has mostly focussed on developing new patent- protected compounds to command premium prices. One reason to branch out into cheaper pesticides that have lost patent protection would be faster access to emerging markets such as Africa and China, where most farmers cannot afford the latest generation of Western crop chemicals, the sources said. "In some of these markets, the prices of patent-protected products are beyond what''s affordable by a factor of 10," said one source. Companies such as FMC primarily use off-patent active ingredients or acquire the rights to novel substances from others. They focus development efforts on improving the application of a given compound in the field, or identifying new crops or geographic regions that can benefit. This could, for instance, mean preventing spray from evaporating or drifting away with the wind to harm wildlife or neighbouring fields; it can take the form of making sure droplets stick to the target leaves and are absorbed or released at the optimum rate. MARKET INSIGHT AND ACCESS FMC declined to comment. A BASF spokeswoman said in a written statement that the group - which is also active in areas such as oil and gas, industrial petrochemicals, engineering plastics and vitamins - was constantly looking into possible takeovers and divestments. Meanwhile, Bayer ( BAYGn.DE ) and Monsanto ( MON.N ), Dow ( DOW.N ) and DuPont ( DD.N ), and ChemChina and Syngenta ( SYNN.S ) are all seeking regulatory approval for mergers. The sources said that FMC''s market insight could help BASF compete better as the industry rushes to bypass wholesale trade and sell direct to growers with the help of digital tools. FMC''s sales to farmers - expected to be around $2.2-2.4 billion this year - would help BASF to spread the costs of new direct-marketing channels across a wider revenue base. Even though BASF Chief Executive Kurt Bock has said "big and fancy" deals do not always create value, discussions are in full swing at the 152-year-old company about how to cope with the emergence of much larger rivals in agriculture, the sources said. With a considerable premium required on top of FMC''s stock market value of about $8 billion, the mooted transaction would be the largest in BASF''s history. A foray into generic chemicals would offer investors an alternative strategic vision from that of its major rivals, which seek to link up seed and crop protection offerings. BASF has taken the view that the benefits do not justify the tens of billions going into the mega-mergers. So far, it has avoided seed assets and instead pursued research into plant characteristics such as drought tolerance, which it sells or licenses out to seed breeders. But investors are still keen for reassurance. "It is good to have somebody at the helm who doesn''t feel pressured to follow just any trend. But if everyone around BASF is consolidating, there is a risk that, over the long term, the question will be: Why didn''t it join in?" said one fund manager holding shares in BASF, who asked not to be named. NEW USES FOR OLD CHEMICALS Other players in the off-patent industry are ChemChina''s Adama, with about $3.1 billion in sales; and Platform Specialty Products Corp''s ( PAH.N ) Agricultural Solutions unit with about $1.8 billion in sales, made up mainly of Arysta LifeScience Corp. FMC in 2014 boosted its off-patent crop chemicals operations with the $1.8 billion acquisition of Denmark''s Cheminova, paying about 13 times core earnings. But the sub-sector has received little attention during last year''s unprecedented slew of major deals. Still, growing consumer concerns about toxicity have prompted environmental regulators around the globe gradually to raise the bar for approving new crop protection substances. This has encouraged the industry to find new uses for decades-old substances. The discovery of a genetic tweak that makes field crops survive the generic weed killer dicamba, for instance, has prompted the industry to develop more environmentally friendly dicamba versions that evaporate less when sprayed. BASF''s executive directors have for their part pointed to the opportunities to snap up assets being sold off in the course of the mega-mergers. Sources familiar with the process say BASF is primarily eyeing herbicides and insecticides businesses from Dow and DuPont''s planned $130 billion merger and three-way split, but also seeds and herbicides businesses expected to be sold by Bayer as part of its $66 billion takeover of Monsanto. CEO Bock said a month ago that, even though the crop protection unit was performing very well, he would like it to be bigger. Excluding expected asset sales, the Monsanto-Bayer deal will create an undisputed market leader with 27 percent of global seeds and pesticides business. Even the 17 percent accounted for by Dow and DuPont, before asset sales, would dwarf BASF''s 7 percent share. FMC derives about two-thirds of its sales from crop protection, with food and drug ingredients and lithium chemicals accounting for the rest. BASF''s spokeswoman said that its acquisition strategy focussed on businesses that meet criteria such as innovative strength, above-average growth, a focus on attractive regions such as emerging markets, and shielding the portfolio against cyclical swings. (Additional reporting by Arno Schuetze; Editing by Kevin Liffey) Next In Business News Britain-based banks moving to Europe may get easier entry, ECB says FRANKFURT Banks looking to move from Britain to the euro zone after Brexit may be given an expedited entry, with supervisors willing to spare them from a lengthy initial test of their risk models, a top European Central Bank official said on Wednesday. UK economy growing solidly despite inflation hit - BoE report LONDON Britain''s economy looks set to defy a slowdown again this year as the country moves closer to leaving the European Union, with the hit to shoppers from surging inflation partly offset by more investment and exports, a Bank of England report suggested. Barclays MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-basf-genericpesticides-idUKKBN16T1YD'|'2017-03-22T22:00:00.000+02:00'|1948.0|''|-1.0|'' 1949|'16cea624e822e3e621f306ddd81a42aecd7fa742'|'Goldman Sachs to move hundreds of staff out of London due to Brexit - Business'|'Goldman Sachs is to start moving hundreds of staff out of London before a Brexit deal is struck, the banks European boss has confirmed.Richard Gnodde, chief executive of Goldman Sachs International, said on Tuesday the decision to relocate staff was part of the banks contingency plan for the UK leaving the EU. We are going to start to execute on those contingency plans, he told CNBC.Gnodde said the bank, which currently employs 6,000 staff in London, would take extra office space in Frankfurt and Paris . Speaking a week before Theresa May will formally being the UKs exit from the EU by triggering article 50, Gnodde said: We start with a significant European footprint, we are licensed with banks in Germany and in France.Over the next 18 months or so we are going to upgrade those facilities, well be take extra space in a number of them and be increasing our headcount and infrastructure around those facilities, said Gnodde.He s aid the numbers involved were in the hundreds of people as opposed to anything much greater than that.Gnodde added that no final decisions had yet been made about how many staff would eventually work in which locations. This is all in the context of continency planning, he said. What our eventual footprint will look like will depend on the outcome of [the Brexit] negotiations and what we are obliged to do because of them.In January, the bank was the subject of speculation it could shift half of its 6,000-strong workforce out of London , with 1,000 of the jobs relocated to Frankfurt.At the time Goldman insisted no decisions had been made and on Tuesday Gnodde did not indicate which of the EU hubs might be the greatest beneficiary of any moves out of London. Goldman currently has some 200 staff in Frankfurt and about 100 in Paris.He said: Whatever the outcome [of the Brexit talks], London will remain for us a very significant regional hub and a significant global hub. London will remain a very significant important centre.Other banks have also warned that roles will have to go as a result of Brexit. HSBCboss Stuart Gulliver has said that 1,000 roles will move to Paris in about two years time, when Brexit becomes effective. Swiss bank UBS has acknowledged that 1,000 of its 5,000 staff could shift, possibly to Frankfurt or Madrid. US bank JP Morgan hassaid that 4,000 UK jobs are at risk . Estimates of the impact of Brexit on the City vary widely. Xavier Rolet, chief executive of the London Stock Exchange, has warned that 230,000 finance jobs could disappear while Mark Carney, governor of the bank of England, has played down the risks. He described the City as Europes investment banker and said European economies could be damaged if their access is disrupted after Britain leaves the EU. Goldman Sachs chief executive, Lloyd Blankfein, admitted in January that the bank was holding back from moving new activities into London, as had been previously planned. However, the bank is continuing to press on with building its new nine-storey London HQ, with the aim of moving in in 2019. The bank could take all the floors or subletto tenants. Topics Goldman Sachs Banking Financial sector EU referendum and Brexit European Union news '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/mar/21/goldman-sachs-staff-london-brexit-frankfurt-paris'|'2017-03-22T00:26:00.000+02:00'|1949.0|''|-1.0|'' -1950|'b17ea6aa716a7fdacd2264c02ce9930ee2de101f'|'German government worried a ''hard Brexit'' would cause market turbulence - report'|' 1:59am BST German government worried a ''hard Brexit'' would cause market turbulence - report German, British and European Union flags fly in front of the Reichstag building in Berlin, Germany July 20, 2016. REUTERS/Hannibal Hanschke/File Photo BERLIN The German Finance Ministry is worried there will be turbulence on the financial markets if there is a ''hard Brexit'', a German newspaper reported on Monday - two days before Britain triggers divorce proceedings with the European Union. Handelsblatt daily cited a risk analysis from the Finance Ministry as saying that if Britain and the EU do not strike a deal about Britain''s exit in time, it could threaten the stability of financial markets. The ministry is also worried that the two-year negotiation period between Britain and the EU will not suffice to conclude a free trade deal with Britain and that would mean there are "significant" risks for the financial markets, it said. For that reason, there should be interim solutions, said the analysis, which talked about "phasing out". An abrupt exit could "trigger dislocations", with British banks no longer able to offer their services in the EU and banks in the EU finding they no longer have access to the financial centre in London, the report said. That would result in "grave economic and systemic consequences" for Europe, the newspaper added. It said that Germany had a strong interest in having an "integrated financial market" with Britain but for that London would need to fulfil conditions such as accepting the EU''s basic freedoms as well as strict regulatory standards. The German government is taking a tough line on the EU budget and wants Britain to promise, at the start of negotiations, that it will meet all of its obligations, including after quitting the EU, and Britain should pay to have access to the European Single Market, the newspaper said. (Reporting by Michelle Martin; Editing by Ken Ferris) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-germany-idUKKBN16Y26U'|'2017-03-28T08:59:00.000+03:00'|1950.0|''|-1.0|'' +1950|'b17ea6aa716a7fdacd2264c02ce9930ee2de101f'|'German government worried a ''hard Brexit'' would cause market turbulence - report'|' 1:59am BST German government worried a ''hard Brexit'' would cause market turbulence - report German, British and European Union flags fly in front of the Reichstag building in Berlin, Germany July 20, 2016. REUTERS/Hannibal Hanschke/File Photo BERLIN The German Finance Ministry is worried there will be turbulence on the financial markets if there is a ''hard Brexit'', a German newspaper reported on Monday - two days before Britain triggers divorce proceedings with the European Union. Handelsblatt daily cited a risk analysis from the Finance Ministry as saying that if Britain and the EU do not strike a deal about Britain''s exit in time, it could threaten the stability of financial markets. The ministry is also worried that the two-year negotiation period between Britain and the EU will not suffice to conclude a free trade deal with Britain and that would mean there are "significant" risks for the financial markets, it said. For that reason, there should be interim solutions, said the analysis, which talked about "phasing out". An abrupt exit could "trigger dislocations", with British banks no longer able to offer their services in the EU and banks in the EU finding they no longer have access to the financial centre in London, the report said. That would result in "grave economic and systemic consequences" for Europe, the newspaper added. It said that Germany had a strong interest in having an "integrated financial market" with Britain but for that London would need to fulfil conditions such as accepting the EU''s basic freedoms as well as strict regulatory standards. The German government is taking a tough line on the EU budget and wants Britain to promise, at the start of negotiations, that it will meet all of its obligations, including after quitting the EU, and Britain should pay to have access to the European Single Market, the newspaper said. (Reporting by Michelle Martin; Editing by Ken Ferris) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-germany-idUKKBN16Y26U'|'2017-03-28T08:59:00.000+03:00'|1950.0|6.0|0.0|'' 1951|'39e2f6bdecd9111104f2d6a8abf200b730d3b892'|'Tesla''s Musk discusses energy proposal with South Australian government'|'Sat Mar 11, 2017 - 7:12am GMT Tesla''s Musk discusses energy proposal with South Australian government left right FILE PHOTO: Tesla Chief Executive, Elon Musk enters the lobby of Trump Tower in Manhattan, New York, U.S., January 6, 2017. REUTERS/Shannon Stapleton/File Photo 1/2 left right FILE PHOTO: A Tesla logo hangs on a building outside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson/File Photo 2/2 By Harry Pearl - SYDNEY SYDNEY Tesla Inc boss Elon Musk spoke with the premier of South Australia on Saturday after the tech entrepreneur offered to install $25 million of battery storage within 100 days to prevent recurring blackouts that have disrupted the state. The proposal follows a string of power outages, including a blackout that left industry crippled for up to two weeks and stoked fears of more outages across the national electricity market due to tight supplies. "Just spoke with Premier of South Australia (Jay Weatherill). Very impressed. Govt is clearly committed to a smart, quick solution," Musk wrote on Twitter on Saturday. Weatherill said in a statement on Saturday the conversation about the battery proposal was "positive". Musk made the offer on Twitter on Friday, saying if the work was not completed in 100 days it would be free. His proposal made headlines in Australia, which is in the midst of a heated debate about the national electricity market and energy security. Musk proposed the battery storage fix in response to a comment on social media by Mike Cannon-Brookes, the co-founder of Australian software maker Atlassian Corp. Cannon-Brookes said he would be willing to line up funding and political support if Tesla could supply batteries that would solve South Australia''s problems. Musk responded by tweeting: "Tesla will get the system installed and working 100 days from contract signature or it is free. That serious enough for you?" He quoted a price of $250 per kilowatt hour for 100 megawatt hour systems, which would imply a price of $25 million for the battery packs. (Reporting by Harry Pearl; Editing by Sam Holmes) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-australia-power-tesla-idUKKBN16I06J'|'2017-03-11T14:04:00.000+02:00'|1951.0|''|-1.0|'' 1952|'e0de2a41ddc0f8d72a06d49b45a020eb02fbf39d'|'Jack Ma to launch Alibaba''s regional distribution hub in Malaysia: sources'|'By Liz Lee - KUALA LUMPUR KUALA LUMPUR Chinese e-commerce giant Alibaba Group Holding Limited plans to set up a regional distribution hub in Malaysia to cater to its fast-growing business in the region, two sources aware of the discussions said.The hub would be sited within KLIA Aeropolis, a 24,700-acre development led by airport operator Malaysia Airports Holdings Bhd (MAHB) that is expected to generate more than 7 billion ringgit ($1.58 billion) worth of domestic and foreign investments.Alibaba executive chairman Jack Ma and Malaysian Prime Minister Najib Razak are expected to announce the plans at an event in Kuala Lumpur next week, the sources said.The hub will be set up with the help of Malaysian state-linked agencies. It was not clear whether Alibaba would invest any funds in the project."Kuala Lumpur International Airport (KLIA) has existing facility for Alibaba Group to pilot their distribution services here, and if (Alibaba) decide to expand in the future, there is the option to build more on other (undeveloped) sites in KLIA Aeropolis," one source said.Alibaba and the Malaysian prime minister''s office did not respond immediately to requests for comment.Najib appointed Ma as his government''s digital economy adviser during an official trip to China in November.Malaysian media reported that Ma, whose Alibaba owns Chinese online shopping business Taobao, would help steer Malaysia''s e-economy development with the implementation of online payment and banking."Many people see Malaysia as an emerging hub next to Singapore. Malaysia may not be able to take all of Singapore''s business but it is a good choice (logistically)," one source said.This would mark Alibaba''s first investment in Malaysia. The company invested $1 billion last year to control Singapore-based e-commerce platform Lazada, Southeast Asia''s largest online shopping platform. It also increased its shareholding in Singapore Post to 14.4 percent from the 10.2 percent acquired in 2014 and bought a 20-percent stake in Thai e-payment service, Ascend Money.Ties between Malaysia and Beijing have blossomed in recent months with a surge of investments from China.China agreed to buy assets of troubled state fund 1MDB for $2.3 billion in December 2015.Najib returned from November''s Beijing visit with 14 agreements amounting to $34.4 billion, which included an agreement to buy four Chinese naval vessels and collaboration to build rail projects in Malaysia.Sources said the distribution hub would be part of Malaysia''s Digital Free Trade Zone (DFTZ), also slated to be launched during Ma''s visit next week."KLIA Aeropolis includes many components and the DFTZ is likely a new component to be added into the development," one source said.Plans to establish the DFTZ were announced in the national budget last October.(Reporting by Liz Lee; Additional reporting by Anshuman Daga in SINGAPORE and Adam Jourdan in SHANGHAI; Editing by Paul Tait)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-malaysia-alibaba-idINKBN16P041'|'2017-03-18T00:28:00.000+02:00'|1952.0|''|-1.0|'' 1953|'1da4c14364ada0c7abad8a514d3f5926c8863767'|'Alexion to cut 7 pct of workforce'|'Big Story 10 26pm EDT Alexion to cut 7 percent of workforce Alexion Pharmaceuticals Inc said on Monday it has initiated a company-wide restructuring that will affect about 7 percent of its workforce. The rare-disease drug maker, which has been looking to steady the ship following the exit of its top management, had 3,121 employees as of Dec. 31. Alexion''s chief executive and chief financial officer resigned in December after the board had lost confidence in them. "We are investing our resources in key growth drivers, including our portfolio of marketed products," the company said in an emailed statement. The U.S. biotech''s flagship drug, Soliris, has fueled much of the company''s growth, but slowing sales in recent quarters and looming competition have made investors jittery. (Reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-alexion-pharms-redundancies-idUSKBN16K2Q7'|'2017-03-14T05:17:00.000+02:00'|1953.0|''|-1.0|'' @@ -1995,7 +1995,7 @@ 1993|'09a9ddb0584c6afd0bd98dea2f531581e5c8c2d7'|'UPDATE 1-UK bank Shawbrook rejects improved $1 bln buyout proposal'|'(Adds details, background, results)March 7 British bank Shawbrook Group Plc said on Tuesday it had rejected an improved proposal be bought by two private equity firms for 825 million pounds ($1 billion).Shawbrook''s largest shareholder, Pollen Street Capital, together with BC Partners, have offered to buy Shawbrook for 330 pence per ordinary share in cash and allow shareholders to keep a final dividend of not more than 3 pence per share.The proposal, disclosed on Friday, is 22 percent above Shawbrook''s closing share price on Thursday.Shawbrook said on Tuesday it had rejected a 307 pence per share offer in January from the consortium but engaged in talks with the two private equity firms about a revised proposal."Taking into account the terms of the revised proposal, the confidence the board has in Shawbrook''s strategy and plan and the feedback from Shawbrook''s major institutional shareholders, the board has concluded that it is not willing to recommend the consortium''s revised proposal," Shawbrook said in a statement.Shawbrook is one of a number of so-called challenger banks in Britain that aim to break into a market dominated by traditional players such as HSBC, Lloyds, Barclays and RBS.However, bankers have said such groups are ripe for takeovers as low interest rates has squeezed earnings and the pound''s fall has made them cheaper for foreign buyers.Shawbrook reported on Tuesday a 14.1 percent rise in full-year underlying pretax profit to 91.4 million pounds, compared with a year earlier.The bank''s loans and advances to customers rose 22 percent to 4.05 billion pounds.($1 = 0.8183 pounds) (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/shawbrook-group-ma-idINL5N1GK18J'|'2017-03-07T04:39:00.000+02:00'|1993.0|''|-1.0|'' 1994|'515fb1ea7ae8daafc8bac6bfb47c40f7e5318f62'|'Smart condo conundrum: Talk to appliances, or text them?'|'Technology News - Sun Mar 12, 2017 - 7:44pm EDT Smart condo conundrum: Talk to appliances, or text them? left right CEO of Unified Inbox Toby Ruckert demonstrates how he uses his smartphone to control electrical appliances in a simulation software in Singapore March 3, 2017. REUTERS/Edgar Su 1/3 left right CEO of Unified Inbox Toby Ruckert demonstrates how he uses his smartphone to control electrical appliances in a simulation software in Singapore March 3, 2017. REUTERS/Edgar Su 2/3 left right CEO of Unified Inbox Toby Ruckert demonstrates how he uses his smartphone to control electrical appliances in a simulation software in Singapore March 3, 2017. REUTERS/Edgar Su 3/3 By Jeremy Wagstaff - SINGAPORE SINGAPORE In today''s so-called smart home, you can dim the lights, order more toothpaste or tell the kids to go to bed simply by talking to a small Wifi-connected speaker, such as Amazon''s ( AMZN.O ) Echo or Google''s ( GOOGL.O ) Home. This voice-first market - combining voice with artificial intelligence (AI) - barely existed in 2014. This year, Voice Labs, a consultancy, expects 24.5 million appliances to be shipped. Other big tech firms have their own plans: Apple ( AAPL.O ) is taking its Siri voice assistant beyond its mobile devices to PCs, cars, and the home; Baidu ( BIDU.O ) last month bought Raven, billed as China''s answer to Amazon''s Alexa intelligent personal assistant; and Samsung Electronics ( 005930.KS ) plans to incorporate Viv, its newly acquired virtual assistant, into its phones and home appliances. But not everyone thinks the future of communicating with the Internet of Things needs to be vocal. Facebook ( FB.O ) founder Mark Zuckerberg, for example, was working on Jarvis, his own voice-powered AI home automation, and found he preferred communicating by text because, he wrote, "mostly it feels less disturbing to people around me." And several major appliance makers have turned to a small Singapore firm, Unified Inbox, which offers a service that can handle ordinary text messages and pass them on to appliances. With your home added to the contacts list on, say, WhatsApp, a quick text message can "start the coffee machine"; "turn on the vacuum cleaner at 5 p.m."; or "preheat the oven to 200 degrees at 6.30 p.m." "Think of it as a universal translator between the languages that machines speak ... and us humans," said Toby Ruckert, a German former concert pianist and now Unified Inbox''s CEO. The company is just a small player, funded by private investors, but Ruckert says its technology is patent-backed, has been several years in the making, and has customers that include half of the world''s smart appliance makers, such as Bosch [ROBG.UL]. Unified Inbox connects the devices on behalf of the manufacturer, while the consumer can add their appliance by messaging its serial number to a special user account or phone number. It so far supports more than 20 of the most popular messaging apps, as well SMS and Twitter ( TWTR.N ), and controls appliances from ovens to kettles. Other home appliances being tested include locks, garage openers, window blinds, toasters and garden sprinklers, says Ruckert. "People aren''t going to want a different interface for all the different appliances in their home," says Jason Jameson, of IBM ( IBM.N ), which is pairing its Watson AI supercomputer with Unified Inbox to better understand user messages. They will this week demonstrate the service working with a Samsung Robot Cleaner. "The common denominator is the smartphone, and even more common is the messaging app," Jameson notes. "TROJAN HORSE" There''s another reason, Ruckert says, why more than half of the world''s smart appliance manufacturers have signed up. They''re worried the big tech companies'' one-appliance-controls-all approach will relegate them to commodity players, connecting to Alexa or another dominant platform, or being cast aside if Amazon moves into making its own household appliances. "Our customers are quite afraid of the likes of Amazon," Ruckert said. "Having a Trojan horse in a customer''s home, like Echo, that they must integrate with to stay competitive is a nightmare for them." An Amazon spokesperson said the company was "excited by the early response by smart home device manufacturers and even more excited by the customer response," but declined to speculate about future plans. A spokesperson for Bosch said no single company can knit the Internet of Things together, so "there is a need to collaborate and establish ecosystems," such as working with Unified Inbox. Already the race is on to incorporate other services into these home hubs. Amazon allows third parties to develop apps, or "skills", for Alexa. It has more than 10,000 of these, with many added in just the past three months. Most are developed by firms using Amazon''s software toolkit, and range from telling jokes to ordering food. And Amazon makes it easy for other hardware makers to incorporate Alexa into their appliances, increasing its reach. Chinese device maker Lenovo ( 0992.HK ) has embedded Alexa in its speakers, while General Electric ( GE.N ) has it in a lamp - meaning users can control these devices by voice, and use them to order products from Amazon. LG Electronics ( 066570.KS ) and Huawei are also working on Alexa-enabled devices, Amazon said. Text messaging, though, may yet break down those walls. As Zuckerberg noted, the volume of text messages is growing much faster than the number of voice calls. "This suggests that future AI products cannot be solely focused on voice, and will need a private messaging interface as well," he says. EVEN SMARTER Some companies are already looking further ahead, and doing away with the need for any human instruction - whether by voice or text - by making machines smarter at learning our habits and anticipating them. LG, for example, is using deep learning to make its appliances understand and avoid objects in a room, or fill an ice-tray based on a user''s cold drink habits. At Unified Inbox, Ruckert looks ahead to being able to communicate not only with one''s own appliances, but with machines elsewhere. Bosch executives in Singapore, for example, have demonstrated how a user could ask a smart CCTV camera how many people were in a particular room. Ruckert is also working with Singapore''s Nanyang Polytechnic to send updates to family members or staff direct from hospital equipment attached to patients. And smart appliance entrepreneur James Dyson said in a recent interview that the future lies in what he calls "highly intelligent automation". "For me, the future is making everything happen for you without you being particularly involved in it." For a graphic on How Unification Engine works, click here (Reporting by Jeremy Wagstaff; Editing by Ian Geoghegan) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-tech-iot-messaging-idUSKBN16J116'|'2017-03-13T06:44:00.000+02:00'|1994.0|''|-1.0|'' 1995|'7132072fc1510c5056c3b9e529d3b7d79beaebdc'|'German gummy bear maker Haribo plans to produce candy in U.S.'|' 42pm GMT German gummy bear maker Haribo plans to produce candy in U.S. Picture shows jelly babies (Gummibaerchen) made by the German manufacturer Haribo in Dortmund August 25, 2013. Ina Fassbender / Reuters BERLIN German candymaker Haribo, famous for its fruit-flavoured gummy bears, plans to build its first production facility in the United States and start making confectionery there from 2020. Family-owned Haribo, which employs 7,000 people worldwide at 16 sites in ten countries, said on Thursday it has decided to acquire property in Wisconsin for the factory. Haribo, a model of Germany''s successful "Mittelstand" firms which make up the backbone of Europe''s largest economy, was founded in 1920. It gave Germany one of its most famous advertising slogans, promising to make kids and adults happy. Expansion in the U.S. pits the Bonn-based company against North America''s top candymakers, including Mars Chocolate, Mondelez International ( MDLZ.O ) and Hershey Foods Corp. "Haribo of America is the fastest-growing candymaker in the U.S.," Hans Guido Riegel, Haribo''s managing partner said in an emailed statement. "That is why the step to start with local production from 2020 is important to us," Riegel said, adding the firm has been looking for a U.S. manufacturing site for several years. (Reporting by Andreas Cremer and Matthias Inverardi. Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-haribo-usa-idUKKBN16U2MX'|'2017-03-24T01:42:00.000+02:00'|1995.0|''|-1.0|'' -1996|'f224067ae22b8cac22be52235ba0040ef6a412fc'|'Homes with balconies in pictures - Money'|'Homes with balconies in pictures View more sharing options Share Close Wherefore art those properties perfect for acting out Romeo and Juliet? Why, in Chester, Hove and Morpeth Anna Tims Friday 3 March 2017 23.45 GMT Chester, Cheshire The development of an old lead works is built around one of three surviving shot towers, once used for making lead shot. This three-bedroom, glass-walled duplex has a balcony overlooking the canal. However, you have to wait till spring next year before you can move in. Guide price: 400,000. Savills , 01244 323232 Facebook Twitter Pinterest Morpeth, Northumberland The two balconies off the master suite, living room and kitchen overlook the River Wansbeck, on which you have fishing rights. Theres magazine-style glamour in the large, wood-floored interior. The master suite is on the ground floor away from the other three bedrooms. Guide price: 520,000. Sanderson Young , 0191 213 0033 Facebook Twitter Pinterest Hove, East Sussex From the balcony you can gaze across the English Channel, while this Regency flat boasts high ceilings, bay window and ornate plasterwork. Theres only one bedroom and the original fireplace has been lost. Price: 375,000. Hamptons , 01273 803 191 Facebook Twitter Pinterest Homes Snooping around Property Fishing holidays'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/mar/03/homes-with-balconies-in-pictures'|'2017-03-04T06:45:00.000+02:00'|1996.0|''|-1.0|'' +1996|'f224067ae22b8cac22be52235ba0040ef6a412fc'|'Homes with balconies in pictures - Money'|'Homes with balconies in pictures View more sharing options Share Close Wherefore art those properties perfect for acting out Romeo and Juliet? Why, in Chester, Hove and Morpeth Anna Tims Friday 3 March 2017 23.45 GMT Chester, Cheshire The development of an old lead works is built around one of three surviving shot towers, once used for making lead shot. This three-bedroom, glass-walled duplex has a balcony overlooking the canal. However, you have to wait till spring next year before you can move in. Guide price: 400,000. Savills , 01244 323232 Facebook Twitter Pinterest Morpeth, Northumberland The two balconies off the master suite, living room and kitchen overlook the River Wansbeck, on which you have fishing rights. Theres magazine-style glamour in the large, wood-floored interior. The master suite is on the ground floor away from the other three bedrooms. Guide price: 520,000. Sanderson Young , 0191 213 0033 Facebook Twitter Pinterest Hove, East Sussex From the balcony you can gaze across the English Channel, while this Regency flat boasts high ceilings, bay window and ornate plasterwork. Theres only one bedroom and the original fireplace has been lost. Price: 375,000. Hamptons , 01273 803 191 Facebook Twitter Pinterest Homes Snooping around Property Fishing holidays'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/mar/03/homes-with-balconies-in-pictures'|'2017-03-04T06:45:00.000+02:00'|1996.0|12.0|0.0|'' 1997|'57a056d5748eff10d663df7736a23703f62e805a'|'Bankers await Intesas 5.2billion loan for Rosneft buy'|' 4:50pm BST Bankers await Intesas 5.2billion loan for Rosneft buy FILE PHOTO: The company logo of Rosneft is seen outside a service station in Moscow, Russia, November 12, 2013. REUTERS/Maxim Shemetov/File Photo By Sandrine Bradley - LONDON LONDON Syndicated loan bankers are still waiting for details of a 5.2bn (4.43 billion pounds) loan that has been underwritten by Intesa Sanpaolo and finances the purchase of a 19.5% stake in Russian energy giant Rosneft ( ROSN.MM ), banking sources said. To syndicate the loan, Intesa ( ISP.MI ) will have to give banks full details of the facility to allow lenders to get internal credit approvals as Russia is still subject to economic sanctions. Sovereign wealth fund Qatar Investment Authority and oil trading company Glencore ( GLEN.L ) bought the stake for 10.5bn in December in one of the biggest transfers of Russian state assets into private hands since the 1990s. QIA and Glencore provided 2.8bn and Intesa, Italy''s biggest retail bank, provided a loan for the bulk of the purchase price, Reuters reported on January 17. It remains unclear how the balance of 2.2bn was financed. Antonio Fallico, chairman of Banca Intesa Russia, told Reuters in February that it was talking to 14 banks to syndicate the loan with the aim of choosing two to three banks to take up 2.5bn-3bn. Intesa initially held talks with lenders after the acquisition was announced, but further details have not been forthcoming and bankers are questioning whether the deal will now be syndicated. Intesa said they would launch the deal when the time is right when is that? one banker said. Intesa Sanpaolo declined to comment. The Italian government approved the 5.2bn loan on March 20. The deal was subject to regulatory scrutiny due to the size of the loan and its potential for entanglement in EU sanctions on Russia. Rosneft, its boss Igor Sechin and Russias main state banks are all subject to sanctions imposed after Russias annexation of Crimea from Ukraine in 2014. Europe''s top court on Tuesday upheld EU sanctions on Russia, including Rosneft. Intesa could chose not to syndicate the loan and keep it on its balance sheet, bankers said, adding that a fully underwritten loan of this size would be challenging for any bank to hold, given the banking industrys constraints on capital, bankers said. Its a huge amount to take and hold I havent seen any fully underwritten loans like this which havent then gone out to syndication banks are encouraged to do this. I thought it would be done and dusted by now, a third banker said. Bankers contacted Intesa and parent bank IMI for more information after Fallicos statement in February, but none has been forthcoming and lenders are wondering whether to release resources that have been reserved for the deal. The longer they leave it, the less appetite there will be - we need to see the nuts and bolts of the deal before the heat goes out of it, the third banker said. Time may not be pressing for Intesa, which received a 19.5% stake in Rosneft as collateral for the loan on January 3, according to Reuters, and in February Fallico told Reuters that there was no rush in closing the syndication. (Additional reporting by Stephen Jewkes in Milan. Editing by Tessa Walsh) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rosneft-loans-idUKKBN17228F'|'2017-03-31T23:50:00.000+03:00'|1997.0|''|-1.0|'' 1998|'40d6b2962ad44c4919e355f982c9a50112a1e262'|'Brussels hopes to reap further Brexit rewards after luring Lloyd''s'|'Big Story 10 - Thu Mar 30, 2017 - 5:11am EDT Brussels hopes to reap further Brexit rewards after luring Lloyd''s By Robert-Jan Bartunek - BRUSSELS BRUSSELS Brussels expects to lure other financial players after convincing Lloyd''s of London, the world''s largest specialty insurance market, to make the city its post-Brexit European hub. While Lloyd''s choice on Thursday surprised some, lower rental prices and its proximity to Britain could help other financial firms choose the multilingual home of the European Union over Dublin, Frankfurt, Paris and Luxembourg. [L5N1H71H8] Lloyd''s is expected to move fewer than 100 people, but other insurers needing an EU subsidiary to keep access to the single market after Britain leaves the bloc may follow. Lloyd''s has long been a magnet for insurance underwriters, most of which are clustered around its landmark building in the City of London. "From our contacts with consultancy firms we have learned that several companies are interested in Belgium," a spokeswoman for Belgium''s financial sector federation Febelfin said, without specifying which companies or sectors had expressed an interest. Brussels suffered as a banking center during the financial crisis in which its three largest banks required state-led bailouts from which only one has really recovered and employment in Belgium''s financial sector has been in steady decline, shrinking some 20 percent since 2007. Fortis, once one of Europe''s largest banks, now only exists as a pared-down insurer, Ageas, after its banking operations were sold to France''s BNP Paribas. Dexia, once the world''s largest lender to municipalities, is being wound down, with Belgium, France and Luxembourg guaranteeing 71 billion euros ($77 billion) of the group''s borrowings. Nevertheless, Belgium still hosts the headquarters of payment messaging provider Swift and clearing house Euroclear and some 82 banks have an office in the country. Being in the vicinity of European institutions also allows for easy access to high-level decision makers. For employees cosmopolitan Brussels offers rents which are about a third of those in London, high-speed rail services reaching the UK capital in less than two hours and good food. "What people really like here is the international community that definitely is the number one reason to come here," Edgar Hutte of the Brussels Expat Club, which helps new arrivals settle in, said. The negatives include hefty income taxes, among the highest in the OECD group of developed countries, bureaucratic red tape and world record traffic jams. ($1 = 0.9264 euros) (Editing by Philip Blenkinsop and Alexander Smith) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-eu-lloydsoflondon-brussels-idUSKBN1710ZA'|'2017-03-30T17:06:00.000+03:00'|1998.0|''|-1.0|'' 1999|'39240c9be49eee85d2f3902dc64723641c8881e8'|'Treasury''s Mnuchin to ''push hard'' for U.S. interests at G20 - official'|'WASHINGTON U.S. Treasury Secretary Steven Mnuchin will be "pushing hard" to advance U.S. interests in his first meeting with international counterparts this week, including reaffirming commitments to avoid competitive currency devaluations, a senior Treasury official said on Monday.Mnuchin, who will attend a meeting of finance ministers and central bank governors from the Group of 20 major economies on Friday and Saturday in Germany, will also press countries to use all available tools to strengthen global growth, the official told reporters."The G20 can play a helpful role in advancing U.S. interests. The secretary will be pushing hard to make that come to pass, whether it''s on macroeconomic policies, exchange rate policies etcetera," the official said.(Reporting by David Lawder; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/g20-usa-idINKBN16K2MO'|'2017-03-13T18:28:00.000+02:00'|1999.0|''|-1.0|'' @@ -2063,7 +2063,7 @@ 2061|'eaa1b594d937e0d59c45263308433a3a7444c41e'|'Intel bets on selling Mobileye data, with maps a first test'|' 3:00pm GMT Intel bets on selling Mobileye data, with maps a first test left right The logo Israeli driverless technology firm Mobileye is seen on the building of their offices in Jerusalem March 13, 2017. REUTERS/Ronen Zvulun 1/2 left right FILE PHOTO -People walk under Intel logo at Mobile World Congress in Barcelona, Spain, on February 27, 2017. REUTERS/Paul Hanna/File Photo 2/2 By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO To understand Intel''s $15.3 billion (12.6 billion pounds) proposed acquisition of Israel''s Mobileye, imagine the data created and compiled by a self-driving car scanning the road and objects around it as a potential source of revenue. That data, says Intel Corp ( INTC.O ) Chief Executive Brian Krzanich, is the key to the deal, and may see its first tangible revenue stream through mapping technology. Self-driving car data could bring in $450-$750 billion globally by 2030, according to McKinsey & Company, with such wide-reaching applications as shopping inside cars, vehicles as entertainment centres, or better city planning based on data. "Tech firms are hunting for ever more data. Miles = data," wrote Morgan Stanley analyst Adam Jonas in a note on Monday to clients after Intel announced the deal. To be sure, before self-driving cars dominate the road, unresolved debates over who owns the data, how it can be shared and whether drivers can opt out over privacy concerns need to be ironed out. It is also too early to gauge whether Mobileye will win a data race that has barely begun. Still, Mobileye says it has 80 percent of the market of advanced driver assistance systems (ADAS) that can automatically apply brakes or keep a car in its lane, and Intel sees that as a start. "That definitely helps fill the revenue opportunity for the next few years while the industry and carmakers move to full automation," Kathy Winter, general manager of Intel''s automated driving unit, told Reuters. "When we look forward, everything we do together will be learning from the data coming off these vehicles." Mobileye is working on its first commercial map application, Road Experience Management (REM), which feeds data about a vehicle''s surroundings into a system that updates existing maps in real time. Mobileye already has deals with BMW and Volkswagen ( VOWG_p.DE ), which mean those carmakers'' vehicles can help source the data beginning in 2018, and share in the revenue. Intel already owns 15 percent of HERE, a digital map consortium made up of Germany''s automakers, which makes the high-definition maps that are updated by Mobileye''s REM. Given there are already 15 million cars with its cameras on the road, Mobileye has "significant early mover advantage" in the high definition mapping space, Jefferies analyst David Kelley wrote to investors last month. "This purchase validates that this data layer is valuable," Stefan Heck, the CEO of Nauto, a Silicon Valley start-up also using a car vision system to collect and process data, told Reuters. Needham and Co, which sees a total ADAS market of $8.5 billion by 2022, surmised mapping data could be paid per mile by an autonomous car provider, while real-time data on traffic, hazards, or parking spots could be sold to mapping companies. PLAYING CATCH-UP? Given the expense and complicated nature of autonomous driving systems, most carmakers rely heavily on suppliers like Mobileye for key technology. Tesla Inc ( TSLA.O ), however, once a buyer of Mobileye''s camera system, has developed an in-house integrated vision-based system more reliant on radar than cameras, part of its push to be less reliant on suppliers. Traditional suppliers like Germany''s Continental ( CONG.DE ) or Sweden''s AutoLiv ( ALV.N ), who have steered clear of the advanced navigation systems inside cars, may be too late to play "catch-up" to Intel, said Evercore''s Chris McNally in a note. One issue still to be hammered out is who owns the data a self-driving car collects and whether the passenger has a privacy right. While drivers may not be spooked by access to their aggregated mapping and navigation data, they may balk at sharing personal data and preferences, McKinsey wrote last year. Some data deserves to be shared, Winter argued in a February blog. "Every autonomous car out there shouldn''t have to find the same pothole and log it," she wrote. (Reporting By Alexandria Sage; editing by Peter Henderson, Bernard Orr) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-intel-mobileye-data-idUKKBN16M0DV'|'2017-03-15T22:00:00.000+02:00'|2061.0|''|-1.0|'' 2062|'56bad91fec2b58cebc4eabc43f701ba683cbc395'|'Barclays aims for bigger share of euro clearing business in Middle East'|'Foreign Exchange Analysis 2:45pm GMT Barclays A Barclays sign is seen outside a branch of the bank in London, Britain, February 23, 2017. REUTERS/Stefan Wermuth By Tom Arnold and Saeed Azhar - DUBAI Barclays is already one of the largest clearers of transactions in sterling and has stepped up efforts in euro clearing in the past few years. "It is about gaining market share in the euro clearing right now," KP Sunil Rao, director of the financial institutions group in MENA, said. "We are in lower double digit. I think it could increase to 25 percent market share, hopefully in the next three years." Rao also said the bank had reassured clients in the region that the bank would retain the capacity to clear euros after Brexit. In Britain, there is uncertainty over whether London will be able to clear euros after Brexit but big British banks like Barclays will continue to be able to clear euros through their offices in the euro zone. Clearing is the process of settling transactions between banks and is big business for large global lenders. Barclays'' share of the sterling clearing business within its targeted countries in MENA has risen to 40 percent from 9 percent in 2009, a time when some other British banks such as Royal Bank of Scotland and Lloyds Banking Group have scaled back in the region. Some international banks have cut correspondent banking ties to lenders in the region as they seek to shed risks. "We have 40 percent of the market share for sterling clearing and our market share for euro clearing is growing, so we have not backed away from this region," David Scola, global head of financial institutions at Barclays, said. Barclays last year trimmed nearly 150 staff from its corporate banking arm in Dubai as part of a wide-ranging restructuring following the appointment of Jes Staley as chief executive in December 2015. (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-barclays-forex-idUKKBN16T1X2'|'2017-03-22T21:45:00.000+02:00'|2062.0|''|-1.0|'' 2063|'f760fbbe6bf12356f013abbb57ba3eed35a5b13b'|'U.S. says Walt Disney subsidiaries to pay $3.8 mln in back wages'|'U.S. 28pm EDT U.S. says Walt Disney subsidiaries to pay $3.8 million in back wages A part of the signage at the main gate of The Walt Disney Co. is pictured in Burbank, California, May 7, 2012. REUTERS/Fred Prouser WASHINGTON Two Florida subsidiaries of Walt Disney Co have agreed to provide $3.8 million in back wages to comply with federal law, the U.S. Labor Department said in a statement on Friday. The wages will be paid to 16,339 employees at the two units -- the Disney Vacation Club Management Corp and the Walt Disney Parks and Resorts U.S. Inc -- after U.S. officials found violations regarding minimum wage, overtime and record-keeping, the department said. (Reporting by Susan Heavey; editing by Diane Craft) Next In U.S. Trump ramps up fight for votes on U.S. healthcare overhaul WASHINGTON U.S. President Donald Trump on Friday stepped up his fight for support on Republicans'' plan to dismantle Obamacare, wooing some conservative lawmakers at the White House ahead of an expected vote on the legislation in the House of Representatives next week.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-walt-disney-usa-labor-idUSKBN16O2CG'|'2017-03-18T00:22:00.000+02:00'|2063.0|''|-1.0|'' -2064|'2920bc52ffad2c28ea8d4e37998a964be9ceeaba'|'EBA''s Enria confident of agreement on bank models soon'|' 35am GMT EBA''s Enria confident of agreement on bank models soon Chairperson of European Banking Authority (EBA) Andrea Enria attends a debate with the European Parliament''s Economic and Monetary Affairs Committee in Brussels, Belgium September 26, 2016. REUTERS/Yves Herman FRANKFURT Europe''s top bank regulator expects a global agreement "soon" over the models that large banks use to measure risk, the main hurdle to finalising global rules designed to avoid a repeat of the 2008 financial crisis, he said on Wednesday. "Weve done a lot of work (on internal models), were very close to an agreement and Im confident well get there soon," Andrea Enria, the chairman of the European Banking authority, said at an event in Frankfurt. (Reporting by Francesco Canepa; Editing by Alison Williams) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-banks-regulation-idUKKBN16T1CA'|'2017-03-22T18:35:00.000+02:00'|2064.0|''|-1.0|'' +2064|'2920bc52ffad2c28ea8d4e37998a964be9ceeaba'|'EBA''s Enria confident of agreement on bank models soon'|' 35am GMT EBA''s Enria confident of agreement on bank models soon Chairperson of European Banking Authority (EBA) Andrea Enria attends a debate with the European Parliament''s Economic and Monetary Affairs Committee in Brussels, Belgium September 26, 2016. REUTERS/Yves Herman FRANKFURT Europe''s top bank regulator expects a global agreement "soon" over the models that large banks use to measure risk, the main hurdle to finalising global rules designed to avoid a repeat of the 2008 financial crisis, he said on Wednesday. "Weve done a lot of work (on internal models), were very close to an agreement and Im confident well get there soon," Andrea Enria, the chairman of the European Banking authority, said at an event in Frankfurt. (Reporting by Francesco Canepa; Editing by Alison Williams) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-banks-regulation-idUKKBN16T1CA'|'2017-03-22T18:35:00.000+02:00'|2064.0|13.0|0.0|'' 2065|'68fb6e90bd4a01084aff3ab34b6de95056ec9ae9'|'Domino''s feels the heat as Pizza Hut takes a slice out of sales - Business'|'Dominos Pizza suffered a sharp slowdown in sales growth in early 2017 as rival Pizza Hut cut prices and consumers reined in spending.David Wild, the Dominos chief executive, said Pizza Hut was very aggressive in January and that consumers were more cautious about spending.Looking forward, the UK consumer environment is more difficult, he said. Our research tells us that customers are worried about rising prices. Theyre not worried about job security but they are worried about prices.Over the first nine weeks of the year, sales growth at Dominos stores open for more than a year dropped to 1.5%, down from 10.5% in the same period a year earlier.Wild added that consumer have seen things like petrol rise in price, theyre reading in the newspaper that food and energy prices are going up, and theyre factoring that into spending.He said that Dominos could gain from that because it sits neatly in the middle and could gain from customers opting for a takeaway rather than eating out. This is a more value-conscious environment, he added.Family finances are expected to come under increasing pressure in 2017 from rising inflation and weak wage growth .Investors lost their appetite for Dominos Pizza on Thursday, with shares plunging 16%. Wild played down the large share price fall, saying shares had performed well over the past two weeks. Share prices go up and down, he said. I think weve got to be careful about getting carried away by a very short period, just nine weeks.Facebook Twitter Pinterest Dominos chief David Wild says consumers are getting spooked by rising prices. Photograph: Newscast / Alamy/Alamy City analysts at N+1 Singer said a number of factors were behind the slowdown. We understand this reflects a combination of heightened competition from Pizza Hut, market softness and [Dominos] winter survival promotion campaign being relatively unsuccessful, they wrote in a research note.Sales growth also slowed over 2016 as a whole, to 7.5% on a like-for-like basis, from 11.7% in 2015. Total sales were up 14.5% at just over 1bn.Wild said the business would continue to grow through expansion both in the UK and abroad. The company expects to open at least 80 new outlets in the UK in 2017, creating up to 3,000 new jobs.Dominos also announced the purchase of Dolly Dimples, Norways third largest pizza company, for 4m. Dolly Dimples 42 stores will be integrated into Dominos startup venture in Norway, where it has 12 stores.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/09/dominos-feels-heat-pizza-hut-slice-sales'|'2017-03-09T02:00:00.000+02:00'|2065.0|''|-1.0|'' 2066|'bb5f64eac423d2dc24d3ec3eaf1a9f0eb8d74dd9'|'UPDATE 1-Several states jointly sue to block Trump''s revised travel ban'|'(Rewrites with details on legal arguments)By Mica RosenbergMarch 13 A group of states renewed their effort on Monday to block President Donald Trump''s revised temporary ban on refugees and travelers from several Muslim-majority countries, arguing that his executive order is the same as the first one that was halted by federal courts.Court papers filed by the state of Washington and joined by California, Maryland, Massachusetts, New York and Oregon asked a judge to stop the March 6 order from taking effect on Thursday.An amended complaint said the order was similar to the original Jan. 27 directive because it "will cause severe and immediate harms to the States, including our residents, our colleges and universities, our healthcare providers, and our businesses."A Department of Justice spokeswoman said it was reviewing the complaint and would respond to the court.A more sweeping ban implemented hastily in January caused chaos and protests at airports. The March order by contrast gave 10 days'' notice to travelers and immigration officials.Last month, U.S. District Judge James Robart in Seattle halted the first travel ban after Washington state sued, claiming the order was discriminatory and violated the U.S. Constitution. Robarts order was upheld by the 9th U.S. Circuit Court of Appeals.Trump revised his order to overcome some of the legal hurdles by including exemptions for legal permanent residents and existing visa holders and taking Iraq off the list of countries covered. The new order still halts citizens of Iran, Libya, Syria, Somalia, Sudan and Yemen from entering the United States for 90 days but has explicit waivers for various categories of immigrants with ties to the country.Refugees are still barred for 120 days, but the new order removed an indefinite ban on all refugees from Syria.Washington state has now gone back to Robart to ask him to apply his emergency halt to the new ban.Robart said in a court order Monday that the government has until Tuesday to respond to the states'' motions. He said he would not hold a hearing before Wednesday and did not commit to a specific date to hear arguments from both sides.PROVING HARMSeparately, Hawaii has also sued over the new ban. The island state, which is heavily dependent on tourism, said the executive order has had a "chilling effect" on travel revenues.In response to Hawaii''s lawsuit, the Department of Justice in court papers filed on Monday said the president has broad authority to "restrict or suspend entry of any class of aliens when in the national interest." The department said the temporary suspensions will allow a review of the current screening process in an effort to protect against terrorist attacks.There is a hearing in the Hawaii case set for Wednesday, the day before the new ban is set to go into effect.The first hurdle for the lawsuits will be proving "standing," which means finding someone who has been harmed by the policy. With so many exemptions, legal experts have said it might be hard to find individuals who would have a right to sue, in the eyes of a court.To overcome this challenge, the states filed more than 70 declarations of people affected by the order including tech businesses Amazon and Expedia, which said that restricting travel hurts their revenues and their ability to recruit employees.Universities and medical centers that rely on foreign doctors also weighed in, as did religious organizations and individual residents, including U.S. citizens, with stories about separated families.But the Trump administration in its filings in the Hawaii case on Monday said the carve-outs in the new order undercut the state''s standing claims."The Order applies only to individuals outside the country who do not have a current visa, and even as to them, it sets forth robust waiver provisions," the Department of Justice''s motion said.The government cited Supreme Court precedent in arguing that people outside the United States and seeking admission for the first time have "no constitutional rights" regarding their applications.If the courts do end up ruling the states have standing to sue, the next step will be to argue that both versions of the executive order discriminate against Muslims."The Trump Administration may have changed the text of the now-discredited Muslim travel ban, but they didn''t change its unconstitutional intent and effect," California Attorney General Xavier Becerra said in a statement on Monday.While the text of the order does not mention Islam, the states claim that the motivation behind the policy is Trump''s campaign promise of "a total and complete shutdown of Muslims entering the United States." He later toned down that language and said he would implement a policy of "extreme vetting" of foreigners coming to the United States.The government said the courts should only look at the text of the order and not at outside comments by Trump or his aides. (Reporting by Mica Rosenberg in New York; Editing by Jonathan Oatis and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-immigration-idINL2N1GQ0YF'|'2017-03-13T17:23:00.000+02:00'|2066.0|''|-1.0|'' 2067|'3089f72a04d41eb3354e13abf7926ba7d01c5189'|'UK budget cold comfort for sterling, boosts building firms'|'By Patrick Graham - LONDON LONDON Britain''s 2017 budget gave some meagre support on Wednesday to domestic stock and currency markets suffering from nerves over its plans to leave the European Union and the fallout for increasingly hard-pressed consumers.While finance minister Philip Hammond announced a rise in official growth forecasts for this year and cut predicted rates of public debt from November estimates, it was not enough to turn either the pound or the FTSE index positive on the day.Britain''s construction & materials index hit a high for the day, up 0.3 percent, and shares in Costain Group rose 0.8 percent.But hampered by a bumper U.S. jobs number that boosted the dollar, the pound fell half a percent on the day against the greenback, hitting a seven-week low of $1.2139, and another 0.2 percent against the euro."Chancellor Hammonds budget has done little to ease the pressure on the pound, despite the improvements in growth and borrowing forecasts," said Jake Trask, a currency analyst with retail broker OFX.Strong consumer spending made Britain the second-fastest growing economy in the Group of Seven rich nations in 2016 and Hammond raised his forecast for growth this year to 2.0 percent from the 1.4 percent predicted last November.But markets are more concerned by signs that the 20 percent fall in the pound and worries over what is to come as the Brexit talks that get under way this month are finally having an impact on UK household spending.Sterling''s fall against the dollar and the basket that measures its broader strength was its eighth in the past nine days."Theres been some optimism over the upward revision to growth this year, and the lower budget deficit forecasts over the period is obviously favourable for the fundamental picture," said Lee Hardman, an economist with MUFG in London."But overall the main message is yes, that the budget deficit is coming in below their previous forecasts, but theyre choosing to save the improvement in the budget deficit rather than to spend those funds, so for the economy thats fairly neutral."Gilt yields hit a two-week high after official plans showed the government would sell more bonds than the market had expected, despite Hammond largely sticking to his existing fiscal plans.The Debt Management Office (DMO) said it intended to sell 115.1 billion pounds ($139.9 billion) of bonds in the 2017/18 financial year starting in April, down sharply from 146.5 billion pounds in the current year.That was still 5 billion pounds more for 2017/18 than primary dealers polled by Reuters had expected and 10-year gilt yields hit a two-week high of 1.251 percent."Market reaction was consistent with a mild disappointment," said RBC analysts Sam Hill and Vatsala Datta in a note after the budget."Going forward, we believe it is worth bearing in mind that a combination of 30 billion pound fall in gross issuance and a 10 billion pound increase in gilt redemptions will offset the impact of pause in QE to a large extent."(Additional reporting by Andy Bruce, Helen Reid, Jemima Kelly and Ritvik Carvalho; Editing by Nigel Stephenson, Alison Williams and Pritha Sarkar)Britain''s Chancellor of the Exchequer Philip Hammond stands outside 11 Downing Street before delivering his budget to the House of Commons in London, March 8, 2017. REUTERS/Stefan Wermuth'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-markets-idINKBN16F2EI'|'2017-03-08T15:24:00.000+02:00'|2067.0|''|-1.0|'' @@ -2115,7 +2115,7 @@ 2113|'0a60767dacbca1529692f3ffbf4773ed73bbf070'|'BoE to focus more on protecting insurance policyholders'|'Money 11:15am GMT BoE to focus more on protecting insurance policyholders The Bank of England is seen in the City of London, Britain, February 14, 2017. REUTERS/Hannah McKay By Huw Jones - LONDON LONDON The Bank of England will spell out more clearly what insurers should be doing to protect policyholders such as the elderly after a report called for clearer safeguards. The BoE''s Independent Evaluation Office (IEO) looked at how the central bank''s supervisory arm, the Prudential Regulation Authority (PRA), ensures policyholders are properly protected. The IEO said on Monday that the PRA''s "articulation of its policyholder protection responsibilities appears to be unfinished business". PRA work on policyholder protection had been "crowded out" by "live supervisory issues" and the need to implement European Union capital rules known as Solvency II by January 2016, the IEO said in a report. The BoE''s supervisors need to articulate fully their approach to protecting policyholders, though there was no evidence that PRA supervisors were falling short of their duties, the IEO said. The PRA should also ensure there is appropriate coordination with its sister regulator, the Financial Conduct Authority. BoE Deputy Governor and PRA Chief Executive, Sam Woods, said the IEO''s assessment was informative and balanced, and that the PRA has agreed a set of actions in response. The PRA will be clear that it does not seek to protect all policyholders equally, but will direct more of its resources to those who would suffer greater financial hardship if their policies did not pay out as promised, Woods told the London Business School in a speech. Britain''s exit from the EU has also raised hopes in the sector that Solvency II will be overhauled, but Woods reiterated there would be tweaks, rather than a broad overhaul. Woods said the debate about Solvency II has become a "cacophony of acronyms" emanating from a "magic circle of insurance enthusiasts". "But strip this back and youll see there is an essential, irreducible human core to it all," Woods said. "Some of the oldest and most vulnerable in our society have invested their life savings into long-term annuity contracts," Woods said. "So when we talk about promoting insurers safety and soundness, and protecting their policyholders, this is what we have in mind." (Reporting by Huw Jones; Editing by Alexander Smith) Next In Money'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boe-insurance-regulations-idUKKBN16R0YO'|'2017-03-20T18:15:00.000+02:00'|2113.0|''|-1.0|'' 2114|'a87fd516f0b794fef5d9f4d6a4c655389e115d83'|'UPDATE 1-Japan''s GPIF posts record $92 bln quarterly gain thanks to stock rally'|'* GPIF posts record quarterly gain* Stock rally boosts returns* GPIF''s domestic bond underweights target for 1st time (Adds Quote: s, details on investments)By Junko FujitaTOKYO, March 3 Japan''s Government Pension Investment Fund, the world''s largest pension fund, posted a record quarterly gain of $92 billion thanks to a rally in the country''s stock market.GPIF on Friday reported a return of 7.98 percent in its fiscal third quarter, which ended in December.Its paper gain totalled 10.5 trillion yen. The fund managed 144.8 trillion yen worth of assets as of December."We had a big gain in the quarter but there are many complex issues in the world economy so we will be carefully manage the assets going forward," said GPIF spokesman Shinichiro Mori at a media briefing on Friday.Japan''s benchmark Nikkei share index rallied 16 percent in the quarter on expectations of stronger global economic growth and as the yen weakened in the face of a surging U.S. dollar following the election of President Donald Trump.It edged up another 2 percent in January-March this year.In 2014 GPIF made an historic policy shift, increasing its investments in riskier assets such as stocks for higher returns, while it reduced its reliance on low-yielding domestic bonds.Of all the pension reserve, which also included 2.5 trillion yen pooled at Japan''s health ministry, 23.76 percent was allocated to Japanese stocks.GPIF''s domestic bond holdings accounted for 33.26 percent of its assets, underweighting its allocation target set in 2014 for the first time as yields rose.GPIF allocated 13.37 percent of its assets to foreign bonds and 23.16 percent to foreign stocks. The remaining 6.3 percent was mainly cash GPIF holds.Its Japanese stock holdings returned 15.18 percent, while the domestic bond holdings had a negative return of 1.07 percent.GPIF directly invests only in a portion of bonds, while it asks other financial institutions to manage most of the bonds and all the stocks.GPIF also is trying to boost its investments in alternative assets, such as infrastructure and private equity. But such investments accounted for only 0.07 percent of its total assets in the quarter, versus a target of 5 percent.At the end of 2015 financial year, GPIF had invested 81.4 billion yen in infrastructure, while it injected 1.9 billion yen in private equity assets, said Mori.GPIF does not have any investments in U.S. infrastructure, he added.($1 = 114.0900 yen) (Reporting by Junko Fujita; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-gpif-results-idINL3N1GG2FH'|'2017-03-03T04:55:00.000+02:00'|2114.0|''|-1.0|'' 2115|'b285629410fd5d095f117ae4a63f2739a66e6332'|'SEC nominee Clayton vows separation from his Wall Street law firm'|'Business News - Wed Mar 8, 2017 - 11:46am EST SEC nominee Clayton vows separation from his Wall Street law firm The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst By Amanda Becker - WASHINGTON WASHINGTON Wall Street attorney Jay Clayton, President Donald Trump''s pick to head the U.S. Securities and Exchange Commission, has vowed to recuse himself from agency matters involving his law firm and former clients, according to an ethics agreement made public on Wednesday. Under the agreement, the Sullivan & Cromwell attorney will not participate in SEC matters involving the firm for one year. He will also recuse himself from matters involving his former clients for one year after he last provided them legal services. Clayton also promised to divest, within 90 days of confirmation, from 176 assets collectively worth millions of dollars. Clayton indicated he will seek to take advantage of a tax benefit that allows government officials to defer paying capital gains taxes on assets they sell to satisfy ethics requirements, according to a March 3 letter Clayton wrote to ethics officials. As a Wall Street attorney, Clayton has worked on notable deals including the initial public offering of Alibaba Group Holding Ltd. The SEC is an independent federal agency tasked with enforcing securities laws and regulating the country''s stock and options exchanges. Agency nominees are reviewed by the U.S. Senate Banking Committee, which is set to hold Clayton''s initial confirmation hearing on March 23. Clayton is widely expected by SEC watchers to win confirmation by the full Senate by a comfortable margin. But he is likely to face grilling by some of the more liberal-leaning Democrats on the banking panel. Senator Sherrod Brown of Ohio is the senior Democrat on the committee. Senator Elizabeth Warren of Massachusetts also serves on the panel. Both are skeptical that people with close ties to Wall Street should run the SEC. Clayton''s wife, Gretchen Butler Clayton, works at Goldman Sachs & Co and holds stock, restricted stock and restricted stock units in the bank. Those assets will also be divested if Clayton is confirmed to head the SEC. (Reporting By Amanda Becker; Editing by Tom Brown) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-sec-nominee-idUSKBN16F24W'|'2017-03-08T23:46:00.000+02:00'|2115.0|''|-1.0|'' -2116|'f205cb0c24d1f187bc3dd901ab033e5b203ee624'|'Greek economy flat last year, statistics service says'|' 13am GMT Greek economy flat last year, stats service says FILE PHOTO - A tourist makes her way past a Greek national flag (L) and a European Union flag on the islet of Saint George, part of the municipality of Kastellorizo, Greece''s easternmost island July 30, 2015. REUTERS/Alkis Konstantinidis/File Photo ATHENS Greek economic growth was flat last year, the country''s statistics service ELSTAT said on Wednesday, releasing its first estimate of full-year 2016 gross domestic product. It said gross domestic product in volume terms and measured at constant prices was 184.5 billion euros last year, unchanged from 2015. ELSTAT''s estimate, based on seasonally unadjusted data, showed the economy performed worse than the country''s official creditors were expecting based on their recent forecasts. The European Commission, in its winter forecast published in February, projected GDP growth of 0.3 percent in 2016 while the International Monetary Fund''s upwardly revised estimate saw GDP growth of 0.4 percent. Both expect Greece''s economy to recover this year with GDP growing by 2.7 percent. ELSTAT said its second estimate of 2016 GDP growth will be released on October 17. (Reporting by George Georgiopoulos)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-greece-economy-gdp-idUKKBN16F138'|'2017-03-08T17:12:00.000+02:00'|2116.0|''|-1.0|'' +2116|'f205cb0c24d1f187bc3dd901ab033e5b203ee624'|'Greek economy flat last year, statistics service says'|' 13am GMT Greek economy flat last year, stats service says FILE PHOTO - A tourist makes her way past a Greek national flag (L) and a European Union flag on the islet of Saint George, part of the municipality of Kastellorizo, Greece''s easternmost island July 30, 2015. REUTERS/Alkis Konstantinidis/File Photo ATHENS Greek economic growth was flat last year, the country''s statistics service ELSTAT said on Wednesday, releasing its first estimate of full-year 2016 gross domestic product. It said gross domestic product in volume terms and measured at constant prices was 184.5 billion euros last year, unchanged from 2015. ELSTAT''s estimate, based on seasonally unadjusted data, showed the economy performed worse than the country''s official creditors were expecting based on their recent forecasts. The European Commission, in its winter forecast published in February, projected GDP growth of 0.3 percent in 2016 while the International Monetary Fund''s upwardly revised estimate saw GDP growth of 0.4 percent. Both expect Greece''s economy to recover this year with GDP growing by 2.7 percent. ELSTAT said its second estimate of 2016 GDP growth will be released on October 17. (Reporting by George Georgiopoulos)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-greece-economy-gdp-idUKKBN16F138'|'2017-03-08T17:12:00.000+02:00'|2116.0|12.0|0.0|'' 2117|'80a08308d84bcea06bb6dd96416896c703a41d7d'|'BOJ keeps policy steady, maintains upbeat economic view'|' keeps policy steady, maintains upbeat economic view kept Thursday and maintained a cautiously optimistic view on the economy, signalling that no expansion of monetary stimulus was forthcoming in the near future. In a widely expected move, the BOJ maintained the 0.1 percent interest it charges on a portion of excess reserves that financial institutions park at the central bank. At the two-day policy meeting that ended on Thursday, it also kept its yield target for 10-year Japanese government bonds around zero percent. will hold a news conference at 3:30 p.m. (0630 GMT) to explain the policy decision. After more than three years of huge asset purchases failed to its 2 percent target, the BOJ revamped its policy framework last September to one targeting interest rates. (Reporting by Leika Kihara, Stanley White, Kaori Kaneko and Minami Funakoshi; Editing by Chris Gallagher) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-boj-policy-idUKKBN16N0A8'|'2017-03-16T10:03:00.000+02:00'|2117.0|''|-1.0|'' 2118|'44830b943caa420e095fdd60b7af950b25609c85'|'Credit Suisse considers stock sale instead of Swiss unit IPO - sources'|'Deals 43pm GMT Credit Suisse considers stock sale instead of Swiss unit IPO: sources Credit Suisse logo is pictured on their office in Warsaw Poland, March 15, 2017. REUTERS/Kacper Pempel By John O''Donnell and Pamela Barbaglia - FRANKFURT/LONDON FRANKFURT/LONDON Credit Suisse ( CSGN.S ) is considering an accelerated bookbuilding to raise capital instead of selling a minority stake in its Swiss banking division, two sources familiar with the matter told Reuters. Chief Executive Tidjane Thiam said last month the bank was examining alternatives to the IPO, which was penciled in for the second half of this year. "They need more capital," said one of the people. "They realise they can do this without doing an IPO." Credit Suisse declined to comment. Its shares fell more than 3 percent by 1418 GMT, the biggest decliner in the Stoxx European bank sector index .SX7P. The likelihood of the IPO going ahead is now low but the team behind it is continuing work on the project because there has not yet been an official decision, the second person said, adding a rights issue was another possible option. Reuters reported on Friday that the bank''s board of directors was set to decide in April whether to go ahead with the IPO. Through an accelerated bookbuilding, a company can sell shares in a short period of time to institutional investors. The sale can be launched overnight with a tight timetable. Under Swiss securities law, companies are not required to draw up a listing prospectus if it is increasing its share capital by less than 10 percent. In the case of Credit Suisse, that would allow the bank to raise around 3 billion Swiss francs ($3 billion). ($1 = 0.9928 Swiss francs) (Writing by Joshua Franklin; Editing by Michael Shields) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-credit-suisse-gp-ipo-swiss-idUKKBN16U1VX'|'2017-03-23T21:41:00.000+02:00'|2118.0|''|-1.0|'' 2119|'53eb70380ba2aa5e980d755bbc184ab56e15bd17'|'Ireland finance ministry appoints bookrunners for AIB IPO'|'Ireland''s finance ministry said on Thursday it has appointed five banks to act as bookrunners for a potential share sale of state-owned Allied Irish Banks ( ALBK.I ), in a further signal it could launch an initial public offering in the coming weeks.In January, finance minister Michael Noonan raised the possibility that the government could try to return part of the bank to private ownership as early as May as markets improve.The government said on Thursday that Citigroup ( C.N ), Goldman Sachs ( GS.N ), Goodbody Stockbrokers, JPMorgan ( JPM.N ) and UBS ( UBSG.S ) have now been appointed as bookrunners for a potential sale.They will join Bank of America Merrill Lynch ( BAC.N ), Deutsche Bank ( DBKGn.DE ) and Davy Stockbrokers who were appointed as global coordinators in December.Last year, Ireland pushed back the timetable for selling its stake, citing unfavorable market conditions, but Noonan has said rising bank share prices suggest he might get the value needed.The 99.9 percent state-owned bank became the first domestic-owned Irish lender to restart dividends since the financial crash almost a decade ago, when it proposed a 250 million euro payment earlier this month after reporting strong margin and capital growth during 2016.(Reporting by Rachel Armstrong; editing by Carolyn Cohn)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-aib-ipo-bookrunners-idUSKBN16U2JB'|'2017-03-23T21:03:00.000+02:00'|2119.0|''|-1.0|'' @@ -2174,10 +2174,10 @@ 2172|'87f6cb8adfbbe6be73d31f369d6c37b7058a4b88'|'Hugo Boss sees sales stabilising in 2017 as China recovers'|' 6:42am GMT Hugo Boss sees sales stabilising in 2017 as China recovers The logo of German fashion company Hugo Boss is seen at a store in Vienna, Austria, November 23, 2016. REUTERS/Leonhard Foeger BERLIN Hugo Boss ( BOSSn.DE ) said it expected sales to stabilise in 2017 and profitability to start to recover as the struggling German fashion house managed to turn its business around in China after slashing prices there. Hugo Boss said it expected currency-adjusted sales to be stable in 2017 after it reported a 4 percent fall in 2016 to 2.69 billion euros (2.33 billion pounds), in line with average analyst forecasts. It forecast a change in earnings before interest, taxation, depreciation and amortisation (EBITDA) before special effects of somewhere between positive 3 percent and negative 3 percent, after a 17 percent fall in 2016 to 493 million. Mark Langer, who took over as chief executive last May, is returning Hugo Boss to its roots selling smart men''s suits, reversing the course of predecessor Claus-Dietrich Lahrs, who sought to make the premium label more of a luxury brand and invested heavily in promoting its womenswear. ($1 = 0.9494 euros) (Reporting by Emma Thomasson; Editing by Maria Sheahan) Next In Business News UK faces tougher Brexit challenge after 2017 resilience - Hammond LONDON Britain''s economy is likely to feel the pain of Brexit more sharply in the coming years despite holding up well so far, according to Chancellor Philip Hammond''s latest plan to steer the economy through its split from the European Union.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hugo-boss-results-idUKKBN16G0JT'|'2017-03-09T13:42:00.000+02:00'|2172.0|''|-1.0|'' 2173|'3b5f87d477bb7f8d9feff39cbe94e89ba924731b'|'Germany''s Merck well advanced in talks to sell biosimilars unit'|'DARMSTADT, Germany Germany''s Merck KGaA on Thursday said it was seeking a buyer for its biosimilars unit, confirming a Reuters report in October.The chief executive of the maker of drugs, lab supplies and high-tech chemicals, Stefan Oschmann, said negotiations were far advanced but complex, speaking at a press conference after the release of full-year results.Merck has been working since 2012 with Dr Reddy''s of India in developing cheaper versions of blockbuster biotech drugs such as AbbVie''s Humira, Roche''s Rituxan and Amgen''s Neulasta but has not yet brought products to market.The lineup of prospective suppliers of these compounds - called biosimilars because they are equivalent to the original drug in efficacy and safety but not exact replicas - is expected to see a shakeout amid harsh competition.When asked about the future of Merck''s Consumer Health division, Oschmann said it was developing well, but added that every one of the group''s units would have to prove itself and would be under review on an ongoing basis.The business with 860 million euros ($908 million) in 2016 sales is seen by many industry experts as lacking critical mass to compete with much larger rivals, which are seeking to further consolidate the non-prescription treatments industry.($1 = 0.9471 euros)(Reporting by Patricia Weiss; Writing Ludwig Burger; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/merck-results-biosimilars-idINKBN16G1EQ'|'2017-03-09T08:13:00.000+02:00'|2173.0|''|-1.0|'' 2174|'715ebb2d48b8a8597f48d5ea3a38db5b075d91f8'|'Greek privatisation agency says disused airport project to go ahead'|'Business News - Sat Mar 4, 2017 - 4:50pm GMT Greek privatisation agency says disused airport project to go ahead Disused aircrafts are seen on the tarmac of the old Athens'' airport at Hellenikon suburb, southwest of Athens June 20, 2011. The Greek government plans to develop the site of the capital''s old airport, which officials said could raise 5-7 billion euros (7-9 billion). REUTERS/Yiorgos Karahalis ATHENS A 7.9 billion euro (6.82 billion pounds) plan to turn a derelict former Athens airport into one of Europe''s biggest coastal resorts, included in Greece''s latest international bailout, will go ahead despite recent delays, a senior privatisation agency official said on Saturday. Under the deal signed in 2014 and revised last year, investors lead by Lamda Development ( LMDr.AT ) will pay 900 million euros for a 99-year lease to turn the Hellenikon site, a wasteland of decaying terminals and rusting airplanes, into a seaside town of hotels and residences. That project is expected to cost 7 billion euros. Lamda, which will be backed by China''s Fosun ( 0656.HK ) and Arab funds, had hoped excavations at the site would begin in the first half of the year. But the investment has been delayed due to licensing hurdles. "A project where (privatisation agency) HRADF has been involved since 2012 has faced problems and delays. But we believe that we are at the final stage so that it can be set in motion," the agency''s executive director Lila Tsitsogiannopoulou told an economic forum in Delphi. She said that all parties involved have been working together to sort out the remaining issues. Privatisations have been a key plank of Greek international bailouts since 2010, but have reaped only 4 billion euros ($4.3 billion) so far versus an original target of 50 billion euros due to political resistance and red tape. "We are not dreamers but there is a glimmer of optimism at HRADF because we meet interested investors everyday and we see our projects moving ahead," she said. (Reporting by Angeliki Koutantou; Editing by Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-privatisations-idUKKBN16B0HN'|'2017-03-04T23:50:00.000+02:00'|2174.0|''|-1.0|'' -2175|'ecb3e8c5ac61ce4c4cd999dda65abcb0f502a292'|'Real estate in Brazil''s biggest market to rebound in 2017 -industry'|' 55pm EDT Real estate in Brazil''s biggest market to rebound in 2017 -industry SAO PAULO, March 14 Real estate activity in the greater So Paulo area, Brazil''s largest market, should rebound this year as interest rates fall and the government pushes through key economic reforms, a construction industry group said on Tuesday. Housing starts and sales should grow between 5 percent and 10 percent, Secovi-SP chief economist Celso Petrucci said, adding that those figures may be revised upwards by mid-year. The group expects home prices to rise 10 percent in the period. The forecasts underscore newfound optimism in an industry that has struggle in recent years with scarce credit, high unemployment and sales cancellations amid a harsh recession. The improved outlook would be good news for Cyrela Brazil Realty SA, MRV Engenharia e Participaes SA and Eztec Empreendimentos e Participaes SA , some of Brazil''s largest home builders. An index gauging performance of listed real estate companies at the So Paulo Stock Exchange is up 26 percent over the past three months. Analysts expect Latin America''s largest economy to recover by year-end albeit at a gradual pace as President Michel Temer advances with sweeping pension, labor and tax reforms. In 2016, housing starts in the greater So Paulo area fell 30 percent from a year earlier to just below 27,000 units, while sales of new residential property dropped 24 percent to roughly 25,000 units, according to Secovi-SP, the weakest performance since records began in 2004. In recent months, construction companies have lowered prices to reduce inventories after a rash of cancelled sales. (Reporting by Gabriela Mello; Writing by Ana Mano; Editing by Lisa Shumaker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-realestate-outlook-idUSL2N1GR0X0'|'2017-03-15T01:55:00.000+02:00'|2175.0|''|-1.0|'' +2175|'ecb3e8c5ac61ce4c4cd999dda65abcb0f502a292'|'Real estate in Brazil''s biggest market to rebound in 2017 -industry'|' 55pm EDT Real estate in Brazil''s biggest market to rebound in 2017 -industry SAO PAULO, March 14 Real estate activity in the greater So Paulo area, Brazil''s largest market, should rebound this year as interest rates fall and the government pushes through key economic reforms, a construction industry group said on Tuesday. Housing starts and sales should grow between 5 percent and 10 percent, Secovi-SP chief economist Celso Petrucci said, adding that those figures may be revised upwards by mid-year. The group expects home prices to rise 10 percent in the period. The forecasts underscore newfound optimism in an industry that has struggle in recent years with scarce credit, high unemployment and sales cancellations amid a harsh recession. The improved outlook would be good news for Cyrela Brazil Realty SA, MRV Engenharia e Participaes SA and Eztec Empreendimentos e Participaes SA , some of Brazil''s largest home builders. An index gauging performance of listed real estate companies at the So Paulo Stock Exchange is up 26 percent over the past three months. Analysts expect Latin America''s largest economy to recover by year-end albeit at a gradual pace as President Michel Temer advances with sweeping pension, labor and tax reforms. In 2016, housing starts in the greater So Paulo area fell 30 percent from a year earlier to just below 27,000 units, while sales of new residential property dropped 24 percent to roughly 25,000 units, according to Secovi-SP, the weakest performance since records began in 2004. In recent months, construction companies have lowered prices to reduce inventories after a rash of cancelled sales. (Reporting by Gabriela Mello; Writing by Ana Mano; Editing by Lisa Shumaker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-realestate-outlook-idUSL2N1GR0X0'|'2017-03-15T01:55:00.000+02:00'|2175.0|9.0|0.0|'' 2176|'5ac1a99f28c05441116dae6334152c58533d6f82'|'Roche says drug combo cuts breast cancer deaths in key trial'|'ZURICH Combining Roche''s ( ROG.S ) Perjeta and Herceptin drugs with chemotherapy reduced recurrence of aggressive breast cancer or death compared to Herceptin and chemo, the Swiss drugmaker said on Thursday.Roche hopes the important trial outcome will help shield its oncology franchise from cheaper copies."These results from the positive Aphinity study represent an important addition to the body of data for Perjeta in the treatment of people with HER2-positive early breast cancer," Sandra Horning, Roche''s chief medical officer, said.Analysts from Deutsche Bank have estimated around $2 billion in annual sales in 2018 hinged on the Aphinity trial''s outcome.Herceptin brought in $6.75 billion in sales last year for Roche but is losing patent protection, exposing it to competition from a biosimilar version that Mylan ( MYL.O ) and its partner Biocon ( BION.NS ) may introduce in Europe later this year.By showing Herceptin, Perjeta and chemo helped people who had undergone surgery live longer without their disease returning compared with the previous regimen of Herceptin and chemotherapy, the Basel-based drugmaker aims to make the case for doctors to switch to this new combination.Herceptin was initially approved in 1998, while follow-on Perjeta won the U.S. Food and Drug Administration''s blessing in 2013.The drugs are already approved in combination for those suffering from metastatic disease, but Aphinity tested Perjeta''s ability to keep cancer from returning in women who had undergone surgery.Roche has said its 2017 guidance of sales and profit rising at a low- to mid-single digit percentage rate was issued irrespective of the Aphinity outcome, but analysts including those at Jefferies contend this trial will likely be a catalyst for shares."We estimate a positive top line result could drive stock price upside of about 15-20 francs versus downside of about 25-35 francs if the study fails," Jefferies'' Jeffrey Holford wrote earlier this year.(Reporting by John Miller; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/roche-trial-aphinity-idINKBN1690NN'|'2017-03-02T03:59:00.000+02:00'|2176.0|''|-1.0|'' 2177|'56561acfbab8360a73274ed0ddbb5e1e45315262'|'UPDATE 1-Toronto firm may pursue lawsuit over Enron bond sales -U.S. judge'|'Company News 4:02pm EDT UPDATE 1-Toronto firm may pursue lawsuit over Enron bond sales -U.S. judge (Adds comment from plaintiff''s lawyer, paragraph 9) By Jonathan Stempel NEW YORK, March 31 A Toronto investment firm that has spent 15 years suing Enron Corp''s banks to recoup losses on bonds it bought shortly before the energy company went bankrupt may pursue a lawsuit seeking damages from three of those banks, a U.S. judge ruled on Friday. Silvercreek Management Inc claimed to suffer heavy losses on more than $100 million of Enron bonds it bought less than two months before Dec. 2, 2001 bankruptcy. It sought to hold Credit Suisse Group AG, Deutsche Bank AG, Bank of America Corp''s Merrill Lynch unit, and former Enron Chief Executive Officer Jeffrey Skilling liable for overseeing many sham and off-balance-sheet transactions that fueled Enron''s demise. In a 43-page decision, U.S. District Judge Paul Oetken in Manhattan said Silvercreek and its affiliates may pursue claims that the banks aided Enron''s fraud and conspired to commit fraud. He cited "specific and wide-ranging" allegations that the banks knew Houston-based Enron was hiding billions of dollars of debt and using sham transactions to bolster its bottom line. Though Silvercreek''s allegations "do not plead a formal, back-room agreement among all defendants and Enron," they are "sufficient to state a conspiracy claim," Oetken wrote. Some claims were dismissed. The judge said Silvercreek may also pursue a fraud claim against Skilling, citing his alleged knowing and direct involvement in Enron''s financial misconduct. Credit Suisse and Skilling''s lawyer Jeffrey Barker declined to comment. Lawyers for Deutsche Bank and Bank of America did not immediately respond to requests for comment. "Given that the banks'' motions to dismiss were largely denied, the clients are pleased with the outcome," Scott Hessell, a lawyer for Silvercreek, said in an email. Silvercreek''s case began in Manhattan, but was moved to a Houston court that handled -- and has completed -- most post-bankruptcy Enron litigation. A panel of federal judges moved it back to Manhattan at Silvercreek''s request last June. Enron once ranked seventh on the Fortune 500 list of large U.S. companies, and its demise was the basis for the 2005 Oscar-nominated documentary "Enron: The Smartest Guys in the Room." Several executives went to prison. Skilling is serving a 14-year prison term for fraud and other offenses, and eligible for release in February 2019, federal prison records show. The case, which originally named Citigroup Inc as a defendant, is Silvercreek Management Inc et al v Citigroup Inc et al, U.S. District Court, Southern District of New York, No. 02-08881. (Reporting by Jonathan Stempel in New York; Editing by Lisa Shumaker) Next In Company News UPDATE 1-Third Avenue in $14.25 mln settlement over junk bond fund collapse NEW YORK, March 31 Third Avenue Management and its founder Martin Whitman have reached a $14.25 million settlement of a lawsuit by investors who accused the well-known value investment firm of mismanaging a junk bond mutual fund that collapsed in December 2015. * Sama Resources Inc - Non-brokered private placement of up to 13.33 million units at a price of CAN$0.15 per unit MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/enron-lawsuit-idUSL2N1H81VT'|'2017-04-01T04:02:00.000+03:00'|2177.0|''|-1.0|'' -2178|'45046a5022c9e6eccd62b18e9b8a48ed9af34a72'|'Aberdeen exploring options for tie-up with Standard Life: Sky'|'LONDON Scottish fund manager Aberdeen Asset Management ( ADN.L ) is exploring possible options for a tie-up with insurer Standard Life ( SL.L ), Sky News reported on Saturday, in a deal which could total 11 billion pounds ($13.52 billion).The deal could involve a full merger or a tie-up between Aberdeen and Standard Life Investments, the insurer''s asset management arm, according to unnamed sources cited by Sky.Standard Life declined to comment, while Aberdeen could not be immediately reached for comment.A competitive environment and the need to cost-cuts is fuelling merger activity in the fund management sector, with London-based asset manager Henderson Group ( HGGH.L ) agreeing to buy U.S. rival Janus Capital Group Inc ( JNS.N ) last year in an all-share $6 billion deal.Both Aberdeen and Standard Life Investments'' flagship GARS multi-asset funds saw outflows last quarter, and Standard Life Chief Executive Keith Skeoch said the firm was "continually scanning the horizon to see what''s available" when it came to M&A.Standard Life has a market cap of 7.5 billion pounds, with Aberdeen roughly half the size.(Reporting by Alistair Smout; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aberdeen-asset-m-a-standard-life-idINKBN16B0EU'|'2017-03-04T11:37:00.000+02:00'|2178.0|''|-1.0|'' +2178|'45046a5022c9e6eccd62b18e9b8a48ed9af34a72'|'Aberdeen exploring options for tie-up with Standard Life: Sky'|'LONDON Scottish fund manager Aberdeen Asset Management ( ADN.L ) is exploring possible options for a tie-up with insurer Standard Life ( SL.L ), Sky News reported on Saturday, in a deal which could total 11 billion pounds ($13.52 billion).The deal could involve a full merger or a tie-up between Aberdeen and Standard Life Investments, the insurer''s asset management arm, according to unnamed sources cited by Sky.Standard Life declined to comment, while Aberdeen could not be immediately reached for comment.A competitive environment and the need to cost-cuts is fuelling merger activity in the fund management sector, with London-based asset manager Henderson Group ( HGGH.L ) agreeing to buy U.S. rival Janus Capital Group Inc ( JNS.N ) last year in an all-share $6 billion deal.Both Aberdeen and Standard Life Investments'' flagship GARS multi-asset funds saw outflows last quarter, and Standard Life Chief Executive Keith Skeoch said the firm was "continually scanning the horizon to see what''s available" when it came to M&A.Standard Life has a market cap of 7.5 billion pounds, with Aberdeen roughly half the size.(Reporting by Alistair Smout; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aberdeen-asset-m-a-standard-life-idINKBN16B0EU'|'2017-03-04T11:37:00.000+02:00'|2178.0|12.0|2.0|'' 2179|'8f4625f5017ec9db18ee60038613d7240c53c27c'|'Deutsche Boerse blames Britain for failed LSE tie-up: chairman in paper'|'BERLIN Deutsche Boerse ( DB1Gn.DE ) Chairman Joachim Faber has put the blame for a failed tie-up with the London Stock Exchange ( LSE.L ) on Britain and its vote to leave the European Union.The London Stock Exchange last week effectively scuppered a planned merger with Deutsche Boerse to create Europe''s biggest exchange, by rejecting an EU demand to sell a trading platform in Italy.Faber, who chairs Deutsche Boerse''s supervisory board, told a German newspaper the Brexit vote had created strong headwinds for the 29 billion euro ($30.8 billion) deal."We didn''t know for months what the British wanted. And in the end, the dual headquarters that we wanted was an absolute no-go," he told Frankfurter Allgemeine Sonntagszeitung.Sources had previously told Reuters that the question over the location of the headquarters worried LSE executives.Faber also told the paper that Deutsche Boerse CEO Carsten Kengeter had his backing."He is and remains the right person to head the company, the right CEO, in order to drive the growth of Deutsche Boerse," Faber said. "That''s why we got him on board and we will work on it together."(Reporting by Victoria Bryan; Editing by Clelia Oziel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutsche-boerse-m-a-lse-idINKBN16B0HJ'|'2017-03-04T13:47:00.000+02:00'|2179.0|''|-1.0|'' 2180|'a173a15d8d2342eac451fb7e8aba7309087a9322'|'Government raises 11.8bn with Bradford & Bingley mortgage sale'|'Chancellor Philip Hammond has triggered the sale of an 11.8bn package of Bradford & Bingley loans bought by the taxpayer at the height of the financial crisis.The loan book will be sold to the insurer Prudential and US private equity firm, Blackstone, after what the Treasury described as a highly competitive sale process.Hammond said the deal delivered value for money for UK taxpayers. The sale of these Bradford & Bingley assets for 11.8bn marks another major milestone in our plan to get taxpayers money back following the financial crisis.London will remain Europes financial capital despite Brexit - Nils Pratley Read more We are determined to return the financial assets we own to the private sector and todays sale is further proof of the confidence investors have in the UK economy.The Treasury said it would be the first in a series of sales that will allow Bradford & Bingley to repay its 15.65bn debt to the Financial Services Compensation Scheme (FSCS) and corresponding loan from the Treasury. It expects the process to be concluded before the end of the 2017-18 fiscal year.Any further sales will be subject to market conditions and ensuring value for money, the Treasury said.Bradford & Bingley was effectively nationalised by the then Labour government in 2008 in a series of bailouts as banks and financial institutions were engulfed by the global financial crisis.B&Bs mortgage book and investment portfolios were transferred to government control, while Spanish bank Santander bought its network of branches and deposits.UK Asset Resolution (UKAR), established in 2010, manages Bradford & Bingleys loan books on the Treasurys behalf. The latest deal will leave UKAR with a 22bn balance sheet, down from 37bn in September 2016 and 116bn in 2010.The Treasury is also pressing ahead with plans to fully offload its stake in Lloyds Banking Group, which now stands at below 3%. When the bank was bailed out in 2008, the taxpayer owned a 43% stake. More than 19.5bn has been returned to the public purse since the original 20.3bn state rescue.While the government is selling off its stake in Lloyds, it retains a 73% stake in Royal Bank of Scotland which it also bailed out during the financial crisis.Hammond said in October that the time was not right to sell its stake in the Edinburgh-based bank.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/31/bradford-bingley-mortgage-sale-philip-hammond-financial-crisis'|'2017-03-31T03:00:00.000+03:00'|2180.0|''|-1.0|'' 2181|'acdcc522e65724ca98ccf339ed0b0f1b4919b025'|'China debt risk ''very much under control'' - vice fin min'|'Fri Mar 24, 2017 - 6:12am GMT China debt risk ''very much under control'': vice fin min BOAO, China China''s debt risk is "very much under control", Vice Finance Minister Liu Wei said at the Boao Forum for Asia in southern Hainan province. Liu was appointed the vice finance minister post in late February. Chinese leaders have pledged to contain debt risks after years of credit-fueled expansion. Corporate debt has soared to 169 percent of gross domestic product, data from the Bank for International Settlements shows. (Reporting by Elias Glenn; Writing by Ryan Woo; Editing by Simon Cameron-Moore) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-boao-debt-idUKKBN16V0L6'|'2017-03-24T14:10:00.000+03:00'|2181.0|''|-1.0|'' @@ -2186,7 +2186,7 @@ 2184|'13c0906a719d62bfcb7aa7571f8dcf82695aa711'|'BRIEF-Platform Specialty Products files for non-timely 10-K'|' 36pm EST BRIEF-Platform Specialty Products files for non-timely 10-K March 1 Platform Specialty Products Corp : * Platform Specialty Products Corp files for non-timely 10-K * Platform Specialty-due to some acquisitions, expects form 10-K to reflect significant changes for year ended December 31, 2016 versus 2015 as on gaap basis Source text: ( bit.ly/2ldXtpB ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-platform-specialty-products-files-idUSFWN1GE14W'|'2017-03-02T04:36:00.000+02:00'|2184.0|''|-1.0|'' 2185|'42a343f37f84457e509b8bb86a810a07b9b7d696'|'Linde says Praxair merger on track, outlook seen strong'|'MUNICH, Germany German industrial gases group Linde said its planned merger with U.S. rival Praxair was on track and it aimed to raise its profitability this year, lifting its shares to the top of the German blue-chip DAX on Thursday.The Munich-based group said it still aimed to finalize an agreement with Praxair on combining their businesses by the end of April or beginning of May. The all-stock merger of equals would create a market leader worth around $65 billion.Linde said it aimed for flat to 7 percent higher operating profit helped by cost cuts, compared with a 3 percent increase in 2016.The company said it sought to increase 2017 revenue by 3 percent, although it could see a decrease of up to 3 percent due to a "challenging market environment", especially in its plant-engineering division, which is vulnerable to oil and gas prices."Our efforts to make Linde even more profitable are already having an impact," Chief Executive Aldo Belloni said in a statement. "We will be able to operate even more successfully in the market in the future."Praxair is almost twice as profitable as Linde, while the German company is seen as the technology leader.Linde shares rose 1.2 percent by 0822 GMT, outperforming a 0.2 percent-weaker DAX.DZ Bank analyst Peter Spengler described the company''s guidance as "a big surprise and above our expectations".Linde reported flat 2016 revenue of 16.9 billion euros ($17.8 billion) and 3 percent higher operating profit of 4.1 billion euros from continuing operations - within its forecast range - excluding logistics unit Gist, which it plans to sell.Results were lifted by U.S. healthcare unit Lincare, compensating for another difficult year for the plant-engineering business, which has been hit by investment caution due to persistently low oil and gas prices.(Reporting by Georgina Prodhan; Editing by Maria Sheahan and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-linde-results-idINKBN16G0KD'|'2017-03-09T05:44:00.000+02:00'|2185.0|''|-1.0|'' 2186|'0d4e3fad6ffb2e38f9eab9ba9d420ca000c0669c'|'PRESS DIGEST- Financial Times - March 21'|'Company News 8:15pm EDT PRESS DIGEST- Financial Times - March 21 March 21 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines * Uber faces legal challenge on paying VAT on.ft.com/2nga8Il * Career spy Jeremy Fleming named head of UK''s GCHQ on.ft.com/2n1Rxxj * Vodafone opts to merge India unit amid price war on.ft.com/2nXSl5x * Elliott calls for probe into Arconic vote deal with Oak Hill on.ft.com/2mOmsMH * Google apologises to advertisers for extremist content on YouTube on.ft.com/2nCR2wZ Overview * Uber is facing a new legal challenge in London''s high court over its payment of value added tax. * Jeremy Fleming, the deputy director general of Britain''s internal security service, will become the new head of intelligence eavesdropping service GCHQ. * Britain''s Vodafone Group and Idea Cellular agreed on Monday to merge their Indian operations in a $23 billion deal, creating the country''s biggest telecoms business after the entry of a new rival sparked a brutal price war. * Hedge fund Elliott Management Corp, which is in the throes of a proxy battle with Arconic Inc, demanded on Monday an independent review of the company''s voting agreement with private equity firm Oak Hill Capital Partners. * Google apologised on Monday for allowing ads to appear alongside offensive videos on YouTube as more high-profile firms such as Marks & Spencer and HSBC pulled advertising for British markets from Google sites. (Compiled Kanishka Singh in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1GY024'|'2017-03-21T07:15:00.000+02:00'|2186.0|''|-1.0|'' -2187|'d411fa64822ad9eb7c6fa32cc3eb2b1d7ea803c3'|'How the collapse in full-time work for men is fuelling record underemployment - Greg Jericho - Business'|'T he latest unemployment rate figures brought the bad news that the unemployment rate is again rising, but perhaps more concerning is that February saw a record level of underemployment. With weak full-time employment growth, underemployment is in many ways now a better indicator of the health of the economy than the unemployment rate.Before the 1990s recession, underemployment wasnt really a thing. During the 80s the underemployment rate was rarely above 4%; after it, and the destruction it wrought on full-time work, it was rarely below 6%:The global financial crisis also had a significant impact. Before the GFC, at the height of the mining boom, 5.9% of the labour force were underemployed; last month this figure hit 8.7% and hasnt been below 7% for more than five and a half years.The rise in underemployment has been a big factor in the dislocation of the unemployment rate from the real-world experience of the labour market. Traditionally, underemployment and unemployment are closely linked. When unemployment rises that is usually a sign that the economy is weakening and businesses cut the hours of workers, which increases underemployment. When things are going well, the opposite usually occurs not only are businesses employing more people they also increase the hours worked by those already employed ie, reducing underemployment.But in the middle of 2014, the relationship between the unemployment and underemployment broke down:The reason (as I have noted a few times ) is the lack of full-time work compared with part-time. Since May 2014, 329,000 new part-time jobs have been created compared with just 152,000 full-time ones. That is a massive change given that two-thirds of all jobs are full time.And as I have also noted the hardest hit have been the youth, and not surprisingly they are the ones who have the highest level of underemployment.Nearly 20% of women in the labour force aged 15 to 24 are underemployed, and 16.2% of men that age both records. Since May 2014, the rates of underemployment for both genders under 25 have risen by more than any other age group:And while it would be easy to think it is a just an issue of youth and thus might be something that is quarantined from the broader economy the reality is that underemployment is now affecting workers of all ages at record levels.A comparison of the unemployment and underemployment rates for workers aged 25 to 54 shows a similar disconnect occurring in 2014:The impact of weak full-time employment growth is evident when we compared the percentage of adults aged 25 to 64 who are employed and those employed full time.A decade ago 74.7% of 25- to 64-year-olds were employed; that has now risen to a near record 75.9%. By contrast the percentage of this prime-working aged group of adults who are employed full time has fallen from 56.7% to 55.7%:The last time so few prime-working aged adults were working full time was in 2005.The big reason is the absolute collapse of male full-time work since the GFC.Despite weak economic growth, women have continued to find more full-time work than in the past. Currently, 39.5% of women aged 25 to 64 work full time just down on the record of 39.8% reached in the middle of last year.By contrast the proportion of prime-working aged men in full-time jobs has fallen in the past 10 years from 75% to a new record low in February of 72.4%:One difficulty in comparing underemployment with the past is that there are two reasons why people want more hours one negative and one positive. Mostly with men the issue is a negative men want more hours because they are seeking full-time work or more part-time hours. But for women the issue is not completely negative. There are more women underemployed now than ever before despite there also being more women working full time than ever before. Women not only are working full time more than ever before there are also more women than ever before desiring to work full time. That is not necessarily a bad thing but it does still indicate that there is a lot of spare capacity in the labour force.And that spare capacity is a big driver of the current record low wages growth.I noted last month that wages and unemployment normally are in sync when one falls the other rises but over the past two years the relationship has broken down. Wages growth has fallen even while the unemployment rate has fallen:But if instead of the unemployment rate we use the underemployment rate, we see the relationship remains in sync:While we still have wage growth slightly below what we would expect, it is not out as whack as it seems when comparing it with the unemployment rate.And the bad news is that given we have just hit a record high rate of underemployment, it suggests that for those hoping for an improvement in wages growth will probably have to wait a bit longer.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/23/how-the-collapse-in-full-time-jobs-for-men-is-fuelling-record-underemployment'|'2017-03-23T02:00:00.000+02:00'|2187.0|''|-1.0|'' +2187|'d411fa64822ad9eb7c6fa32cc3eb2b1d7ea803c3'|'How the collapse in full-time work for men is fuelling record underemployment - Greg Jericho - Business'|'T he latest unemployment rate figures brought the bad news that the unemployment rate is again rising, but perhaps more concerning is that February saw a record level of underemployment. With weak full-time employment growth, underemployment is in many ways now a better indicator of the health of the economy than the unemployment rate.Before the 1990s recession, underemployment wasnt really a thing. During the 80s the underemployment rate was rarely above 4%; after it, and the destruction it wrought on full-time work, it was rarely below 6%:The global financial crisis also had a significant impact. Before the GFC, at the height of the mining boom, 5.9% of the labour force were underemployed; last month this figure hit 8.7% and hasnt been below 7% for more than five and a half years.The rise in underemployment has been a big factor in the dislocation of the unemployment rate from the real-world experience of the labour market. Traditionally, underemployment and unemployment are closely linked. When unemployment rises that is usually a sign that the economy is weakening and businesses cut the hours of workers, which increases underemployment. When things are going well, the opposite usually occurs not only are businesses employing more people they also increase the hours worked by those already employed ie, reducing underemployment.But in the middle of 2014, the relationship between the unemployment and underemployment broke down:The reason (as I have noted a few times ) is the lack of full-time work compared with part-time. Since May 2014, 329,000 new part-time jobs have been created compared with just 152,000 full-time ones. That is a massive change given that two-thirds of all jobs are full time.And as I have also noted the hardest hit have been the youth, and not surprisingly they are the ones who have the highest level of underemployment.Nearly 20% of women in the labour force aged 15 to 24 are underemployed, and 16.2% of men that age both records. Since May 2014, the rates of underemployment for both genders under 25 have risen by more than any other age group:And while it would be easy to think it is a just an issue of youth and thus might be something that is quarantined from the broader economy the reality is that underemployment is now affecting workers of all ages at record levels.A comparison of the unemployment and underemployment rates for workers aged 25 to 54 shows a similar disconnect occurring in 2014:The impact of weak full-time employment growth is evident when we compared the percentage of adults aged 25 to 64 who are employed and those employed full time.A decade ago 74.7% of 25- to 64-year-olds were employed; that has now risen to a near record 75.9%. By contrast the percentage of this prime-working aged group of adults who are employed full time has fallen from 56.7% to 55.7%:The last time so few prime-working aged adults were working full time was in 2005.The big reason is the absolute collapse of male full-time work since the GFC.Despite weak economic growth, women have continued to find more full-time work than in the past. Currently, 39.5% of women aged 25 to 64 work full time just down on the record of 39.8% reached in the middle of last year.By contrast the proportion of prime-working aged men in full-time jobs has fallen in the past 10 years from 75% to a new record low in February of 72.4%:One difficulty in comparing underemployment with the past is that there are two reasons why people want more hours one negative and one positive. Mostly with men the issue is a negative men want more hours because they are seeking full-time work or more part-time hours. But for women the issue is not completely negative. There are more women underemployed now than ever before despite there also being more women working full time than ever before. Women not only are working full time more than ever before there are also more women than ever before desiring to work full time. That is not necessarily a bad thing but it does still indicate that there is a lot of spare capacity in the labour force.And that spare capacity is a big driver of the current record low wages growth.I noted last month that wages and unemployment normally are in sync when one falls the other rises but over the past two years the relationship has broken down. Wages growth has fallen even while the unemployment rate has fallen:But if instead of the unemployment rate we use the underemployment rate, we see the relationship remains in sync:While we still have wage growth slightly below what we would expect, it is not out as whack as it seems when comparing it with the unemployment rate.And the bad news is that given we have just hit a record high rate of underemployment, it suggests that for those hoping for an improvement in wages growth will probably have to wait a bit longer.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/mar/23/how-the-collapse-in-full-time-jobs-for-men-is-fuelling-record-underemployment'|'2017-03-23T02:00:00.000+02:00'|2187.0|11.0|0.0|'' 2188|'6b7c3b91f890e530c8477939f8b0fbe124b017a4'|'SpaceX defeats Boeing-Lockheed partnership for GPS launch contract'|'Science News 43pm EDT SpaceX defeats Boeing-Lockheed partnership for GPS launch contract A SpaceX Falcon 9 rocket (in center, in a horizontal position), is readied for launch on a supply mission to the International Space Station on historic launch pad 39A at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 17, 2017. REUTERS/Joe Skipper By Irene Klotz CAPE CANAVERAL, Fla. - Elon Musk''s Space Exploration Technologies has won a GPS satellite launch contract over rival United Launch Alliance, a partnership of the top two U.S. aerospace companies Lockheed Martin Corp. and Boeing Co., the U.S. Air Force said on Tuesday. The contract, worth $96.5 million, is the second GPS satellite launch contract awarded by the Air Force to Musk''s rocket company, known as SpaceX. United Launch Alliance, however, did not bid for the first GPS launch contract, which was awarded in April 2016. At the time, the Air Force said SpaceX''s $83 million bid was about 40 percent less than what the military had been paying United Launch Alliance for previously awarded contracts. The GPS launch contracts won by SpaceX cover production of a Falcon 9 launch vehicle, mission integration, launch operations and spaceflight certification, the Air Force said in a statement. The launch, slated for February 2019, is intended to put the third member of the next-generation GPS satellite network into orbit. SpaceX won certification from the Air Force in 2015 to compete for military and national security space launches, breaking United Launch Alliances 10-year monopoly. (Reporting by Irene Klotz; Editing by Dan Whitcomb and Diane Craft) Next In Science News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-space-spacex-military-idUSKBN16L2UQ'|'2017-03-15T06:40:00.000+02:00'|2188.0|''|-1.0|'' 2189|'25f65ae1d9ac287bbecd987ac3263e71703f8b2d'|'UPDATE 1-South Africa''s Gordhan confident welfare benefits to be paid April 1'|'World South Africa''s Gordhan confident welfare benefits to be paid April 1 Finance Minister Pravin Gordhan delivers his 2017 Budget Speech to Parliament in Cape Town, South Africa, February 22, 2017. REUTERS/Mike Hutchings CAPE TOWN South Africa''s Finance Minister Pravin Gordhan said on Tuesday he was "fairly confident" social security payments will be paid on April 1 despite a service-provider dispute that has cast doubt over the welfare benefits. The South African Social Security Agency (SASSA) is scrambling to ensure that as many as 17 million people continue to receive their money, despite concerns that retaining the existing service provider is both unlawful and costly. "I am fairly confident grants will be paid," Gordhan told parliament''s public accounts committee, referring to April 1. The existing contract, run by Cash Paymaster Services, a unit of technology company Net1 unit, has been in doubt since South Africa''s highest court ruled in 2014 that the tender process to acquire its services was unlawful. It ordered that a new contract to be negotiated. SASSA officials have said the agency had opted to renew the deal with Cash Paymaster Services despite the court order. A new deal has not yet been made public. The Constitutional Court, which ruled the original contract invalid in 2014, will on Wednesday hear an application by non-government bodies, Black Sash and Freedom Under Law, for the court to play a supervisory role in any new contract agreed. The Treasury has expressed misgivings about SASSA retaining Cash Paymaster Services, a move also criticized by members of parliament''s committee on public accounts. "We are trying to be careful not to preempt the court in anyway, and the court will finally determine the shape and direction of many of the issues we are looking at," Gordhan said. (Reporting by Wendell Roelf; Editing by James Macharia) Next In World News One month on, Malaysia embalms Kim Jong Nam''s body, awaiting next of kin KUALA LUMPUR The body of the estranged half-brother of North Korean leader Kim Jong Un was embalmed this week in Kuala Lumpur, with no family member coming forward to claim the remains and as a diplomatic spat with Pyongyang drags on. South Korean prosecutors to summon ousted president Park SEOUL South Korean prosecutors will summon ousted president Park Geun-hye for questioning as a suspect in a corruption case that led to her impeachment, a prosecution official said on Tuesday, amid a political crisis that has gripped the country for months. SEOUL The South Korean politician expected to become its next president, Moon Jae-in, called on China on Tuesday to stop economic retaliation against South Korean firms over the deployment of a U.S. missile-defense system. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-safrica-welfare-idUSKBN16L0PX'|'2017-03-14T15:36:00.000+02:00'|2189.0|''|-1.0|'' 2190|'37411d674bc27888e72cc65590a939de2ca2b7e8'|'Porsche SE has no information about Piech''s stake sale talks'|'Deals - Tue Mar 21, 2017 - 7:31am EDT Porsche SE has no information about Piech''s stake sale talks left right A logo is seen on a wheel of a Porsche car during the company''s annual meeting in Stuttgard, Germany, May 13, 2015. REUTERS/Ralph Orlowski 1/2 left right FILE PHOTO: Ferdinand Piech, chairman of the supervisory board of German carmaker Volkswagen, gives a thumbs-up during his visit to the IAA truck show in Hanover, Germany September 18, 2012. REUTERS/Fabian Bimmer/Files 2/2 STUTTGART, Germany Porsche SE ( PSHG_p.DE ), Volkswagen''s majority shareholder, said it has no information about former VW chairman Ferdinand Piech''s talks with the carmaker''s controlling families about a possible sale of his stake. "We are only informed about the fact that talks are happening," Porsche SE chief executive Hans Dieter Poetsch said on Tuesday at the company''s earnings press conference. "We cannot even say whether there will be a result." Should the negotiations of the Porsche and Piech families to buy a substantial part of Piech''s 14.7 percent stake in Porsche SE succeed, such a move would have no impact on the holding company''s ownership structure, Poetsch said. "There will be no change to the fact that the voting shares will be held by the Porsche and Piech families," the CEO said. Porsche SE is the group through which the billionaire Porsche and Piech families control 52.2 percent of the voting shares in Volkswagen (VW), which is still dealing with the effects of its diesel emissions scandal. Separately, VW chief executive Matthias Mueller said he has had no discussions to date with Fiat Chrysler Automobiles ( FCHA.MI ) boss Sergio Marchionne about a possible tie-up. Last week, the VW CEO left the door open to a potential merger with Fiat Chrysler, saying Europe''s biggest automotive group was more open to partnerships than in the past. (Reporting by Andreas Cremer; Editing by Harro ten Wolde) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-porschese-piech-idUSKBN16S17I'|'2017-03-21T18:19:00.000+02:00'|2190.0|''|-1.0|'' @@ -2234,7 +2234,7 @@ 2232|'40026bd674178f4b0b15c04d83a5828314a62402'|'BoE''s Hogg resigns over failure to flag conflict of interest'|' 58am GMT BoE''s Hogg resigns over failure to flag conflict of interest LONDON The Bank of England said Charlotte Hogg had resigned as its deputy governor for banking and markets and as its chief operating officer after she failed to declare a potential conflict of interest about her brother''s role at Barclays. "While I fully respect her decision taken in accordance with her view of what was the best for this institution, I deeply regret that Charlotte Hogg has chosen to resign from the Bank of England," BoE Governor Mark Carney said in a statement. Earlier on Tuesday, a committee of lawmakers said Hogg could no longer be considered suitable for her role. (Reporting by Andy Bruce and Alistair Smout; Writing by William Schomberg) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-resignation-idUKKBN16L10Q'|'2017-03-14T16:58:00.000+02:00'|2232.0|''|-1.0|'' 2233|'ed8ecc3d5a9a4da221d96cf4ec05309a4fc5318d'|'U.S. oil refiners push for biofuels overhaul at White House'|'NEW YORK U.S. oil refining executives met with a senior official in President Donald Trump''s administration at the White House last week to argue their position for an overhaul of the nation''s biofuels program, two people in the meeting told Reuters.While it is not unusual for the White House to meet with stakeholders on key issues, the meeting is a sign the Trump administration is actively considering possible changes to the wide-reaching program.Executives from Valero Energy Corp, Delta Airlines'' refiner Monroe Energy, CVR Energy Inc. and several others met with Michael Catanzaro, Trump''s senior energy policy aide, on March 16, the two attendees said.The executives argued that Trump should change the Renewable Fuel Standard (RFS) program to lift the onus of blending biofuels into gasoline away from refiners, placing it instead further down the supply chain to gasoline marketers. They said the program was costing the oil refining industry money and jobs."The policy needs to adapt to a changing market," said Roy Houseman, a legislative representative for the United Steelworkers union, who was in the meeting. "We wanted to highlight the larger issue: We represent 30,000 workers in the refining industry."It was not clear who initiated the meeting.The RFS, a 2005 policy ushered in by former Republican President George W. Bush, requires that energy companies use increasing volumes of biofuels like ethanol each year with gasoline and diesel. It was designed to boost the use of ethanol and other renewables in gasoline and diesel in a bid to reduce U.S. dependence on foreign oil and cut greenhouse gas emissions.The policy is a boon for the agriculture industry, particularly corn growers that produce the feedstock for biofuels like ethanol, but some independent oil refiners have said it is threatening their operations.The debate over shifting the point of obligation for blending fuels intensified in recent weeks after Trump''s informal adviser on regulatory issues, billionaire Carl Icahn, said in February that he believed Trump would issue an order revamping the biofuels policy. The White House has denied that any executive order on biofuels is in the works.Icahn owns a majority stake in CVR Energy.Bill Douglass, head of the Small Retailers Coalition, who was also at the meeting, said Catanzaro spoke with the group for about 40 minutes and spent half that time asking how fuel retailers are being affected by the biofuels program.Douglass, whose trade group represents small, independent petroleum retailers and convenience stores, said Catanzaro did not say what the White House was planning to do with the policy.Catanzaro could not be reached for comment.Other companies represented in the meeting included HollyFrontier Corp, Philadelphia Energy Solutions, PBF Energy, Douglass said.A spokeswoman for Philadelphia Energy Solutions declined to comment while the review process is underway. Officials for the other companies did not respond to requests for comment.Biofuels advocates, including ethanol producers and Senator Charles Grassley of Iowa - the country''s biggest corn-producing state - oppose changes to the program, saying they could overcomplicate it. Large, integrated oil companies also oppose the change, saying it would be more effective to reform or repeal the legislation.(Reporting by Chris Prentice; Editing by Leslie Adler)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-usa-biofuels-trump-idUSKBN16V2TQ'|'2017-03-25T01:29:00.000+03:00'|2233.0|''|-1.0|'' 2234|'63a1c1701fd12f7ab968aa53f1931054d16500df'|'EU regulators to clear Dow and ChemChina deals next week - sources'|'Global Energy News - Thu Mar 23, 2017 - 7:54pm GMT EU regulators to clear Dow and ChemChina deals next week - sources The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust regulators are set to clear the $130 billion (104.07 billion pounds) Dow Chemical ( DOW.N ) and DuPont ( DD.N ) merger and ChemChina''s [CNNCC.UL] $43 billion bid for Syngenta ( SYNN.S ) next week, people familiar with the matter said on Thursday. The European Commission could announce its approvals for both companies at the same time either on Monday or Tuesday, the people said. It is rare for the Commission to announce joint merger decisions but it probably makes sense in this case as both companies are in the agrochemicals sector, the sources said. Both mega deals in the agrochemicals industry and another one involving Bayer ( BAYGn.DE ) and Monsanto ( MON.N ) have triggered fears among regulators and farmers that the merged companies may slow down the pipeline of new herbicides and pesticides. Commission spokesman Ricardo Cardoso declined to comment. Dow did not immediately respond to an email for comment. A Syngenta spokesman said the Swiss company and ChemChina were confident of closing the deal in the second quarter of the year. The EU antitrust enforcer has set an April 4 deadline for the Dow and DuPont deal, and April 12 for the ChemChina and Syngenta deal. U.S. chemical companies Dow and DuPont managed to address EU competition concerns with a revised package of concessions which included asset sales and transfer of research and development activities to a rival, sources told Reuters last month. ChemChina, which is making the largest foreign acquisition by a Chinese company, won over regulators with its pledge to divest a couple of national product registrations, including existing products and a few in the pipeline, in more than a dozen EU countries, other sources have told Reuters. (Additional reporting by Michael Shields in Zurich, editing by David Evans) Next In Global Energy News UPDATE 4-U.S. State Dept to approve Keystone pipeline permit Friday -sources WASHINGTON, March 23 The U.S. State Department will approve on Friday the permit needed to proceed with construction of the Canada-to-United States Keystone XL oil pipeline, a project blocked by former President Barack Obama, according to two government sources familiar with the process. BOSTON President Donald Trumps White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from foreign oil. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-m-a-dow-chemchina-idUKKBN16U2SX'|'2017-03-24T03:54:00.000+03:00'|2234.0|''|-1.0|'' -2235|'ddd83e4b7c5b912447cdbc52e9913df554423f91'|'Oil stable on falling Libyan output, but bloated US market still weighs'|'Global Energy 1:56am BST Oil stable on falling Libyan output, but bloated US market still weighs Rigging equipment is pictured in a field outside of Sweetwater, Texas June 4, 2015. REUTERS/Cooper Neill By Henning Gloystein - SINGAPORE SINGAPORE Oil prices were steady on Thursday, supported by falling crude output in Libya and declining gasoline stocks in the United States, although bloated U.S. crude inventories are still weighing on markets. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were at $52.42 per barrel at 0040 GMT, unchanged from their last close. In the United States, West Texas Intermediate (WTI) crude futures CLc1 were up 5 cents at $49.57 a barrel. ANZ said on Thursday that prices were supported by Libyan oil output falling to about 500,000 barrels per day (bpd) due to the shutdown of pipelines from its biggest field. And while a rise in U.S. crude inventories weighed on markets, ANZ said that "the market got excited" about a drawdown in gasoline stockpiles. "The big falls in gasoline inventories, coming near the end of the refinery maintenance season, suggest crude oil inventories are on the cusp of declining," it said. U.S. crude inventories USOILC=ECI rose 867,000 barrels in the week ending March 24, compared with analyst expectations for an increase of 1.4 million barrels. Total inventories were at a record of nearly 534 million barrels, the Energy Information Administration (EIA) said on Wednesday. Gasoline stocks USOILG=ECI fell 3.7 million barrels, compared with expectations for a 1.9-million barrel drop. Key for the direction of oil prices will be whether an initiative led by the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production during the first half of the year will be extended, and how high compliance with the reduction targets will be. OPEC, along with other producers including Russia, aims to cut output by almost 1.8 million bpd during the first half of the year. OPEC compliance with its targets is expected to be 95 percent this month, up from 94 percent in February, according to Reuters surveys. However, compliance is lower by non-OPEC members like Russia, who have officially agreed to participate in the cuts. "Russia''s 300,000 bpd cut commitment particularly has been called into question," Eurasia Group said this week in a research report. "While it remains possible Russia can scrape together a combination of outages and natural decline at some west Siberian brownfields and spin this as a 300,000-bpd output cut, it is highly unlikely Russia will achieve an absolute 300,000 bpd reduction during the tenure of the current agreement," it added. As markets remain bloated halfway into the cuts, there is a broad expectation that the supply cuts will be extended into the second half of the year. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN17103I'|'2017-03-30T08:56:00.000+03:00'|2235.0|''|-1.0|'' +2235|'ddd83e4b7c5b912447cdbc52e9913df554423f91'|'Oil stable on falling Libyan output, but bloated US market still weighs'|'Global Energy 1:56am BST Oil stable on falling Libyan output, but bloated US market still weighs Rigging equipment is pictured in a field outside of Sweetwater, Texas June 4, 2015. REUTERS/Cooper Neill By Henning Gloystein - SINGAPORE SINGAPORE Oil prices were steady on Thursday, supported by falling crude output in Libya and declining gasoline stocks in the United States, although bloated U.S. crude inventories are still weighing on markets. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were at $52.42 per barrel at 0040 GMT, unchanged from their last close. In the United States, West Texas Intermediate (WTI) crude futures CLc1 were up 5 cents at $49.57 a barrel. ANZ said on Thursday that prices were supported by Libyan oil output falling to about 500,000 barrels per day (bpd) due to the shutdown of pipelines from its biggest field. And while a rise in U.S. crude inventories weighed on markets, ANZ said that "the market got excited" about a drawdown in gasoline stockpiles. "The big falls in gasoline inventories, coming near the end of the refinery maintenance season, suggest crude oil inventories are on the cusp of declining," it said. U.S. crude inventories USOILC=ECI rose 867,000 barrels in the week ending March 24, compared with analyst expectations for an increase of 1.4 million barrels. Total inventories were at a record of nearly 534 million barrels, the Energy Information Administration (EIA) said on Wednesday. Gasoline stocks USOILG=ECI fell 3.7 million barrels, compared with expectations for a 1.9-million barrel drop. Key for the direction of oil prices will be whether an initiative led by the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production during the first half of the year will be extended, and how high compliance with the reduction targets will be. OPEC, along with other producers including Russia, aims to cut output by almost 1.8 million bpd during the first half of the year. OPEC compliance with its targets is expected to be 95 percent this month, up from 94 percent in February, according to Reuters surveys. However, compliance is lower by non-OPEC members like Russia, who have officially agreed to participate in the cuts. "Russia''s 300,000 bpd cut commitment particularly has been called into question," Eurasia Group said this week in a research report. "While it remains possible Russia can scrape together a combination of outages and natural decline at some west Siberian brownfields and spin this as a 300,000-bpd output cut, it is highly unlikely Russia will achieve an absolute 300,000 bpd reduction during the tenure of the current agreement," it added. As markets remain bloated halfway into the cuts, there is a broad expectation that the supply cuts will be extended into the second half of the year. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN17103I'|'2017-03-30T08:56:00.000+03:00'|2235.0|12.0|0.0|'' 2236|'0b1b8a0df6f12c6d42ef491a2c4a31444cadc460'|'WH Group chief cautious over Smithfield China expansion due to pork glut'|'By Dominique Patton - BEIJING BEIJING China''s WH Group Ltd ( 0288.HK ) will be cautious about expanding Smithfield''s pork processing operations in China due to over-capacity in the world''s biggest pork market, Chairman and Chief Executive Officer Wan Long said in an interview on Tuesday.Speaking on the sidelines of parliament''s annual meeting, Wan said he expects pork prices to fall to an average of 14 yuan to 15 yuan ($4.20) per kilogram this year after hitting a record high in 2016.WH Group bought U.S.-based Smithfield Food Inc [SFII.UL], the world''s biggest pork producer, in 2013 for almost $5 billion."Over-capacity in China is not only in heavy industry, but also the food industry suffers from this problem, so we will expand according to the Chinese market situation," Wan said.He said he expects WH Group''s imports of U.S. pork to China to increase this year from 300,000 tonnes in 2016.(Reporting by Dominique Patton; Writing by Josephine Mason; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-pork-whgroup-idINKBN16E12C'|'2017-03-07T07:09:00.000+02:00'|2236.0|''|-1.0|'' 2237|'960af1600861d5e4a6728a3fff68efc677b63226'|'PRESS DIGEST - Wall Street Journal - March 13'|'March 13 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Facing lackluster sales in the world''s fifth-largest consumer market, Wal-Mart Stores Inc is making a contrarian bet in Brazil, investing heavily to revamp its U.S.-style big-box stores even as shoppers increasingly flock to smaller, cheaper options. on.wsj.com/2ne32Vl- Less than three years after Etihad Airways saved Alitalia SpA from bankruptcy, the Italian airline is once again on the brink. After spending 400 million euros ($427.84 million) to buy effective control of Alitalia in 2014, the Abu Dhabi-based carrier launched a much-ballyhooed effort to improve the Italian airline''s service, expand its international routes and make the domestic business leaner. on.wsj.com/2nec98z- Tesla Inc''s Elon Musk has set his sights on Australia, betting his company''s battery technology can help solve the country''s energy problems and save it from a repeat of the blackouts that struck households and businesses in the south for several days last year. on.wsj.com/2nedYCD- HSBC Holdings PLC named AIA Group Ltd. Chief Executive Mark Tucker as its next chairman, the first time the bank has hired an outsider for the role in its 152-year history. on.wsj.com/2necfNt- "Kong: Skull Island" made a muscular $61 million debut at the North American box office over the weekend, but the monster movie will nonetheless need to sustain momentum to reach profitability. "Kong," released by Time Warner Inc''s Warner Bros, grossed an estimated $81.6 million overseas. on.wsj.com/2nejrta($1 = 0.9349 euros) (Compiled by Subrat Patnaik in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL3N1GQ1QG'|'2017-03-13T01:05:00.000+02:00'|2237.0|''|-1.0|'' 2238|'f10bf5258c8ac8c7d6a208824199f415ed8bb729'|'Vivendi, Mediaset seek damages from each other for defamation - source'|' 39pm GMT Vivendi, Mediaset seek damages from each other for defamation - source The Mediaset tower is seen at the headquarter in Cologno Monzese, near Milan, Italy, April 8, 2016. REUTERS/Stefano Rellandini MILAN French media group Vivendi ( VIV.PA ) and Italian broadcaster Mediaset ( MS.MI ) are suing each other for alleged defamation, a legal source involved in the case said on Tuesday, escalating a dispute over a failed pay-TV accord. A trial opened in Milan on Tuesday over the collapsed deal, after Mediaset sought court enforcement of an April 2015 contract to sell its Premium pay-TV unit to Vivendi. The French group pulled out of the accord in July and went on to build a 28.8 percent stake in Mediaset in a move that angered both the media group controlled by former Prime Minister Silvio Berlusconi and the Italian government. The source said that in the course of the trial on Tuesday Vivendi filed a suit against Mediaset for alleged defamation, without quantifying the damages sought. In turn Mediaset is also now seeking damages for comments made in the media by Vivendi''s Chief Executive Arnaud de Puyfontaine, the source said. Representatives for Vivendi and Mediaset declined to comment on the matter. (Reporting by Giulia Segreti and Giancarlo Navach; Editing by Paola Arosio, Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mediaset-vivendi-damagesrequest-idUKKBN16S1G9'|'2017-03-21T19:39:00.000+02:00'|2238.0|''|-1.0|'' @@ -2304,7 +2304,7 @@ 2302|'233b9c96c81975f5062d16706c551eebde7efc56'|'UPDATE 2-United Airlines bars teenage girls in leggings from flight'|'(Recasts with comment from United Airlines)By Dan WhitcombMarch 26 Two teenage girls wearing leggings were barred from boarding a United Airlines flight on Sunday because they did not meet a dress code for special pass travelers, a company spokesman said amid a furor on social media.The two girls, who were traveling with a companion, would not have been turned away for wearing leggings had they been paying customers, United spokesman Jonathan Guerin said as the airline responded to the backlash."(The two girls) were instructed that they couldn''t board until they corrected their outfit. They were fine with it and completely understood," Guerin said, adding that all three passengers missed the flight. He did not know if they had boarded a later plane or made alternate travel arrangements.Though the three passengers did not complain about their treatment, another traveler, Shannon Watts, who overheard the discussion touched off a firestorm on social media with a series of tweets describing a policy she suggested was unfairly targeting women and girls."This behavior is sexist and sexualizes young girls," Watts said on Twitter. "Not to mention that the families were mortified and inconvenienced."United pass travelers are typically company employees or their friends or family members.Watts'' tweets and United''s defense of it touched a raw nerve for many women and girls who have made leggings a staple in their wardrobes.The popularity of leggings has sparked criticism that they are inappropriate attire under certain circumstances. Some schools have barred girls from wearing them to class.Social media lit up with outrage against the policy and the airline for its response to the initial outcry. Celebrities chimed in with humorous protests."I have flown united before with literally no pants on. Just a top as a dress. Next time I will wear only jeans and a top," model Chrissy Teigen tweeted.United later put out a statement titled: "To our customers ... Your leggings are welcome!" that explained the policy for passholders in greater detail.That policy also bars midriff-baring tops, attire that reveals undergarments or is designated as sleepwear or swimwear, mini-skirts, shorts that fall less than 3 inches above the knee or dirty or torn clothing.Guerin conceded that the airline, in its initial response to the flap, could have done a better job of explaining the situation and countering apparently inaccurate information about the incident that appeared on Twitter."We''ll definitely take something away from today, but we''ll continue to engage with our customers (on social media)," he said. (Reporting by Dan Whitcomb; Edited by Mary Milliken)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/unitedairlines-leggings-idINL2N1H4005'|'2017-03-27T00:26:00.000+03:00'|2302.0|''|-1.0|'' 2303|'5d5aa247921ed42f0f30ec9516dfc3209500ac7c'|'Shell ties bonuses to emissions management, free cashflow'|' 7:59am GMT Shell ties bonuses to emissions management, free cashflow Filled oil drums are seen at Royal Dutch Shell Plc''s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin/File Photo LONDON Royal Dutch Shell ( RDSa.L ) directors will from this year be rewarded depending on how well the company manages its greenhouse gas emissions and how much free cashflow it generates, it said on Thursday. Ten percent of directors'' bonuses will be calculated according to the management of emissions such as methane and carbon dioxide from its refining, chemical and upstream assets, Shell said. Chief Executive Ben van Beurden spoke of the plans in December. Free cashflow will also replace the earnings per share measure in directors'' long-term incentive plans, Shell said, as it has embarked on a $30 billion divestment drive to pay down debt that has reached new highs following the BG Group acquisition. (Reporting by Karolin Schaps; editing by Susan Thomas) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-shell-salary-idUKKBN16G0RG'|'2017-03-09T14:59:00.000+02:00'|2303.0|''|-1.0|'' 2304|'9fceb38b45289faa8772165ccc05acc873485914'|'CANADA STOCKS-Futures indicate higher open as oil rebounds'|' 34am EDT CANADA STOCKS-Futures indicate higher open as oil rebounds March 15 Futures pointed to a higher opening for Canadian stocks on Wednesday as oil prices rebounded from three-month lows, a day after the S&P/TSX composite index tumbled to its lowest this year. March futures on the index were up 0.25 percent at 7:15 a.m. ET. The rebound in oil prices was due to a surprise drawdown in U.S. inventories and the International Energy Agency''s figures suggesting OPEC cuts should push the crude market into deficit in time. The market was also weighed down on Tuesday by a 10 percent slump in Valeant Pharmaceuticals International Inc''s stock, after activist investor William Ackman sold his entire stake in the struggling drugmaker. Dow Jones Industrial Average e-mini futures were up 0.16 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.21 percent and Nasdaq 100 e-mini futures were up 0.18 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Lending activity to small Canadian businesses edged down in January, though borrowing by larger firms accelerated, data showed on Wednesday, pointing to an economy that is still recovering from an oil price shock two years ago. Manulife Financial Corp has been granted a licence that will allow it to launch investment products in China through a wholly-owned local subsidiary, as Beijing further liberalises its capital markets. ANALYST RESEARCH HIGHLIGHTS Halogen Software Inc : Raymond James cuts rating to "market perform" from "outperform" TransCanada Corp : GMP cuts target price to C$68 from C$70 Alimentation Couche Tard : Canaccord Genuity cuts target price to C$72 from C$78 COMMODITIES AT 7:15 a.m. ET Gold futures : $1201.9; 0 percent US crude : $48.65; +1.89 percent Brent crude : $51.78; +1.69 percent LME 3-month copper : $5869.5; +0.85 percent U.S. ECONOMIC DATA DUE ON WEDNESDAY 08:30 Core CPI mm, SA for Feb: Expected 0.2 pct; Prior 0.3 pct 08:30 Core CPI yy, NSA for Feb: Expected 2.2 pct; Prior 2.3 pct 08:30 CPI Index, NSA for Feb: Expected 243.28; Prior 242.84 08:30 Core CPI Index, SA for Feb: Prior 250.78 08:30 CPI mm, SA for Feb: Expected 0.0 pct; Prior 0.6 pct 08:30 CPI yy, NSA for Feb: Expected 2.7 pct; Prior 2.5 pct 08:30 Real weekly earnings mm for Feb: Prior -0.4 pct 08:30 NY Fed Manufacturing for Mar: Expected 15.00; Prior 18.70 08:30 Retail sales ex-autos mm for Feb: Expected 0.2 pct; Prior 0.8 pct 08:30 Retail sales mm for Feb: Expected 0.1 pct; Prior 0.4 pct 08:30 Retail ex gas/autos for Feb: Prior 0.7 pct 08:30 Retail control for Feb: Expected 0.2 pct; Prior 0.4 pct 10:00 Business inventories mm for Jan: Expected 0.3 pct; Prior 0.4 pct 10:00 Retail Inventory Ex Auto (R) for Jan: Prior 0.0 10:00 NAHB Housing Market Index for Mar: Expected 65; Prior 65 12:00 Cleveland fed CPI for Feb: Prior 0.3 pct 14:00 Fed funds target rate: Expected 0.875 pct; Prior 0.625 16:00 Net L-T flows, ex swaps for Jan: Prior -12.9 bln 16:00 Foreign buying, T-bonds for Jan: Prior -21.9 bln 16:00 Overall net capital flow for Jan: Prior -42.8 bln 16:00 Net L-T flows, including swaps for Jan: Prior -29.4 bln FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1 = C$1.35) (Reporting by Nayyar Rasheed in Bengaluru; Editing by Saumyadeb Chakrabarty) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1GS3XG'|'2017-03-15T18:34:00.000+02:00'|2304.0|''|-1.0|'' -2305|'b9abd64f460a9c2709b01043c440e17a80fc2a06'|'French prosecutor opens Fiat Chrysler emissions investigation - source'|' 40pm GMT French prosecutor opens Fiat Chrysler emissions investigation - source PARIS A French prosecutor has opened an investigation into Fiat Chrysler ( FCHA.MI ) over allegations that the carmaker cheated in diesel emission tests, a judicial source said on Tuesday. "I can confirm that a judicial investigation has been opened into aggravated cheating," the source said. (Reporting by Chine Labbe and Laurence Frost; Writing by Geert De Clercq; Editing by Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-fiat-chrysler-diesel-idUKKBN16S299'|'2017-03-22T00:40:00.000+02:00'|2305.0|''|-1.0|'' +2305|'b9abd64f460a9c2709b01043c440e17a80fc2a06'|'French prosecutor opens Fiat Chrysler emissions investigation - source'|' 40pm GMT French prosecutor opens Fiat Chrysler emissions investigation - source PARIS A French prosecutor has opened an investigation into Fiat Chrysler ( FCHA.MI ) over allegations that the carmaker cheated in diesel emission tests, a judicial source said on Tuesday. "I can confirm that a judicial investigation has been opened into aggravated cheating," the source said. (Reporting by Chine Labbe and Laurence Frost; Writing by Geert De Clercq; Editing by Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-fiat-chrysler-diesel-idUKKBN16S299'|'2017-03-22T00:40:00.000+02:00'|2305.0|12.0|0.0|'' 2306|'655031d9dd07728ec2ec2a9679a2bd4238cc152c'|'Luxottica sells former Milan headquarters for 100 mln euros'|'Big Story 10 - Thu Mar 2, 2017 - 11:05am EST Luxottica sells former Milan headquarters for 100 million euros FILE PHOTO: Sunglasses from Ray Ban, a Luxottica owned brand, are on display at an optician shop in Hanau, Germany, March 18, 2016. REUTERS/Kai Pfaffenbach/File Photo MILAN Italian eyewear group Luxottica has sold its former Milanese headquarters to the local unit of U.S. property firm Hines for around 100 million euros ($105 million), a source familiar with the matter said. The 12,000 square meter building, located near the central Duomo square, housed Luxottica until the summer of 2014, when the group moved into new offices owned by Beni Stabili, a property firm in which Luxottica''s founder Leonardo Del Vecchio has an indirect stake. Hines said in a statement BNP Paribas had organized funding for the deal which brought to 800 million euros the investments it has carried out in the past 15 months to buy historic buildings in Milan and Florence. Luxottica declined to comment. (Reporting by Valentina Za, editing by David Evans) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-luxottica-headquarters-sale-idUSKBN16929T'|'2017-03-02T23:02:00.000+02:00'|2306.0|''|-1.0|'' 2307|'ec5db00bcfe05018613735c7f24f1c05d8b6b8ed'|'Peso and Poland lead emerging markets'' Q1 charge'|'Company 01pm EDT Peso and Poland lead emerging markets'' Q1 charge * Global Assets in 2017 reut.rs/2ne9sjH * World FX rates in 2017 tmsnrt.rs/2egbfVh * EM stocks in 2017 tmsnrt.rs/2hn5N02 * EM currencies in 2017 tmsnrt.rs/2hniYya * EM bonds tmsnrt.rs/2ih2QQ9 By Marc Jones LONDON, March 30 Emerging markets have had a stellar start to the year, with equities delivering world-beating returns in the first 2017 quarter and the Mexican peso topping currency gains with a 10 percent bounce against the dollar. There have been the odd laggard - Turkey has seen the lira slump and some Latin American commodity plays have retreated as oil prices have toppled back again - but for the most part it has been a bumper few months. "We have been in an unloved asset class for a long time and because we had good year last year a lot of people are now coming back in," said Aberdeen Asset Management EM portfolio manager Viktor Szabo. As this Reuters checklist shows tmsnrt.rs/2egbfVh Mexico''s peso has recouped almost all of ground it lost after Donald Trump''s U.S. election. Other strong emerging currency performers so far this year include the rouble and the zloty. The FX tailwinds have helped MSCI''s emerging equity index rise a tidy 13 percent, outperforming developed peers. The strongest performers have been Polish stocks, having risen 20 percent in dollar terms after years of underperformance, helped by a 6-percent jump in the zloty . Chilean, Mexican, Indian, Chinese, Brazilian and Turkish stocks have taken off, climbing somewhere between 18 and 10 percent in dollar terms. tmsnrt.rs/2hn5N02 Bonds denominated in emerging currencies have also had a blinder returning 7 percent as major economies like Brazil have chopped down interest rates, the global growth outlook has improved and investors'' worries have stayed largely dormant. That compares to a paltry 0.8 percent for U.S. Treasuries and just 1.4 percent for German Bunds reut.rs/2ne9sjH "Some of the concerns around the policies of the new Trump administration, on trade and on China, have not been put to rest necessarily but they have been mitigated some what," said PIMCO emerging market portfolio manager Yacov Arnopolin. "A stabilisation of China''s economy and the renminbi has also been a positive," he added, saying it had created something of a "virtuous cycle". Emerging sovereign dollar bonds have returned 4 percent, led by an 8 percent gain by Egypt after it secured an IMF deal late last year. Even South Africa has rallied strongly despite worries about the future of its finance minister and investment grade sovereign credit rating. NEXT QUARTER BACK? The coming few months have plenty in store, starting with a meeting between U.S. and Chinese presidents Donald Trump and Xi Jinping next week that will set the tone on issues from trade protectionism and currency manipulation to North Korea. Czech central bankers hope to avoid Swiss franc-style chaos as they remove their 27-per-euro cap on the crown, Indonesia could be lifted to investment grade by S&P not to mention Turkey voting on U.S.-like presidential powers for Tayyip Erodogan. PIMCO''s Arnopolin says EM is looking "in pretty decent shape on a cyclical horizon" and is likely to be less volatile than some of world''s developed markets, but others sense the recent pace of the rally may require a breather. Brazilian oil and mining giant''s Petrobras and Vale have already seen near 20 percent corrections from their peaks of the year. The IMF is expected to downgrade growth forecasts for large parts of Latin America and Reuters data shows there are currently twice as many puts - or bearish bets - on the iShares MSCI Emerging Markets exchange-traded fund, as bullish ones. here What''s more, asset correlations have started to break down, most notably in the dollar''s inverse relationship with commodities. Normally, a rising dollar means lower commodity prices, and vice versa. But both have fallen in recent weeks. "We are at a crucial stage of this EM rally now, said Rabobank''s Matys. "What is really vital though is that the Trump administration provide some concrete details on its big fiscal plans. Promises and pledges are not enough any more." (Reporting by Marc Jones; Editing by Andrew Heavens) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-q-idUSL5N1H64IL'|'2017-03-31T01:01:00.000+03:00'|2307.0|''|-1.0|'' 2308|'26626ba666526d114b156f47ba5c0b7c69c998df'|'UK annual house price growth slows to weakest since July 2013 - Halifax'|'Business News - Tue Mar 7, 2017 - 9:10am GMT UK annual house price growth slows to weakest since July 2013 - Halifax A Union flag flies over a house in Whitehaven, Britain February 13, 2017. REUTERS/Phil Noble LONDON Annual British house price growth cooled to its weakest since July 2013 in February, hurt by increasingly squeezed consumer finances, mortgage lender Halifax said on Tuesday. House prices rose 5.1 percent in the three months to February compared with the same period a year ago, down from 5.7 percent in January and weaker than a Reuters poll forecast for growth of 5.3 percent. In February alone, house prices edged up 0.1 percent after a 1.1 percent drop in January, Halifax said. "A sustained period of house price growth in excess of pay rises has made it increasingly difficult for many to purchase a home," Halifax housing economist Martin Ellis said. "This development, together with signs of reduced momentum in the jobs market and squeezed consumer spending power, is expected to curb house price growth during 2017." (Reporting by Andy Bruce; editing by Michael Holden) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-houseprices-idUKKBN16E0V4'|'2017-03-07T15:50:00.000+02:00'|2308.0|''|-1.0|'' @@ -2312,7 +2312,7 @@ 2310|'2f0948e51ff58d69c3be3e6853bafcac74b704a6'|'UPDATE 1-Macau signals rebound as gambling revenues hit 2-year high in Feb'|'Company News - Wed Mar 1, 2017 - 12:29am EST UPDATE 1-Macau signals rebound as gambling revenues hit 2-year high in Feb * Macau revenues showing sustained uptick, up 18 pct in Feb * Overnight visitors increasing, VIP demand rising * Shift towards mass market still key focus (Adds milestone, Galaxy, other details) HONG KONG, March 1 Gambling revenue in the Chinese territory of Macau hit a two-year high in February, recovering steadily from a prolonged anti-corruption drive and slowing economic growth that dragged on the world''s biggest casino hub over the past three years. Analysts have already called a bottom to Macau''s gaming industry slump with revenues rising over the past seven months. New casino resorts have helped drive business by attracting mass gamblers as well as VIP spenders - who have stayed away since Chinese President Xi Jinping rolled out his campaign in 2014 against shows of wealth by public officials. In February, Macau raked in a revenue of 23 billion patacas ($2.9 billion), up almost 18 percent from 19.5 billion patacas a year ago and the highest since January 2015, government data showed on Wednesday. Results were also buoyed by a higher number of visitors over the national new year holiday at the start of the month. Overnight Chinese visitation has grown since the start of 2017, following the opening of multi-billion dollar casino resorts in the third quarter of 2016 by Sands China Ltd and Wynn Macau Ltd. Casino operator Galaxy Entertainment said that for the first time in a decade, overnight visitors to Macau this year had exceeded same-day visitor arrivals thanks to new hotel capacity. It reported a better-than-expected 51 percent rise in 2016 net profit on Tuesday and forecast double-digit gaming growth for this year. Macau''s large junket operators have reported improving revenues since the second half of 2016. These firms, which act on behalf of casino operators like MGM China to bring in high-rollers, had been slammed by the corruption crackdown but broad consolidation has helped strengthen their positions. However, casino executives are betting more on the durability the mass market segment due to the steady growth of leisure visitors and the government''s aim to shift away from casinos towards more family friendly activities. Macau - a former Portuguese colony and now a special administrative region belonging to China - is the only place in the country where citizens are legally allowed to gamble. The casino hub is set to see more new resorts - owned by the 13 Holdings and MGM - come online this year, followed by SJM Holdings'' casino in 2018. These come at a time when Macau is facing mounting competition from emerging Asian casino hubs, including Japan that legalised casinos in December. ($1 = 7.9810 patacas) (Reporting by Farah Master; Editing by Himani Sarkar) Next In Company News U.S. Commerce secretary says Trump did not endorse border tax plan WASHINGTON, Feb 28 New U.S. Commerce Secretary Wilbur Ross said President Donald Trump did not endorse a proposed border tax system on Tuesday in his first speech to Congress on Tuesday, despite a vow to level the tax playing field for U.S. companies that export.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/macau-gambling-revenues-idUSL3N1GE2ET'|'2017-03-01T12:29:00.000+02:00'|2310.0|''|-1.0|'' 2311|'f6ceb8309ecf2c17d827608e0f46364e9712b398'|'Bedbugs, peacocks add to uptick in U.S. animal insurance claims'|'U.S. 09am EDT Bedbugs, peacocks add to uptick in U.S. animal insurance claims FILE PHOTO - Male and female adult bedbugs in comparison to apple seeds is shown in this handout photo provided by the American Museum of Natural History (AMNH), in Washington, February 2, 2016. REUTERS/L. Sorkin/AMNH/Handout via Reuters By Suzanne Barlyn Bedbugs in hotel rooms and aggressive peacocks are some of the creatures behind an uptick in animal-related insurance claims filed by U.S. businesses, according to a study published on Thursday by insurer Allianz SE. U.S. claims involving bedbugs increased 50 percent between 2014 and 2015, from 66 to 99, according to Allianz. The insurer has already counted 70 bedbug claims through September 2016, heading for a total that could surpass the previous year''s, said Larry Crotser, the chief claims officer for the insurer''s Allianz Global Corporate & Specialty unit. The findings were included in a global report by the Allianz unit, which analyzed more than 100,000 corporate liability claims from roughly 100 countries paid by Allianz and other insurers between 2011 and 2016, totaling $9.3 billion. The claims involved everything from aviation to cyber security. The analysis included nearly 1,880 U.S. animal-related business liability claims, representing about 2 percent of all commercial claims in the study. Animal claims increased 28 percent between 2011 and 2015, from 287 to 365, according to Allianz. The average animal-related liability claim is about $10,400, with all animal claims totaling nearly $20 million. Bedbugs accounted for 21 percent of U.S. business liability claims. Some claims, however, were peculiar, such as a hotel guest whose room was invaded by a flying squirrel and another whose hearing aid and slippers were destroyed by a rodent. Two claims involved people who were attacked by aggressive peacocks, according to the study. Bedbugs, found on every continent except Antarctica, have been biting people for thousands of years. Widespread insecticide use in homes after World War Two eliminated them from many regions, but bedbugs developed pesticide resistance and rebounded, thriving in heated homes and hitching rides in luggage in international travel. Hotel companies typically file insurance claims to cover costs of reimbursing guests who encountered bedbugs during their stays and inadvertently brought the insects home in their suitcases, causing infestations, Crotser said. Those guests then look to the hotel company to pay for fumigating their homes. Commercial bedbug claims averaged $5,660, an Allianz spokeswoman said. Deer incidents, such as collisions with farm vehicles, were the most common involving animals, accounting for 58 percent of U.S. animal-related liability claims insurers received. Other business claims involved damage from dogs, roaming cattle, horses, cats, rodents, snakes and sheep. (Reporting by Suzanne Barlyn; Editing by Leslie Adler) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-insurance-bedbugs-idUSKBN1710BK'|'2017-03-30T12:01:00.000+03:00'|2311.0|''|-1.0|'' 2312|'4def560fc7f8cebb71b9f26ee0b5b6ad998a2443'|'Recasting steel: New technologies could slash the cost of steel production'|'ALTHOUGH he is best known for developing a way to mass-produce steel, Henry Bessemer was a prolific British inventor. In the 1850s in Sheffield his converters blasted air through molten iron to burn away impurities, making steel the material of the industrial revolution. But Bessemer knew he could do better, and in 1865 he filed a patent to cast strips of steel directly, rather than as large ingots which then had to be expensively reheated and shaped by giant rolling machines.Bessemers idea was to pour molten steel in between two counter-rotating water-cooled rollers which, like a mangle, would squeeze the metal into a sheet. It was an elegant idea that, by dint of having fewer steps, would save time and money. Yet it was tricky to pull off. Efforts to commercialise the process were abandoned.Until now. Advances in production technology and materials science, particularly for new types of high-tech steel, mean that Bessemers twin-roll idea is being taken up successfully. An alternative system that casts liquid steel directly onto a single horizontally moving belt is also being tried. Both techniques could cut energy consumptionone of the biggest costs in steelmakingby around 80%. Other savings in operating and capital costs are also possible. If these new processes prove themselves, steelmaking could once again be transformed.On a rollSteelmakers are cautious about new technologies. It was not until the 1960s that the industry ventured from casting ingots to building giant integrated plants for the continuous casting of steel. This involves pouring molten steel through a bottomless mould which, being cooled by water, partially solidifies it. The steel is then drawn down through a series of rolls to form sheet steel or other shapes required by factories and construction companies. Most of the 1.6bn tonnes of steel produced annually worldwide is now made this way.Continuous casting, however, still takes a lot of rolling to reduce slabs cast 80-120mm thick to the 1-2mm required by many producers, such as carmakers. Casting any thinner causes quality problems and flaws in the steels microstructure. One reason for that is the bottomless mould has to be oscillated to ensure molten steel does not stick to its sides. The new techniques of twin-roll and single belt-casting are, in effect, moving mouldsthe rollers and the belt move with the steel as it cools and solidifies. This allows direct casting to a thickness of just a few millimetres, requiring only minimal rolling thereafter.The new techniques are particularly good for making higher-value, specialist steels, says Claire Davis, a steel expert with the Warwick Manufacturing Group at the University of Warwick in Britain. Ms Davis and her team are developing new high-tech steels especially for belt casting, including advanced low-density steels that are stronger, lighter and more flexible than conventional steel.A twin-roll process, much as Bessemer conceived, is already employed by Nucor, a giant American steelmaker. Called Castrip, it is producing steel in two of its plants. A big advantage of twin-roll and belt-casting is compactness. Nucor reckons a Castrip plant needs only 20 hectares (50 acres) and provides a good investment return from the production of only 500,000 tonnes of steel a year. A conventional steel plant, by comparison, may sprawl over 2,000 hectares and need to produce some 4m tonnes a year to turn a profit.Other firms are licensing Castrip as well. Shagang, a large Chinese steelmaker, is replacing a less energy-efficient plant with the new technology. The numbers look compelling enough to encourage a startup, too: Albion Steel is talking to investors about building a 300m ($370m) Castrip plant in Britain. The plant would be fed by a low-cost mini-mill that melts scrap and produces steel for galvanising, mostly for the construction industry, says Tony Pedder, one of Albions founders. Mr Pedder is the chairman of Sheffield Forgemasters, an engineering company, and a former boss of British Steel (which later became Corus). Britain has a surplus of scrap but imports galvanised steel. The plant would employ only about 250 people; traditional integrated operations need a thousand or so. We believe in the technology, says Mr Pedder. In our view it is past the point of being experimental.Salzgitter, a German steelmaker, opened the first commercial single belt-caster at Peine, near Hanover, in 2012. It began by making construction steel but has progressed to more specialist steels. The trick is to keep the water-cooled belt perfectly flat, says Roderick Guthrie of McGill University in Canada, one of the pioneers of the technology. Salzgitter uses a vacuum under the belt to do that, whereas Mr Guthrie employs powerful magnets to the same effect on a pilot plant at the university. His research group is working with a number of companies, including a big carmaker. Whereas twin-roll casting is constrained by practical limitations, such as the size of the rollers, horizontal single belt-casting is less so, argues Mr Guthrie.The techniques may end up being complementary. Their spatial efficiency and low cost would also allow production to be located closer to customers. Mr Guthrie thinks it is not inconceivable for such a plant to be integrated within a car factory. If we can make the quality as good as the big slab-casting plants, it would change the face of the steel industry, he says. New technologies might just blast a dose of fresh air through an old industry, much as Bessemers converter did 150 years ago. Business "Recasting steel"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718545-150-year-old-idea-finally-looks-working-new-technologies-could-slash-cost-steel?fsrc=rss'|'2017-03-09T23:29:00.000+02:00'|2312.0|''|-1.0|'' -2313|'98baa9d8682ce32137a71bf2d712004892d6a97e'|'UPDATE 1-Options exchanges resume routing to CBOE after connectivity issue'|'Business News 12:26pm EDT Options exchanges resume routing to CBOE after connectivity issue By Saqib Iqbal Ahmed - NEW YORK NEW YORK Several U.S. options exchanges, including those run by Nasdaq Inc ( NDAQ.O ) and the New York Stock Exchange, declared "self-help" alerts against CBOE Holdings Inc''s ( CBOE.O ) CBOE Options Exchange for a short time on Monday, signaling problems processing trades. A "self-help" alert is a notification issued by a trading exchange when another exchange is dealing with internal problems processing trades and orders are routed through alternate venues. CBOE, which opened on time at 9:30 a.m. EDT, faced connectivity issues with a number of firms, said Suzanne Cosgrove, a company spokeswoman. As of 10:08 a.m. EDT, connectivity was re-established, but CBOE was still working with some firms regarding their remaining individual issues, she said. Trading on CBOE was not halted, she said. MIAX Options and MIAX PEARL options exchanges declared "self-help" on the CBOE Options Exchange as of 9:38 a.m. EDT. These were soon followed by Nasdaq-operated options exchanges, including the NASDAQ Options Market and the PHLX. NYSE Amex Options and NYSE Arca Options suspended routing to the CBOE, the NYSE said in a status message. By 11:48 a.m. EDT, all the exchanges had resumed routing trades to the CBOE. The CBOE is the operator of the largest U.S. stock options market, and the CBOE Volatility Index .VIX and the S&P 500 Index .SPX options trade exclusively on the CBOE. Trading volume in VIX and SPX options did not appear to be affected, said Fred Ruffy, analyst at New York-based options analytics firm Trade Alert. (Editing by Dan Grebler and Matthew Lewis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-options-cboe-idUSKBN16Y223'|'2017-03-28T00:22:00.000+03:00'|2313.0|''|-1.0|'' +2313|'98baa9d8682ce32137a71bf2d712004892d6a97e'|'UPDATE 1-Options exchanges resume routing to CBOE after connectivity issue'|'Business News 12:26pm EDT Options exchanges resume routing to CBOE after connectivity issue By Saqib Iqbal Ahmed - NEW YORK NEW YORK Several U.S. options exchanges, including those run by Nasdaq Inc ( NDAQ.O ) and the New York Stock Exchange, declared "self-help" alerts against CBOE Holdings Inc''s ( CBOE.O ) CBOE Options Exchange for a short time on Monday, signaling problems processing trades. A "self-help" alert is a notification issued by a trading exchange when another exchange is dealing with internal problems processing trades and orders are routed through alternate venues. CBOE, which opened on time at 9:30 a.m. EDT, faced connectivity issues with a number of firms, said Suzanne Cosgrove, a company spokeswoman. As of 10:08 a.m. EDT, connectivity was re-established, but CBOE was still working with some firms regarding their remaining individual issues, she said. Trading on CBOE was not halted, she said. MIAX Options and MIAX PEARL options exchanges declared "self-help" on the CBOE Options Exchange as of 9:38 a.m. EDT. These were soon followed by Nasdaq-operated options exchanges, including the NASDAQ Options Market and the PHLX. NYSE Amex Options and NYSE Arca Options suspended routing to the CBOE, the NYSE said in a status message. By 11:48 a.m. EDT, all the exchanges had resumed routing trades to the CBOE. The CBOE is the operator of the largest U.S. stock options market, and the CBOE Volatility Index .VIX and the S&P 500 Index .SPX options trade exclusively on the CBOE. Trading volume in VIX and SPX options did not appear to be affected, said Fred Ruffy, analyst at New York-based options analytics firm Trade Alert. (Editing by Dan Grebler and Matthew Lewis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-options-cboe-idUSKBN16Y223'|'2017-03-28T00:22:00.000+03:00'|2313.0|10.0|0.0|'' 2314|'7fcac44769d8df4c4bb59863c6a9c58f856856ef'|'French Connection reports loss for fifth year in a row'|' 8:07am GMT French Connection reports loss for fifth year in a row A person walks past a French Connection store in London, Britain, 14 March, 2016. REUTERS/Hannah McKay By Arathy S Nair British fashion retailer French Connection Group Plc ( FCCN.L ) reported a loss for the fifth straight year, prompting activist investor Gatemore Capital Management to suggest splitting up the company. French Connection has closed stores and hired new management and design teams as it struggles to compete with fast-fashion rivals such as ASOS Plc ( ASOS.L ), Forever 21 and Inditex''s ( ITX.MC ) Zara. However, Chief Executive Stephen Marks reiterated on Tuesday his commitment to turn the group profitable and said the reaction to 2017 collections had been very strong with higher sales in stores and to wholesale customers. French Connection''s current position is a far cry from its heady days of 2004, when the huge success of its FCUK logo boosted the company''s shares to more than 500 pence. The stock has plummeted since, closing at 34.88 pence on Monday. The company has been under pressure from Gatemore, which owns an 8 percent stake, to improve shareholder value. French Connection should be broken up as the sum of its parts is around two to three times greater than the whole, Liad Meidar, managing partner and chief investment officer at Gatemore, told Reuters on Tuesday in an email. Gatemore urged the company in January to replace two of its non-executive directors and to split the role of chairman and CEO. The investment manager also said the company could alternatively look to engage an investment bank to explore a sale. Last month, Mike Ashley''s Sports Direct took a 11.2 percent stake in French Connection, becoming its second-largest shareholder, second only to Marks. French Connection said underlying operating loss narrowed to 3.7 million pounds ($4.5 million), for the year ended Jan. 31, from 4.7 million pounds a year earlier. [nRSN3699Za] Sales at stores open for more than a year in the UK and Europe were up 4.4 percent. The two regions accounted for more than three quarters of the company''s revenue. Marks said the retail business in the UK and Europe was improving, but it was being held back by wholesale and licensing divisions. French Connection''s full-year revenue fell 6.7 percent to 153.2 million pounds. ($1 = 0.8239 pounds) (Reporting by Arathy S Nair and Rahul B in Bengaluru; Editing by Amrutha Gayathri) UK braces for another pounding from Brexit talks LONDON After eight months of discounting a plethora of UK political risks, sterling''s relaxed reaction to the prospect of the launch of Brexit talks and a new may be understandable, but the worst may not be over yet.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-french-connectn-results-idUKKBN16L0QB'|'2017-03-14T15:07:00.000+02:00'|2314.0|''|-1.0|'' 2315|'9244537e8c22188229d819e4807b2932e29b5cd0'|'EU to decide on relocation of banking body from London before Brexit'|' 2:56pm GMT EU to decide on relocation of banking body from London before Brexit European Commission Vice-President Valdis Dombrovskis addresses a news conference on the European Semester Winter Package in Brussels, Belgium February 22, 2017. REUTERS/Francois Lenoir BRUSSELS The European Commission wants a decision on the relocation of the European Banking Authority from London before the end of Britain''s EU divorce talks, the EU executive vice president said on Tuesday. "We need to take this decision relatively quickly, and not to wait for the end of the (Brexit) negotiations, because it takes quite a lot of time of practical preparations for the movement from London to another place," Valdis Dombrovskis told reporters. (Reporting by Francesco Guarascio)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-regulations-eba-idUKKBN16S1U2'|'2017-03-21T22:28:00.000+02:00'|2315.0|''|-1.0|'' 2316|'14bf9282c016145866ade620f9b0194f38dc779e'|'BAT says strong demand for ''glo'' smokeless tobacco'|' 30am GMT BAT says strong demand for ''glo'' smokeless tobacco A staff of British American Tobacco Japan displays its new tobacco heating system device ''glo'' after a news conference in Tokyo, Japan, November 8, 2016. REUTERS/Kim Kyung-Hoon TOKYO British American Tobacco (BAT) ( BATS.L ) said demand for its "glo" tobacco heating device overwhelmed supply in its Japan test marketing, as global cigarette giants shift focus to the new product category amid declining smoking population. The "heat but not burn" tobacco is rapidly gaining popularity in Japan. Philip Morris International ( PM.N ) said earlier this month that it has more than doubled the supply of IQOS tobacco device but it was not enough to cover the demand. BAT and Philip Morris were the first of the big tobacco firms to invest in cigarette alternatives a few years back, as growing health consciousness reduces traditional smoking. Both glo and IQOS use cigarette-shape tobacco leaves. But instead of burning, the battery-powered devices heat the sticks to generate steams. The companies said the products emit far less smell than conventional cigarettes. Global tobacco companies see Japan as a fertile test ground for these products since e-cigarettes, which use nicotine-laced liquid, are not permitted under the country''s pharmaceutical regulation. "We are seeing very strong sales. It''s much beyond our expectations," Nami Uehara, brand marketing official at BAT Japan, told Reuters. BAT, known for Kent and Lucky Strike cigarettes, started the sale of glo in the northeastern city of Sendai in December. The device is priced at 8,000 yen ($70.52). The device is sold at about 600 convenience stores in the city and the glo flagship store. Uehara said in the first week of the sale, some people waited overnight in front of the flagship store to get the device. BAT said the daily supply of devices at the flagship store is 100 for weekdays and 250 on weekends. But there were already more people waiting than day''s supply three hours before the store''s 10 a.m. open. "We were giving purchase tickets at 7 a.m. but all of them were gone instantly," Uehara said. Given the long lines of people waiting in front of the store every morning, the company switched from first-come-and-first served to on-line reservation since this month, with daily supply assigned by lottery. BAT said it plans to start selling glo in the rest of Japan later this year. Japan Tobacco Inc ( 2914.T ), which commands a more than 60 percent share in the domestic cigarette market, said last month that it expected its domestic cigarettes sales volume to decline by 9.6 percent this year, partly because of the growing popularity of tobacco e-cigarettes. Japan Tobacco has said it will begin selling Ploom Tech tobacco-based electronic cigarettes in some parts of Tokyo from June. ($1 = 113.4500 yen) (Reporting by Taiga Uranaka and Ritsuko Shimizu; Editing by Subhranshu Sahu) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-ecigarettes-idUKKBN16O08R'|'2017-03-17T09:30:00.000+02:00'|2316.0|''|-1.0|'' @@ -2323,7 +2323,7 @@ 2321|'4898a460d50ee59813267869831b240c936ca575'|'Apple CEO Tim Cook calls for more global trade with China'|'BEIJING Apple Chief Executive Tim Cook expressed support for globalization and said China should continue to open its economy to foreign firms, while speaking at a forum in Beijing on Saturday."I think it''s important that China continues to open itself and widens the door if you will," said Cook, speaking at the government-sponsored China Development Forum.Cook''s comments come amid rising tensions between the U.S. and China, with protectionist rhetoric from U.S. President Donald Trump sparking concern of increased trade friction between the two countries."The reality is countries that are closed, that isolate themselves, it''s not good for their people," said Cook, in a rare public speech.Apple said on Friday it will set up two new research and development centers in Shanghai and Suzhou in China.It has pledged to invest more than 3.5 billion yuan ($508 million) in research and development in China.Apple has been singled out in Chinese media as a potential target for retaliation in the event of a trade war.The Global Times warned last November if Trump triggered a trade war with China, Beijing would then target firms from Boeing to Apple in a "tit-for-tat" approach.(Reporting by Shu Zhang and Matthew Miller; Writing by Elias Glenn; Editing by Julia Glover)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-china-forum-apple-idINKBN16P0BG'|'2017-03-18T07:47:00.000+02:00'|2321.0|''|-1.0|'' 2322|'628255d1547fc5557beeb1408a6a9af1c1d7e918'|'Deals of the day-Mergers and acquisitions'|'(Adds PPG)March 23 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday:** Abu Dhabi investment firm Waha Capital PJSC is in talks with potential partners in Saudi Arabia as it looks to diversify investment in some key sectors outside the United Arab Emirates (UAE), its chairman said.** French finance minister Michel Sapin did not rule out France reducing its stake in Renault, but added any sale would have to take place at the best possible market conditions.** Japan''s Toyota Industries Corp said it agreed to buy privately-held Vanderlande Industries of the Netherlands, a maker of package and baggage handling equipment and software, for about 1.2 billion euros ($1.3 billion).** Singapore-based fund Effissimo, established by former colleagues of Japan''s most famous activist investor, Yoshiaki Murakami, has become the largest shareholder in Toshiba Corp with an 8.14 percent stake, a regulatory filing showed.** British energy supplier SSE said it had increased its share in the Dogger Bank offshore wind development to 37.5 percent after acquiring a stake from former consortium partner Statkraft.** U.S. aluminium wheel maker Superior Industries International has launched an offer to buy Uniwheels for around $715 million after winning the support of the Warsaw-listed company''s biggest shareholder.** Anglo American''s diamond specialist De Beers has bought the 50 percent stake held by French luxury goods group LVMH in De Beers Diamond Jewellers for an undisclosed amount, taking full ownership of the retail operation.** The chief executive of U.S. paint maker PPG won the backing of Akzo Nobel''s largest shareholder after flying to Amsterdam to press the Dutch company to open talks on a 22.7 billion euro ($24.5 billion)takeover.** Fund manager Elliott Advisors, which owns 3.2 percent of Akzo Nobel, criticized the Dutch paint maker for disregarding the views of an "overwhelming margin" of its shareholders by refusing to meet with U.S. suitor PPG.** Telecommunications company Bharti Airtel said it would buy internet services provider Tikona Digital Networks'' 4G business in a deal worth 16 billion rupees ($244.20 million).** Royal Dutch Shell is in talks with several potential buyers for its refinery outside of San Francisco, but the Anglo-Dutch oil giant is reluctant to part with its last asset in California, three people familiar with the process said.** Liberty House, the industrial and commodities group that is buying up steel assets around the world, is considering investing in the troubled Italian Piombino mill as the global market picks up from a slump, two sources close to the matter said.** Czech downstream oil group Unipetrol said its acquisition of Spolana chemicals company would support achieving its strategic aims and add shareholder value.** Indian online retailer Snapdeal is seeking investment to shore up its finances after unsuccessful talks with Chinese funds and Alibaba Group Holding Ltd as it battles to remain competitive, sources with direct knowledge of the matter said.** South African hotelier Tsogo Sun said it could increase its stake in Hospitality Property Fund to as much as 60 percent as part of an exchange if it reaches agreement to sell more hotel assets to the fund.** Italy''s communications authority (AGCOM) will make a decision with regards to Vivendi''s stakebuilding in Italian broadcaster Mediaset by the end of April, a source at the regulator told Reuters.** Bulgaria''s Socialist party will look at options for the country to buy back the Bulgarian assets of Czech power utility CEZ if it wins the national election on Sunday, its leader Kornelia Ninova said.** Privately-owned shipping firm BW Group became the top shareholder in tanker firm DHT Holdings, in a surprise move that will probably end Frontline''s ambitions to take full control of DHT. (Compiled by Divya Grover and Aishwarya Venugopal in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1H039C'|'2017-03-23T17:06:00.000+02:00'|2322.0|''|-1.0|'' 2323|'91bf05da1ab77cb0e88131cce9ed8adeae5b8274'|'Hansteen to sell German, Dutch industrial properties for $1.4 billion'|'Business News - Mon Mar 20, 2017 - 9:03am GMT Hansteen to sell German, Dutch industrial properties for $1.4 billion Britain''s Hansteen Holdings ( HSTN.L ) has agreed to sell its German and Dutch industrial property portfolios for 1.28 billion euros ($1.38 billion) to a venture between Blackstone Group LP ( BX.N ) and M7 Real Estate. The price represents a premium of about 6 percent, or roughly 76 million euros, to the assets'' valuations at the end of 2016, Hansteen said in a statement on Monday. Hansteen''s shares rose more than 6 percent, before paring gains to trade up 3 percent at 125.55 pence at 0850 GMT. They were the top gainers on London''s midcap index .FTMC . "This is a compelling opportunity to crystallise both the revaluation gains from these German and Dutch assets achieved by our active asset management and the gains from foreign exchange movements," Hansteen joint chief executives Morgan Jones and Ian Watson said. Last year, the industrial market outperformed all other European real estate sectors, including offices and retail, data from property consultant CBRE ( CBG.N ) showed, as the sector benefited from higher demand for warehouses from retailers expanding their online operations. Over the fourth quarter, European commercial real estate deals reached a record high of 86.8 billion euros, boosted largely by a buoyant Germany market and growth in the Netherlands, according to the data. Hansteen, a UK real estate investment trust, said that the sale was expected to complete before the end of June and that it was advised by property consultant JLL ( JLL.N ). The sale leaves Hansteen with its UK business, where the market has seen some turbulence after Britain voted to leave the European Union. However, Hansteen said it had not noticed any significant effect on demand for industrial space following the June 23 vote. "Across the UK, we are experiencing pockets of rental growth and shorter incentives being offered to tenants as demand intensifies," the company said. (Reporting by Esha Vaish in Bengaluru; Editing by Jason Neely and Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hansteen-divestiture-idUKKBN16R0MZ'|'2017-03-20T16:03:00.000+02:00'|2323.0|''|-1.0|'' -2324|'ba705e85380256d7c57aa9374f8cd62f039cf64d'|'METALS-Copper slips on dollar but supply concerns underpin'|'* Comex copper speculators cut long position in latest week* Lead lowest since Jan 13 (Updates throughout, changes MELBOURNE dateline)By Zandi ShabalalaLONDON, March 6 Copper prices fell to a more than one-week low on Monday on concerns the metal had risen too far and as the dollar resumed its rally on expectations of an interest rate increase later this month.Supply disruptions at the world''s two biggest copper mines provided support for the commodity used in power and construction."The super enthusiastic reception to Donald Trump and a wider positive attitude for risky assets has gone a bit too far. Things need to be put in that context of markets being overbought," said Oxford Economics head of commodities research, Dan Smith.Copper has risen about 15 percent since President Donald Trump was elected in November after he pledged to increase spending on infrastructure which would benefit commodities.On Monday, three-month copper on the London Metal Exchange was down 1 percent at $5,852.50 tonne by 1206 GMT, its lowest since Feb. 24.Adding to pressure on the copper price were comments from Fed Chair Janet Yellen on Friday who said the U.S. central bank was set to lift its benchmark interest rate this month, provided economic data held up.The dollar index rose 0.1 percent, close to seven-week highs scaled last week.In supply news, Indonesia will not back down from new rules requiring Freeport-McMoran to divest a majority stake in its local unit, its mines minister said late last week in a dispute over rights to the world''s second-biggest copper mine which has frozen exports.Meanwhile, Chile expects economic activity growth to be hit by around one percentage point in February because of a strike at world no.1 copper mine Escondida, as copper output slides 12 percent year-on-year.Citi said it expects copper to move into a deficit this year, due to the slow rate of mine supply growth."We do think we can see price peaks of close to $7,000 a tonne this year," it said in a report.China, which is copper''s biggest consumer, cut its growth target this year as the world''s second-largest economy pushes through painful reforms to address a rapid build-up in debt, and erects a "firewall" against financial risks.Speculators cut their bullish position in Comex copper futures and options by 7,851 lots to 70,660 lots, U.S. Commodity Futures Trading Commission data showed on Friday.Lead fell to its lowest in more than seven weeks, down 1.6 percent to $2,212.50 a tonne.Aluminium slipped 1.5 percent to $1,864 a tonne. The commodity hit a two-year high of $1,957 a tonne last week as China pressed on with plans to cut output by 30 percent over the winter heating season.PRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tin ($1 = 6.8954 Chinese yuan) (Additional reporting by Melanie Burton in Melbourne; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL3N1GJ300'|'2017-03-06T09:52:00.000+02:00'|2324.0|''|-1.0|'' +2324|'ba705e85380256d7c57aa9374f8cd62f039cf64d'|'METALS-Copper slips on dollar but supply concerns underpin'|'* Comex copper speculators cut long position in latest week* Lead lowest since Jan 13 (Updates throughout, changes MELBOURNE dateline)By Zandi ShabalalaLONDON, March 6 Copper prices fell to a more than one-week low on Monday on concerns the metal had risen too far and as the dollar resumed its rally on expectations of an interest rate increase later this month.Supply disruptions at the world''s two biggest copper mines provided support for the commodity used in power and construction."The super enthusiastic reception to Donald Trump and a wider positive attitude for risky assets has gone a bit too far. Things need to be put in that context of markets being overbought," said Oxford Economics head of commodities research, Dan Smith.Copper has risen about 15 percent since President Donald Trump was elected in November after he pledged to increase spending on infrastructure which would benefit commodities.On Monday, three-month copper on the London Metal Exchange was down 1 percent at $5,852.50 tonne by 1206 GMT, its lowest since Feb. 24.Adding to pressure on the copper price were comments from Fed Chair Janet Yellen on Friday who said the U.S. central bank was set to lift its benchmark interest rate this month, provided economic data held up.The dollar index rose 0.1 percent, close to seven-week highs scaled last week.In supply news, Indonesia will not back down from new rules requiring Freeport-McMoran to divest a majority stake in its local unit, its mines minister said late last week in a dispute over rights to the world''s second-biggest copper mine which has frozen exports.Meanwhile, Chile expects economic activity growth to be hit by around one percentage point in February because of a strike at world no.1 copper mine Escondida, as copper output slides 12 percent year-on-year.Citi said it expects copper to move into a deficit this year, due to the slow rate of mine supply growth."We do think we can see price peaks of close to $7,000 a tonne this year," it said in a report.China, which is copper''s biggest consumer, cut its growth target this year as the world''s second-largest economy pushes through painful reforms to address a rapid build-up in debt, and erects a "firewall" against financial risks.Speculators cut their bullish position in Comex copper futures and options by 7,851 lots to 70,660 lots, U.S. Commodity Futures Trading Commission data showed on Friday.Lead fell to its lowest in more than seven weeks, down 1.6 percent to $2,212.50 a tonne.Aluminium slipped 1.5 percent to $1,864 a tonne. The commodity hit a two-year high of $1,957 a tonne last week as China pressed on with plans to cut output by 30 percent over the winter heating season.PRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tin ($1 = 6.8954 Chinese yuan) (Additional reporting by Melanie Burton in Melbourne; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL3N1GJ300'|'2017-03-06T09:52:00.000+02:00'|2324.0|11.0|0.0|'' 2325|'84173fe49e6ce4ffc96c19b655aaf65db3ca96cb'|'Abu Dhabi''s Aabar top investor in UniCredit with 5 pct after cash call'|'Company News 2:19pm EDT Abu Dhabi''s Aabar top investor in UniCredit with 5 pct after cash call ROME, March 22 Abu Dhabi''s investment firm Aabar is the top investor in UniCredit with a stake of 5.04 percent after the Italian bank raised 13 billion euros in a share sale earlier this year, the lender''s website showed on Wednesday. Prior to the share issue, UniCredit''s top shareholder was Los Angeles-based fund Capital Research and Management Company with a stake of 6.7 percent. Italian press had reported Capital Research had boosted its position as top investor by buying into the cash call. However, a regulatory filing dated Feb. 28 showed the U.S. fund had cut its stake to 4 percent outside of the cash call. Investors are obliged to disclose significant holdings, but sometimes do not provide frequent updates. (Reporting by Valentina Za, editing by Isla Binnie) Next In Company News UPDATE 2-Canada''s Enbridge to cut 1,000 jobs after buying Spectra CALGARY, Alberta, March 22 Canada''s Enbridge Inc said on Wednesday it would cut about 1,000 positions, or 6 percent of its work force, after buying Spectra Energy Corp of Houston, the first layoffs for the combined energy infrastructure company, the biggest in North America.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/unicredit-shareholding-aabar-idUSL5N1GZ5WP'|'2017-03-23T01:19:00.000+02:00'|2325.0|''|-1.0|'' 2326|'6fc7d99fb61a745a4f38a3cf7a48f4d82e62de2b'|'Nikkei drops on strong yen, N.Korea missile launches; defense stocks rise'|'TOKYO, March 6 Japanese shares fell on Monday in thin trade as the yen firmed and as global geopolitical tensions rose after North Korea fired four missiles, three of which landed in Japan''s exclusive economic zone.The Nikkei share average fell 0.5 percent to 19,379.14 points.Defense-related stocks outperformed on speculation that North Korea''s latest launch will spur more Japanese spending on arms.Landmine maker Ishikawa Seisakusho jumped 5.1 percent, while Mitsubishi Heavy Industries rose 0.2 percent and Kawasaki Heavy Industries 0.3 percent.The broader Topix shed 0.2 percent to 1,554.90, with only 1.409 billion shares changing hands, the lowest volume since Dec. 28. The JPX-Nikkei Index 400 declined 0.3 percent to 13,918.68.The Nikkei Jasdaq index rose for a 17th day, hitting its record closing high of 3,039.86. (Reporting by Ayai Tomisawa; Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-close-idINL3N1GJ2A8'|'2017-03-06T03:24:00.000+02:00'|2326.0|''|-1.0|'' 2327|'60088b3917789788a47c4a510249d2f03a8f0909'|'Russia''s Putin to meet ExxonMobil President: Kremlin spokesman'|'Commodities - Thu Mar 9, 2017 - 5:35am EST Russia''s Putin to meet ExxonMobil President: Kremlin spokesman left right Darren Woods, Chairman & CEO of Exxon Mobil Corporation attends a news conference at the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2017. REUTERS/Brendan McDermid 1/2 left right Russia''s President Vladimir Putin speaks during a meeting dedicated to the Winter Universiade 2019 in the Siberian city of Krasnoyarsk, March 1, 2017. Sputnik/Aleksey Nikolskyi/Kremlin via REUTERS 2/2 MOSCOW Russia''s President Vladimir Putin was scheduled to meet president of oil major ExxonMobil ( XOM.N ) Darren Woods on Thursday, Kremlin spokesman Dmitry Peskov said. The meeting was set to take place at the end of the day in Moscow, Peskov told reporters on a conference call without giving further details. (Reporting by Dasha Afanasieva; Editing by Andrey Ostroukh) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-exxonmobil-russia-idUSKBN16G18P'|'2017-03-09T17:35:00.000+02:00'|2327.0|''|-1.0|'' @@ -2346,7 +2346,7 @@ 2344|'b9c43bf323a3ca9556134b8fcc8d516601d9550a'|'LPC: Valeant seeks US$3bn loan to support refinancing effort'|' 56am EST LPC: Valeant seeks US$3bn loan to support refinancing effort By Jonathan Schwarzberg and Kristen Haunss - NEW YORK, March 6 NEW YORK, March 6 Valeant Pharmaceuticals International Inc plans to line up a US$3.06bn incremental term loan as part of a debt restructuring, sources said. In addition to the new debt offering, the company paid down about US$1.1bn of senior secured term loans with proceeds from the sale of its skincare products assets on March 3, according to a Monday regulatory filing. Valeant is also repaying a portion of its 6.75% senior notes due in 2018 and extending the maturity date of its revolving credit facility. "This debt repayment further enhances the company''s confidence in meeting its goals, and it is taking this opportunity to refinance and amend additional portions of its outstanding debt to further create operating flexibility," the company said in the filing. The new loan is scheduled to launch during a lenders call late Monday morning. Commitments are due March 10. Barclays leads the deal with Goldman Sachs. As part of the transaction, Valeant is seeking to remove maintenance covenants from its term B loans and modify its revolver maintenance covenants. The new debt will be fungible with the company''s term loan F due in April 2022. The proceeds will allow Valeant to extend the maturity of three separate term loans by combining them with the term loan F. Pricing is expected to be 475bp over Libor with a 0.75% floor, which is the same as the existing term loan F. Valeant is offering lenders an original issue discount of 99.75 cents on the dollar. The company is proposed to pay its existing term loan F lenders an amendment fee of 25bp. Barclays declined to comment. A representative from Goldman Sachs was not immediately available for comment. A spokesperson for Valeant did not immediately return a telephone call seeking comment. (Reporting by Jonathan Schwarzberg and Kristen Haunss; Editing By Lynn Adler and Jon Methven) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/valeant-debt-idUSL2N1GJ0JI'|'2017-03-06T21:56:00.000+02:00'|2344.0|''|-1.0|'' 2345|'1a30e8ae666883b0a76b8e622f094a78b964c0e5'|'China February factory growth beats expectations as orders pick up'|' 2:58am GMT China February factory growth beats expectations as orders pick up An employee works on an assembly line producing automobiles at a factory in Qingdao, Shandong Province, China, March 1, 2016. REUTERS/Stringer/File Photo BEIJING China''s factory activity expanded faster than expected in February as domestic and export demand picked up, adding to signs that the global economy is regaining momentum even as fears grow of a surge in trade protectionism. Growth in both output and orders accelerated last month, according to official and private factory surveys on Wednesday, giving the government more room to focus on tackling financial risks to the economy as debt continues to rise. "This is the 7th consecutive month that Chinas official manufacturing PMI stayed within expansionary territory, suggesting that industrial activity remains buoyant," said Zhou Hao, emerging markets economist at Commerzbank AG in Singapore. Zhou said it was "very likely" that China''s central bank would raise short-term interest rates by a another 10 basis points in March -- which would mark the third such move in as many months -- as authorities grow more confident that the economy is on steadier footing. Facing growing risks from explosive growth in debt, China''s central bank has cautiously shifted its stance in recent months to a tightening bias after years of super-loose policy to stave off the risk of a hard landing for the world''s second-largest economy. The official Purchasing Managers'' Index (PMI) released on Wednesday rose to a three-month high of 51.6 in February, compared with the previous month''s 51.3, and above the 50-point mark that separates growth from contraction on a monthly basis. Analysts had expected a reading of 51.1 in February. China''s industrial sector has benefited from a construction boom since the middle of last year that has spurred demand and prices for building materials from cement to steel, boosting sales and profits. Output rose at a faster pace of 53.7, compared to 53.1 in January, while overall new order growth also picked up. A private survey which focuses more on small and mid-sized firms also showed factory activity picked up more than expected last month. The Caixin/Markit Manufacturing Purchasing Managers'' index (PMI) rose to 51.7, up from 51.0 in January and beating analysts'' forecasts of 50.8. New export orders grew at the fastest pace since September 2014. EXPORT OUTLOOK CLOUDY Stronger readings on export orders would build on China''s better-than-expected trade numbers in January, but worries of a rise in U.S. trade protectionism are clouding the outlook longer-term. Still, China''s domestic demand appears solid for now, and is becoming more broad-based. A separate reading on the services sector showed growth remained robust in February, though the pace of growth slowed slightly from January. The official non-manufacturing Purchasing Managers'' Index (PMI) stood at 54.2 in February, down from 54.6 in January, and well above the 50-point mark. China''s services sector has been a bright spot as the government tries to transition its economic growth model from a heavy reliance on investment and exports to being more consumer-focused. The services sector accounted for over half of China''s economy last year and for the majority of growth, as rising wages give Chinese consumers the opportunity travel and eat out more. Improving business conditions in China are giving an welcome boost to its Asian neighbours, which have seen their economic growth ebb in recent years as China slowed. South Korea said on Wednesday that its exports grew at the fastest pace in five years in February, with shipments to China surging 28.7 percent on-year, the best growth since late 2010. (Reporting by China monitoring desk and Elias Glenn; Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-pmi-factory-official-idUKKBN1682YQ'|'2017-03-01T09:58:00.000+02:00'|2345.0|''|-1.0|'' 2346|'5eaa543b298ced0d39c4e2be310599e0a6c299d9'|'BRIEF-Art''s Way Manufacturing reports Q1 loss per share $0.06 from continuing operations'|' 19am EDT BRIEF-Art''s Way Manufacturing reports Q1 loss per share $0.06 from continuing operations March 31 Art''s Way Manufacturing Co Inc * Art''s Way Manufacturing announces first quarter fiscal 2017 financial results * Q1 loss per share $0.06 from continuing operations * Art''s Way Manufacturing Co Inc - consolidated corporate sales of continuing operations for three month period ended February 28, 2017 was $4.4 million versus $5.7 million Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-arts-way-manufacturing-reports-q-idUSASB0B7WB'|'2017-03-31T19:19:00.000+03:00'|2346.0|''|-1.0|'' -2347|'ce2effefdab3336c825b0477b1151b8c8aee93a9'|'ECB rate hike by March 2018 now fully priced into money markets'|'Business News - Fri Mar 10, 2017 - 9:05am GMT ECB rate hike by March 2018 now fully priced into money markets European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski/File Photo LONDON Investors now expect the European Central Bank to raise interest rates by March 2018, according to money market pricing. Forward Eonia bank-to-bank rates dated for the ECB meeting on March 8 next year have risen to around minus 0.25 percent, some 10 basis points above the overnight rate of minus 0.35 percent. ECBWATCH Analysts say this gap suggests markets are pricing in a 10 basis point hike in the ECB''s deposit rate by next March, shortly after the scheduled end of the ECB''s current bond-buying scheme. The ECB''s deposit rate is currently minus 0.40 percent These money market rates also suggest there is around an 80 percent chance of a 10-basis point hike by the meeting on January 25, 2018. (Reporting by John Geddie; Editing by Jamie McGeever) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-moneymarket-ecb-idUKKBN16H0XJ'|'2017-03-10T16:05:00.000+02:00'|2347.0|''|-1.0|'' +2347|'ce2effefdab3336c825b0477b1151b8c8aee93a9'|'ECB rate hike by March 2018 now fully priced into money markets'|'Business News - Fri Mar 10, 2017 - 9:05am GMT ECB rate hike by March 2018 now fully priced into money markets European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski/File Photo LONDON Investors now expect the European Central Bank to raise interest rates by March 2018, according to money market pricing. Forward Eonia bank-to-bank rates dated for the ECB meeting on March 8 next year have risen to around minus 0.25 percent, some 10 basis points above the overnight rate of minus 0.35 percent. ECBWATCH Analysts say this gap suggests markets are pricing in a 10 basis point hike in the ECB''s deposit rate by next March, shortly after the scheduled end of the ECB''s current bond-buying scheme. The ECB''s deposit rate is currently minus 0.40 percent These money market rates also suggest there is around an 80 percent chance of a 10-basis point hike by the meeting on January 25, 2018. (Reporting by John Geddie; Editing by Jamie McGeever) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-moneymarket-ecb-idUKKBN16H0XJ'|'2017-03-10T16:05:00.000+02:00'|2347.0|12.0|0.0|'' 2348|'acae2cdcd269c99862e5bbd903af600613302977'|'UK supermarket Asda offers pay rise for flexible working'|' 4:13pm GMT UK supermarket Asda offers pay rise for flexible working Shoppers leave the Asda superstore in High Wycombe, Britain, February 7, 2017. Picture taken February 7, 2017. REUTERS/Eddie Keogh LONDON Asda, the British supermarket owned by Wal-Mart ( WMT.N ), is offering staff in its stores a 14 percent rise in hourly pay, if they sign a contract requiring more flexible working. Britain''s No. 3 supermarket said on Monday it will offer its 135,000 store staff a base rate of 8.50 pounds ($10.39) an hour from October, up from 7.44 pounds. The new rate is 1 pound above the government mandated National Living Wage increase which comes into effect April 1. The new contract will require Asda staff to work in different parts of stores and different days or hours, including public holidays. All breaks will also move to being unpaid. Asda''s move comes as the Bank of England is closely watching a pick-up in inflation for signs it might fuel higher pay settlements. Asda said that 95 percent of current employees will be better off if they move to the new contract. If they do not, their base rate will move up to the minimum national rate of 7.50 pounds and they will retain their existing contract. Asda, which trails market leader Tesco ( TSCO.L ) and Sainsbury''s ( SBRY.L ) by annual sales, has been the sector laggard for the last two years. However, a trading update last month showed it had stemmed the pace of sales decline, suggesting new CEO Sean Clarke''s focus on pricing and product quality was starting to have an impact. ($1 = 0.8181 pounds) (Reporting by James Davey; Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-asda-pay-idUKKBN16K22T'|'2017-03-13T23:13:00.000+02:00'|2348.0|''|-1.0|'' 2349|'7c04e27ab50c3e2129eefba36313cd5420799d47'|'Exclusive - Japan''s Toshiba prepares $2 billion sale of Landis+Gyr - sources'|'Business News - Fri Mar 3, 2017 - 1:03am GMT Exclusive - Japan''s Toshiba prepares $2 billion sale of Landis+Gyr - sources Workers prepare the New Year''s eve numerals above a Toshiba sign in Times Square in Manhattan, New York City, U.S., December 26, 2016. REUTERS/Andrew Kelly By Christoph Steitz , Arno Schuetze and Oliver Hirt - FRANKFURT/BERLIN/ZURICH FRANKFURT/BERLIN/ZURICH Japan''s Toshiba Corp ( 6502.T ) is preparing a potential $2 billion divestment of smart metre group Landis+Gyr, hoping to rake in capital after a major writedown on its U.S. nuclear unit last month, three people familiar with the matter said. The group has hired UBS ( UBSG.S ) to explore a potential sale or initial public offering of the Swiss-based business, which could take place as early as after the European summer, they added. Toshiba said in a statement the company "is consequently studying all options to strengthen profitability and its capital base, but no decisions have been made in respect of selling stakes or IPO of individual businesses." UBS declined to comment. Smart metre makers have seen a wave of M&A activity, with three major manufacturers up for sale in Germany alone, highlighting their significance as the energy industry goes digital and depends on live consumption data to a much greater extent. Landis+Gyr, in which Toshiba owns a 60 percent stake, employs more than 5,700 staff and is active in over 30 countries. It said last week that sales would grow by nearly 5 percent to $1.64 billion in the fiscal year ending this month, adding it was "unaffected by Toshiba''s challenges". Toshiba announced a $6.3 billion writedown on its U.S. nuclear business last month, wiping out its shareholder equity and causing it to seek divestments to create a buffer for any fresh financial problems. It is expected to approach buyout groups including CVC, Cinven, Advent, KKR ( KKR.N ), Blackstone ( BX.N ), Onex ( ONEX.TO ) and Clayton, Dubilier & Rice as potential buyers of Landis+Gyr, one of the sources said, adding that industrial conglomerates were not expected to enter the fray. Toshiba bought Landis+Gyr in 2011 for $2.3 billion jointly with state-backed Innovation Network Corporation of Japan (INCJ), which holds the remaining 40 percent in the company. The deal would value Landis+Gyr at 10-11 times its annual core earnings (EBITDA), two of the people said, in line with the 10.7 times that U.S. water technology company Xylem ( XYL.N ) paid for Sensus USA Inc last year. Toshiba will try to position Landis+Gyr as a Swiss industrial group, hoping to reach EBITDA multiples similar to those of Geberit ( GEBN.S ), Sulzer ( SUN.S ) or Belimo ( BEAN.S ), which trade at between 12-19 times. (Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-landis-gyr-m-a-exlcusive-idUKKBN16A04C'|'2017-03-03T08:03:00.000+02:00'|2349.0|''|-1.0|'' 2350|'512657dd0a4dd06be774ef8a77baccfd0fa5b033'|'Westinghouse set to win UK reactor approval'|'Thu Mar 30, 2017 - 12:32pm BST Westinghouse set to win UK reactor approval The logo of the American company Westinghouse is pictured at the World Nuclear Exhibition 2014, the trade fair event for the global nuclear energy sector, in Le Bourget, near Paris October 14, 2014. REUTERS/Benoit Tessier By Susanna Twidale - LONDON LONDON Toshiba''s ( 6502.T ) Westinghouse, which filed for bankruptcy on Wednesday, is on track to win approval for its AP1000 reactor design by the end of March, Britain''s nuclear regulator said. The approval is necessary before the reactor can be used at NuGen''s Moorside new nuclear project in north west England, which could generate around 7 percent of Britain''s electricity. Westinghouse''s bankruptcy filing has raised questions over whether it will be able to complete capital intensive projects, although it does not affect Westinghouse''s operations in Asia, Europe, the Middle East and Africa, according to a company statement. "We are still expecting to close out the AP1000 GDA (Generic Design Assessment) by the end of the month, according to the long-standing timeline," a spokeswoman for Britain''s Office for Nuclear Regulation (ONR) said in an email on Thursday. All new nuclear plants in Britain need ONR approval through its GDA process, which typically takes around four years. Westinghouse''s AP1000 approval however, has taken much longer since assessment first began in 2007. It was paused by the ONR at the end of December 2011 while it asked for some design modifications, but was resumed in 2014. Britain needs to invest in new infrastructure to replace aging coal and nuclear plants set to close in the next decade, but has struggled to get large projects built, especially nuclear, due to the costs involved. EDF''s ( EDF.PA ) 18 billion pound ($22.5 billion) Hinkley Point C nuclear project in southwest England got the final go-ahead in 2016 after several years of delay, but only after securing backing from the French government. NuGen, a joint venture between Toshiba and French utility Engie ( ENGIE.PA ) has also come under doubt since Japan''s Toshiba said last month it planned to pull out of the construction work at the British plant after posting a $6.3 billion writedown on Westinghouse, which has been hit by billions of dollars in cost overruns at new nuclear plants. A spokesman for NuGen said it could not comment on specific financial issues relating directly to Toshiba or Westinghouse and that it will continue "business as usual" to gain the necessary permits and licenses to build the project. Britain''s GMB trade union has called on the government to offer reassurances that the project, which it says could provide thousands of jobs, will still go ahead. "The UK Government is committed to new nuclear," a spokeswoman for the Department for Business, Energy and Industrial Strategy said. "The UK is one of the most attractive countries to invest in new nuclear and we engage regularly with the developers of proposed new nuclear projects," she said. (Additional reporting by Nina Chestney; editing by Alexander Smith) Up Next Corporate Americas top shareholder referee gets tougher on activists NEW YORK Institutional Shareholder Services Inc, the world''s top proxy advisory firm, is making activist investors work harder than ever to earn its backing in corporate control battles in a shift being led by the new man in charge of its recommendations. TOKYO Toyota Motor Corp on Thursday said it was recalling a total of about 2.9 million vehicles in Japan, China, Oceania and other regions including its Corolla Axio sedan and RAV4 SUV crossover due to potentially faulty airbag inflators. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-westinghouse-britain-idUKKBN1711E6'|'2017-03-30T19:30:00.000+03:00'|2350.0|''|-1.0|'' @@ -2384,9 +2384,9 @@ 2382|'c5f63fcc24bca82f7affe9591421236fe2b0992c'|'Atos-owned Wordline preparing bid Ingenico: report'|'PARIS Worldline, a maker of payment terminals owned by Atos ( ATOS.PA ), is preparing an offer for rival Ingenico ( INGC.PA ), La Lettre de L''Expansion reported on Monday, without citing sources.According to the business newsletter, Worldline intends to propose an agreed acquisition worth 7.5 billion euros to 8 billion euros ($8.1 billion-$8.6 billion).Atos and Ingenico spokespeople could not be reached and did not immediately return calls and messages seeking comment.(Reporting by Laurence Frost; Editing by GV De Clercq)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-m-a-ingenico-group-atos-idINKBN16R0H4'|'2017-03-20T04:24:00.000+02:00'|2382.0|''|-1.0|'' 2383|'c22b5383f08f6eedb5141473da80d9e29462bca3'|'Exclusive: MGM in talks to acquire entirety of Epix - sources'|'By Jessica Toonkel and Liana B. Baker MGM Holdings Inc is in talks to acquire the 81 percent of Epix it does not already own from two of its partners in the premium U.S. channel, Viacom Inc ( VIAB.O ) and Lionsgate LGFA.N, people familiar with the matter said on Thursday.The deal would give MGM, a privately held U.S. movie studio best known for its classic film library, control of Epix and would be a boon to its TV business, as it seeks to build a stronger platform to distribute its content.Viacom is looking to sell its 50 percent stake in Epix to help pay down its $12 billion debt load, the sources said.Lionsgate has already said it is exploring options for its close to 32 percent stake in Epix following its $4.4 billion acquisition of pay TV network Starz Entertainment LLC.Under the terms being discussed, Paramount and Lionsgate would continue to distribute their shows and movies through Epix for several years, according to one of the sources, cautioning that there is no certainty an agreement will be reached.Any deal would likely value Epix, which comes with an online streaming service, between $1 billion to $2 billion, the sources added.The sources asked not to be identified because the negotiations are confidential. Representatives for MGM, Epix, Lionsgate and Viacom declined to comment.Famous for its library that includes James Bond, Rocky and other classic movies, MGM co-produces and distributes television shows such as Teen Wolf on MTV, Vikings on A&E and Fargo on FX. It also owns MGM-branded U.S. channels that largely play its films and international networks.Viacom CEO Robert Bakish, who took over as CEO late last year, is looking to turn around the media company''s business, which has underperformed due to lackluster ratings and ad revenue.Bakish told investors at Deutsche Bank''s media and telecommunications conference this week that he is looking to make Viacom''s debt investment grade, and that the company will sell non-strategic assets.Epix, whose shows include "Berlin Station" and "Graves," has about 14 million subscribers, according to research firm SNL Kagan. MGM has been exploring its options for some time following its emergence from bankruptcy six years ago. It is controlled by hedge funds including Anchorage Capital Partners and Highland Capital Partners.(Reporting by Jessica Toonkel in New York and Liana B. Baker in San Francisco; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-viacom-epix-sale-exclusive-idINKBN16G35Y'|'2017-03-09T19:56:00.000+02:00'|2383.0|''|-1.0|'' 2384|'9a807d49d9d9b253370ee96a27565bd7430385a1'|'Exclusive: Neiman Marcus hires debt restructuring adviser - sources'|'Deals - Fri Mar 3, 2017 - 11:04am EST Exclusive: Neiman Marcus hires debt restructuring adviser - sources File Photo: A customer walks by the Neiman Marcus Last Call store in Golden, Colorado January 23, 2014. REUTERS/Rick Wilking U.S. high-end department store chain Neiman Marcus has hired investment bank Lazard Ltd ( LAZ.N ) to explore ways to bolster its balance sheet as it seeks relief from a $4.9 billion debt pile, people familiar with the matter said on Friday. The sources asked not to be identified because the matter is confidential. Neiman Marcus did not immediately respond to a request for comment, while Lazard declined to comment. (Reporting by Lauren Hirsch in New York; Editing by Bernadette Baum) Next In Deals Exclusive: Hudson''s Bay''s bid for Macy''s stumbles - sources Canada''s Hudson''s Bay Co , owner of the Lord & Taylor and Saks Fifth Avenue retail chains, has yet to line up equity financing for a bid for Macy''s Inc , over a month after approaching its U.S. peer, people familiar with the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-neimanmarcus-debt-restructuring-idUSKBN16A1VC'|'2017-03-03T23:04:00.000+02:00'|2384.0|''|-1.0|'' -2385|'a8e10799429458c44a040a9643f8cd6006004c59'|'Shares slide and pound rallies as Trump''s healthcare failure rattles markets - business live - Business'|'The City of London, including Tower 42, The Cheesegrater and The Gherkin. Photograph: Tim Robberts/Getty Images Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme Wearden Monday 27 March 2017 07.55 BST First published on Monday 27 March 2017 07.50 BST Key events Show 7.44am BST 07:44 The agenda: Is the Trump trade ailing? Live feed Show 7.44am BST 07:44 The agenda: Is the Trump trade ailing? Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. World stock markets are starting the new week on the back foot, after Donald Trumps attempts to shake up Americas healthcare system faltered.Investors across the globe are disconcerted by the Republican partys failure to get enough support for its proposal to repeal and replace Obamacare.A crucial vote on the American Health Care Act ( AHCA ) was dramatically postpone on Friday night, after it became clear that it didnt have enough support from Republicans. That has left Trump lashing out at his own side, as well as Democrats, and forced financial traders to reconsider the presidents ability to force through other policies -- such as his pledge of tax cuts and infrastructure spending.Trump blames everyone but himself for failure of GOP healthcare legislation Read more Markets are rattled by the thought that Trump doesnt have the political capital for a deficit-funded tax cuts, says Ben Gutteridge , head of fund research at Brewin Dolphin , on Bloomberg TV a moment ago.Shares have already suffered in Asia, where Japans Nikkei has fallen by 1.5% and Hong Kongs Hang Sent has lost 0.75%.Safe-haven assets such as the Japanese yen, and precious metals, are in demand, as the US dollar takes a hit.The Trump Trade -- bets on a strong US economic recovery and higher inflation -- are under pressure. And European and US stock markets are expected to follow suit today, adding to last Fridays selloff (when the wheels started to come off AHCA).IGSquawk (@IGSquawk) Our European opening calls: $FTSE 7286 down 51$DAX 12007 down 57$CAC 4991 down 30 $IBEX 10260 down 49 $MIB 20081 down 107March 27, 2017 Joe Weisenthal (@TheStalwart) S&P futures are below the lows on Friday when it first started to look like the bill was doomed. https://t.co/dhmbBgMZhG pic.twitter.com/51U91lhbhd March 26, 2017 Also coming up today: We get a new healthcheck on the German economy at 9am, when the latest IFO business confidence survey is released.The European Central Bank is holding its annual press conference on banking supervisionIn the UK, telecoms group BT has just been fined 42m for failing to give its rivals fair access to its network, and for not fairly compensating them for delays:BT fined 42m over delays to high-speed cable installation Read more Updated at 7.55am BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close Topics Stock markets Business live Sterling Currencies '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/live/2017/mar/27/shares-slide-pound-rallies-us-dollar-trump-healthcare-failure-rattles-markets-business-live'|'2017-03-27T15:55:00.000+03:00'|2385.0|''|-1.0|'' +2385|'a8e10799429458c44a040a9643f8cd6006004c59'|'Shares slide and pound rallies as Trump''s healthcare failure rattles markets - business live - Business'|'The City of London, including Tower 42, The Cheesegrater and The Gherkin. Photograph: Tim Robberts/Getty Images Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme Wearden Monday 27 March 2017 07.55 BST First published on Monday 27 March 2017 07.50 BST Key events Show 7.44am BST 07:44 The agenda: Is the Trump trade ailing? Live feed Show 7.44am BST 07:44 The agenda: Is the Trump trade ailing? Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. World stock markets are starting the new week on the back foot, after Donald Trumps attempts to shake up Americas healthcare system faltered.Investors across the globe are disconcerted by the Republican partys failure to get enough support for its proposal to repeal and replace Obamacare.A crucial vote on the American Health Care Act ( AHCA ) was dramatically postpone on Friday night, after it became clear that it didnt have enough support from Republicans. That has left Trump lashing out at his own side, as well as Democrats, and forced financial traders to reconsider the presidents ability to force through other policies -- such as his pledge of tax cuts and infrastructure spending.Trump blames everyone but himself for failure of GOP healthcare legislation Read more Markets are rattled by the thought that Trump doesnt have the political capital for a deficit-funded tax cuts, says Ben Gutteridge , head of fund research at Brewin Dolphin , on Bloomberg TV a moment ago.Shares have already suffered in Asia, where Japans Nikkei has fallen by 1.5% and Hong Kongs Hang Sent has lost 0.75%.Safe-haven assets such as the Japanese yen, and precious metals, are in demand, as the US dollar takes a hit.The Trump Trade -- bets on a strong US economic recovery and higher inflation -- are under pressure. And European and US stock markets are expected to follow suit today, adding to last Fridays selloff (when the wheels started to come off AHCA).IGSquawk (@IGSquawk) Our European opening calls: $FTSE 7286 down 51$DAX 12007 down 57$CAC 4991 down 30 $IBEX 10260 down 49 $MIB 20081 down 107March 27, 2017 Joe Weisenthal (@TheStalwart) S&P futures are below the lows on Friday when it first started to look like the bill was doomed. https://t.co/dhmbBgMZhG pic.twitter.com/51U91lhbhd March 26, 2017 Also coming up today: We get a new healthcheck on the German economy at 9am, when the latest IFO business confidence survey is released.The European Central Bank is holding its annual press conference on banking supervisionIn the UK, telecoms group BT has just been fined 42m for failing to give its rivals fair access to its network, and for not fairly compensating them for delays:BT fined 42m over delays to high-speed cable installation Read more Updated at 7.55am BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close Topics Stock markets Business live Sterling Currencies '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/live/2017/mar/27/shares-slide-pound-rallies-us-dollar-trump-healthcare-failure-rattles-markets-business-live'|'2017-03-27T15:55:00.000+03:00'|2385.0|9.0|0.0|'' 2386|'6f9c54c59f530d94aa21fb094ff6eb3cf0cf91d0'|'Canada''s Hydro One in talks to buy Toronto Hydro - sources'|' 10:15pm GMT Canada''s Hydro One in talks to buy Toronto Hydro - sources By John Tilak - TORONTO TORONTO Canada''s Hydro One Ltd ( H.TO ) is in talks to buy municipal electricity distributor Toronto Hydro Corp for about C$3 billion (1.82 billion pounds) as the city of Toronto explores options to finance various infrastructure projects, people with knowledge of the matter told Reuters. The two companies have been in discussions about the deal for the past few months but the talks have not entered final stages, one of the people said. They cautioned the talks could fall apart. The combined company could generate potential synergies of about C$1 billion, the people added. The city of Toronto, which owns 100 percent of Toronto Hydro, is also exploring other ways to monetize its assets, including by publicly listing Toronto Hydro, as well as by selling its Green P parking business or other real estate assets, one of the people added. The Green P parking asset, which includes a popular app, is likely worth more than C$1 billion, that person said. Toronto Mayor John Tory denied the sales talks are taking place. "I can confirm that no discussions are taking place with respect to the sale of Toronto Hydro to anyone," Tory said in an emailed statement. Canada''s most populous city needs a massive infrastructure upgrade to meet the growing demands of residents. But the city has struggled to raise sufficient funds to finance its rail and road networks. Toronto Hydro has also been under financial pressure as it attempts to make infrastructure investments surrounding its electricity grid. Last November, it cut its dividend to the city of Toronto. A deal would also help Hydro One''s growth ambitions as a public company after it raised C$1.8 billion in one of Canada''s biggest IPOs in 2015. Hydro One, backed by the province of Ontario, has a market value of C$14 billion. Under one proposal, Hydro One would pay about half the deal value in cash and the rest in stock, one of the people said. A cash-and-stock transaction with Hydro One would allow the city to benefit from Hydro One''s dividend as well, the people said. Spokesmen for Hydro One and Toronto Hydro declined to comment. The people declined to be identified as the talks are confidential. The discussions involve Toronto Hydro Chief Executive Anthony Haines, Hydro One CEO Mayo Schmidt, Ontario Premier Kathleen Wynne and Mayor Tory, one of the people said. While the talks are making progress, a successful deal faces significant hurdles as it requires approval of the city council. It would also have to overcome potential opposition from unions. ($1 = 1.3375 Canadian dollars) (Reporting John Tilak in Toronto; Editing by Denny Thomas and Chris Reese) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toronto-hydro-m-a-hydro-one-idUKKBN16B0QR'|'2017-03-05T05:15:00.000+02:00'|2386.0|''|-1.0|'' -2387|'547d4dd71cd000deadebce8dad2a880e896b7cc7'|'H&M first-quarter profit tops forecast, to launch new brand in second half'|'Business News - Thu Mar 30, 2017 - 7:19am BST H&M first-quarter profit tops forecast, to launch new brand in second half FILE PHOTO: People walk past the windows of an H&M store in Barcelona, Spain, December 30, 2016. REUTERS/Regis Duvignau/File Photo STOCKHOLM Swedish fashion retailer H&M ( HMb.ST ) reported on Thursday a smaller than expected fall in pretax profit for its fiscal first quarter and said it would launch a new separate brand in the second half of the year. Pretax profit in the December-February period fell to 3.21 billion crowns (291 million pounds) from a year-earlier 3.33 billion, against a mean forecast 2.87 billion seen in a Reuters poll of analysts. H&M said local-currency sales increased 7 percent year-on-year in the March 1-28 period. ($1 = 8.8786 Swedish crowns) (Reporting by Anna Ringstrom; editing by Niklas Pollard) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-h-m-results-idUKKBN1710K1'|'2017-03-30T14:19:00.000+03:00'|2387.0|''|-1.0|'' +2387|'547d4dd71cd000deadebce8dad2a880e896b7cc7'|'H&M first-quarter profit tops forecast, to launch new brand in second half'|'Business News - Thu Mar 30, 2017 - 7:19am BST H&M first-quarter profit tops forecast, to launch new brand in second half FILE PHOTO: People walk past the windows of an H&M store in Barcelona, Spain, December 30, 2016. REUTERS/Regis Duvignau/File Photo STOCKHOLM Swedish fashion retailer H&M ( HMb.ST ) reported on Thursday a smaller than expected fall in pretax profit for its fiscal first quarter and said it would launch a new separate brand in the second half of the year. Pretax profit in the December-February period fell to 3.21 billion crowns (291 million pounds) from a year-earlier 3.33 billion, against a mean forecast 2.87 billion seen in a Reuters poll of analysts. H&M said local-currency sales increased 7 percent year-on-year in the March 1-28 period. ($1 = 8.8786 Swedish crowns) (Reporting by Anna Ringstrom; editing by Niklas Pollard) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-h-m-results-idUKKBN1710K1'|'2017-03-30T14:19:00.000+03:00'|2387.0|5.0|0.0|'' 2388|'a3ae69c48a7dce37fc1988d27df0a20272362fb2'|'Sears warns of ''going concern'' doubts'|'By Ankit Ajmera and Nathan Layne Sears Holdings Corp ( SHLD.O ), once the largest U.S. retailer, warned on Tuesday about its ability to continue as a going concern after years of losses and declining sales."Our historical operating results indicate substantial doubt exists related to the company''s ability to continue as a going concern," Sears said in the annual report for the fiscal year ended Jan. 28. ( bit.ly/2mRUcce )The company said an inability to generate additional liquidity might limit its access to new merchandise or its ability to procure services. Continued operating losses also could restrict access to new funds under its domestic credit agreement, according to the filing.The warning comes less than six weeks after the company announced what it called the "next phase of its strategic transformation," in which it hoped this year to reduce costs by $1 billion and cut its debt and pension obligations by at least $1.5 billion. Sears also is considering selling some of its businesses, such as the Kenmore appliances and DieHard car battery brands.The Sears catalog was an emblem of the post-World War II consumer boom in the United States but the company was unable to adjust the changing retail landscape and rising competition from Wal-Mart Stores ( WMT.N ), Target Corp. ( TGT.N ) and others.The company lost $2.22 billion in the year ended Jan. 28.Since 2013 it has accumulated $7.4 billion in losses and seen revenue fall 44 percent to $22.1 billion. During that time, Sears cut the number of its U.S. stores by nearly a third, reduced holdings in Sears Canada, and spun off the Lands'' End clothing chain.Its total liabilities stand at $13.19 billion.In recent years, Sears has placed some of its stores into a real estate investment trust, sold its Craftsman line of tools, and repeatedly raised debt from billionaire Chief Executive Edward Lampert''s hedge fund.Lampert owned nearly 10 percent of the real-estate investment trust that paid Sears $2.6 billion in 2015 for stores that it purchased, many of which were then leased back to the retailer.The announcement of Sears'' potential demise is a blow to Lampert, a hedge fund investor who took control of Sears after merging it with Kmart, which he controlled, in 2004. He soon published a 15-page manifesto, in which he stated that conventional measures of retail success, such as same-store sales, were no longer relevant. Sears would regain its health by closing struggling stores and focusing instead on profitable sales, he wrote.Sears last turned an annual profit in 2011.The company said last month it would cut costs by $1 billion and reduce debt and pension obligations by at least $1.5 billion this year.Sears said on Tuesday actions taken during the year to boost liquidity, including the $900 million sale of the Craftsman tool brand to power tool maker Stanley Black & Decker Inc ( SWK.N ) early this year, could satisfy its capital needs for the current fiscal year.But the filing also makes clear that additional asset sales could prove problematic.As part of the Craftsman sale, Sears Holdings reached an agreement with the Pension Benefit Guarantee Corp. That puts a claim on some Sears'' assets in an effort to protect pensions of retired employees.The agreement "contains certain limitations on our ability to sell assets, which could impact our ability to complete asset sale transactions or our ability to use proceeds from those sales to fund our operations," the company said.Already, the pension board agreement requires Sears to make a $250 million cash payment to its pension plan by March of 2020, and the pension board has a 15-year lien on revenue owed to Sears from future sales of Craftsman products. Sears Holdings Corp ( SHLD.O ), once the largest U.S. retailer, warned on Tuesday about its ability to continue as a going concern after years of losses and declining sales."Our historical operating results indicate substantial doubt exists related to the company''s ability to continue as a going concern," Sears said in the annual report for the fiscal year ended Jan. 28. ( bit.ly/2mRUcce )The company said an inability to generate additional liquidity might limit its access to new merchandise or its ability to procure services. Continued operating losses also could restrict access to new funds under its domestic credit agreement, according to the filing.The warning comes less than six weeks after the company announced what it called the "next phase of its strategic transformation," in which it hoped this year to reduce costs by $1 billion and cut its debt and pension obligations by at least $1.5 billion. Sears also is considering selling some of its businesses, such as the Kenmore appliances and DieHard car battery brands.The Sears catalog was an emblem of the post-World War II consumer boom in the United States but the company was unable to adjust the changing retail landscape and rising competition from Wal-Mart Stores ( WMT.N ), Target Corp. ( TGT.N ) and others.The company lost $2.22 billion in the year ended Jan. 28.Since 2013 it has accumulated $7.4 billion in losses and seen revenue fall 44 percent to $22.1 billion. During that time, Sears cut the number of its U.S. stores by nearly a third, reduced holdings in Sears Canada, and spun off the Lands'' End clothing chain.Its total liabilities stand at $13.19 billion.In recent years, Sears has placed some of its stores into a real estate investment trust, sold its Craftsman line of tools, and repeatedly raised debt from billionaire Chief Executive Edward Lampert''s hedge fund.Lampert owned nearly 10 percent of the real-estate investment trust that paid Sears $2.6 billion in 2015 for stores that it purchased, many of which were then leased back to the retailer.The announcement of Sears'' potential demise is a blow to Lampert, a hedge fund investor who took control of Sears after merging it with Kmart, which he controlled, in 2004. He soon published a 15-page manifesto, in which he stated that conventional measures of retail success, such as same-store sales, were no longer relevant. Sears would regain its health by closing struggling stores and focusing instead on profitable sales, he wrote.Sears last turned an annual profit in 2011.The company said on Tuesday actions taken during the year to boost liquidity, including the $900 million sale of the Craftsman tool brand to power tool maker Stanley Black & Decker Inc ( SWK.N ) early this year, could satisfy its capital needs for the current fiscal year.But the filing also makes clear that additional asset sales could prove problematic.As part of the Craftsman sale, Sears Holdings reached an agreement with the Pension Benefit Guarantee Corp. That puts a claim on some Sears'' assets in an effort to protect pensions of retired employees.The agreement "contains certain limitations on our ability to sell assets, which could impact our ability to complete asset sale transactions or our ability to use proceeds from those sales to fund our operations," the company said.Already, the pension board agreement requires Sears to make a $250 million cash payment to its pension plan by March of 2020, and the pension board has a 15-year lien on revenue owed to Sears from future sales of Craftsman products.(Reporting by Ankit Ajmera in Bengaluru and Nathan Layne in New York; editing by Jason Neely and Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sears-going-concern-idINKBN16S2WG'|'2017-03-22T08:59:00.000+02:00'|2388.0|''|-1.0|'' 2389|'0dedc410984948cc04b6cb9e2ca23d940d00661a'|'Exclusive: Norway''s wealth fund may blacklist firms over emissions, corruption risk'|'By Gwladys Fouche - LYSAKER, Norway LYSAKER, Norway The ethics watchdog for Norway''s $900-billion sovereign wealth fund will recommend this year that the fund exclude or put on a watch list several firms in the oil, cement and steel industries for emitting too much greenhouse gas.Carbon emissions are a new criteria for the fund, which was built up from the proceeds of Norway''s own large oil industry and operates under ethical guidelines set by parliament.The world''s largest sovereign wealth fund, it has shares in 9,000 companies, 1.3 percent of the entire world''s listed equity, giving the decisions it takes to drop or reinstate shareholdings or warn firms considerable weight among investors.The chairman of the fund''s independent Council on Ethics, Johan H. Andresen, acknowledged in an interview what he called the "duality" of a fund based on oil divesting over emissions, but said his job was to execute rather than set a mandate.The fund may also exclude several firms in the defense, telecoms and arms industries this year over the risk of corruption, he said.The council''s recommendations go to the board of the central bank, which usually follows its advice.Speaking in an interview ahead of publication of the council''s annual report on Thursday, Andresen said it was already working on the first recommendation over emissions, expected to come by July."It will be a company either in the oil or concrete industry ... We have to start with the worst and make our way through the industries," he said, adding that there would be a "small handful" of recommendations to the board in 2017.The 55-year-old Norwegian, who also owns private investment vehicle Ferd, said the ethics panel would open a probe into the risk of corruption in the pharmaceuticals sector and investigate possible human rights abuses among firms recruiting staff for work in the Gulf States - including a "well known Western" firm.It will also investigate reported abuses in the textile industry in India and Bangladesh.The fund has stakes of more than 2 percent in 1,158 companies, more than 5 percent in 28 companies and an average stake holding in Europe of 2.3 percent. Such a wide spread makes it difficult to identify which companies it is investigating."BAD APPLES"The ethics procedure was launched at the start of the millennium and 65 companies are presently excluded on recommendations by the Council on Ethics, on various grounds. Another 69 companies are excluded directly by the central bank based on their dependence on thermal coal.The fund sells shares in any company it wishes to drop gradually, before any announcement, but being dropped or named as a source of concern can damage a company''s investment image. Andresen said the main aim was to remove the ethical risk.The fund is forbidden by law from investing in firms that produce nuclear weapons or landmines, or are involved in serious and systematic human rights violations, among other criteria.Following a three-year study on the risk of corruption in the telecoms, defense and energy industries, the council has sent up several recommendations to the board of the central bank to either exclude or observe companies in these sectors."They have the same type of risk elements: large contracts, government as a counterpart, lack of transparency/desire to keep things secret and a large number of middlemen. When you add them, they constitute a greater risk of corruption," Andresen said.The pharmaceuticals industry has the same elements of risk, he said. "We have received indications that there is a risk of corruption. We have enough indications to take a strong look."The council will also look into reports by rights groups of slavery-like conditions for North Koreans employed by companies in Eastern Europe, mostly in the manufacturing of heavy goods.On the issue of recruitment for work in the Gulf States from other parts of Asia, Andresen said he was optimistic over the process of talks with the Western company he mentioned."I am hopeful that they see it in their interest to change their practices and that it may be an impetus for other companies to follow. It is a well-known actor. It would be a great signal to others that this practice ended."Last year the council looked into the construction industry in Qatar - host of the 2022 soccer World Cup - and neighboring countries, after reports of abuse by human rights groups."Authorities in Qatar have issued new regulations forcing companies to better their practices, with more decent living and working conditions and the ability for a worker to keep his/her passport," he said. "I had anticipated a larger number of exclusions, but several companies show some progress."Andresen cited one unnamed firm which he said had reported reducing its corruption risk and also saving money by cutting the number of middlemen."Others are much more, ''let''s just see what happens, we don''t think we are guilty, these were some bad apples''."(Editing by Philippa Fletcher)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-norway-swf-ethics-idINKBN16G0YQ'|'2017-03-09T06:39:00.000+02:00'|2389.0|''|-1.0|'' 2390|'385065208240e6eb01dff6d8f6ffb522372626bb'|'U.S. 30-year mortgage rate falls to four-week low - Freddie Mac'|'NEW YORK, March 30 U.S. 30-year mortgage rates declined to their lowest in four weeks in step with Treasury yields, which fell on concerns about the ability of U.S. President Donald Trump and the Republican-controlled Congress to enact tax reforms, according to mortgage finance agency Freddie Mac on Thursday.The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 4.14 percent in the week ended March 30, which was the lowest since 4.10 percent in the March 2 week. This compared with the prior week''s 4.23 percent, it said. (Reporting by Richard Leong; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-mortgages-freddiemac-idINW1N1GZ2A3'|'2017-03-30T12:20:00.000+03:00'|2390.0|''|-1.0|'' @@ -2399,7 +2399,7 @@ 2397|'49670233b100c85a927e50d911cf6b2a3991c257'|'UPDATE 1-WH Group chief cautious over Smithfield China expansion due to pork glut'|'Deals - Tue Mar 7, 2017 - 5:09am EST WH Group chief cautious over Smithfield China expansion due to pork glut File Photo: Some of the products of WH Group are displayed in front of maps of China (L) and the United States at a news conference on the company''s IPO in Hong Kong April 14, 2014. REUTERS/Bobby Yip By Dominique Patton - BEIJING BEIJING China''s WH Group Ltd ( 0288.HK ) will be cautious about expanding Smithfield''s pork processing operations in China due to over-capacity in the world''s biggest pork market, Chairman and Chief Executive Officer Wan Long said in an interview on Tuesday. Speaking on the sidelines of parliament''s annual meeting, Wan said he expects pork prices to fall to an average of 14 yuan to 15 yuan ($4.20) per kilogram this year after hitting a record high in 2016. WH Group bought U.S.-based Smithfield Food Inc [SFII.UL], the world''s biggest pork producer, in 2013 for almost $5 billion. "Over-capacity in China is not only in heavy industry, but also the food industry suffers from this problem, so we will expand according to the Chinese market situation," Wan said. He said he expects WH Group''s imports of U.S. pork to China to increase this year from 300,000 tonnes in 2016. (Reporting by Dominique Patton; Writing by Josephine Mason; Editing by Christian Schmollinger) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-pork-whgroup-idUSKBN16E12C'|'2017-03-07T17:02:00.000+02:00'|2397.0|''|-1.0|'' 2398|'1c8b6e7cda83ffa06fc8e6d5d181f3ab97298062'|'Fiat Chrysler still trying to resolve U.S. diesel emissions issue'|'Business News - Tue Mar 7, 2017 - 9:53pm GMT Fiat Chrysler still trying to resolve U.S. diesel emissions issue A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. REUTERS/Brendan McDermid By Agnieszka Flak and David Shepardson - GENEVA/WASHINGTON GENEVA/WASHINGTON Fiat Chrysler Automobiles NV ( FCHA.MI ) is still trying to win U.S. approval to sell 2017 diesel models as the U.S. government decides whether to take legal action, Chief Executive Sergio Marchionne said on Tuesday. In January, the Environmental Protection Agency and California Air Resources Board (CARB) accused the Italian-American automaker of illegally using hidden software to allow excess diesel emissions from 104,000 U.S. trucks and SUVs. The EPA has refused to grant Fiat Chrysler (FCA) approval to sell 2017 diesel models. "We have been dealing with the EPA and CARB, we have engaged legal counsel. The only thing I can tell you is that we continue to work with the agencies to try and resolve this," Marchionne told reporters at the Geneva auto show. "We continue to offer full cooperation to the agency to try get this issue resolved. I think my main objective now is to get certification for the 2017 models," he said. Last week, the U.S. Justice Department told a judicial panel in a previously unreported filing that the government "continues to consider whether to commence judicial proceedings in connection with the violations alleged" by the EPA. The filing said Fiat Chrysler''s actions "may have violated other federal laws as well. The United States may well become involved in litigation with FCA regarding this matter to vindicate important environmental and other federal interests." The EPA is continuing to "evaluate certification of new model year 2017 vehicles," the filing said. Marchionne said Tuesday if the automaker wins certification for the 2017 models, then "I think we can take that solution and apply it back to the 2014''s to 2016 cars." Marchionne said he did not raise the company''s diesel emissions issue with President Donald Trump when he met with auto CEOs in January. Fiat Chrysler said it faces at least nine civil lawsuits in five states related to the emissions issue. A judicial panel will hold a March 30 hearing to decide whether the cases should be consolidated before a single judge. Last week, FCA disclosed that the U.S. Securities and Exchange Commission and some state attorneys general are investigating emissions issues. Reuters reported the Justice Department has been investigating FCA for more than six months. A person briefed on the matter said New York Attorney General Eric Schneiderman issued a subpoena to FCA and is leading a multi-state investigation. Marchionne in January rejected the EPA''s allegations, saying there was no wrongdoing and the company never attempted to create software to cheat emissions rules. The EPA announcement followed closer scrutiny of automakers after Volkswagen AG ( VOWG_p.DE ) admitted to cheating diesel emissions tests in 580,000 U.S. vehicles. (Reporting by David Shepardson; Editing by Leslie Adler) Next In Business News Global stocks slip, U.S. dollar firm on Fed outlook NEW YORK A measure of major stock markets around the globe slipped on Tuesday, with the Dow and S&P 500 on pace for their first back-to-back losses in more than a month, while expectations the Federal Reserve will raise interest rates supported the U.S. dollar. Confronted by market doubts, Federal Reserve drove March rate rise expectations NEW YORK/SAN FRANCISCO Early last week, financial markets saw just a 30 percent chance of the Federal Reserve raising interest rates in March; but by Friday after a striking series of comments from Fed officials, including Chair Janet Yellen, traders saw an 80 percent chance. BRUSSELS The European Union cannot yet assess how much Britain should be asked to pay Brussels when it quits the bloc, as much will have to be settled by negotiation, the EU''s chief auditor has told European lawmakers. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fiat-chrysler-emissions-idUKKBN16E2UB'|'2017-03-08T04:53:00.000+02:00'|2398.0|''|-1.0|'' 2399|'15e1720dc551abcf72f213a6e6b97714d341bcad'|'U.S.-Japan talks should avoid fiscal, monetary policy: Amari'|'Business News 48am EST U.S.-Japan talks should avoid fiscal, monetary policy: Amari Japan''s Economics Minister Akira Amari speaks during a news conference in Tokyo, Japan, January 28, 2016. REUTERS/Yuya Shino By Kaori Kaneko and Ami Miyazaki - TOKYO TOKYO Japan and the United States should avoid trying to interfere with each other''s fiscal and monetary policies when they start bilateral economic talks next month, former Japanese economy minister Akira Amari said on Monday. Amari, who led Japan''s negotiation team on the Trans-Pacific Partnership, which was essentially scuttled when President Donald Trump pulled the United States out, said the two nations needed to conduct talks with an eye towards emerging markets and the world as a whole. Trump and Prime Minister Shinzo Abe agreed last month to launch a bilateral economic dialogue to discuss trade and infrastructure investment. Japan, concerned about Trump''s strident comments about trade and currencies, hopes to use the talks to seek ways to avoid trade friction and ensure Washington is engaged in the Asia-Pacific region. Asked about the possibility that the U.S. may make demands regarding Japan''s fiscal and monetary policy, Amari told Reuters in an interview: "One nation should not meddle with another nation in areas where sovereign and independent rights exist." (Reporting by Kaori Kaneko and Ami Miyazaki, additional reporting by Takashi Umekawa, Editing by William Mallard) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-japan-usa-economy-idUSKBN16D0JV'|'2017-03-06T13:48:00.000+02:00'|2399.0|''|-1.0|'' -2400|'ea3acb19ad0240de72687f31d27c38a6323fb7fa'|'China''s first-quarter GDP growth seen at 6.8 percent: government think tank'|'Business News 11:05am EDT China''s first-quarter GDP growth seen at 6.8 percent: government think tank A Chinese flag is seen near a construction site in Beijing''s central business area, China, January 17, 2017. REUTERS/Jason Lee HONG KONG China''s economy, the world''s second largest, will likely expand 6.8 percent in the first quarter of 2017, the official Xinhua agency quoted a government think tank as saying on Wednesday. The expected pace is on par with the 6.8 percent growth logged in the fourth quarter, which was better than market expectations due to higher government spending and record bank lending. The National Academy of Economic Strategy attributed the first-quarter expansion to a strong rise in factory-gate prices, rebounding corporate profits and increasing imports, Xinhua said. "The focus of macro-economic policies should be in supply-side structural reforms to boost potential output in the long run," Wang Hongju, a researcher at the academy, was quoted by Xinhua as saying. In the first half of the year, GDP will grow by 6.7 percent. Industrial production is likely to increase moderately in the second quarter, while investment sees slightly slower growth, according to the think tank. It warned that the government should guard against risks in the property and financial sectors by properly managing monetary and land supply "floodgates", Xinhua said. (Reporting by Meg Shen in Hong Kong and Lee Chyen Yee in Singapore; editing by Andrew Roche) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-gdp-idUSKBN170275'|'2017-03-29T23:05:00.000+03:00'|2400.0|''|-1.0|'' +2400|'ea3acb19ad0240de72687f31d27c38a6323fb7fa'|'China''s first-quarter GDP growth seen at 6.8 percent: government think tank'|'Business News 11:05am EDT China''s first-quarter GDP growth seen at 6.8 percent: government think tank A Chinese flag is seen near a construction site in Beijing''s central business area, China, January 17, 2017. REUTERS/Jason Lee HONG KONG China''s economy, the world''s second largest, will likely expand 6.8 percent in the first quarter of 2017, the official Xinhua agency quoted a government think tank as saying on Wednesday. The expected pace is on par with the 6.8 percent growth logged in the fourth quarter, which was better than market expectations due to higher government spending and record bank lending. The National Academy of Economic Strategy attributed the first-quarter expansion to a strong rise in factory-gate prices, rebounding corporate profits and increasing imports, Xinhua said. "The focus of macro-economic policies should be in supply-side structural reforms to boost potential output in the long run," Wang Hongju, a researcher at the academy, was quoted by Xinhua as saying. In the first half of the year, GDP will grow by 6.7 percent. Industrial production is likely to increase moderately in the second quarter, while investment sees slightly slower growth, according to the think tank. It warned that the government should guard against risks in the property and financial sectors by properly managing monetary and land supply "floodgates", Xinhua said. (Reporting by Meg Shen in Hong Kong and Lee Chyen Yee in Singapore; editing by Andrew Roche) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-gdp-idUSKBN170275'|'2017-03-29T23:05:00.000+03:00'|2400.0|10.0|0.0|'' 2401|'19ab35aa2383f65eb5f47cc16ee9cfcb57050b93'|'Tata Consultancy says plans to step up local hiring in U.S.'|'Money News - Thu Mar 23, 2017 - 8:43pm IST Tata Consultancy says plans to step up local hiring in U.S. Logos of Tata Consultancy Services (TCS) are displayed at the venue of the annual general meeting of the software services provider in Mumbai, June 29, 2012. REUTERS/Vivek Prakash/Files By Elias Glenn - BOAO, China BOAO, China India''s top software services exporter Tata Consultancy Services will step up local hiring in the United States and has no plans to cut investments there as it continues to expect robust growth from its biggest overseas market. "In the last four or five years, we have been recruiting heavily in the U.S.," Girish Ramachandran, head of Asia Pacific region of TCS, told Reuters in an interview on the sidelines of the Boao Forum for Asia in China''s Hainan province. "We are planning to increase the number of recruitments we have in these markets." TCS, which earns about 50 percent of its revenue from the United States, continues to remain bullish about its prospects in the country as the consumption of IT services remains very high. "U.S. is the largest market and we expect that to continue to be the largest market," Ramachandran said. India''s $150 billion information technology (IT) sector has been bracing for a reform of the distribution of H1-B visas required for the United States under President Donald Trump''s administration. Indian IT firms use H-1B visa to fly engineers and developers to the United States temporarily to service clients. Companies see increased local hiring and acquisitions as way to beat any immigration challenge. On China, Ramachandran said large Chinese enterprises with global ambitions presented a good opportunity for software services companies such as TCS as they scout for IT partners. Traditionally TCS has worked for China''s multinationals but domestic businesses have given the company good business, he said, without giving details. "The last few years, China has had growth rates that are better that what weve been doing globally," Ramachandran said. "And we expect that trend to continue." (Writing by Sankalp Phartiyal. Editing by Jane Merriman) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-boao-tcs-idINKBN16U23E'|'2017-03-23T22:13:00.000+02:00'|2401.0|''|-1.0|'' 2402|'8400ebc10db658b01466022296754a0a1fd00ebd'|'Brexit leads cosmetics firm Lush to look for expansion outside UK'|'Lush has threatened to focus its planned expansion outside the UK because of the governments lack of clarity over Brexit.The British cosmetics firm said it is exploring options for growth abroad, blaming the government for not having a viable exit plan. It also revealed that more than 80 of its staff took up an offer to move to its new factory in Germany as a direct reaction to the result.The company, based in Poole, Dorset, said last years referendum sent shockwaves through the business, in particular the 20% of its staff who do not hold British citizenship who suddenly felt unwelcome and understandably upset.Lush, known for its fizzing bath bombs and ethical approach, offered those wishing to leave the country after the vote positions in its new factory in Dusseldorf, with more than 80 staff to date having taken the opportunity to move.In a statement, the company said its focus in 2017 is to look after and invest in its staff, particularly in the current political climate. The group also warned that leaving the EU would mean higher taxes and could jeopardise expansion in Britain.The statement said: To date Lush has flourished from the freedom of movement of people and goods, and now we face uncertainty in both of these areas. The negotiation of new trade agreements could take years, but the risk is that we will be paying more import duties across the business.With Britain close to full employment and with a severe skills shortage we are concerned that restrictions on free movement of people will impact the availability of both the skilled and the unskilled restricting future growth in both our UK manufacturing and buying facilities.Having opened our new Germany manufacturing facility during the year we will be reviewing other options for growth outside of the UK. With little clarity on the governments approach to the implementation of Brexit this remains a key uncertainty for the business going forward.In Poole, where Lush is headquartered, 58% of voters opted to leave. The company employs around 1,400 people in the Dorset town and 4,057 in the UK as a whole. About a third of those employed in Poole and 20% of its UK employees (782) are not British citizens.Immediately following the vote, co-founder Mark Constantine expressed grave concern and a sense of sadness at the loss of opportunity.The company, which has 928 stores across 49 countries globally, has not suffered so far as a result of the vote. Its annual results continued to show growth in both sales and profits.Brand turnover rose 26% to 723.3m and group turnover rose 21% to 394.9m in the year ended 30 June 2016. Lush said pre-tax profit for the year to 30 June rose 76% to 43.2m, despite troubles in its Japan operations.In terms of trading it said it had not noticed a material impact on UK revenues since the Brexit vote, and higher costs of raw material imports a result of sterling weakness were being offset by the cheaper cost of exports.It also confirmed it would be paying the living wage, as set by the Living Wage Foundation, for all UK permanent staff from April 2017, and would be increasing parental leave and childcare funding benefits.Topics Business Makeup EU referendum and Brexit European Union Trade policy Living wage '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/mar/13/brexit-leads-cosmetics-firm-lush-to-look-for-expansion-outside-uk'|'2017-03-14T03:00:00.000+02:00'|2402.0|''|-1.0|'' 2403|'abfd1d7e218cfacead03a0578c4b41bf93c1c404'|'Is an Isa the best home for your nest egg? - Money'|'Y ou only have until 5 April to take advantage of your 15,240 Isa allowance. So should you be investing your cash in an Isa? And if so, what type should go for cash, investment or the more risky innovative option? Read on for the what, how, where and why of IsasIsas are accounts on which you will never have to pay tax . During the current tax year you can put 15,240 into an Isa and leave it there forever, and the interest or capital gains are free from tax. In extreme cases, some husband-and-wife couples have been able to build up 1m in Isas , with all the money they generate being tax-free.There are three types of Isas cash, investment, and innovative. The cash ones are deposit accounts paying interest; the investment ones allow you to put the money into shares or funds; while the innovative finance Isa is new and lets you put the money into higher-risk peer-to-peer platforms. You dont have to put all the money with one provider, and you can save up to 15,240 in one type of Isa account or split the allowance across two or three types.Your money could be at risk . Cash Isas are the safest, with deposits up to 85,000 protected by the Financial Services Compensation Scheme (FSCS). If investment Isas go down in value its bad luck, there is no safety net. The innovative finance Isas, meanwhile, do not have any FSCS protection.If you are a first-time buyer aged 18-40, the new Lifetime Isa , launching on 6 April, is great news. You can put in up to 4,000 a year and the government will add a 25% bonus on top. So if you save the full 4,000 youll have 5,000. If youre a couple that equates to 10,000 for an 8,000 deposit. Nothing beats it but you can only spend the money on buying a home, and must never have owned a home before.You can open an Isa with a whole range of financial institutions banks, building societies, fund managers and so on. You can take your money out of an Isa at any time, and with some you can take out cash then put it back in during the same tax year without reducing the current years allowance.You can transfer your Isa at any time. So if the bank where you opened a cash Isa a few years ago has cut its interest rates, youre free to move the money all or part of it to another provider.One reason not to open a cash Isa is that interest on all savings is now automatically paid tax-free. You can earn up to 1,000 interest per year without paying tax if you are a 20% taxpayer, or 500 if you are a 40% taxpayer. So unless you are a very serious saver at the bank (with more than 20,000 to put away), cash Isas arent attractive in the way they once were.Interest rates on cash Isas are also (inexplicably) lower than rates on standard deposit accounts. For many people, the best rates of interest they will earn will be on money kept in a current account in one of the deals from the likes of Santander, Nationwide and Lloyds. But if you have a large amount of cash savings, or want to invest significant amounts in the stock market, Isas can still make sense.You can stash 70,000 away tax-free in the next fortnight alone, as the 2017-18 limit will be 20,000. Anyone aged over 16 (for cash Isas) and 18 (share Isas) can take out an Isa, so a couple can have one each and buy one each tax year.Best for cash Facebook Twitter Pinterest Coventry building society has the top-paying variable rate cash Isa. Photograph: Alamy Cash Isa rates may have been decimated in recent months, but there are still a few stand out deals for those wanting to keep their Isa money in cash. Coventry building society has the top-paying variable rate cash Isa which pays 1.05%.Bank of Cyprus , meanwhile, offers the highest rate for one-year fixed-rate bonds 1.1%, while if you prefer a home-grown bank, Virgin Money is paying 1.05% again fixed for a year.Principality has the highest-paying two-year bond 1.26%, while Coventry is paying 1.7% if you are happy to lock your money away for five years. Be aware, tying your money up for that long could look like a mistake if and when interest rates finally start rising.All the above deals allow savers to transfer in previous Isa allowances held at other banks, which if you havent moved them recently could well be earning as little as 0.35%.Another option is the so-called innovative finance Isa which allow investors to offer peer-to-peer loans, which are held within the Isa wrapper. There are a host to choose from, but there is no protection if it all goes wrong and the lender defaults although the rates are very attractive.LandlordInvest , which lets people invest in residential buy-to-let mortgages and bridging loans, is holding out the prospect of returns of up to 12%. LendingCrowd , which matches investors with small- and medium-sized businesses seeking loans, is offering a target rate of return of 6% a year.Best for shares The choice is phenomenal there are thousands of individual shares and investment funds to pick from, and with exchange traded funds (ETFs) you can track dozens of indices and commodities. Most beginners opt for a fund, which is a basket of shares, usually of 50-60 different companies, so if any one goes bust it doesnt hit you too hard.But which fund? Index trackers, which promise to match the gains (and falls) of indices such as the FTSE 100, are the cheapest over the long term. Conventional funds charge at least 1% of your pot every year, often much more, while the trackers may take 0.1% or less.FTSE 100 trackers match the performance of the 100 biggest shares on the London stock exchange. The BlackRock 100 UK Equity fund charges 0.07% of your assets every year. L&Gs UK 100 index fund is 0.1%, but thats discounted to 0.06% by some sellers.FTSE All Share trackers match the FTSE 100, but also include small- and medium-sized companies. BlackRocks UK Equity Tracker costs 0.06%, while HSBCs FTSE All Share Index is 0.07%. Fidelitys Index UK costs 0.08%, but 0.06% if bought directly from Fidelity.Vanguard offer funds which invest in a range of trackers such as its Life Strategy fund, which tracks bond and equity indices around the world, with a fee of 0.22%.Or you can choose to have your money managed actively, where the fund manager picks and chooses the shares, buying and selling when he or she thinks the time is right.Brokers TD Direct Investing recently issued its Best of British Fund Managers list, detailing which has performed most strongly over a 10-year period. The winner is Mark Slater, whose MFM Slater Growth fund has generated an average annual return of 12.6% a year over the past decade, compared to 5.6% on the FTSE. The fund is predominantly invested in small- and medium-sized companies rather than the giants that dominate the FTSE 100 index.Other top funds over 10 years include Lindsell Train UK Equity and Liontrusts Special Situations fund. Schroders was the only group to have two funds in the top 10 over a 10-year period. Schroders says that a saver who put 1,000 into a cash Isa when they were launched in 1999 would now have 1,204. If the same 1,000 had been put into a stocks and shares Isa and invested in the UK stock market it would be worth 1,663, or 38% more.Where to buy Facebook Twitter Pinterest If you want to deposit cash into an Isa you can go direct to the bank or building society. But its not so simple when you want to invest in a stocks and shares Isa. You cant just ring BP and say Can I buy 100 shares in your company, or go to Vanguard and say Can I put 1,000 into your fund. You have to use a broker, or to use the modern parlance a platform, where you buy the fund and can watch how it is getting along.Basically, you send your money to the platform, it puts it into a fund (or individual shares) and keeps you updated. For this they charge a fee, which is on top of the fee that goes to the underlying fund manager. For example, you pay 0.1% a year for the cheapest index fund, then another 0.5% a year to the platform, so thats 0.6% in total. Or you pay 0.75% for an actively managed fund, plus the 0.5% fee to the platform provider, making a total of 1.25% a year. Then there are the hidden charges, such as for the turnover within the fund, which means you can easily be frittering away 2% a year of your investment.The Lang Cat consultancy, which monitors platform charges, has created a table of fees (see right) which show that it can cost as little as 13 to put 5,000 into an Isa. The full table can be found at langcatfinancial.co.uk/guardian . Steven Nelson from Lang Cat warns that what you pay reflects the amount of services on offer. The cheapest providers are almost entirely DIY, where you pick the funds yourself. Cavendish is probably the best-known, charging just 0.25% a year.Then there are the do it with you providers who offer loads of tools to help you choose, often with recommended fund lists, but which dont make the choice for you such as Hargreaves Lansdown, which charges 0.45% on a 5,000 investment.Alternatively, there are the do it for you providers who make the investment choices for you. Many are new digital offerings, which manage a range of funds tailored to your risk level, at a relatively low cost. Names here include Nutmeg, MoneyFarm and NetWealth. Nutmeg says a 5,000 Isa would cost from 0.7% to 1.1% a year, which includes the underlying fee for the funds it invests in.Case study: Not-so-filthy lucre Facebook Twitter Pinterest Wildlife cameraman Doug Allan invests with Triodos. Photograph: Triodos Bank Wildlife cameraman Doug Allan has filmed orca whales, polar bears and emperor penguins in some of the worlds most extreme environments, for BBC TV series including Blue Planet and Frozen Planet. And he is determined his own money doesnt contribute to the destruction of the habitats he has spent his life filming.He recently finished a documentary called The Missing Fish, and is putting together a film on climate change at the poles and says he invests with Triodos to make sure his money does not harm the oceans or other wildlife.I do genuinely believe we need to change the worlds financial management. Its not as if there are not plenty of money-making opportunities from investing in a sustainable way, especially in renewable energy.A new Isa is offering tax-free returns of 12% so whats the catch? Read more Triodos is one of a number of providers that now offer an ethical option for your cash or shares Isa, and you dont necessarily need to accept lower returns if you want to keep to your principles. Like every bank, interest rates are low Triodos pays 0.75% on its cash Isa but thats actually double the rate paid by Lloyds Bank on its instant access cash Isa. Whats more, it accepts balances as low as 10. It also has an investment Isa, into which Allan has placed his money.When Triodos takes depositors money, it makes sure it is lent only to businesses having what it sees as a positive impact on society. It also invites customers to inspect the companies it is lending to an opportunity taken up by Marion Mackonochie in Brighton. She visited hiSbe, an ethical supermarket, and spoke to founder and co-owner Ruth Anslow. Triodos Bank helped finance the shop with money from its Isa savers.Its important to me that my money is not used to finance arms, tobacco or the oil trade. I get a brochure twice a year telling me about the projects they are financing, and I can see the good my money is doing. When I first set up an account I did look around to make sure that I wasnt being taken for a fool. I found that while the rates on offer werent the very best, they were certainly not the worst either.There are numerous other ethical Isa providers. Abundance offers an Isa paying a projected 2% rate by investing in renewable energy. Ecology building society is currently not accepting new deposits due to high demand, but hopes to open again soon. Charity Bank has an ethical Isa paying 0.9%, while Co-operative Bank pays between 0.37% and 1.05% on its range of Isas.Topics Isas Savings Savings rates Banks and building societies Family finances features '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/25/is-isa-best-home-nest-egg-shares-cash-doug-allan'|'2017-03-25T15:00:00.000+03:00'|2403.0|''|-1.0|'' @@ -2438,13 +2438,13 @@ 2436|'b9af2c7803980f7715d6a59f287c35433b5e51a8'|'RPT-UPDATE 1-Last RBS investor group held settlement talks over 2008 cash call -sources'|'Company 6:04am EDT RPT-UPDATE 1-Last RBS investor group held settlement talks over 2008 cash call -sources (Repeats story that ran late Friday) * Talks over settlement with hold-out shareholder group * Four groups have settled with RBS over 2008 cash call * Millionaire businessman Hemmings backs claimants * Case scheduled to come to court in May By Andrew MacAskill, Kirstin Ridley and Lawrence White LONDON, March 17 Lawyers representing tens of thousands of Royal Bank of Scotland (RBS) shareholders have held tentative talks to settle a 1.2 billion pound ($1.5 billion) damages claim over the lender''s 2008 rights issue that was launched shortly before a state bailout, two sources said. The sources, who are familiar with the situation, said RBS and the RBoS Shareholder Action group, which includes 27,000 private investors, former and current RBS staff and about 100 institutions, had discussed an out-of-court deal. In a move highlighting the difficulties of rallying such a vast group -- the last of five shareholder claims yet to settle with the bank -- one source warned that some retail investors were determined to take the case to trial in May. One of the investors backing those retail claimants is multimillionaire businessman Trevor Hemmings, according to court documents seen by Reuters. His involvement will go some way to answering questions by RBS and a judge as to whether the claimants have adequate funding. The bank has been applying pressure on the shareholder group to reveal its backers and sources of funding after it switched legal teams three times and some institutions broke away in 2015 to launch separate litigation. A settlement would end one of the most complex and costly litigation battles in English legal history. It would also spare RBS, which is still more than 70 percent owned by the state, a lengthy and potentially embarrassing court case that would put its disgraced former chief executive Fred Goodwin and other former senior staff in the witness box. A spokesman confirmed that Hemmings is part-funding the litigation through his private vehicle London and Northern Capital Partners. SEEKING REDRESS Mr Hemmings was a supportive investor in RBS for many years and backed the rights issue. However, like many other investors, he feels the basis on which he participated in the rights issue was misleading and is rightfully seeking redress," the spokesman added. "Mr Hemmings stands shoulder to shoulder with thousands of private shareholders seeking to hold the company to account. Hemmings lost "a considerable amount of money" as a result of the collapse in RBS''s share price in 2009, according to comments made by his spokesman to the Lancashire Post newspaper at the time, though he denied it was as much as the 700 million pound ($868 million) reported by the Sunday Times. With net wealth estimated at 725 million pounds, Hemmings owns Preston North End FC, which plays in the second tier of English soccer, as well as pub company Trust Inns and property investment business Northern Trust Group. His horses have won the prestigious Grand National race on three occasions. RBS last year struck an out-of-court deal with four other investor groups, who also accused the bank of omissions and misrepresentations about its financial strength when it launched the 12 billion pound rights issue at the height of the credit crisis. But the RBoS Shareholder Action Group rejected its share of RBS''s 800 million pound offer. RBS, which has said it would welcome a deal with the action group, declined to comment on any talks. When asked by Reuters at the end of February, Chief Executive Ross McEwan there had been "some conversations" but no resolution. RBoS Shareholder Action Group declined to comment, while Signature Litigation, the legal firm representing the claimants, referred requests to the action group. QUESTIONS ASKED In a move described by claimants as bullying, the group was forced to reveal the names of its latest third-party litigation funders after RBS asked for details of its After The Event (ATE) insurance while threatening to file an application for security for costs. ATE insurance policies cover the risk of losing and paying the other side''s costs in litigation. High Court Judge Robert Hildyard last week warned claimants against the "serious consequences" of a funding gap or shortfall. He was also "increasingly troubled" by inconsistent statements about ATE cover and other statements by the group. The action group has told the court that its current third-party litigation funders include asset recovery and private equity firm Hunnewell Partners (BVI), which says on its website it has a separate and ring-fenced litigation funding business. Hunnewell, which did not respond to requests for comment, is not listed as a member of the Association of Litigation Funders, an independent body that ensures members abide by a code of conduct and maintains a complaints-handling procedure. RBS has estimated its legal costs, from the December settlements to the end of the May trial, at 25 million pounds. Shareholders lost about 80 percent of their investments when RBS collapsed only months after the 2008 cash call, forcing the government to step in with a 45 billion pound-plus bailout. Former RBS chief executive Goodwin was stripped of his knighthood but kept an annual pension of 342,500 pounds. ($1 = 0.8068 pounds) (Editing by Keith Weir and David Goodman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/rbs-lawsuit-investors-idUSL5N1GV08R'|'2017-03-18T17:04:00.000+02:00'|2436.0|''|-1.0|'' 2437|'95d6354a4c3e7a69d52d39defd24e4a61782b328'|'Brazilian court grants PDG Realty bankruptcy protection'|'SAO PAULO, March 2 A So Paulo court granted Brazilian homebuilder PDG Realty SA bankruptcy protection on Thursday, the company said in a securities filing.PDG sought protection from creditors last week to enable it to restructure its debt, Brazil''s second publicly listed builder to do so in less than six months.PDG''s gross debt was 5.4 billion reais ($1.75 billion) at the end of September, according to a quarterly earnings report. The company had 235 million reais of cash on hand at the time.Weak demand, growing sales cancellations, stalled construction projects and lawsuits from clients and contractors dogged PDG''s efforts to deal with its debt burden. (Reporting by Anthony Boadle; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pdg-realty-sa-bankruptcy-idINL2N1GG006'|'2017-03-02T21:06:00.000+02:00'|2437.0|''|-1.0|'' 2438|'59f9097540a7646114c8c516434c893a340966d2'|'BRIEF-Corium reports progress in Corplex Donepezil candidate study'|' 52am EDT BRIEF-Corium reports progress in Corplex Donepezil candidate study March 20 Corium International Inc * Corium reports positive progress in pilot bioequivalence study of once-weekly Corplex Donepezil patch * Reported that pilot study is on track for completion of third and final treatment period in april * Expects to report on results from entire study in may '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-corium-reports-progress-in-corplex-idUSFWN1GX0FE'|'2017-03-20T19:52:00.000+02:00'|2438.0|''|-1.0|'' -2439|'a514a89fd02cafcef52c867a403078688250e54e'|'BRIEF-ExactEarth reports qtrly revenue of $3.3 mln'|' 41am EST BRIEF-ExactEarth reports qtrly revenue of $3.3 mln March 8 ExactEarth Ltd - * ExactEarth reports q1 fiscal 2017 financial results * Qtrly revenue of $3.3 million * Qtrly order bookings were $8.9 million compared to $4.2 million in q1 2016 * Qtrly loss per share $0.09 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-exactearth-reports-qtrly-revenue-o-idUSASB0B4C5'|'2017-03-08T18:41:00.000+02:00'|2439.0|''|-1.0|'' +2439|'a514a89fd02cafcef52c867a403078688250e54e'|'BRIEF-ExactEarth reports qtrly revenue of $3.3 mln'|' 41am EST BRIEF-ExactEarth reports qtrly revenue of $3.3 mln March 8 ExactEarth Ltd - * ExactEarth reports q1 fiscal 2017 financial results * Qtrly revenue of $3.3 million * Qtrly order bookings were $8.9 million compared to $4.2 million in q1 2016 * Qtrly loss per share $0.09 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-exactearth-reports-qtrly-revenue-o-idUSASB0B4C5'|'2017-03-08T18:41:00.000+02:00'|2439.0|8.0|0.0|'' 2440|'ec0d85b6c5b3a760f0c736ef432c753675c9c64a'|'Kingfisher beats forecasts for year profit, cautious on France'|' 7:18am GMT Kingfisher beats forecasts for year profit, cautious on France Signs outside the B&Q and Screwfix stores in Loughborough, Britain March 23, 2016. REUTERS/Darren Staples LONDON Home improvement retailer Kingfisher ( KGF.L ) beat forecasts with an 8.3 percent rise in annual profit, with a resilient sales performance in Britain outweighing a softer French market which it remains cautious about. The firm, which trades as B&Q and Screwfix in Britain and Castorama and Brico Depot in France and other markets, said on Wednesday it made an adjusted pretax profit of 743 million pounds ($928 million) in the year to Jan. 31 2017. That compares to analysts'' average forecast of 714 million pounds and 686 million pounds made in 2015-16. Total adjusted sales rose 8.7 percent to 11.2 billion pounds. "Looking forward, the EU referendum has created uncertainty for the UK economic outlook and we remain cautious on the outlook for France, especially in light of the forthcoming presidential elections," said Chief Executive Vronique Laury. The firm did, however, reaffirm its five year financial targets. (Reporting by James Davey; editing by Kate Holton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-kingfisher-results-idUKKBN16T0NI'|'2017-03-22T14:18:00.000+02:00'|2440.0|''|-1.0|'' 2441|'240f84d17a2dd4c4829ae1440b48978eb0cb27ab'|'Neiman Marcus says exploring alternatives, including sale'|'Luxury fashion retailer Neiman Marcus Group Ltd LLC [NMRCUS.UL] said on Tuesday it was exploring strategic alternatives, including a sale of the company.The move, which comes about two months after the company pulled its IPO, highlights the struggles faced by department store operators as they look to reduce costs amid sliding sales.Neiman Marcus also reported a 6.1 percent drop in second-quarter revenue as issues in its new merchandising and distribution system forced the company to take additional markdowns.The retailer has hired investment bank Lazard Ltd ( LAZ.N ) to explore ways to bolster its balance sheet as it seeks relief from $4.9 billion in debt, Reuters reported this month.Neiman Marcus, which also operates the Bergdorf Goodman and MyTheresa brands, was acquired by private equity firm Ares Management LP ( ARES.N ) and Canada Pension Plan Investment Board for $6 billion in 2013.(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-neiman-marcus-gp-sale-idINKBN16L1N1'|'2017-03-14T11:02:00.000+02:00'|2441.0|''|-1.0|'' 2442|'db475f8154a3587e072539d4b4a397f0be7ff210'|'Sensex, Nifty edge up on GST hopes; financials extend rally'|'Money News - Thu Mar 30, 2017 - 11:56am IST Sensex, Nifty edge up on GST hopes; financials extend rally A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, June 29, 2015. REUTERS/Danish Siddiqui/Files By Aby Jose Koilparambil Indian shares rose in thin trade on Thursday after the country moved a step closer to implementing a nationwide goods and services tax (GST) from July. Four bills related to GST, passed by the lower house of parliament, would next be presented before the upper house. The new sales tax regime will subsume a slew of central and state levies, transforming a nation of more than 1.2 billion population into a single market. [nL3N1H63LX] Broader gains in the market were capped due to caution ahead of the expiration of March futures & options later in the day. "Right now, I don''t see a scenario in the market where a fall that would frighten you would happen. All the macro factors are conducive for the country," said Dharmesh Kant, head, retail research at Motilal Oswal Securities Ltd. The Nifty was up 0.18 percent at 9,159.95 by 0555 GMT, while the benchmark Sensex was 0.28 percent higher at 29,614.09. Logistics shares were trading higher after the passage of the GST bills. Allcargo Logistics Ltd rose as much as 4.4 percent while VRL Logistics Ltd shot up as much as 4.3 percent and GATI Ltd gained as much as 2.5 percent. Financial shares extended a recent rally with the Nifty Finance and Nifty Bank indexes gaining for the fifth session in six. Banking behemoth State Bank of India rose as much as 1.8 percent to its highest in a little over 22 months and was among the top percentage gainers on the NSE. Kotak Mahindra Bank rose as much as 1.7 percent after the private lender said it would focus on building stressed assets business and double its customer base. Meanwhile, auto stocks including Hero MotoCorp Ltd and Ashok Leyland Ltd recovered from steep losses after the country''s top court banned sale of new vehicles with older Euro III fuel technology from April 1. Two-wheeler manufacturer Hero MotoCorp rose as much as 1.4 percent while Ashok Leyland rose as much as 1.2 percent. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Gopakumar Warrier) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-stocks-sensex-nifty-gst-idINKBN1710L7'|'2017-03-30T14:26:00.000+03:00'|2442.0|''|-1.0|'' 2443|'ab3115cbdd450cd812a37f86f967bfa4b78656cb'|'Canada''s Trican to buy Canyon Services in C$637 million deal'|'Canadian oilfield services provider Trican Well Service Ltd ( TCW.TO ) said it would buy smaller rival Canyon Services Group Inc ( FRC.TO ) in a deal valued at about C$637 million ($475.5 million), including debt.Canyon shareholders will receive 1.7 shares of Trican for each share they own. That translates to an offer price of C$6.63 per Canyon share, representing a 32 percent premium to the stock''s Tuesday close.Trican will also assume about $40 million in debt.A more than 50 percent fall in global crude prices since 2014 has triggered a wave of consolidation in the oilfield services industry, which has been battered by a sharp drop in service prices.General Electric Co ( GE.N ) has agreed to merge its oil and gas business with Baker Hughes Inc ( BHI.N ) to create the world''s No. 2 oilfield services business, while other large players such as Schlumberger NV ( SLB.N ) and Technip TECF.PA have bought smaller rivals.Trican shareholders are expected to own about 56 percent of the combined company, while Canyon shareholders will own the rest.RBC and Scotiabank were financial advisers to Trican while Blake, Cassels & Graydon LLP provided legal counsel.Peters & Co Ltd was Canyon''s financial adviser. Burnet, Duckworth & Palmer LLP was its legal adviser.(Reporting by Vishaka George and Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-canyon-services-m-a-trican-well-idINKBN16T1AO'|'2017-03-22T09:04:00.000+02:00'|2443.0|''|-1.0|'' 2444|'1b09384072a806154a834be27efa199b7f911760'|'E.ON shares up after $1.4 billion capital raising'|'By Edward Taylor - FRANKFURT FRANKFURT Shares in E.ON rose 1.7 percent early on Friday, a day after the German utility raised 1.35 billion euros ($1.4 billion) by selling 200 million new shares.The cash-strapped company needs to pay nearly 10 billion euros by mid-year into a fund set up to pay for the German nuclear sector''s long-term liabilities.E.ON has said 2 billion euros of that amount will be raised via capital measures, which could include the sale of shares and issuance of hybrid bonds."Capital measure was thoroughly flagged and traders had enough time to position themselves. Shares should recover quickly," a Frankfurt-based trader said.E.ON shares rose 1.7 percent to 6.95 euros apiece, among the biggest gainers in Germany''s blue-chip index and among top European utilities.The share sale suggests a price of about 6.75 euros apiece.The company reported a record 2016 net loss of 16 billion euros on Wednesday.The new shares were issued as part of E.ON''s authorized capital and were sold to institutional investors, with Bank of America Merrill Lynch and Citigroup acting as joint bookrunners."In view of the impact from the payment of the risk surcharge to Germany''s state-run nuclear fund in mid-2017, the purpose of the capital increase is to strengthen the equity and liquidity basis of E.ON," the company said.(Additional reporting by Tom Kaeckenhoff and Christoph Steitz; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eon-newissue-idINKBN16O0YW'|'2017-03-17T06:51:00.000+02:00'|2444.0|''|-1.0|'' -2445|'9d83ece5127323aac69edd5ae2740793bcfd0993'|'Clouds over Trump tax plan may curb appetite for U.S. stocks'|'Business News 4:44pm EDT Clouds over Trump tax plan may curb appetite for U.S. stocks A trader wearing a Trump hat works at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., January 20, 2017. REUTERS/Stephen Yang By Megan Davies and David Randall - NEW YORK NEW YORK Wall Street has tempered its expectations for sweeping U.S. tax cuts in the wake of President Donald Trump''s stinging healthcare defeat, a move that could push investors to embrace cheaper global stocks after the heady U.S. rally of recent months. The White House turned its attention to an overhaul of the tax code after Republicans were forced on Friday to pull legislation that would have begun dismantling the Obama administration''s 2010 healthcare law. Trump made tax cuts, including a lowering of the rates paid by corporations, a pillar of his 2016 presidential campaign. His Nov. 8 victory whetted the appetite of business and investors who saw passage of a tax bill as a virtual slam dunk. But the Republican infighting that doomed the healthcare bill in the House of Representatives and the evaporation of the savings that it was seen generating have made the endeavor more problematic. "Now it appears some of the initiatives in the tax bill will have to be scaled back or even eliminated," said Robert Willens, an independent tax analyst. "It clearly has to be less ambitious." Others are even less optimistic. "Getting corporate tax relief done in 2017 has gone from a decent chance to remote," said Michael Purves, chief global strategist at Weeden & Co. "That''s a huge contributor to potential earnings." Economists at investment bank Goldman Sachs see "some downside risk" to their original expectation for a tax cut of around $1.75 trillion over 10 years, though they still see a deal passing. Trump has said he wants to cut corporate taxes to a range of 15 percent to 20 percent, from 35 percent. A watered-down version of his tax goals could rattle the concern among money managers that U.S. equities'' valuations are stretched. Analysts expect S&P 500 profit growth of 11 percent this year according to Thomson Reuters data - with many analysts not yet baking a tax cut into that estimate - a big increase over 1.4 percent growth in 2016. "What (the healthcare bill failure) does in my mind is further emphasize the case for international and emerging market equities," said Jack Ablin, chief investment officer at BMO Private Bank. ''SUBSTANTIALLY OVERVALUED'' On a forward price-to-earnings basis, the U.S. market is around the most expensive it has been in years compared with the United Kingdom, Europe and emerging markets. Against Japan, it is at its most expensive in at least six months. Investors in U.S. stocks are paying almost $18 for every dollar expected in earnings over the next 12 months, compared with just above $14 for stocks on the London, Tokyo and European exchanges, and near $12 for those on emerging market exchanges. More upside is seen in European markets this year. Reuters polls on Wednesday predicted a gain of under 3 percent in U.S. stocks between now and the end of the year versus a rise of between about 5 percent and 6 percent for the STOXX 600. and Euro STOXX 50 .STOXX50E . "Making an argument for Europe over the U.S. is very easy at this point," said Matt Burdett, a portfolio manager at Thornburg Investment Management, which has $49 billion in assets under management. Dave Wright, a co-portfolio manager of the Sierra Strategic Income fund, which manages $2.3 billion in assets, said the U.S. market looks "substantially overvalued." Reflecting the growing appetite U.S. investors have for overseas assets, U.S.-based European stock funds attracted $636 million over the latest week ended March 22, the largest inflows since December 2015, according to Lipper data. The four-week moving average of inflows for these funds totaled $328 million in the latest week, the highest amount since January 2016. For the same period, U.S.-based equity funds posted net cash withdrawals of more than $1 billion, Lipper data showed. Still, investors are unlikely to bail out of U.S. equities based on the fate of the Trump tax plan alone. Jason Ware, chief investment officer at Albion Financial Group, said "whether or not they hit 20 percent corporate tax rate or 25 percent is immaterial when you look at the big picture." (Additional reporting by Jennifer Ablan and Rodrigo Campos, Chuck Mikolajczak and Caroline Valetkevich; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-tax-stocks-analysis-idUSKBN170306'|'2017-03-30T04:39:00.000+03:00'|2445.0|''|-1.0|'' +2445|'9d83ece5127323aac69edd5ae2740793bcfd0993'|'Clouds over Trump tax plan may curb appetite for U.S. stocks'|'Business News 4:44pm EDT Clouds over Trump tax plan may curb appetite for U.S. stocks A trader wearing a Trump hat works at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., January 20, 2017. REUTERS/Stephen Yang By Megan Davies and David Randall - NEW YORK NEW YORK Wall Street has tempered its expectations for sweeping U.S. tax cuts in the wake of President Donald Trump''s stinging healthcare defeat, a move that could push investors to embrace cheaper global stocks after the heady U.S. rally of recent months. The White House turned its attention to an overhaul of the tax code after Republicans were forced on Friday to pull legislation that would have begun dismantling the Obama administration''s 2010 healthcare law. Trump made tax cuts, including a lowering of the rates paid by corporations, a pillar of his 2016 presidential campaign. His Nov. 8 victory whetted the appetite of business and investors who saw passage of a tax bill as a virtual slam dunk. But the Republican infighting that doomed the healthcare bill in the House of Representatives and the evaporation of the savings that it was seen generating have made the endeavor more problematic. "Now it appears some of the initiatives in the tax bill will have to be scaled back or even eliminated," said Robert Willens, an independent tax analyst. "It clearly has to be less ambitious." Others are even less optimistic. "Getting corporate tax relief done in 2017 has gone from a decent chance to remote," said Michael Purves, chief global strategist at Weeden & Co. "That''s a huge contributor to potential earnings." Economists at investment bank Goldman Sachs see "some downside risk" to their original expectation for a tax cut of around $1.75 trillion over 10 years, though they still see a deal passing. Trump has said he wants to cut corporate taxes to a range of 15 percent to 20 percent, from 35 percent. A watered-down version of his tax goals could rattle the concern among money managers that U.S. equities'' valuations are stretched. Analysts expect S&P 500 profit growth of 11 percent this year according to Thomson Reuters data - with many analysts not yet baking a tax cut into that estimate - a big increase over 1.4 percent growth in 2016. "What (the healthcare bill failure) does in my mind is further emphasize the case for international and emerging market equities," said Jack Ablin, chief investment officer at BMO Private Bank. ''SUBSTANTIALLY OVERVALUED'' On a forward price-to-earnings basis, the U.S. market is around the most expensive it has been in years compared with the United Kingdom, Europe and emerging markets. Against Japan, it is at its most expensive in at least six months. Investors in U.S. stocks are paying almost $18 for every dollar expected in earnings over the next 12 months, compared with just above $14 for stocks on the London, Tokyo and European exchanges, and near $12 for those on emerging market exchanges. More upside is seen in European markets this year. Reuters polls on Wednesday predicted a gain of under 3 percent in U.S. stocks between now and the end of the year versus a rise of between about 5 percent and 6 percent for the STOXX 600. and Euro STOXX 50 .STOXX50E . "Making an argument for Europe over the U.S. is very easy at this point," said Matt Burdett, a portfolio manager at Thornburg Investment Management, which has $49 billion in assets under management. Dave Wright, a co-portfolio manager of the Sierra Strategic Income fund, which manages $2.3 billion in assets, said the U.S. market looks "substantially overvalued." Reflecting the growing appetite U.S. investors have for overseas assets, U.S.-based European stock funds attracted $636 million over the latest week ended March 22, the largest inflows since December 2015, according to Lipper data. The four-week moving average of inflows for these funds totaled $328 million in the latest week, the highest amount since January 2016. For the same period, U.S.-based equity funds posted net cash withdrawals of more than $1 billion, Lipper data showed. Still, investors are unlikely to bail out of U.S. equities based on the fate of the Trump tax plan alone. Jason Ware, chief investment officer at Albion Financial Group, said "whether or not they hit 20 percent corporate tax rate or 25 percent is immaterial when you look at the big picture." (Additional reporting by Jennifer Ablan and Rodrigo Campos, Chuck Mikolajczak and Caroline Valetkevich; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-tax-stocks-analysis-idUSKBN170306'|'2017-03-30T04:39:00.000+03:00'|2445.0|14.0|0.0|'' 2446|'2c79c570251cb47a73926935a6caa22296459112'|'Free WiFi and meditation as airlines grapple with laptop ban'|' 04pm GMT Free WiFi and meditation as airlines grapple with laptop ban A Turkish Airline plane stands on the runway at JFK International Airport in New York, U.S., March 21, 2017. REUTERS/Lucas Jackson ISTANBUL/DUBAI Turkish and Gulf airlines are touting free WiFi and better in-flight connectivity for smart phones as they scramble to mitigate the impact of a ban on laptops in plane cabins bound for the United States. The restrictions could deal a blow to fast-growing Gulf airlines, which depend on business-class flyers stopping over in Dubai or Doha for far-flung destinations, and to Turkish Airlines ( THYAO.IS ) with its high volume of transit passengers. A Turkish Airlines official said it was working on rolling out a system to allow passengers to use 3G data roaming on mobile phones to connect to the Internet in-flight, and planned to make WiFi freely available on some aircraft from next month. "We''ve sped up infrastructure work after the latest developments ... If the work is complete, we''re planning on switching to free WiFi services in our Boeing 777 and Airbus 330 aircraft in April," the official told Reuters. Emirates [EMIRA.UL] said on Thursday it was introducing a "laptop and tablet handling service" for U.S.-bound flights which would allow passengers to use their devices until just before they board. The devices would be "carefully packed into boxes" and returned on arrival in the United States, it said. Emirates passengers can access limited free WiFi or pay $1 (0.80 pounds) for 500 MB. Fellow Gulf carrier Etihad encouraged passengers to pack their electronics in check-in luggage but said it would also allow devices to be handed over at boarding, a spokesman said. Turkish said it had introduced a similar measure. Qatar Airways did not respond to questions on how it planned to mitigate the impact of the new security measures, but in a Facebook posting this week it said its in-flight entertainment was "the only entertainment you''ll need on board". Royal Jordanian also took a tongue-in-cheek approach, listing on Twitter "12 things to do on a 12-hour flight with no laptop or tablet", including reading, meditating, saying hello to your neighbour, or "reclaiming territory on your armrest." (Reporting by Ceyda Caglayan in Istanbul and Alexander Cornwell in Dubai; Writing by Nick Tattersall; Editing by Tuvan Gumrukcu and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-airlines-electronics-measures-idUKKBN16V1SU'|'2017-03-24T22:04:00.000+03:00'|2446.0|''|-1.0|'' 2447|'cf83bcbeae8f50b7951e8299ccbc001f6d9ce065'|'Poland expects to sign deal for 8 Patriot missile defence systems by end-2017'|'World 38am EDT Poland expects to sign deal for eight Patriot missile defense systems by end-2017 Poland''s Defence Minister Antoni Macierewicz speaks during a news conference in Tallinn, Estonia, March 14, 2017. REUTERS/Ints Kalnins WARSAW Poland expects that it will sign a deal with U.S. defense firm Raytheon to buy eight Patriot missile defense systems by the end of this year, Polish Defence Minister Antoni Macierewicz said on Friday. "We hope that we will sign the contract by more or less the end of the year," Macierewicz told reporters. Macierewicz also said that the first of the eight systems, which he said would all be equipped with built-in army battle command system (ABCS) radars, will likely arrive in Poland two years after the contract is signed. (Reporting by Lidia Kelly; Writing by Marcin Goettig) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-poland-defence-raytheon-patriots-idUSKBN1720X3'|'2017-03-31T16:29:00.000+03:00'|2447.0|''|-1.0|'' 2448|'ef7a8c29cd194b67adb261ce15338ed50a88d43c'|'Union at BHP Billiton''s Escondida will meet with company - document'|'Business News - 31pm GMT Union at BHP Billiton''s Escondida will meet with company - document Workers from BHP Billiton''s Escondida, the world''s biggest copper mine, demonstrate during a strike, in Antofagasta, Chile March 1, 2017. REUTERS/Juan Ricardo SANTIAGO Striking workers at BHP Billiton''s Escondida mine in Chile have decided to accept an invitation by the company to restart negotiations, but the meeting will only concern the union''s three key points, according to a document seen by Reuters on Monday. Union members have also given union leaders authority to walk away from negotiations and force a temporary, 18-month contract, as permitted under Chilean law, the document said. (Reporting by Fabian Cambero; Writing by Gram Slattery; Editing by Chizu Nomiyama) Next In Business News Fed to wait at least until June to decide next hike - Evans NEW YORK The Federal Reserve will likely wait at least until a June policy meeting to decide whether to lift U.S. interest rates again, giving it time to digest economic and financial market data as well as any clarity on the Trump administration''s fiscal policy plans, a top rate-setter said on Monday. Vodafone, Idea in $23 billion deal to create new Indian telecom leader MUMBAI Britain''s Vodafone Group and Idea Cellular agreed on Monday to merge their Indian operations in a $23 billion (18.55 billion pounds) deal, creating the country''s biggest telecoms business after the entry of a new rival sparked a brutal price war. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-chile-copper-escondida-idUKKBN16R2C0'|'2017-03-21T02:31:00.000+02:00'|2448.0|''|-1.0|'' @@ -2534,7 +2534,7 @@ 2532|'44e59ace1d65589c29196e32c1fe78bf81f123df'|'Self-driving start-up set to roll out first laser sensors'|'Technology News 8:03am EDT Self-driving start-up set to roll out first laser sensors By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO Luminar, a Silicon Valley start-up, is getting ready to manufacture its laser-based sensor for self-driving cars, a key component that would improve vehicle safety, the company said on Thursday. Founded in 2012 by two photonics experts, Luminar has kept a low profile in the race between automakers, startups and major technology companies to roll out self-driving cars for the masses. Luminar is ramping up a manufacturing facility in Orlando, Florida, for its first run of 10,000 Lidar sensors later this year, Chief Executive Austin Russell said in an interview. Lidar, which stands for Light Detection and Ranging, shoots out light pulses that are reflected off objects, allowing self-driving cars to "see" their environment. Many self-driving experts regard it as a crucial component, along with other sensors such as cameras and radars. Lidar has been the subject of an ongoing trade secrets lawsuit between Alphabet Inc unit Waymo and Uber. [nL1N1HF12Y] Waymo alleges that a former employee stole intellectual property about its Lidar system that was later copied by Uber. Russell said Lidars for self-driving cars on the market were developed from hardware that existed before autonomous cars. Their limitations in range and resolution make them unfit for the safe rollout of self-driving cars, he noted. Luminar addresses those shortfalls by using a 1550 nanometer wavelength that provides 50 times greater resolution and 10 times the range of the best rival Lidars, Russell said. That means a car can "see" a black object with reflectivity of 10 percent clearly from 200 meters away, he said. By contrast, the so-called "Puck" Lidar from Velodyne, a company that makes most of the Lidar used in self-driving prototypes today, has a range of 100 meters. Russell said four companies, including automakers and technology firms which he did not identify, were testing their products on prototype driverless cars. Russell said manufacturers should focus on perfecting Lidar''s capabilities instead of lowering prices to make self-driving cars more affordable for the public. "As price comes down, performance comes down with it," he said. (Reporting by Alexandria Sage; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-luminar-selfdriving-lidar-idUSKBN17F1H3'|'2017-04-13T20:00:00.000+03:00'|2532.0|''|-1.0|'' 2533|'07e6835fb5e416b6939fefba433b157ee0c454b1'|'Danone shareholders grant WhiteWave boss a board seat'|'Company 10am EDT Danone shareholders grant WhiteWave boss a board seat PARIS, April 27 Danone shareholders on Thursday voted to grant a board seat to Gregg Engles, the chairman and CEO of U.S. organic food producer WhiteWave Foods Co, which the French food group recently bought. His appointment was approved by over 96 percent of votes cast at Danone''s annual shareholder meeting. Danone''s Chief Executive Emmanuel Faber told shareholders that with WhiteWave''s acquisition, North America would become the group''s top market, accounting for around 25 percent of its sales against 13 percent before. Last week Danone, the world''s largest yoghurt maker, raised its forecast for earnings per share (EPS) growth in 2017, having closed its $12.5 billion acquisition of WhiteWave on April 12. (Reporting by Dominique Vidalon, Editing by Sarah White)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/danone-agm-board-idUSL8N1HZ6SE'|'2017-04-27T23:10:00.000+03:00'|2533.0|''|-1.0|'' 2534|'b85b9be808224976ce679857a0ef9118639631fe'|'Johnson & Johnson target Actelion could exit Swiss benchmark SMI index this month'|' 56pm BST Johnson & Johnson target Actelion could exit Swiss benchmark SMI index this month A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake By Rupert Pretterklieber - ZURICH ZURICH The composition of the top Swiss stock index is due to change as early as this month, with Actelion ( ATLN.S ) poised to fall out of the Swiss Market Index (SMI) ahead of the completion of the biotechnology company''s takeover by Johnson & Johnson ( JNJ.N ). Friday is the next deadline for Actelion shareholders to take J&J''s $30 billion, $280 per share offer. If more than 80 percent of shares are tendered, then Actelion''s free float would slip below the 20 percent threshold required for inclusion in not only the benchmark SMI but also the broader Swiss Performance Index, Stephan Meier, a spokesman for the SIX Swiss Exchange, said on Thursday. The chances of J&J''s stake topping 80 percent are good, since it held 77 percent of Actelion shares at the end of March when it declared the takeover a success. Should that happen, the SIX Swiss Exchange could make an announcement as early as Friday about future steps leading to another company filling Actelion''s place in the SMI. Candidates include drug ingredients maker Lonza ( LONN.S ), adhesives maker Sika ( SIK.S ) and asset manager Partners Group ( PGHN.S ), as well as hearing aid maker Sonova ( SOON.S ). There will almost certainly be further SMI changes later this year, after ChemChina''s CNNCC.UL takeover of Swiss chemicals maker Syngenta ( SYNN.S ) is completed. (Reporting by Rupert Pretterkleber; Writing by John Miller; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-actelion-m-a-j-j-idUKKBN17M1DJ'|'2017-04-20T19:56:00.000+03:00'|2534.0|''|-1.0|'' -2535|'c7dae0163f7af0eb108d879b296caae89ee2fecd'|'PepsiCo profit beats on demand for healthier snacks, drinks'|' 11:42am BST PepsiCo profit beats on demand for healthier snacks, drinks FILE PHOTO: Pepsi soda is shown on display in Compton, California, U.S., January 10, 2017. REUTERS/Mike Blake/File Photo PepsiCo Inc ( PEP.N ) reported higher-than-expected quarterly revenue and profit as the company benefited from demand for its healthier drinks and snacks and kept a tight leash on costs. PepsiCo and other processed-food makers are investing heavily to develop products to meet consumers'' increasing preference for healthier snacks such as unsweetened tea and baked chips. The company has said it now gets about 45 percent of its net revenue from "guilt-free" products - beverages that have fewer than 70 calories per 12 ounces and snacks that have lower amounts of salt and saturated fat. Revenue from its North America beverage business, the company''s biggest, rose 2.3 percent to $4.46 billion in the first quarter ended March 25. Net income attributable to PepsiCo rose to $1.32 billion (1.03 billion pounds), or 91 cents per share, in the quarter, from $931 million, or 64 cents per share, a year earlier. The year-earlier period included a $373 million charge related to its transaction with Tingyi (Cayman Islands) Holding Corp. Excluding items, the company earned 94 cents per share. Revenue rose 1.6 percent to $12.05 billion, the second quarter of rising sales after eight quarters of decline. Analysts on average had expected earnings of 92 cents per share on revenue of $11.98 billion, according to Thomson Reuters I/B/E/S. Rival Coca-Cola ( KO.N ) on Tuesday reported a lower-than-expected quarterly profit on higher costs of franchising its bottling operations and announced job cuts to boost savings. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pepsico-results-idUKKBN17S16Z'|'2017-04-26T18:42:00.000+03:00'|2535.0|''|-1.0|'' +2535|'c7dae0163f7af0eb108d879b296caae89ee2fecd'|'PepsiCo profit beats on demand for healthier snacks, drinks'|' 11:42am BST PepsiCo profit beats on demand for healthier snacks, drinks FILE PHOTO: Pepsi soda is shown on display in Compton, California, U.S., January 10, 2017. REUTERS/Mike Blake/File Photo PepsiCo Inc ( PEP.N ) reported higher-than-expected quarterly revenue and profit as the company benefited from demand for its healthier drinks and snacks and kept a tight leash on costs. PepsiCo and other processed-food makers are investing heavily to develop products to meet consumers'' increasing preference for healthier snacks such as unsweetened tea and baked chips. The company has said it now gets about 45 percent of its net revenue from "guilt-free" products - beverages that have fewer than 70 calories per 12 ounces and snacks that have lower amounts of salt and saturated fat. Revenue from its North America beverage business, the company''s biggest, rose 2.3 percent to $4.46 billion in the first quarter ended March 25. Net income attributable to PepsiCo rose to $1.32 billion (1.03 billion pounds), or 91 cents per share, in the quarter, from $931 million, or 64 cents per share, a year earlier. The year-earlier period included a $373 million charge related to its transaction with Tingyi (Cayman Islands) Holding Corp. Excluding items, the company earned 94 cents per share. Revenue rose 1.6 percent to $12.05 billion, the second quarter of rising sales after eight quarters of decline. Analysts on average had expected earnings of 92 cents per share on revenue of $11.98 billion, according to Thomson Reuters I/B/E/S. Rival Coca-Cola ( KO.N ) on Tuesday reported a lower-than-expected quarterly profit on higher costs of franchising its bottling operations and announced job cuts to boost savings. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pepsico-results-idUKKBN17S16Z'|'2017-04-26T18:42:00.000+03:00'|2535.0|12.0|0.0|'' 2536|'c24d62c0aed419d55dd7f3c9c8f87337fb87220f'|'Facebook finally makes a virtual reality world 18,'|'Facebook Spaces: Never see your friends IRL again Facebook just built a virtual reality version of ... Facebook. Mark Zuckerberg kicked off Facebook''s annual F8 developer conference on Tuesday. The two-day event, now in its tenth year, drew roughly 4,000 attendees to the San Jose Convention Center in California. This year, the company announced new augmented reality features for your smartphone camera, a cute VR version of the social network for Oculus and even more ways to talk to companies on Messenger. Zuckerberg tests out his standup routine The conference is a chance for Zuckerberg and his executives to wax poetic about all they ways they''re changing the world, while also getting brands excited to sell things on Facebook. Newish dad Zuckerberg tried out something different on stage: dad jokes. He made cracks about the other F8 trending this week, "The Fate of the Furious," and joked about his overly long community posts. "I wrote like six more of these, but I understand that some of you are here to see a tech keynote," said Zuckerberg. He reinforced Facebook''s commitment to building community, before speaking briefly about the Cleveland murder video that was uploaded to Facebook. Related: Mark Zuckerberg makes cursory mention of Facebook murder video at F8 Augmented reality is already on your phone He quickly pivoted to the main thrust of his keynote: augmented reality, but without the dorky glasses. Facebook is using its new camera tools to launch its own augmented reality platform. Instead of putting on goggles, you will hold up your smartphone and watch as it overlays graphics on the world in front of you in real time. You can add sharks swimming around your morning coffee, or a virtual mug to your table to feel less alone. Add effects to a room, like dripping paintings or rain clouds, and pop-up informational boxes for products or locations. It uses precise location detection, 3D effects and object recognition to make the moving effects work. The platform is available in a closed beta starting Tuesday. Facebook''s new camera update already uses some of this "augmented reality," like animated mustaches and glitter beards. Zuckerberg acknowledged that the company was late adding the camera effects to its apps, but said, "I''m confident that now we''re going to push this augment reality platform forward." Snapchat released similar features Tuesday morning -- the latest shot in the war between the two companies. Related: Facebook is still trying to make bots happen Facebook Spaces means you never have to leave your home again Last year, Facebook did a silly demo on stage of people hanging out in virtual reality, taking selfies. It was a rough draft for Facebook Spaces, a new virtual reality version of Facebook the company announced today. Facebook Spaces is an app for the Facebook-owned Oculus VR goggles. Facebook described it as "a magical canvas for shared experiences." When you can''t just chill on the couch with your bestie IRL, you can put on some goggles and do it as animated people in a virtual version of your living room. Or in a virtual park, Paris, maybe even outer space if you''re into that. Rachel Rubin Franklin, the former head of the Sims video game franchise, said it lets you spend time with people and gives "the essence that you''re really there together." The app ports in your Facebook profile, so it already knows who your friends are. If you don''t have Oculus (most people don''t), you can see a VR version of yourself talking to your friends'' VR versions. You can build a custom avatar based on your Facebook profile shot, like a 3D bitmoji. This is the future, folks. VR social networks and communities already exist, and they''re experiencing the same etiquette questions as social networks. For instance, one woman was sexually assaulted while playing a video game in VR. Facebook Spaces launches in beta for Oculus Rift Tuesday. Forgot your password? Facebook''s got your back Facebook is expanding its efforts to eliminate passwords. In January, the company began testing Delegated Account Recovery, a tool that lets you use your Facebook account to log in to another app if you forgot your password. Instead of answering security questions or receiving password reset emails, people can use Facebook to confirm their identity. The security tool is now rolling out to more apps as a closed beta test. New communities just for developers Facebook also announced a number of new tools just for developers. Since coding can be a lonely undertaking, Facebook is launching Developer Circles. They''re like Facebook Groups for developers, helping connect people living in the same area and offering educational options like special classes from Udacity. There are new analytics tools and more location information to draw from. Developers can now build simplified pages and apps for people who have slow internet connections. Year one of a 10-year plan A lot has changed since F8''s first installment. Over the past decade, Facebook ( FB , Tech30 ) has gone from a single website where people play Farmville to a public company that also owns Instagram, Oculus and What''sApp. At last year''s F8, Zuckerberg took a subtle swipe at then-candidate Trump, saying, "Instead of building walls, we can help build bridges." In the first few months of Trump''s presidency, Zuckerberg has expressed concern about Trump''s executive orders on immigration. COO Sheryl Sandberg has also criticized Trump on his abortion policies . On the heels of the campaign, Zuckerberg made it his New Year''s resolution to visit people from every state by the end of 2017 -- though he did not specifically mention Trump as a factor. The U.S. election also put fake news and its impact on real-life decisionmaking in the spotlight. Zuckerberg initially said it was "crazy" that Facebook could have impacted the election, though later backtracked on his comments. CNNMoney (San Jose) 18, 2017: 12:50 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/04/18/technology/facebook-f8/index.html'|'2017-04-18T23:41:00.000+03:00'|2536.0|''|-1.0|'' 2537|'a35da06d9e1c03812f2b7dfb8a89dc18fb9cfd05'|'LeEco abandons $2 billion Vizio deal, citing ''Chinese policy factor'''|'Deals - Mon Apr 10, 2017 - 10:55pm EDT LeEco abandons $2 billion Vizio deal, citing ''Chinese policy factor'' FILE PHOTO: LeEco''s new Le Pro3 phone is on display during a press event in San Francisco, California, U.S. October 19, 2016. RETUERS/Beck Diefenbach/File Photo TAIPEI Chinese tech conglomerate LeEco ( 300104.SZ ), whose businesses stretch from smartphones to electric vehicles, has abandoned a $2 billion proposed acquisition of U.S. consumer electronics company Vizio ( VZIO.O ), the company said on Tuesday. A LeEco representative reached by Reuters on Tuesday cited a "Chinese policy factor" for abandoning the proposal, but declined to provide further details. The deal was first announced in July, with LeEco agreeing to acquire the Irvine-based manufacturer of LCD/LED flat panel TVs. In recent months, LeEco has faced financial troubles due to the rapid pace of growth of its various businesses, with founder and chairman Jia Yueting acknowledging in a staff letter that the firm faced a "big company disease." However, in March, the company successfully secured $2.2 billion for expansion from investors including property developer Sunac China Holdings Ltd ( 1918.HK ), whose investments went into LeEco''s smart internet TV subsidiary Leshi Zhixin, as well as its film production subsidiary, Le Vision Pictures. Late on Monday, LeEco''s listed unit Leshi Internet Information & Technology Corp Beijing ( 300104.SZ ) issued a profit alert for the first quarter, saying it sees net profit at 103 million-132 million yuan from 114.7 million yuan ($16.62 million) net profit a year earlier. (Reporting by Jess Macy Yu; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-tech-leeco-idUSKBN17D08U'|'2017-04-11T10:55:00.000+03:00'|2537.0|''|-1.0|'' 2538|'06e3a1b0500fe8518301c3b0c53ac3e7dad3400d'|'High in sky: Small flying cars come a bit closer to reality'|'YOU may smile, but it will come, said Henry Ford in 1940, predicting the arrival of a machine that was part-automobile and part-aeroplane. For decades flying cars have obsessed technologists but eluded their mastery. Finally there is reason to believe. Several firms have offered hope that flying people in small pods for short trips might become a reality in the next decade. These are not cars, as most are not fit to drive on land, but rather small vehicles, which can rise and land vertically, like quiet helicopters.A prototype of a small electric plane that is capable of flying up to 300 kilometres per hour, made by Lilium, a German startup, completed a successful test over Bavaria on April 20th. Lilium is starting work on a five-seat vehicle and hopes to offer a ride-hailing service. Another German company, e-volo, has been testing a flying vehicle for several years. It recently showed off the second version of its electric Volocopter (pictured), which could be certified for flight as soon as next year.Latest updates How liquor shops are getting around Indias latest booze ban The Economist explains 2 hours ago A new spin on why the travel ban is unconstitutional Democracy in America 13 hours ago Donald Trumps corporate tax plan doesnt add up Graphic detail 14 hours ago Casting JonBent offers a fresh take on true crime Prospero 15 hours ago United Airlines changes its policy on bumping passengers Gulliver 15 hours ago Have you thought about your final wishes? Graphic detail 16 hours ago See all updates There are at least a dozen firms experimenting with making small flying vehicles in different guises, including Airbus, an aerospace giant, in partnership with Italdesign Giugiaro, a division of Volkswagen, a carmaker. Many plan to have a certified pilot in command at the beginning and then move on to an autonomous set-up when regulations allow. Motorcycle-type vehicles, which you sit astride, are also in the works.No matter which manufacturer is quickest to gain velocity, Uber, a ride-hailing firm, aims to be at the centre of things. On April 25th it held an event in Dallas to announce its plan to offer a service where people can hail an electric vertical takeoff and landing vehicle and ride it quickly to destinations that would otherwise take hours in heavy traffic. Uber does not want to build these aircraft or landing pads itself, just as it does not own its own cars. Instead, it plans to collaborate with other companies. But Jeff Holden, Ubers chief product officer, does not exclude the possibility that the firm may at the outset own some aircraft, which he estimates will cost around $1m each.The firm plans to have a prototype of its service ready by 2020. It will launch it first in Dallas and in Dubai, both cities where the authorities have deep aviation expertise and where people commute long distances. The firm rather optimistically promises that the cost per aerial mile for passengers will be roughly that of its low-cost car service, UberX.There is plenty for manufacturers and services like Uber to overcome beyond gravity. For battery-powered models, range is limited and the charging rate remains slow. Manufacturers will need to ensure that vehicles can take off and land quietly, if this new form of transport is to stand a chance in cities. How to oversee and license the new aircraft, which are subject to much tougher rules than cars, will be a subject of intense debate among rule-makers, who tend to move slowly and are just getting to grips with drones. Drivers of flying vehicles are also likely to require a pilots licence, albeit perhaps a simplified sports licence. The journey ahead will be a long one. "High in the sky"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21721339-german-firm-completes-test-and-uber-promises-prototype-2020-small-flying-cars-come?fsrc=rss%7Cbus'|'2017-04-29T08:00:00.000+03:00'|2538.0|''|-1.0|'' @@ -2567,7 +2567,7 @@ 2565|'653800f348e12dc2dd155e7633731fce7a6aefa1'|'In about-face, Trump nominates new head of export bank'|'Politics - Fri Apr 14, 2017 - 8:09pm EDT In about-face, Trump nominates new head of export bank Scott Garrett appears at the Reuters Financial Regulation Summit in Washington April 28, 2014. REUTERS/Gary Cameron WASHINGTON President Donald Trump nominated former Republican lawmaker Scott Garrett as president of the Export-Import Bank of the United States on Friday, completing an about-face over an institution he had denounced as "featherbedding" for big business. A White House statement also named Spencer Bachus, another Republican former congressman, to be a member of the board of directors of the bank. Both were named for four-year terms. Trump told the Wall Street Journal on Wednesday he would fill the two vacancies on the bank''s five-member board that have prevented it from having a quorum and being able to act on loans over $10 million. His picks must gain approval from the Senate, which blocked nominees by former President Barack Obama. The Export-Import Bank, an independent government agency, provides loans to foreign entities that enable them to purchase American-made goods. For example, it has been used by foreign airlines to purchase planes from Boeing Co ( BA.N ) and farmers in developing nations to acquire equipment. The bank has become a popular target for conservatives, who worked in Congress to kill the institution, arguing that it perpetuates cronyism and does little to create American jobs. Trump''s backing of the bank represents a victory for manufacturers like Boeing and General Electric Co ( GE.N ), which have overseas customers that use the agency''s government-backed loans to purchase their products. Trump told the Journal the bank benefits small businesses and creates jobs, a reversal of his earlier criticism of the bank as being "featherbedding" for wealthy corporations. Trump''s about-face followed a meeting on Tuesday with former Boeing Chief Executive Jim McNerney, who left the company last year but oversaw the corporation''s aggressive lobbying effort in support of the bank in 2015. Large American corporations that do significant amounts of exports say other countries have similar agencies and the export bank levels the playing field. A 2015 fight to shutter the bank led by conservatives in Congress allowed the bank''s charter to expire for five months. After overwhelming bipartisan support emerged to renew the bank''s charter, which is needed for it to operate, conservatives blocked nominees to the board, preventing it from financing large exports like aircraft and power turbines. (Reporting by David Brunnstrom; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-eximbank-idUSKBN17H003'|'2017-04-15T08:03:00.000+03:00'|2565.0|''|-1.0|'' 2566|'09bb84e00c9b28fb98329cb7ad8399816266a719'|'Deals of the day-Mergers and acquisitions'|'(Adds Vopak, CEZ, Volkswagen, Henderson Global, Merchants Bancshares, EDP, Abertis; Updates CPPIB)April 26 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday: ** Czech utility CEZ has received several offers for its assets in Bulgaria and some are interesting, a spokesman said. ** Frontline has made a fifth offer for tanker operator DHT Holdings and given its rival 24 hours to reconsider a deal which billionaire John Fredriksen hopes will forge the world''s largest tanker company. ** Canada Pension Plan Investment Board (CPPIB), the country''s largest pension fund manager, is exploring opportunities in India''s financial services, telecoms and logistics sectors to expand its bets in the South Asian economy, CPPIB''s Asia Pacific head Suyi Kim said. ** Penta Investments, the biggest shareholder in Czech betting company Fortuna Entertainment Group, does not plan to change the price of 98.69 crowns ($4.00) a share it has offered minority shareholders in a buyout. ** U.S. buyout firm KKR said on Wednesday it has agreed to buy Hitachi Ltd''s chip-making equipment and video solution unit in a deal valuing the company at 257 billion yen ($2.3 billion), its second purchase of a Hitachi unit. ** EDF Energies Nouvelles is looking to "repower" old wind parks and get into the German market through its planned 320 million euro ($350 million) acquisition of French wind developer Futuren,, EDF EN chief Antoine Cahuzac said on Tuesday. ** Nordic telecom operator Telia Company has agreed to sell its Tajik operations to the Aga Khan Fund for Economic Development, taking a step closer to withdrawing from its troubled Central Asian business. ** U.S. private equity firm Cerberus Capital Management LP launched a sell down of up to $446 million in railway firm Seibu Holdings, IFR reported on Wednesday, citing a term sheet of the transaction. ** Finnish utility Fortum will almost double its tally of retail electricity customers in the Nordics as part of a 240 million euro ($262 million) investment involving Norwegian power group Hafslund. ** Shares in Saudi Arabia''s Alawwal Bank rose 9 percent in early trading after it agreed to start talks with Saudi British Bank 1060.SE (SABB) about a merger that could create the kingdom''s third biggest bank with assets of nearly $80 billion. ** Logitech is looking at acquisitions to accelerate growth and help expand into new product categories, Chief Executive Bracken Darrell said, after the computer peripherals maker''s fourth-quarter results beat forecasts. ** Deckers Outdoor Corp said on Tuesday it was exploring strategic alternatives, including a sale of the company, a month after an activist investor urged the apparel and accessories maker to sell itself. ** Bankers are lining up to around 570 million euros ($620.79 million) of debt financing to back a potential sale of Danish packaging group Faerch Plast as the auction process progresses to the final round, banking sources said on Wednesday. ** Volkswagen is considering a possible sale of Italian motorcycle maker Ducati as Europe''s largest carmaker streamlines operations to help fund a strategic overhaul following its emissions scandal, two people familiar with the matter said. ** Spanish infrastructure group Abertis reported rising earnings and said it had received no concrete offer from Italian rival Atlantia after the companies held preliminary talks on a possible takeover. ** The board of directors of Portugal''s wind energy producer EDP Renovaveis said it considers an offer by its parent company EDP to buy out minority shareholders at 6.8 euros a share as adequate, despite complaints by some stockholders. ** The Federal Reserve said it had approved Merchants Bancshares Inc to be acquired by Community Bank System after deciding the tie-up would not harm competition. ** Shareholders of British asset manager Henderson Global Investors backed its $6 billion merger with U.S. fund firm Janus Capital, after Janus shareholders approved the deal earlier this week. ** European ride service Gett has bought U.S. rival Juno for $200 million in a deal that further consolidated the ride-hailing industry and that some said short-changed Juno drivers. ** Czech energy group Czech Coal has told rival electricity producer CEZ it will walk away from a deal to buy the 1,000 megawatt Pocerady power plant unless CEZ approves the transaction by the end of this month, a Czech Coal unit said in a letter to CEZ seen by Reuters. ** Dutch oil and chemical storage company Vopak and tanker operator Exmar said that they had decided not to pursue the acquisition by Vopak of Exmar''s participation in Floating Storage Regasification Unit (FSRU) assets. (Compiled by Tamara Mathias and Divya Grover in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1HY4V3'|'2017-04-26T18:03:00.000+03:00'|2566.0|''|-1.0|'' 2567|'849ac7d617e574500fe4aeaaf2d14cb4ead76e03'|'UPDATE 1-Las Vegas sports gambler Walters convicted of insider trading'|'(Adds details from court hearing, background, bylines)By Nate Raymond and Brendan PiersonNEW YORK, April 7 Famed Las Vegas sports gambler William "Billy" Walters was convicted on Friday of insider trading charges in a scheme that prosecutors said enabled him to make more than $40 million and involved a stock tip to star professional golfer Phil Mickelson.Jurors found Walters guilty on all 10 counts he faced, including securities fraud, wire fraud and conspiracy, following a three-week trial in federal court in Manhattan.Walters, 70, who built a fortune as one of the most successful sports bettors in the United States, expressed disbelief to reporters after hearing the six-man, six-woman jury read its verdict."To say I was surprised would be the understatement of my life," Walters said. "If I had made a bet I would have lost - I just did lose the biggest bet of my life. Frankly I''m in total shock."Barry Berke, Walters'' lawyer, said his client would appeal. Walters is scheduled to be sentenced on July 14.Walters was charged after a high-profile probe focused on what prosecutors called his long-running scheme to obtain confidential tips about Dean Foods Co from its chairman, Thomas Davis.Prosecutors said that from 2008 to 2014, Walters generated $32 million of profit and avoided $11 million of losses by trading on inside information about Dean Foods from Davis.Walters generated another $1 million from trading on a tip about Darden Restaurants Inc, operator of the Olive Garden restaurant chain, they said.Davis, who testified against Walters as part of a plea deal, told jurors he passed tips ahead of Dean Foods'' earnings reports and a 2012 spinoff of part of its business, using "burner" phones to relay the information.Prosecutors said Walters at one point recommended to Mickelson that the golfer, who at the time owed him a gambling debt, buy Dean Foods stock.Mickelson, who has won three Masters golf titles, was not accused of wrongdoing and did not testify at trial.In 2016, Mickelson reached an agreement to pay back $1.03 million that the U.S. Securities and Exchange Commission said he made by trading in Dean Foods stock. (Reporting by Nate Raymond and Brendan Pierson in New York; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-insidertrading-walters-idINL1N1HF1AN'|'2017-04-07T16:47:00.000+03:00'|2567.0|''|-1.0|'' -2568|'b9c900a808ccecc5f438d0b3dcc47be7ec566d45'|'Belarus says Russia promises new loans of over $1 bln'|'Business 06am EDT Belarus says Russia promises new loans of over $1 billion Russian President Vladimir Putin greets Belarus'' President Alexander Lukashenko during their meeting at Konstantin palace in St. Petersburg, Russia April 3, 2017. REUTERS/Dmitri Lovetsky/Pool MINSK Moscow has promised over $1 billion in loans for Belarus after last week''s talks between the leaders of two countries, Belarusian Deputy Prime Minister Vladimir Semashko told the local ONT TV station late on Sunday. Moscow could also help Belarus tap into an additional $600 million from the Russia-led Eurasian Fund for Stabilization and Development, Semashko said. Last week, at a meeting in St Petersburg between Russian President Vladimir Putin and Belarussian leader Alexander Lukashenko, Russia agreed to refinance Belarus'' debt while Belarus will pay back more than $720 million in arrears for gas supplies. According to Russian Deputy Prime Minister Arkady Dvorkovich, Russia will also renew oil supplies to Belarus of 24 million tonnes a year and Russia''s Gazprom ( GAZP.MM ) will give Belarus discounts on gas supplies in 2018 and 2019. (Reporting by Andrei Makhovsky; Writing by Vladimir Soldtakin; Editing by Christian Lowe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-belarus-russia-loans-idUSKBN17C0KY'|'2017-04-10T15:02:00.000+03:00'|2568.0|''|-1.0|'' +2568|'b9c900a808ccecc5f438d0b3dcc47be7ec566d45'|'Belarus says Russia promises new loans of over $1 bln'|'Business 06am EDT Belarus says Russia promises new loans of over $1 billion Russian President Vladimir Putin greets Belarus'' President Alexander Lukashenko during their meeting at Konstantin palace in St. Petersburg, Russia April 3, 2017. REUTERS/Dmitri Lovetsky/Pool MINSK Moscow has promised over $1 billion in loans for Belarus after last week''s talks between the leaders of two countries, Belarusian Deputy Prime Minister Vladimir Semashko told the local ONT TV station late on Sunday. Moscow could also help Belarus tap into an additional $600 million from the Russia-led Eurasian Fund for Stabilization and Development, Semashko said. Last week, at a meeting in St Petersburg between Russian President Vladimir Putin and Belarussian leader Alexander Lukashenko, Russia agreed to refinance Belarus'' debt while Belarus will pay back more than $720 million in arrears for gas supplies. According to Russian Deputy Prime Minister Arkady Dvorkovich, Russia will also renew oil supplies to Belarus of 24 million tonnes a year and Russia''s Gazprom ( GAZP.MM ) will give Belarus discounts on gas supplies in 2018 and 2019. (Reporting by Andrei Makhovsky; Writing by Vladimir Soldtakin; Editing by Christian Lowe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-belarus-russia-loans-idUSKBN17C0KY'|'2017-04-10T15:02:00.000+03:00'|2568.0|12.0|0.0|'' 2569|'883e418688edd9614a332e5320d4fe0603f11815'|'BRIEF-Supremex announces appointment of Bertrand Jolicoeur as CFO'|' 23am EDT BRIEF-Supremex announces appointment of Bertrand Jolicoeur as CFO April 20 Supremex Inc * Supremex announces appointment of Chief Financial Officer and strengthens executive team * Says announced appointment of Bertrand Jolicoeur as Chief Financial Officer * Says Lyne Bgin, interim vice-president of finance, will return to her role as corporate controller Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-supremex-announces-appointment-of-idUSASA09JE1'|'2017-04-20T21:23:00.000+03:00'|2569.0|1.0|0.0|'' 2570|'3c90383b7bbc07a4ac7fa0fcce0bc746e23decc1'|'European regulators offer Brexit sweeteners to investment banks'|' 2:11pm BST European regulators offer Brexit sweeteners to investment banks FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the ''''Luminale, light and building'''' event in Frankfurt, Germany, March 12, 2016. REUTERS/Kai Pfaffenbach/File Photo By Huw Jones , Rachel Armstrong and Jess Aguado - LONDON/MADRID LONDON/MADRID A gap in EU financial rules is allowing member countries to compete to host the trading operations of London-based investment banks after Brexit by offering looser regulatory standards. The European Central Bank is the euro zone''s banking supervisor but, under EU law, does not have direct responsibility for the divisions of banks that conduct most of their market trading broker-dealers even though they are some of the most complex and riskiest parts of their businesses. This is largely because when the ECB became responsible for euro zone supervision in 2014 the bulk of broker-dealers were in London and therefore not under its purview. This means banks now looking to relocate these operations, to continue to trade continental securities after Britain leaves the EU, will have businesses approved and supervised by the national markets regulator of whichever country they move to. Countries hoping to lure banks to their financial centres after Brexit are offering differing regulatory standards, raising fears at the ECB that they could be subject to light touch supervision and undermining its aim of making financial regulation consistent across the bloc. Such inconsistencies mean broker-dealers trading the same markets in Europe could be subject to different regulatory requirements and raise the prospect that some would take on more risks than other regulators would deem appropriate. "Regardless of balance sheet size, it''s currently the national regulators who will have the authority to approve and regulate the broker-dealers. That is raising concerns of inconsistencies emerging," said Vishal Vedi a partner at Deloitte who is advising banks on how they will need to reorganise as a result of Brexit. Across the euro zone, the likes of Frankfurt, Dublin, Luxembourg and Madrid are vying to lure banks, hoping to benefit from the tax revenues and jobs they would bring. Regulation is one way to differentiate themselves. One area in focus is the extent to which national regulators will allow broker-dealers to conduct "back-to-back" trading. This is where a bank would conduct trades - for example, buying European securities - out of its EU base but process and risk manage the transactions at its London office. This would minimise the and number of people a bank would have to move to Europe after Brexit as much of the trading and risk could continue to be overseen in London. But it would mean regulators in that country and the wider euro zone would not have supervisory control over the people and units that are conducting the trading and managing the risks, with minimal amounts of capital held locally at the EU unit. SPAIN, GERMANY Spain''s markets regulator CNMV has said it wants to make Madrid "the most appealing option for investment firms considering a move from the UK to another EU country". According to people advising investment banks on where to move, CNMV has said it would consider allowing broker-dealers to back-to-back 100 percent of their trades. Other regulators have also said they would allow some back-to-back trading, although will require a portion of the trades to be managed locally, those people said. "We can look into it, but we will see how this plays out and what the regulatory framework will look like in two years'' time," a CNMV spokesman said when asked whether it would allow 100 percent back-to-back trading. CNMV said in December that while it wanted to be the most welcoming place in Europe for UK financial firms, it would not accept "totally empty shells" or breaches to EU securities rules. Germany''s regulator Bafin has meanwhile said it would consider the limited and temporary use of back-back arrangements, according to an official there, but has indicated that it would expect banks to eventually establish a substantial operation in the country. The approach by some regulators to Brexit has created resentment among some countries. Last month Ireland complained to the European Commission that it was being undercut by rival cities competing to host financial firms looking for a European Union base outside London after Brexit. The EU''s European Securities and Markets Authority (ESMA) has been studying ways to limit unfair competition among the bloc''s national securities regulators. It declined to comment for this article. So far, banks are showing no signs of flocking to Madrid, citing other factors such as Spain''s relatively low sovereign credit rating as a reason not to go there. Countries are also diverging in how banks'' risk models for their broker dealers would be assessed, with some saying they would be approved immediately if they were to use the same model to the one they use in Britain. "Regulators differ in their approach to risk models particularly around the level of reliance that they will be prepared to place on models which have already been approved in the existing UK entity and the amount of pre-assessment they will do themselves," said Deloitte''s Vedi. BANKS WARY Most banks - publicly at least - have yet to make a final decision on where they plan to set up their broker dealers after Brexit, and executives say they are sceptical about whether they will be allowed to use workarounds like back-to-back in the long term. "We do suspect that following Brexit, there will be constant pressure by the EU not to ''outsource'' services to the United Kingdom but to continue to move people and capabilities into EU subsidiaries," JPMorgan Chief Executive Jamie Dimon said in his annual letter to shareholders on Tuesday. The ECB has warned banks that if they try to cut corners by asking for back-to-back deals, they will be disappointed. But currently it does not have the legal authority to oversee broker-dealers, though sources say it is quietly trying to put pressure on countries they think are offering lower standards. The ECB declined to comment on Spain or ''back-to-back'' arrangements more broadly, but instead pointed to previous comments by its officials. Sabine Lautenschlaeger, an ECB executive board member, expressed her concerns on the issue in March when she said there could be changes to EU laws to bring broker-dealers under the ECB''s supervision. "Needless to say that I would certainly not accept banks booking all exposures with the euro area entity while having their risk management and internal control systems outside the euro area," she said. Regulators like CNMV are currently free to cut deals as long as they don''t breach EU securities rules, but the bloc''s regulatory landscape could change within a year or two and cast a shadow over any deals on regulation agreed now. The EU''s executive European Commission has proposed that non-EU banking firms with banking and broker-dealer operations with total assets of more than 30 billion euros in the EU, should set up an intermediate holding company inside the bloc. An intermediate holding company would come under direct ECB supervision in euro zone countries. (Additional reporting by John O''Donnell and Francesco Canepa in Frankfurt; Editing by Pravin Char)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-idUKKBN17C1EX'|'2017-04-10T21:11:00.000+03:00'|2570.0|''|-1.0|'' 2571|'a80c589510015f33542780e3b4c6de1a6660b648'|'Linde rejects request to vote on Praxair merger at AGM'|'Deals 35am BST Linde rejects request to vote on Praxair merger at AGM FILE PHOTO: Linde Group logo is seen at company''s plant in Munich-Pullach, Germany, August 16, 2016. REUTERS/Michaela Rehle/File Photo FRANKFURT Germany''s Linde ( LING.DE ) has for a second time rejected a request for a shareholder vote at its annual general meeting next month on its planned $65 billion merger with U.S. industrial gases rival Praxair ( PX.N ). Linde said shareholders would in any case have to decide individually whether to accept a public offer from the new combined holding company, so a vote at the AGM on May 10 would not be appropriate. "Even if a qualified majority of Linde shareholders would accept the exchange offer, not a single Linde shareholder will be forced to exchange his shares," it said in a filing to the U.S. Securities and Exchange Commission. Linde was responding to a renewed request from German private-investor association DSW, which came on behalf of shareholders Aberdeen Asset Management and BayernInvest. (Reporting by Georgina Prodhan and Jens Hack; Editing by Edward Taylor)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-linde-m-a-praxair-idUKKBN17D11F'|'2017-04-11T17:29:00.000+03:00'|2571.0|''|-1.0|'' @@ -2604,7 +2604,7 @@ 2602|'874bcb142441324867a73d996811246b242d0117'|'Dialog Semi slump, banks weigh on European shares; volatility up'|'Company News - Tue Apr 11, 2017 - 12:43pm EDT Dialog Semi slump, banks weigh on European shares; volatility up * STOXX 600 ends little changed * Apple worries smash Dialog, but big banks play down risks * Volatility index rises to more than 1-month high * Alstom hit after reports of rival rail merger talks * Autogrill rallies as spin-off move fuels M&A chatter (Adds details, closing prices) By Kit Rees and Danilo Masoni LONDON, April 11 A sharp drop in shares of Apple-supplier Dialog Semiconductor dominated trading in otherwise muted European stock markets on Tuesday as a shortened week and risk-off sentiment kept investors from making big bets. The pan-European STOXX 600 ended flat as gains in the luxury goods sectors offset weakness in chipmakers and financials. Better-than-expected quarterly sales at LVMH lifted shares of the world''s largest luxury goods maker to a record high. European shares have been treading water in recent sessions, with the benchmark index little changed so far this month on mounting political tensions in the Middle East and North Korea, above-average valuations and caution ahead of earnings season. Expectations that European stocks might see bigger swings in the short term rose to their highest since end-February, following a similar spike in volatility on Wall Street overnight. On the day, tech stocks were the worst sectoral performers, with a sub-index tracking top European tech firms down 1.2 percent. Losses were led by Dialog Semiconductor, which lost 14 percent after a German broker said the company risks losing business from Apple. Broker Bankhaus Lampe cut its rating on the chipmaker to "sell" from "buy", warning that Apple could be developing its own PMIC (power management integrated circuit). Dialog Semiconductor supplies power management chips to Apple. "We hear from the industry that about 80 engineers at Apple are already working on a PMIC with specific plans to employ it in the iPhone by as early as 2019," analysts at Bankhaus Lampe said in a note. Dialog sharespared some losses as big banks including Barclays, Morgan Stanley and BofA-ML cast doubts on views that the firm risked losing business from Apple and called the share slide an over-reaction. Dialog had lost one-third of its market value at one point. Last week, shares in Imagination Technologies lost two-thirds of their value after Apple, its biggest customer, said that it would stop using Imagination''s graphics technology. "(Dialog Semiconductor) could potentially go the same way as Imagination Technologies has recently. It just shows the risks associated with companies being very reliant on one key contract," Dafydd Davies, partner at Charles Hanover Investments, said. Industry peer AMS also came under pressure after UBS cut its rating to "neutral" from "buy", sending the stock down 9.5 percent, while STMicroelectronics fell 3.6 percent. Elsewhere, share price moves were driven by dealmaking expectations. French rail equipment maker Alstom fell 2.7 percent on reports that rivals Siemens and Bombardier were in talks to combine their rail operations. Italian restaurants firm Autogrill surged 8.2 percent to a record high after news that it plans to separate its food and beverage business fueled speculation of possible merger and acquisition activity. Banking stocks dropped 0.7 percent, with Banco Popular the biggest loser, down 9.7 percent and hitting fresh record lows. On Monday, the bank said that it was considering another capital hike to clean up its balance sheet and would consider a merger deal. (Reporting by Kit Rees and Danilo Masoni; Editing by Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1HJ4XF'|'2017-04-12T00:43:00.000+03:00'|2602.0|''|-1.0|'' 2603|'f004840387ba70da16dfd5ec92f9198ac429302c'|'PRECIOUS-Gold hits 5-mth high on weaker dollar, geopolitical tensions'|'Company News 9:19pm EDT PRECIOUS-Gold hits 5-mth high on weaker dollar, geopolitical tensions April 13 Gold hit a five-month peak on Thursday as the U.S. dollar slid after President Donald Trump said he preferred lower interest rates with the greenback "too strong", and amid rising tensions over U.S. relations with Russia and North Korea. FUNDAMENTALS * Spot gold was up 0.1 percent at $1,286.80 per ounce by 0100 GMT, after hitting its strongest since Nov.10 at 1,287.31. * U.S. gold futures edged up 0.8 percent to $1,287.90. * The U.S. dollar took a heavy hit after President Donald Trump told the Wall Street Journal the dollar "is getting too strong" and that he would prefer the Federal Reserve to keep interest rates low. * Meanwhile, tensions continued over the United States'' relationship with Russia over Syria and in the Korean peninsula, while worries about the upcoming French presidential election also kept investors nervous. * Russian President Vladimir Putin said on Wednesday trust had eroded between the United States and Russia under President Donald Trump as Moscow delivered an unusually hostile reception to Secretary of State Rex Tillerson in a face-off over Syria. * In another possible setback to a thaw with Moscow, Trump said on Wednesday that NATO is not obsolete, as he had declared during the election campaign last year. But he told a news conference at the White House with NATO Secretary General Jens Stoltenberg that alliance members still need to pay their fair share for the European security umbrella. * Chinese President Xi Jinping on Wednesday stressed the need for a peaceful solution for the Korean peninsula on a call with U.S President Donald Trump. * U.S. import prices recorded their biggest drop in seven months in March as the cost of petroleum declined, but the underlying trend pointed to a moderate rise in imported inflation as the dollar''s rally fades. * Barrick Gold , must take steps to safeguard investor confidence by ensuring there are no more operating mishaps at its mines after a third incident in 18 months at its big Argentina mine, analysts said. * Goldman Sachs on Wednesday maintained its near-term target for gold at $1,200 per ounce and 12-month target at $1,250 per ounce. DATA AHEAD (GMT) 1230 U.S. Initial Jobless Claims weekly 1230 U.S. PPI Final Demand Mar 1400 U.S. U Mich Sentiment Prelim Apr 1430 U.S. ECRI Weekly index (Reporting by Nallur Sethuraman in BENGALURU; Editing by Kenneth Maxwell)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1HL0LL'|'2017-04-13T09:19:00.000+03:00'|2603.0|''|-1.0|'' 2604|'d578db787904aa01096f02ae6755458891fcc022'|'Top-20 Akzo Nobel investor backs talks with PPG over revised bid'|'LONDON, April 3 A top-20 investor in Akzo Nobel said on Monday he wanted the firm to engage with U.S. rival PPG Industries over a revised bid raising pressure on the Dutch paint maker to begin talks.Chief Executive Ton Buechner has so far refused to do so, saying PPG has yet to address "key stakeholder issues" - a position he reiterated on Monday in the face of growing opposition from shareholders led by activist investor Elliott Advisors.The investor said while Buechner had "done a fantastic job since he took over", the revised cash-and-share offer of around 90 euros a share was "at a level where the company''s got to engage; it''s a decent offer", given he valued Akzo at around 75 euros a share as a standalone firm.Valuation, and not politics or the governance structure, should be the only thing that prevented a deal from taking place, he added, and it was up to Buechner to show how he intended to close the valuation gap.Akzo is due to detail its plan to boost shareholder value on Apr. 19, including a spin-off of its chemicals division. The investor said the move would be unlikely to deliver much in terms of value accretion to shareholders, although it depended on the price. (Reporting by Simon Jessop; editing by Pamela Barbaglia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/akzo-nobel-ma-investor-idINL5N1HB5N6'|'2017-04-03T15:22:00.000+03:00'|2604.0|''|-1.0|'' -2605|'55140f6121987f742196f9860367a7025b57632f'|'BRIEF-Kinder Morgan, DCP Midstream announce LoI for Gulf Coast Express Pipeline Project'|' 27pm EDT BRIEF-Kinder Morgan, DCP Midstream announce LoI for Gulf Coast Express Pipeline Project April 12 DCP Midstream LP * Kinder Morgan and DCP Midstream announce letter of intent on development of Gulf Coast express pipeline project * It is anticipated that DCP will be a partner and shipper on proposed pipeline * DCP midstream LP -project is designed to transport up to 1,700,000 dekatherms per day (dth/d) of natural gas from Waha, Texas area to Agua Dulce, texas * Says pipeline is expected to be in service in second half of 2019, subject to shipper commitments * DCP Midstream LP says sand hills pipeline is currently being expanded from 280,000 barrels per day (bbls/d) to 365,000 bbls/d * Says KMI will build and operate pipeline '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-kinder-morgan-dcp-midstream-announ-idUSFWN1HJ0IX'|'2017-04-12T04:27:00.000+03:00'|2605.0|''|-1.0|'' +2605|'55140f6121987f742196f9860367a7025b57632f'|'BRIEF-Kinder Morgan, DCP Midstream announce LoI for Gulf Coast Express Pipeline Project'|' 27pm EDT BRIEF-Kinder Morgan, DCP Midstream announce LoI for Gulf Coast Express Pipeline Project April 12 DCP Midstream LP * Kinder Morgan and DCP Midstream announce letter of intent on development of Gulf Coast express pipeline project * It is anticipated that DCP will be a partner and shipper on proposed pipeline * DCP midstream LP -project is designed to transport up to 1,700,000 dekatherms per day (dth/d) of natural gas from Waha, Texas area to Agua Dulce, texas * Says pipeline is expected to be in service in second half of 2019, subject to shipper commitments * DCP Midstream LP says sand hills pipeline is currently being expanded from 280,000 barrels per day (bbls/d) to 365,000 bbls/d * Says KMI will build and operate pipeline '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-kinder-morgan-dcp-midstream-announ-idUSFWN1HJ0IX'|'2017-04-12T04:27:00.000+03:00'|2605.0|12.0|0.0|'' 2606|'381449061d8973dbc58e531d92975741633b2661'|'IMF raises global growth forecast, warns against protectionism'|'Economic 34pm IST IMF raises global growth forecast, warns against protectionism The International Monetary Fund logo is seen inside its headquarters at the end of the IMF/World Bank annual meetings in Washington, U.S., October 9, 2016. REUTERS/Yuri Gripas/Files By David Lawder - WASHINGTON WASHINGTON The International Monetary Fund raised its 2017 global growth forecast on Tuesday due to manufacturing and trade gains in Europe, Japan and China, but warned that protectionist policies threaten to halt a broad-based recovery. The IMF, whose spring meetings with the World Bank get underway in Washington this week, forecast that the global economy would grow 3.5 percent in 2017, up from its previous forecast of 3.4 percent in January. In its latest World Economic Outlook, the Fund said that chronically weak advanced economies are expected to benefit from a cyclical recovery in global manufacturing and trade that started to gain momentum last summer. "The economic upswing that we have expected for some time seems to be materializing," IMF chief economist Maurice Obstfeld wrote in the report. The IMF lifted Japan''s 2017 growth projection by 0.4 percentage point from January, to 1.2 percent, while the eurozone and China both saw a 0.1 percentage point growth forecast increase to 1.7 percent and 6.6 percent, respectively. Meanwhile, the IMF held its 2017 U.S. growth forecast steady at 2.3 percent, which still represents a substantial jump from 1.6 percent growth in 2016, partly due to expectations that President Donald Trump will cut taxes and increase government spending. The IMF also revised Britain''s growth forecast to 2.0 percent for 2017, up a half percentage point from January. The Fund said negative effects from the UK vote to leave the European Union are taking longer to materialize. For a table showing the IMF''s latest growth projections, see Although growth looks to be strengthening broadly among advanced and emerging market economies as well oil and commodity exporters that are starting to benefit from a commodity price recovery, including Russia, the IMF said the recovery remains fragile. The outlook faces headwinds from chronically weak productivity growth and policies that could constrict trade, the IMF said. It did not specifically mention the Trump administration''s "America First" trade agenda aimed at reducing U.S. trade deficits and turning away more unfairly traded imports. "One salient threat is a turn toward protectionism, leading to trade warfare," Obstfeld said, adding this "would result in a self-inflicted wound that would lead to higher prices for consumers, lower productivity and therefore, lower overall real income for households." The case against trade protectionism is expected to be a major theme of the semi-annual gathering of finance officials from the IMF, the World Bank and the Group of 20 major economies later this week. IMF Managing Director Christine Lagarde warned last week that a "sword of protectionism" hung over a brightening global outlook. U.S. Commerce Secretary Wilbur Ross pushed back in a Financial Times interview published on Sunday, saying such warnings were aimed at the Trump administration and were "rubbish." He told the newspaper that the United States was far less protectionist than China and Europe, "and every time we do anything to defend ourselves, even against the puny obligations that they have, they call that protectionism. Its rubbish." The IMF also said that risks to the global outlook also could come from a faster-than-expected pace of interest rate hikes in the United States, which could trigger a sharp rise in the dollar and disruptive capital outflows from emerging markets. The Fund also said China''s strong growth was clouded in the medium term by "growing vulnerabilities" associated with its reliance on policy easing and credit-financed investment. This could prompt a sharp tightening of financial conditions that could cause spillovers to many other countries. (Reporting by David Lawder; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/imf-g20-outlook-idINKBN17K1JB'|'2017-04-18T21:04:00.000+03:00'|2606.0|''|-1.0|'' 2607|'589e8e7228d8a299c9806f0297886f8692086239'|'LeEco abandons $2 billion Vizio deal, citing ''Chinese policy factor'''|'Business News - Tue Apr 11, 2017 - 3:13am BST LeEco abandons $2 billion Vizio deal, citing ''Chinese policy factor'' FILE PHOTO: LeEco''s Le Pro3 phone is on display during a press event in San Francisco, California, U.S. October 19, 2016. RETUERS/Beck Diefenbach/File Photo TAIPEI Chinese tech conglomerate LeEco, whose businesses stretch from smartphones to electric vehicles, has abandoned a $2 billion (1.6 billion pounds) proposed acquisition of U.S. consumer electronics company Vizio, the company said on Tuesday. A LeEco representative reached by Reuters on Tuesday cited a "Chinese policy factor" for abandoning the proposal, but declined to provide further details. The deal was first announced in July, with LeEco agreeing to acquire the Irvine-based manufacturer of LCD/LED flat panel TVs. In recent months, LeEco has faced financial troubles due to the rapid pace of growth of its various businesses, with founder and chairman Jia Yueting acknowledging in a staff letter that the firm faced a "big company disease." However, in March, the company successfully secured $2.2 billion for expansion from investors including property developer Sunac China Holdings Ltd, whose investments went into LeEco''s smart internet TV subsidiary Leshi Zhixin, as well as its film production subsidiary, Le Vision Pictures. Late on Monday, LeEco''s listed unit Leshi Internet Information & Technology Corp Beijing issued a profit alert for the first quarter, saying it sees net profit at 103 million-132 million yuan from 114.7 million yuan ($16.62 million) net profit a year earlier. (Reporting by Jess Macy Yu; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-tech-leeco-idUKKBN17D074'|'2017-04-11T10:13:00.000+03:00'|2607.0|''|-1.0|'' 2608|'dc73d84d2b608324aabbf97f3b961b0ad1f6736e'|'UPDATE 2-Potash Corp raises outlook, notches higher profit as sales climb'|' 33am EDT UPDATE 2-Potash Corp raises outlook, notches higher profit as sales climb (Updates with share activity, analyst''s comment) By Swetha Gopinath and Rod Nickel April 27 Canada''s Potash Corp of Saskatchewan reported a bigger-than-expected rise in quarterly profit on Thursday and raised its full-year outlook, citing lower costs and increased sales volumes. Shares of the Saskatoon, Saskatchewan-based fertilizer producer rose 1.6 percent in early New York trading, touching a three-week high. Revenue was lower in the first quarter due to weaker prices year over year, but it still exceeded Wall Street''s expectations. Potash prices have rebounded modestly since last year but remain low due to bloated global capacity and weakening farm incomes. Even so, Potash Corp forecast global potash demand of 61 million to 64 million tonnes this year, exceeding last year''s 60 million tonnes. Potash said it expected full-year earnings of 45 cents to 65 cents per share, up from its prior forecast of 35 cents to 55 cents. The company raised the lower end of its estimate for 2017 potash sales to 8.9 million tonnes from 8.7 million tonnes, keeping the upper end at 9.4 million tonnes. "We expect improved consumption trends and nutrient affordability in key markets to support potash demand and our results through the remainder of 2017," Chief Executive Officer Jochen Tilk said in a statement. Bernstein analyst Jonas Oxgaard said earnings benefited from a lower tax rate as well as stronger sales in China, India and North America. "(It) suggests the potash price recovery is in strong force," he said in a note. But Citi analyst P.J. Juvekar said it was too early to envision a major recovery as rivals bring on new potash mines through next year. Potash has nearly finished expanding its low-cost Rocanville, Saskatchewan, mine, which it says will help it weather weak crop nutrient prices. In September, Potash and rival Agrium Inc announced plans to merge. The deal would combine Potash''s fertilizer capacity, the world''s largest, and Agrium''s farm retail network, North America''s biggest. Tilk said the companies were working through the regulatory process and still expect the deal to close in mid-2017. Net earnings nearly doubled to $149 million, or 18 cents per share, in the quarter, beating the analysts'' average estimate of 11 cents. Revenue fell 8 percent to $1.11 billion, despite a 13 percent rise in potash sales volumes. Analysts on average had expected $1.06 billion, according to Thomson Reuters I/B/E/S. (Reporting by Swetha Gopinath in Bangalore and Rod Nickel in Winnipeg, Manitoba; Editing by Sriraj Kalluvila and Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/potashcorp-results-idUSL4N1HZ4A7'|'2017-04-27T17:33:00.000+03:00'|2608.0|''|-1.0|'' @@ -2620,7 +2620,7 @@ 2618|'5e1b040bf4e4a54755878547a03867aaa70a40d5'|'JPMorgan Chase & Co leaves blockchain consortium R3'|'Business News - Thu Apr 27, 2017 - 8:08pm BST JPMorgan Chase & Co leaves blockchain consortium R3 People walk by the JP Morgan & Chase Co. building in New York in an October 24, 2013 file photo. REUTERS/Eric Thayer/Files By Anna Irrera - NEW YORK NEW YORK JPMorgan Chase & Co has left the mammoth bank blockchain consortium led by New York-based startup R3 CEV, as financial institutions refine their strategies around the nascent technology, R3 confirmed on Thursday. R3, which counts about 80 financial institutions as members, wants to raise $150 million from its members and strategic investors, for a 60 percent stake. "We''re grateful to JPMorgan for their input to R3," R3 said in a statement after Reuters reported the bank''s departure. "We''ve got over 80 members across the world and have secured significant commitment from them in terms of both capital and resources." JPMorgan did not immediately have a statement. JPMorgan''s move follows the departure of other large banks from the R3 consortium. Goldman Sachs Group Inc ( GS.N ), Banco Santander SA ( SAN.MC ), Morgan Stanley ( MS.N ) and National Australian Bank left the group in quick succession in late 2016, as R3 proceeded with its fundraising plans. Like the other banks that have left the group, JPMorgan is involved in other blockchain initiatives. The bank is a member of the newly formed blockchain consortium Enterprise Ethereum Alliance, and is an investor in blockchain startups Axoni and Digital Asset Holdings. It also participates in the Hyperledger Project, a cross-industry group led by the Linux Foundation. R3, which began operating in September 2015, seeks to help the financial sector develop shared blockchain technology to run some of their most cumbersome and expensive processes. Blockchain is a distributed ledger of transactions that is maintained by a network of computers on the internet rather than a centralized authority. It first emerged as the system underpinning cryptocurrency bitcoin, but banks are hoping it can help them reduce the complexity and costs of activities like international payments and trading settlement. Skeptics have warned that the technology is still in its early days and it might take many years before the financial industry can reap any benefits. Since it began operating, R3 has rapidly gained the support from the world''s largest banks, with members including UBS Group AG ( UBSG.S ) and Deutsche Bank AG ( DBKGn.DE ). So far they have paid membership fees to participate in the company''s activities. Thomson Reuters Corp TRI.T is also a member of R3. (Reporting by Anna Irrera; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jpmorgan-r-idUKKBN17T2VT'|'2017-04-28T03:08:00.000+03:00'|2618.0|''|-1.0|'' 2619|'714c7b45254a1d24a35aefd9f1f1bf09df4a3cd3'|'AUTOSHOW-China EV makers to take on Tesla''s Model 3 through price, local manufacture'|'* Chinese-funded EV start-ups to battle Tesla on price* After China tariff, Model 3 may cost $43,000, plus tax* Chinese to launch rival premium EVs at around 300,000 yuan* They see local production as key to competitionBy Norihiko ShirouzuSHANGHAI, April 19 It''s not due to arrive in China until next year, but already Chinese-funded, smart, connected plug-in car start-ups are scrambling to launch cars to go head-to-head against Tesla Inc''s "mass market" Model 3 sedan.For leading Chinese electric vehicle (EV) start-ups such as Future Mobility, WM Motor and Singulato Motors, the key is that they will produce their cars locally, making them better able to match the Model 3''s price.Tesla, which has largely enjoyed a monopoly in the premium electric car market, is expected to price its Model 3 from $35,000 in the United States. Buyers in China would expect to add 25 percent to that in import tariffs.The founders and CEOs of Future Mobility, WM Motor and Singulato acknowledge the Model 3 is the car to beat.The first vehicles they aim to launch in the next couple of years will be priced around 300,000 yuan (roughly $43,500) or below, they told Reuters ahead of the Shanghai auto show, which opens to the public on Friday."Between 200,000 yuan and 300,000 yuan," said Singulato''s co-founder and CEO Shen Haiyin.The Chinese-funded firms'' strategy is to beat the Model 3 in China by making their cars more premium and yet cheaper than Tesla''s mass-market all-electric battery car.The three start-ups see California-based Tesla''s weakness in its inability to produce cars in China, the world''s leading market for plug-in cars.Tesla has denied recent talk in China that it was considering manufacturing its cars locally. "Tesla is deeply committed to the Chinese market, however these rumours are not true," the company said.To be sure, Tesla will be no pushover. It this month overtook Ford Motor Co in market value as investors embrace CEO Elon Musk''s strategy of offering stylish, high performance cars that are continually upgraded with features that rival automakers are still only testing.Tesla has to date competed only in premium price classes at relatively low volumes. The Model 3 will need to appeal to more price-sensitive consumers to reach its projected annual sales of 500,000 vehicles."COMPETITIVE" PRICINGDaniel Kirchert, president and co-founder of Future Mobility, says his company plans to launch three models. The first, a premium midsize crossover sport-utility vehicle (SUV), will arrive "before 2020", followed within three years by a sedan and a 7-seater multi-purpose vehicle (MPV).All will be based on the same vehicle underpinning architecture and share major components, "to achieve this very attractive entry price of about 300,000 yuan," Kirchert told Reuters in a telephone interview."It''s a bit more than $40,000, a very competitive price positioning ... because Tesla customers buying the Model 3 in China would have to shoulder the cost of a 25 percent import tariff on the car", unless it''s produced in China, he said."We will be competitive because we produce the car locally," he added.As well as making its car in China, at a planned assembly plant in Nanjing, Kirchert said Future Mobility plans to make the SUV bigger than the Model 3 and more luxurious."In the end, it''s really about how premium you are. That''s the real challenge."Singulato Motors unveiled its first "mass-production" car, also a crossover SUV, in Beijing last week, and says it will be priced below 300,000 yuan. It has started taking pre-orders for a limited period from customers willing to put down a deposit of 2,017 yuan.WM Motor plans to launch its first car, an electric plug-in crossover SUV, in the second half of 2018, again priced to compete with the Model 3, co-founder Freeman Shen told Reuters.The car will be the first of three electric vehicles the Shanghai-based firm plans to launch by 2020, by which time Shen says WM Motor should be selling around 100,000 cars a year.WM Motor showed a concept car to reporters on Tuesday in Shanghai, which Shen said hinted at the mass market model. The company aims to get the car to showrooms by September 2018.($1 = 6.8848 Chinese yuan renminbi) (Reporting by Norihiko Shirouzu in SHANGHAI, with additional reporting/editing by Joe White in SHANGHAI; Editing by Ian Geoghegan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autoshow-shanghai-startups-tesla-idINL3N1HP27H'|'2017-04-19T06:24:00.000+03:00'|2619.0|''|-1.0|'' 2620|'ecc0aeceefbfd5cd4939cae8491aaf8e993e7f87'|'VW says has bought, fixed more than half of polluting 2.0-liter diesels'|' 5:09pm BST VW says has bought, fixed more than half of polluting 2.0-liter diesels A Volkswagen logo is shown on the front of an old Volkswagen van in Encinitas, California September 29, 2015. U.S. lawmakers on Tuesday asked Volkswagen AG to turn over documents related to the company''s diesel emissions scandal, including records concerning the development... REUTERS/Mike Blake - RTS2BD9 WASHINGTON Volkswagen AG said on Friday the company has bought back or repaired more than half of 475,000 polluting 2.0-liter diesel vehicles under a U.S. government settlement, just six months after it launched the largest-ever repurchase offer. The world''s largest automaker said in a letter to a U.S. judge overseeing the settlement that as of Wednesday, it has repurchased or terminated leases on nearly 238,000 vehicles and has repaired 6,200 vehicles after it admitted in 2015 to secretly installing software that let vehicles emit up to 40 times legally-allowable pollution levels. Under the agreement, Volkswagen must buy back or repair at least 85 percent of the vehicles by late 2018 or face additional penalties. (Reporting by David Shepardson, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN17G1AI'|'2017-04-15T00:09:00.000+03:00'|2620.0|''|-1.0|'' -2621|'1dc85076839cbeeb51bcb0b5af66b04f6b24b042'|'BRIEF-Adaptimmune Therapeutics announces registered direct offering of ADS'|' 15am EDT BRIEF-Adaptimmune Therapeutics announces registered direct offering of ADS April 5 Adaptimmune Therapeutics Plc * Adaptimmune therapeutics plc announces registered direct offering of american depositary shares * Adaptimmune therapeutics - entered agreement with matrix capital management co lp to buy about us$42 million of its american depositary shares * Adaptimmune therapeutics-net proceeds of offering will be used to advance co''s wholly-owned pipeline of spear t-cell candidates through clinical trials Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-adaptimmune-therapeutics-announces-idUSASB0B8N2'|'2017-04-05T21:15:00.000+03:00'|2621.0|''|-1.0|'' +2621|'1dc85076839cbeeb51bcb0b5af66b04f6b24b042'|'BRIEF-Adaptimmune Therapeutics announces registered direct offering of ADS'|' 15am EDT BRIEF-Adaptimmune Therapeutics announces registered direct offering of ADS April 5 Adaptimmune Therapeutics Plc * Adaptimmune therapeutics plc announces registered direct offering of american depositary shares * Adaptimmune therapeutics - entered agreement with matrix capital management co lp to buy about us$42 million of its american depositary shares * Adaptimmune therapeutics-net proceeds of offering will be used to advance co''s wholly-owned pipeline of spear t-cell candidates through clinical trials Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-adaptimmune-therapeutics-announces-idUSASB0B8N2'|'2017-04-05T21:15:00.000+03:00'|2621.0|11.0|0.0|'' 2622|'4cb7164cba06f87f7bcf86ebbe261056844b409d'|'Wall Street braces for rough ride as exchanges seek more speed bumps'|' Wall Street braces for rough ride as exchanges seek more speed bumps By John McCrank - NEW YORK, April 4 NEW YORK, April 4 U.S. stock exchanges that spent decades speeding up markets with cutting-edge technology are now rushing to slow them down. The New York Stock Exchange, Chicago Stock Exchange and Nasdaq Inc are all awaiting decisions by the U.S. Securities and Exchange Commission on whether they can delay trades through so-called "speed bumps" and new order types. The SEC is expected to approve or reject their proposals in the coming weeks. The about-face comes after advances in technology made it possible to complete trades almost at the speed of light, prompting concerns by some market participants that sophisticated high-frequency traders were eating the lunch of ordinary investors. Exchanges have profited from selling specialized services to high-frequency traders, which make up more than half of U.S. trading volume. But now they are looking at ways to attract a wider range of investors, at least to certain of their trading venues, or are making sure they are keeping up with each other. The SEC approved the market''s first speed bump last year, but rules around intentionally slowing down trades are vague and it is difficult to predict which, if any, of the proposals will pass. SEC staff are scrutinizing how each exchange justifies its plans, said a person familiar with the matter. "Whenever you have something that applies to one group and not others, it''s discriminatory in some sense," said the person, who asked for anonymity as they are not authorized to speak to the media. "The question is, can you justify the discrimination?" The proposals follow the launch of IEX Group, which burst onto the scene last August with the market''s inaugural speed bump and other features they said would level the playing field and protect small investors from high-speed trading chicanery. Other exchanges were some of IEX''s fiercest opponents and there is still a heated debate about whether the upstart is as altruistic as it was portrayed in Michael Lewis''s best-selling book "Flash Boys: A Wall Street Revolt." However, its new way of doing business ultimately forced rivals to rethink their own strategies. Exchanges'' reputations hinge on their ability to execute orders quickly and seamlessly for brokers, which are required to get customers the best market prices. Lewis''s book scandalized Wall Street with its claim that exchanges were rigging the market by allowing high-frequency traders to use their speed to effectively jump the queue of orders from ordinary investors, known in the industry as "latency arbitrage." Many on Wall Street dispute that such a thing exists. Nevertheless, high-frequency trading firms pay exchanges huge sums for near light-speed market access and data to drive their algorithms, and have become an increasingly large player in the stock market over the past decade. IEX ran counter to the trend by establishing an exchange that does not make speed the primary factor and does not sell things like access to microwave and laser data feeds that give ultra-fast traders an edge. The approach appealed to many customers, including several institutional investors, and the exchange now has 2 percent of the U.S. stock-trading market. (Graphic: tmsnrt.rs/2mJMuor ) Most traditional exchanges initially opposed IEX''s speed-bump proposal, but have since had a change of heart, since it has become clear that some investors want to see such change. "The SEC, by approving IEX''s exchange application, has opened up the marketplace for the potential for innovation around market structure that really has not been available to us for the last almost 10 years," said Nasdaq Chief Executive Adena Friedman. UN-AMERICAN? In giving IEX the green light, the SEC said exchanges could pause trades for up to a millisecond, as long as the delays were not unfairly discriminatory or anti-competitive. The NYSE, which is owned by Intercontinental Exchange Inc , essentially wants to copy IEX''s speed bump, as well as an order type the startup pioneered. NYSE argues that while it previously said the model was bad for the market, some institutional investors prefer it and NYSE should be allowed to offer them the choice. NYSE, whose chairman once called IEX "un-American," also plans to rename its proposed speed-bump exchange NYSE American from NYSE MKT. NYSE''s main New York Stock Exchange market would remain unchanged. In contrast, the Chicago Stock Exchange put forward a speed-bump plan that some brokers can bypass if they meet strict requirements to provide quotes for others. In doing so, it hopes to create more liquidity. Rather than a speed bump, Nasdaq wants to introduce an "extended life" order type. It would apply only to orders generated by regular, mom-and-pop investors, who tend to be less informed and therefore coveted by professional traders. The orders would sit exposed for at least a second and then jump ahead of other investors to get filled. Wall Street lacks consensus on whether the proposed delays are a good idea. Some high-frequency trading firms have asked the SEC to deny the proposals, arguing that various time lags across 13 exchanges would make it difficult to know the true price of a stock at any given time. For its part, IEX has asked the SEC to reject NYSE''s proposal. In an interview, Chief Market Policy Officer John Ramsay characterized some rivals'' plans as disingenuous. "The speed bump is just one piece of our market design and it''s designed to work with all of the other pieces in tandem, said John Ramsay, IEX''s Chief Market Policy Officer. Others support the new developments. "The only one this impacts is the guy whose business model is to rely on speed in somewhat, I would argue, a pernicious manner," Doug Cifu, CEO of trading firm Virtu Financial Inc , said in an interview. (Reporting by John McCrank; Editing by Lauren Tara LaCapra and Bill Rigby) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/exchanges-speedbumps-idUSL2N1HB170'|'2017-04-04T19:00:00.000+03:00'|2622.0|''|-1.0|'' 2623|'fc69606ccf57168342a5059d0de0d45bb423319e'|'Tesco recovery gains momentum with profit jump'|'Wed Apr 12, 2017 - 7:39am BST Tesco recovery gains momentum as profit jumps at British supermarket A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble LONDON Tesco ( TSCO.L ), Britain''s biggest retailer, beat forecasts for full-year profit, showing its recovery is picking up pace in a boost to CEO Dave Lewis as he seeks investor backing for his plan to buy wholesaler Booker ( BOK.L ). The supermarket group said on Wednesday it made an operating profit before exceptional items of 1.28 billion pounds ($1.60 billion) in the year to Feb. 25 2017. That was ahead of analysts'' average forecast of 1.26 billion pounds, according to Reuters data, and an increase of 30 percent on the 944 million pounds made in 2015-16. Tesco said UK sales at stores open over a year rose 0.7 percent in the 13 weeks to Feb. 25, its fiscal fourth quarter - a fifth straight quarter of underlying growth. "We are confident that we can build on this strong performance in the year ahead," said Chief Executive Dave Lewis. By 2020, Lewis wants Tesco to earn between 3.5 pence and 4 pence of operating profit for every 1 pound spent by shoppers, up from 2.3 pence in 2016-17 as sales rise and 1.5 billion pounds of costs are cut from the business. The supermarket group needs the results to impress to help it persuade shareholders that it can also make a success of its attempt to buy Booker. Two of its biggest shareholders last month urged it to drop the 3.7 billion pound bid, saying it was overpaying and the deal was a distraction from its turnaround plan. Tesco, whose shares have fallen 5 percent this year, says it remains committed to a deal it believes will provide a new avenue of growth when its recovery is secured. Lewis said on Wednesday the proposed merger would drive additional value for shareholders from substantial synergies, and would enable Tesco to access the faster growing ''out of home'' food market. (Reporting by James Davey, Editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-tesco-results-idUKKBN17E0JW'|'2017-04-12T14:15:00.000+03:00'|2623.0|''|-1.0|'' 2624|'959963707a9ec131efcbfe30174182c1cf584b46'|'Starbucks profit meets Wall Street view, shares fall'|'Money 2:02am IST Starbucks profit meets Wall Street view, shares fall A employees poses with a cup of water at a Starbucks coffeehouse in Austin, Texas, U.S., February 10, 2017. REUTERS/Mohammad Khursheed By Lisa Baertlein - LOS ANGELES LOS ANGELES Starbucks Corp ( SBUX.O ) reported quarterly profit that matched Wall Street''s estimate on Thursday, but shares fell 3.4 percent in extended trading after spending growth by customers in its core U.S. market cooled. The world''s biggest coffee chain said the average amount spent per order was up 4 percent in the United States during the fiscal second quarter, versus 5 percent in the prior quarter. Sales at U.S. cafes open at least 13 months were up 3 percent for the quarter ended April 2, unchanged from the prior quarter. Traffic, referred to as transactions, fell 2 percent for the second quarter in a row amid a stubborn industry-wide slump. Net income attributed to Starbucks was $652.8 million, or 45 cents per share, for the second quarter, up from $575.1 million, or 39 cents per share, a year earlier. Results from the latest quarter matched the average estimate of analysts polled by Thomson Reuters I/B/E/S. Shares of Starbucks fell $2.10 to $59.20 in after-hours trade. (Reporting by Lisa Baertlein in Los Angeles; Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/starbucks-results-idINKBN17T311'|'2017-04-28T04:17:00.000+03:00'|2624.0|''|-1.0|'' @@ -2645,7 +2645,7 @@ 2643|'82889546fcf16bbcc19fa5188d1caeb69ae85d0f'|'Fidelity and Guaranty says will no longer be acquired by China''s Anbang'|'SHANGHAI - Fidelity & Guaranty Life (FGL) ( FGL.N ), a U.S. annuities and life insurer, said on Tuesday it has terminated its agreement to be acquired by China''s Anbang Insurance group.Reuters reported earlier that the Chinese insurer would let its agreement to acquire FGL for $1.6 billion lapse after failing to secure all the necessary regulatory approvals.FGL is looking at alternative strategies and "has received interest from a number of parties," it said in a news release.Anbang did not immediately respond to requests for comment.The development casts new doubt on Anbang''s commitment to U.S. deals, following its abandoned attempt last year to acquire Starwood Hotels & Resorts Worldwide Inc for $14 billion.Established in 2004, Anbang signed more than $30 billion worth of corporate deals in the last 2-1/2 years, with high-profile investments including a $1.95 billion purchase of the Waldorf Astoria Hotel in New York.(Reporting by Engen Tham in Shanghai and Matthew Miller in Beijing; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fidelityguarantylife-m-a-anbang-idINKBN17K052'|'2017-04-17T23:42:00.000+03:00'|2643.0|''|-1.0|'' 2644|'c105a197aa8d06ba7c75e806abeab9963d5da112'|'Safran confirms talks to buy Zodiac Aerospace continue'|'PARIS, April 28 Safran said on Friday its talks to buy Zodiac Aerospace were continuing after the French company issued a new profit warning."We confirm that the discussions continue," a spokeswoman for Safran said.Reporting a first-half loss and lower full-year forecasts earlier on Friday, Zodiac Aerospace said it hoped to conclude the $9 billion merger deal with Safran but that it was also studying an alternative. (Reporting by Cyril Altmeyer, Tim Hepher, Editing by Dominique Vidalon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/zodiac-aero-ma-safran-talks-idINL8N1I028E'|'2017-04-28T05:59:00.000+03:00'|2644.0|''|-1.0|'' 2645|'89cf1767bbdbaa73b7e1af73814fbe4caffac91d'|'BRIEF-Cogeco communications inc qtrly earnings per share $1.55'|' 30pm EDT BRIEF-Cogeco communications inc qtrly earnings per share $1.55 April 6 Cogeco Communications Inc * Cogeco Communications Inc qtrly revenue increased by $9.4 million, or 1.7%, to reach $560.9 million * Cogeco Communications Inc qtrly earnings per share $1.55 * Q2 earnings per share view c$1.42, revenue view c$554.9 million -- Thomson Reuters I/B/E/S Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cogeco-communications-inc-qtrly-ea-idUSFWN1HE0OX'|'2017-04-07T06:30:00.000+03:00'|2645.0|''|-1.0|'' -2646|'2dc64b93e59c984ab4b068321c69748cccd7cc27'|'HSBC confident can maintain dividend, exceed cost targets - CEO'|' 25am BST HSBC confident can maintain dividend, exceed cost targets: CEO left right HSBC Chief Executive Stuart Gulliver, attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich 1/2 left right The moon rises over the HSBC building in the Canary Wharf financial district of London, a day before the ''supermoon'' spectacle, in London, Britain November 13, 2016. REUTERS/Hannah McKay 2/2 HONG KONG HSBC Holdings Plc ( HSBA.L ) is confident it can maintain dividend payouts in the foreseeable future and expects to exceed risk-weighted asset and cost-saving targets, the bank''s chief executive Stuart Gulliver said on Monday. Despite earnings pressure, HSBC has retained its dividend payout ratio at a higher level in the last few years, at a time when some of its peers including Standard Chartered ( STAN.L ) withheld dividend payment for 2016. The bank may have to move "some thousand roles" from Britain to Paris depending on how the country''s Brexit negotiations with the European Union unfold, chairman Douglas Flint added. The bank had previously said it expected to move around 1,000 roles. Both executives were speaking during a meeting of shareholders in Hong Kong. (Reporting by Michelle Price; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-hsbc-agm-idUKKBN17Q0SH'|'2017-04-24T17:26:00.000+03:00'|2646.0|''|-1.0|'' +2646|'2dc64b93e59c984ab4b068321c69748cccd7cc27'|'HSBC confident can maintain dividend, exceed cost targets - CEO'|' 25am BST HSBC confident can maintain dividend, exceed cost targets: CEO left right HSBC Chief Executive Stuart Gulliver, attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich 1/2 left right The moon rises over the HSBC building in the Canary Wharf financial district of London, a day before the ''supermoon'' spectacle, in London, Britain November 13, 2016. REUTERS/Hannah McKay 2/2 HONG KONG HSBC Holdings Plc ( HSBA.L ) is confident it can maintain dividend payouts in the foreseeable future and expects to exceed risk-weighted asset and cost-saving targets, the bank''s chief executive Stuart Gulliver said on Monday. Despite earnings pressure, HSBC has retained its dividend payout ratio at a higher level in the last few years, at a time when some of its peers including Standard Chartered ( STAN.L ) withheld dividend payment for 2016. The bank may have to move "some thousand roles" from Britain to Paris depending on how the country''s Brexit negotiations with the European Union unfold, chairman Douglas Flint added. The bank had previously said it expected to move around 1,000 roles. Both executives were speaking during a meeting of shareholders in Hong Kong. (Reporting by Michelle Price; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-hsbc-agm-idUKKBN17Q0SH'|'2017-04-24T17:26:00.000+03:00'|2646.0|14.0|0.0|'' 2647|'c3f0b68d7a06ee40446ce32462dbe81354455867'|'China''s strong first quarter growth highlights positive signs - finance minister'|'Business News - Mon Apr 24, 2017 - 5:05am BST China policymakers bullish on economy, cite strong first-quarter GDP, stable yuan left right A businessman takes pictures of recently erected office and residential buildings in Beijing, China April 20, 2017. REUTERS/Thomas Peter 1/2 left right Chinese Finance Minister Xiao Jie speaks to the media after his news conference during the ongoing National People''s Congress (NPC), China''s parliament, in Beijing China March 7, 2017. REUTERS/Jason Lee 2/2 SHANGHAI Policymakers in China are pushing a bullish message on the world''s second-biggest economy after a solid first quarter, pointing to a slow down in capital outflows and a stable yuan after a selloff last year stoked fears of instability. Speaking at a G20 summit meeting of the world''s top economies in Washington last week, finance minister Xiao Jie said an increasing number of positive signs were seen in the Chinese economy in the first quarter gross domestic product report. China is confident of reaching the government''s 6.5 percent GDP growth target this year, Xiao said in a notice published on the Ministry of Finance''s website on Saturday. Separately, People''s Bank of China (PBOC) adviser Sheng Songcheng said the improving economy has been matched by a stable yuan, with signs that capital is starting to return to China. "After breaking and even reversing expectations for yuan depreciation, there are signs of a trend of capital returning to China," Sheng wrote in Monday''s editorial in Financial News, a newspaper owned by the PBOC. Sheng reiterated that interest rates are on an uptrend, underscoring Beijing''s shift to a tighter policy stance to temper rampant credit growth and put the economy on an even keel. The comments from Sheng and Xiao follow last week''s data which showed China''s economy grew a faster-than-expected 6.9 percent in the first quarter, boosted by higher government infrastructure spending and a gravity-defying property boom. Capital outflows from China eased sharply in the first quarter and cross border flows were more balanced as expectations for further yuan depreciation have weakened significantly, the spokeswoman for the foreign exchange regulator said on Thursday. Sources told Reuters last week that China has relaxed some curbs on capital flows as officials indicate increasing confidence that pressure on the yuan and the country''s foreign exchange reserves has diminished, thanks largely to a pullback in the surging U.S. dollar. But some economists say it is too early to say China has won the war against capital outflows and it is unlikely Beijing will start a broad roll-back of capital control measures in the near future. "We expect the CNY (or yuan) to come under pressure again at some point, notably at times of another global strengthening of the US$," Oxford Economics economist Louis Kuijs said in a note Friday. "We still do not rule out further tightening if the pressures on the FX market were to rise substantially again." A massive build-up of debt over the past several years has been highlighted by policymakers, economists and the International Monetary Fund as a risk to financial stability in China. In his Washington speech, Xiao said that China is making progress on supply-side structural reforms, which Beijing has been promoting as a way of reducing excess industrial capacity and cutting its reliance on debt-driven growth policies. (Reporting by Engen Tham; additional reporting by Elias Glenn in Beijing; Editing by Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-idUKKBN17Q03Z'|'2017-04-24T10:02:00.000+03:00'|2647.0|''|-1.0|'' 2648|'b78fb722540e5682a0d9295f0f2ed8dfabe651f4'|'Intesa postpones bid deadline for 2.5 bln euro bad loan sale - sources'|' 16am EDT Intesa postpones bid deadline for 2.5 bln euro bad loan sale - sources MILAN, April 4 Intesa Sanpaolo has pushed to April 6 the deadline to submit the binding offers for a 2.5 billion-euro bad loan portfolio it has put up for sale, three sources familiar with the matter said. The deadline was originally set for March 20 but was then postponed to Tuesday. One of the sources told Reuters the delay was due to technical and legal matters. The portfolio, dubbed "Beyond the clouds", is made up of corporate loans and backed by real estate assets for about 30 percent. (Reporting by Massimo Gaia and Gianluca Semeraro, editing by Francesca Landini) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/intesa-sp-bad-loans-bids-idUSI6N1H001Y'|'2017-04-04T18:16:00.000+03:00'|2648.0|''|-1.0|'' 2649|'9012b3b2d249879c453197339c885c5b4580a29c'|'China will open up capital account in prudent and orderly way - FX regulator'|'BEIJING China will push forward with opening up its capital account in a prudent and orderly way, the country''s foreign exchange regulator said on Thursday.While regulators have stepped up supervision of money leaving the country, State Administration of Foreign Exchange spokeswoman Wang Chunying told a news conference that China will not go back to the old road of capital controls.(Reporting by Kevin Yao; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-forex-idUKKBN17M0AE'|'2017-04-20T11:10:00.000+03:00'|2649.0|''|-1.0|'' @@ -2714,19 +2714,19 @@ 2712|'70ae1f786c8a492bb2b32a04a9649bead8984a37'|'Higher exports to lift German growth, investments - economy ministry'|'Business News - Wed Apr 26, 2017 - 10:34am BST Higher exports to lift German growth, investments - economy ministry Containerships at loading terminals are seen in the port of Hamburg, Germany, February 2, 2017. REUTERS/Fabian Bimmer BERLIN The German economy is on a solid growth path despite global uncertainties, the economy minister said on Wednesday, adding that it expects companies to gradually start investing more as exports gradually grow. The government raised its growth forecast for this year to 1.5 percent from a previous estimate of 1.4 percent. It maintained its forecast for 2018 growth at 1.6 percent. The economy ministry said the booming construction sector, helped by low interest rates and increased government investments in infrastructure, was providing a strong impulse for the economy. It added that Germany''s high current account surplus, which has been criticized by the United States, the International Monetary Fund and European Commission, would fall from 8.3 percent of output in 2016 to 7.3 percent next year. "The current account surplus should fall...not least because of solid domestic consumption and higher crude oil prices," the ministry said in a statement. (Reporting by Joseph Nasr; Editing by Madeline Chambers)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-growth-forecast-idUKKBN17S10A'|'2017-04-26T17:34:00.000+03:00'|2712.0|''|-1.0|'' 2713|'802c894199d38e6e010c0ae3105fb0f7b4662944'|'Germany''s Merkel encouraged U.S. will consider EU free trade deal'|'Business News - Sun Apr 23, 2017 - 8:58pm BST Germany''s Merkel encouraged U.S. will consider EU free trade deal DAY 57 / MARCH 17: The first face-to-face meeting between President Trump and German Chancellor Angela Merkel started awkwardly and ended even more oddly, with a quip by Trump about wiretapping that left the German leader visibly bewildered. REUTERS/Jonathan Ernst HANNOVER, Germany German Chancellor Angela Merkel fueled expectations of a future EU-U.S trade deal on Sunday, saying she was "very encouraged" talks were being looked at after her recent trip to Washington. Merkel, speaking at the opening of the 70th annual Hannover Messe trade fair, said Germany was opposed to protectionism and trade barriers, and would continue to work for trade agreements like the one signed between the European Union and Canada. "I also feel very encouraged by my visit to the United States that negotiations between the EU and the United States on a free trade agreement ... are also being looked at," she said. Merkel''s comments came after the London Times reported on Saturday that U.S. President Donald Trump had warmed to a deal with the bloc after meeting Merkel in March. A source close to the White House was quoted as saying that there had been a "realization" in the Trump administration that a trade deal with the EU - allowing the tariff-free exchange of goods and services - was more important to U.S. interests than a post-Brexit deal with Britain. The newspaper quoted a senior German politician as saying that Trump had repeatedly asked Merkel about signing a bilateral trade deal, but was told such an accord could only be negotiated by the EU. Merkel did not mention the exchange, saying only that she was very encouraged following her U.S. visit and adding that the EU''s first priority was to complete work on a deal with Japan. One of Trump''s first acts as president was to cancel U.S. participation in the Trans-Pacific Partnership (TPP), a free trade deal among 11 Pacific Rim countries. The EU and the United States had begun negotiating the Transatlantic Trade and Investment Partnership under then-President Barack Obama, but the work was not completed. Dieter Kempf, president of the BDI industry group, warned Washington against pursuing protectionist policies. "Those who have trouble understanding how trade surpluses and globalization effects are created are invited to come here and take a look," he said. He also warned the EU against watering down the four basic freedoms of its single market during negotiations with Britain about its exit from the bloc. "We cannot let the four basic freedoms of the EU be diluted by special arrangements or cherry-picking," he said. Merkel said the EU would insist on maintaining them, saying: "We want to continue good relations with Britain, while maintaining the advantages of the single market for ourselves". (Reporting by Andrea Shalal, Reuters TV and Andreas Rinke; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-europe-usa-trade-idUKKBN17P0UO'|'2017-04-24T03:58:00.000+03:00'|2713.0|''|-1.0|'' 2714|'81e329644e473662c8fe2ed6fffa4296b99b159c'|'Post-sanctions Iran helps planemakers solve ''orphan jet'' problem'|' 53am EDT Post-sanctions Iran helps planemakers solve ''orphan jet'' problem * Iran ready to grab jet market opportunities -deputy minister * Iran confirms examining jet delivery swap with Turkish Air * Early Boeing jet delivery could boost sanctions pact By Tim Hepher PARIS, April 18 Iran''s return to the world economy is helping planemakers cope with a downturn in global demand, providing homes for airplanes orphaned by reversals in the growth plans of airlines elsewhere. Planemakers are also gambling that the early delivery of such aircraft could help prop up a nuclear sanctions deal between Iran and world powers, threatened by conservative opponents in both Washington and Tehran, Western sources said. Since sanctions were lifted under the deal to reopen trade and curb Iran''s nuclear projects, the Islamic Republic, trying to boost its economy after years of isolation, has joined a waiting list of up to eight years for 200 new aircraft. But efforts to meet its most immediate needs have been boosted by financial problems facing other airlines across the globe as new airplanes come onto the market at bargain prices. "We hunt opportunities in the market. If there are opportunities, we can take advantage of that," Deputy Roads and Urban Development Minister Asghar Fakhrieh-Kashan told Reuters. Despite denials by manufacturers that the downturn is hurting, Iran''s return to the market has brought to light pockets of surplus aircraft. With presidential elections looming in May and keen to show the 2015 nuclear deal is working, Iran has proved only too keen to take up the slack. So far it has taken delivery of three Airbus jets. Industry executives say they were left on the planemaker''s books when their Colombian buyer, Avianca, balked at taking delivery. Such orphan planes are often known as ''white tails''. Last week, Iran also signed a deal for 20 ATR turboprops. Unusually in a risk-averse industry with high costs, four of those are already built and ready to be delivered: short-circuiting their usual l8 months'' waiting time. Although it denies they are white tails, ATR took the rare decision to build them for IranAir before the final contract was signed. Analysts say that too is a signal of market weakness as manufacturers wrestle with weakness in developing economies. TURKISH SWAP The sudden reshuffling suits both sides as Iranian President Hassan Rouhani tries to demonstrate results from the nuclear deal, opposed by hardline candidates in May elections. It also holds up a mirror to geopolitical changes in the region, played out in the fortunes of national carriers. While Iran''s aviation industry is coming out of decades of cold storage as sanctions are lifted, Turkey has seen a slump in travel demand after a failed coup and attacks in major cities. Now, Turkish Airlines is having doubts about taking one of the industry''s key growth engines, a 350-seat Boeing 777-3000ER. Uncertainty over next month''s scheduled delivery contrasts with Iran''s urgent need for the same model, the first of which is due to be delivered to Tehran in April or May next year. At Boeing''s suggestion, Iranian representatives are now inspecting the Turkish configuration to see whether the airlines could swap deliveries, Fakhrieh-Kashan confirmed. Boeing declined to comment. Iran has ordered 15 777-300ERs as part of a deal for 80 Boeing jets. They are crucial to Boeing''s efforts to steady declining 777 production, pending the arrival of a new model. Bringing forward Boeing''s first delivery to Iran since the 1970s could also provide broader momentum to the sanctions pact, hampered by funding problems and uncertainty about the attitude of U.S. President Donald Trump who has said he dislikes it. Since all planemakers need U.S. export licences due to the number of U.S. parts in their planes, any decision to block the Boeing deals would likely halt European activities in Iran too. "It helps to bring Boeing to the same table as everyone else," said a senior European industry executive, referring to the talks to swap Turkish and Iranian deliveries. Iranian officials have however been forced to defend the reshuffling from suggestions that Iran is getting cast-off airplanes. They stress the Avianca jets, for example, had been sitting unused for two years and had never flown commercially. "It is good for Airbus and Boeing, but this is part of the game that everyone knows," Fakhrieh-Kashan told Reuters. (Reporting by Tim Hepher; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/iran-aviation-idUSL8N1HM1H2'|'2017-04-18T21:53:00.000+03:00'|2714.0|''|-1.0|'' -2715|'36d53cdeaf6c02add4ab82fcc2eccd411f1d487f'|'Truck maker Volvo first-quarter profit beats forecast'|'Business 6:32am BST Truck maker Volvo first-quarter profit beats forecast Visitors surround a Volvo FH16 truck at the booth of Swedish truck maker Volvo at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer STOCKHOLM Sweden''s Volvo ( VOLVb.ST ) posted a much bigger than expected rise in first-quarter core earnings on Tuesday as robust demand and years of cost trimming bolstered turnover and profitability at the truck maker. Volvo also raised its forecast for long-depressed demand for construction equipment in China but left unchanged its outlook for truck markets on both sides of the North Atlantic. Adjusted operating profit at Volvo rose to 7.03 billion Swedish crowns (619.63 million) from a year-ago 4.46 billion, beating the mean forecast of 5.32 billion in a poll of analysts. (Reporting by Niklas Pollard and Johannes Hellstrom)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volvo-results-idUKKBN17R0EA'|'2017-04-25T13:32:00.000+03:00'|2715.0|''|-1.0|'' +2715|'36d53cdeaf6c02add4ab82fcc2eccd411f1d487f'|'Truck maker Volvo first-quarter profit beats forecast'|'Business 6:32am BST Truck maker Volvo first-quarter profit beats forecast Visitors surround a Volvo FH16 truck at the booth of Swedish truck maker Volvo at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer STOCKHOLM Sweden''s Volvo ( VOLVb.ST ) posted a much bigger than expected rise in first-quarter core earnings on Tuesday as robust demand and years of cost trimming bolstered turnover and profitability at the truck maker. Volvo also raised its forecast for long-depressed demand for construction equipment in China but left unchanged its outlook for truck markets on both sides of the North Atlantic. Adjusted operating profit at Volvo rose to 7.03 billion Swedish crowns (619.63 million) from a year-ago 4.46 billion, beating the mean forecast of 5.32 billion in a poll of analysts. (Reporting by Niklas Pollard and Johannes Hellstrom)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volvo-results-idUKKBN17R0EA'|'2017-04-25T13:32:00.000+03:00'|2715.0|11.0|0.0|'' 2716|'9563a2563414d1e2797ea562e627696899de4330'|'Essential stock market data costs to soar, trade group warns'|' 48pm BST Essential stock market data costs to soar, trade group warns By John McCrank - NEW YORK NEW YORK Many small- and mid-sized trading firms will see massive data cost increases as a result of a "clarification" added to a plan that governs how essential stock trading data is collected and disseminated, according to an industry trade group. The data in question comes from a market utility called the Consolidated Tape Association (CTA) that provides investors with stock quotes and last sale prices for New York Stock Exchange-listed securities. It is essential for trading and regulatory compliance. Following a recent amendment to CTA rules, fees for some smaller trading firms will skyrocket twenty-fold or more, according to the Securities Industry and Financial Markets Association, which represents banks, broker-dealers and asset managers. "As this likely impacts thousands of firms, we can be sure that an extraordinary number of investors will be facing a significant impediment to their ability to access core data," SIFMA said in a letter to the U.S. Securities and Exchange Commission on Tuesday. The CTA declined to comment. A spokesman for the utility, which is run by the Intercontinental Exchange''s ( ICE.N ) NYSE unit and governed by 15 securities exchanges, as well as the Financial Industry Regulatory Authority, said the CTA would officially respond to the SEC next week. The CTA said in December it was adding a "clarification" to its fee schedule around who has to pay fees for data access and displayed and non-displayed data. Displayed data has traditionally referred to data the recipient could see, whereas non-displayed data fed directly into trading algorithms. As a result of the clarification, which the SEC published on March 23, with immediate effect, many firms that had been paying for displayed data only will also have to pay access and non-displayed fees. For example, a firm that has received data on NYSE-listed securities to be used on 10 professional devices, such as laptop or desktop computers, for display use only, would have paid the CTA around $270 a month, SIFMA said. Following the CTA amendment, those professional devices would be considered non-display and the firm''s bill would soar to $6,000 a month, SIFMA said. The CTA also includes data for securities listed on Bats, NYSE Arca and NYSE MKT exchanges, which would cost an additional $3,000 a month. The steep price for essential data highlights conflicts of interest among exchanges, which have in recent years gone from being non-profit utilities to for-profit, publicly traded companies, but retained their regulatory responsibilities, SIFMA said. (Reporting by John McCrank; Editing by Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-exchange-data-idUKKBN17L2QN'|'2017-04-20T04:48:00.000+03:00'|2716.0|''|-1.0|'' -2717|'eb9a64307ed4adeacb8f4bf9f2ba51cbadaf6a51'|'World Bank chief echoes Bill Gates''s warning to Theresa May on aid - Business'|'The president of the World Bank has told Theresa May that cutting the UKs aid budget could lead to an increase in conflict, terrorism and migration and would damage Britains international reputation.In a strongly worded response to reports that the government was considering dropping its commitment to devote 0.7% of national income to aid each year, Jim Kim said the money the UK provided was vital not just for developing countries but for the future of the world.His comments came after Bill Gates told the Guardian that lives would be lost in Africa if the government dropped the commitment because plans to eradicate malaria would be jeopardised. Like Kim, the Microsoft founder also stressed that the UK would lose influence. Lives at risk if Tories choose to ditch UK foreign aid pledge, says Bill Gates Read more At 13.3bn in 2016, Britains aid budget was the third biggest in the world after Germany and US. Of the G7, only Britain and Germany currently meet the UNs 0.7% target for aid, and Britain is also one of the biggest donors to the World Bank . Kim said the UKs Department for International Development had played a vital role in efforts to rid the world of poverty. We were extremely encouraged when prime minister David Cameron fulfilled the commitment to 0.7%, Kim said at a press conference to mark the opening of the spring meetings of the Bank and the International Monetary Fund.It is important for people in the UK to understand just how significant that was in expanding the UKs influence in the world. It would be very unfortunate for the UK to reduce its efforts. I would say the 0.7% that has been committed to is critically, critically important, not just for developing countries but for the future of the world.The 0.7% pledge was originally made by Labour but it was only achieved after Cameron became prime minister in 2010. May is under pressure from the Tory right, Ukip and Conservative-supporting papers to cut aid spending. She pointedly refused this week to say she would keep to the commitment in the event of winning the forthcoming general election, prompting strong speculation that it will be abandoned.Kim said Britains aid money had never been more important, joining a chorus of voices opposing the idea of reneging on the 0.7% pledge.Romilly Greenhill, a senior research fellow at the Overseas Development Institute, said it allowed Britain to punch above its weight on the international stage.Everything you need to know about UK aid and the 0.7% spending pledge Read more Bill Gates is right to say Britains aid contribution is saving lives and putting children in school, he said. The first message is that it is needed, the second is that it is effective, and the third is that, in terms of a global Britain, it is very significant.Ive observed a lot of UN negotiations and developing countries and richer countries see it as a real indicator of Britains place on the international stage. It buys Britain a lot of kudos. Particularly when we leave the EU, it will demonstrate that we are punching above our weight.Tamsyn Barton, the chief executive of Bond, the UK membership body for development groups, said: It would be a travesty if the UKs 0.7% commitment, made to help the worlds poorest people, was not committed to by all political parties. This is not the time to shirk our global responsibility or step back from the world.Charlie Matthews, ActionAids head of advocacy, said: A truly global Britain must be outward looking. UK aid and the commitment to 0.7% is helping to feed millions of hungry people in east Africa whose lives have been devastated by drought. Aid saves lives and helps the worlds poorest people, especially women and girls.Jeff Crisp, a research associate at the Refugees Studies Centre at the University of Oxford, said dropping the aid pledge was not inevitable, but would be one way for May to appease the Tory right before difficult Brexit negotiations.She will have to appease the right wing of her own party. One of the ways will be to get rid of it or to reduce it. Another way she could appease the right wing of the party would be to increase the way the overseas development budget will be used for things that are not strictly development.Kim said: Were meeting at a time when we face overlapping crises, both natural and man made, all which add urgency to our mission: conflict; climate shocks; the worst refugee crisis since the second world war; and famine in parts of East Africa and Yemen, which the UN has called the worst in 70 years. With the famine in particular, the world was caught unprepared.Kim said the multiple crises were linked to rising aspirations prompted by greater internet access. Aspiration matched by opportunity could create dynamic societies, he added.But if those rising aspirations meet frustration we are very worried about more and more countries going down the path to fragility, conflict, violence, extremism and, of course, eventually migration. Because the other thing that access to the internet does is it increases peoples desire to migrate.Kim said there was a need to create successful developing countries that would buy goods from the developed west and so ensure that rising aspirations were not met with frustration.This is not something thats theoretical. Its happening in front of our eyes. People have to think of aid as more than just giveaways.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/apr/20/world-bank-chief-echoes-bill-gatess-warning-to-theresa-may-on-aid'|'2017-04-20T03:00:00.000+03:00'|2717.0|''|-1.0|'' +2717|'eb9a64307ed4adeacb8f4bf9f2ba51cbadaf6a51'|'World Bank chief echoes Bill Gates''s warning to Theresa May on aid - Business'|'The president of the World Bank has told Theresa May that cutting the UKs aid budget could lead to an increase in conflict, terrorism and migration and would damage Britains international reputation.In a strongly worded response to reports that the government was considering dropping its commitment to devote 0.7% of national income to aid each year, Jim Kim said the money the UK provided was vital not just for developing countries but for the future of the world.His comments came after Bill Gates told the Guardian that lives would be lost in Africa if the government dropped the commitment because plans to eradicate malaria would be jeopardised. Like Kim, the Microsoft founder also stressed that the UK would lose influence. Lives at risk if Tories choose to ditch UK foreign aid pledge, says Bill Gates Read more At 13.3bn in 2016, Britains aid budget was the third biggest in the world after Germany and US. Of the G7, only Britain and Germany currently meet the UNs 0.7% target for aid, and Britain is also one of the biggest donors to the World Bank . Kim said the UKs Department for International Development had played a vital role in efforts to rid the world of poverty. We were extremely encouraged when prime minister David Cameron fulfilled the commitment to 0.7%, Kim said at a press conference to mark the opening of the spring meetings of the Bank and the International Monetary Fund.It is important for people in the UK to understand just how significant that was in expanding the UKs influence in the world. It would be very unfortunate for the UK to reduce its efforts. I would say the 0.7% that has been committed to is critically, critically important, not just for developing countries but for the future of the world.The 0.7% pledge was originally made by Labour but it was only achieved after Cameron became prime minister in 2010. May is under pressure from the Tory right, Ukip and Conservative-supporting papers to cut aid spending. She pointedly refused this week to say she would keep to the commitment in the event of winning the forthcoming general election, prompting strong speculation that it will be abandoned.Kim said Britains aid money had never been more important, joining a chorus of voices opposing the idea of reneging on the 0.7% pledge.Romilly Greenhill, a senior research fellow at the Overseas Development Institute, said it allowed Britain to punch above its weight on the international stage.Everything you need to know about UK aid and the 0.7% spending pledge Read more Bill Gates is right to say Britains aid contribution is saving lives and putting children in school, he said. The first message is that it is needed, the second is that it is effective, and the third is that, in terms of a global Britain, it is very significant.Ive observed a lot of UN negotiations and developing countries and richer countries see it as a real indicator of Britains place on the international stage. It buys Britain a lot of kudos. Particularly when we leave the EU, it will demonstrate that we are punching above our weight.Tamsyn Barton, the chief executive of Bond, the UK membership body for development groups, said: It would be a travesty if the UKs 0.7% commitment, made to help the worlds poorest people, was not committed to by all political parties. This is not the time to shirk our global responsibility or step back from the world.Charlie Matthews, ActionAids head of advocacy, said: A truly global Britain must be outward looking. UK aid and the commitment to 0.7% is helping to feed millions of hungry people in east Africa whose lives have been devastated by drought. Aid saves lives and helps the worlds poorest people, especially women and girls.Jeff Crisp, a research associate at the Refugees Studies Centre at the University of Oxford, said dropping the aid pledge was not inevitable, but would be one way for May to appease the Tory right before difficult Brexit negotiations.She will have to appease the right wing of her own party. One of the ways will be to get rid of it or to reduce it. Another way she could appease the right wing of the party would be to increase the way the overseas development budget will be used for things that are not strictly development.Kim said: Were meeting at a time when we face overlapping crises, both natural and man made, all which add urgency to our mission: conflict; climate shocks; the worst refugee crisis since the second world war; and famine in parts of East Africa and Yemen, which the UN has called the worst in 70 years. With the famine in particular, the world was caught unprepared.Kim said the multiple crises were linked to rising aspirations prompted by greater internet access. Aspiration matched by opportunity could create dynamic societies, he added.But if those rising aspirations meet frustration we are very worried about more and more countries going down the path to fragility, conflict, violence, extremism and, of course, eventually migration. Because the other thing that access to the internet does is it increases peoples desire to migrate.Kim said there was a need to create successful developing countries that would buy goods from the developed west and so ensure that rising aspirations were not met with frustration.This is not something thats theoretical. Its happening in front of our eyes. People have to think of aid as more than just giveaways.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/apr/20/world-bank-chief-echoes-bill-gatess-warning-to-theresa-may-on-aid'|'2017-04-20T03:00:00.000+03:00'|2717.0|6.0|0.0|'' 2718|'2edd1a92417e3d666a54623c230f0545fd4b26cf'|'KKR to buy Hitachi Kokusai Electric for $2.3 billion'|'TOKYO U.S. buyout firm KKR said on Wednesday it has agreed to buy Hitachi Ltd''s electronic equipment unit for 257 billion yen ($2.3 billion) with investment fund Japan Industrial Partners Inc (JIP).KKR and JIP will pay 2,503 yen for each Hitachi Kokusai Electric Inc share, a 6.4 percent discount from Wednesday''s close, according to a joint statement from KKR and Japan Industrial Partners.Hitachi Ltd, the largest shareholder in Hitachi Kokusai, said in a separate statement it would reduce its ownership to 20 percent after the deal is completed.($1 = 111.1700 yen)(Reporting by Junko Fujita; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/kkr-hitachi-kokusai-idINKBN17S0ZW'|'2017-04-26T07:31:00.000+03:00'|2718.0|''|-1.0|'' -2719|'3740dc75a9a2b32a71287601126176ef42916746'|'US STOCKS-Wall St rallies as earnings lead charge'|'* American Express boosts Dow after results* Investors eye first round of French election this Sunday* Dow up 0.98 pct, S&P 500 up 0.90 pct, Nasdaq up 1.02 pct (Updates to mid-afternoon, changes byline)By Chuck MikolajczakNEW YORK, April 20 U.S. stocks were higher in on Thursday, with the S&P 500 index on track for its best day in about seven weeks, as American Express set the tone for the latest batch of earnings.The credit card company was up 5.8 percent as the top boost to the Dow Industrials after reporting a smaller-than-expected drop in quarterly profit late Wednesday.CSX Corp, up 5.6 percent, was one of the best performers on the S&P 500 after the railroad company reported a better-than-expected quarterly net profit driven by rising freight volumes and said it plans to cut costs and boost profitability moving forward."They really are just focusing now on the micro, which they should be, on the earnings and what the earnings are saying," said Ken Polcari, Director of the NYSE floor division at ONeil Securities in New York."Investors are putting the geopolitical stuff to the back of the bus at the moment and they are really focusing on what they should be."Major indexes had scuffled in recent days, falling for two straight weeks to retreat from record levels as worries about President Donald Trump''s ability to deliver on his pro-growth promises raised some concern about stretched stock valuations.Mounting tensions between North Korea and the United States and the looming French presidential elections also served to heighten investor caution.Of the 82 companies in the S&P 500 that have reported earnings through Thursday afternoon, about 75 percent have topped expectations, according to Thomson Reuters data, above the 71 percent average for the past four quarters.Overall, profits of S&P 500 companies are estimated to have risen 11.1 percent in the quarter, the best since 2011.The Dow Jones Industrial Average rose 200.94 points, or 0.98 percent, to 20,605.43, the S&P 500 gained 21.25 points, or 0.91 percent, to 2,359.42 and the Nasdaq Composite added 59.98 points, or 1.02 percent, to 5,923.01.Each of the three major indexes were on pace for their biggest daily percentage gain since March 1. The S&P 500 climbed back above its 50-day moving average, a level that had acted as resistance after the index fell below it last week.Recent polls showed centrist Emmanuel Macron hung on to his lead as favorite to win France''s presidential election in a four-way race that is too close to call.Philip Morris fell 3.8 percent to $109.61 as the biggest drag to the benchmark S&P index after the tobacco maker''s first-quarter profit forecast fell below estimates.Key companies scheduled to report results after the close on Thursday include Dow component Visa and toymaker Mattel .Advancing issues outnumbered declining ones on the NYSE by a 2.45-to-1 ratio; on Nasdaq, a 2.90-to-1 ratio favored advancers.The S&P 500 posted 37 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 101 new highs and 28 new lows. (Reporting by Tanya Agrawal; Editing by Anil D''Silva and Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-stocks-idINL1N1HS1M8'|'2017-04-20T16:37:00.000+03:00'|2719.0|''|-1.0|'' +2719|'3740dc75a9a2b32a71287601126176ef42916746'|'US STOCKS-Wall St rallies as earnings lead charge'|'* American Express boosts Dow after results* Investors eye first round of French election this Sunday* Dow up 0.98 pct, S&P 500 up 0.90 pct, Nasdaq up 1.02 pct (Updates to mid-afternoon, changes byline)By Chuck MikolajczakNEW YORK, April 20 U.S. stocks were higher in on Thursday, with the S&P 500 index on track for its best day in about seven weeks, as American Express set the tone for the latest batch of earnings.The credit card company was up 5.8 percent as the top boost to the Dow Industrials after reporting a smaller-than-expected drop in quarterly profit late Wednesday.CSX Corp, up 5.6 percent, was one of the best performers on the S&P 500 after the railroad company reported a better-than-expected quarterly net profit driven by rising freight volumes and said it plans to cut costs and boost profitability moving forward."They really are just focusing now on the micro, which they should be, on the earnings and what the earnings are saying," said Ken Polcari, Director of the NYSE floor division at ONeil Securities in New York."Investors are putting the geopolitical stuff to the back of the bus at the moment and they are really focusing on what they should be."Major indexes had scuffled in recent days, falling for two straight weeks to retreat from record levels as worries about President Donald Trump''s ability to deliver on his pro-growth promises raised some concern about stretched stock valuations.Mounting tensions between North Korea and the United States and the looming French presidential elections also served to heighten investor caution.Of the 82 companies in the S&P 500 that have reported earnings through Thursday afternoon, about 75 percent have topped expectations, according to Thomson Reuters data, above the 71 percent average for the past four quarters.Overall, profits of S&P 500 companies are estimated to have risen 11.1 percent in the quarter, the best since 2011.The Dow Jones Industrial Average rose 200.94 points, or 0.98 percent, to 20,605.43, the S&P 500 gained 21.25 points, or 0.91 percent, to 2,359.42 and the Nasdaq Composite added 59.98 points, or 1.02 percent, to 5,923.01.Each of the three major indexes were on pace for their biggest daily percentage gain since March 1. The S&P 500 climbed back above its 50-day moving average, a level that had acted as resistance after the index fell below it last week.Recent polls showed centrist Emmanuel Macron hung on to his lead as favorite to win France''s presidential election in a four-way race that is too close to call.Philip Morris fell 3.8 percent to $109.61 as the biggest drag to the benchmark S&P index after the tobacco maker''s first-quarter profit forecast fell below estimates.Key companies scheduled to report results after the close on Thursday include Dow component Visa and toymaker Mattel .Advancing issues outnumbered declining ones on the NYSE by a 2.45-to-1 ratio; on Nasdaq, a 2.90-to-1 ratio favored advancers.The S&P 500 posted 37 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 101 new highs and 28 new lows. (Reporting by Tanya Agrawal; Editing by Anil D''Silva and Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-stocks-idINL1N1HS1M8'|'2017-04-20T16:37:00.000+03:00'|2719.0|5.0|0.0|'' 2720|'585a8b055d2b5c370eb7e15f687ee6a840879c23'|'Swiss billionaire Wyss gets nearly 10 percent of Molecular Partners'|'ZURICH Swiss billionaire Hansjoerg Wyss has built a nearly 10 percent stake in biotech group Molecular Partners ( MOLN.S ) after share sales by Johnson & Johnson ( JNJ.N ) and other investors, the SIX Swiss Exchange said on Tuesday.Wyss, who made a large share of his fortune by selling med-tech company Synthes Holding AG to J&J in 2012 for nearly $20 billion, now owns 9.85 percent of Molecular Partners, whose products include several prospective cancer and eye disease treatments with partners including Allergan. ( AGN.N )In addition to J&J, Essex Woodlands Health Ventures and Index Ventures Associates IV Ltd have unloaded stakes this month.Beyond ventures in Swiss medical companies, Wyss has given about $225 million to Harvard University and its Wyss Institute for Biologically Inspired Engineering.(Reporting by John Miller; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-molecular-partners-wyss-idINKBN17D0XQ'|'2017-04-11T07:07:00.000+03:00'|2720.0|''|-1.0|'' 2721|'1b94072eeb45fbaefabb8f67a0b1477f516dfb5b'|'Futures flat as Trump tax plan awaited'|'Business News - Wed Apr 26, 2017 - 4:10pm EDT Wall Street dips as tax uncertainty offsets strong earnings Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 20, 2017. REUTERS/Brendan McDermid NEW YORK U.S. stocks ticked lower on Wednesday following two sessions of strong gains as upbeat corporate earnings were offset by uncertainty over the feasibility of a proposed business tax cut. The proposal from the Trump administration would slash tax rates for businesses and on overseas corporate profits returned to the country. It offered no specifics on how it would be paid for without increasing the deficit. The Dow Jones Industrial Average .DJI fell 21.03 points, or 0.1 percent, to 20,975.09, the S&P 500 .SPX lost 1.16 points, or 0.05 percent, to 2,387.45 and the Nasdaq Composite .IXIC dropped 0.27 points, or 0 percent, to 6,025.23. (Reporting by Rodrigo Campos; Editing by Nick Zieminski) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN17S1FK'|'2017-04-26T19:32:00.000+03:00'|2721.0|''|-1.0|'' -2722|'0695f4822161b4505d8d4253c720141e32ab9326'|'Cenovus faces investor displeasure after ConocoPhillips deal'|'Business News - Thu Apr 27, 2017 - 12:58am BST Cenovus faces investor displeasure after ConocoPhillips deal By Ethan Lou - CALGARY, Alberta CALGARY, Alberta Cenovus Energy Inc ( CVE.TO )( CVE.N ) won about 87 percent of shareholders'' votes for its board of director slate on Wednesday, below previous near-unanimous approvals, as some voters protested the company''s C$17 billion ($12.6 billion) purchase of ConocoPhillips ( COP.N ) assets. The deal, announced in March, effectively doubled the size of the Canadian oil company, but wiped out about a fifth of its market value, with some investors complaining that the price was too high. Even as Cenovus posted better-than-expected first-quarter earnings on Wednesday, questions about the deal and Cenovus'' ability to execute it dogged a conference call about the results and the shareholders meeting later that day. A shareholder who wanted to be known only as Bernie told management: "If you guys are so confident on the deal, why don''t shareholders have the opportunity to vote?" Investors had been "left out in the cold," he said. "I very much resent that." Chairman Michael Grandin responded that the "once-in-a-lifetime" deal required confidentiality for negotiations that a shareholder vote would deny. Chief Executive Brian Ferguson said the Deep Basin natural gas asset bought from ConocoPhillips, which some investors said was incompatible with Cenovus'' oil business, was "absolutely core" to the company and could be its "crown jewel." Cenovus could reduce spending on Deep Basin to focus on oil sands, and also sell part of that natural gas asset, he added. Ferguson told media after the meeting that the roughly 87 percent vote tally reflected confidence in the deal, which is expected to close in the second quarter. Cenovus plans to fund the deal partly through divestitures, mainly of its Suffield and Pelican Lake conventional oil and gas assets. The company will provide more details on those in the third quarter, Ferguson said earlier on Wednesday. Cenovus reported a C$211 million ($155.54 million) profit in the quarter ended March 31, helped by lower operating costs and higher production. Net profit was 25 Canadian cents per share, compared with a loss of C$118 million, or 14 Canadian cents per share, a year earlier. Operating loss was 5 Canadian cents per share, compared with analysts'' average estimate of a loss of 8 Canadian cents, according to Thomson Reuters I/B/E/S. Cenovus said operating costs for its oil sands fell 6 percent to C$8.97 per barrel, while total oil production rose about 19 percent to 234,914 barrels per day. (Reporting by Ethan Lou in Calgary, Alberta and Muvija M in Bengaluru; editing by Anil D''Silva and Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-cenovus-energy-results-idUKKBN17S37C'|'2017-04-27T07:58:00.000+03:00'|2722.0|''|-1.0|'' +2722|'0695f4822161b4505d8d4253c720141e32ab9326'|'Cenovus faces investor displeasure after ConocoPhillips deal'|'Business News - Thu Apr 27, 2017 - 12:58am BST Cenovus faces investor displeasure after ConocoPhillips deal By Ethan Lou - CALGARY, Alberta CALGARY, Alberta Cenovus Energy Inc ( CVE.TO )( CVE.N ) won about 87 percent of shareholders'' votes for its board of director slate on Wednesday, below previous near-unanimous approvals, as some voters protested the company''s C$17 billion ($12.6 billion) purchase of ConocoPhillips ( COP.N ) assets. The deal, announced in March, effectively doubled the size of the Canadian oil company, but wiped out about a fifth of its market value, with some investors complaining that the price was too high. Even as Cenovus posted better-than-expected first-quarter earnings on Wednesday, questions about the deal and Cenovus'' ability to execute it dogged a conference call about the results and the shareholders meeting later that day. A shareholder who wanted to be known only as Bernie told management: "If you guys are so confident on the deal, why don''t shareholders have the opportunity to vote?" Investors had been "left out in the cold," he said. "I very much resent that." Chairman Michael Grandin responded that the "once-in-a-lifetime" deal required confidentiality for negotiations that a shareholder vote would deny. Chief Executive Brian Ferguson said the Deep Basin natural gas asset bought from ConocoPhillips, which some investors said was incompatible with Cenovus'' oil business, was "absolutely core" to the company and could be its "crown jewel." Cenovus could reduce spending on Deep Basin to focus on oil sands, and also sell part of that natural gas asset, he added. Ferguson told media after the meeting that the roughly 87 percent vote tally reflected confidence in the deal, which is expected to close in the second quarter. Cenovus plans to fund the deal partly through divestitures, mainly of its Suffield and Pelican Lake conventional oil and gas assets. The company will provide more details on those in the third quarter, Ferguson said earlier on Wednesday. Cenovus reported a C$211 million ($155.54 million) profit in the quarter ended March 31, helped by lower operating costs and higher production. Net profit was 25 Canadian cents per share, compared with a loss of C$118 million, or 14 Canadian cents per share, a year earlier. Operating loss was 5 Canadian cents per share, compared with analysts'' average estimate of a loss of 8 Canadian cents, according to Thomson Reuters I/B/E/S. Cenovus said operating costs for its oil sands fell 6 percent to C$8.97 per barrel, while total oil production rose about 19 percent to 234,914 barrels per day. (Reporting by Ethan Lou in Calgary, Alberta and Muvija M in Bengaluru; editing by Anil D''Silva and Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-cenovus-energy-results-idUKKBN17S37C'|'2017-04-27T07:58:00.000+03:00'|2722.0|11.0|5.0|'' 2723|'51e73afdde329b70b3c64d36c56a0464bb62dada'|'Trump promises again to revamp Wall Street reform rules'|'WASHINGTON President Donald Trump told a group of chief executives on Tuesday that his administration was reducing regulations and revamping the Wall Street reform law known as Dodd-Frank, which might be eliminated and replaced with "something else.""We''re going to reduce taxes, we''re going to eliminate wasteful regulations," Trump said at a meeting attended by corporate leaders and members of his cabinet.Earlier this year, Trump ordered reviews of the major banking rules that were put in place after the 2008 financial crisis and last week he said officials were planning a "major haircut" for the regulations."For the bankers in the room, they''ll be very happy because we''re really doing a major streamlining and, perhaps, elimination, and replacing it with something else," Trump said on Tuesday."That will be the minimum. But we''re doing a major elimination of the horrendous Dodd-Frank regulations, keeping some obviously, but getting rid of many."Participants in the meeting included Rich Lesser, chief executive of Boston Consulting Group; Doug McMillon, chief executive of Wal-Mart Stores; Indra Nooyi, chief executive of PepsiCo; Jim McNerney, former chief executive of Boeing; Ginni Rometty, chief executive of IBM; and Jack Welch, former chairman of General Electric.The business leaders are part of Trump''s "Strategy and Policy Forum" that last met with him in February.Trump also reiterated his criticism of the North Atlantic Free Trade Agreement between the United States, Canada and Mexico."NAFTA is a disaster. It''s been a disaster from the day it was devised. And we''re going to have some very pleasant surprises for you on NAFTA, that I can tell you," he said.(Reporting by Jeff Mason; Editing by Alistair Bell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-business-idINKBN17D266'|'2017-04-11T15:53:00.000+03:00'|2723.0|''|-1.0|'' 2724|'09f95d3e871b34ec1de04c2fbf7fd9e62a6c2cd1'|'PPG raises proposed bid for Akzo Nobel to $28.8 billion'|'Business News - Mon Apr 24, 2017 - 12:48pm BST PPG raises bid for Dutch Akzo Nobel to $28.8 billion FILE PHOTO: AkzoNobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo By Toby Sterling - AMSTERDAM AMSTERDAM PPG Industries ( PPG.N ), the U.S. paintmaker that is pursuing a takeover of Dutch peer Akzo Nobel ( AKZO.AS ), on Monday increased its proposed cash and share offer to 26.9 billion euros (22.50 billion pounds), from around 24.6 billion euros. The move comes a day before Akzo, which has declined two previous approaches from PPG, faces a group of unhappy shareholders at its annual meeting. Akzo shares jumped 6 percent to a record high of 82.86 euros by 1130 GMT. The shareholders, led by hedge fund Elliott Advisors, say Akzo should at least open exploratory talks with PPG to more closely examine their proposal. [L8N1HK0KC] "We are extending this one last invitation to you and the AkzoNobel boards to reconsider your stance and to engage with us," PPG Chief Executive Michael McGarry said in a statement on Monday. "Our revised proposal represents a second increase in price along with significant and highly-specific commitments that we are confident AkzoNobel''s stakeholders will find compelling," added McGarry. Akzo Nobel confirmed it had received a "third unsolicited proposal" from PPG but was non-committal in its response. "The Board of Management and Supervisory Board of AkzoNobel will carefully review and consider this proposal," said Akzo, whose brands include Dulux paint. A spokesman for Elliott said the fund was examining PPG''s latest proposal and could not immediately comment. PPG said its bid represented an increased price of 96.75 euros, including dividend, per AkzoNobel share -- comprised of 61.50 euros in cash and 0.357 shares of PPG common stock. That is a 50 percent premium from Akzo Nobel''s closing price of 64.42 on March 8, the day before PPG confirmed it had made a proposal to buy Akzo at 80 euros per share. A second bid worth 90 euros per share on March 20 was rejected within 48 hours, with Akzo arguing that it substantially undervalued the company and would be bad for other stakeholders, such as employees and customers. Last week, Akzo presented its case for remaining independent, offering shareholders 1.6 billion euros in extra dividends and detailing plans to sell or float its chemicals arm, representing a third of company sales and profits, within one year. Both moves, if completed, would make Akzo a less attractive target for PPG, although the Pittsburgh-based company has said the primary reason for the merger would be synergies of $750 million between the companies'' paints and coatings businesses. (Reporting by Toby Sterling. Additional reporting by Maya Keidan. Editing by Keith Weir/Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-akzo-nobel-m-a-ppg-inds-idUKKBN17Q0ZH'|'2017-04-24T18:52:00.000+03:00'|2724.0|''|-1.0|'' 2725|'a9b7d22903fe42b3ca05f20a8d77f2cc6553f06d'|'Top BlackRock portfolio manager turning to safe-haven assets'|' 8:15pm BST Top BlackRock portfolio manager turning to safe-haven assets By Trevor Hunnicutt - NEW YORK NEW YORK One of the portfolio managers behind BlackRock Inc''s ( BLK.N ) largest mutual fund says his team has been buying safe-haven assets such as gold and Treasuries to protect from "known unknowns" in global politics. "There is a little political risk creeping back into investors'' awareness and that''s probably appropriate because there are some things out there that can go wrong," Russ Koesterich, a manager of the $40 billion BlackRock Global Allocation Fund ( MALOX.O ), told Reuters on Thursday. "We''ve been raising our allocation to U.S. duration and we''ve been raising our allocation to gold." Despite what he said was a "good year" for markets and a low likelihood of recession, Koesterich said there is "less conviction" in the "reflation trade," the belief that markets are poised to profit from a coming global growth wave. Koesterich and other investors saw that reflation narrative driving stocks'' strong performance since last November as U.S. president. "Against the dry tinder of firming prices, we now have a potential match: a rare combination of fiscal stimulus and tax cuts," Koesterich wrote in November. "Welcome to the new world." The match has not yet been struck, and the unpredictability of conflict involving the Korean peninsula is dragging on markets, Koesterich said. Reclusive North Korea could soon conduct its sixth nuclear test or more missile launches in defiance of U.N. sanctions and warnings from the United States that a policy of patience is over. "I don''t think anybody is going to predict what happens in North Korea," said Koesterich. "That''s one of those known unknowns." Gold and bonds are traditionally used to curtail risk. But the U.S. dollar is more likely to trade within a tight range, rather than "rocket" higher, Koesterich said, especially after Trump told the Wall Street Journal this week that the greenback is "getting too strong." The Global Allocation Fund trimmed its quarter-billion dollar stake in JPMorgan Chase & Co ( JPM.N ) in March, according to new disclosures showing the bank was no longer one of the fund''s top-10 holdings at the end of the month. JPMorgan and other bank stocks faced selling pressure on Thursday after their earnings reports showed slower loan growth and other comments by Trump on Wednesday endorsing low interest rates. Low interest rates dampen a bank''s ability to make money from lending. The latest disclosures did not clarify how much of the JPMorgan stake has been sold and Koesterich declined to comment on individual stocks. (Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-blackrock-outlook-idUKKBN17F2HW'|'2017-04-14T03:15:00.000+03:00'|2725.0|''|-1.0|'' 2726|'dc08bff9023a491dedb51fa7067612f9016826f3'|'China Mobile, others approached for buying into Singapore telco M1: sources'|'By Anshuman Daga - SINGAPORE SINGAPORE Top shareholders in Singapore telecoms company M1 Ltd ( MONE.SI ) have approached potential buyers China Mobile ( 0941.HK ) and global private equity firms, among others, to sell their combined majority stake in the firm, sources familiar with the matter said.The three main shareholders of Singapore''s smallest listed telecoms player, who own a combined 61 percent, flagged a strategic review of their investments last month, and jointly appointed Morgan Stanley as their financial adviser.They did not give a reason behind the review of their stake in the S$1.9 billion ($1.36 billion) company.The sources said the three shareholders - Malaysia''s Axiata Group ( AXIA.KL ), Singapore Press Holdings (SPH) ( SPRM.SI ) and Keppel Telecommunications & Transportation ( KTEL.SI ) - had also reached out to other telecoms firms, cash-rich business groups in China and Japanese tech firms to gauge their interest.First-round bids for M1, long seen as a target due to its small size and diverse shareholding, are expected in a few weeks, the sources said. They added that talks between the parties were still at an early stage and there was no certainty the process would succeed.They did not provide details on how China Mobile or the other prospective bidders have responded to the approach.When contacted for comments, Keppel, SPH and Axiata referred Reuters to their joint statement issued last month. M1 referred the query to its shareholders. China Mobile declined to comment.The sources declined to be identified as they were not authorized to speak to the media.The sale process comes as competition heats up in Singapore, with Australia''s TPG Telecom ( TPM.AX ) set to launch its services next year after winning a license to become the city-state''s fourth telecom operator. Analysts expect M1 to be the most vulnerable to new competition.M1''s shares have nearly halved over the past two years due to its weak business performance amid increased competition.But Singapore''s well-regulated telecoms market offers stable cash flows. Some telecoms firms could also use the city-state as a launch pad into a region that is still developing, industry executives and analysts said."It''s actually a decent business for current owners or any new ones if you factor in the upsides," said Rameez Ansar, co-founder of Singapore firm Circles.Life, which leases towers from M1, referring to weakness in M1''s share performance and Singapore''s position as a tier-one market and high user revenues.M1 could also fit in a portfolio of other telecoms ventures."M1 could become part of a portfolio of investments in telecom-related assets. Someone looking for financial returns could be interested, if other portfolio companies could help to enhance M1''s overall value," said Gregory Yap, analyst at Maybank Kim Eng Securities.Under Singapore''s rules, an acquirer of a 30 percent or more stake in a listed company is required to make an offer to buy out the rest of the shareholders.Some of the sources said M1''s main shareholders would require a substantial control premium for the sale to get done.State-run China Mobile, as well as local peers China Unicom Hong Kong Ltd ( 0762.HK ) and China Telecom Corp Ltd ( 0728.HK ), the country''s big telecoms firms, are pursuing expansion plans beyond their home market.If China Mobile acquires M1, it would mark its biggest overseas foray. The world''s largest mobile operator bought an 18 percent stake in Thailand''s True Corp ( TRUE.BK ) in 2014 after buying Pakistan telecoms firm Paktel in 2007.($1 = 1.3961 Singapore dollars)(Reporting by Anshuman Daga; Additional reporting by Jeremy Wagstaff, Aradhana Aravindan and Sumeet Chatterjee; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-m1-m-a-idINKBN17N1CM'|'2017-04-21T09:38:00.000+03:00'|2726.0|''|-1.0|'' -2727|'aade090387ca5eb87993a4fd6b25c5965707cc16'|'Japan government raises business sentiment assessment, first time in four months'|' 44am BST Japan government raises business sentiment assessment, first time in four months A construction site is reflected on a window as a businessman walks in Tokyo''s business district, Japan January 20, 2016. REUTERS/Toru Hanai TOKYO Japan''s government raised its assessment of business sentiment in April, the first upgrade in four months, after the Bank of Japan''s tankan survey showed this month that the corporate mood brightened. However, the government left unchanged for the fifth month its overall assessment that the economy is recovering gradually though pockets of weakness remain. Japan''s economy has shown signs of life in recent months, with exports and factory output benefiting from a recovery in global demand. Business confidence among big manufacturers improved for a second straight quarter to hit a one-and-a-half year high, the BOJ tankan released on April 3 showed, a sign the benefits of an export-driven economic recovery were broadening. "Firms'' judgment on current business conditions is improving," the Cabinet Office said in its monthly economic report released on Thursday. This marked an upgrade from last month, when the Cabinet Office, which helps coordinate economic policy, said business sentiment was improving gradually. The BOJ is expected to offer a more upbeat view of the economy at its policy review next week than it did a month ago, sources have told Reuters, as robust exports and factory output support recovery in the world''s third-largest economy. The economy is expected to recover gradually as employment and wages continue to improve, but uncertainty in overseas economies and fluctuations in the financial markets warrant attention, the Cabinet Office said in its report. The Cabinet Office left unchanged its assessment that consumer spending is continuing to recover on the whole, capital expenditure is showing signs of pick up, and that exports are recovering. (Reporting by Minami Funakoshi; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-report-idUKKBN17M0VL'|'2017-04-20T16:44:00.000+03:00'|2727.0|''|-1.0|'' +2727|'aade090387ca5eb87993a4fd6b25c5965707cc16'|'Japan government raises business sentiment assessment, first time in four months'|' 44am BST Japan government raises business sentiment assessment, first time in four months A construction site is reflected on a window as a businessman walks in Tokyo''s business district, Japan January 20, 2016. REUTERS/Toru Hanai TOKYO Japan''s government raised its assessment of business sentiment in April, the first upgrade in four months, after the Bank of Japan''s tankan survey showed this month that the corporate mood brightened. However, the government left unchanged for the fifth month its overall assessment that the economy is recovering gradually though pockets of weakness remain. Japan''s economy has shown signs of life in recent months, with exports and factory output benefiting from a recovery in global demand. Business confidence among big manufacturers improved for a second straight quarter to hit a one-and-a-half year high, the BOJ tankan released on April 3 showed, a sign the benefits of an export-driven economic recovery were broadening. "Firms'' judgment on current business conditions is improving," the Cabinet Office said in its monthly economic report released on Thursday. This marked an upgrade from last month, when the Cabinet Office, which helps coordinate economic policy, said business sentiment was improving gradually. The BOJ is expected to offer a more upbeat view of the economy at its policy review next week than it did a month ago, sources have told Reuters, as robust exports and factory output support recovery in the world''s third-largest economy. The economy is expected to recover gradually as employment and wages continue to improve, but uncertainty in overseas economies and fluctuations in the financial markets warrant attention, the Cabinet Office said in its report. The Cabinet Office left unchanged its assessment that consumer spending is continuing to recover on the whole, capital expenditure is showing signs of pick up, and that exports are recovering. (Reporting by Minami Funakoshi; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-report-idUKKBN17M0VL'|'2017-04-20T16:44:00.000+03:00'|2727.0|4.0|0.0|'' 2728|'f4f74dfcfde2cc7be9e654175daf254151224943'|'UPDATE 1-UK Stocks-Factors to watch on April 3'|' 42am EDT UPDATE given Imagination Tech notice that it will stop using its graphics technology in the iPhone and other products in up to two years'' time, dealing a major blow to the British company. * RECKITT BENCKISER: British consumer goods maker Reckitt Benckiser is weighing strategic options for its food business, it said on Monday it, following its agreement to buy Mead Johnson . * CO-OP BANK: Britain''s Virgin Money is poised to make a bid for Co-operative Bank , the Times reported on Saturday. bit.ly/2nQyisU * RIO TINTO: The copper market is likely to see a small shortage as early as this year because of a lack of new supply and the removal of up to 800,000 tonnes over the past 18 months in response to modest prices, Rio Tinto''s copper and diamonds chief will say on Tuesday. * SHELL: Royal Dutch Shell has decided to withdraw from Kakinada gas project in India, Business Standard reported on Monday. * NATIONAL GRID: UK electricity system operator National Grid is pressing for a rule change that would allow it to own storage, the Financial Times reported on Sunday. * APAX: British private equity fund Apax Partners is close to finalizing a deal to buy Israel-based Syneron Medical , an aesthetic device company, for about $500 million, Israeli media reported on Sunday. * BRITAIN ECONOMY: British company finance chiefs are their most optimistic in 18 months, but their risk appetite has recovered far less from the battering it took in the run-up to and aftermath of last year''s vote to leave the European Union, a survey showed on Monday. * OIL: Oil futures dipped in early Asian trade on Monday on worries about global oversupply after a higher U.S. rig count pointed to rising U.S. shale production, while a stronger dollar also put pressure on crude. * The UK blue chip FTSE 100 index closed 0.6 percent lower at 7,322.92 points on Friday, weighed down by South Africa-exposed stocks after President Jacob Zuma sacked finance minister Pravin Gordhan, causing a slump in the rand. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sunil Nair) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1HB2AV'|'2017-04-03T14:42:00.000+03:00'|2728.0|''|-1.0|'' 2729|'3f2f907c0cae162d6e29e4b57f835caa15dc25a2'|'BHP Billiton says costs of Elliott restructure plan outweigh benefits'|'Business News - Wed Apr 12, 2017 - 5:41am BST BHP Billiton reasserts strategy, says Elliott proposals flawed A sign adorns the building where mining company BHP Billiton has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File photo SYDNEY Anglo-Australian miner BHP Billiton ( BHP.AX ) ( BLT.L ) on Wednesday dismissed a wide-ranging proposal by shareholder Elliott Advisors to overhaul its corporate strategy and sell off oil interests, saying the costs would far outweigh the benefits. "The elements of the Elliott proposal as described to the board would not be in the long-term interest of shareholders," BHP Chief Executive Officer Andrew Mackenzie said on an analyst call. "I cannot overstate my strong belief that BHP Billiton is on the right track." The comments came as BHP released a detailed response two days after U.S.-based Elliott made public a letter to its directors urging them to consider spinning off the U.S. oil arm, while returning more cash to investors. The response offered no counterproposal and instead defended the miner''s longstanding strategy. "We have been in engagement with Elliott for eight months," Mackenzie said. "From our earliest engagements it was clear there were major flaws in Elliott''s proposals." Elliott, which said it holds a "long economic interest" of about 4.1 percent of London-listed BHP Billiton PLC, wants the miner to ditch its dual corporate structure and replace it with a single company domiciled in Britain. "The (dual-listed structure) is not a restraint to our business," BHP Chief Financial Officer Peter Beaven told analysts. "It provides two important acquisition currencies in addition to cash." Under the Elliott plan, BHP would have a primary share-market listing in London and a secondary listing in Sydney. The Australian government on Tuesday said any significant changes to BHP''s corporate structure would need to be consistent with a "national interest" test under the law. Over the last decade, BHP has examined the prospect of changing its corporate structure and spinning off its oil business but has ultimately rejected the ideas. "A standard petroleum business would lose access to BHP Billiton''s balance sheet," Mackenzie said on Wednesday. "Were we to adopt this proposal our global partners would have to work with a Balkanised, broken up BHP Billiton." Elliott, an activist hedge fund, has also lobbied for change at other firms including Samsung Electronics Co Ltd ( 005930.KS ), Akzo Nobel NV ( AKZO.AS ) and SABMiller [SABXSH.UL]. (Reporting by James Regan and Jamie Freed; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bhp-billiton-shareholders-idUKKBN17E0BE'|'2017-04-12T12:28:00.000+03:00'|2729.0|''|-1.0|'' 2730|'9f6bd526a9c9c9305b18b4d121d723ac878012ef'|'LVMH''s Arnault to take full control of Christian Dior'|'By Dominique Vidalon and Gilles Guillaume - PARIS PARIS French billionaire Bernard Arnault will combine the Christian Dior fashion brand with his LVMH luxury goods empire as part of a 12 billion euro ($13 billion) move to simplify his business interests - a restructuring long demanded by other investors.Under a series of complex transactions, LVMH ( LVMH.PA ), the world''s largest luxury group, will buy the Christian Dior Couture brand from the Christian Dior ( DIOR.PA ) holding company for 6.5 billion euros, including debt.The deal will unite the 70 year old fashion label worn by film stars from Grace Kelly and Elizabeth Taylor to Jennifer Lawrence and Natalie Portman with the Christian Dior perfume and beauty business already owned by LVMH.The Arnault family, which holds a 47 percent stake in LVMH, will also offer to buy the 25.9 percent of the Christian Dior holding company it does not already own for about 260 euros per share, a premium of 15 percent over Monday''s closing price.The transactions "will allow the simplification of the structures, long requested by the market, and the strengthening of LVMH''s Fashion and Leather Goods division," the 68-year-old Arnault said in a statement.LVMH shares rose almost 5 percent to a record high of 225 euros as investors welcomed the deals, which they expect to boost LVMH earnings. Dior shares also jumped 13 percent to a new high of 256 euros."This is a good acquisition for LVMH in our view given the strong brand of Christian Dior, good use of its balance sheet and it reunites the Christian Dior brand with the very profitable perfume operation that LVMH operates," Barclays analysts wrote in a research note.LAST BIG DEAL?LVMH said it would use a loan to pay for Christian Dior Couture, which has 198 stores in over 60 countries, and whose sales have doubled over the past five years.Exane BNP Paribas analyst Luca Solca welcomed "the long awaited LVMH and Dior merger", which he said was made at a reasonable valuation. Including debt, LVMH is paying 15.6 times Dior''s 2017 earnings before interest, taxes, depreciation and amortization (EBITDA).Solca added the deal also reduced the risk of LVMH, whose brands include Louis Vuitton and Hennessy cognac, buying pricey, "trophy assets".Finance chief Jean-Jacques Guiony declined to comment on LVMH''s future mergers and acquisitions (M&A) policy. But Arnault told the Financial Times that LVMH was not hunting for acquisitions as "fewer and fewer assets are looking attractive to us. And the best assets are not for sale."The Dior holding company owns 41 percent of the LVMH group and 100 percent of Christian Dior Couture, the home of the Lady Dior handbag.Arnault''s family company will offer 172 euros per share and 0.192 Hermes ( HRMS.PA ) shares for each Dior holding company share. There are potential all-cash and all-share alternatives.Arnault has a stake of about 8 percent in luxury group Hermes ( HRMS.PA ), and Hermes'' shares fell from earlier record highs on the prospect of more of the stock coming to the market.LVMH said the overall deal would boost earnings per share by some 3 percent within the first year of its completion, with the transactions expected to close during the second half of 2017.(Additional reporting by Blandine Henault; Editing by Andrew Callus and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-lvmh-dior-idINKBN17R0I1'|'2017-04-25T17:50:00.000+03:00'|2730.0|''|-1.0|'' @@ -2764,7 +2764,7 @@ 2762|'f07ad663e92ceb0f38c275ee1fb937d91083e62b'|'Most Fed policymakers see change to balance sheet policy ''later this year'' - minutes'|' 10:04pm BST Most Fed policymakers see change to balance sheet policy ''later this year'': minutes FILE PHOTO - A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque//File Photo By Lindsay Dunsmuir and Howard Schneider - WASHINGTON WASHINGTON Most Federal Reserve policymakers think the central bank should take steps to begin trimming its $4.5 trillion balance sheet later this year as long as the economic data holds up, minutes from their last meeting showed. The minutes released on Wednesday of the March 14-15 policy discussion, at which the Fed voted 9-1 to raise interest rates, also showed that the rate-setting committee had a broad discussion about whether to phase out or halt reinvestments all at once. "Provided that the economy continued to perform about as expected, most participants anticipated that gradual increases in the federal funds rate would continue and judged that a change to the Committee''s reinvestment policy would likely be appropriate later this year," the Fed said in the minutes. Treasury yields initially rose sharply after the release of the minutes but reversed course. The dollar briefly slipped while stocks on Wall Street fell. The Fed bought Treasury and mortgage-backed bonds on an unprecedented scale in the wake of the financial crisis to help keep interest rates low to spur hiring and growth. Fed policymakers have previously indicated that any plan to shrink its portfolio would let the bonds naturally roll off, by not reinvesting them when they mature, once its interest rate hikes were "well under way." "The December FOMC meeting is probably the most likely date to introduce this change," said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto, following the publication of the minutes. The Fed''s lifted its benchmark interest rate in March to a target range of between 0.75 and 1 percent, its second hike in three months, and signaled it remained on track to lift rates twice more this year. In the minutes, almost all policymakers agreed that the timing of a change in balance sheet policy would depend on economic and financial conditions and generally preferred to taper or stop investments in both Treasury and mortgage-backed bonds. An approach that phased out reinvestments was seen as less likely to trigger financial market volatility while doing so all at once "was generally viewed as easier to communicate while allowing for somewhat swifter normalization of the size of the balance sheet." What they all agreed on was that shrinking the balance sheet should be gradual and predictable and nearly all said that any altering of the policy "should be communicated...well in advance of an actual change." UPSIDE RISKS TO ECONOMY New York Fed President William Dudley recently said that taking steps to normalize the balance sheet would tighten financial conditions and could affect the pace of rate rises. Prior to the minutes Wall Street banks expected no changes to the balance sheet policy until mid-2018, the latest poll by the New York Fed showed. Elsewhere in the minutes policymakers appeared to see upside risks to the economy while there was still disagreement on how close the Fed was to meeting its 2 percent inflation goal this year. In its March policy statement, the Fed said that its inflation target was "symmetric," indicating it could tolerate price rises temporarily overshooting its 2 percent target rate. Along with the minutes, the central bank for the first time also published a set of so-called "fan charts" to show the extent of uncertainty around their quarterly economic forecasts. Uncertainty around them was substantial, the Fed said. The Fed''s next policy meeting is scheduled for May 2-3 while investors currently expect another rate rise in June. (Reporting by Lindsay Dunsmuir and Howard Schneider; Editing by Andrea Ricci) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-fed-minutes-idUKKBN1772G4'|'2017-04-06T03:34:00.000+03:00'|2762.0|''|-1.0|'' 2763|'a89727eff6e4b4cd78e01d9e36e5e11e0e818000'|'Cenovus C$3 billion offering has been fully subscribed: sources'|'TORONTO Cenovus Energy Inc''s ( CVE.TO ) C$3 billion ($2.25 billion) equity offering to partly fund its planned C$17.7 billion acquisition of some of ConocoPhillips Co''s ( COP.N ) Canadian assets has been fully subscribed, sources familiar with the situation said on Friday.The sale of 187.5 million common shares at C$16 per share was fully allocated on Wednesday evening, soon after the deal was announced, the people said. The people declined to be named because the matter was not public.The equity sale is expected to close next week.Royal Bank of Canada ( RY.TO ) and JPMorgan Chase & Co ( JPM.N ), which are leading the share sale, requests for comment outside office hours on Friday. A Cenovus spokesman declined to comment.Cenovus shares tumbled to their biggest one-day percentage drop in history on Thursday as investors wondered if the company had made the right move in reaching the cash and stock deal to buy ConocoPhillips'' oil sands and natural gas assets. The stock was unchanged on Friday.(Reporting by John Tilak in Toronto and Nia Williams in Calgary; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-conocophillips-cenovus-idINKBN17230J'|'2017-03-31T21:29:00.000+03:00'|2763.0|''|-1.0|'' 2764|'adef824e6db8f79569dcbcba44f8ee0386837604'|'Stocks, dollar under pressure after soft U.S. data'|'Business News - Mon Apr 17, 2017 - 1:36am BST Stocks, dollar under pressure after soft U.S. data Pedestrians are reflected on an electronic board showing Japan''s Nikkei average (top L), the Dow Jones average (top R) and the stock averages of other countries outside a brokerage in Tokyo, Japan, January 26, 2017. REUTERS/Kim Kyung-Hoon By Hideyuki Sano - TOKYO TOKYO Shares dipped on Monday while the dollar and U.S. bond yields fell after soft U.S. economic data hurt investor sentiment already frayed by worries over North Korea and upcoming French elections. That dwarfed any relief for market players after the U.S. Treasury department did not name China as a currency manipulator, avoiding an all-out confrontation on currencies between the world''s two largest economies. S&P 500 mini futures ESc1 dipped 0.1 percent to 2,325, edging near a six-week low of 2,317.75 touched in late March following U.S. President Donald Trump''s defeat over healthcare reform. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.2 percent in holiday-thinned trade, while Japan''s Nikkei .N225 shed 0.4 percent. The biggest focus during the Asian trading hours is China''s economic data, due at 0200 GMT, including January-March GDP. Economists expect growth in the world''s second-biggest economy to have expanded 6.8 percent compared to a year earlier, the same pace as the preceding quarter. That would be above the target of around 6.5 percent Beijing has set for this year''s growth, but many analysts expect momentum to fade slowly in coming months. Barring a major shock in the China readings, markets are expected to remain focused on U.S. data and its possible impact on the pace of interest rate hikes, and concerns over North Korea and the French presidential election. U.S. retail sales dropped more than expected in March while annual core inflation slowed to 2.0 percent, the smallest advance since November 2015, from 2.2 percent in February, data showed on Friday. That helped to drive down the 10-year U.S. Treasuries yield to 2.200 percent US10YT=RR, its lowest level since mid-November from around 2.228 percent on Thursday before a market holiday on Friday. The yield could now fill the chart gap between 2.150 and 2.168 percent made just after the U.S. presidential election, some analysts said. "At the moment, it is hard to see any factors that could drive up bond yields," said Hiroko Iwaki, senior strategist at Mizuho Securities. "And compared to U.S. bond yields, which have given up much of their gains after the election, U.S. share prices, having gone through a limited correction, look vulnerable given potential developments in North Korea or the French election," she said. Fed fund futures <0#FF:> rose in price, now pricing less than a 50 percent chance of a rate hike in its June 13-14 meeting for the first time in about a month. U.S. President Donald Trump''s administration declined to name any major trading partner as a currency manipulator in a highly anticipated report on Friday, backing away from a key Trump campaign promise to slap such a label on China. But the semi-annual U.S. Treasury currency report maintained the six countries on a "monitoring list" -- China, Japan, Germany, South Korea, Taiwan and Switzerland. The dollar slipped to 108.35 yen JPY= , hitting a five-month low. The dollar has given up three quarters of the gains it had made after the Trump''s surprise election victory had boosted expectations that his stimulus and deregulation plans would buoy U.S. growth and inflation. The euro stood at $1.0603 EUR= , little moved so far, and not far from a one-month low of $1.0570 touched last Monday, with focus on the French presidential election. Ahead of the first round of voting on April 23, the race looked tighter. Two polls put any of the four frontrunners, including far-right candidate Marine Le Pen and hard-left challenger Jean-Luc Melenchon, within reach of a two-person run-off vote. Gold gained 0.7 percent to hit a five-month high of $1,295.5 per ounce XAU= on continued concerns on tensions over North Korea. The United States, its allies and China are working together on a range of responses to North Korea''s latest failed ballistic missile test, Trump''s national security adviser said on Sunday, citing what he called an international consensus to act. The Turkish lira jumped TRYTOM=D3 about 2.5 percent to 3.6300 per dollar versus 3.7220 on Friday after President Tayyip Erdogan snatched a victory in a referendum to grant him sweeping powers in the biggest overhaul of modern Turkish politics. (Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN17J011'|'2017-04-17T08:36:00.000+03:00'|2764.0|''|-1.0|'' -2765|'0df7f5a8bbd7801bf48b8d2fa09fceaaf764b8b5'|'Malta wants EU to slow down drive against tax avoidance'|'Business News - Fri Apr 7, 2017 - 2:59pm BST Malta wants EU to slow down drive against tax avoidance By Francesco Guarascio and Jan Strupczewski - VALLETTA VALLETTA Malta''s presidency of the European Union said on Friday the bloc should slow down its drive against corporate tax avoidance because it might hurt Europe''s economy by increasing legal uncertainty. Following recent revelations, such as the Panama Papers, of tax evasion and reduction by big corporations and wealthy individuals, the European Commission has made several legislative proposals to close legal loopholes but some of the most ambitious plans have yet to be approved by EU states. In a paper to be discussed by EU finance ministers in Valletta on Friday and Saturday, Malta, which holds the rotating EU chair until July, said the proposed reforms would increase uncertainty, harming international investment and trade. Malta and other smaller EU states with low tax regimes have repeatedly showed caution in the push for reform, fearing multinationals headquartered in their territory may leave. The paper, seen by Reuters, said, "a certain amount of time is needed in order to properly formulate, assimilate and apply such legislation". It also argued that the EU should align the pace of its reforms to changes at international level to avoid losing competitiveness. Moves at global level are notoriously slow on tax matters. But the EU commissioner for tax policies, Pierre Moscovici, told Reuters that reforms should continue at a "rapid pace". "EU citizens can no longer accept that multinationals don''t pay taxes or pay less than they should," he said. The Commission is also trying to tackle tax avoidance by increasing tax transparency, which Malta said could lead to more tax disputes and increase legal uncertainty. Moscovici countered that. "Legal certainty will come from common rules across the EU to tackle frauds," he said, noting that "this should not be used as a political alibi to stop our reforms". In the paper, Malta also called for an "enhanced" use of regulated tax rulings, which allow large companies to settle their tax bills in advance, a practice used by several multinationals to obtain sweetheart concessions in EU countries. Among companies already sanctioned for such deals, the Commission has asked Apple ( AAPL.O ) to pay $14 billion to Ireland for tax skipped thanks to a generous deal with Dublin. Amazon.com ( AMZN.O ) and McDonald''s ( MCD.N ) also face Commission investigation over taxes in Luxembourg, while Starbucks Corp ( SBUX.O ) has been ordered to pay up to 30 million euros ($33 million) in back-taxes to the Dutch state. (Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-taxavoidance-malta-idUKKBN17924H'|'2017-04-07T21:59:00.000+03:00'|2765.0|''|-1.0|'' +2765|'0df7f5a8bbd7801bf48b8d2fa09fceaaf764b8b5'|'Malta wants EU to slow down drive against tax avoidance'|'Business News - Fri Apr 7, 2017 - 2:59pm BST Malta wants EU to slow down drive against tax avoidance By Francesco Guarascio and Jan Strupczewski - VALLETTA VALLETTA Malta''s presidency of the European Union said on Friday the bloc should slow down its drive against corporate tax avoidance because it might hurt Europe''s economy by increasing legal uncertainty. Following recent revelations, such as the Panama Papers, of tax evasion and reduction by big corporations and wealthy individuals, the European Commission has made several legislative proposals to close legal loopholes but some of the most ambitious plans have yet to be approved by EU states. In a paper to be discussed by EU finance ministers in Valletta on Friday and Saturday, Malta, which holds the rotating EU chair until July, said the proposed reforms would increase uncertainty, harming international investment and trade. Malta and other smaller EU states with low tax regimes have repeatedly showed caution in the push for reform, fearing multinationals headquartered in their territory may leave. The paper, seen by Reuters, said, "a certain amount of time is needed in order to properly formulate, assimilate and apply such legislation". It also argued that the EU should align the pace of its reforms to changes at international level to avoid losing competitiveness. Moves at global level are notoriously slow on tax matters. But the EU commissioner for tax policies, Pierre Moscovici, told Reuters that reforms should continue at a "rapid pace". "EU citizens can no longer accept that multinationals don''t pay taxes or pay less than they should," he said. The Commission is also trying to tackle tax avoidance by increasing tax transparency, which Malta said could lead to more tax disputes and increase legal uncertainty. Moscovici countered that. "Legal certainty will come from common rules across the EU to tackle frauds," he said, noting that "this should not be used as a political alibi to stop our reforms". In the paper, Malta also called for an "enhanced" use of regulated tax rulings, which allow large companies to settle their tax bills in advance, a practice used by several multinationals to obtain sweetheart concessions in EU countries. Among companies already sanctioned for such deals, the Commission has asked Apple ( AAPL.O ) to pay $14 billion to Ireland for tax skipped thanks to a generous deal with Dublin. Amazon.com ( AMZN.O ) and McDonald''s ( MCD.N ) also face Commission investigation over taxes in Luxembourg, while Starbucks Corp ( SBUX.O ) has been ordered to pay up to 30 million euros ($33 million) in back-taxes to the Dutch state. (Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-taxavoidance-malta-idUKKBN17924H'|'2017-04-07T21:59:00.000+03:00'|2765.0|10.0|0.0|'' 2766|'32ceba8f2cd027860e8c7dbefc468e7f275d79ff'|'Lufthansa boarding process hit by computer outage - airport staff'|' 8:34pm BST Lufthansa departures briefly hit by computer outage - airport staff A logo of German airline Lufthansa is seen before the company''s annual news conference at the airport in Munich, Germany, March 16, 2017. REUTERS/Michaela Rehle FRANKFURT Lufthansa ( LHAG.DE ) and Air France ( AIRF.PA ) were briefly hit by computer problems preventing them from boarding passengers on Thursday evening, airport and airline staff said on Thursday. A gate agent at Frankfurt airport, Lufthansa''s main hub, had announced the airline was having "a computer system breakdown worldwide," preventing passengers from getting on planes, but shortly afterwards was able to resume boarding, a Reuters reporter at the scene said. The airline said on its Twitter account the systems were back up and running after a global outage. Twitter users spoke of similar boarding delays at Air France, although they were also quickly resolved. A spokesman for Air France said there had been an IT problem. Some North American carriers have in recent months had to ground flights as a result of computer glitches, although such instances have been rare in Europe. In January for example, United Airlines ( UAL.N ) had to ground all domestic flights for about an hour one Sunday evening, causing a cascade of delays throughout the United States. Last August, a power outage hit computer systems at Delta Air Lines ( DAL.N ) and led to thousands of flights being cancelled. (Reporting by Tim Hepher; Writing by Victoria Bryan; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lufthansa-flights-idUKKBN17M2CU'|'2017-04-21T02:32:00.000+03:00'|2766.0|''|-1.0|'' 2767|'49ce9237cc2cae1d1453e6c7d0fbae3c642d2007'|'Forget about early-2018 ECB rate hike, investors now say'|'Stocks & Shares News - Thu Apr 20, 2017 - 12:52pm BST Forget about early-2018 ECB rate hike, investors now say left right FILE PHOTO: The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski/File Photo 1/2 left right The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski 2/2 By Dhara Ranasinghe - LONDON LONDON Investors are no longer expecting a rate rise from the European Central Bank by March 2018, money market pricing suggests, marking a sharp reversal in expectations for higher interest rates from just a month ago. ECB policymakers'' comments playing down the scope for near-term changes to monetary policy, along with falling inflation expectations, explain the reassessment. Money market rates tell the tale. Forward Eonia bank-to-bank rates -- the best gauge -- dated for the ECB meeting on March 8 next year stand at around minus 0.34 percent, two basis points above the Eonia spot rate of minus 0.36 percent ECBWATCH. Such a gap indicates markets are pricing in just a 20 percent chance of a 10 basis point hike in the ECB''s minus 0.40 percent deposit rate by next March. That''s a sharp contrast to last month, when investors ratcheted up rate-hike expectations after the ECB at its March 9 meeting signalled a diminishing urgency for more policy action. Soon after, some policymakers even raised the prospect of raising rates before quantitative easing ends. As a result, markets moved swiftly in March to fully price in a rate hike in the first quarter of 2018 and as much as an 80 percent chance of a rate rise in December, when the ECB''s asset-purchased scheme is scheduled to end. Now, markets have also unwound expectations for a rate rise by year-end with Eonia forward rates dated for the December 14 meeting indicating a less than 20 percent chance of a move. "The market has pretty much priced out everything," said Peter Schaffrik, head of European rates strategy at RBC Capital Markets. "It is a combination of the rhetoric, which has played a crucial role, but also falling inflation expectations." Prospects for the euro zone economy have improved but the time to withdraw support has not yet come, three ECB rate setters said on Wednesday, days before a tense French presidential election and the ECB''s own policy meeting. INFLATION BLIP Data meanwhile has shown inflation in the euro zone has slowed from four-year highs of 2 percent hit in February. A long-term gauge of euro zone inflation expectations tracked by the ECB, the five-year, five-year breakeven forward, has fallen in recent weeks to stand at around 1.60 percent EUIL5YF5Y=R -- below the ECB''s near-2 percent target. Disappointing U.S. economic data and signs that the Trump administration will struggle to push through tax cuts have also quelled expectations of faster inflation in the United States. That has had a dampening impact on rate-hike expectations in the euro zone as well, analysts said. The money market curve has flattened and two-year Eonia money market swap rates EUREON2Y=, also viewed as an indicator of ECB monetary policy, have fallen. In the United States, the Federal Reserve hiked rates on March 15 after a string of hawkish comments from officials triggered a rapid turnaround in market expectations for a move then. The fact that in recent weeks rate expectations in Europe and the United States have swung around rapidly highlights market sensitivity as central banks move towards normalising ultra-easy monetary policies put in place after the financial crisis as economic growth improves. "Markets are quite sensitive now that we are running towards the end of (asset-purchasing)," said ING rates strategist Benjamin Schroeder. (Graphic by Nigel Stephenson Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-moneymarket-idUKKBN17M16Z'|'2017-04-20T19:03:00.000+03:00'|2767.0|''|-1.0|'' 2768|'703ce89d32a28fe170c86e2628104e6c535b24a4'|'Tomahawk missile maker Raytheon''s sales rise 3.4 percent'|' 6:59pm BST Tomahawk missile maker Raytheon''s sales rise 3.4 percent A sign marks the Raytheon offices in Woburn, Massachusetts. REUTERS/Brian Snyder By Mike Stone and Ankit Ajmera Tomahawk missile maker Raytheon Co ( RTN.N ) sees increased demand fuelling the company''s growth as a pro-defense Trump administration and U.S. allies grapple with geopolitical instability, it said on Thursday as it reported improved quarterly results. Raytheon shares hit an all-time high after the company reported a 3.4 percent rise in revenue, helped by sales in its divisions that make Tomahawk cruise missiles and electronic warfare systems. The stock rose to $158.86 in New York trading before giving up some of the gains. Thomas Kennedy, Raytheon''s chief executive officer, told Wall Street analysts during a conference call: "The tempo in Syria is pretty up right now." He added that Raytheon is seeing significant demand "to provide solutions and keep up with the replenishment requirements." The U.S. Navy fired 59 Tomahawk missiles at a Syrian air base earlier this month, and the U.S. military caries out daily missile strikes against Islamic State militants in Syria and Iraq as the United States prefers not to put large numbers of soldiers directly in harm''s way. Raytheon, which also makes Patriot missile systems, said total sales rose to $6.00 billion from $5.80 billion a year earlier. Income from continuing operations rose to $1.73 per share, from $1.43 per share. Analysts on average had expected first-quarter sales of $5.83 billion, and earnings from continuing operations of $1.61 per share. Raytheon also raised its 2017 forecast for sales by about $100 million, to $24.9 billion-$25.4 billion, and earnings from continuing operations by 5 cents per share, to $7.25-$7.40. Analysts on average were expecting sales of $25.09 billion, and earnings of $7.40 per share, according to Thomson Reuters I/B/E/S. Toby O''Brien, Raytheon''s chief financial officer, told Reuters that even if the U.S. government struggles to pass a budget this fiscal year, the company''s projections would not be affected significantly. Raytheon grew its order backlog during the quarter to $36 billion, with 41 percent of that from international customers, O''Brien said. Revenue in Raytheon''s space and airborne systems business, its second-biggest unit by sales, rose 7.6 percent to $1.56 billion in the first quarter ended April 2, helped by higher sales of an electronic warfare systems program. Operating margins in the unit increased to 12.2 percent, from 11.6 percent. The business accounted for about 26 percent of Raytheon''s quarterly revenue. The unit makes electronic warfare systems for tactical aircraft, helicopters and ships, as well as tracking and navigation sensors used on airborne platforms, among other products. Sales in the company''s missile systems unit, which also makes Paveway smart bombs and advanced medium-range air-to-air missiles, rose 1.9 percent to $1.76 billion. Operating margins in the business rose to 12.3 percent, from 11.1 percent. The missile systems unit, which is Raytheon''s biggest business, accounted for 29.3 percent of its quarterly revenue. Bookings fell 8.3 percent to $5.69 billion in the first quarter, compared with a year earlier. Bookings is a forward-looking metric that measures the value of firm orders won by Raytheon. Raytheon''s single biggest booking of the first quarter was an early warning radar system for Qatar, O''Brien said. The Waltham, Massachusetts-based company repurchased 2.7 million shares of its common stock for $400 million in the quarter, and increased its annual dividend rate by 8.9 percent to $3.19 per share. (Reporting by Mike Stone in Washington and Ankit Ajmera in Bengaluru; Editing by Clive McKeef and Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-raytheon-results-idUKKBN17T2QU'|'2017-04-28T01:59:00.000+03:00'|2768.0|''|-1.0|'' @@ -2772,7 +2772,7 @@ 2770|'559137afcc57d03b3325540f4fcca317bcbc5244'|'Shares in Takata suspended after reported bankruptcy filing plan'|'TOKYO Trading in shares of Japan''s Takata Corp ( 7312.T ) newspaper report that the embattled auto parts maker was considering filing for bankruptcy protection, selling all operations to a newly created company.The Nikkei business daily said the plan would call for U.S.-based Key Safety Systems (KSS), a Corp ( 600699.SS ), to sponsor the turnaround plan, spending nearly 200 billion yen ($1.8 billion) to create a company that would buy Takata''s operations.Takata itself would be left with heavy liabilities linked to the massive global recall of its air bag inflators, and is expected to be liquidated eventually, the Nikkei said.A Takata spokesman said the company planned to issue a statement shortly through the Tokyo Stock Exchange. car-parts maker KSS and Bain Capital LLC were the preferred bidder for Takata, whose faulty air bag components have been blamed for more than a dozen deaths worldwide. One source had told Reuters KSS and Bain plan to offer around 200 billion yen for Takata.Discussions that include the steering committee tapped by Takata to oversee the search for a financial sponsor, automaker now likely May, sources have told Reuters.Recent talks have focussed on issues such as an indemnity agreement to cover reimbursement costs for air bag recalls, estimated to be as high as $10 billion. ( 7267.T ), which have been footing the bill for recalls dating back to 2008, want Takata restructured through a transparent court-ordered process such as bankruptcy, which would wipe out the firm''s shareholder value, four automaker sources have told Reuters.But Takata, the world''s second-biggest air bag maker, is holding out for a "private restructuring" that would preserve some of the founding Takada family''s 60 percent stake.(Reporting by Chang-Ran Kim; Editing by Richard Pullin and Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/takata-restructuring-idINKBN17S37I'|'2017-04-27T08:00:00.000+03:00'|2770.0|''|-1.0|'' 2771|'191c9975f6bf38e49b872f8d6eaafe86dac68a51'|'Shapoor Mistry resigns from Indian Hotels board'|'Money 9:18pm IST Shapoor Mistry resigns from Indian Hotels board Tourists use binoculars in front of the Taj Mahal hotel in Mumbai May 30, 2013. REUTERS/Vivek Prakash/File Photo NEW DELHI Shapoor Mistry, the elder brother of former Tata Sons Chairman Cyrus Mistry, has resigned as a director of the board of Indian Hotels Co, the company said on Tuesday. Indian Hotels runs the Tata group''s luxury hotels and resorts business. The Shapoorji Pallonji family own a roughly 18 percent stake in Tata Sons, with Tata Trusts - a group of public charities - owning a controlling 66 percent stake in the holding company. Cyrus Mistry was forced out from the chairmanship of Tata Sons last October, and has since been embroiled in a public spat with the group. For the notification, please see: bit.ly/2q1iWRo (Reporting by Neha Dasgupta and Nidhi Verma; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/indian-hotel-tata-idINKBN17R22K'|'2017-04-25T23:48:00.000+03:00'|2771.0|''|-1.0|'' 2772|'ee10cd16ca8af69c225d91a94c289544b1b17684'|'GE Power division nears $3 billion services deal in Algeria: source'|'NEW YORK GE Power, a division of General Electric Co ( GE.N ), is close to signing a services deal with a subsidiary of Algerian utility Sonelgaz SpA valued at more than $3 billion, likely the largest such agreement ever for GE, according to a person familiar with the matter.Under the agreement with Sonelgaz SPE, which could be announced as early as Monday, GE would provide long-term maintenance services for 10 Sonelgaz power plants in Algeria, install 68 gas technology upgrades and deploy industrial internet software applications using GE''s Predix operating system.GE signed a $2.7 billion deal with Sonelgaz SPE in 2013 to supply large gas turbines and related technology to nine power plants in the country. In 2014, GE signed a $400 million agreement to build an industrial complex to produce gas and steam turbines under a joint venture with Sonelgaz called General Electric Algeria Turbines.(Reporting by Alwyn Scott; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ge-deal-algeria-idINKBN17Q0LQ'|'2017-04-24T05:46:00.000+03:00'|2772.0|''|-1.0|'' -2773|'014f7a74181044b0ce0443efe597641ad9dd4f58'|'UPDATE 1-New York passes emergency spending plan to avoid shutdown'|'Politics - Mon Apr 3, 2017 - 7:23pm EDT New York passes emergency spending plan to avoid shutdown FILE PHOTO: Andrew Cuomo, Governor of New York, speaks to members of the press at Trump Tower in New York City, U.S. January 18, 2017. REUTERS/Stephanie Keith By James Odato - ALBANY, N.Y. ALBANY, N.Y. New York lawmakers on Monday passed an emergency spending plan authorizing Governor Andrew Cuomo to pay bills and keep the state government operating for the next two months. The state was supposed to have a budget at the start of its fiscal 2018 on Saturday, but the legislature and Cuomo failed to agree on a comprehensive plan as they debated broader policies. Monday''s stopgap, 1,700-page "extender budget" avoids a government shutdown through May 31, assuring that state agencies and contractors will provide services and roughly 200,000 state employees will get paid despite the impasse. The full budget has been delayed in part by debate over raising the age of adult criminal responsibility to 18, which would leave North Carolina as the only state to automatically prosecute and imprison 16- and 17-year-olds as adults regardless of the crime. "There are political and ideological differences between the Senate and Assembly. We must resolve these issues. A complete budget requires it," Cuomo, who supports lifting the age, said in a statement late on Sunday. Lawmakers and Cuomo have been divided over other issues, including a replacement for an expired program that gives tax breaks to affordable housing developers and extending a so-called millionaire''s tax on wealthy New Yorkers. Cuomo also laid some blame on uncertainty about Washington''s policies, including any revised effort to overhaul the Affordable Care Act, which could strip New York of at least $4.6 billion of Medicaid and other funding. "New York State is a target for hostile federal actions ranging from severe financial cutbacks to deprivation of legal and personal rights," said Cuomo, a Democrat who is widely touted as a possible 2020 presidential candidate. Assembly member Fred Thiele Jr., an Independent who caucuses with Democrats, was one of several lawmakers to criticize the inclusion of policy initiatives in the budget legislation, saying from the legislative floor during voting on the bill that "we are not the platform committee for Cuomo 2020." "They should not be forced down the throat of the legislature as part of the budget process," Thiele said during the session. "The national stage is watching," said Assemblymember Diana Richardson, a Democrat from Brooklyn, who voted against the extension. The budget extension authorizes $40 billion in state spending, including $10.3 billion in state appropriations, $12.4 billion aid to local governments and $17.3 billion in capital projects. Lawmakers want to get the budget done this week. Whenever it arrives, it will be by far the latest budget since Cuomo took office in 2011. The Republican-led Senate and Democrat-dominated Assembly endorsed the extension overwhelmingly, but many said they did so reluctantly to avoid a government shutdown. Some were sour on the length of the extension or that it allows for $8.9 billion in new debt over the next two months. The measure authorizes billions of dollars in bond financing for bridges and infrastructure projects. Cuomo and lawmakers are also close to a deal on plans to allow car-hailing services such as Lyft and Uber outside New York City, where they are already permitted, Assemblymember Kevin Cahill, a Democrat from Kingston who chairs the Assembly Insurance Committee, said in an interview on Monday after the voting session. (Reporting by James Odato in Albany; Additional reporting by Hilary Russ in New York; Editing by Meredith Mazzilli and Richard Chang) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-new-york-budget-idUSKBN1752OE'|'2017-04-04T07:15:00.000+03:00'|2773.0|''|-1.0|'' +2773|'014f7a74181044b0ce0443efe597641ad9dd4f58'|'UPDATE 1-New York passes emergency spending plan to avoid shutdown'|'Politics - Mon Apr 3, 2017 - 7:23pm EDT New York passes emergency spending plan to avoid shutdown FILE PHOTO: Andrew Cuomo, Governor of New York, speaks to members of the press at Trump Tower in New York City, U.S. January 18, 2017. REUTERS/Stephanie Keith By James Odato - ALBANY, N.Y. ALBANY, N.Y. New York lawmakers on Monday passed an emergency spending plan authorizing Governor Andrew Cuomo to pay bills and keep the state government operating for the next two months. The state was supposed to have a budget at the start of its fiscal 2018 on Saturday, but the legislature and Cuomo failed to agree on a comprehensive plan as they debated broader policies. Monday''s stopgap, 1,700-page "extender budget" avoids a government shutdown through May 31, assuring that state agencies and contractors will provide services and roughly 200,000 state employees will get paid despite the impasse. The full budget has been delayed in part by debate over raising the age of adult criminal responsibility to 18, which would leave North Carolina as the only state to automatically prosecute and imprison 16- and 17-year-olds as adults regardless of the crime. "There are political and ideological differences between the Senate and Assembly. We must resolve these issues. A complete budget requires it," Cuomo, who supports lifting the age, said in a statement late on Sunday. Lawmakers and Cuomo have been divided over other issues, including a replacement for an expired program that gives tax breaks to affordable housing developers and extending a so-called millionaire''s tax on wealthy New Yorkers. Cuomo also laid some blame on uncertainty about Washington''s policies, including any revised effort to overhaul the Affordable Care Act, which could strip New York of at least $4.6 billion of Medicaid and other funding. "New York State is a target for hostile federal actions ranging from severe financial cutbacks to deprivation of legal and personal rights," said Cuomo, a Democrat who is widely touted as a possible 2020 presidential candidate. Assembly member Fred Thiele Jr., an Independent who caucuses with Democrats, was one of several lawmakers to criticize the inclusion of policy initiatives in the budget legislation, saying from the legislative floor during voting on the bill that "we are not the platform committee for Cuomo 2020." "They should not be forced down the throat of the legislature as part of the budget process," Thiele said during the session. "The national stage is watching," said Assemblymember Diana Richardson, a Democrat from Brooklyn, who voted against the extension. The budget extension authorizes $40 billion in state spending, including $10.3 billion in state appropriations, $12.4 billion aid to local governments and $17.3 billion in capital projects. Lawmakers want to get the budget done this week. Whenever it arrives, it will be by far the latest budget since Cuomo took office in 2011. The Republican-led Senate and Democrat-dominated Assembly endorsed the extension overwhelmingly, but many said they did so reluctantly to avoid a government shutdown. Some were sour on the length of the extension or that it allows for $8.9 billion in new debt over the next two months. The measure authorizes billions of dollars in bond financing for bridges and infrastructure projects. Cuomo and lawmakers are also close to a deal on plans to allow car-hailing services such as Lyft and Uber outside New York City, where they are already permitted, Assemblymember Kevin Cahill, a Democrat from Kingston who chairs the Assembly Insurance Committee, said in an interview on Monday after the voting session. (Reporting by James Odato in Albany; Additional reporting by Hilary Russ in New York; Editing by Meredith Mazzilli and Richard Chang) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-new-york-budget-idUSKBN1752OE'|'2017-04-04T07:15:00.000+03:00'|2773.0|10.0|0.0|'' 2774|'d81ddb584eaafdd5a011e1495021b53e2367bb54'|'RPT-Xi stamp of approval fuels frenzied hopes for new China economic zone'|' Xi stamp of approval fuels frenzied hopes for new China economic zone (Repeats story from late Wednesday with no changes) By Yawen Chen and Elias Glenn XIONGXIAN, China/BEIJING, April 12 Like many residents of Xiongxian county, a polluted corner of Hebei province, 17-year-old Liu Zipeng has been giddy with excitement since China announced plans this month for a vast new economic zone backed by President Xi Jinping himself. "I am so happy - I don''t need to move to Beijing or worry about getting a wife anymore," Liu said with a laugh. Such are the hopes for the area, about 100 km (60 miles) southwest of Beijing, that authorities quickly banned property sales to quash a speculative frenzy. While China has set high expectations by touting the Xiongan New Area as a successor to zones in Shenzhen and Shanghai that helped make China an economic powerhouse, the force of Xi''s endorsement could help it flourish where other new development areas failed to match the hype. In a sign of Beijing''s intent, Xu Qin, the former mayor and Communist party boss for Shenzhen, was named acting governor of Hebei province on Friday, with analysts saying it is likely he will be tapped to lead development of Xiongan. Once a sleepy fishing village, Shenzhen, bordering Hong Kong, became an economic juggernaut after being declared a special economic zone in 1980. Details for Xiongan, planned eventually to stretch across 2,000 square kilometres, an area almost as big as Tokyo, remain sketchy. It is pitched as an environmentally friendly city housing some of Beijing''s relocated "non-capital functions", with hopes to attract high-tech industries. Nearly 30 large state enterprises including PetroChina and China Shipbuilding Industry Corp have expressed interest, though no specific relocation plans have been announced. The three counties that make up the area, Xiongxian, Anxin and Rongcheng, are home to about a million people as well as wheat fields, light manufacturing and heavy pollution - endemic in much of Hebei. But unlike Shenzhen and Shanghai''s Pudong, the development of Xiongan is not expected to be accompanied by major economic reforms, and its landlocked setting is a transportation disadvantage. "Natural market forces would probably not have chosen this place. But if the central government backs it with unlimited resources, it could become whatever it wants to be," said Steven McCord, head of research for North China at real estate consultancy Jones Lang LaSalle. The plan fits into a broader regional integration push for the cities of Beijing and Tianjin and Hebei province, dubbed Jing-Jin-Ji, which has been spearheaded by Xi since 2015 to tackle the "big city disease" plaguing Beijing, a crowded and polluted city of 22 million. But Jing-Jin-Ji''s progress has been slower than hoped. "It''s been hard to get traction getting Beijing, Tianjin, and Hebei to work together seamlessly," McCord said. Xiongan could be a political and geographical "clean slate" to generate more jobs and economic stimulus for North China, he said. Xi himself visited Anxin county in late February, which only became public when China announced plans for Xiongan on April 1. Morgan Stanley''s base scenario foresees 133 billion yuan ($19.3 billion) in additional fixed asset investment annually over 15 years to build Xiongan, equivalent to just 0.24 percent of China''s 56.2 trillion yuan of nationwide fixed asset investment last year. MIXED RECORD While the Shenzhen and Shanghai economic zones thrived, some similar schemes in China have fallen short of expectations. Caofeidian, also in Hebei, was promoted by former President Hu Jintao as a new industrial zone in 2008, but development foundered as debt accumulated. Authorities have been trying to give Caofeidian another push to upgrade its industries to become a driver of Jing-Jin-Ji''s integration, but competition among provinces has been a drag on progress. "Caofeidian had central government support, but it was a long way from being a national-level special economic zone. Its importance was definitely not at the same level that Xiongan is seeing now," said He Jun, head of macroeconomic research at Anbound Consulting. "Xiongan''s biggest advantage is that it has strong support from the central government." He remains doubtful that Xiongan will emulate Shanghai or Shenzhen due to its geography and the greater openness of China''s economy now, but the political leadership seems intent on making it succeed. Among the architects of the new project is Xu Kuangdi, the mayor of Shanghai in the late 90s who also heads the advisory committee for Jing-Jin-Ji. The leadership make-up is intended to ensure Xiongan would "escape past failures", said Liu Ying, a researcher at Renmin University''s Chong Yang Institute for Financial Studies. Not everyone in Anxin is cheered by the prospect. An Anxin restaurant owner in her 50s surnamed Liu said she checks social media constantly for updates, as she fears being forced out of the spacious villa built on her farmland. "I don''t think it is necessarily a good thing for me. Our lives are pretty good right now." Down a street next to fields of withered wheat, workers loaded a truck with plastic pipes, a major local industry. "The establishment of the new zone for sure will limit us further as we do pollute the environment to some degree," said Zhao Xiaodong, owner of Jitong Plastic. But most locals are optimistic. "If president Xi thinks it will be the next Shenzhen and Shanghai, then it will be," said Mrs Shi, a shop worker in Xiongxian. ($1 = 6.8998 Chinese yuan renminbi) David Stanway; Editing by Tony Munroe and Will Waterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-economy-xiongan-idUSL3N1HK385'|'2017-04-13T07:00:00.000+03:00'|2774.0|''|-1.0|'' 2775|'477cd251be79c092fa08fea56f1b65c3e1cc7fdf'|'Credit Suisse rolls back proposal for executive bonuses'|'Business News - Fri Apr 14, 2017 - 12:43am BST Credit Suisse rolls back proposal for executive bonuses The logo of Swiss bank Credit Suisse is seen in front of a branch office in Zurich, Switzerland April 4, 2017. REUTERS/Arnd Wiegmann In the face of shareholder criticism, Credit Suisse ( CSGN.S ) said its top officers had proposed reducing the bonuses they would get by 40 percent from the bank''s original recommendation. The company had previously proposed bonuses for the executive board totalling almost 80 million Swiss francs (64 million). The bank said on Thursday that its chief executive and other members of its executive board "voluntarily" proposed reducing the long-term incentive awards for 2017 and short-term incentive awards for 2016 for top executives by 40 percent each. ( bit.ly/2oEJlG2 ) Proxy adviser Institutional Shareholder Services (ISS) had advised Credit Suisse shareholders to vote against proposed bonuses for Credit Suisse top executives at the annual general meeting on April 28. The recommendation by ISS follows similar recommendations from other proxy advisers amid criticism over bonus payouts at Credit Suisse despite Switzerland''s second-biggest bank posting a second consecutive multi-billion franc loss in 2016. The bank''s board of directors also decided not to increase its compensation in 2017. (Reporting by Parikshit Mishra in Bengaluru; editing by Sandra Maler and Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-credit-suisse-gp-agm-bonuses-idUKKBN17F2TM'|'2017-04-14T07:43:00.000+03:00'|2775.0|''|-1.0|'' 2776|'26c3689dd0b83308040c2aa933e04faae3f1b6fa'|'Brazil''s GPA books 9.5 pct rise in revenue from food division'|' 29am EDT Brazil''s GPA books 9.5 pct rise in revenue from food division SAO PAULO, April 13 GPA SA, Brazil''s biggest retailer, reported a 9.5 percent rise in first-quarter net revenue from its food division to 10.553 billion reais ($3.37 billion), according to a securities filing on Thursday. Sales surged 28.8 percent in the Assa cash-and-carry unit, but grew just 0.4 percent at the Extra and Po de Acar supermarket chains. Via Varejo SA, the appliance division that GPA is looking to sell, separately reported a 2.2 percent rise in net revenue to 5.993 billion reais, as sales rose 4.2 percent at physical stores and fell 5.7 percent online. ($1 = 3.13 reais) (Reporting by Brad Haynes)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gpa-results-idUSE6N1FG028'|'2017-04-13T20:29:00.000+03:00'|2776.0|''|-1.0|'' @@ -2814,7 +2814,7 @@ 2812|'0f364b96a108ac56fe58b552f3a07be0a4843683'|'Automakers want California to revise Volkswagen charging station plan'|'U.S. 1:43pm EDT Automakers want California to revise Volkswagen charging station plan A U.S. flag flutters in the wind above a Volkswagen dealership in California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo By David Shepardson - WASHINGTON WASHINGTON Major automakers and other groups are raising objections to the way Volkswagen AG ( VOWG_p.DE ) wants to spend $2 billion on electric vehicle infrastructure and projects, as part of the German automaker''s atonement for diesel emissions cheating. Volkswagen plans to install hundreds of EV charging stations nationwide as part of the 10-year plan. About $800 million of the total will be spent in California as part of a settlement with the government after the German automaker admitted to secretly installing cheating software in 580,000 diesel vehicles allowing them to emit excess pollution. The California Air Resources Board is considering whether to approve the $200 million spending plan for the first 30 months and is reviewing the 120 comments submitted, said spokesman Dave Clegern. Automakers object to the proposed locations of some charging stations in areas that already have many electric vehicles and have concerns about competitive advantages VW could get from the program. An environmental group said more of the stations should be built in low-income areas. Also, Toyota Motor Corp, Honda Motor Co and Hyundai Motor Co wrote a joint letter urging California to require Volkswagen to spend a "significant portion" of the money on hydrogen fuel cell fueling stations, saying the current commitment by California to get 100 such stations in place by 2020 is "not on track." In its initial California spending plan, Volkswagen wants to allocate $120 million to build more than 400 highway and community EV charging stations by 2019 in high-traffic areas. Several automakers said in their comments that they would prefer that the new charging stations be installed instead in areas that have little electric vehicle traffic. Ford Motor Co said it "has reservations about having a key electrification driver dependent on and ultimately controlled by one automotive competitor." Ford added VW should target areas where "demonstrated market interest does not already exist." BMW AG said Volkswagen "should not be afforded an implicit comparative advantage through its ability to control day-to-day operations of consumer charging events" such as waiting times, pricing and billing. Under the agreement with California and the Justice Department, funds spent on education and outreach must be brand-neutral and cannot feature Volkswagen vehicles. Charging stations must be accessible to all vehicles. The three automakers who want Volkswagen to spend more on building hydrogen fueling stations are trying to sell fuel cell vehicles. Volkswagen declined to comment on the automaker letters, but said its goal is to "make it easy for as many (zero emission vehicle) drivers as possible to enjoy the collective charging networks available." The Sierra Club in a letter to California urged VW to "rethink its infrastructure proposal to include more investments in community-based charging in disadvantaged communities." The U.S. Environmental Protection Agency this month approved VW''s initial $300 million spending plan for EV projects outside California through 2019, including having 450 charging stations in place by then. VW will also launch a $44 million "Green City" initiative to pilot future concepts. It expects the city to be Sacramento. In December, Volkswagen agreed to add three additional electric vehicle models in California by 2020 and must sell an average of 5,000 electric vehicles annually through 2025 in the state. (Reporting by David Shepardson; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volkswagen-emissions-automakers-idUSKBN17S2HL'|'2017-04-27T01:37:00.000+03:00'|2812.0|''|-1.0|'' 2813|'ca40687cce96b2a35a1970519a775e8e12772f94'|'Boardroom excess? British companies stick with bonus plans despite criticism'|'Company News 16am EDT Boardroom excess? British companies stick with bonus plans despite criticism * Pressure grows to ditch long-term incentive plans * Most firms have renewed plans for three years * Some investors cautious on blanket ban By Simon Jessop LONDON, April 13 Pressure on British companies to ditch a common performance-related bonus scheme blamed for generating excessive executive pay has not stopped many firms from planning to stick with such schemes for another three years, a Reuters analysis shows. In theory so-called long-term incentive plans (LTIPs) aim to legitimately encourage management success in boosting shareholder returns. Yet a series of corporate scandals and lucrative payouts has made them a target for criticism. Lawmakers in Britain last week recommended LTIPs be phased out from 2018, while Norway''s sovereign wealth fund, the world''s biggest, wants them scrapped. The British government has also launched a review of corporate governance including incentive plans. Exemplifying LTIP generosity, advertising company WPP paid Chief Executive Martin Sorrell more than 70 million pounds ($88 million) for 2015, more than 60 million of which came through an incentive scheme - a payout that a third of WPP shareholders declined to support. However, most top companies have retained LTIPs as part of executive pay when seeking investor approval for a three-yearly remuneration policy at shareholder meetings. Analysis by Reuters of company annual reports and data from governance advisory firm Manifest shows 59 members of the FTSE 100 blue-chip stock index recently updated their remuneration policy or plan to soon, of which 56 currently use or plan to continue using LTIPs. "There (is) no reason why LTIPs should be used almost universally across the FTSE 100," Luke Hildyard, policy lead for stewardship and governance at trade body the Pensions and Lifetime Savings Association, said. "We would welcome more companies moving to simpler, smaller pay packages, perhaps involving a basic salary and a long-term share award," Hildyard said, adding the current system acted to drive ever-higher pay awards. Companies use a range of data to calculate the payouts, with many referencing the firm''s share price. The process, opponents say, can be complex, overly generous, and can potentially incentivise actions detrimental to the long-term interests of a company. There is also evidence their overall economic benefits are limited. A study by Lancaster University Management School, looking at Britain''s 350 biggest listed companies, found CEO pay had risen an average 82 percent in real terms between 2003 and 2014/15, but economic return on invested capital was up less than 1 percent. SIMPLER STRUCTURE Asset management industry body the Investment Association said too much time is spent discussing pay with companies, and a simpler structure would free up time to engage on other important issues. As the government considers whether to implement the recommendations by parliament''s Business, Energy and Industrial Strategy (BEIS) committee, some cautioned a blanket ban was equally problematic. "We don''t think there should be a one-size-fits-all approach ... companies should be able to choose the right tools for the job," said Sarah Wilson, chief executive at Manifest, which advises funds on how to vote on corporate decisions. The head of governance at a leading British asset manager said most LTIPs worked well. "In the vast majority of cases, we''ll vote in favour of them because we''ve analysed them in detail and think they''re based on stretching targets that reflect the company''s strategy ... there are exceptions, but you deal with them on a case-by-case basis." Ashley Hamilton Claxton, corporate governance manager at Royal London Asset Management, said she was willing to consider alternative bonus models but a phasing out of LTIPs from 2018 would be challenging. Were the government to rule out LTIPs, Manifest''s Wilson said many firms would likely use share options, with bonuses paid in shares with a long-term lock-in period. "Much of it will depend on the tax implications," Wilson said. "Some investors like LTIPs because there are performance conditions associated with them so the BEIS committee''s view isn''t necessarily universally approved." Yet the key basis of LTIPs remains contentious. "The idea of tying a CEO''s pay to the share price is flawed," said Stefan Stern, director of the High Pay Centre pressure group. "Share prices move for all sorts of reasons completely beyond the control of one human being or the board." ($1 = 0.7973 pounds) (Editing by David Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-companies-pay-idUSL5N1HF05M'|'2017-04-13T18:16:00.000+03:00'|2813.0|''|-1.0|'' 2814|'738bf24395f64988d66b767659334ca0c3981efb'|'Staying the course, Duterte looks for the next best Philippine central bank chief'|'Business News - Wed Apr 12, 2017 - 12:13am BST Staying the course, Duterte looks for the next best Philippine central bank chief A logo of Bangko Sentral ng Pilipinas (Central Bank of the Philippines) is seen at their main building in Manila, Philippines March 23, 2016. REUTERS/Romeo Ranoco/File Photo By Karen Lema - MANILA MANILA Whoever is picked as the next Philippine central bank governor, it will be President Rodrigo Duterte''s second choice. Duterte is expected to announce as early as this month a new chief of Bangko Sentral ng Pilipinas (BSP), after failing to get the much praised current governor, Amando Tetangco, to stay on for an unprecedented third term. The president is seen favouring someone who will continue Tetangco''s monetary policies and reforms that have kept the over $300 billion economy humming for years. And the four names widely floated as potential successors - two deputy central bank governors and two veteran bankers - were expected to do just that. The changing of the guard comes amid rising inflation, higher global interest rates and protectionism that could affect a key economic lifeline - the millions of Filipinos working abroad who send billions of dollars home. "We are in an important juncture. While overheating risks seem manageable for now...the BSP needs to ensure that stability will be maintained in the longer run," said Gundy Cahyadi, an economist at DBS, who believes the central bank will hike interest rates in May for the first time in 2-1/2 years. Duterte, who delegates economic management to his technocrats, has said he will "largely" listen to Finance Minister Carlos Dominguez and other political leaders when choosing Tetangco''s replacement. The firebrand leader, who has targeted 8 percent economic growth in the medium term, will also replace three other outgoing members of the monetary board, giving him a free hand in choosing a majority for the seven-member policy-making committee. "This is probably the most important appointment President Duterte will make," Dominguez, who is leading the selection process, told Reuters late last month. MORE THAN QUALIFIED The main names being floated as possible successors were BSP deputy governors Diwa Guinigundo and Nestor Espenilla, former trade secretary Peter Favila, and East West Banking Corp ( EW.PS ) Chief Executive Antonio Moncupa. All the candidates are considered more than qualified to run the central bank, and wouldn''t radically alter Tetangco''s policies when he steps down in July, several top bank executives told Reuters. "The policies put forward by Governor Tetangco and his team are lasting legacies," said an official at one of the Philippines'' top lenders. "They are good policies that any incoming governor would benefit from. For us, one of the things we''re hoping for is continuity," said the official, who requested not to be named because of the sensitivity of the issue. Without resorting to extreme policy measures, Tetangco has significantly brought down inflation, shored up foreign exchange reserves, and steered the economy through the 2008 global financial crisis, with the Philippines among the few Asian nations to have avoided recession. It was under his watch when Manila''s long history of junk-debt status ended. Fitch, S&P and Moody''s awarded the country with investment-grade status in 2013, owing to a strong external profile, low inflation and a shrinking budget deficit. Under Philippine law, Tetangco can only serve two six-year terms. He told Reuters in January, he preferred "someone with central banking background" to succeed him. "The current strength of the economy owes much to the prudent policy path struck by Governor Tetangco and his team," said Frederic Neumann, co-head of Asian Economics Research at HSBC. "In the coming years, the Philippines faces some tough macroeconomic challenges, including maintaining exchange rate stability amid a falling current account surplus and preserving price stability amid surging demand." (Additional reporting by Neil Jerome Morales and Erik dela Cruz; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-philippines-cenbank-idUKKBN17D2U3'|'2017-04-12T07:13:00.000+03:00'|2814.0|''|-1.0|'' -2815|'5fb5eb25972d92f900edbdbfc4cf387f3fd13d00'|'BRIEF-Ocean Rig announces over 75 pct support for restructuring agreement'|' 15am EDT BRIEF-Ocean Rig announces over 75 pct support for restructuring agreement April 5 Ocean Rig Udw Inc- * Ocean Rig announces over 75% support for restructuring agreement from holders of the company''s consolidated indebtedness * Ocean Rig -has sufficient support from supporting creditors in order to implement restructuring of co, dov and dfh as contemplated by terms of rsa Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ocean-rig-announces-over-75-pct-su-idUSASB0B8N9'|'2017-04-05T21:15:00.000+03:00'|2815.0|''|-1.0|'' +2815|'5fb5eb25972d92f900edbdbfc4cf387f3fd13d00'|'BRIEF-Ocean Rig announces over 75 pct support for restructuring agreement'|' 15am EDT BRIEF-Ocean Rig announces over 75 pct support for restructuring agreement April 5 Ocean Rig Udw Inc- * Ocean Rig announces over 75% support for restructuring agreement from holders of the company''s consolidated indebtedness * Ocean Rig -has sufficient support from supporting creditors in order to implement restructuring of co, dov and dfh as contemplated by terms of rsa Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ocean-rig-announces-over-75-pct-su-idUSASB0B8N9'|'2017-04-05T21:15:00.000+03:00'|2815.0|11.0|0.0|'' 2816|'584cc30f562491ea683e507c9fe41dc98731b8c8'|'Brazil corruption probe will not derail pension vote - minister'|'BRASILIA A corruption investigation into dozens of senior lawmakers and a third of Brazilian President Michel Temer''s cabinet will not affect a key pension reform vote in Congress, Finance Minister Henrique Meirelles told Reuters on Wednesday.In a phone interview, Meirelles said he continues to expect the reform to be approved in the first half of the year, but acknowledged that a vote in August would not be a problem.(Reporting by Marcela Ayres; Writing by Alonso Soto; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/brazil-corruption-pension-idINKBN17E2NA'|'2017-04-12T18:01:00.000+03:00'|2816.0|''|-1.0|'' 2817|'a9512aa3a9a94f4b4da05d83d74c8966cbb0467e'|'IMF shifts from dismal to pessimistic, but has a sharper message about inequality - Greg Jericho'|'T he latest IMF world economic outlook released on Tuesday is the most positive for years, but it also highlights the continued risks from nationalistic and protectionist policies and the impact of policies and technology changes that reduce the share of income going to workers.For the past eight or nine years, the IMF world economic outlook has been pretty soul crushing. Dismal doesnt begin to convey the mood. Consider that the titles for the outlook have been such joyous reads as Financial Stress, Downturns, and Recoveries , Crisis and Recovery , Slowing Growth, Rising Risks , Legacies, Clouds, Uncertainties and the one from April last year, Too Slow for Too Long . So it is with some relief to see a bit of positivity infect the IMF. The most recent update, is titled, Gaining Momentum? Malcolm Turnbull''s myth of ''middle Australia'' ignores both gender and reality - Greg Jericho Read more The question mark of course lets us know that the folk at the IMF remain the sober pessimistic economists we know and love and the blog post accompanying the report is titled Gaining Momentum For Now .But at least they do think things are on the improve even if only for a while.In October last year the IMF was predicting Australias GDP growing in 2017 by just 2.7% theyve now increased that to 3.1% the most optimistic theyve been since 2012.They are also more positive about growth in China, the US and very much so in the UK, where the worries of last year about the immediate impact of the Brexit have been pushed out a few years:Across the world, the prediction is for global GDP growth of 3.5% this year up from the prediction of 3.4% made last October. Most of the improvement is coming from a better outlook for advanced economies especially in the Euro area:But the outlook beyond this year rather suggests that the answer to the IMF question about gathering momentum is nope.The growth for 2018 is largely unchanged, except for the UK where there has been a big downgrade and the US, which has a big upgrade. The downgrade for the UK is due to the effects of Brexit, where the IMF predicts diminished medium-term growth prospects because of the expected increase in barriers to trade and migration.And, crucially, the improvement in 2018 in the US is based on the assumption of a sizable fiscal stimulus in the United States, reflecting the anticipated changes in US federal government tax policy.Given the difficulty Donald Trump apparently has doing anything other than finding his way to a golf course, and his utter incompetence in passing any major legislative measures, that is a very big assumption:Looking out to 2022 (which is so far off, that admittedly it is of limited worth), the IMF sees Australias growth rarely going above the long-term average of 3%:The IMF however does predict the unemployment rate will fall below 5% a much more optimistic outlook than it has had for the past two years:Mostly this increased optimism is because Australia exports iron ore, coal and gas. The IMF suggests that our economy will improve along with similar commodity-exporting nations like Norway and Canada. But this is based on the proviso that monetary policy remains accommodative (ie interest rates stay low) and there are supportive fiscal policies or infrastructure investment and less drag from declining investment in the commodity sector.The IMFs outlook not only examined economic growth, it also researched the impact of economic policies and technological changes that have reduced the share of national income going to labour.The IMF found that over the past 25 years, the labour share of income has declined in 29 of the largest 50 economies:One measure of the labour share of income is the real unit cost of labour. In Australia there were substantial falls of this measure from 1999 until the GFC:The IMF suggests that across most nations, technological advancement is the main reason for the falls. It also found that the decline in share of income going to labour caused by technology and global integration has been particularly sharp for middle-skilled labour with the biggest falls occurring in manufacturing.But while falling real unit labour costs are trumpeted by businesses as crucial for maintaining Australias competitiveness, the IMF found that there was a strong correlation between falling shares of income going to labour and increasing inequality.Looking at labour shares and Gini coefficients across advanced economies since 1961, the IMF found a clear link between the two economies with lower shares of income going to labour were more likely to have higher levels of inequality:But crucially the IMF study also found that the differences were not just across different countries, but within countries. They found that as the labour share of income fell within countries, the level of inequality was also likely to rise:These results fit nicely with a new study published this week that found taxation reforms since the mid-1980s in Australia, New Zealand and Norway did nothing to improve economic growth, and instead just increased inequality especially with more of the nations incomes going to the richest 1%:The studys authors conclude, these tax reforms, which lowered the top tax rate and made the system less progressive, did not increase the size of the cake, but did provide the wealthiest with a bigger share.Does earning $180,000 make you rich? Let''s not pretend about who''s rich and who''s poor - Greg Jericho Read more In the period ahead, where the IMF, despite its muted optimism still predicts below average economic growth, the report highlights the importance of governments focusing on inequality. As the IMF outlook notes, inequality can fuel social tension, and recent research suggests that it can also harm economic growth.Governments ignore inequality at their peril not only because of the harm it will do to their own election prospects, but also the prospects to the economy. Topics Global economy Grogonomics Business (Australia) Australian economy International Monetary Fund (IMF) Economics Equality comment '|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/business/grogonomics/2017/apr/20/imf-shifts-from-dismal-to-pessimistic-but-has-a-sharper-message-about-inequality'|'2017-04-20T04:00:00.000+03:00'|2817.0|''|-1.0|'' 2818|'aebc2b481d7d76038325e0be3fff00def824195e'|'Foxconn asks for SoftBank cooperation in bid for Toshiba chip unit: Nikkei'|'TOKYO Taiwan''s Foxconn has asked for SoftBank Group''s cooperation in its bid for Toshiba Corp''s prized memory chip unit, the Nikkei business daily reported on Friday.Foxconn, known formally as Hon Hai Precision Industry, is expected to ask SoftBank for help in smoothing the way with Japanese banks, the report said.Foxconn may also team up with Apple Inc for the bid, the report said, following a similar report by public broadcaster NHK earlier.(Reporting by Junko Fujita and Chang-Ran Kim; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-softbank-group-idINKBN17G0CS'|'2017-04-14T03:41:00.000+03:00'|2818.0|''|-1.0|'' @@ -2824,7 +2824,7 @@ 2822|'addf8e4196b40d53a2bee771d6776369f0b73ffd'|'MTU Aero Engines beats forecasts thanks to maintenance division'|'Market News - Fri Apr 28, 2017 - 2:13am EDT MTU Aero Engines beats forecasts thanks to maintenance division BERLIN, April 28 German aircraft engine maker MTU Aero Engines reported a better than expected 19.6 percent rise in first quarter profit, driven by its business maintaining commercial jet engines. The company, whose customers include planemakers Boeing , Airbus and Bombardier, reported adjusted earnings before interest and tax (EBIT) of 157 million euros ($170.6 million), against average analyst expectations for 140 million euros. Its commercial maintenance business saw revenues rise 37 percent thanks to demand for services for the V2500 engines that power A320 jets, helping to lift the EBIT margin to 12.4 percent from 12 percent a year ago. It confirmed it expects revenues of 5.1 to 5.2 billion for 2017 and an operating margin stable at around last year''s level of 10.6 percent. French rival Safran earlier this week reported higher then expected first quarter sales, also helped by aerospace services. ($1 = 0.9204 euros) (Reporting by Victoria Bryan; Editing by Maria Sheahan) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mtu-aero-engines-results-idUSFWN1HZ1OM'|'2017-04-28T14:13:00.000+03:00'|2822.0|''|-1.0|'' 2823|'17551d9cf9089a5c58635c752f3f24f03beb9232'|'UPDATE 1-Daimler lifts forecasts as Mercedes'' sales gain traction'|'* Daimler hikes 2017 sales outlook for Mercedes* Daimler raises outlook for Group EBIT* Daimler shares indicated 1.7 pct higher (Adds pre-market shares, Q1 details,)FRANKFURT, April 26 Daimler AG raised it forecasts on Wednesday, predicting a significant rise in operating profits this year after a surge in sales of Mercedes-Benz luxury cars and sports utility vehicles.Daimler said it now expects significant growth in volume sales, revenue and group earnings before interest and tax (EBIT) this year after its first-quarter net profit doubled to 2.8 billion euros ($3.1 billion)."We are very confident for the remainder of the year to achieve our financial as well as our strategic goals," Daimler''s Chief Financial Officer Bodo Uebber said in a statement.Daimler''s share price was set to rise 1.7 percent, according to pre-market indications provided by Lang & Schwartz ahead of the 0700 GMT market opening.In February Daimler had said it expected only slight growth in group EBIT, but record sales of Mercedes passenger cars in the first quarter helped the Stuttgart-based carmaker produce forecast-beating results.In March alone sales of the new Mercedes-Benz E-Class, a volume model for the carmaker, rose by 65 percent and Daimler said on Wednesday it now expected a significant rise in sales of Mercedes-Benz Cars for the full year.Daimler''s group EBIT jumped 87 percent to 4.01 billion euros ($4.25 billion) in the quarter, thanks in part to 690 million euros in one-off gains.EBIT at Mercedes-Benz Cars rose 60 percent to 2.23 billion euros, delivering a return on sales of 9.8 percent after the division reported a 15 percent rise in first-quarter sales.Daimler published key first-quarter earning figures earlier this month, revealing that profits were lifted by the revaluation of a stake in mapping company HERE, as well as by the sale of some real estate and the reversal of an impairment charge on its stake in Chinese carmaker BAIC .A stricter interpretation of EU financial reporting guidelines has forced Daimler to start giving forecasts based on unadjusted numbers, increasing the scope for one-off gains and losses to distort consensus. ($1 = 0.9137 euros) (Reporting by Edward Taylor; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/daimler-results-idINL8N1HY0XR'|'2017-04-26T04:18:00.000+03:00'|2823.0|''|-1.0|'' 2824|'32f4319e2f2273fddcc9a46b8a36e42c7762fcd5'|'Bankers dominate lobbying of Britain''s Brexit ministry'|' 14pm BST Bankers dominate lobbying of Britain''s Brexit ministry By Andrew MacAskill and William James - LONDON LONDON Finance firms have held twice as many meetings with ministers handling Britain''s exit from the European Union as any other sector of the economy, a Reuters analysis shows. The figures show that the finance sector retains an outsized influence despite Prime Minister Theresa May signalling she wants to reduce Britain''s economic dependence on the sector and banks'' complaints that they are having difficulty getting their views across. Britain''s decision to leave the EU sparked one of the most intensive lobbying efforts in recent memory as different sectors fought for government access to help shape the strategy of its most complex negotiations since the end of World War Two. The Department for Exiting the European Union, headed by David Davis, is in charge of prioritising the government''s demands in those negotiations - a process that involves balancing the competing needs of sectors across the economy. A Reuters analysis of recently released government data detailing the Brexit department''s 277 external meetings show 59 instances where one of the department''s four ministers met finance companies in the last six months of 2016. Overall, ministers held meetings with almost 40 sectors ranging from support services to technology, education, infrastructure, charities and agriculture. The finance industry, including banks, insurers and hedge funds, make up about 10 percent of the British economy, but accounted for about a fifth of the department''s meetings, the analysis shows. This excludes round-table meetings where companies from different sectors were present. By comparison, manufacturing industry representatives and firms held about 24 meetings with the government, according to the analysis. Trade unions and the transport sector met the ministry 16 times, the analysis shows. British financial firms launched a frenzy of political lobbying after last year''s vote. They face losing wide-open access to the EU''s $16.5 trillion-a-year single market, raising concerns about whether London can keep its place as one of the top two global financial centres. Alex Runswick, a director at the government transparency group Unlock Democracy, raised concern about the number of finance sector meetings with government, warning that it may show only a fraction of its lobbying power. "What you are seeing is the visible tip of the lobbying iceberg," Runswick said. "We need to know what it is they are lobbying about and ensure it is fair and transparent so other sectors and voters can have their say too." Finance executives said although they have held numerous meetings with ministers, they feel they are still struggling to influence policy. They point to government plans to pull Britain out of the single market despite months of lobbying to retain some form of access. "We are having lots of meetings, but we are finding it much harder to get our viewpoint heard," said one banker, who has held meetings with the government. Bankers were surprised when government ministers told financial executives in the autumn they would not get special treatment in the Brexit negotiations. The Department for Exiting the European Union said in a statement that it has spent the last nine months understanding the challenges and opportunities from Brexit and will seek a deal that works for all areas of the British economy. Most of the previous five British governments going back to Margaret Thatcher''s put financial services at the centre of their plans to grow Britain''s economy. But May''s government has signalled she wants some rebalancing of the economy away from financial services. May met finance executives individually twice in the last six months of last year - a meeting with Morgan Stanley, and another with Wall Street executives in New York, records show. She met journalists 17 times and charities four times, the analysis shows. May also held two dinners with a range of business executives, including bankers from Barclays and Goldman Sachs, the records show. Since coming to office in July 2016 after the vote to leave the EU, May has made clear her political priority is to re-engage with many working class voters whose backing for Brexit stemmed partly from lingering resentment of hardship caused by the 2007-2009 financial crisis. To view graphic on Brexit lobbying, click on tmsnrt.rs/2puK4ul (Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-lobbying-idUKKBN17K1F2'|'2017-04-18T20:14:00.000+03:00'|2824.0|''|-1.0|'' -2825|'86e45c82f1b0c2cf4e1ad0592e3547967e5eb93e'|'JPMorgan CEO calls for regulatory changes in shareholder letter'|'Business 17pm BST JPMorgan CEO calls for regulatory changes in shareholder letter JP Morgan CEO Jamie Dimon speaks at an event at JP Morgan''s corporate centre in Bournemouth, southern Britain, June 3, 2016. REUTERS/Dylan Martinez/File Photo By David Henry and Dan Burns - NEW YORK NEW YORK JPMorgan Chase & Co ( JPM.N ) Chief Executive Jamie Dimon devoted one-third of his annual shareholder letter to arguments for changing regulations, particularly those on bank capital and liquidity, as well as home mortgage loan financing. Current regulations are inconsistent and have left banks with "too much capital," some of which could be used to "finance the economy without sacrificing safety," Dimon said in the 17,349-word letter released on Tuesday. He also warned that anti-trade policies could be disruptive and geopolitical risks are in a "heightened state." Dimon, 61, has entered his twelfth year as CEO. He considers the annual letter to be among his most important public statements about JPMorgan, as well as public policy. It is widely read because the bank is one of the most profitable and came out of the financial crisis stronger than competitors. This year, Dimon argued that the idea of banks being "too big to fail" and therefore requiring bailouts during times of stress, is a problem that "has been solved." He said "taxpayers will not pay if a bank fails" because of measures enacted since the crisis nearly a decade ago. Dimon''s comments on bank regulation come at a time of possible flux in rules and laws under a new White House and Congress. In addition, the U.S. Federal Reserve governor who has been overseeing regulation, including bank capital stress tests, is leaving his post on Wednesday and a replacement has yet to be proposed by President Donald Trump. The way the Fed conducts stress tests should be clearer and more consistent, Dimon said. He also said home mortgage rules imposed since the crisis have raised costs for consumers and made it less likely that those with weak credit histories will get loans. "While some of the rules are beneficial, many were hastily developed," he wrote. Dimon said the geopolitical risk environment is in a "heightened state" with the United Kingdom''s pending withdrawal from the European Union and a growing anti-globalization sentiment. He said he hopes Britain''s exit will prompt the EU to fix issues it has with immigration, bureaucracy and restrictive labour laws. "Our fear, however, is that it could instead result in political unrest that would force the EU to split apart," which, he wrote, "could have devastating economic and political effects." Dimon also warned that "poorly conceived" trade policies could be very disruptive, especially with regard to two key trading partners, Mexico and China. (Reporting by David Henry and Dan Burns in New York; editing by Chizu Nomiyama and Dan Grebler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jpmorgan-dimon-letter-idUKKBN17625L'|'2017-04-05T02:17:00.000+03:00'|2825.0|''|-1.0|'' +2825|'86e45c82f1b0c2cf4e1ad0592e3547967e5eb93e'|'JPMorgan CEO calls for regulatory changes in shareholder letter'|'Business 17pm BST JPMorgan CEO calls for regulatory changes in shareholder letter JP Morgan CEO Jamie Dimon speaks at an event at JP Morgan''s corporate centre in Bournemouth, southern Britain, June 3, 2016. REUTERS/Dylan Martinez/File Photo By David Henry and Dan Burns - NEW YORK NEW YORK JPMorgan Chase & Co ( JPM.N ) Chief Executive Jamie Dimon devoted one-third of his annual shareholder letter to arguments for changing regulations, particularly those on bank capital and liquidity, as well as home mortgage loan financing. Current regulations are inconsistent and have left banks with "too much capital," some of which could be used to "finance the economy without sacrificing safety," Dimon said in the 17,349-word letter released on Tuesday. He also warned that anti-trade policies could be disruptive and geopolitical risks are in a "heightened state." Dimon, 61, has entered his twelfth year as CEO. He considers the annual letter to be among his most important public statements about JPMorgan, as well as public policy. It is widely read because the bank is one of the most profitable and came out of the financial crisis stronger than competitors. This year, Dimon argued that the idea of banks being "too big to fail" and therefore requiring bailouts during times of stress, is a problem that "has been solved." He said "taxpayers will not pay if a bank fails" because of measures enacted since the crisis nearly a decade ago. Dimon''s comments on bank regulation come at a time of possible flux in rules and laws under a new White House and Congress. In addition, the U.S. Federal Reserve governor who has been overseeing regulation, including bank capital stress tests, is leaving his post on Wednesday and a replacement has yet to be proposed by President Donald Trump. The way the Fed conducts stress tests should be clearer and more consistent, Dimon said. He also said home mortgage rules imposed since the crisis have raised costs for consumers and made it less likely that those with weak credit histories will get loans. "While some of the rules are beneficial, many were hastily developed," he wrote. Dimon said the geopolitical risk environment is in a "heightened state" with the United Kingdom''s pending withdrawal from the European Union and a growing anti-globalization sentiment. He said he hopes Britain''s exit will prompt the EU to fix issues it has with immigration, bureaucracy and restrictive labour laws. "Our fear, however, is that it could instead result in political unrest that would force the EU to split apart," which, he wrote, "could have devastating economic and political effects." Dimon also warned that "poorly conceived" trade policies could be very disruptive, especially with regard to two key trading partners, Mexico and China. (Reporting by David Henry and Dan Burns in New York; editing by Chizu Nomiyama and Dan Grebler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jpmorgan-dimon-letter-idUKKBN17625L'|'2017-04-05T02:17:00.000+03:00'|2825.0|15.0|0.0|'' 2826|'cce633c562abde3709ebb2fcf75ccf570fb3c66e'|'Xi stamp of approval fuels frenzied hopes for new China economic zone'|' 40am BST Xi stamp of approval fuels frenzied hopes for new China economic zone left right A woman works at Tongfa shoe factory in Santai town of Anxin county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture taken on April 6, 2017. REUTERS/Jason Lee 1/16 left right A woman works at Tongfa shoe factory in Santai town of Anxin county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture taken on April 6, 2017. REUTERS/Jason Lee 2/16 left right A man stands next to tombs in the field on the outskirts of Rongcheng county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture taken on April 6, 2017. REUTERS/Jason Lee 3/16 left right A worker packs pipelines onto a truck at a local plastic pipe factory in Donghegang village on the outskirts of Xiongxian county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture take on April 6, 2017. REUTERS/Jason Lee 4/16 left right A woman is carried by a motor tricycle on a main road in Xiongxian county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture taken on April 6, 2017. REUTERS/Jason Lee 5/16 left right A woman and a girl walk toward the government building of Xiongxian county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture taken on April 6, 2017. REUTERS/Jason Lee 6/16 left right A local villager drives a vehicle carrying building materials in Donghegang village on the outskirts of Xiongxian county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture taken on April 6, 2017. REUTERS/Jason Lee 7/16 left right A local villager is pictured on the back of a vehicle in Donghegang village on the outskirts of Xiongxian county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture taken on April 6, 2017. REUTERS/Jason Lee 8/16 left right A woman works at Tongfa shoe factory in Santai town of Anxin county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture taken on April 6, 2017. REUTERS/Jason Lee 9/16 left right A banner supporting the government''s decision of banning new property sales is placed outside a closed sales office of a property in Xiongxian county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture taken on April 6, 2017. REUTERS/Jason Lee 10/16 left right Zhao Xiaodong, a local business owner of Jitong plastic pipe factory, is pictured at his villa in Donghegang village on the outskirts of Xiongxian county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture taken on April 6, 2017. REUTERS/Jason Lee 11/16 left right A banner warning illegal land occupancy is placed on a wall in Santai town of Anxin county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture taken on April 6, 2017. REUTERS/Jason Lee 12/16 left right Zhao Xiaodong, a local business owner of Jitong plastic pipe factory, is pictured at his villa in Donghegang village on the outskirts of Xiongxian county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture taken on April 6, 2017. REUTERS/Jason Lee 13/16 left right Local 17-year-old Liu Zhipeng (C) speaks to Reuters about his idea for the new special economic zone in Anxin county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture taken on April 6, 2017. REUTERS/Jason Lee 14/16 left right Local 17-year-old Liu Zhipeng drives a motor tricycle carrying his friends on a main road in Anxin county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture taken on April 6, 2017. REUTERS/Jason Lee 15/16 left right A woman works at Tongfa shoe factory in Santai town of Anxin county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. Picture taken on April 6, 2017. REUTERS/Jason Lee 16/16 By Yawen Chen and Elias Glenn - XIONGXIAN, China/BEIJING XIONGXIAN, China/BEIJING Like many residents of Xiongxian county, a polluted corner of Hebei province, 17-year-old Liu Zipeng has been giddy with excitement since China announced plans this month for a vast new economic zone backed by President Xi Jinping himself. "I am so happy - I don''t need to move to Beijing or worry about getting a wife anymore," Liu said with a laugh. Such are the hopes for the area, about 100 km (60 miles) southwest of Beijing, that authorities quickly banned property sales to quash a speculative frenzy. While China has set high expectations by touting the Xiongan New Area as a successor to zones in Shenzhen and Shanghai that helped make China an economic powerhouse, the force of Xi''s endorsement could help it flourish where other new development areas failed to match the hype. In a sign of Beijing''s intent, Xu Qin, the former mayor and Communist party boss for Shenzhen, was named acting governor of Hebei province on Friday, with analysts saying it is likely he will be tapped to lead development of Xiongan. Once a sleepy fishing village, Shenzhen, bordering Hong Kong, became an economic juggernaut after being declared a special economic zone in 1980. Details for Xiongan, planned eventually to stretch across 2,000 square kilometers, an area almost as big as Tokyo, remain sketchy. It is pitched as an environmentally friendly city housing some of Beijing''s relocated "non-capital functions", with hopes to attract high-tech industries. Nearly 30 large state enterprises including PetroChina ( 601857.SS ) and China Shipbuilding Industry Corp have expressed interest, though no specific relocation plans have been announced. The three counties that make up the area, Xiongxian, Anxin and Rongcheng, are home to about a million people as well as wheat fields, light manufacturing and heavy pollution - endemic in much of Hebei. But unlike Shenzhen and Shanghai''s Pudong, the development of Xiongan is not expected to be accompanied by major economic reforms, and its landlocked setting is a transportation disadvantage. "Natural market forces would probably not have chosen this place. But if the central government backs it with unlimited resources, it could become whatever it wants to be," said Steven McCord, head of research for North China at real estate consultancy Jones Lang LaSalle. The plan fits into a broader regional integration push for the cities of Beijing and Tianjin and Hebei province, dubbed Jing-Jin-Ji, which has been spearheaded by Xi since 2015 to tackle the "big city disease" plaguing Beijing, a crowded and polluted city of 22 million. But Jing-Jin-Ji''s progress has been slower than hoped. "It''s been hard to get traction getting Beijing, Tianjin, and Hebei to work together seamlessly," McCord said. Xiongan could be a political and geographical "clean slate" to generate more jobs and economic stimulus for North China, he said. Xi himself visited Anxin county in late February, which only became public when China announced plans for Xiongan on April 1. Morgan Stanley''s base scenario foresees 133 billion yuan ($19.3 billion) in additional fixed asset investment annually over 15 years to build Xiongan, equivalent to just 0.24 percent of China''s 56.2 trillion yuan of nationwide fixed asset investment last year. (To view a graphic on on China''s economic zones, click tmsnrt.rs/2oPQVeV ) MIXED RECORD While the Shenzhen and Shanghai economic zones thrived, some similar schemes in China have fallen short of expectations. Caofeidian, also in Hebei, was promoted by former President Hu Jintao as a new industrial zone in 2008, but development foundered as debt accumulated. Authorities have been trying to give Caofeidian another push to upgrade its industries to become a driver of Jing-Jin-Ji''s integration, but competition among provinces has been a drag on progress. "Caofeidian had central government support, but it was a long way from being a national-level special economic zone. Its importance was definitely not at the same level that Xiongan is seeing now," said He Jun, head of macroeconomic research at Anbound Consulting. "Xiongan''s biggest advantage is that it has strong support from the central government." He remains doubtful that Xiongan will emulate Shanghai or Shenzhen due to its geography and the greater openness of China''s economy now, but the political leadership seems intent on making it succeed. Among the architects of the new project is Xu Kuangdi, the mayor of Shanghai in the late 90s who also heads the advisory committee for Jing-Jin-Ji. The leadership make-up is intended to ensure Xiongan would "escape past failures", said Liu Ying, a researcher at Renmin University''s Chong Yang Institute for Financial Studies. Not everyone in Anxin is cheered by the prospect. An Anxin restaurant owner in her 50s surnamed Liu said she checks social media constantly for updates, as she fears being forced out of the spacious villa built on her farmland. "I don''t think it is necessarily a good thing for me. Our lives are pretty good right now." Down a street next to fields of withered wheat, workers loaded a truck with plastic pipes, a major local industry. "The establishment of the new zone for sure will limit us further as we do pollute the environment to some degree," said Zhao Xiaodong, owner of Jitong Plastic. But most locals are optimistic. "If president Xi thinks it will be the next Shenzhen and Shanghai, then it will be," said Mrs Shi, a shop worker in Xiongxian. ($1 = 6.8998 Chinese yuan renminbi) (Additional reporting by David Stanway; Editing by Tony Munroe and Will Waterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-xiongan-idUKKBN17E0TW'|'2017-04-12T16:23:00.000+03:00'|2826.0|''|-1.0|'' 2827|'9e0f1587ef95a28c78be4ff9571183cb64b4ff50'|'The female factor: Bill OReilly faces allegations of sexual harassment'|'EVEN for Rupert Murdoch and Fox News, no strangers to controversy, the allegations against Bill OReilly present an extreme test. On April 1st the New York Times published an investigative report that described accusations of sexual harassment and other inappropriate behaviour from at least seven women against the presenter. He and the network, the paper said, have paid about $13m to five women since 2002 to settle cases where they alleged such behaviour. Mr OReilly denied the merits of the claims.The news came less than nine months after Roger Ailes, the networks founding boss, stepped down following multiple sexual-harassment claims against him. This week around 50 advertisers left Mr OReillys programme, The OReilly Factor, among them several car brands, including Mercedes-Benz and Toyotas Lexus, as well as GlaxoSmithKline, a drugs company. The National Organisation for Women has called for him to be fired. 20 3 All eyes are on Mr Murdoch, who has been running Fox News himself since he pushed out his friend, Mr Ailes. Mr OReilly has probably been just as valuable to him. Long the most-watched presenter in cable news, his audience has surged higher still since the election of Donald Trump. His show is averaging 4m viewers a night this year (see chart), helping make Fox News the most-watched cable channel in America. Mr Trump this week spoke out in Mr OReillys defence.An advertiser revolt will hurt, but on its own it is unlikely to make Mr OReillys ouster inevitable. Buyers place ads across multiple programmes on a network; many ads will shift to other Fox News shows. Nor is advertising the biggest source of Fox News revenue. SNL Kagan, a research firm, estimates that Fox News will collect more than $900m in advertising revenue this year, but close to double that$1.7bnfrom fees paid by cable and satellite providers to carry the channel to 89m homes. An initial statement from 21st Century Fox, the parent company of Fox News, was supportive of Mr OReilly. The network recently renewed his contract. In a statement, Mr OReilly also stated that he is a vulnerable target of lawsuits seeking to harm him and Fox News.Yet the scandal is probing the limits of Mr OReillys worth. One executive with a big ad-buying agency in New York was at first sceptical of the impact of the scandal when there was no initial concern from clients, but noted a herd effect developing later to leave the programme (though not the network). Whether Mr Murdoch buckles under the pressure may also depend on his potential replacements for Mr OReilly. He has already replaced another departing star, Megyn Kelly (one of Mr Ailess accusers, and a target of Mr Trump), with Tucker Carlson, a conservative commentator who is doing very well.Any decision will involve Mr Murdochs sonsLachlan, a co-executive chairman of the parent company with his father, and James, the CEO. They reportedly played a part in ousting Mr Ailes. But they have said nothing publicly this week and their views remain unclear. Much as the scandal is gauging the worth of Mr OReilly to Fox, it may also be a test of forces within the Murdoch family. Business "The $13m factor"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21720335-around-50-big-advertisers-have-left-oreilly-factor-bill-oreilly-faces-allegations-sexual?fsrc=rss'|'2017-04-06T22:41:00.000+03:00'|2827.0|''|-1.0|'' 2828|'bff4dfdad651a3ada42ed80b154728643d0467e5'|'Burger King owner Restaurant Brands revenue rises 8.9 percent'|' 19pm BST Burger King owner Restaurant Brands revenue rises 8.9 percent FILE PHOTO: The logo of U.S. fast food group Burger King is seen at a restaurant in Bruettisellen, Switzerland October 11, 2016. REUTERS/Arnd Wiegmann/File Photo Restaurant Brands International Inc ( QSR.TO ) ( QSR.N ), the owner of Burger King and Tim Hortons, reported an 8.9 percent rise in quarterly revenue as it opened more restaurants. The company''s net profit attributable to shareholders was $50.2 million in the first quarter ended March 31, largely unchanged from $50 million a year earlier. Earnings per share was unchanged at 21 cents. Oakville, Ontario-based Restaurant Brand''s total revenue rose to $1 billion (780.36 million pounds) from $918.5 million. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rstrnt-brnd-results-idUKKBN17S1E9'|'2017-04-26T19:19:00.000+03:00'|2828.0|''|-1.0|'' @@ -2884,7 +2884,7 @@ 2882|'fd73b8d19d6fef2b9d52f1f8e41fcfab61300205'|'Schneider Electric to sell DTN to Swiss group TBG in $900 million deal'|'Business News - Mon Apr 3, 2017 - 7:57am BST Schneider Electric to sell DTN to Swiss group TBG in $900 million deal FILE PHOTO: Jean-Pascal Tricoire, Chairman and CEO of Schneider Electric attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich PARIS French electrical components maker Schneider Electric ( SCHN.PA ) has agreed to sell agricultural information company Telvent DTN to private Swiss group TBG AG in a deal worth around $900 million (718.05 million pounds) based on enterprise value, Schneider said on Monday. Schneider Electric said it expected to close the transaction in the second quarter of this year, and would use the proceeds from the sale to finance a share buyback program worth around 1 billion euros ($1.07 billion) over a two-year period. Telvent DTN last reported revenues of $213 million, but Schneider had decided that it was no longer a core part of its company following a strategic review of its businesses. (Reporting by Sudip Kar-Gupta; Editing by Adrian Croft) Next In Business News Imagination Tech shares plunge as Apple abandons British firm LONDON Apple has given Imagination Tech notice that it will stop using its graphics technology in the iPhone and other products in up to two years'' time, dealing a major blow to the British company, which could lose half of its revenue. LONDON Credit card firms will have to do more to help struggling customers repay their debts, including the suspension of cards under proposals published by Britain''s Financial Conduct Authority on Monday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-schneider-dtn-idUKKBN1750J8'|'2017-04-03T14:57:00.000+03:00'|2882.0|''|-1.0|'' 2883|'144876a56566b8770f67b0335ee7a02f14db5661'|'PRESS DIGEST- British Business - April 5'|'April 5 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times- British Prime Minister Theresa May has added some prime ministerial clout to the London Stock Exchange''s attempt to persuade Saudi Arabian Oil Co IPO-ARMO.SE mco to list its shares in the UK. bit.ly/2o7cWb1- PA Consulting Services, brought in by UK Trade and Investment in 2014 for a three-year contract, exploited poor decision-making by the government agency responsible for boosting overseas trade to increase profits and pass costs to the taxpayer, MPs have found. bit.ly/2o7dnCbThe Guardian- Britain''s North Sea oil and gas sector received 396 million pounds ($492.58 million), net of tax payments, from the government in 2016 compared with a contribution to the exchequer of 381m the previous year, according to analysis by energy specialist Carbon Brief. bit.ly/2o78KYT- The Bank of England has flagged up new concerns about the rapid growth in consumer borrowing as Britons rack up debt on credit cards, car purchase schemes and personal loans. bit.ly/2o7sbRdThe Telegraph- Telecom company Vodafone Plc is closing in on a multi-million pound deal to rename West Ham''s football ground. The company is in advanced talks with the owners of the former Olympic Stadium in East London with a six-year agreement possible this month, according to multiple sources. bit.ly/2o75ZXo- JPMorgan''s head Jamie Dimon has admitted he will not move many jobs out of Britain in the next two years as a result of Brexit, in a U-turn on his pre-referendum warning that a vote to leave the European Union could mean as many as 4,000 jobs moving across the Channel. bit.ly/2o7bEgnSky News- Crisis-hit Toshiba Corp is being forced to buy out a French firm''s stake in the venture behind a proposed new nuclear power station in Cumbria - throwing its future into further doubt. bit.ly/2o7c5qR- Ministers and regulators should act swiftly to curb soaring bosses'' pay in British boardrooms, a report from the Business, Energy and Industrial Strategy Select Committee of MPs has warned. bit.ly/2o7gqKNThe Independent- Food inflation in Britain hit 1 per cent year-on-year last month, the sharpest rise since February 2014 and marking the second month in a row of rising prices, according to the latest BRC-Nielsen Shop Price Index. ind.pn/2o7ahxV- Around 100,000 jobs may now be at risk after a top EU lawmaker warned that financial business denominated in euros must move from the UK to the EU after Brexit. ind.pn/2o7c46t ($1 = 0.8039 pounds) (Compiled by Bhanu Pratap in Bengaluru; Editing by Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL2N1HD00A'|'2017-04-04T22:18:00.000+03:00'|2883.0|''|-1.0|'' 2884|'94a5d5f5e76a9b6e3105968e74e24a1eee4781fe'|'Puerto Rico oversight board approves GDB liquidation plan'|'By Nick Brown - NEW YORK NEW YORK Puerto Rico''s financial oversight board on Friday approved a fiscal plan for the struggling U.S. territory''s Government Development Bank, which would wind down the bank''s operations over 10 years.The oversight board, appointed under the Puerto Rico rescue law known as PROMESA, also approved turnaround plans for the island''s highway and water authorities, as well as power utility PREPA, though those approvals were contingent on changes the agencies must make in the next several weeks.The GDB, which had served as the island''s primary fiscal agent, has been a shell entity since April 2016, when Puerto Rico''s former governor declared a state of emergency at the bank. The bank defaulted on $422 million of debt the following month.Board member David Skeel said it was "with sadness" that the GDB be wound down, "but I think its the most effective way to disentangle GDB from the rest of the economy."PREPA, which last month reached a deal with its own creditors to restructure $8.9 billion in debt, was told by the board to tweak its plan to ensure it can lower customer rates to 21 cents per kilowatt hour by 2023.Water authority PRASA, whose plan will seek to reduce a 10-year funding gap of $3.5 billion, was ordered to raise rates, while highway authority HTA must alter its blueprint to address its fiscal sustainability asset by asset.HTA must also come up with better solutions for losses at its mass transit system, the board said.Puerto Rico is trying to escape a crisis marked by $70 billion in debt, a 45 percent poverty rate and unemployment more than twice the U.S. average. It faces a deadline on Monday to either reach debt restructuring deals with creditors or open itself up to lawsuits from those creditors.It could also file a so-called Title III proceeding, an in-court restructuring process akin to U.S. bankruptcy, which would protect it from lawsuits.At Friday''s meeting, the board adopted a mechanism to file a Title III proceeding for the island or its public agencies without holding a public meeting.(Reporting by Nick Brown; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puertorico-debt-oversightboard-idINKBN17U1ZG'|'2017-04-28T11:43:00.000+03:00'|2884.0|''|-1.0|'' -2885|'ef9d32d9f5b8f059e97f8a6d02c0eaa72f376414'|'Jared Kushner in talks to sell stake in real estate tech firm: WSJ'|'Jared Kushner, a senior level White House official and son-in-law of President Donald Trump, is in talks to sell his stake in a real estate technology company as he attempts to pare his numerous business ties, according to a report by the Wall Street Journal.He is in the late stages of negotiating a deal to sell his stake in the company, called WiredScore, to a group of investors that include Los Angeles-based Fifth Wall Ventures, the Journal said. It was unable to determine the price of the stake or the identity of other group members.Kushner is working to exit other business investments as well, as the Trump administration faces criticism for not doing enough to rid its senior officials of potential conflicts of interest.He disclosed earlier this year that his stake in the WiredScore was worth $5 million to $25 million. Founded in 2013, WiredScore assesses the speed and quality of office buildings'' internet connections.Earlier this year, Kushner said in a federal disclosure form that he was "in the divestment process" of his holdings in WiredScore''s owner, Broadband Proliferation LLC, where he is a managing member.(Reporting by Carl O''Donnell; Editing by Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-trump-kushner-idINKBN17I0S2'|'2017-04-16T18:09:00.000+03:00'|2885.0|''|-1.0|'' +2885|'ef9d32d9f5b8f059e97f8a6d02c0eaa72f376414'|'Jared Kushner in talks to sell stake in real estate tech firm: WSJ'|'Jared Kushner, a senior level White House official and son-in-law of President Donald Trump, is in talks to sell his stake in a real estate technology company as he attempts to pare his numerous business ties, according to a report by the Wall Street Journal.He is in the late stages of negotiating a deal to sell his stake in the company, called WiredScore, to a group of investors that include Los Angeles-based Fifth Wall Ventures, the Journal said. It was unable to determine the price of the stake or the identity of other group members.Kushner is working to exit other business investments as well, as the Trump administration faces criticism for not doing enough to rid its senior officials of potential conflicts of interest.He disclosed earlier this year that his stake in the WiredScore was worth $5 million to $25 million. Founded in 2013, WiredScore assesses the speed and quality of office buildings'' internet connections.Earlier this year, Kushner said in a federal disclosure form that he was "in the divestment process" of his holdings in WiredScore''s owner, Broadband Proliferation LLC, where he is a managing member.(Reporting by Carl O''Donnell; Editing by Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-trump-kushner-idINKBN17I0S2'|'2017-04-16T18:09:00.000+03:00'|2885.0|6.0|4.0|'' 2886|'008ae9ea6ae731d6149201122fbbc9efeb5bde95'|'South Korea pension fund accepts Daewoo Shipbuilding bailout proposal'|'Business News - Sun Apr 16, 2017 - 6:41pm EDT South Korea pension fund accepts Daewoo Shipbuilding bailout proposal left right The logo of Daewoo Shipbuilding & Marine Engineering Co is seen at its building in Seoul, South Korea, March 24, 2017. REUTERS/Kim Hong-Ji 1/2 left right The logo of Daewoo Shipbuilding & Marine Engineering Co is seen at its building in Seoul, South Korea, March 24, 2017. REUTERS/Kim Hong-Ji 2/2 By Joyce Lee - SEOUL SEOUL A South Korean pension fund on Monday accepted a debt-to-equity swap proposal for bondholders of troubled Daewoo Shipbuilding & Marine Engineering ( 042660.KS ), greenlighting the country''s latest plan to bail out the world''s largest shipbuilder. The National Pension Service (NPS), the world''s third-largest pension fund, said early on Monday that "accepting the debt restructuring will be more advantageous to improve the fund''s returns." NPS is Daewoo''s single-largest single bondholder, with about 390 billion won out of about 1.5 trillion won in bonds, Yonhap reported. The South Korean government suggested in March that bondholders, which hold about 1.5 trillion won of Daewoo debt, agree to a 50 percent debt-to-equity swap and a three-year grace period on the remaining, as a condition for state banks to provide a fresh $2.6 billion bailout to save the shipbuilder. Enough remaining bondholders still need to approve the debt-to-equity swap in the series of bondholder meetings to be held on Monday and Tuesday, but other large bondholders including Korea Post are expected to follow NPS'' lead to approve the proposal, creditor bank officials said on Sunday. The officials declined to be identified because of the sensitivity of the matter. With this, South Korea is closer to its goal of bailing out Daewoo Shipbuilding, with an estimated 50,000 jobs at risk and billions of dollars in an economic hit if it should topple. (Reporting by Joyce Lee; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-daewoo-restructuring-nps-idUSKBN17I0VM'|'2017-04-17T06:41:00.000+03:00'|2886.0|''|-1.0|'' 2887|'4f5a397468fd02a659e044d4eded0ef335f275f6'|'Chipmaker Qualcomm''s revenue falls 9.6 percent'|'Qualcomm Inc ( QCOM.O ), the largest maker of chips used in smartphones, reported quarterly revenue and profit that beat analysts'' estimates, helping ease concerns surrounding the company''s dispute with Apple Inc ( AAPL.O ).Investors pushed the company shares - the worst performer year-to-date on the Philadelphia semiconductor index .SOX - up 2.4 percent to $53.85 in after-market trading on Wednesday.The iPhone maker sued Qualcomm in January, accusing the chipmaker of overcharging for its chips and refusing to pay some $1 billion in promised rebates.Qualcomm said on Wednesday that Apple''s contract manufacturers underpaid royalties in the second quarter, but revenue was not affected as the amount was similar to what Apple claimed Qualcomm owed it.San Diego-based Qualcomm also warned that it was unclear whether Apple''s contract manufacturers would underpay royalties owed in the third quarter, leading to the wider-than-usual profit forecast for the period.However, Qualcomm Chief Executive Steve Mollenkopf said on a post-earnings call that the company expected to continue to be an "important supplier to Apple now and into the future".Qualcomm forecast current-quarter adjusted profit of 90 cents-$1.15 per share and revenue of $5.3 billion-$6.1 billion.Analysts on average were expecting a profit of $1.09 per share and revenue of $5.94 billion, according to Thomson Reuters I/B/E/S.The royalties issue also weighed on Qualcomm''s second-quarter results.The quarter included a $974 million reduction to revenue, or 48 cents per share, related to an arbitration over a royalties dispute with BlackBerry Ltd ( BB.TO ).Revenue fell 9.6 pct to $5.02 billion in the three months ended March 26. ( bit.ly/2ot17st )On an adjusted basis, Qualcomm reported revenue of $5.99 billion, beating analysts'' average estimate of $5.89 billion.Despite the litigation worries, revenue in the Qualcomm Technology Licensing business rose about 5 percent to $2.25 billion, ahead of the analysts'' estimate of $2.24 billion, according to research firm FactSet StreetAccount.The licensing unit contributed about 85 percent of the company''s earnings before taxes in 2016.Charter Equity analyst Edward Snyder attributed the results in part to catch-up payments by customers who had earlier disputed them."It''s kind of a confusing mess right now on who''s coming and who''s going, that''s one of the reasons that you''re not seeing the stock perform better," Snyder said.The company also said there was increased demand for its Snapdragon mobile chips, particularly in China, boosting revenue by 10 percent in its chip-making unit.Qualcomm''s market share in China is expected to increase to 65 percent this year from 50 percent in 2016, with share gains in OPPO, Vivo, Xiaomi and Meizu, Rosenblatt Securities analyst Jun Zhang wrote in a note.Excluding items, Qualcomm earned $1.34 per share, above analysts'' average estimate of $1.19.(Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-qualcomm-results-idUSKBN17L2PB'|'2017-04-20T04:30:00.000+03:00'|2887.0|''|-1.0|'' 2888|'45e4a38d6113352c6d242359488bcd68c40771a1'|'FCA CEO says no talks with Volkswagen'|'AMSTERDAM Car maker Fiat Chrysler Automobiles is not holding any merger talks with German rival Volkswagen, Chief Executive Sergio Marchionne said on Friday.FCA is not at a stage where it can discuss tie-ups, Marchionne added, speaking at a shareholder meeting of the group.Marchionne has long advocated consolidation in the car industry.(Reporting by Stefano Rebaudo, editing by Valentina Za)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fiat-chrysler-m-a-idINKBN17G0VU'|'2017-04-14T09:25:00.000+03:00'|2888.0|''|-1.0|'' @@ -2906,7 +2906,7 @@ 2904|'c2087a8cb29901137e7d1b7329747d1516b2e37f'|'Liberty Interactive to buy General Communication for $1.12 billion'|'Liberty Interactive Corp ( QVCA.O ) said on Tuesday it would buy Alaska-based telecoms firm General Communication Inc ( GNCMA.O ) for $1.12 billion.Liberty Interactive will pay $32.50 per General Communication share, representing a premium of 58.1 percent to the stock''s close on Monday.General Communication provides residential and business telecommunications services in Alaska.Liberty Interactive owns interests in companies that are primarily engaged in video and digital commerce industries.(Reporting by Aishwarya Venugopal in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-general-communication-m-a-liberty-int-idINKBN1761EW'|'2017-04-04T10:37:00.000+03:00'|2904.0|''|-1.0|'' 2905|'0374d9971c28b470c0fefeaf8fe94d254d368d49'|'Alstria aims to double property portfolio to six billion euros'|'Business News - Sat Apr 1, 2017 - 1:10pm BST Alstria aims to double property portfolio to six billion euros FRANKFURT German real estate firm Alstria Office Reit ( AOXG.DE ) plans to double its portfolio to six billion euros (5 billion pounds), its chief financial officer Alexander Dexne said in the Saturday edition of Boersenzeitung (BoeZ), without giving a date. "It cannot be gauged how fast we can double the property portfolio," Dexne said, adding it had taken the M-Dax listed company nearly 10 years to arrive at the current size since it floated in 2007. Dexne said Alstria was always looking for acquisitions and currently had 250 million euros available in liquid assets. Its loan-to-value rate had been lowered to 40 percent over the past 12 months to a level that would be maintained for the medium term, he said. Alstria owns 108 buildings in places including Hamburg, the Rhine-Ruhr and Rhine-Main regions, Stuttgart and Berlin. While it had not been able to tap opportunities in Munich, where prices had always been high, it viewed the city as attractive, as it does Berlin, Dexne said. Its portfolio in Frankfurt amounts to 500 million euros and could benefit if there is a move towards the city as financial institutions leave London over Britain''s exit from the European Union, he said. (Reporting by Vera Eckert, editing by XXX) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alstria-portfolio-cfo-idUKKBN1733FP'|'2017-04-01T20:10:00.000+03:00'|2905.0|''|-1.0|'' 2906|'eb189fe845f60b315fd07743b89a26ca309844fa'|'Microsoft''s quarterly revenue falls short of estimates'|' 9:45pm BST Microsoft''s quarterly revenue falls short of estimates FILE PHOTO: An advertisement is played on a set of large screens at the Microsoft office in Cambridge, Massachusetts, U.S., on January 25, 2017. REUTERS/Brian Snyder/File Photo Microsoft Corp ( MSFT.O ) on Thursday reported quarterly revenue that slightly missed analysts'' estimates, as robust demand for its cloud computing services failed to offset weak growth in its personal computing division. The company''s shares fell 1.9 percent to $67 in trading after the bell. Under Chief Executive Satya Nadella, who took the helm in 2014, Microsoft has sharpened its focus on the fast-growing cloud computing unit to counter a prolonged slowdown in the PC market, which has weighed on demand for its Windows software. Revenue from Microsoft''s personal computing unit, its largest by revenue, fell 7.4 percent to $8.84 billion. Analysts on average had expected revenue of $9.22 billion, according to research firm FactSet StreetAccount. The business includes Windows software, Xbox gaming consoles, online search advertising and Surface personal computers. Surface revenue dipped 26 percent in the quarter. The lower-than-expected revenue in the personal computing division came amid an uptick in the PC market. Worldwide PC shipments rose 0.6 percent in the first quarter of 2017, seeing growth for the first time in five years, market research firm IDC said earlier this month. Revenue from Microsoft''s "Intelligent Cloud" business, which houses server products and the company''s flagship cloud computing platform, Azure, jumped about 11 percent to $6.76 billion in the third quarter ended March 31. Azure revenue soared 93 percent in the quarter. Azure competes with Amazon.com Inc''s ( AMZN.O ) Amazon Web Services, the market leader in cloud infrastructure, as well as offerings from Alphabet Inc''s ( GOOGL.O ) Google, IBM ( IBM.N ) and Oracle Corp ( ORCL.N ). The company''s net income rose to $4.80 billion, or 61 cents per share, in the third quarter ended March 31, from $3.76 billion, or 47 cents per share, a year earlier. Excluding one-time items, Microsoft earned 73 cents per share. Analysts on average had expected 70 cents per share, according to Thomson Reuters I/B/E/S ( bit.ly/2oQAzSJ ) Revenue on an adjusted basis climbed 6 percent to $23.56 billion, missing analysts'' average estimate of $23.62 billion. Microsoft said LinkedIn, which it bought for about $26 billion, contributed $975 million in revenue in the quarter. Microsoft''s shares had risen 9.9 percent this year through Thursday, eclipsing the 7 percent gain in the broader S&P 500 .SPX . (Reporting by Pushkala A and Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-microsoft-results-idUKKBN17T33O'|'2017-04-28T04:45:00.000+03:00'|2906.0|''|-1.0|'' -2907|'5f98119354e837bd927633b6bd91ede30b59e52c'|'Rhode Island hires Goldman''s Stais as its pension fund CIO'|'BOSTON, April 14 The state of Rhode Island hired a senior Goldman Sachs Group Inc executive as chief investment officer to oversee its $7.9 billion pension fund, the state''s Treasurer said in an email on Friday.Alec Stais was a managing director at Goldman Sachs Asset Management, where he helped match smaller pensions and endowments with investment staff in the Global Portfolio Solutions Group. He worked for Goldman for 21 years.Stais will start the new position in May, succeeding Anne-Marie Fink, a former JP Morgan banker, who left the pension fund in June 2016 for a position in the private sector.The pension fund made headlines in October with its decision to exit a handful of hedge funds, including Och-Ziff Capital Management, Brevan Howard Asset Management and Ascend Capital. For the 12 months that ended in February, Rhode Island''s pension fund returned 14.4 percent, modestly outperforming its benchmark which gained 14 percent. (Reporting by Svea Herbst-Bayliss; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/goldmansachs-rhodeisland-idINL1N1HM0QJ'|'2017-04-14T19:36:00.000+03:00'|2907.0|''|-1.0|'' +2907|'5f98119354e837bd927633b6bd91ede30b59e52c'|'Rhode Island hires Goldman''s Stais as its pension fund CIO'|'BOSTON, April 14 The state of Rhode Island hired a senior Goldman Sachs Group Inc executive as chief investment officer to oversee its $7.9 billion pension fund, the state''s Treasurer said in an email on Friday.Alec Stais was a managing director at Goldman Sachs Asset Management, where he helped match smaller pensions and endowments with investment staff in the Global Portfolio Solutions Group. He worked for Goldman for 21 years.Stais will start the new position in May, succeeding Anne-Marie Fink, a former JP Morgan banker, who left the pension fund in June 2016 for a position in the private sector.The pension fund made headlines in October with its decision to exit a handful of hedge funds, including Och-Ziff Capital Management, Brevan Howard Asset Management and Ascend Capital. For the 12 months that ended in February, Rhode Island''s pension fund returned 14.4 percent, modestly outperforming its benchmark which gained 14 percent. (Reporting by Svea Herbst-Bayliss; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/goldmansachs-rhodeisland-idINL1N1HM0QJ'|'2017-04-14T19:36:00.000+03:00'|2907.0|7.0|0.0|'' 2908|'9ee67c732582abcd874455b7a7f807a47292afc1'|'UK consumer morale softens in first-quarter on price worries - Deloitte'|'Money 10:03am BST UK consumer morale softens in first quarter on price worries - Deloitte A shopper carries a basket in a supermarket in London, Britain April 11, 2017. REUTERS/Neil Hall LONDON British consumer confidence softened last month in the face of higher inflation, a survey showed on Monday, adding to the weight of evidence showing that higher inflation is taking the steam out of the main engine of the economy. Deloitte said its quarterly consumer confidence index dropped to -7 for the first quarter of 2017 from -6 in the last three months of 2016. "Since last summer''s EU referendum consumer spending has held up well, but with inflation rising and nominal wage growth starting to slow, consumers are beginning to feel a squeeze on their disposable income," Deloitte economist Ian Stewart said. Official retail sales data on Friday showed the sharpest fall in the volume of goods sold since 2010 during the first quarter of 2017, with statisticians citing a broad-based rise in prices. Higher prices partly reflect the fall in sterling after June 2016''s Brexit vote, and on Friday Bank of England policymaker Michael Saunders said he would not be surprised to see inflation hit 3 percent later this year or in early 2018. However Prime Minister Theresa May is banking on voters still enjoying the fruits of unexpectedly strong growth since the 2016 referendum when they come to vote in an early election she has called for June 8 to boost her parliamentary majority. Separately, property website Rightmove said the average price advertised for houses and apartments sold on it in April had risen to a record-high 313,655 pounds ($400,945), up 1.1 percent from March. But Rightmove - which does not seasonally adjust its data - said that in previous years prices rose 1.6 percent price on average in April. "Increasingly stretched buyer affordability will continue to be a price moderator for sellers who are over-ambitious with their pricing, tempering the pace of price rises," Rightmove director Miles Shipside said. The BoE has previously pointed to a close link between British consumer sentiment and rises and falls in house prices. (Reporting by David Milliken)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-idUKKBN17P116'|'2017-04-24T07:06:00.000+03:00'|2908.0|''|-1.0|'' 2909|'bf85880b090f6674c5e4d07f636339fd0e7f409b'|'GM China vehicle sales fall in Q1 as tax cut rolled back'|'Company News - Fri Apr 7, 2017 - 2:50am EDT GM China vehicle sales fall in Q1 as tax cut rolled back BEIJING, April 7 U.S. automaker General Motors Co said on Friday its first quarter sales in China fell 5.2 percent compared to the same period a year ago due to a shift in the government''s tax policy and Lunar New Year fluctuations. The decline comes despite a 16 percent year-on-year increase in China sales in March. Demand for cars in China, the world''s largest auto market, got a shot in the arm in 2016 as people rushed to buy before the planned expiration of a tax cut on vehicles with engines of 1.6 litres or below. That year-end spike could depress auto sales in 2017, GM''s China joint venture partner SAIC Motor Corp said earlier this weak. The purchase tax on small-engine vehicles rose to 7.5 percent this year from 5 percent last year, after the government revised its outright expiry at the end of 2016. The tax will return to the normal level of 10 percent in 2018. A GM spokeswoman also cited the earlier Chinese Lunar New Year holiday, which fluctuates between January and February each year, for the drop. Separately, Nissan Motor Co said on Friday its China sales rose 5.3 percent for the first quarter. That came a day after Toyota Motor Corp reported a 1.7 percent rise in China sales for the first three months of 2017, and a double-digit increase for Honda Motor Co. (Reporting by Jake Spring; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gm-china-idUSL3N1HF2KS'|'2017-04-07T14:50:00.000+03:00'|2909.0|''|-1.0|'' 2910|'45b3708d8739b6acc7c2818e40a2ec00680584f6'|'Four more banks named in bond price-fixing complaint'|' 28pm BST Four more banks named in bond price-fixing complaint FILE PHOTO: The logo of French BNP Paribas bank is seen in central Paris December 15, 2008. REUTERS/Charles Platiau/File Photo By Abhinav Ramnarayan and Karen Freifeld - LONDON/NEW YORK LONDON/NEW YORK Investors who are suing a group of traders and banks, saying they colluded to fix bond prices, have named four more banks as defendants. An amended copy of their lawsuit, filed in U.S. District Court in Manhattan on Monday, shows BNP Paribas, HSBC, RBC and TD Bank have been added to the suit, which alleges that various banks and individuals manipulated the U.S. dollar-denominated sovereign, supranational and agency (SSA) bond market. Bond trader Gary McDonald, who worked at three of the banks, has also been named as a defendant in the amended lawsuit. The lawsuit alleges McDonald was also involved in colluding to fix bond prices. They join Bank of America Merrill Lynch, Credit Agricole, Citi, Credit Suisse, Deutsche Bank and Nomura as defendants, along with individual defendants Hiren Gudka, Bhardeep Singh Heer, Amandeep Singh Manku and Shailen Pau, who have been named in previous lawsuits. Bank of America, BNP Paribas, Deutsche Bank, HSBC and Nomura declined to comment. Credit Agricole, Credit Suisse, TD and RBC did not respond to requests for comment. Pau and Heer''s lawyers declined to comment, while lawyers for Gudka and Manku did not immediately respond to requests for comment. McDonald could not immediately be reached for comment. The amended lawsuit says lawyers for the investors have obtained transcripts of hundreds of electronic chats between the alleged conspirators, covering over 300 trading days. The suit says the alleged collusion began as early as 2005 and lasted for nearly a decade. "This case concerns a brazen conspiracy to manipulate the market for U.S. dollar denominated supranational, sovereign, and agency bonds," the lawsuit claims. "Rather than the dealer defendants competing with each other for the purchase and sale of SSA bonds to investors and to each other, the dealer defendants worked as one team." In January last year, International Financing Review, a Thomson Reuters publication, reported sources saying that the U.S. Department of Justice was investigating four London-based SSA traders and the banks that employed them for possible manipulation of bond prices [ bit.ly/2ongDsW ]. Since then, several investors have filed complaints against the banks and individual traders allegedly involved. Monday''s filing adds new details and allegations, including a sampling of chat transcripts, although some of the information, including the transcripts, has been redacted. The redactions were necessary because of a confidentiality agreement associated with obtaining the documents, a person familiar with the matter said. The plaintiffs in the consolidated class action lawsuit include the Iron Workers Pension Plan of Western Pennsylvania, KBC Asset Management and Sheet Metal Workers Pension Plan of Northern California. (Additional reporting by John Geddie; Editing by Nigel Stephenson, Larry King)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-banks-bonds-lawsuit-idUKKBN17D2KD'|'2017-04-12T04:28:00.000+03:00'|2910.0|''|-1.0|'' @@ -2925,7 +2925,7 @@ 2923|'1c3738583d944ce101518ca7e63603e934b6c150'|'Twitter revels in role of free speech defender as it sues Trump administration'|'WASHINGTON, April 6 Twitter Inc has not had a lot to celebrate lately, but a U.S. government demand that it reveal the identity of an account criticizing President Donald Trump''s immigration policies gave the company a chance to assume one of its favorite roles: defender of free speech.The social media company on Thursday sued the government over a demand by the Customs and Border Patrol that it identify the individual or individuals behind @ALT_uscis, an account claimed to be run by at least one employee of the immigration service.The news was met with a rare flood of good will toward Twitter from its users - offering respite for a company that has struggled recently to expand its audience, excite investors or attract new revenue streams.In a 25-page legal filing, Twitter lawyers appeared to revel in their opposition to the Trump administration. Several pages, for example, are dedicated to pictures of tweets from "rogue" government accounts that fact-check statements made by the Trump administration or explain the science behind climate change. ( tmsnrt.rs/2p6CnXp )The tweeting styles of such accounts vary greatly, the filing noted, explaining at one point that "some accounts appear to equate the simple act of broadcasting facts as an expression of dissent."Trump''s inauguration, the filing continued, was met by "a new and innovative class of American speakers who provide views and commentary that is often vigorously opposed, resistant or ''alternative'' to the official actions and policies of the new administration."The Trump administration made its demand "without realizing how stingy Twitter is about producing private user data," said Nu Wexler, a former spokesman for Twitter.The Department of Homeland Security and Justice Department declined to comment. Twitter also declined to comment.Twitter once prided itself as representing the "free speech wing of the free speech party," and has a history of resisting government demands for information about its users. But the company has been forced to temper its approach over the past two years in the face of government pressure to crack down on incitements to violence and user complaints about rampant hate speech and harassment.As the company has moved in recent months to implement stricter policies intended to limit abuse, legal experts said Thursday''s challenge was an opportunity for Twitter to remind users of some of its long-standing principles."Twitter and other social media sites make promises to users about protecting anonymity," Jane Kirtley, law and journalism professor at the University of Minnesota. "This is a way for Twitter to say, ''See, we are standing up for your rights.''"(Reporting by Dustin Volz; Additional reporting by Alison Frankel; Editing by Jonathan Weber and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/twitter-lawsuit-speech-idUSL2N1HE287'|'2017-04-07T04:09:00.000+03:00'|2923.0|''|-1.0|'' 2924|'0f5479ef3e07658c1a529a7d576e05c09885c222'|'McDonald''s faces complaints in Europe over franchise terms'|'Business News - Tue Apr 4, 2017 - 3:32pm BST McDonald''s faces complaints in Europe over franchise terms left View of McDonald''s logo in Paris, France, March 1, 2016. REUTERS/Jacky Naegelen 1/2 McDonalds at the Euro Industriepark in Munich, Germany January 17, 2017. REUTERS/Michael Dalder 2/2 By Foo Yun Chee - BRUSSELS BRUSSELS French, German and Italian groups urged their national antitrust enforcers on Tuesday to look into alleged anti-competitive practices by McDonald''s ( MCD.N ), potentially putting the U.S. fast-food chain on course for multiple investigations in Europe. The three complaints share similar concerns about McDonald''s franchising terms and conditions, including prices set for products sold at franchises, saying consumers are charged more than at McDonald''s own stores as a result. With more than 80 percent of its outlets worldwide not company-owned, franchising is an important business model for the company. The French competition authority confirmed it had received a complaint but declined further comment. McDonald''s, the German and Italian antitrust authorities and the European Commission did not immediately respond to requests for comment. In its complaint to the French competition authority seen by Reuters, French consumer body Indecosa-CGT, which has 672,000 members, said McDonald''s France forced franchisees to charge higher prices than at its own stores. German law firm SKW Schwarz filed a similar complaint to the German cartel body on behalf of a group that it declined to name. The document seen by Reuters cited alleged anti-competitive clauses such as the tying of franchising deals with lease agreements, restrictions on suppliers and excessive rent for premises. Italian consumer groups Codacons, Movimento Difesa del Cittadino and Cittadinanzattiva said on Tuesday they would withdraw a 2016 complaint to the European Commission because of the slow pace of procedure and take it to the Italian watchdog instead. The national competition agencies can impose fines up to 10 percent of a company''s global turnover for breaches of antitrust rules as well as ordering them to stop unfair practices. (Reporting by Foo Yun Chee; Editing by Philip Blenkinsop and Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-mcdonalds-complaints-idUKKBN1761NC'|'2017-04-04T22:15:00.000+03:00'|2924.0|''|-1.0|'' 2925|'ef6891789c9252e1226d137c9bac422f94a2a0dc'|'New Hong Kong leader''s affordable homes plan up against wall of Chinese capital'|'Business News - Sun Apr 9, 2017 - 4:57am BST New Hong Kong leader''s affordable homes plan up against wall of Chinese capital left right FILE PHOTO: A potential buyer looks at a model of Riva, one of the latest developments by Sun Hung Kai Properties, in Hong Kong February 19, 2014. REUTERS/Bobby Yip/File Photo 1/2 left right FILE PHOTO: A newly built luxurious high rise residential building is seen in between old flats at Hong Kong''s Tsim Sha Tsui district January 22, 2009. REUTERS/Bobby Yip/File Photo 2/2 By Clare Jim and Venus Wu - HONG KONG HONG KONG A pledge by Hong Kong''s incoming leader Carrie Lam to make the city''s vertiginous property prices more affordable could founder on the bottomless pockets of mainland Chinese developers, who are bidding up the price of land. Home prices in Hong Kong have jumped 364 percent since 2003, while the median monthly household income has risen just 61 percent, pushing home ownership out of reach for many. While the mass protests that paralysed parts of Hong Kong for 79 days in 2014 were primarily about demands for full democracy from Beijing, many were also motivated by the rising cost of living in the city, and the cost of accommodation in particular. A typical Hong Kong apartment costs 18.1 times gross annual median income, according to research group Demographia, and the city topped its survey of the world''s most expensive places for accommodation for the seventh straight year. Second-placed Sydney was a long way behind on 12.2. "Anything over a multiple of 5.1 is usually deemed as being ''severely unaffordable''," said Denis Ma, JLL''s Head of Research in Hong Kong. With most of the city''s more than 7 million citizens living in cramped apartments - some no bigger than a parking space - Lam, who takes over as chief executive on July 1, is aiming to tackle the problem by increasing housing and land supply. But Alice Mak, head of the Hong Kong legislature''s housing panel, said the influx of capital from mainland developers will make Lam''s job very difficult. "When there''s overseas capital investment in Hong Kong, it will stimulate the local property market. If the government wants the housing market to grow at a stable rate, this will be a very big challenge for them," Mak said. Chinese companies successfully bid for six out of 27 plots of land sold by the government in the fiscal year starting April 2016, Lands Department data shows, but in money terms they accounted for 44 percent of total transactions. In the previous fiscal year, Chinese firms paid more on land deals than their Hong Kong competitors, taking up 55 percent of the value and nearly half of the land sold. Graphic on Hong Kong property market tmsnrt.rs/2o8NCkM IMPOSSIBLE DREAM? Mainland developer KWG Property ( 1813.HK ), which won a plot of residential land for a record price co-bidding with Logan Property ( 3380.HK ), said lower lending rates and taxes make development in Hong Kong more profitable than in China. "There''s still a gap between ''flour and bread prices'' in Hong Kong, but in China the prices are basically the same, so I boldly predict that more and more Chinese developers will come to Hong Kong to buy land in the future," KWG chairman Kong Jian Min told an earnings conference last month. The direct impact of this influx on home prices is stark in the Kai Tak district, overlooking Victoria Harbour. Prices there rose as much as 50 percent in less than a year, consultancy JLL said, after Chinese conglomerate HNA Group HNAIRC.UL bought four land parcels in the past five months at eye-popping prices. Hong Kong''s homegrown property companies are being edged out of their own market and are looking overseas to do business. Local developer David Chiu, chairman of Far East Consortium International ( 0035.HK ), said he had become increasingly disheartened after seeing his company''s auction bids fall below the average. "In the past there were 20 developers fighting for land, but now with Chinese developers joining, it means another 20 more," he told a conference in February, adding that he was glad his company had already invested elsewhere and had plans to expand in the UK and Australia. "I think it''ll be very difficult for Hong Kong''s small and medium developers to win a tender; it wouldn''t surprise me if Hong Kong developers became landlords relying only on rental income (from commercial properties) after 10 years," he said. Lam has already conceded in an interview with the Hong Kong Economic Journal there is nothing she can do to stop outside capital competing in the land bids. Even established professionals say buying a home is an increasingly daunting prospect and doubt that government will succeed in holding down prices. "They won''t be able to help us," said 30-year-old accountant Mok Ho-man. "Buying a flat is not an impossible dream ... but it will only get more and more difficult." (Reporting By Clare Jim and Venus Wu; Additional reporting by Katy Wong; Editing by Anne Marie Roantree and Will Waterman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hongkong-property-idUKKBN17B01G'|'2017-04-09T11:57:00.000+03:00'|2925.0|''|-1.0|'' -2926|'5e5dedba98d6b18ccf745115626af37cae507031'|'China''s ZEPC in talks to buy stake in Brazil''s Belo Monte dam'|'SAO PAULO China''s Zhejiang Electric Power Construction Co Ltd ( 600023.SS ) (ZEPC) is in talks to buy a stake in Brazil''s massive Belo Monte hydroelectric dam, two sources familiar with the negotiations told Reuters.The 11,233-megawatt dam on a major tributary to the Amazon River is owned by a consortium including utilities Eletrobras ( ELET5.SA ), Neoenergia SA, Cemig ( CMIG4.SA ) and Light SA ( LIGT3.SA ), mining company Vale SA ( VALE5.SA ) and pension funds Petros [PETROS.UL]and Funcef [FUNCEF.UL]. Total investment in the plant is expected to reach 35 billion reais ($11 billion) by the time it is finished in 2019.($1 = 3.13 reais)(Reporting by Luciano Costa; Writing by Marcelo Teixeira; Editing by Jonathan Oatis)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-brazil-power-belo-monte-idUSKBN1792QF'|'2017-04-07T21:52:00.000+03:00'|2926.0|''|-1.0|'' +2926|'5e5dedba98d6b18ccf745115626af37cae507031'|'China''s ZEPC in talks to buy stake in Brazil''s Belo Monte dam'|'SAO PAULO China''s Zhejiang Electric Power Construction Co Ltd ( 600023.SS ) (ZEPC) is in talks to buy a stake in Brazil''s massive Belo Monte hydroelectric dam, two sources familiar with the negotiations told Reuters.The 11,233-megawatt dam on a major tributary to the Amazon River is owned by a consortium including utilities Eletrobras ( ELET5.SA ), Neoenergia SA, Cemig ( CMIG4.SA ) and Light SA ( LIGT3.SA ), mining company Vale SA ( VALE5.SA ) and pension funds Petros [PETROS.UL]and Funcef [FUNCEF.UL]. Total investment in the plant is expected to reach 35 billion reais ($11 billion) by the time it is finished in 2019.($1 = 3.13 reais)(Reporting by Luciano Costa; Writing by Marcelo Teixeira; Editing by Jonathan Oatis)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-brazil-power-belo-monte-idUSKBN1792QF'|'2017-04-07T21:52:00.000+03:00'|2926.0|10.0|4.0|'' 2927|'a084bf961bf300aa7901578ae3ae29585b1f789c'|'Verizon, Corning agree to $1.05 billion fibre deal'|'By Anjali Athavaley - NEW YORK NEW YORK Verizon Communications Inc ( VZ.N ) has agreed to buy optical fibre from Corning Inc ( GLW.N ) for at least $1.05 billion over the next three years as the No. 1 U.S. wireless carrier aims to improve its network infrastructure, the companies said on Tuesday.Corning will sell up to 12.4 million miles of optical fibre to Verizon each year from 2018 through 2020, with a minimum purchase commitment of $1.05 billion, according to the agreement. Shares of both companies closed up roughly 1 percent.In a statement, Verizon said the deal would help it meet its rollout schedule for a fibre-optic network in Boston.The company also views fibre as critical for a next generation, or 5G network. Verizon is testing a 5G fixed wireless service with equipment maker Ericsson in 11 U.S. markets and expects a commercial launch as early as 2018.U.S. Federal Communications Commission Chairman Ajit Pai said in a statement that he supported the deal and that the agency would "continue to focus on creating a regulatory climate that favours greater investment and competition."Both Verizon and competitor AT&T Inc ( T.N ) have been buying assets in preparation for 5G. On Friday, sources told Reuters that Verizon is considering making a buyout offer for wireless spectrum licence holder Straight Path Communications Inc ( STRP.A ) that would top AT&T Inc''s (T.N) $1.25 billion bid.Verizon has said it would evaluate opportunities to build out or buy fibre on a market-by-market basis. In February, Verizon said it had closed on its acquisition of XO Communications'' fibre-optic network business for about $1.8 billion.Verizon has also hinted at an interest in buying cable provider Charter Communications Inc ( CHTR.O ), which would give it access to a fibre and cable network across 49 million homes.Verizon Chief Executive Lowell McAdam told investors in December that a deal with Charter would make "industrial sense," igniting takeover speculation.But in an interview with CNBC on Tuesday, McAdam said the company had not found the right "architectural fit" that would justify doing a big deal.(Reporting by Anjali Athavaley; Editing by Dan Grebler and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/corning-verizon-idINKBN17K2G7'|'2017-04-18T18:32:00.000+03:00'|2927.0|''|-1.0|'' 2928|'f93202b121434bd3b94356712c7f88cb447f0ad7'|'TCI pushes Safran for independent committee to review Zodiac valuation'|'LONDON Activist hedge fund TCI Fund Management on Monday called on Safran ( SAF.PA ) to set up an ad-hoc independent directors'' committee to review the company''s valuation of Zodiac Aerospace ( ZODC.PA ), according to a letter seen by Reuters.London-based TCI said in its letter to the board of Safran, which is planning a $9 billion takeover of Zodiac, that such a committee was required by French law and under the recommendations of the local regulator.The hedge fund firm said this committee should appoint a major international financial institution to perform an independent fairness opinion on Zodiac shares.(Reporting by Maiya Keidan; editing by Carolyn Cohn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hedgefunds-safran-zodiac-idINKBN1751LE'|'2017-04-03T12:23:00.000+03:00'|2928.0|''|-1.0|'' 2929|'0be7e79b1ee7d99249c10015cb61ae1e22efd2d3'|'PRESS DIGEST- New York Times business news - April 11'|'Company News - Tue Apr 11, 2017 - 1:09am EDT PRESS DIGEST- New York Times business news - April 11 April 11 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Jana Partners, the activist hedge fund founded by Barry Rosenstein, criticized Whole Foods Market''s brand development, customer service and distribution strategy, and nominated four candidates for the company''s board. nyti.ms/2otz67G - The British authorities are investigating Barclays and its American chief executive, James Staley, after he admitted to trying to learn the identity of the author of an anonymous letter. nyti.ms/2otKdgW - Wells Fargo said on Monday it would claw back an additional $75 million in compensation from the two executives on whom it pinned most of the blame for the company''s scandal over fraudulent accounts: the bank''s former chief executive, John Stumpf, and its former head of community banking, Carrie Tolstedt. nyti.ms/2otAHuf - Adding to this year''s flurry of law firm combinations, Boies Schiller Flexner said on Monday it would take the West Coast litigation firm Caldwell Leslie & Proctor under its wing starting next week. nyti.ms/2otBzPt - In the latest move by a major automaker to enhance its American manufacturing operations, Toyota said it would invest more than $1.3 billion to upgrade its assembly plant in Kentucky. nyti.ms/2otI0lD (Compiled by Vishal Sridhar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1HJ21M'|'2017-04-11T13:09:00.000+03:00'|2929.0|''|-1.0|'' @@ -2938,7 +2938,7 @@ 2936|'7eb722fdf23cdfdcbd6f57018ee0fc1f4741850c'|'Proxy adviser ISS opposes Credit Suisse management bonuses'|' 2:10pm BST Proxy adviser ISS opposes Credit Suisse management bonuses The logo of Swiss bank Credit Suisse is seen in front of a branch office in Zurich, Switzerland April 4, 2017. REUTERS/Arnd Wiegmann ZURICH Influential U.S. proxy adviser Institutional Shareholder Services (ISS) has advised Credit Suisse ( CSGN.S ) shareholders to vote against proposed bonuses for the Swiss bank''s executive board totalling almost 80 million Swiss francs (63.84 million pounds). This follows similar recommendations from other proxy advisers Glass Lewis and Ethos. A Credit Suisse spokeswoman said on Tuesday the bank took note of the recommendations and that it respects shareholder democracy. Executive pay is a hot-button issue in Switzerland, with voters backing a "fat cat" referendum in 2013 giving shareholders the option of blocking executive payouts, although such revolts remain rare. (Reporting by Joshua Franklin and Oliver Hirt; Editing by Michael Shields)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-credit-suisse-gp-agm-bonuses-idUKKBN17D1KD'|'2017-04-11T21:10:00.000+03:00'|2936.0|''|-1.0|'' 2937|'36b3bc4d28fd9728da464d68287bc25ef816e0bc'|'German minister, labour reps welcome PSA work contract assurances for Opel merger'|'Deals 06am EDT German minister, labor reps welcome PSA work contract assurances for Opel merger German Economy Minister Brigitte Zypries meets Chairman of the Managing Board of French carmaker PSA Group Carlos Tavares in Berlin, Germany, April 5, 2017. REUTERS/Fabrizio Bensch BERLIN Germany''s economy minister said she had held constructive talks with PSA Chairman Carlos Tavares on Wednesday about the planned merger of the French group with Germany''s Opel and felt reassured that existing labor deals would remain. Germany has welcomed the merger, provided the Opel brand stays independent and the merged group respects existing labor agreements, protects Opel sites and gives job guarantees. "I particularly welcome the commitment by Mr Tavares to respect and continue all the collective agreements," said minister Brigitte Zypries in a statement. "The federal government and federal states will continue to lend their constructive support to the process of merging PSA and Opel/Vauxhall," she added. Tavares said he had reaffirmed PSA''s ambition to "build on the quality of relations with employee representatives as a key factor of success of the company". (Reporting by Madeline Chambers; Editing by Michelle Martin) Next In Deals Toshiba''s Westinghouse fired chairman two days before bankruptcy filing TOKYO Westinghouse Electric Co LLC fired its chairman two days before the U.S. nuclear engineering unit of Toshiba Corp filed for bankruptcy last week, as the Japanese firm tries to draw a line under the travails of a business that has cost it billions. JAB Holding to buy bakery chain Panera Bread in $7.5 billion deal JAB Holdings, the owner of Caribou Coffee and Peet''s Coffee & Tea, said on Wednesday it would buy U.S. bakery chain Panera Bread Co in a deal valued at about $7.5 billion, including debt, as it expands its coffee and breakfast empire. SYDNEY Blackstone Group has put an A$3.5 billion ($2.65 billion) shopping mall portfolio in Australia up for sale, said a source familiar with the matter, in what could be one of the country''s largest ever real estate transactions. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-opel-m-a-psa-germany-idUSKBN1771IH'|'2017-04-05T20:00:00.000+03:00'|2937.0|''|-1.0|'' 2938|'965a8b2596f7106c1bf1bb7fe8dbfb2df19173f5'|'Sunoco to sell 1,110 U.S. stores to 7-Eleven operator for $3.3 bln'|'By Taiga Uranaka and Vishaka George Sunoco LP said on Thursday it would sell 1,110 convenience stores to Japan''s Seven & i Holdings Co for $3.3 billion as the Texas-based company shifts its focus to its fuel supply business.Sunoco''s shares jumped as much as 24 percent to $29.50 on Thursday - their biggest intraday percentage rise in three years.As part of the deal, the U.S. company will also supply about 2.2 billion gallons of fuel annually for 15 years to a unit of the operator of 7-Eleven chain of convenience stores.Sunoco, a publicly-traded partnership controlled by pipeline operator Energy Transfer Equity, operates about 1,350 retail fuelling sites and convenience stores under brands such as APlus and Stripes, the company''s website showed.The company said it planned to sell another 200 stores by the end of the fourth quarter and expand its distribution business, partly through acquisitions.Energy Transfer''s chief financial officer, Thomas Long, said there are no plans to dissolve the partnership.Energy Transfer wants Sunoco to remain a standalone business and continue on the M&A front to expand its business, Long said. "That is very much the directive."Sunoco said it expected to use the proceeds from the sale primarily to repay debt, which was about $4.51 billion as of December.7-ELEVEN''S U.S. PUSHSeven & i Holdings has been aggressively expanding in Japan and the United States, where it has been acquiring stores from local retailers.Its latest purchase comes as operators of traditional big-box retailers, including Seven & i, have been suffering weak sales as changing tastes and modest wage growth prompt shoppers to defect to cheaper speciality chains and online outlets."The U.S. convenience store market has growth momentum. We see opportunities there," Seven & i President Ryuichi Isaka said.Seven & i runs general merchandise, department and speciality stores, but the bulk of its operating profit comes from convenience stores.The deal would be the biggest by the Japanese company''s U.S. unit 7-Eleven Inc.Seven & i has about 19,400 7-Eleven stores in Japan and 8,700 in the United States and Canada, including those run by franchisees.7-Eleven Inc, known for its "Slurpee" frozen beverage, has said it aims to increase its number of stores to 10,000 over the three years through 2019.(Reporting by Taiga Uranaka; Additional reporting by Ritsuko Shimizu, Chris Gallagher and Gary McWilliams; Editing by Christopher Cushing, Martina D''Couto, Saumyadeb Chakrabarty and Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sunoco-lp-m-a-seven-i-hldgs-idINKBN1780WP'|'2017-04-06T15:14:00.000+03:00'|2938.0|''|-1.0|'' -2939|'48752fe2854a69643adcae0725f504d9d2b78415'|'Oil prices dip on bloated U.S. market, mixed Saudi signals'|'By Libby George and Amanda Cooper - LONDON LONDON Oil edged higher on Wednesday as OPEC said it was committed to eroding a global surplus of crude, but increasing shale production in the United States and still-high global stocks threatened to pull prices lower.Brent crude futures LCOc1 were up 27 cents at $55.16 a barrel at 1106 GMT, while U.S. crude futures CLc1 were up 20 cents at $52.61.Crude fell in the previous two sessions, but it received a boost from comments on Wednesday by the secretary-general of the Organization of the Petroleum Exporting Countries that the group was committed to cutting inventories to the five-year average.Analysts warned that prices could quickly turn negative."It seems that the optimism in the oil market we have seen since the last few days of March is running out of steam," wrote Tamas Varga, PVM Oil Associates analyst, noting concerns about the "ever-increasing rise" in U.S. shale output.OPEC and other producers such as Russia agreed to cut output by almost 1.8 million barrels per day in the first half of 2017 to drain a supply overhang that has persisted for nearly three years.The cuts, and talk of a possible extension, enabled a rally in major oil contracts of some 10 percent between March 22 and April 12, Varga said.Geopolitical concerns have also helped underpin oil.This week, U.S. President Donald Trump ordered a review of whether the lifting of sanctions against Iran was in the United States'' national interests. A lifting of certain sanctions against Iran in late 2015 under a nuclear deal allowed Tehran to more than double its crude exports over 2016.But U.S. stockpiles - and shale production - have cast doubt on whether the production cuts were enough. Data from the American Petroleum Institute showed on Tuesday that although crude inventories fell by 840,000 barrels in the week to April 14, they remained near record highs.Gasoline stocks also posted a counter-seasonal build of 1.4 million barrels. Gasoline margins have since come under downward pressure, which analysts warned could undermine crude prices as well. nZXN04ZW00]Official U.S. oil data is due to be published on Wednesday by the Energy Information Administration (EIA)."Unless the (EIA) data shows something drastically different, this report should cause a severe dent in the bullish case (for oil prices)," said Sukrit Vijayakar, director of energy consultancy Trifecta.(Additional reporting by Henning Gloystein in SINGAPORE; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-oil-idINKBN17L03T'|'2017-04-19T09:14:00.000+03:00'|2939.0|''|-1.0|'' +2939|'48752fe2854a69643adcae0725f504d9d2b78415'|'Oil prices dip on bloated U.S. market, mixed Saudi signals'|'By Libby George and Amanda Cooper - LONDON LONDON Oil edged higher on Wednesday as OPEC said it was committed to eroding a global surplus of crude, but increasing shale production in the United States and still-high global stocks threatened to pull prices lower.Brent crude futures LCOc1 were up 27 cents at $55.16 a barrel at 1106 GMT, while U.S. crude futures CLc1 were up 20 cents at $52.61.Crude fell in the previous two sessions, but it received a boost from comments on Wednesday by the secretary-general of the Organization of the Petroleum Exporting Countries that the group was committed to cutting inventories to the five-year average.Analysts warned that prices could quickly turn negative."It seems that the optimism in the oil market we have seen since the last few days of March is running out of steam," wrote Tamas Varga, PVM Oil Associates analyst, noting concerns about the "ever-increasing rise" in U.S. shale output.OPEC and other producers such as Russia agreed to cut output by almost 1.8 million barrels per day in the first half of 2017 to drain a supply overhang that has persisted for nearly three years.The cuts, and talk of a possible extension, enabled a rally in major oil contracts of some 10 percent between March 22 and April 12, Varga said.Geopolitical concerns have also helped underpin oil.This week, U.S. President Donald Trump ordered a review of whether the lifting of sanctions against Iran was in the United States'' national interests. A lifting of certain sanctions against Iran in late 2015 under a nuclear deal allowed Tehran to more than double its crude exports over 2016.But U.S. stockpiles - and shale production - have cast doubt on whether the production cuts were enough. Data from the American Petroleum Institute showed on Tuesday that although crude inventories fell by 840,000 barrels in the week to April 14, they remained near record highs.Gasoline stocks also posted a counter-seasonal build of 1.4 million barrels. Gasoline margins have since come under downward pressure, which analysts warned could undermine crude prices as well. nZXN04ZW00]Official U.S. oil data is due to be published on Wednesday by the Energy Information Administration (EIA)."Unless the (EIA) data shows something drastically different, this report should cause a severe dent in the bullish case (for oil prices)," said Sukrit Vijayakar, director of energy consultancy Trifecta.(Additional reporting by Henning Gloystein in SINGAPORE; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-oil-idINKBN17L03T'|'2017-04-19T09:14:00.000+03:00'|2939.0|10.0|0.0|'' 2940|'255968f123285f66f9df1c3bb25352540581b7a9'|'Tullow Oil reduced debt in first quarter after rights issue'|' 43am BST Tullow Oil reduced debt in first quarter after rights issue LONDON Africa-focused oil company Tullow Oil ( TLW.L ) cut its debt in the first quarter by $200 million (155.79 million), the company said on Wednesday, after announcing a surprise rights issue last month. Net debt fell to $4.6 billion by the end of March, Tullow Oil said, down from $4.8 billion at the end of last year. It announced a $750 million rights issue on March 17 with the aim of raising money to pay down debt. Tullow also said in its trading update on Wednesday that it had reached an agreement with Hague and London Oil ( HNL.L ) to sell its Dutch portfolio for an undisclosed sum. Production from the Dutch assets was forecast to be around 3,500 barrels per day (bpd) this year, Tullow said. (Reporting by Karolin Schaps, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tullow-results-idUKKBN17S0JV'|'2017-04-26T14:43:00.000+03:00'|2940.0|''|-1.0|'' 2941|'33e6460027e31a5cbcba2a0e742af2d8cce325ff'|'Exclusive: Brazil''s Votorantim Metais considers IPO, sources say'|'By Guillermo Parra-Bernal and Tatiana Bautzer - SAO PAULO SAO PAULO Votorantim Metais Holding SA, one of Latin America''s largest producers of base metals, is considering an initial public offering to fund investments and provide parent company Votorantim SA with cash to expand in other core areas, four people with direct knowledge of the transaction said.The So Paulo-based company, known as VMH, is seen completing a three-stage IPO preparation plan by September, according to one of the people. Toronto and New York appear to be the favored destinations for a VMH listing, the person said.Talks with investment banks are at an advanced stage, with Bank of America Corp ( BAC.N ), Morgan Stanley ( MS.N ) and JPMorgan Chase & Co ( JPM.N ) among those said to be vying for underwriting spots, two of the people said.The four people spoke under condition of anonymity because the transaction remains private. They did not detail a tentative structure and timetable for the transaction or give an estimated value for VMH.The IPO would give VMH access to a wide base of investors betting on a long-term recovery in zinc, copper, lead and silver prices, the first person said. Proceeds may come in handy for parent Votorantim, Brazil''s largest diversified industrial group, to grow in energy and other core sectors while cutting a 14.7 billion-real ($4.7 billion) debt burden, the people added.Contacted on Sunday, media officials at parent Votorantim, which is controlled by Brazil''s billionaire Ermirio de Moraes family, declined to comment on "market speculation."Bank of America, Morgan Stanley and JPMorgan declined to comment.EQUITY OFFERINGSVMH is the latest addition to a long list of Brazilian companies pursuing IPOs in coming months to rebalance their capital structure and pave the way for future expansion.Some large Brazilian groups are taking advantage of a revival in capital markets activity this year to list some subsidiaries or exit businesses, as well as to raise cash to bring down debt.Bankers expect up to one-fourth of planned Brazilian company listings for this year to happen overseas.The local subsidiary of France''s Carrefour SA ( CARR.PA ), as well as airline Azul SA and N2com Internet SA, known by the online shoe retailing brand Netshoes, are seeking to list their operations domestically or overseas.With a presence in Brazil and Peru, where it holds a majority stake in Cia Minera Milpo SA ( MIL.LM ), VMH operates five industrial compounds in Brazil''s state of Minas Gerais, and in Cajamarquilla in Peru. VMH also has sales offices in Houston and Luxembourg.Last year, investments in zinc and byproducts represented 11 percent of Votorantim''s capital spending of about $3 billion. Those investments included efforts to extend the working life of the Vazante mine in Brazil for another 10 years.Net revenue at Votorantim''s zinc and byproducts division came in at 6.386 billion reais last year, with adjusted earnings before interest, taxes, depreciation and amortization of 1.328 billion reais.EBITDA, as the gauge of operational profits is commonly known, reached 21 percent of revenue, making the zinc and byproducts division the most profitable activity among parent Votorantim''s five business segments in last year''s financial results.(Editing by Daniel Flynn and Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-votorantim-metais-ipo-idINKBN17C084'|'2017-04-10T14:33:00.000+03:00'|2941.0|''|-1.0|'' 2942|'092ed76139eb069826cbf75e087f658464364a34'|'NatWest closed my childs savings account without telling me - Money'|'I recently noticed that my daughters Young Savers account, which was attached to my NatWest accounts, had disappeared from my online banking page. On calling the bank, I was told the account didnt exist. Luckily, I managed to dig out an old statement, at which point NatWest agreed that it had existed but had been closed due to inactivity.The 3,161.66 that was in it had been withheld by the bank. I received no notification of this and the bank was unable to provide even basic information as to why the account was closed, or why the funds were not repaid. If Id not been on the ball, I suspect the lost funds would have simply gone unnoticed! Is the Royal Bank of Scotland so desperate that it needs to take money from a seven-year-old? PL, Hounslow, MiddlesexNatWest, along with many other banks, deems an account dormant if it has been inactive for five years or more. The logic is that the account may be vulnerable to fraud if the owner is not keeping a close eye on it. If the account remains dormant for 15 years, the funds pass to the governments Unclaimed Assets Scheme and are distributed to charitable causes, though they can be reclaimed at any time by the account holder. The extraordinary thing is that NatWest alerts holders of inactive accounts just once, by letter, warning them that their account is being suspended. If they dont hear back within nine months the funds are removed.Once an account is dormant, it disappears from the central database accessed by call centre staff so they cant see it. The bank says it is looking at ways to improve how customers are contacted and exploring revolutionary ideas, such as text or email. It has now repaid your daughters savings.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number.Topics Savings Your problems with Anna Tims Royal Bank of Scotland Saving money Consumer rights Consumer affairs Banks and building societies features Share '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/apr/26/natwest-young-savers-account-closed-without-warning'|'2017-04-26T15:00:00.000+03:00'|2942.0|''|-1.0|'' @@ -2950,20 +2950,20 @@ 2948|'9b466f494cefc1e13124bcb5b6f663b6b2315048'|'British American says 2017 trading in line with expectations'|' 40pm BST British American says 2017 trading in line with expectations People walk past the British American Tobacco offices in London, Britain October 21, 2016. REUTERS/Stefan Wermuth LONDON British American Tobacco ( BATS.L ) said on Wednesday that trading so far this year was in line with expectations for challenging conditions in a number of key markets. The company, in the process of buying out Reynolds American ( RAI.N ) and on course to become the world''s biggest listed tobacco company, said this year''s profit growth will be weighted towards the second half of the year, as it was in 2016. "I am confident of another good year of constant currency earnings growth," Chairman Richard Burrows said at the company''s annual general meeting, according to a statement. BAT, home to the Lucky Strike and Dunhill cigarette brands, wants to double the number of countries where it sells e-cigarettes and other vaping products this year to around 20 markets, and to double it again in 2018, as it races against Philip Morris ( PM.N ), which expects to have its iQOS heated tobacco device in as many as 30 markets by the end of this year. Regarding its new e-cigarette line, Vype Pebble, launched in Britain and Italy in December, BAT said "early signs are very encouraging". It said its heated tobacco product, Glo, which launched in the Japanese city of Sendai in December and earlier this month in Switzerland, was exceeding expectations. It said the product gained 6.5 percent of the market by volume at a leading Sendai convenience store chain after only 18 weeks. (Reporting by Martinne Geller; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-brit-am-tobacco-agm-idUKKBN17S1GJ'|'2017-04-26T19:40:00.000+03:00'|2948.0|''|-1.0|'' 2949|'bf6d708d9b9a859e3bb8ebc598f0e4840408d293'|'Citi profit beats estimates as fixed-income trading jumps'|' 27pm BST Citi profit beats estimates as fixed-income trading jumps A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid Citigroup Inc ( C.N ) reported a better-than-expected 17 percent jump in quarterly profit, boosted by strong fixed-income trading as clients adjusted their positions following rate hikes by the Federal Reserve and changes in the forex and credit markets. The fourth-biggest on Thursday that net income rose to $4.09 billion (3.27 billion pounds), or $1.35 $3.50 billion, or $1.10 The company said the latest quarter''s results included a net benefit of 8 cents per share from a few previously announced divestitures. expected earnings of $1.24 JPMorgan Chase & Co ( JPM.N ), the biggest U.S. bank by assets, earlier reported a higher-than-expected 16.8 percent rise in quarterly profit, helped by additional revenue from increased trading. Citigroup''s total revenue rose about 3 percent to $18.12 billion, beating the average analysts'' estimate of $17.76 billion. Revenue from fixed-income trading rose 19 percent to $3.62 billion, while the bank''s much smaller equities trading saw revenue increase 10 percent to $769 million. Combined, trading revenue jumped about 17 percent, higher than the "low double-digit" rise that Chief Financial Officer John Gerspach projected five weeks ago. Loans at the end of the period were up only 2 percent, from a year earlier. "The momentum we saw across many of our businesses towards the end of last year carried into the first quarter, resulting in significantly better overall performance than a year ago," Chief Executive Michael Corbat said in a statement. Operating expenses were little changed at $10.48 billion. The ratio of expenses to revenue was about 58 percent, in line with the company''s goal for this year. Tangible book value per share was $65.94 at the end of March, compared with $64.57 three months earlier and $62.58 a year earlier. Citigroup''s shares were up marginally at $58.65 in premarket trading. Through Wednesday''s close, the stock had risen about 17 percent since the U.S. presidential elections, but is down 1.6 percent so far this year. The elections sparked a rally in U.S. bank stocks as investors bet on lower taxes and easing regulations. But, the rally is losing momentum as investors scale back expectations for any quick changes. (Reporting by Sweta Singh in Bengaluru and David Henry in New York; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-citigroup-results-idUKKBN17F1HJ'|'2017-04-13T20:27:00.000+03:00'|2949.0|''|-1.0|'' 2950|'04646ad0e230f5aff734cd17d1121fa1a777f677'|'Shareholders of Saudi gym chain Bodymasters consider Nomu listing-sources - Reuters'|'By Hadeel Al Sayegh - DUBAI, April 30 DUBAI, April 30 Shareholders of Saudi Arabia''s Bodymasters are talking to banks and weighing a listing of the fitness chain on Saudi Arabias new parallel market, Nomu, sources told Reuters.The gym brand is currently owned through a 60/40 percent split by two funds run separately by Saudi-based private equity firms Amwal Al Khaleej and MEFIC Capital.Shareholders have been speaking to investment banks for the past few weeks, according to two sources familiar with the transaction, who spoke on condition of anonymity as the matter is not public.The process is in its early stages, the sources said, and shareholders have not decided on a specific action.A process to invite banks to pitch for arranging the sale was launched at the end of last year, one of the sources said.The sources gave no details of valuation or what percentage of shares could be floated.The Nomu market requires companies to offer at least 20 percent to the public, according to rules on its website.Amwal Al Khaleej declined to comment and MEFIC Capital was not immediately available for comment on Sunday.Bodymasters has 35 gyms, mostly in Riyadh but also in Qassim, Dammam and Khamees Mushait, according to its website.The shareholders were in informal talks with four potential buyers in January last year to sell the company in a private sale, but the sources did not comment on how the talks concluded. The transaction was said to be worth 500 million riyal ($133 million). ( reut.rs/1RLWnZC ) (Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bodymasters-ipo-idINL8N1I201U'|'2017-04-30T06:35:00.000+03:00'|2950.0|''|-1.0|'' -2951|'9b5d7478574fb49607d4fa0185063a69ae41e665'|'In first 100 days, a reversal of fortune for Trump favourites on Wall Street'|'Global Energy News - Fri Apr 28, 2017 - 6:31pm BST In first 100 days, a reversal of fortune for Trump favourites on Wall Street left right A trader looks at a screen that charts the S&P 500 on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 27, 2017. REUTERS/Brendan McDermid 1/2 left right A screen that charts the S&P 500 is seen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 27, 2017. REUTERS/Brendan McDermid 2/2 By Noel Randewich - SAN FRANCISCO SAN FRANCISCO A funny thing happened on Wall Street in Donald Trump''s first 100 days in the White House: Shares of companies that got closest to the president lagged the market''s march higher. Meanwhile, stocks from sectors that have had less access, and have faced occasional bluster from Trump, such as media and technology, have hopped into the driver seat. Banks, industrials and other companies expected to win from Trump''s policies surged following his unexpected election victory in November. Valuations for many grew stretched. But Wall Street''s change in focus in recent months also reflects concerns among investors that Trump may struggle to enact deep tax cuts and stimulate economic growth as quickly as previously expected. Indeed, the economy grew just 0.7 percent on an annualised basis in the first quarter, the first of Trump''s presidency, as consumer spending stalled. Many of the industries Trump singled out for special attention, like coalminers, steelmakers and oil companies, face major market trends and commodity price fluctuations that he can do little to change. Since Trump''s inauguration on Jan. 20, representatives from nearly 100 publicly-listed companies have visited the White House, with carmakers, healthcare companies, banks and industrials getting more face time than technology companies, retailers and media firms. Shares of companies that have visited the White House since the inauguration have enjoyed a median increase of 3.7 percent, trailing the benchmark Standard & Poor''s 500 Index''s gain of 5.5 percent. But Trump''s recent failure to push a healthcare overhaul through Congress, as well as other miscues, now have investors a little less sure he will be able to make good on his promises. The S&P 500 is near record highs after the administration unveiled a long-awaited proposal Wednesday to steeply cut corporate tax rates. But the plan may be unpalatable to Republican fiscal hawks since it lacks proposals for raising new revenue and would potentially add billions of dollars to the federal deficit. "The stability of the market and its ability to rise is still based on the feeling that the administration may be getting its act together," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York. "But at some point investors will ask if any of this stuff is going to happen or if it''s all talk." EARLY WINNERS FADE Since the election, the financial sector .SPSY has risen 19 percent, more than any other. But its gain since the inauguration has been among the weakest, at 3 percent. An investor buying a basket of banks and selling utilities immediately after Trump''s election would have made as much as 29 percent by mid-February. But that gain has since shrunk to 17 percent, according to Vincent Deluard, Vice President, Global Macro Strategy at INTL FCStone Financial Inc. Other "Trump trades" have lost momentum. Investors bet big on steel right out of the gate after Election Day, with the industry seen as a poster child for Trump''s focus on "unfair" trade deals that hurt U.S. producers. The S&P 1500 steel industry group index .SPCOMSTEEL had gained 36 percent by the first week of December. The group is down by more than 13 percent since then, however, and even last week''s executive order to investigate whether U.S. steel companies need additional trade protections under the auspices of national security delivered only a short-lived rebound. Poor earnings from sector heavyweight United States Steel Corp ( X.N ) ruined the party. Trump this month signed an executive order sweeping away Obama-era climate change regulations, saying it would end America''s "war on coal." But reflecting an abundance of cheap natural gas and falling costs of wind and solar power, coal miners CONSOL Energy ( CNX.N ) and Cloud Peak Energy ( CLD.N ) have dropped 16 percent and 32 percent, respectively, in Trump''s first 100 days. Meanwhile, tech stocks that were left out of the early Trump rally have surged recently as investors shift out of low-valuation stocks favoured immediately after the election and back into high-growth stocks like Alphabet ( GOOGL.O ) and Facebook ( FB.O ) that delivered much of the market''s momentum in recent years. In the absence of concrete results from Trump, corporate earnings have taken centre stage, with first-quarter profits of S&P 500 companies expected to surge 13.6 percent, helped by strong international growth. "Earnings are through-the-roof good. Companies are very profitable, and potentially are going to be more profitable with tax-cut legislation," said Stephen Massocca, Senior Vice President at Wedbush Securities in San Francisco. Other stocks seen as out of favour under Trump have also outperformed during his first 100 days. Tesla ( TSLA.O ), which some investors feared could be hurt by the removal of tax incentives for the purchase of its electric vehicles, has surged 27 percent to record highs. And perhaps most telling of all, the media sector - regularly lambasted by Trump for its coverage of him - is up 7 percent since he took office. Even New York Times Co ( NYT.N ), publisher of what Trump has repeatedly disparaged as "the failed New York Times" newspaper, hit a three-year high after the inauguration and is up 10 percent since he moved into the White House. (Reporting by Noel Randewich,; Editing by Dan Burns and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-stocks-idUKKBN17U2K8'|'2017-04-29T01:31:00.000+03:00'|2951.0|''|-1.0|'' +2951|'9b5d7478574fb49607d4fa0185063a69ae41e665'|'In first 100 days, a reversal of fortune for Trump favourites on Wall Street'|'Global Energy News - Fri Apr 28, 2017 - 6:31pm BST In first 100 days, a reversal of fortune for Trump favourites on Wall Street left right A trader looks at a screen that charts the S&P 500 on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 27, 2017. REUTERS/Brendan McDermid 1/2 left right A screen that charts the S&P 500 is seen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 27, 2017. REUTERS/Brendan McDermid 2/2 By Noel Randewich - SAN FRANCISCO SAN FRANCISCO A funny thing happened on Wall Street in Donald Trump''s first 100 days in the White House: Shares of companies that got closest to the president lagged the market''s march higher. Meanwhile, stocks from sectors that have had less access, and have faced occasional bluster from Trump, such as media and technology, have hopped into the driver seat. Banks, industrials and other companies expected to win from Trump''s policies surged following his unexpected election victory in November. Valuations for many grew stretched. But Wall Street''s change in focus in recent months also reflects concerns among investors that Trump may struggle to enact deep tax cuts and stimulate economic growth as quickly as previously expected. Indeed, the economy grew just 0.7 percent on an annualised basis in the first quarter, the first of Trump''s presidency, as consumer spending stalled. Many of the industries Trump singled out for special attention, like coalminers, steelmakers and oil companies, face major market trends and commodity price fluctuations that he can do little to change. Since Trump''s inauguration on Jan. 20, representatives from nearly 100 publicly-listed companies have visited the White House, with carmakers, healthcare companies, banks and industrials getting more face time than technology companies, retailers and media firms. Shares of companies that have visited the White House since the inauguration have enjoyed a median increase of 3.7 percent, trailing the benchmark Standard & Poor''s 500 Index''s gain of 5.5 percent. But Trump''s recent failure to push a healthcare overhaul through Congress, as well as other miscues, now have investors a little less sure he will be able to make good on his promises. The S&P 500 is near record highs after the administration unveiled a long-awaited proposal Wednesday to steeply cut corporate tax rates. But the plan may be unpalatable to Republican fiscal hawks since it lacks proposals for raising new revenue and would potentially add billions of dollars to the federal deficit. "The stability of the market and its ability to rise is still based on the feeling that the administration may be getting its act together," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York. "But at some point investors will ask if any of this stuff is going to happen or if it''s all talk." EARLY WINNERS FADE Since the election, the financial sector .SPSY has risen 19 percent, more than any other. But its gain since the inauguration has been among the weakest, at 3 percent. An investor buying a basket of banks and selling utilities immediately after Trump''s election would have made as much as 29 percent by mid-February. But that gain has since shrunk to 17 percent, according to Vincent Deluard, Vice President, Global Macro Strategy at INTL FCStone Financial Inc. Other "Trump trades" have lost momentum. Investors bet big on steel right out of the gate after Election Day, with the industry seen as a poster child for Trump''s focus on "unfair" trade deals that hurt U.S. producers. The S&P 1500 steel industry group index .SPCOMSTEEL had gained 36 percent by the first week of December. The group is down by more than 13 percent since then, however, and even last week''s executive order to investigate whether U.S. steel companies need additional trade protections under the auspices of national security delivered only a short-lived rebound. Poor earnings from sector heavyweight United States Steel Corp ( X.N ) ruined the party. Trump this month signed an executive order sweeping away Obama-era climate change regulations, saying it would end America''s "war on coal." But reflecting an abundance of cheap natural gas and falling costs of wind and solar power, coal miners CONSOL Energy ( CNX.N ) and Cloud Peak Energy ( CLD.N ) have dropped 16 percent and 32 percent, respectively, in Trump''s first 100 days. Meanwhile, tech stocks that were left out of the early Trump rally have surged recently as investors shift out of low-valuation stocks favoured immediately after the election and back into high-growth stocks like Alphabet ( GOOGL.O ) and Facebook ( FB.O ) that delivered much of the market''s momentum in recent years. In the absence of concrete results from Trump, corporate earnings have taken centre stage, with first-quarter profits of S&P 500 companies expected to surge 13.6 percent, helped by strong international growth. "Earnings are through-the-roof good. Companies are very profitable, and potentially are going to be more profitable with tax-cut legislation," said Stephen Massocca, Senior Vice President at Wedbush Securities in San Francisco. Other stocks seen as out of favour under Trump have also outperformed during his first 100 days. Tesla ( TSLA.O ), which some investors feared could be hurt by the removal of tax incentives for the purchase of its electric vehicles, has surged 27 percent to record highs. And perhaps most telling of all, the media sector - regularly lambasted by Trump for its coverage of him - is up 7 percent since he took office. Even New York Times Co ( NYT.N ), publisher of what Trump has repeatedly disparaged as "the failed New York Times" newspaper, hit a three-year high after the inauguration and is up 10 percent since he moved into the White House. (Reporting by Noel Randewich,; Editing by Dan Burns and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-stocks-idUKKBN17U2K8'|'2017-04-29T01:31:00.000+03:00'|2951.0|10.0|0.0|'' 2952|'be5484d123c40f43b3843b5418bce6e54f64623f'|'Bidding at U.S. 3-year not sale weakest since 2009'|'NEW YORK, April 10 Bidding for Monday''s $24 billion in U.S. three-year Treasury notes was the weakest since 2009, resulting in the government having paying bond dealers and investors a higher yield than what traders had expected.The ratio of bids to the amount offered was 2.62, compared with 2.74 at the prior three-year note auction in March. This measure of overall demand at an auction was the lowest since July 2009. (Reporting by Richard Leong; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-idINL1N1HI10V'|'2017-04-10T15:24:00.000+03:00'|2952.0|''|-1.0|'' 2953|'6ba446a64b30a7cd42da5f837db74bcce2ecdda8'|'Boeing could deliver 737 MAX 10X in 2020 if airlines start buying - exec'|' 6:04am BST Boeing could deliver 737 MAX 10X in 2020 if airlines start buying - exec Boeing Co''s logo is seen above the front doors of its largest jetliner factory in Everett, Washington, U.S. January 13, 2017. REUTERS/Alwyn Scott By Jamie Freed - SYDNEY SYDNEY Boeing Co ( BA.N ) could begin delivering the 737 MAX 10X aircraft in 2020 if airlines start ordering the largest version of its 737 MAX family this year, a senior executive of the aeroplane manufacturer said on Thursday. The comments from Boeing 737 MAX chief project engineer and deputy programme manager Michael Teal came as the smaller 737 MAX 9 completed its first airport taxi test in Seattle on Wednesday. That aircraft will make its first test flight in Seattle on Thursday, weather permitting, he said. Boeing began marketing the 737 MAX 10X as an option to customers this year but has yet to receive any orders for the fuel-efficient single-aisle jetliner, which competes against the popular Airbus SE ( AIR.PA ) A321neo. Teal said the design of the 737 MAX 10X would be firmed up by the end of this year and customers could receive the aircraft in 2020 depending on orders. "We''ll determine (the delivery date) when we launch that program when the customers show the interest and they buy the airplane," he said on a conference call with reporters. "Sales teams are out meeting with customers today." He did not specify at what date deliveries by 2020 would become unlikely if orders were not received. Boeing in March said it had approached India''s SpiceJet Ltd ( SPJT.BO ) and Jet Airways Ltd ( JET.NS ) as it gauged interest in the aircraft. However, the heads of two major aircraft leasing companies have said the MAX 10X holds no particular attraction for their customers and would eat into rentals of other MAX models. The 737 MAX 10X has a body 66 inches (167 centimetres) longer than the second-largest family member, the 737 MAX 9, and adds 12 seats. It will require longer landing gear as a result. Teal said the landing gear were still in the development stage, with several concepts in prototype testing. "We won''t hit the firm configuration on the gear and really the complete airplane until the end of this year," he said. "All of the development tests are proving positive and we are well on our way to firming up that configuration and moving forward into production." The first 737 MAX 9 customer delivery is expected next year, while the first 737 MAX 8 should be delivered next month, Teal said. (Reporting by Jamie Freed; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boeing-idUKKBN17F0GT'|'2017-04-13T13:04:00.000+03:00'|2953.0|''|-1.0|'' 2954|'60d1c787be26d62d57b872cf43664e8ecfe4e39d'|'Glass Lewis urges vote against Deutsche Boerse board actions'|' 8:42pm BST Glass Lewis urges vote against Deutsche Boerse board actions The plaque of the Deutsche Boerse AG is pictured at the entrance of the Frankfurt stock exchange February 1, 2012. REUTERS/Alex Domanski/File Photo FRANKFURT Influential proxy adviser Glass Lewis has recommended shareholders in Deutsche Boerse ( DB1Gn.DE ) vote against ratifying the actions of the management and supervisory board at the exchange''s 2017 annual general meeting. German companies typically ask their shareholders to approve the actions of their boards over the previous years at the annual shareholder meetings. Glass Lewis said in a recommendation that shareholders may have concerns over the failed merger with the London Stock Exchange Group ( LSE.L ) and due to a pending investigation into CEO Carsten Kengeter over possible insider trading. Kengeter denies the allegations, and has said that he and the company are cooperating fully with the public prosecutor. Glass Lewis said shareholders may question management''s performance in light of failing to make contingency plans for Britain''s vote to leave the European Union in the merger documents. On the investigation into Kengeter, it said it believed shareholders should be given the chance to vote on individual management board members rather than the board as whole. "We are unaware of any specific evidence that Mr. Kengeter contravened insider trading regulations, but considering the ongoing nature and potential consequences of a negative outcome of investigations, we do not believe that shareholders can confidently determine whether approval of this proposal is in their best interests at this time," it wrote. The recommendation was first reported by German daily Handelsblatt. Deutsche Boerse declined to comment. The AGM takes place on May 17. (Reporting by Andreas Kroner and John O''Donnell; Writing by Victoria Bryan; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-boerse-agm-idUKKBN17R2MN'|'2017-04-26T03:42:00.000+03:00'|2954.0|''|-1.0|'' 2955|'113a29e54976091a34548c0f9e25d3533144e1cd'|'Airbus confirms CEO under investigation over Austria arms deal'|'Business News - Wed Apr 26, 2017 - 4:31pm BST Airbus confirms CEO under investigation over Austria arms deal The logo of Airbus Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau PARIS Europe''s Airbus ( AIR.PA ) confirmed on Wednesday its chief executive, Tom Enders, had been placed under investigation by Vienna prosecutors in connection with a fighter purchase in 2003 and called the accusations "completely unsubstantiated". Reuters reported earlier that a spokeswoman for the prosecutor''s office had confirmed that correspondence seen by the news agency, which listed Enders as one of those accused in a recently opened fraud investigation, was correct. "Upon our inquiry after initial media reports, the Vienna Prosecutor this afternoon informed us for the first time that all individuals which have been listed in a register by the Austrian Finanzprokuratur (Austria''s legal adviser) are under investigation," an Airbus spokesman said by email. "This list of individuals includes Tom Enders. As we have repeatedly stated, we consider the accusations as completely unsubstantiated." (Reporting by Tim Hepher; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airbus-group-austria-inquiry-confirma-idUKKBN17S265'|'2017-04-27T00:07:00.000+03:00'|2955.0|''|-1.0|'' 2956|'d4cca2437d80d7fa2facd87ae858fba9af1c365a'|'Canada''s oil sands acquisition pool dwindles as global firms flee'|'By Nia Williams and John Tilak - CALGARY, Alberta/TORONTO CALGARY, Alberta/TORONTO As international energy companies retreat from the Canadian oil sands sector because of depressed oil prices, a fast-shrinking universe of potential buyers may leave some stranded in the high-cost, capital-intensive sector.Global producers are bailing on their oil sands investments due to higher development costs, limited export pipeline capacity to get crude to market and concerns about high carbon emissions in the sector.International companies once drawn by the long-life assets that can produce for up to 50 years during the oil sector boom are discovering the economics do not work as well in a low-price environment.But to get out, they have to overcome a simple equation: there are more sellers than buyers for the oil sands.The three biggest domestic producers - Suncor Energy, Canadian Natural Resources Ltd and Cenovus Energy - are digesting multi-billion dollar deals, and have little room for more acquisitions, industry participants say. Global companies like ConocoPhillips and Marathon Oil Corp prefer to pile into cheaper U.S. shale plays such as the Permian basin instead."The market is pretty thin for oil sands buyers," said Janan Paskaran, an M&A lawyer at Torys LLP who advises domestic and international energy companies."There are three or four buyers out there that have said they are interested in increasing exposure to oil sands, but they''ve already done their shopping," he added. "I don''t see any new entrants."BP Plc has joined Chevron Corp in weighing the sale of its oil sands stakes, Reuters has reported. This follows decisions by Royal Dutch Shell, ConocoPhillips and Marathon to dump about $22.5 billion worth of largely oil sands assets this year.BIG LOSSESCompanies that planned further divestitures from oil sands will either have to patiently sit on their assets or, as in the case of Statoil ASA and Marathon, accept a loss on their investments."There''s not enough financial wherewithal in Canada to snap up all of the foreign investment that might be exiting right now," said Rafi Tahmazian, portfolio manager at Canoe Financial, referring to the domestic Canadian energy industry."You end up having to decide as a foreign company, am I willing to get rid of this cheap or do I hang on to it?"Statoil booked an impairment charge of $500-$550 million, when it sold its oil sands assets to Athabasca Oil Corp. Similarly, Marathon sold its stake in the Athasbasca Oil Sands Project for $2.5 billion, having paid $6.2 billion to get into the region in 2007. While some Canadian companies have stepped forward to take their place, their resources are limited. Cenovus'' share price tumbled after it loaded up on debt to buy ConocoPhillips assets. Suncor and Canadian Natural are in better shape financially but may have limited appetite for further deals after major acquisitions in the last 15 months. Sources said Husky Energy, BP''s joint venture partner in the Sunrise project, is not keen to increase its exposure to the oil sands but may consider buying BP''s stake if the price is attractive."The prices will adjust to the supply of buyers and likely move downward," said John Stephenson, president of Stephenson & Co Capital Management, which owns shares in Cenovus and Canadian Natural.(Reporting by Nia Williams and John Tilak; Editing by Denny Thomas and Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-canada-oilsands-exit-idINKBN17N2CT'|'2017-04-21T17:04:00.000+03:00'|2956.0|''|-1.0|'' -2957|'8c2b1c4378a0276a4c502684fc0b3f03e550a9de'|'BRIEF-XTL Biopharmaceuticals unveils expanded HCDR1 preclinical data for treatment of sjgren''s syndrome'|' 25am EDT BRIEF-XTL Biopharmaceuticals unveils expanded HCDR1 preclinical data for treatment of sjgren''s syndrome April 5 X T L Biopharmaceuticals Ltd * X T L Biopharmaceuticals Ltd - XTL Biopharmaceuticals unveils expanded HCDR1 preclinical data for treatment of sjgren''s syndrome * X T L Biopharma - additional data shows statistically significant effect in gene expression of 2 additional genes that have role in pathogenesis of sjgren''s syndrome Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-xtl-biopharmaceuticals-unveils-exp-idUSFWN1HD0JG'|'2017-04-05T21:25:00.000+03:00'|2957.0|''|-1.0|'' +2957|'8c2b1c4378a0276a4c502684fc0b3f03e550a9de'|'BRIEF-XTL Biopharmaceuticals unveils expanded HCDR1 preclinical data for treatment of sjgren''s syndrome'|' 25am EDT BRIEF-XTL Biopharmaceuticals unveils expanded HCDR1 preclinical data for treatment of sjgren''s syndrome April 5 X T L Biopharmaceuticals Ltd * X T L Biopharmaceuticals Ltd - XTL Biopharmaceuticals unveils expanded HCDR1 preclinical data for treatment of sjgren''s syndrome * X T L Biopharma - additional data shows statistically significant effect in gene expression of 2 additional genes that have role in pathogenesis of sjgren''s syndrome Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-xtl-biopharmaceuticals-unveils-exp-idUSFWN1HD0JG'|'2017-04-05T21:25:00.000+03:00'|2957.0|11.0|0.0|'' 2958|'198696642635405cb2c65598739adc2e417e1298'|'British Columbia election campaign starts, race neck-and-neck'|'Company News - Tue Apr 11, 2017 - 11:19am EDT British Columbia election campaign starts, race neck-and-neck By Nicole Mordant - VANCOUVER, April 11 VANCOUVER, April 11 British Columbia''s ruling Liberal Party and the opposition New Democratic Party were in a dead heat as election campaigning kicked off in the western Canadian province on Tuesday, four weeks before voters go to the polls. A loss for the Liberals on May 9 could derail big oil and gas projects in the province. NDP leader John Horgan has vowed to stop Kinder Morgan''s Trans Mountain pipeline expansion and has expressed reservations about a liquefied natural gas terminal that Malaysia''s Petronas may build. The Liberals are seeking a fifth consecutive term, with a backdrop of voters opting for change in the neighboring province of Alberta in the Canadian federal election and in the United States in the past two years. The provincial Liberals are not linked to Canadian Prime Minister Justin Trudeau''s Liberal Party and are more right-leaning. Adding uncertainty to the outcome of the provincial election is an early jump in support for the BC Green Party and its leader, Andrew Weaver, said David Valentin, executive vice president at Ottawa-based polling firm Mainstreet Research. Although support is up, nearly half of Green Party supporters say they might change their minds about which party to give their votes. It is not clear which of the two big parties would benefit the most. "That is the X-factor for us right now because we have seen so many elections where the improbable becomes not just probable but reality," Valentin said in an interview. He pointed to the surprise win in 2015 by the left-leaning NDP in the oil-producing province of Alberta, a traditional Conservative Party stronghold. According to the latest Mainstreet/Postmedia poll, which surveyed respondents April 1-3, 26 percent of voters would back the Liberals, 29 percent the NDP, the official opposition, 13 percent the Green Party and 9 percent the Conservative Party. Some 23 percent of voters were undecided. The issue of fundraising is expected to emerge as a campaign issue in a province that has few limits on political contributions. The New York Times in January called British Columbia the "''Wild West'' of Canadian political cash" and said there was an "unabashedly cozy relationship between private interests and government officials in the province." Unaffordable housing could also weigh on the Liberals, who have been in power for nearly 16 years. With its million-dollar tear-downs, Vancouver, British Columbia''s biggest city, is the most expensive real estate market in Canada. (Reporting by Nicole Mordant in Vancouver; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-britishcolumbia-election-idUSL1N1HI1NR'|'2017-04-11T23:19:00.000+03:00'|2958.0|''|-1.0|'' 2959|'45ae5aa57444babea3ff15b88dd4a069dc171260'|'Michigan official sees Detroit exit from state oversight in 2018'|'CHICAGO Detroit''s post-bankruptcy finances have improved to the point where the city should be able to exit state oversight in early 2018, a Michigan official said on Wednesday.Eric Scorsone, who oversees local Michigan governments as a senior deputy state treasurer, said Detroit was on track to end its third-straight fiscal year without a budget deficit. That is a main requirement for the Detroit Financial Review Commission, created as part of the city''s bankruptcy exit plan, to go dormant."I never thought Detroit''s recovery could happen so quickly," Scorsone told a Chicago conference sponsored by the Civic Federation and the Federal Reserve Bank of Chicago.Michigan''s largest city ended the biggest-ever U.S. municipal bankruptcy in December 2014 after shedding about $7 billion of its $18 billion of debt and obligations.If Detroit exits state oversight, the commission, which currently meets monthly, could come back to life if the city had a deficit or debt problem, Scorsone said.Detroit must still deal with an unfunded pension liability of at least $2 billion and pension payments set to resume in 2024, according to Scorsone.A court-approved bankruptcy exit plan had projected city pension payments would total $111 million beginning in fiscal 2024. But a subsequent actuarial analysis pegged the payment spike at $200 million or more.The Detroit City Council in March approved Mayor Mike Duggan''s proposal to deposit $377 million into a trust fund by the end of fiscal 2023 to help Detroit cover the higher-than-expected pension payments."That''s great because the city really moved proactively," Scorsone said.(Reporting By Karen Pierog; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-detroit-budget-idINKBN17L288'|'2017-04-19T14:37:00.000+03:00'|2959.0|''|-1.0|'' 2960|'acd6f11f5a129ec5b102b4d8372d8d29da04dae0'|'Deals of the day-Mergers and acquisitions'|'(Adds Shandong Tyan, Rolls-Royce, Advent International, Abu Dhabi National Energy, Telecom Italia, Grupo Bimbo and BlackRock; updates PPG and Lufthansa)April 19 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:** A group backed by private equity firm KKR & Co said it had made a revised A$6.15 billion ($4.65 billion) offer for Australia''s biggest lottery operator Tatts Group Ltd, upping the ante in a bidding war against Tabcorp Holdings Ltd.** Chevron Corp, the second-largest U.S.-based oil company, sold its Canadian gasoline stations and refinery in British Columbia to Parkland Fuel Corp, a marketer of petroleum products, for C$1.46 billion ($1.09 billion).** Ant Financial, the payment affiliate of Alibaba Group Holding Ltd , has acquired Singapore-based payment service helloPay Group, as part of the Chinese firm''s drive to boost its Alipay brand and presence in Southeast Asia.** A Japanese government-backed fund and policy bank are considering a joint bid with Broadcom Ltd for Toshiba Corp''s semiconductor business, a move that would vault the U.S. chipmaker into the lead to buy the prized unit, the Asahi newspaper said.** Siam Commercial Bank (SCB) has entered into exclusive talks with Hong Kong insurer FWD Group to sell its life insurance arm, which could raise $3 billion for Thailand''s third-biggest lender, people with direct knowledge of the matter said.** Canadian grocery and pharmacy retailer Loblaw Cos Ltd said it would sell its gas station business to asset manager Brookfield Business Partners LP for about C$540 million ($402.17 million).** The Saudi-based Islamic Development Bank (IDB) plans to take at least a 10 percent stake in Turkey''s state-run stock exchange as the multilateral lender ramps up activities in the country, a senior official of the bank told Reuters.** Pittsburgh-based PPG Industries dismissed proposals put forward by Dutch paintmaker Akzo Nobel to fend off its takeover bid and won support from activist hedge fund Elliott Advisors.** British materials testing company Exova Group said UK-based Element Materials Technology would buy it in a deal valued at 620.3 million pounds ($795.3 million).** Dutch eyeglass store operator Grandvision said it will acquire Tesco''s chain of more than 200 opticians.** Lufthansa is in talks with Iran Air to provide catering, maintenance and pilot training as it seeks to take advantage of emerging business opportunities in the country, executives at the German airline group said.** China Development Bank is considering providing financing for a Chinese consortium seeking to buy a stake in Russia''s largest gold producer Polyus , two sources familiar with discussions about the potential deal told Reuters.** German automotive supplier Continental AG and a unit of China Unicom have agreed to set up a joint venture in China to offer intelligent transport systems, such as vehicle data services and connected vehicle software.** Centurion Midstream Group LLC said it acquired a petroleum marketing and transportation business that operates in West Texas from Agave Energy Holdings, a subsidiary of Lucid Energy Group.** India''s online grocery delivery service BigBasket and smaller rival Grofers India Pvt Ltd have begun talks on a possible merger, Indian newspaper Mint reported, citing sources.** Sweden''s SCA has rejected a recent bid for its hygiene arm and an offer last year for its forestry business, Swedish daily Dagens Nyheter reported, citing sources.** Top shareholder Invesco Perpetual has trimmed its stake in technology incubator Allied Minds for the second time in as many weeks, according to regulatory filings.** An Italian regulator ordered French media group Vivendi on Tuesday to cut its stake in either Telecom Italia or broadcaster Mediaset within a year, ruling it was in breach of rules designed to prevent a concentration of power.** Czech utility CEZ aims to sell all of its Bulgarian assets and has received expressions of interest mainly from investors in the Balkan country, a company official said.** KAR Auction Services Inc, a provider of car auction and salvage services, said it would acquire DRIVIN, which aggregates automotive retail, pricing, registration and economic data to match vehicle inventory to dealer demand, for $43 million in stock.** Renova Energia SA sold a wind farm project to a unit of AES Corp for 600 million reais ($193 million) on Tuesday, enabling the Brazilian renewable power company to replenish cash amid a severe cash crunch.** Verizon Communications Inc has agreed to buy optical fiber from Corning Inc for at least $1.05 billion over the next three years as the No. 1 U.S. wireless carrier aims to improve its network infrastructure, the companies said on Tuesday.** Shanghai-listed Shandong Tyan Home said its negotiations with Barrick Gold Corp to buy the Canadian operator''s 50-percent stake in Kalgoorlie mine have ended without a deal, citing new capital and acquisition rules in China.** European Union antitrust regulators said they had cleared the acquisition of aircraft engine components maker ITP by Rolls-Royce subject to its elimination of a conflict of interest in an engine consortium.** European Union antitrust regulators said they had cleared U.S. private equity firm Advent International''s planned acquisition of Morpho, the biometrics and security business of French aerospace group Safran.** Abu Dhabi National Energy Company (TAQA) might sell some of its oil and gas interests in North America to raise capital for its core business, its chief operating officer told Reuters.** Telecom Italia shareholders should not support board candidates proposed by Vivendi, two advisory firms said, potentially dealing a fresh blow to Vivendi chairman Vincent Bollore''s attempts to build a southern European media empire.** BlackRock Inc Chief Executive Larry Fink, who runs the world''s largest asset manager, forecast a wave of mergers and acquisitions in asset management, but said his company may be limited for now to small deals.** Mexican breadmaker Grupo Bimbo plans to grow in China in the short term with acquisitions, while also expanding its presence in the rest of Asia and entering Middle Eastern markets, the company''s food business chief said. (Compiled by Ahmed Farhatha and Divya Grover in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1HR3DK'|'2017-04-19T18:03:00.000+03:00'|2960.0|''|-1.0|'' -2961|'70228d77aa74dde56c1a9cd334ce6962459dddd7'|'Inside one county''s big casino bet: economic boom or Atlantic City bust? - Guardian Sustainable Business'|'W hen Toya Mitchell first learned MGM Resorts International had won a contract to build a new casino down the street from her house in Prince Georges County, Maryland, she was cautiously optimistic. Mitchell, the owner of Lord & Mitchell, a small, women-run business specializing in customized promotional and printed materials, was excited about the possible jobs and business opportunities the casino could bring, not to mention the much-needed boost to the countys economy.But she was also wary. Casino developers arent exactly known for their community spirit, and cities that have authorized casinos in the hope of reviving their economy in the past have not fared well. Atlantic Citys storied and troubled past is probably the best example of this despite rigorous economic investment resulting in a strip of glitzy casinos and hotels, the local community suffered long and hard high taxes, failing infrastructure the loss of tens of thousands of jobs before it all came crumbling down .The big unknown when any company of this size and scope enters our community is what the overall effect would be on our lifestyle, Mitchell said.Mitchell is now one of MGMs closest and longest serving community partners. Shes worked with the company on everything from branded sportswear to logoed umbrellas since MGM was first awarded the license to build a $1.4bn luxury casino resort on the banks of the Potomac River, a 10-minute drive from Washington DC , in December 2013.MGM National Harbor opened last December to much fanfare: swanky hotel suites, a handful of upscale bars and restaurants, a live-music indoor venue and an indoor shopping strip featuring brands like Sarah Jessica Parkers SJP shoe shop.But the real success story is the companys relationship with the local county.In 2014, MGM entered into whats known as a Community Benefits Agreement (CBA) with Prince Georges County a list of socioeconomic benefits that the company had to adhere to between 2014 and its grand opening. This included ensuring that at least 40% new hires were county residents; creating at least 3,800 new jobs; providing opportunities in construction and local businesses; and contributing at least $1m to local charities.While gaming licensees in Maryland are required to negotiate a CBA with the host county to mitigate future impacts a new resort would have on local infrastructure, MGM ended up exceeding most of the CBAs requirements: more than 4,000 new jobs were created in the county; 48% of new hires at the time of opening were county residents; 27% of total labor hours to develop the resort were performed by Prince Georges County residents; and more than $1m was donated to charitable organizations in the local community.During construction, the project hired more than 6,000 men and women and awarded construction contracts to 167 Minority Business Enterprises (MBE), representing more than $323m in spending. In addition, nearly 80 county-based businesses were involved in the project, representing a spend of $214.3m.Outside of the CBA, the company also launched public infrastructure improvements, fixing local roads and initiating a new bus system to meet the expected demand for the casino, which cost in excess of $90m using a combination of MGM and National Harbor funds. MGM also commissioned local artists to provide much of the art inside the resort.According to the Prince Georges County local government office, MGM National Harbor is projected to bring in between $40-$50m in yearly revenue for the county.With five other casinos in Maryland, we knew our residents were traveling north, so we knew our citizens would love a casino, said David Iannucci, assistant deputy to the chief administrative officer for the county. We wanted to capture some of that for ourselves rather than having them leave.Facebook Twitter Pinterest At a celebration honoring the 1000th member of the construction workforce of Prince Georges County during construction of MGM National Harbor. Photograph: MGM At first glance, Prince Georges County doesnt present itself as struggling. The county, in a jurisdiction of 900,000 predominantly African American residents, is in the top 4% of wealthy counties in the US . Its home to the University of Maryland and the NASA Goddard Space Center. But the recession hit the county hard according to Iannucci, the county had a much harder time recovering than surrounding counties. New housing construction rates in the county dropped off and high crime levels became a problem; in June 2011, unemployment rose to 7.9% , the highest the county had ever experienced in a 21-year period .But the countys location at the crossroads between the DMV (DC, Maryland and Virginia) has made it desirable to investors and property developers.Its one of maybe four or five sites in the Washington region thats located on a very disinvested waterfront location, said Uwe Brandes, faculty director at Georgetown Universitys School of Continuing Studies Urban & Regional Planning Program. More and more, people are engaging our waterfront and rivers, and thats exciting theres a new sense of civic space, destinations, people are coming together, new economies being created, new opportunities.Unemployment in Prince Georges County is currently at 4.3%, slightly lower than the national average of 4.8% , and crime rates are steadily falling . Weve added 7,000 new jobs in last two years, not counting MGM, Iannuci said. Weve also worked hard on schools and public safety.What makes the partnership between MGM and Prince Georges County unique is that there was no public money involved outside of the normal permit applications required in any county project (which MGM covered in a permit application fee that was determined by the cost and size of the project).The county wasnt responsible for granting MGM the casino license that was done at the state level so technically, MGM didnt owe the county anything. Which leads one to question what, exactly, is in it for MGM.When youre talking about bringing gaming into an area, one of the things that makes us more appealing [as a developer] is that we are interested in giving back, said Danielle White, the regional vice president of community engagement for MGM. Exceeding the CBA wasnt something that we were required to do but we did it anyway because we wanted to be a good neighbor. When you think about it, this is whats going to encourage people to want to work with us.Facebook Twitter Pinterest Prince Georges Countys location at the crossroads between the DMV (DC, Maryland and Virginia) has made it desirable to investors and property developers. Photograph: MGM Theres another play here, too: MGM is interested in attracting millennials to lifelong careers at the company. Young people now always look for socially minded organizations when thinking of the future, White said.Despite the success of the CBA, Brandes cautioned its still too early to measure the long term benefit of MGM National Harbor on Prince Georges County. After construction, the CBA also covers operational issues after the resort is up and running, which means its impossible to determine how the casino will perform relative to its operational obligations until it has been open for at least a year.Theres also the issue of the social and health costs of legal gambling. Attracting economic investment is one thing, but what will the casinos societal impact be if its clientele is made up mostly of retirees who come to gamble away their social security checks?One argument is that casinos hardly encourage nearby economic development because they are designed in such a way as to keep people inside and gambling for as long as possible . A 2014 report from the Institute for American Values quoted a same-year study that found people who live within 10 miles of a casino have twice the rate of pathological and problem gambling as those who do not .What is encouraging is that MGM says it has no plans to stop its community outreach now that the National Harbor casino is open. According to White, the company plans to issue several community grants in 2018 to Prince Georges County nonprofits aligned with public education, health and wellness or sustainability, as well as continue a volunteer program that allows MGM National Harbor employees to volunteer in community projects around the county. (MGM said the total figure for this is yet to be determined.)For Mitchell at least, MGMs presence represents a big step forward for the future of the county. Theres lots of excitement [about] extensive economic development, improvements to our infrastructure, and a booming spirit of entrepreneurship within the county, she said.Topics Guardian sustainable business Values-led business Gambling Unemployment features '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/apr/05/mgm-casino-washington-business-gambling'|'2017-04-06T00:58:00.000+03:00'|2961.0|''|-1.0|'' +2961|'70228d77aa74dde56c1a9cd334ce6962459dddd7'|'Inside one county''s big casino bet: economic boom or Atlantic City bust? - Guardian Sustainable Business'|'W hen Toya Mitchell first learned MGM Resorts International had won a contract to build a new casino down the street from her house in Prince Georges County, Maryland, she was cautiously optimistic. Mitchell, the owner of Lord & Mitchell, a small, women-run business specializing in customized promotional and printed materials, was excited about the possible jobs and business opportunities the casino could bring, not to mention the much-needed boost to the countys economy.But she was also wary. Casino developers arent exactly known for their community spirit, and cities that have authorized casinos in the hope of reviving their economy in the past have not fared well. Atlantic Citys storied and troubled past is probably the best example of this despite rigorous economic investment resulting in a strip of glitzy casinos and hotels, the local community suffered long and hard high taxes, failing infrastructure the loss of tens of thousands of jobs before it all came crumbling down .The big unknown when any company of this size and scope enters our community is what the overall effect would be on our lifestyle, Mitchell said.Mitchell is now one of MGMs closest and longest serving community partners. Shes worked with the company on everything from branded sportswear to logoed umbrellas since MGM was first awarded the license to build a $1.4bn luxury casino resort on the banks of the Potomac River, a 10-minute drive from Washington DC , in December 2013.MGM National Harbor opened last December to much fanfare: swanky hotel suites, a handful of upscale bars and restaurants, a live-music indoor venue and an indoor shopping strip featuring brands like Sarah Jessica Parkers SJP shoe shop.But the real success story is the companys relationship with the local county.In 2014, MGM entered into whats known as a Community Benefits Agreement (CBA) with Prince Georges County a list of socioeconomic benefits that the company had to adhere to between 2014 and its grand opening. This included ensuring that at least 40% new hires were county residents; creating at least 3,800 new jobs; providing opportunities in construction and local businesses; and contributing at least $1m to local charities.While gaming licensees in Maryland are required to negotiate a CBA with the host county to mitigate future impacts a new resort would have on local infrastructure, MGM ended up exceeding most of the CBAs requirements: more than 4,000 new jobs were created in the county; 48% of new hires at the time of opening were county residents; 27% of total labor hours to develop the resort were performed by Prince Georges County residents; and more than $1m was donated to charitable organizations in the local community.During construction, the project hired more than 6,000 men and women and awarded construction contracts to 167 Minority Business Enterprises (MBE), representing more than $323m in spending. In addition, nearly 80 county-based businesses were involved in the project, representing a spend of $214.3m.Outside of the CBA, the company also launched public infrastructure improvements, fixing local roads and initiating a new bus system to meet the expected demand for the casino, which cost in excess of $90m using a combination of MGM and National Harbor funds. MGM also commissioned local artists to provide much of the art inside the resort.According to the Prince Georges County local government office, MGM National Harbor is projected to bring in between $40-$50m in yearly revenue for the county.With five other casinos in Maryland, we knew our residents were traveling north, so we knew our citizens would love a casino, said David Iannucci, assistant deputy to the chief administrative officer for the county. We wanted to capture some of that for ourselves rather than having them leave.Facebook Twitter Pinterest At a celebration honoring the 1000th member of the construction workforce of Prince Georges County during construction of MGM National Harbor. Photograph: MGM At first glance, Prince Georges County doesnt present itself as struggling. The county, in a jurisdiction of 900,000 predominantly African American residents, is in the top 4% of wealthy counties in the US . Its home to the University of Maryland and the NASA Goddard Space Center. But the recession hit the county hard according to Iannucci, the county had a much harder time recovering than surrounding counties. New housing construction rates in the county dropped off and high crime levels became a problem; in June 2011, unemployment rose to 7.9% , the highest the county had ever experienced in a 21-year period .But the countys location at the crossroads between the DMV (DC, Maryland and Virginia) has made it desirable to investors and property developers.Its one of maybe four or five sites in the Washington region thats located on a very disinvested waterfront location, said Uwe Brandes, faculty director at Georgetown Universitys School of Continuing Studies Urban & Regional Planning Program. More and more, people are engaging our waterfront and rivers, and thats exciting theres a new sense of civic space, destinations, people are coming together, new economies being created, new opportunities.Unemployment in Prince Georges County is currently at 4.3%, slightly lower than the national average of 4.8% , and crime rates are steadily falling . Weve added 7,000 new jobs in last two years, not counting MGM, Iannuci said. Weve also worked hard on schools and public safety.What makes the partnership between MGM and Prince Georges County unique is that there was no public money involved outside of the normal permit applications required in any county project (which MGM covered in a permit application fee that was determined by the cost and size of the project).The county wasnt responsible for granting MGM the casino license that was done at the state level so technically, MGM didnt owe the county anything. Which leads one to question what, exactly, is in it for MGM.When youre talking about bringing gaming into an area, one of the things that makes us more appealing [as a developer] is that we are interested in giving back, said Danielle White, the regional vice president of community engagement for MGM. Exceeding the CBA wasnt something that we were required to do but we did it anyway because we wanted to be a good neighbor. When you think about it, this is whats going to encourage people to want to work with us.Facebook Twitter Pinterest Prince Georges Countys location at the crossroads between the DMV (DC, Maryland and Virginia) has made it desirable to investors and property developers. Photograph: MGM Theres another play here, too: MGM is interested in attracting millennials to lifelong careers at the company. Young people now always look for socially minded organizations when thinking of the future, White said.Despite the success of the CBA, Brandes cautioned its still too early to measure the long term benefit of MGM National Harbor on Prince Georges County. After construction, the CBA also covers operational issues after the resort is up and running, which means its impossible to determine how the casino will perform relative to its operational obligations until it has been open for at least a year.Theres also the issue of the social and health costs of legal gambling. Attracting economic investment is one thing, but what will the casinos societal impact be if its clientele is made up mostly of retirees who come to gamble away their social security checks?One argument is that casinos hardly encourage nearby economic development because they are designed in such a way as to keep people inside and gambling for as long as possible . A 2014 report from the Institute for American Values quoted a same-year study that found people who live within 10 miles of a casino have twice the rate of pathological and problem gambling as those who do not .What is encouraging is that MGM says it has no plans to stop its community outreach now that the National Harbor casino is open. According to White, the company plans to issue several community grants in 2018 to Prince Georges County nonprofits aligned with public education, health and wellness or sustainability, as well as continue a volunteer program that allows MGM National Harbor employees to volunteer in community projects around the county. (MGM said the total figure for this is yet to be determined.)For Mitchell at least, MGMs presence represents a big step forward for the future of the county. Theres lots of excitement [about] extensive economic development, improvements to our infrastructure, and a booming spirit of entrepreneurship within the county, she said.Topics Guardian sustainable business Values-led business Gambling Unemployment features '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/apr/05/mgm-casino-washington-business-gambling'|'2017-04-06T00:58:00.000+03:00'|2961.0|11.0|0.0|'' 2962|'43c6d217d01946b8c5479763b858ac407d55ca2e'|'Online fashion retailer Boohoo sees profits double'|' 34am BST Online fashion retailer Boohoo sees profits double LONDON British online fashion retailer Boohoo on Wednesday reported a doubling in annual profit, driven by robust demand in its home market and overseas, particularly in the United States. The firm said trading in the first few weeks of its 2017-18 financial year had made "a promising start" and it forecast revenue growth for the year of about 50 percent. Boohoo, which sells own-brand clothing, shoes and accessories online to a core market of 16-24 year-olds, has been one of the stars of the UK stock market over the last year with its shares rising 280 percent. It made a pre-tax profit of 30.9 million pounds in the year to Feb. 28. That compared to analysts'' average forecast of 28.7 million pounds, according to Reuters data, and 15.7 million pounds in 2015-16. Revenue rose 51 percent to 294.6 million pounds. (Reporting by James Davey; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boohoo-results-idUKKBN17S0JN'|'2017-04-26T14:34:00.000+03:00'|2962.0|''|-1.0|'' 2963|'14d1428b5d9e9d34df1bcf63c3783b2d960a7dac'|'FCA says EU access vital for healthy competition'|'Business News 9:08am BST FCA says EU access vital for healthy competition The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren By Huw Jones - LONDON LONDON Access to European Union markets and people after Britain leaves the bloc is essential for maintaining healthy competition in financial services, the country''s markets watchdog said on Tuesday. The Financial Conduct Authority (FCA) set out the key principles for advising the government on EU withdrawal negotiations in its annual business plan for next year, with handling uncertainties surrounding Brexit a top priority. "Open markets are an important enabler of healthy competition, supporting FCA objectives," the watchdog said. The regulator said the ability to recruit a diverse workforce would also help to ensure that markets and firms are well run and remain competitive - a nod to concerns at banks that they may no longer be able to recruit freely from EU countries in future. Consistent global regulatory standards and cooperation between national authorities will also be "fundamental regardless of the outcomes of the negotiations." The FCA said Britain should also have a say over the rules it applies. Regulators have said they do not want Britain to become a "rule taker" in order to obtain EU market access, meaning they must match the bloc''s standards. It remains unclear if banks and other financial firms in Britain will have access to EU markets after Brexit. Some companies have decided to build up operations in the EU rather than risk disruption to established customer links. "This lack of clarity will potentially lead to a period of prolonged uncertainty for markets, firms and consumers," the FCA said. The watchdog, funded by levies on the firms it supervises, said its total requirement for financial the year starting this month was 526.9 million pounds, up 1.5 percent or 7.6 million pounds on the previous year. The increase is partly due to 2.5 million pounds extra needed to handle Brexit, the watchdog said. The FCA also published its new "Mission", a 36-page document that resets the regulator''s core objectives as new chief executive, Andrew Bailey, seeks to draw a line under a string a mis-selling scandals spanning more than two decades. The Mission, in line with a draft version that was put out to public consultation, seeks to strike a balance between demands and finite resources, saying that protecting the most vulnerable customers would be a priority. "The Mission gives firms and consumers greater clarity about how and why we prioritise, protect and intervene in financial markets," Bailey said in a statement. It is being made clearer, for example, that when a firm or individual is referred to enforcement, this does not mean that the watchdog already believes wrongdoing has taken place. The watchdog also published for the first time documents that set out its internal thinking on key parts of the financial industry. It will also launch a strategic review of retail banking business models in the year ahead, look at the motor finance industry, review pricing practices in general insurance, assess "robo" or automated advice models, (Reporting by Huw Jones. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-regulator-idUKKBN17K0Q9'|'2017-04-18T16:08:00.000+03:00'|2963.0|''|-1.0|'' -2964|'95f2d6c5809b4f282534732983603664d974427e'|'Delhi High Court approves $1.18 billion settlement of Tata-DoCoMo dispute - TV'|'NEW DELHI The Delhi High Court has approved a settlement of the $1.18 billion dispute between Tata Sons and NTT DoCoMo ( 9437.T ), allowing the Indian firm to buy out the Japanese firm''s stake in the telecoms joint venture, TV news channels reported on Friday.India''s central bank had blocked Tata''s offer, saying a rule change in 2016 prevented foreign investors from selling stakes in Indian firms at a pre-determined price.DoCoMo entered India in 2009 with an investment of nearly $2.2 billion in Tata group''s telecoms arm Tata Teleservices for a 26.5 percent stake in the venture. Competition and a low subscriber base forced DoCoMo to rethink its strategy and it decided to get out of India in 2014.Under the terms of the deal, in the event of an exit, DoCoMo was guaranteed the higher of either half its original investment, or its fair value.Tata was unable to find a buyer for the Japanese firm''s stake and offered to buy the stake itself for half of DoCoMo''s investment.(Reporting by Nidhi Verma; Editing by Douglas Busvine)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/tata-sons-ntt-docomo-idINKBN17U169'|'2017-04-28T17:17:00.000+03:00'|2964.0|''|-1.0|'' +2964|'95f2d6c5809b4f282534732983603664d974427e'|'Delhi High Court approves $1.18 billion settlement of Tata-DoCoMo dispute - TV'|'NEW DELHI The Delhi High Court has approved a settlement of the $1.18 billion dispute between Tata Sons and NTT DoCoMo ( 9437.T ), allowing the Indian firm to buy out the Japanese firm''s stake in the telecoms joint venture, TV news channels reported on Friday.India''s central bank had blocked Tata''s offer, saying a rule change in 2016 prevented foreign investors from selling stakes in Indian firms at a pre-determined price.DoCoMo entered India in 2009 with an investment of nearly $2.2 billion in Tata group''s telecoms arm Tata Teleservices for a 26.5 percent stake in the venture. Competition and a low subscriber base forced DoCoMo to rethink its strategy and it decided to get out of India in 2014.Under the terms of the deal, in the event of an exit, DoCoMo was guaranteed the higher of either half its original investment, or its fair value.Tata was unable to find a buyer for the Japanese firm''s stake and offered to buy the stake itself for half of DoCoMo''s investment.(Reporting by Nidhi Verma; Editing by Douglas Busvine)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/tata-sons-ntt-docomo-idINKBN17U169'|'2017-04-28T17:17:00.000+03:00'|2964.0|6.0|0.0|'' 2965|'1f786a5aae6077baa4206131677bdb8bf464ab5d'|'BDO declines to replace PwC at Brazil''s Oi restructuring case'|'Technology News 25pm EDT BDO declines to replace PwC at Brazil''s Oi restructuring case FILE PHOTO -- The logo of Brazil''s largest fixed-line telecoms group Oi is seen inside a shop in Sao Paulo October 2, 2013. REUTERS/Nacho Doce/File Photo SAO PAULO Accounting firm BDO declined to replace PriceWaterhouseCoopers in the in-court restructuring of Brazilian carrier Oi SA, BDO said in a statement on Friday. The judge overseeing the restructuring dropped PwC from the case on March 31 alleging the firm made accounting mistakes in the biggest bankruptcy filing in the country''s history. In his decision, judge Fernando Cesar Viana appointed BDO to replace PwC. But BDO said in Friday''s statement that it had decided not to take the task, despite keeping its work as Oi''s auditor through 2019. (Reporting by Tatiana Bautzer; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-oi-sa-restructuring-idUSKBN17937G'|'2017-04-08T06:21:00.000+03:00'|2965.0|''|-1.0|'' 2966|'dbc8988859352222aeef752be3763d479471857e'|'Two-thirds of EU travel websites mislead on prices - Commission'|'Technology 12am BST Two-thirds of EU travel websites mislead on prices: Commission BRUSSELS Two-thirds of travel booking websites provide misleading information on prices and so breached EU consumer protection rules, the European Commission said on Friday. In its survey of 352 online travel booking and comparison services, it found a third of the websites displayed initial prices which were not the final prices and in a fifth of the cases promotional offers were not really available, the Commission said. About one in four websites also misled consumers by saying there were only a limited amount of seats or rooms left at a certain price, when this often only applied to the website in question. The Commission did not name any of the companies surveyed in its screening of websites across the bloc in October 2016. The EU executive said national authorities would contact the websites that were in breach of EU consumer protection rules and could take legal action if the companies failed to improve. The Commission has coordinated similar "sweep" actions in the past, such as into airlines, online tickets and consumer credit, to ensure consumers are being protected. (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-travel-websites-idUKKBN1791HO'|'2017-04-07T18:10:00.000+03:00'|2966.0|''|-1.0|'' 2967|'85dd66ecd2c1c7f6374b3d72ecb8fe01c0e58a81'|'BRIEF-Talen Energy Supply LLC prices $400 million offering of senior notes'|' 30am EDT BRIEF-Talen Energy Supply LLC prices $400 million offering of senior notes April 7 Talen Energy Supply Llc * Talen Energy Supply LLC prices $400 million offering of senior notes * Talen Energy Supply LLC says notes will be issued at 97.000% of par value with a coupon of 9.500% and will mature on july 15, 2022 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-talen-energy-supply-llc-prices-idUSASB0B8ZX'|'2017-04-07T22:30:00.000+03:00'|2967.0|''|-1.0|'' @@ -2973,16 +2973,16 @@ 2971|'ec8d1ba588a7c3c7d14af99d7149ec3276f61ff3'|'With Obamacare in doubt, California asks insurers to double up on rate filings'|'NEW YORK Health insurers seeking regulatory approval for 2018 individual insurance plans can file two sets of premium rates as a way to deal with market uncertainty created by Republicans'' promise to repeal and replace Obamacare, a California state insurance regulator said on Friday.California Insurance Commissioner Dave Jones told insurers in a letter made public on Friday that they can file a set of lower rates based on the continued enforcement of the Affordable Care Act, Democratic former President Barack Obama''s signature legislation, and the continuation of government subsidies next year.Insurers can also file rates that reflect uncertainty over the continuation of Obama-era policies, he said, by specifying the costs associated with losing the government funding for cost-sharing subsidies that members use to reduce out-of-pocket expenses and the requirement that all Americans have insurance.Jones said that the move would enable insurers to file lower rates as well as the higher rates he expects them to submit.The California Department of Insurance said rates are due on May 1 for individual insurance. The state is one of about a dozen that run its own online exchange where residents can buy these subsidized plans. Other states use the federal HealthCare.gov system and rates are due in June.Insurers have warned that they need more certainty to file 2018 rates this spring. Anthem Inc Chief Executive Joseph Swedish said on Wednesday that he was telling states that he may raise rates by more than 20 percent or pull out of markets for 2018 if he does not have more information by June.Molina Healthcare Inc CEO Mario Molina said in a letter to Congress on Thursday that he was ready to pull out of the market altogether and drop up to 700,000 customers as soon as this year.(Reporting by Caroline Humer; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-healthcare-rates-idUSKBN17U2SV'|'2017-04-28T23:44:00.000+03:00'|2971.0|''|-1.0|'' 2972|'8c3b64927a4ac43af751e6ad0fdf14abf14744cd'|'Euro jumps, shares firm on French election relief'|'Business News - Mon Apr 24, 2017 - 7:07am BST Euro jumps, shares firm on French election relief FILE PHOTO: Detail of a European map is seen on the face of a euro coin in London, Britain, January 31, 2016. REUTERS/Toby Melville/File Photo By Wayne Cole - SYDNEY SYDNEY The euro briefly vaulted to five-month peaks on Monday after the market''s favored candidate won through the first round of the French election, reducing the risk of a Brexit-like shock and sparking a mass unwinding of safe-haven trades. Spreadbetters pointed to opening gains across European bourses with the French market alone seen up around 2 percent. E-mini futures for the S&P 500 ESc1 climbed 0.9 percent in early trade, while yields on 10-year U.S. Treasury notes US10YT=RR rose almost 8 basis points to 2.31 percent. Japan''s Nikkei .N225 jumped 1.5 percent as the yen retreated, while MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.3 percent. Shanghai shares .SSEC , however, fell 1.7 percent after state media signaled Beijing would tolerate more market volatility as regulators clamp down on riskier financing. In France, Centrist Emmanuel Macron took a big step toward the presidency on Sunday by winning the first round of voting and qualifying for the May 7 runoff alongside far-right leader Marine Le Pen. The outcome lessens the risk of an anti-establishment shock on the scale of Britain''s vote to quit the European Union with Macron widely tipped to win the final vote and keep France in the union. Opinion polls put Macron ahead by over 20 points, a lead so large that a repeat of the Brexit surprise that spread turmoil in financial markets seemed highly unlikely. Investors had feared for the single currency''s future if one of the far-left candidates had gotten through to fight Le Pen. The euro jumped in relief, and was last up 1.3 percent at $1.0866 EUR= , having been as far as $1.0940, the highest since early November. The safe-haven yen slipped across the board with the euro surging 2.4 percent to 119.77 yen EURJPY= while the U.S. dollar gained 1 percent to 110.20 yen JPY= . Likewise, gold fell 0.8 percent to $1,273.40 an ounce XAU=. "The rise of the euro and risk appetite rebounding is understandable and this should also see yields in Europe fall, spreads to Bunds tighten and stocks rally," said Tim Riddell, an analyst at Westpac. "However, such gains are likely to be contained when markets reflect upon the marked shift away from the "establishment" and just how effective the new president may be," he added. SKEPTICAL ON TAX Wall Street on Friday had only a modest lift from news President Donald Trump would announce the broad outline of his proposed tax package on Wednesday. "Markets are skeptical that the real details will be forthcoming," said analysts at ANZ in a note. "There is also plenty of conjecture about whether any tax cuts will be able to be revenue neutral, and that could affect their ease of passage through Congress." The Dow .DJI ended Friday down a minor 0.15 percent, while the S&P 500 .SPX lost 0.30 percent and the Nasdaq .IXIC fell 0.11 percent. Investors were also keeping a wary eye on tensions in the Korean peninsula. North Korea said on Sunday it was ready to sink a U.S. aircraft carrier to demonstrate its military might, in the latest sign of rising tension as Trump called the leaders of China and Japan to discuss the situation. South Korea responded by asking Washington about holding joint drills with the USS Carl Vinson aircraft carrier strike group as it approaches waters off the Korean peninsula. Oil prices recouped just a little of last week''s hefty losses, still weighed by signs U.S. production and inventory growth were offsetting OPEC''s attempts to reduce the global crude glut. Brent futures LCOc1 were up 29 cents at $52.25 a barrel, while U.S. crude futures CLc1 added 24 cents to $49.86. (Editing by Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN17P10G'|'2017-04-24T14:01:00.000+03:00'|2972.0|''|-1.0|'' 2973|'b11daa9fc02f2d5c28e76e1b9b2d0ee6f53ecc26'|'BRIEF-Activist hedge fund CIAM says Euro Disney''s buyout offer not fair for minority investors'|'April 18 Euro Disney/CIAM:* CIAM says 2 euros per share buyout offer for Euro Disney''s minority shareholders is not fair* CIAM says thinks minimum acceptable price is 2.50 euros/share* Walt Disney is in process of taking full control of debt-ridden Paris theme park operator Euro Disney* Walt Disney has said it would support a recapitalisation of up to 1.5 billion euros, helping cut debt and improve Euro Disney''s financial position.* Minority shareholders will be offered 2 euros a share to sell their stake to Walt Disney - a 67 percent premium to Euro Disney''s share price on Feb 9, which was the day before the offer was announced.* Saudi billionaire Prince Alwaleed bin Talal also involved in Walt Disney''s plans to take full control of Euro Disney'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-activist-hedge-fund-ciam-says-euro-idINL8N1HQ1YM'|'2017-04-18T07:35:00.000+03:00'|2973.0|''|-1.0|'' -2974|'54c0f749631dc5dab0e7452f156dab0cbf831a00'|'Verizon considering topping AT&T''s bid to buy Straight Path: sources'|'By Greg Roumeliotis and Liana B. Baker Verizon Communications Inc ( VZ.N ) is considering making a buyout offer for Straight Path Communications Inc ( STRP.A ) which would top AT&T Inc''s ( T.N ) $1.25 billion bid, people familiar with the matter said.Shares of Straight Path, a holder of licenses to wireless spectrum, rose 3.6 percent to $95 in after-market trading.Straight Path said in a regulatory filing on Thursday that a third party, which it did not name, is evaluating making an offer that would top AT&T''s bid. ( bit.ly/2pc8Nn0 )The party had also been bidding to acquire the company before AT&T made its offer, Straight Path said.AT&T and Verizon did not immediately respond to requests for comment.Straight Path on Monday agreed to be acquired by AT&T, the No. 2 U.S. wireless carrier, for $95.63 per share. The price represents a hefty 162.1 percent premium to Straight Path''s April 7 closing price.Millimeter wave spectrum is expected to play a large role in 5G networks. Both AT&T and bigger rival Verizon have been conducting 5G trials.Verizon is testing a 5G fixed wireless service with equipment maker Ericsson in 11 markets in the U.S. and expects a commercial launch as early as 2018.Straight Path had said in January it was hiring investment bank Evercore Partners to help explore strategic alternatives, including a sale of assets.Shares of AT&T and Verizon were unchanged in extended trading.(Additional reporting by Laharee Chatterjee and Narottam Medhora in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-straight-path-m-a-at-t-idINKBN17F2R9'|'2017-04-13T20:53:00.000+03:00'|2974.0|''|-1.0|'' +2974|'54c0f749631dc5dab0e7452f156dab0cbf831a00'|'Verizon considering topping AT&T''s bid to buy Straight Path: sources'|'By Greg Roumeliotis and Liana B. Baker Verizon Communications Inc ( VZ.N ) is considering making a buyout offer for Straight Path Communications Inc ( STRP.A ) which would top AT&T Inc''s ( T.N ) $1.25 billion bid, people familiar with the matter said.Shares of Straight Path, a holder of licenses to wireless spectrum, rose 3.6 percent to $95 in after-market trading.Straight Path said in a regulatory filing on Thursday that a third party, which it did not name, is evaluating making an offer that would top AT&T''s bid. ( bit.ly/2pc8Nn0 )The party had also been bidding to acquire the company before AT&T made its offer, Straight Path said.AT&T and Verizon did not immediately respond to requests for comment.Straight Path on Monday agreed to be acquired by AT&T, the No. 2 U.S. wireless carrier, for $95.63 per share. The price represents a hefty 162.1 percent premium to Straight Path''s April 7 closing price.Millimeter wave spectrum is expected to play a large role in 5G networks. Both AT&T and bigger rival Verizon have been conducting 5G trials.Verizon is testing a 5G fixed wireless service with equipment maker Ericsson in 11 markets in the U.S. and expects a commercial launch as early as 2018.Straight Path had said in January it was hiring investment bank Evercore Partners to help explore strategic alternatives, including a sale of assets.Shares of AT&T and Verizon were unchanged in extended trading.(Additional reporting by Laharee Chatterjee and Narottam Medhora in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-straight-path-m-a-at-t-idINKBN17F2R9'|'2017-04-13T20:53:00.000+03:00'|2974.0|11.0|2.0|'' 2975|'37304dfdf1fc921607125f8d8fe8e42f86decaee'|'BHP gets approval to raise iron ore exports from Australian port'|'Business News - Fri Apr 28, 2017 - 9:17am BST BHP gets approval to raise iron ore exports from Australian port FILE PHOTO: A BHP Billiton sign is visible behind a pile of iron ore at the company''s loading facility in Port Hedland, Australia, May 30, 2008. REUTERS/Tim Wimborne/File Photo SYDNEY Australia''s Town of Port Hedland on Friday approved plans by BHP Billiton ( BHP.AX ) ( BLT.L ) to ship an additional 5 million tonnes of iron ore annually through the port, the first stage of a plan to lift shipments to 290 million tonnes by 2019. The increase, approved in a vote by the Port Hedland Council, is a quarter of the size BHP originally requested before being rejected in September by the town over concerns of dust pollution caused by iron ore stockpiles. BHP is next expected to seek approval to ship 275 million tonnes of iron ore annually, before boosting shipments to 290 million tonnes by mid-2019. BHP Billiton derives more than half its profits from selling iron ore, mostly to steel mills in China. Since the previous application to increase exports by 20 million tonnes was opposed in September 2016, there have been discussions with key stakeholders and BHP to determine the impacts of dust on health, Port Hedland Mayor Camilo Blanco said in a statement on Friday. BHP was not immediately available for comment. (Reporting by James Regan; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bhp-billiton-iron-idUKKBN17U10Q'|'2017-04-28T16:17:00.000+03:00'|2975.0|''|-1.0|'' -2976|'d3c26d20a5655ceded619d14254266ed9198041c'|'Shares in Saudi''s Alawwal Bank and SABB surge after merger talks'|'DUBAI Shares in Saudi Arabia''s Alawwal Bank 1040.SE rose 9 percent in early trading on Wednesday after it agreed to start talks with Saudi British Bank 1060.SE (SABB) about a merger that could create the kingdom''s third biggest bank with assets of nearly $80 billion.Shares in SABB increased 6.8 percent in early trading after the two lenders announced the merger plans late on Tuesday.Most other Saudi bank stocks also rose.Muhammad Faisal Potrik, head of research at Riyad Capital, said the merger could be a precursor to the start of an M&A trend in the banking and other sectors such as petrochemicals, insurance and retail."We would view completion of this merger as a very positive development," he said.(Reporting By Tom Arnold and Celine Aswad; additional reporting by Katie Paul)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-alawwal-bank-m-a-sabb-idUSKBN17S0MN'|'2017-04-26T11:23:00.000+03:00'|2976.0|''|-1.0|'' +2976|'d3c26d20a5655ceded619d14254266ed9198041c'|'Shares in Saudi''s Alawwal Bank and SABB surge after merger talks'|'DUBAI Shares in Saudi Arabia''s Alawwal Bank 1040.SE rose 9 percent in early trading on Wednesday after it agreed to start talks with Saudi British Bank 1060.SE (SABB) about a merger that could create the kingdom''s third biggest bank with assets of nearly $80 billion.Shares in SABB increased 6.8 percent in early trading after the two lenders announced the merger plans late on Tuesday.Most other Saudi bank stocks also rose.Muhammad Faisal Potrik, head of research at Riyad Capital, said the merger could be a precursor to the start of an M&A trend in the banking and other sectors such as petrochemicals, insurance and retail."We would view completion of this merger as a very positive development," he said.(Reporting By Tom Arnold and Celine Aswad; additional reporting by Katie Paul)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-alawwal-bank-m-a-sabb-idUSKBN17S0MN'|'2017-04-26T11:23:00.000+03:00'|2976.0|4.0|2.0|'' 2977|'55c430f7aa61b7bff779c483c1bf87f6df6f467b'|'Number of U.S. bank branches to shrink 20 percent in five years - real estate report'|'Business News 10:16pm BST Number of U.S. bank branches to shrink 20 percent in five years - real estate report A taxicab enters the financial district security zone in New York City, U.S., March 23, 2017. REUTERS/Brendan McDermid By Olivia Oran The number of bank branches in the United States will shrink by as much as 20 percent in five years, according to a report from commercial real estate firm JLL. This reduction comes as banks are looking for ways to cut costs and to encourage their customers to embrace mobile banking technology rather than completing basic transactions within a physical branch. The U.S. banking industry could save as much as $8.3 billion (6 billion) annually if it trimmed the number of branches and downsized the average bank branch from 5,000 to 3,000 square feet, JLL found. U.S. banks have reduced their footprint by around 8 percent since the financial crisis, from 97,000 branches to roughly 90,000. (Reporting by Olivia Oran in New York; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bank-branches-idUKKBN17Q299'|'2017-04-25T05:16:00.000+03:00'|2977.0|''|-1.0|'' 2978|'4a1ad2fe6b353f052ca3cb84e602b9c528005155'|'China''s Shandong Tyan says talks over on bid for Barrick''s Kalgoorlie'|'By Susan Taylor - TORONTO TORONTO Shanghai-listed Shandong Tyan Home ( 600807.SS ) said on Wednesday its negotiations with Barrick Gold Corp ( ABX.TO ) to buy the Canadian operator''s 50-percent stake in Kalgoorlie mine have ended without a deal, citing new capital and acquisition rules in China.Toronto-based Barrick had been reviewing the financial backing behind an approximate $1.3 billion bid for its stake in Kalgoorlie mine by Minjar Gold, a unit of Shandong Tyan, Reuters reported in November.Barrick, the world''s largest gold producer, declined to comment on the matter. It reports first-quarter financial results on April 24.In February, Barrick President Kelvin Dushnisky said "advanced negotiations with a proposed buyer," were under way and Barrick would be "happy sellers" at the right price. "We''re also very happy to continue to own that asset," he said.Shandong Tyan said it had been in contact with Barrick about buying a stake in the mine, but did not reach any formal investment agreement. "We did not continue the negotiation," it said in a filing to the Shanghai Stock Exchange on Wednesday, due to China''s capital outflow curbs and greater scrutiny of overseas acquisitions.Shandong had trumped offers by Australian, Chinese and Canadian companies for the asset, sources had told Reuters.Newmont Mining ( NEM.N ), Barrick''s joint venture partner at Kalgoorlie and mine operator, has said it was interested in buying the remaining stake, but price has been a sticking a point."We would be open to discussing a possible transaction with Barrick on (Kalgoorlie) if they are interested in doing so," said Newmont spokesman Omar Jabara.Shandong Tyan is a publicly-listed arm of Shandong Tianye Group, a private company with operations including property development, mining, finance and venture investment.It is unrelated to Shandong Gold Mining Co Ltd ( 600547.SS ), a Shandong province state-owned enterprise, which recently struck a $960 million deal to buy a 50-percent stake of Barrick''s Veladero gold mine in Argentina.Under that deal, which was announced on April 6 and which confirmed an earlier Reuters report, the two miners will also look at jointly developing Barrick''s nearby undeveloped Pascua-Lama gold and silver project and additional investment opportunities in the El Indio Gold Belt.(Reporting by Susan Taylor in Toronto, Nicole Mordant in Vancouver, and Meg Shen in Hong Kong; Editing by Frances Kerry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-barrick-gold-m-a-australia-idINKBN17L23Y'|'2017-04-19T14:00:00.000+03:00'|2978.0|''|-1.0|'' 2979|'54c6f9a6872676adb721a57a41594c8ebc74b05f'|'Baidu reports 6.8 percent rise in quarterly revenue'|'Chinese internet company Baidu Inc ( BIDU.O ) forecast current-quarter revenue largely below estimates, sending its U.S.-listed shares down about 6 percent in extended trading on Thursday.The company said it expects second-quarter revenue of 20.47 billion yuan to 20.98 billion yuan ($2.97 billion-$3.04 billion), while analysts were expecting revenue of 20.84 billion yuan, according to Thomson Reuters I/B/E/S.Baidu also said Jennifer Li would step down as chief financial officer to become chief executive at its investment firm Baidu Capital.The company has shuffled management, rolled out new products and invested heavily in local and foreign firms in a wide-scale restructuring effort after its lucrative healthcare advertising business was curbed by the Chinese government.Baidu''s revenue in the first quarter rose to 16.9 billion yuan ($2.45 billion) from 15.82 billion yuan a year earlier. That growth is above a Thomson Reuters'' survey of 13 analysts, which estimated a 6.4 percent rise in revenue.The company in February forecast first-quarter revenue of 16.48 billion-17.03 billion yuan.Net income attributable to Baidu fell to 1.78 billion yuan in the quarter ended March 31, from 1.99 billion yuan a year earlier, the company said.Baidu''s U.S.-listed shares fell 6.1 percent to $176.43 after the bell on Thursday.(Reporting by Aishwarya Venugopal in Bengaluru and Cate Cadell in Beijing; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/baidu-results-idINKBN17T33E'|'2017-04-27T18:44:00.000+03:00'|2979.0|''|-1.0|'' 2980|'5a8157a393a38f450ebe896296582f51b5f819ac'|'Bayer CEO says Monsanto''s reputation is a ''major challenge'''|'BONN Bayer''s chief executive acknowledged on Friday that he will face an uphill battle to improve Monsanto''s reputation once Bayer completes the takeover of the U.S. seeds and agrochemicals company."Monsantos image does of course represent a major challenge for us, and its not an aspect I wish to play down," Werner Baumann told shareholders at Bayer''s annual general meeting."Yet we are facing this challenge with all those qualities that have made us what we are today: openness, expertise and responsibility," he added.Bayer and Monsanto plan to wrap up the $66 billion transaction by the end of 2017. As part of this, Bayer aims to file for European antitrust approval during the second quarter.(Reporting by Patricia Weiss; Writing by Maria Sheahan; Editing by Ludwig Burger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bayer-agm-idINKBN17U127'|'2017-04-28T07:25:00.000+03:00'|2980.0|''|-1.0|'' 2981|'65c3aaa90400362b73aa696b5095bfe542438867'|'EU trade chief sees a good case to resume EU-U.S. free trade talks'|'COPENHAGEN The European Union sees a good case for reviving frozen free trade talks with the United States, its trade commissioner said on Thursday."There is still a very good case to take negotiations on TTIP between EU and the US forward but I think we need to wait a little bit more for them to assess where we were, where we stopped, where they want to go," Cecilia Malmstrom told a conference in Copenhagen.(Reporting by Julie Astrid Thomsen, writing by Stine Jacobsen; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eu-trade-usa-idUSKBN17T1EV'|'2017-04-27T18:31:00.000+03:00'|2981.0|''|-1.0|'' 2982|'65864312593272b1877b47b0cc0ba2e5af12fc0c'|'Wal-Mart in advance talks to acquire men''s fashion retailer Bonobos- Recode'|'April 14 Wal-Mart Stores Inc is in advance discussions to buy online mens fashion retailer Bonobos Inc, Recode reported on Friday, citing sources.Both the sides have agreed on a price and the deal is in its final stages, Recode said. The expected deal value could not be learned. ( bit.ly/2nNA6nO )The deal, if announced, would come two months after the world''s largest retailer acquired online outdoor clothing and gear retailer Moosejaw for $51 million, to boost its competitive standing in U.S. e-commerce.Wal-Mart did not respond to the requests for comment. Bonobos could not be immediately reached. (Reporting by Divya Grover in Bengaluru; Editing by Alden Bentley)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/bonobos-ma-walmart-idUSL3N1HM379'|'2017-04-15T01:37:00.000+03:00'|2982.0|''|-1.0|'' -2983|'67b6dc958db73d7c4d01eb4ed3bb15cb093a65cd'|'Alitalia prepares for special administration after rescue plan rejected'|' 19pm BST Alitalia prepares for special administration after rescue plan rejected An Alitalia airplane takes off at the Fiumicino International airport in Rome, Italy February 12, 2016. REUTERS/Tony Gentile By Agnieszka Flak and Tim Hepher - MILAN MILAN Alitalia is preparing for special administration proceedings after workers rejected its latest rescue plan, making it impossible for the loss-making Italian airline to secure funds to keep its aircraft flying. Workers on Monday rejected a plan to cut jobs and salaries, betting the government will be asked to call in an administrator to draft an alternative rescue plan. Alitalia has been bailed out by Italy and private investors repeatedly over the years but Italy''s industry minister on Tuesday ruled out nationalisation and public funds for the carrier. The airline, 49 percent-owned by Abu Dhabi''s Etihad Airways, has made a profit only a few times in its 70-year history and, with around 12,500 employees, is losing at least 500,000 euros (426,340) a day. The airline said it would "start preparing the procedures provided by law" and a person close to the company said the board would seek shareholder approval to request the appointment of a special administrator. They would assess whether Alitalia can be overhauled or should be wound up, before preparing industrial and financial plans for a rapid revamp, either as a standalone company or through a partial or total sale, or else trigger liquidation. A shareholder meeting to decide on the next steps, initially announced by the company for Thursday, will be held on May 2, two sources close to the matter told Reuters. STILL FLYING Alitalia''s flight operations remain unchanged for now, the company said in a statement. The airline has sufficient funds to keep flying for "a matter of weeks, two to three weeks," partly by calling in forms of credit such as unpaid invoices, the person close to the company said. Vice Chairman James Hogan said that the outcome of the ballot meant "all parties would lose: Alitalia employees, its customers and its shareholders, and ultimately also Italy." Alitalia was seeking worker backing to unlock fresh funds from shareholders and launch an ambitious restructuring plan, centred around a revamp of its business for short- and medium-haul flights and additional long-haul routes. "An approval ... would have unblocked a 2 billion-euro capital increase, including 900 million euros of fresh funds, that would have been used to relaunch the company," it said. But workers had repeatedly said they were unwilling to accept any further sacrifices given Alitalia''s labour costs were already among the lowest in Europe for a so-called legacy airline. They were also sceptical over its plans to return to profit by 2019 given a string of past failed restructurings. (Editing by Alexander Smith and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alitalia-restructuring-idUKKBN17R1IU'|'2017-04-26T02:19:00.000+03:00'|2983.0|''|-1.0|'' +2983|'67b6dc958db73d7c4d01eb4ed3bb15cb093a65cd'|'Alitalia prepares for special administration after rescue plan rejected'|' 19pm BST Alitalia prepares for special administration after rescue plan rejected An Alitalia airplane takes off at the Fiumicino International airport in Rome, Italy February 12, 2016. REUTERS/Tony Gentile By Agnieszka Flak and Tim Hepher - MILAN MILAN Alitalia is preparing for special administration proceedings after workers rejected its latest rescue plan, making it impossible for the loss-making Italian airline to secure funds to keep its aircraft flying. Workers on Monday rejected a plan to cut jobs and salaries, betting the government will be asked to call in an administrator to draft an alternative rescue plan. Alitalia has been bailed out by Italy and private investors repeatedly over the years but Italy''s industry minister on Tuesday ruled out nationalisation and public funds for the carrier. The airline, 49 percent-owned by Abu Dhabi''s Etihad Airways, has made a profit only a few times in its 70-year history and, with around 12,500 employees, is losing at least 500,000 euros (426,340) a day. The airline said it would "start preparing the procedures provided by law" and a person close to the company said the board would seek shareholder approval to request the appointment of a special administrator. They would assess whether Alitalia can be overhauled or should be wound up, before preparing industrial and financial plans for a rapid revamp, either as a standalone company or through a partial or total sale, or else trigger liquidation. A shareholder meeting to decide on the next steps, initially announced by the company for Thursday, will be held on May 2, two sources close to the matter told Reuters. STILL FLYING Alitalia''s flight operations remain unchanged for now, the company said in a statement. The airline has sufficient funds to keep flying for "a matter of weeks, two to three weeks," partly by calling in forms of credit such as unpaid invoices, the person close to the company said. Vice Chairman James Hogan said that the outcome of the ballot meant "all parties would lose: Alitalia employees, its customers and its shareholders, and ultimately also Italy." Alitalia was seeking worker backing to unlock fresh funds from shareholders and launch an ambitious restructuring plan, centred around a revamp of its business for short- and medium-haul flights and additional long-haul routes. "An approval ... would have unblocked a 2 billion-euro capital increase, including 900 million euros of fresh funds, that would have been used to relaunch the company," it said. But workers had repeatedly said they were unwilling to accept any further sacrifices given Alitalia''s labour costs were already among the lowest in Europe for a so-called legacy airline. They were also sceptical over its plans to return to profit by 2019 given a string of past failed restructurings. (Editing by Alexander Smith and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alitalia-restructuring-idUKKBN17R1IU'|'2017-04-26T02:19:00.000+03:00'|2983.0|6.0|0.0|'' 2984|'1dd17652d1f9e16815ba04e8c79a5bbf646c73f2'|'Dyal Capital buys minority stake in credit investor Sound Point'|'By Lawrence Delevingne - NEW YORK NEW YORK Dyal Capital Partners, the Neuberger Berman Group unit that takes minority stakes in hedge and private equity fund firms, has bought into credit investor Sound Point Capital LP, according to a person familiar with the situation.The person, who requested anonymity because the information is private, said the passive ownership stake was equal to about 15 percent, but the dollar amount was unavailable.News of the deal was reported earlier on Tuesday by The Wall Street Journal.Stephen Ketchum, a former media and telecom investment banker, founded Sound Point in 2009. The New York-based firm manages more than $11.5 billion in assets, including a debt- focused hedge fund and collateralized loan obligations. It will use the Dyal money to grow, according to the person, including an investment in the Sound Point CLO Fund.The $720 million Sound Point Credit Opportunities hedge fund has produced an average annual return of about 8.5 percent since inception in 2009 in its series B share class, according to fund performance information seen by Reuters.Dyal, based in New York and led by Michael Rees, already had stakes in 20 firms from three private equity-style funds totaling nearly $9 billion in assets, according to its website. They include hedge fund managers Halcyon Capital Management, Jana Partners and Graham Capital Management, and private equity operators Providence Equity, Starwood Capital Group and Vista Equity Partners.A spokesman for Dyal and Neuberger Berman declined to comment.(Reporting by Lawrence Delevingne; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hedgefunds-soundpoint-idINKBN17625P'|'2017-04-04T14:27:00.000+03:00'|2984.0|''|-1.0|'' 2985|'8f201d585f425b4e3ed0e5a65c3239d2c9365633'|'RPT-Saudi Arabia pushes ahead with renewable drive to diversify energy mix'|'Company News 3:00am EDT RPT-Saudi Arabia pushes ahead with renewable drive to diversify energy mix (Repeats April 17 story with no changes) By Rania El Gamal, Reem Shamseddine and Katie Paul RIYADH, April 17 Saudi Arabia aims to produce 10 percent of its power from renewable sources in the next six years as it pushes ahead with a multi-billion-dollar plan to diversify its energy mix and free up more crude oil for export. The drive by the world''s top oil exporter will see the kingdom developing 30 solar and wind projects by 2023 to boost its electricity generation and reduce crude oil burning. Saudi Arabia is targeting 9.5 gigawatt (GW) of renewable energy by 2023. The renewables initiative involves investment estimated between $30 billion and $50 billion. Saudi Energy Minister Khalid al-Falih kicked off the massive renewable programme in Riyadh on Monday by announcing the beginning of the bidding process for a 300 megawatt (MW) solar power project, which is expected to come online by 2018-2019. "The energy mix to produce electricity will change, today the kingdom uses large quantities of oil liquids, including crude, fuel oil and diesel," Falih said. "So the percentage of renewable energy by 2023 (will be) 10 percent of total installed capacity in the kingdom." Under an economic reform programme launched last year, known as Vision 2030, Saudi Arabia is seeking to use non-oil means to generate much of its additional future energy needs to avoid running down oil resources and diversify its economy. ENERGY REFORM PUSH The kingdom is restructuring its energy sector as part of Vision 2030 and a focus on renewable projects is a pillar of this transformation as it would help develop the private sector and create thousands of jobs. "Since the restructuring of the energy sector ... one of our key priorities is to engage with the private sector," Falih said, adding he was confident the programme would be delivered. Saudi Arabia has short-listed 27 companies for its solar power project and 24 firms for its wind project, the energy ministry said last week. France''s EDF Energies Nouvelles, Japanese companies Marubeni Corp and Mitsui & Co and Saudi Acwa Power are among the firms which have qualified to bid for the 300 MW solar PV project in Sakaka, the al-Jouf Province in the north of the kingdom. Abu Dhabi Future Energy Company (Masdar), GE, Marubeni Corporation, Mitsui & Co., JGC Corp, SNC Lavalin Arabia and Iberdrola Renovables Energia are among those qualified to bid for the 400 MW wind farm project in Midyan in the northwest. The kingdom also plans to launch a second bidding round for 400 MW of wind power at a project in Domat al-Jandal in al-Jouf Province by the fourth quarter of this year, which will be followed by 620 MW of solar power, Turki Shehri, head of the renewable energy project development office at the energy ministry told reporters on Monday. "This will come in stages. It (wind power project) will come in the fourth quarter of this year with Domat al-Jandal, and then the 620 MW (solar) will come immediately after that in phases," he said. The projects will be tendered on a build, operate and own basis, meaning the companies which win the projects will retain ownership for 20 years for the solar plants and 25 years for the wind, Shehri said. State oil giant Saudi Aramco would be interested in investing in the second bidding round for renewable projects as it aims to play a major role in the sector, Abdulaziz al-Judaimi, senior vice president for downstream at Aramco said. Aramco, which is preparing to list up to 5 percent of its shares by next year, has created a department for renewables within the company to develop wind and solar projects. The kingdom has a long-term goal of increasing the use of gas for domestic power generation, thus reducing oil burning at home and freeing up more crude for export. This could help increase Aramco''s valuation as it generates more revenue from exports than selling oil at lower domestic prices - Saudi Arabia is the world''s fifth-biggest oil consumer despite being only the 20th biggest economy. The OPEC heavyweight burned an average of 700,000 bpd of oil for electricity to keep the population cool in the hottest months from May to August. The expansion into renewables will help the kingdom to save 18 million barrels of oil equivalent being consumed for electricity generation by 2020, Shehri said. (Editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/saudi-renewable-idUSL8N1HP1EO'|'2017-04-18T15:00:00.000+03:00'|2985.0|''|-1.0|'' 2986|'982c9ee568fb98cec90411b38addbb13f2bed433'|'Australia new vehicle sales edge higher in March-VFACTS'|'SYDNEY, April 5 Australian new vehicle sales bounced modestly in March as the timing of the Easter holidays resulted in more selling days compared to the same month last year.The Australian Federal Chamber of Automotive Industries'' VFACTS report out on Thursday showed 105,410 new vehicles were sold in March, up 0.9 percent on the same month last year.March this year had two more selling day than in 2016.For three months to March, sales were running 0.8 percent behind the same period last year.Sales of SUVs continued their domination with a rise of 7.9 percent on March last year, giving them 39.4 percent of the entire market. Sales of passenger vehicles dropped 10.7 percent, extending their long decline.Sales of light commercial vehicles jumped 11.3 percent, while sales in the heavy vehicle market rose 11.0 percent.Toyota Motor Corp retained first place on the sales ladder with 18.6 percent of the market. Mazda Motor Corp had another strong month taking 9.9 percent.Hyundai Motor took third spot with 8.3 percent, ahead of Mitsubishi on 7.3 percent. The Holden unit of General Motors took 6.8 percent and Ford held 6.5 percent. (Reporting by Wayne Cole; Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/australia-economy-vehicleregistrations-idINL3N1HD0CQ'|'2017-04-05T00:04:00.000+03:00'|2986.0|''|-1.0|'' @@ -3026,7 +3026,7 @@ 3024|'9ed273f583ce25f8c47b57983d970cdd882c5287'|'INCJ looking at Toshiba chip unit auction; didn''t bid in first round'|'Technology 37am BST INCJ looking at Toshiba chip unit auction; didn''t bid in first round A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao TOKYO The state-backed fund Innovation Network Corp of Japan is looking at the auction of Toshiba Corp''s ( 6502.T ) chip unit but did not participate in first-round bidding, INCJ Chairman Toshiyuki Shiga said on Tuesday. Sources familiar with the matter have told Reuters INCJ may invest in the business as a minority partner - a move that would help the government prevent a sale to bidders it deems risky to national security. (Reporting by Taiga Uranaka; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-incj-idUKKBN17K0EA'|'2017-04-18T13:36:00.000+03:00'|3024.0|''|-1.0|'' 3025|'376cefc942b106c99cdacea121f65b762cbc6f02'|'Mexico''s Bimbo plans expansion in China, Asia, Middle East - executive'|'Deals - Wed Apr 19, 2017 - 9:26pm EDT Mexico''s Bimbo plans expansion in China, Asia, Middle East Advertising of Mexican bread maker Grupo Bimbo is seen in a store in Mexico City, September 24, 2014. REUTERS/Edgard Garrido By Sheky Espejo - MEXICO CITY MEXICO CITY Mexican breadmaker Grupo Bimbo ( BIMBOA.MX ) plans to grow in China in the short term with acquisitions, while also expanding in the rest of Asia and entering Middle Eastern markets, the company''s food business chief said on Wednesday. Bimbo, which entered China in 2006 after buying the local assets of Spanish competitor Panrico, plans to expand in China through purchases of local companies, Bernardo Zermeno, the food business chief, told Reuters on the sidelines of an event in Mexico City. "Bimbo will look for a consolidation that will allow for expansion," he said. Bimbo shares were up 0.60 percent in late afternoon trading at 45.44 pesos ($2.41). (Reporting by Sheky Espejo; Editing by Leslie Adler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bimbo-china-idUSKBN17L2LW'|'2017-04-20T03:31:00.000+03:00'|3025.0|''|-1.0|'' 3026|'e722b75776757cc6a08d89dd57230d7cfaa8f00a'|'Bill sets out plan to tackle ''extortionate'' UK overdraft fees - Money - The Guardian'|'Bank customers ripped off by extortionate overdraft fees will get support next week from a parliamentary bill that promises to protect the most financially vulnerable from escalating charges.Rachel Reeves, a Labour MP who sits on the Treasury select committee, will outline plans on Tuesday for regulators at the Financial Conduct Authority (FCA) to cap the maximum amount that banks can charge customers for unauthorised overdrafts , similar to the limit imposed on charges on payday loans of 24 a month. She argued: Banks are sending many people deeper into debt with extortionate charges on unauthorised overdrafts. They should have a responsibility to help people out of debt, rather than adding to their problems with rip-off charges.The FCA, the City watchdog, has included overdraft fees in a review into high interest loans , alongside payday loans and doorstep lending. It launched the review after the Competition and Markets Authority stepped back from imposing a cap on overdraft fees following its two-year investigation into high street banks. The CMA said instead banks should publish their monthly maximum charge for going over the limit.Two years ago, the FCA capped maximum charges on payday loans at 0.8% a day of the amount borrowed. Reeves is pushing for similar restrictions to be placed on banks, which make 1.2bn a year from unauthorised-overdraft fees.According to consumer group Which?, the cost of borrowing 100 through an unauthorised overdraft for 28 days from some high street banks is as high as 90. This is up to four times higher than the allowed maximum charges on a payday loan.Reeves, MP for Leeds West, has long campaigned on the issue and wants to introduce her unauthorised overdrafts (cost of credit) bill in the House of Commons on Tuesday. She noted that households were saving less and less, with the savings ratio falling since 2010 to a record low of 3.3% , while unsecured debt went up by 10% last year. The household debt to income ratio has grown by 6% in the past year and is now at 145%, which she said poses a serious risk to our economy.With the election looming, the bill will not make it into law in this parliament, but if she is re-elected, Reeves wants to reintroduce it either as a private members bill or through amending a Treasury or Department for Business, Energy & Industry strategy bill in parliament. She will also call on all parties to include this in their election manifestos.She said: Payday lenders are already subject to limits on the fees they can charge. I want to see a similar cap introduced for our high street banks and an end to these unfair and unjust fees.Topics Bank charges Banks and building societies Payday loans Borrowing & debt Financial Conduct Authority Regulators news Reuse this content'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/apr/23/commons-bill-rachel-reeves-banks-overdraft-fees'|'2017-04-23T03:00:00.000+03:00'|3026.0|''|-1.0|'' -3027|'c840208114175ecaead5c122efc453da10e3aa17'|'ConocoPhillips, partners weigh expansion of Darwin LNG'|'DARWIN ConocoPhillips and its partners are considering expanding their Darwin liquefied natural gas (LNG) plant in Australia, with backing from other companies with undeveloped gas resources that could feed the plant.ConocoPhillips has previously talked only about developing a new gas field for around $10 billion to fill the plant''s single production unit, or train, when supply from its current gas source, the Bayu-Undan field, runs out around 2022.The U.S. oil major has also previously said an expansion in the current market would be challenging due to low oil and LNG prices, and costs that have risen steeply since Darwin LNG was built more than a decade ago.A $650,000 feasibility study on building a second train is due to be completed this year, the Northern Territory government said on Wednesday, announcing that it would contribute $250,000 toward the study."The Territory Labor Government is supporting the feasibility study because this is a significant investment toward the business case for potential expansion at Darwin LNG, potentially creating thousands of jobs during construction and operation," Northern Territory Chief Minister Michael Gunner said in a statement.Five joint ventures with undeveloped gas resources off the coast of the Northern Territory are backing the study, with stakeholders including Royal Dutch Shell, Malaysia''s Petronas [PETR.UL], Italy''s ENI SpA, and Australia''s Santos and Origin Energy."With Darwin LNG, five upstream joint ventures and the Northern Territory Government involved, it is a pioneering example of all of industry and government collaborating on solutions to unlock major investments," ConocoPhillips Australia West vice president Kayleen Ewin said in a statement.Darwin LNG is co-owned by ConocoPhillips, Santos, Japan''s Inpex, ENI, Tokyo Electric Power Co and Tokyo Gas Co.(Reporting by Tom Westbrook; Writing by Sonali Paul; Editing by Tom Hogue)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-australia-lng-conocophillips-idUSKBN17L0VA'|'2017-04-19T16:16:00.000+03:00'|3027.0|''|-1.0|'' +3027|'c840208114175ecaead5c122efc453da10e3aa17'|'ConocoPhillips, partners weigh expansion of Darwin LNG'|'DARWIN ConocoPhillips and its partners are considering expanding their Darwin liquefied natural gas (LNG) plant in Australia, with backing from other companies with undeveloped gas resources that could feed the plant.ConocoPhillips has previously talked only about developing a new gas field for around $10 billion to fill the plant''s single production unit, or train, when supply from its current gas source, the Bayu-Undan field, runs out around 2022.The U.S. oil major has also previously said an expansion in the current market would be challenging due to low oil and LNG prices, and costs that have risen steeply since Darwin LNG was built more than a decade ago.A $650,000 feasibility study on building a second train is due to be completed this year, the Northern Territory government said on Wednesday, announcing that it would contribute $250,000 toward the study."The Territory Labor Government is supporting the feasibility study because this is a significant investment toward the business case for potential expansion at Darwin LNG, potentially creating thousands of jobs during construction and operation," Northern Territory Chief Minister Michael Gunner said in a statement.Five joint ventures with undeveloped gas resources off the coast of the Northern Territory are backing the study, with stakeholders including Royal Dutch Shell, Malaysia''s Petronas [PETR.UL], Italy''s ENI SpA, and Australia''s Santos and Origin Energy."With Darwin LNG, five upstream joint ventures and the Northern Territory Government involved, it is a pioneering example of all of industry and government collaborating on solutions to unlock major investments," ConocoPhillips Australia West vice president Kayleen Ewin said in a statement.Darwin LNG is co-owned by ConocoPhillips, Santos, Japan''s Inpex, ENI, Tokyo Electric Power Co and Tokyo Gas Co.(Reporting by Tom Westbrook; Writing by Sonali Paul; Editing by Tom Hogue)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-australia-lng-conocophillips-idUSKBN17L0VA'|'2017-04-19T16:16:00.000+03:00'|3027.0|6.0|0.0|'' 3028|'694808c155f7a0b45930500e7ea5139586d1b1dc'|'In win for Boeing and GE, Trump says he wants to revive export bank'|' 36am BST In win for Boeing and GE, Trump says he wants to revive export bank left right Boeing Co''s logo is seen above the front doors of its largest jetliner factory in Everett, Washington, U.S. January 13, 2017. REUTERS/Alwyn Scott 1/2 left right On a day when he ceded a loss over a signature policy in a federal appeals court, had to replace his labor secretary pick and faced questions over the resignation of his national security adviser, Trump chose to make the media a central focus of an unusually long and combative presidential news conference. REUTERS/Kevin Lamarque 2/2 By Ginger Gibson - WASHINGTON WASHINGTON President Donald Trump plans to revive the hobbled Export-Import Bank of the United States, his office said, a victory for American manufacturers like Boeing Co ( BA.N ) and General Electric Co ( GE.N ) which have overseas customers that use the agency''s government-backed loans to purchase their products. Trump first told the Wall Street Journal on Wednesday he would fill two vacancies on the agency''s five-member board that have prevented the bank from having a quorum and being able to act on loans over $10 million. Trump''s picks must gain approval from the Senate, which blocked nominees by former President Barack Obama. Trump told the Journal that the bank benefits small businesses and creates jobs, a reversal of his earlier criticism of the bank being "featherbedding" for wealthy corporations. The Export-Import Bank, an independent government agency, provides loans to foreign entities that enables them to purchase American-made goods. For example, it has been used by foreign airlines to purchase planes from Boeing and farmers in developing nations to acquire equipment. The banks acting chairman, Charles CJ Hall, was not immediately available for comment. The bank has become a popular target for conservatives, who have worked in Congress to kill the bank, arguing that it perpetuates cronyism and does little to create American jobs. Trump''s about-face on the export bank comes after meeting on Tuesday with former Boeing Chief Executive Officer Jim McNerney, who left the company last year but oversaw the corporation''s aggressive lobbying effort in support of the bank in 2015. Trump also met at the White House on Feb. 23 with GE CEO Jeff Immelt and Caterpillar Inc ( CAT.N ) CEO Mark Sutton, both vocal supporters of the bank. It is not known if they discussed the bank at those meetings. Large American corporations that do significant amounts of exports say other countries have similar agencies and the export bank levels the playing field. "This is an encouraging development on a key competitive issue for U.S manufacturers and their extensive supply chains," Boeing spokeswoman Kate Bernard said in statement to Reuters. The U.S. Chamber of Commerce and the National Association of Manufacturers, which includes companies like Ingersoll-Rand Plc ( IR.N ), United States Steel Corp ( X.N ) and Pfizer Inc ( PFE.N ), cheered the move. Manufacturers are encouraged by President Trumps vocal support for the bank, said NAM Vice President of International Economic Affairs Linda Dempsey in a statement. A 2015 fight to shutter the bank led by conservatives in Congress allowed the bank''s charter to expire for five months. After overwhelming bipartisan support emerged to renew the bank''s charter, which is needed for it to operate, conservatives blocked nominees to the board, preventing it from financing large exports like aircraft and power turbines. Freedom Partners and Americans for Prosperity, two groups funded by the Republican donor Koch brothers, worked aggressively for years to kill the bank. Brothers Charles and David Koch have opposed the bank for what they call damaging interference into the free market by government. Nathan Nascimento, Freedom Partners vice president of policy, called the bank on Wednesday "the epitome of what''s wrong with Washington." "Reopening the flood gates to Ex-Ims corporate welfare is a bad deal for hardworking taxpayers and a bad deal for American businesses, he said. The Club for Growth, which spends heavily in electing conservative candidates and was one of the few groups to campaign against Trump during the Republican primary in 2016, also lamented the change in position. "Ex-Im has a long history of cronyism and corruption that is well-known to many in the Trump Administration, and while we hoped it would be done away with, the administration now has taken on the almost impossible challenge of reforming a federal agency whose mission has been to pick winners and losers with taxpayer dollars," spokesman Doug Sachtleben said in a statement to Reuters. (Reporting by Ginger Gibson; Additional reporting by Steve Holland and David Lawder; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-eximbank-idUKKBN17F06W'|'2017-04-13T09:36:00.000+03:00'|3028.0|''|-1.0|'' 3029|'6d7fcf731b9be0dbc052a7025c3e655078d205e3'|'MOVES- Silverfleet Capital, State Street Global Advisors, Mashreq'|' 29am EDT MOVES- Silverfleet Capital, State Street Global Advisors, Mashreq April 3 The following financial services industry appointments were announced on Monday. To inform us of other job changes, email moves@thomsonreuters.com. SILVERFLEET CAPITAL The European private equity investor appointed Karl Eidem as co-head of the Nordic Region. STATE STREET GLOBAL ADVISORS The asset management arm of State Street Corp, appointed Andrew Benton as head of its UK institutional business. MASHREQ The head of corporate and investment banking at the Dubai''s third-biggest bank by assets is leaving to become chief executive of a rival bank, sources told Reuters. (Compiled by Aishwarya Venugopal in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL3N1HB39U'|'2017-04-03T18:29:00.000+03:00'|3029.0|''|-1.0|'' 3030|'9f07e5fcca1ddf0006e7ba850371e0b388e06726'|'Bombardier family mulls new blood on board -founder''s grandson'|'Business News - Mon Apr 10, 2017 - 8:41pm BST Bombardier family mulls new blood on board -founder''s grandson A plane flies over a Bombardier plant in Montreal, January 21, 2014. REUTERS/Christinne Muschi By Allison Lampert - MONTREAL MONTREAL Bombardier Inc''s ( BBDb.TO ) controlling family has discussed governance and board succession in the wake of an executive pay uproar, with some family members wanting new blood for its representatives on the board, the grandson of the company founder told Reuters in an interview. The plane and train maker set off protests, most recently near Bombardier''s Montreal headquarters on Sunday, after the board raised 2016 salaries of five executives and its chairman by up to 50 percent just weeks after it received a federal loan. The company later agreed to defer part of the raises to 2020. Charles Bombardier, grandson of founder Joseph-Armand Bombardier who died in 1964, said the executive pay decision has moved to the forefront talk of who should represent the family on the board. His father, J.R. Andre Bombardier, sits on the current board of directors. Charles Bombardier spoke to Reuters by telephone from Montreal on Friday. The family, which controls Bombardier through a dual voting structure, now has five of the 15 board seats, including one for former chief executive Laurent Beaudoin who is chairman emeritus. Pierre Beaudoin, also a grandson of the founder, is the executive chairman. "I think the third generation will play a more active role on the board since they are in their prime working years," Charles Bombardier said in his first media interview following the pay uproar. Charles Bombardier, 43, an industrial designer and an investor in startup companies left a company spinoff, Bombardier Recreational Products, in 2006 and does not currently hold any executive position in Bombardier or have a board seat. But his comments offer a rare insight into the thinking of the Bombardier-Beaudoin family, whose members maintain a low profile. Bombardier, which considered bankruptcy protection in 2015, has been in the midst of a five-year turnaround. The company scored a major boost for its flagship CSeries jet in 2016 with the signing of key sales contracts and the plane''s smooth entry into service after years running over-budget and behind schedule. "The family took great risk by investing in this (CSeries) aircraft program and now it''s a technical success," Charles Bombardier said. "This was a family decision and in the years to come, you will see it was an excellent one." DUAL-CLASS SHARES He reiterated the family would never modify the dual-class share structure that gives them voting control, partly because it protects Bombardier from becoming a takeover target. "The key is keeping control of the company and passing it on to the next generation while making sure that shareholder value is generated along the way," he said. A Bombardier spokesman declined to comment. In the past, the family''s vision for the company has conflicted at times with external chief executives. One CEO left after two years at the helm. Current CEO Alain Bellemare, who took the reins of Bombardier in 2015 and replaced Pierre Beaudoin, has the support of family members, Charles Bombardier said. Charles Bombardier said Beaudoin deserved a higher salary in 2015 because he was assisting Bellemare in the transition to become CEO. "The role of the chairman needs to be separated from the CEO and one year to make the transition is enough in my opinion," he said, adding the executive chairman''s role should now focus on leading the board and Beaudoin''s salary should be benchmarked to industry norms. In an email statement sent on Sunday, Beaudoin said he is "happy to have the continuing support of my entire family," and reiterated family support for company management. (Editing by Denny Thomas and Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-canada-bombardier-compensation-idUKKBN17C2B2'|'2017-04-11T03:41:00.000+03:00'|3030.0|''|-1.0|'' @@ -3203,7 +3203,7 @@ 3201|'a99df3acd5ea98635ebb09490a5e44a7e1a2325b'|'Final bids for German drugmaker Stada expected Friday: sources'|'FRANKFURT The battle for German drugmaker Stada ( STAGn.DE ) is edging towards a close, with final offers from two private equity consortia expected on Friday evening, three people close to the matter said.A tie-up of buyout firms Advent and Permira is bidding against Bain and Cinven. Both have so far made takeover offers at 58 euros per share, valuing the company at 4.7 billion euros including debt.Neither is expected to hike its offer dramatically, though a slight increase is likely, one of the sources said."(Stada''s chairman Karl-Ferdinand) Oetker needs a face-saving top-up, but the business case does not allow for much," another person close to one of the bidders said.Another source said that Stada''s executive and supervisory boards were unlikely to recommend that shareholders accept any offer that was not improved further, after the company last month lifted its targets and told suitors their bids were too low.Stada, which is expected to make a decision on the bids by the middle of next week, declined to comment on the timing of the deal, saying only that the sales process was progressing according to plan.The private equity groups declined to comment.(Reporting by Arno Schuetze, Alexander Hbner and Ludwig Burger; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-m-a-idINKBN177125'|'2017-04-05T07:32:00.000+03:00'|3201.0|''|-1.0|'' 3202|'48189edefeaa68205619dc3e5171cffc668ba005'|'United to refund tickets for all passengers on infamous flight - Business - The Guardian'|'Seeking to quell the uproar over a man being dragged off a plane , United Airlines announced on Tuesday that it would refund the tickets for all customers who were on the flight when the man was removed and that it would no longer ask police to remove passengers from full flights.The airline said that passengers on United Express Flight 3411 on Sunday would be compensated equal to the cost of their tickets and could take the compensation in cash, travel credits or miles.The Sunday flight was loaded and preparing to leave Chicagos OHare International Airport when the man was dragged off. Videos shot by passengers showing the mans bloodied face went viral on social media , prompting a storm of protest.In an interview with ABCs Good Morning America aired Wednesday, Oscar Munoz, CEO of Uniteds parent company, said he felt ashamed watching video of the man being forced off the jet. He has promised to review the airlines passenger-removal policy. He also apologized again to Kentucky physician David Dao, his family and the other passengers who witnessed him being taken off the flight.United Airlines CEO offers softer apology after stock nosedives Read more That is not who our family at United is, he said. This will never happen again on a United flight. Thats my promise.In the future, law enforcement will not be involved in removing a booked, paid, seated passenger, Munoz said. We cant do that.Munoz called the incident a system failure and said United would reassess its procedures for seeking volunteers to give up their seats when a flight is full. United was trying to find seats for four employees, meaning four passengers had to deplane.It was at least Munozs fourth statement about the confrontation.After the video first emerged, he said the airline was reaching out to the man to resolve this situation.Hours later on Monday, his tone turned defensive. He described the man as disruptive and belligerent.By Tuesday afternoon, almost two days after the Sunday evening events, Munoz issued another apology.No one should ever be mistreated this way, Munoz said.The passenger was identified as Dao, a 69-year-old physician from Elizabethtown, Kentucky.Attorneys for Dao filed court papers Wednesday asking the airline and the city of Chicago to preserve evidence in the case. Those documents are often the first steps toward a lawsuit. His legal team planned to hold a news conference Thursday to discuss the matter with reporters.Airport officials have said little about Sundays events and nothing about Daos behavior before he was pulled from the jet that was bound for Louisville, Kentucky.Likewise, the Chicago Aviation Department has said only that one of its employees who removed Dao did not follow proper procedures and has been placed on leave. The department announced Wednesday that two more officers have been placed on leave.Thanks to United Airlines, is flying while Asian something to fear? - Steven W Thrasher Read more No passengers on the plane have mentioned that Dao did anything but refuse to leave the plane when he was ordered to do so.The event stemmed from a common air travel issue a full flight.At first, the airline asked for volunteers, offering $400 and then when that did not work, $800 per passenger to relinquish a seat. When no one voluntarily came forward, United selected four passengers at random.Three people got off the flight, but the fourth was Dao, who said he was a doctor and needed to get home to treat patients on Monday. He refused to leave.Thats when three aviation department police officers boarded the plane. When Dao refused to leave his seat, one of the officers could be seen grabbing the screaming man from his window seat and dragging him down the aisle by his arms.Other passengers on Flight 3411 are heard saying, Please, my God, What are you doing?, This is wrong, Look at what you did to him and Busted his lip.Also Wednesday, a Chicago alderman said representatives from United and the citys aviation department have been summoned before a city council committee to answer questions about the confrontation at OHare Airport.The US transportation department announced Tuesday that it was reviewing Sundays events to see if United violated rules on overselling flights. The four top-ranking members of the Senate Commerce Committee asked the airline and Chicago airport officials for more information about what happened.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/apr/12/united-airlines-video-passenger-removed-refund-tickets'|'2017-04-12T03:00:00.000+03:00'|3202.0|''|-1.0|'' 3203|'306eccf867d374b280e618814a491fc1b1c903db'|'Nearly half of UK households plan spending cuts as prices spike - survey'|' 21am BST Nearly half of UK households plan spending cuts as prices spike - survey A shopper is reflected in a store window on Oxford Street in central London December 30, 2014. REUTERS/Neil Hall LONDON Nearly half of British households plan to cut spending as worries around inflation escalate, a survey showed on Wednesday, driving home the squeeze on consumers from rising energy prices and the pound''s post-Brexit vote plunge. Pension provider Scottish Friendly and the Social Market Foundation think tank said 46 percent of households plan to cut back on spending. More than half of this proportion cited the rising cost of living. A separate survey from the British Retail Consortium (BRC) showed annual food price inflation more than doubled last month to 1.0 percent, the sharpest increase in prices since February 2014. The surveys added to a raft of evidence that British consumers are feeling the strain of rising prices, exacerbated by the pound''s fall since June''s vote to leave the European Union. Inflation hurts the poorest in particular because rising prices for essentials like food and transport take up a bigger share of their disposable income. The Scottish Friendly survey showed 70 percent of British households were worried about the prospect of rising prices. "They are expecting a bumpy ride thanks to the twin headwinds of Article 50 uncertainty and rising inflation and those households are proactively taking steps to ensure they are prepared for any outcome," Scottish Friendly spokesman Calum Bennie said. Despite rising food prices, overall shop prices are still falling but at a reduced rate, according to the BRC data. Total shop prices declined 0.8 percent after falling 1.0 percent in February, marking the weakest deflation since December 2013. "Global food commodity costs have risen by 17 percent on average over last year''s figures, building substantial pressure in the food supply chain," said Helen Dickinson, chief executive of the BRC. "The squeeze on household disposable incomes will tighten as the year progresses." Last week supermarket chain Asda said its gauge of disposable income showed the weakest growth since June 2014 during February, with the poorest households hit particularly hard. A European Commission survey that dates back to the 1980s showed the largest proportion of British food and beverage retailers on record expect to raise prices in the next three months. The Scottish Friendly survey polled 2,000 Britons between Feb. 17 and Feb. 25. (Reporting by Andy Bruce, editing by Pritha Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-consumers-idUKKBN17632W'|'2017-04-05T07:21:00.000+03:00'|3203.0|''|-1.0|'' -3204|'a321f1275e982e22b7383edb0de42fc75cb39b9d'|'Deutsche Boerse ups profit, to buy back shares after failed LSE deal'|' 9:18pm BST Deutsche Boerse ups profit, to buy back shares after failed LSE deal FILE PHOTO: A notebook with the logo of Deutsche Boerse Group (German stock exchange) is pictured before their New Year''s reception at the headquarters in Eschborn, outside Frankfurt, Germany, January 25, 2016. REUTERS/Kai Pfaffenbach By Tom Sims - FRANKFURT FRANKFURT Deutsche Boerse ( DB1Gn.DE ) delivered a sharp rise in net profit in the first quarter and said it would buy back shares as it sought to appease disgruntled investors following its failed merger attempt with London Stock Exchange Group ( LSE.L ). The German exchange operator, which was forced to ditch a planned merger with LSE last month, also reaffirmed its outlook of "double-digit earnings growth" for the full year, despite merger costs that totalled 76.2 million euros ($83 million). It said on Wednesday that net profit rose 39.5 percent to 286 million euros in the first quarter from a year earlier, lifted by the sale of a stake in BATS Global Markets. "Thanks to our diversified business model and effective cost management we were able to compensate low equity market volatility in the first quarter and report solid earnings growth," Chief Financial Officer Gregor Pottmeyer said. Pottmeyer said in a statement that Deutsche Boerse was "very well positioned" to benefit from improving cyclical conditions. The results come a month after European Union regulators blocked a planned merger with LSE due to concerns over a potential monopoly in the processing of bond trades. The industry has been trying to consolidate for years amid weaker trading volumes and shrinking margins, but regulatory concerns, along with nationalist wrangling, have hindered many cross-border deals. In the wake of the failed merger, Deutsche Boerse has been coming under increased pressure from shareholders, with influential proxy adviser Glass Lewis recommending they vote against ratifying the actions of the management and supervisory board at its 2017 annual general meeting. German companies typically ask their shareholders to approve the actions of their boards over the previous years at the annual shareholder meetings. Glass Lewis said that shareholders may have concerns over the failed merger with the LSE and a pending investigation into CEO Carsten Kengeter over possible insider trading. Kengeter has denied the allegations. Deutsche Boerse said it planned to buy back shares totalling around 200 million euros ($218 million) in the second half of this year which it would fund from the proceeds generated from its 2016 sale of International Securities Exchange to Nasdaq ( NDAQ.O ) for about 1 billion euros. Those funds were initially earmarked for the merger with LSE, which last month announced its own 200 million pound ($256.74 million) share buyback. Stripping out the one-off effect of the sale of a stake in BATS Global Markets to U.S. exchange CBOE ( CBOE.O ) for 68 million euros last month, Deutsche Boerse said adjusted net profit rose 5 percent to 232.2 million euros, from 221.3 million euros a year earlier. ($1 = 0.7790 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-boerse-results-idUKKBN17S2S2'|'2017-04-27T04:18:00.000+03:00'|3204.0|''|-1.0|'' +3204|'a321f1275e982e22b7383edb0de42fc75cb39b9d'|'Deutsche Boerse ups profit, to buy back shares after failed LSE deal'|' 9:18pm BST Deutsche Boerse ups profit, to buy back shares after failed LSE deal FILE PHOTO: A notebook with the logo of Deutsche Boerse Group (German stock exchange) is pictured before their New Year''s reception at the headquarters in Eschborn, outside Frankfurt, Germany, January 25, 2016. REUTERS/Kai Pfaffenbach By Tom Sims - FRANKFURT FRANKFURT Deutsche Boerse ( DB1Gn.DE ) delivered a sharp rise in net profit in the first quarter and said it would buy back shares as it sought to appease disgruntled investors following its failed merger attempt with London Stock Exchange Group ( LSE.L ). The German exchange operator, which was forced to ditch a planned merger with LSE last month, also reaffirmed its outlook of "double-digit earnings growth" for the full year, despite merger costs that totalled 76.2 million euros ($83 million). It said on Wednesday that net profit rose 39.5 percent to 286 million euros in the first quarter from a year earlier, lifted by the sale of a stake in BATS Global Markets. "Thanks to our diversified business model and effective cost management we were able to compensate low equity market volatility in the first quarter and report solid earnings growth," Chief Financial Officer Gregor Pottmeyer said. Pottmeyer said in a statement that Deutsche Boerse was "very well positioned" to benefit from improving cyclical conditions. The results come a month after European Union regulators blocked a planned merger with LSE due to concerns over a potential monopoly in the processing of bond trades. The industry has been trying to consolidate for years amid weaker trading volumes and shrinking margins, but regulatory concerns, along with nationalist wrangling, have hindered many cross-border deals. In the wake of the failed merger, Deutsche Boerse has been coming under increased pressure from shareholders, with influential proxy adviser Glass Lewis recommending they vote against ratifying the actions of the management and supervisory board at its 2017 annual general meeting. German companies typically ask their shareholders to approve the actions of their boards over the previous years at the annual shareholder meetings. Glass Lewis said that shareholders may have concerns over the failed merger with the LSE and a pending investigation into CEO Carsten Kengeter over possible insider trading. Kengeter has denied the allegations. Deutsche Boerse said it planned to buy back shares totalling around 200 million euros ($218 million) in the second half of this year which it would fund from the proceeds generated from its 2016 sale of International Securities Exchange to Nasdaq ( NDAQ.O ) for about 1 billion euros. Those funds were initially earmarked for the merger with LSE, which last month announced its own 200 million pound ($256.74 million) share buyback. Stripping out the one-off effect of the sale of a stake in BATS Global Markets to U.S. exchange CBOE ( CBOE.O ) for 68 million euros last month, Deutsche Boerse said adjusted net profit rose 5 percent to 232.2 million euros, from 221.3 million euros a year earlier. ($1 = 0.7790 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-boerse-results-idUKKBN17S2S2'|'2017-04-27T04:18:00.000+03:00'|3204.0|15.0|3.0|'' 3205|'dd4236055cc548bd546d4e7cde9af732556d0df0'|'UK Stocks-Factors to watch on April 25'|'Market News - Tue Apr 25, 2017 - 1:45am EDT UK Stocks-Factors to watch on April 25 April 25 Britain''s FTSE 100 index is seen opening up 18 points on Tuesday, according to financial bookmakers. * BRITAIN/EU: The snap general election called by British Prime Minister Theresa May will reduce the already limited time available to negotiate a Brexit deal, an influential EU lawmaker said on Monday. * International Consolidated: Spanish airline Iberia could open a new early retirement program for 1,000 workers by June, depending on the outcome of prior talks with unions, Chief Executive Officer Luis Gallego said. * GOLD: Gold held steady on Tuesday after a sharp fall in the previous session on a market-friendly French presidential vote, although tensions over North Korea offered support for safe-haven bullion. * COPPER: Copper eased in Asia on Tuesday, coming under pressure from investors looking to book gains after a surprise overnight lift in the London contract following a market-friendly French presidential vote. * OIL: Oil prices inched up on Tuesday but markets remain under pressure following six consecutive sessions of declines as traders lose confidence that pledged output cuts by major producers will rein in oversupply in a world awash with fuel. * The UK blue chip index closed 2.1 percent higher at 7,246.68 points on Monday after centrist Emmanuel Macron came out on top in the first round of France''s presidential election. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Whitbread Plc WTB.L FY 2016 Whitbread Plc Earnings Amec Foster Wheeler Plc AMFW.L FY 2016 Amec Foster Wheeler Earnings Redstoneconnect Plc REDS.L FY 2017 Redstoneconnect Earnings Circassia FY 2016 Circassia Pharmaceuticals Earnings Pharmaceuticals Elementis Plc ELM.L Elementis Plc Trading Update TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar; Editing by Sherry Jacob-Phillips) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1HX289'|'2017-04-25T13:45:00.000+03:00'|3205.0|''|-1.0|'' 3206|'534af6fc119a97407f11e49bbecca8d050da39de'|'Fiat Chrysler CEO says first quarter of 2017 was difficult, doesn''t change targets'|'Business News - Fri Apr 14, 2017 - 9:47am BST Fiat Chrysler CEO says first quarter of 2017 was difficult, doesn''t change targets A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. REUTERS/Brendan McDermid AMSTERDAM The first quarter of 2017 was "difficult" for carmaker Fiat Chrysler but this will not affect the company''s targets for this year and next, Chief Executive Sergio Marchionne said on Friday. "The first quarter was difficult, we had said it would have been the weakest of the year, but this doesn''t change the targets for this year nor for 2018," Marchionne told reporters on the sidelines of a shareholder meeting of truck maker CNH. (Reporting by Stefano Rebaudo, writing by Silvia Aloisi)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fiatchrysler-ceo-idUKKBN17G0NQ'|'2017-04-14T16:47:00.000+03:00'|3206.0|''|-1.0|'' 3207|'c92e4d1c895cd99a662372421eb6fcb1a8cb5e1f'|'Boko Haram video denies claims of starvation in northeast Nigeria forest'|'Business News - Tue Apr 4, 2017 - 11:15am BST Boko Haram video denies claims of starvation in northeast Nigeria forest FILE PICTURE: A man purporting to be Boko Haram''s leader Abubakar Shekau speaks in this still frame taken from social media video courtesy of SITE Intel Group, released on August 10, 2016, in an unknown location. MANDATORY CREDIT Social Media courtesy of SITE INTEL GROUP/... REUTERS TV KADUNA, Nigeria The faction of the Islamist militant group Boko Haram led by Abubakar Shekau released a video on Tuesday denying that fighters are dying of hunger in its northeast Nigerian forest base. Nigeria''s military last week said it was "ransacking" territory it said it had recaptured from Boko Haram in the hunt for Shekau, who leads one of two main branches of the jihadist group. It also said he might be hiding in the Sambisa forest. Large parts of northeast Nigeria, particularly in Borno state, remain under threat from Boko Haram as suicide bombings and gun attacks have increased in the region since the end of the rainy season late last year. "There is no food that we lack in this forest of Sambisa. It is not true that we have run out of food supply and that we are being killed by hunger," said an unidentified man with a rifle, flanked by others carrying guns, in the five-minute video. Nigeria''s army said in December that it had pushed Boko Haram out of the Sambisa forest, a vast former colonial game reserve that was the group''s stronghold, in an operation to reclaim territory lost to the Islamist insurgency since 2009. Boko Haram split last year, with one faction led by Shekau operating from the forest and the other, allied to Islamic State and led by Abu Musab al-Barnawi, based in the Lake Chad region. "We urge all members to be one hundred percent loyal to him [Shekau]," said the man in the video. "It is not true that you killed Shekau," he said, referring to previous claims by the Nigerian military that he had been fatally wounded. Shekau did not appear in the video, which was circulated on social media on Tuesday. Boko Haram has killed more than 15,000 people and forced more than two million to flee their homes during its insurgency aimed at creating an Islamic state governed by a strict interpretation of sharia law in Africa''s most populous nation. (Reporting by Garba Muhammad; Writing by Alexis Akwagyiram; Editing by Andrew Bolton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nigeria-security-idUKKBN1760ZT'|'2017-04-04T18:15:00.000+03:00'|3207.0|''|-1.0|'' @@ -3218,13 +3218,13 @@ 3216|'679539541a3c45bf526228147a7997b77297aa8e'|'Pfeiffer Vacuum recommends not to accept Busch takeover offer'|'Deals - Mon Apr 24, 2017 - 2:19am EDT Pfeiffer Vacuum recommends not to accept Busch takeover offer FRANKFURT German pump maker Pfeiffer Vacuum ( PV.DE ) said on Monday its management and supervisory board advised shareholders not to accept an improved takeover offer by rival Busch Group. Busch in late March announced a 110 euro per share offer for Pfeiffer, valuing the group at around 1.1 billion euros ($1.20 billion), after a previous approach failed. Pfeiffer has criticized Busch for still not offering a premium over the current share price, which stood at 116.90 euros at Friday''s close, valuing Pfeiffer at around 1.15 billion euros. (Reporting by Maria Sheahan, editing by Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-pfeiffer-vacuum-m-a-busch-idUSKBN17Q0FN'|'2017-04-24T14:17:00.000+03:00'|3216.0|''|-1.0|'' 3217|'75b173321bdced854f6848fae8b3dccd7fd83a09'|'Exclusive - ECB faces ''favouritism'' appeal over hiring of Draghi adviser'|'Business News - Fri Apr 28, 2017 - 12:22pm BST Exclusive - ECB faces ''favouritism'' appeal over hiring of Draghi adviser European Central Bank (ECB) President Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, Germany, April 27, 2017. REUTERS/Kai Pfaffenbach By Francesco Canepa - FRANKFURT FRANKFURT European Central Bank staff representatives are appealing against the appointment of a new policy adviser for President Mario Draghi, alleging that the ECB''s board broke its own rules by handpicking Roland Straub for his new role. The appeal alleges that the "perception of favouritism" at the powerful institution, which is in charge of supervising banks and controlling monetary policy in the euro zone, risked demoralising staff and fuelling euro-scepticism among the public. Successful appeals lodged in recent months have led to five ECB appointments being annulled, including that of the bank official in charge of relations with other European institutions in Brussels. "This appeal is triggered by the desire to stand against the malfunctioning affecting ECB''s appointment process, resulting into widespread perception of favouritism and complaints of lack of transparency and unsound rules," appellant Carlos Bowles said in his appeal, filed in March and seen by Reuters. The issue concerns the method of employment. Straub''s qualifications are not in question. An ECB spokesperson said: "The direct appointment of the counsellor to the president of the ECB was made in compliance with the ECB rules on selection and appointment and is consistent with previous appointments to this position." Straub did not immediately reply to Reuters'' requests for comment. The ECB has two months to reply to the appeal, after which the appellants can bring the case to the European Court of Justice. Straub was appointed as Draghi''s counsellor and coordinator of the Counsel to the Executive Board in February. The position is scheduled to end with Draghi''s mandate in late 2019. In his role he advises Draghi and coordinates the work of the counsels of the five other members of ECB''s board, which runs the organisation and makes policy proposals. The position was not advertised and Straub was chosen via direct appointment by the Executive Board, rather than after a recruitment process open to other candidates and held by a hiring committee. Advisers to top European officials are often chosen this way. However, appellant Carlos Bowles said in his appeal ECB rules did not allow for Straub to be directly appointed to the role of coordinator of the counsel. Bowles added that the vacancy should have been advertised and the staff committee, which he chairs, should have been informed that the role had been moved to a lower ''salary band'' coinciding with Straub''s appointment. He argued any apparent breach of the principle that ECB jobs are purely awarded on merit risked undermining the ECB''s legitimacy in the eyes of the general public. "These risks should not be taken lightly, in a context where the European project is endangered by the rise of populism, nurtured by widespread perceptions of European citizens that their governing bodies are working towards the interests of a class of happy few," he said. In his new role, Straub receives a basic salary of between 122,268 euros and 175,428 per year, a higher range than in his previous role as counsellor to board member Benoit Coeure. In a note sent to staff on Thursday, trade union IPSO, which filed a separate but broadly equivalent appeal against the appointment, said the move was not intended as a personal attack on Straub. "We stress that the appeal is in no way meant to challenge the professional competence of our colleague," it said. "We do not challenge the person chosen we challenge the process of selection." The ECB was put in charge of supervising euro zone banks three years ago with the aim of avoiding a repeat of the 2008 banking crisis. It is also spending trillions of euros in a bid to boost euro zone inflation. An ECB staff survey conducted in 2015 showed 65 percent of respondents chose "knowing the ''right people''" as a way of getting ahead at the bank, a higher proportion than chose any other factor. Staff representatives complained last year to the European Parliament, which oversees the ECB, that dissent was discouraged at the bank, potentially hobbling its ability to spot the next financial crisis. (.Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-workers-draghi-exclusive-idUKKBN17U1MJ'|'2017-04-28T19:22:00.000+03:00'|3217.0|''|-1.0|'' 3218|'1b96ceb9e205731ed758be979e1861d048727630'|'SocGen, BNP woo funds eyeing India with tax saving gambit - sources'|' 5:44pm IST SocGen, BNP woo funds eyeing India with tax saving gambit - sources Rupee notes are seen in this picture illustration taken in Mumbai June 12, 2013. REUTERS/Vivek Prakash/File Photo By Abhirup Roy and Rafael Nam - MUMBAI MUMBAI Societe Generale and BNP Paribas are wooing hedge funds to invest in India through France, noting a special treaty between the two countries that allows investors to avoid paying tax in one of the world''s hottest emerging markets. The banks point out to investors that routing investments through their Paris base, where they have existing structures in place, would cushion them against the impact of a sweeping revamp in Indian tax rules - the General Anti Avoidance Rule (GAAR) - which came into effect this month, six people with knowledge of the banks'' communications told Reuters. Those people noted that investing in India via France, while legal, could prove controversial with Prime Minister Narendra Modi''s government, which is targeting foreign investments that avoid Indian taxes by coming through countries with special tax treaties. Also, the two French banks are promoting investments into so-called participatory notes, or P-notes - products created by banks to track Indian shares, debt and derivatives - the people said. A government-appointed panel warned in 2015 that P-notes could lead to "misuse", including money laundering or the channelling into domestic markets of unaccounted wealth held by Indians abroad. In response to Reuters queries, Societe Generale said it is "fully committed to preventing tax fraud and evasion." "We comply with local regulations in countries where we operate. This includes SEBI''s regulation on the distribution of Indian P-Notes to eligible investors," it added, referring to the Securities and Exchange Board of India. A spokeswoman for BNP Paribas said: "We deny the assertion that we have promoted investment via France as a way to avoid CGT (capital gains tax)." "BNP Paribas complies with all ODI (offshore derivative instruments) regulations as issued by SEBI and the applicable tax rules including GAAR... Our global set-up to provide market access products has remained consistent in all countries where we operate, including in India, and has not changed in response to the recent amendments to Indian regulations." A spokesman for India''s finance ministry declined to comment. ADVISING CAUTION Amit Maheshwari, a senior tax consultant, said he had been approached by clients who were contacted by the two French banks, but had advised caution. "P-notes will definitely be a big concern because the government doesn''t want to promote them," he said, adding also that the government would likely be concerned if funds were steering investments via France. "The Indian government now wants their fair share of taxes, and this is something which will create ripples with the tax authorities," Maheshwari said, adding he expected New Delhi would push for a renegotiation of its tax treaty with France. The treaty was one of several India signed in the 1980s and 1990s when it sought to attract overseas capital. It has similar double taxation avoidance deals with countries such as The Netherlands, Spain and Sweden. The banks say "there is no way the Indian government can challenge us under GAAR, so why don''t you use our route? You will not pay any tax," said another senior official at a tax and consulting firm who said he was approached by clients who received emails from BNP and Societe Generale. Reuters could not independently verify the content of the banks'' emails to potential clients. Other tax consultants, a hedge fund and a banker spoke to Reuters on the issue on condition they were not identified. FRANCE IN SPOTLIGHT Under Modi, India has begun amending tax treaties with other countries in an attempt to clamp down on what it sees as abuse of its domestic tax rules. It has already amended treaties with Singapore and Mauritius, which together account for around a third of foreign direct investment into India, including portfolio investments. Those agreements phase in higher CGT over two years, rising to the full 15 percent tax rate India imposes on short-term capital gains on shares and 30 percent on futures and options. Investments held longer than 12 months are not taxed. That makes France, ranked only ninth among the sources of foreign capital coming to India in April-December last year, a relatively attractive investment route - as investors would not have to pay any short-term CGT in India as long as the investment held is less than 10 percent of a company''s share capital. India is attracting foreign investment on hopes for an improving economy and more reforms. Its NSE share index is up more than 13 percent this year to a record high and the rupee currency is at a near-1-year high. Investing in India via France carries the risk that India could at any time seek to amend the tax treaty. And New Delhi has some leverage given France is keen to boost defence sales to India, such as its Rafale fighter jets. ($1 = 64.9600 rupees) (Additional reporting by Maiya Keidan in LONDON; Editing by Ian Geoghegan) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-tax-france-idINKBN1781GS'|'2017-04-06T20:14:00.000+03:00'|3218.0|''|-1.0|'' -3219|'f5b94d2e755e8b1b014d6c3951436811a14ea9ed'|'Air Canada apologizes for bumping youth off oversold flight: father'|'Aerospace & Defense 35pm EDT Air Canada apologizes for bumping youth off oversold flight: father An Air Canada Boeing 767-300ER lands at San Francisco International Airport, San Francisco, California, April 16, 2015. REUTERS/Louis Nastro By Allison Lampert - MONTREAL MONTREAL Air Canada ( AC.TO ) has apologized and offered compensation for bumping a 10-year-old off a flight, the boy''s father said on Monday, after the Canadian family''s story sparked headlines following a high-profile incident involving overbooking by U.S. carrier United Airlines. Brett Doyle said his family, who first tried unsuccessfully to check in his older son online, was told at the airport there was no seat available for the boy on an oversold flight from Charlottetown, Prince Edward Island, to Montreal, where they were connecting to a flight to a Costa Rica vacation last month. The entrepreneur from Prince Edward Island said the family of four then drove to Moncton, New Brunswick, to catch a different flight to Montreal only to discover at the airport that it had been canceled. "I thought it was a joke, that there were hidden cameras or something," he recalled by phone from Charlottetown. Doyle said the family contacted Air Canada, the country''s largest carrier, in March, but only received an apology and the offer of a C$2,500 trip voucher after the story was published by a Canadian newspaper on Saturday. Air Canada could not immediately be reached by Reuters for comment. An airline spokeswoman told the Canadian Press: We are currently following up to understand what went wrong and have apologized to Mr. Doyle and his family as well as offered a very generous compensation to the family for their inconvenience. Doyle, whose family finally arrived in Montreal and was able to connect to Costa Rica, said he understood the public outcry after a 69-year-old passenger was dragged from his seat on a United plane in Chicago on April 9 to make space for crew members. "People are fed up," he said of airline overbooking. "You shouldn''t be able to sell something twice." United''s parent company, United Continental Holdings Inc ( UAL.N ), which is still recovering from the public relations debacle, apologized again on Monday for the passenger''s forceful removal, while reporting quarterly earnings. Doyle said the incident on United Flight 3411, which spread rapidly on social media after being shot on video by passengers, resonated with his family. "I ... said things could always be worse," he said after hearing about the United incident. "At least we weren''t thrown off the plane." (Reporting by Allison Lampert; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-air-canada-passenger-idUSKBN17K04Q'|'2017-04-18T09:35:00.000+03:00'|3219.0|''|-1.0|'' +3219|'f5b94d2e755e8b1b014d6c3951436811a14ea9ed'|'Air Canada apologizes for bumping youth off oversold flight: father'|'Aerospace & Defense 35pm EDT Air Canada apologizes for bumping youth off oversold flight: father An Air Canada Boeing 767-300ER lands at San Francisco International Airport, San Francisco, California, April 16, 2015. REUTERS/Louis Nastro By Allison Lampert - MONTREAL MONTREAL Air Canada ( AC.TO ) has apologized and offered compensation for bumping a 10-year-old off a flight, the boy''s father said on Monday, after the Canadian family''s story sparked headlines following a high-profile incident involving overbooking by U.S. carrier United Airlines. Brett Doyle said his family, who first tried unsuccessfully to check in his older son online, was told at the airport there was no seat available for the boy on an oversold flight from Charlottetown, Prince Edward Island, to Montreal, where they were connecting to a flight to a Costa Rica vacation last month. The entrepreneur from Prince Edward Island said the family of four then drove to Moncton, New Brunswick, to catch a different flight to Montreal only to discover at the airport that it had been canceled. "I thought it was a joke, that there were hidden cameras or something," he recalled by phone from Charlottetown. Doyle said the family contacted Air Canada, the country''s largest carrier, in March, but only received an apology and the offer of a C$2,500 trip voucher after the story was published by a Canadian newspaper on Saturday. Air Canada could not immediately be reached by Reuters for comment. An airline spokeswoman told the Canadian Press: We are currently following up to understand what went wrong and have apologized to Mr. Doyle and his family as well as offered a very generous compensation to the family for their inconvenience. Doyle, whose family finally arrived in Montreal and was able to connect to Costa Rica, said he understood the public outcry after a 69-year-old passenger was dragged from his seat on a United plane in Chicago on April 9 to make space for crew members. "People are fed up," he said of airline overbooking. "You shouldn''t be able to sell something twice." United''s parent company, United Continental Holdings Inc ( UAL.N ), which is still recovering from the public relations debacle, apologized again on Monday for the passenger''s forceful removal, while reporting quarterly earnings. Doyle said the incident on United Flight 3411, which spread rapidly on social media after being shot on video by passengers, resonated with his family. "I ... said things could always be worse," he said after hearing about the United incident. "At least we weren''t thrown off the plane." (Reporting by Allison Lampert; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-air-canada-passenger-idUSKBN17K04Q'|'2017-04-18T09:35:00.000+03:00'|3219.0|6.0|0.0|'' 3220|'c5d57e941a6698a9bfb0a43a1c41e57ba7936437'|'UPDATE 1-ING Life Insurance Korea raises $974 mln after pricing IPO near lower end of range'|'* ING Life prices IPO at 33,000 won/share* Indicative range was 31,500 won to 40,000 won/share* IPO is S.Korea''s second-largest so far this year (Adds milestone, background)SEOUL, April 24 ING Life Insurance Korea, South Korea''s fifth-largest life insurer, on Monday priced its initial public offering (IPO) near the lower end of an indicative range, raising its Asia-based private equity owner MBK Partners 1.1 trillion won ($974 million).ING Life''s listing will be South Korea''s second-largest so far this year after smartphone games maker Netmarble Games Corp priced its IPO at the top of its range, raising $2.3 billion won.The insurer, which last week said its dividend payout history was an investor draw, said it can continue paying hefty dividends as it has a good capital-adequacy ratio and because it depends on higher-margin captive agents for growth, rather than independent insurance agents.It priced its IPO at 33,000 won per share, compared with an indicative range of 31,500 won to 40,000 won each, ING Life said in a filing.The pricing gives the whole company a pre-listing valuation of 2.71 trillion won.MBK, which bought ING Life from ING Groep NV for about 1.8 trillion won in 2013, will retain about 59.1 percent of the insurer after the listing, an ING Life spokeswoman said. ($1 = 1,129.9000 won) (Reporting by Joyce Lee; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/southkorea-ing-life-insurance-ipo-idINL4N1HW2K7'|'2017-04-24T04:58:00.000+03:00'|3220.0|''|-1.0|'' 3221|'f6177e6ae10044620e2b81229fe2b14f170188a8'|'Brexit leaves industrial firms staring into regulatory void'|' 24pm IST Brexit leaves industrial firms staring into regulatory void The British Union flag and the European Union flag are seen flying behind a clock in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville/Files By Ben Hirschler and Kate Holton - LONDON LONDON Summit Therapeutics is about to start pivotal tests of a novel antibiotic discovered by UK scientists to treat a sometimes deadly bowel infection, but Britons could be the last patients to get it after Britain leaves the EU. The biotech company headquartered outside Oxford is one of thousands of manufacturers, from aerospace engineers to makers of plastic mouldings, facing an uncertain future as Britain''s departure from the European Union leaves a potential regulatory vacuum in its wake. While London plans a mammoth cut-and-paste job to convert EU law into domestic legislation, dubbed the Great Repeal Bill, this will not answer the question of what happens to the work of EU agencies that have legal powers to regulate industry. Some manufacturers are already seeking to write into supplier contracts a clause asserting who should shoulder the burden of additional costs if Britain creates its own regulators, duplicating the work required to trade in the UK and Europe. "We will do clinical trials in the UK, but the question is what will be the process for getting UK approval?" Summit''s Chief Executive Glyn Edwards told Reuters. "The big issue is really for UK patients. If there isn''t some kind of mutual recognition and participation in the EU system for drugs, then the focus will be on getting first approval in Europe because the market there is so large." Officials say relations between regulatory bodies after Britain leaves the EU is a matter for Brexit negotiations in the run-up to the divorce scheduled for March 2019. The minister in charge of Prime Minister Theresa May''s "Brexit department", David Davis, told parliament at the end of March the government would build relationships with its European partners that enable it to maintain common standards. He refused to go into details about how this would work, however. May has called a snap election for June 8, hoping to strengthen her hand with a bigger parliamentary majority so she can secure what she calls the best deal for Britain in the Brexit talks. One option might be to agree special relationships with certain EU regulatory systems, either on a transitional or long-term basis. Currently, for example, drugmakers in the European Economic Area, or single market, can tap the entire market of 500 million potential patients with a single EU marketing approval. The single market includes Iceland, Liechtenstein and Norway as well as the EU. May has ruled out Britain being a part of the single market, however, and the rest of the EU may in any case baulk at allowing London to use its regulatory machinery after it leaves. Further, EU agencies are beholden to the European Court of Justice, whose jurisdiction Britain is determined to escape. "The issue of how quickly these things can be clarified is really important," said Andrew Bonfield, finance director of National Grid and chairman of the 100 Group, representing finance heads of FTSE 100 companies and some big private firms. "People need to know how they are going to operate," he told Reuters. "I cannot see a solution which would enable the UK to be under EU regulation if we are talking about a proper exit from the EU." Opposition Labour lawmaker Chris Leslie believes it would be difficult for Britain to be a "rule taker" from EU agencies in the long term, since regulation could be used as a tool to gain an edge over rivals. "Different groups will press for variance to get a short-term competitive advantage over European competitors," he said. Escaping the "yoke" of EU regulation, or "taking back control", was one of the reasons campaigners gave to vote in favour of Brexit in the June 2016 referendum. TINY MARKET In the case of drugs, leaving the nearly 900-person European Medicines Agency, which is set to move from its current base in London, would mean Britain would need a stand-alone UK regulator to decide if drugs are fit for use. [nL5N1HD32O] Since companies must pay fees to have new drugs assessed and separate filings involve extra work, the cost of accessing a British market that accounts for only 2-3 percent of global sales would likely delay the introduction of new medicines into the UK. Industry figures who have met the government to discuss the issue say they do not expect UK rules to diverge enormously from EU ones after Brexit, but they are concerned about the lack of clarity about what they will look like. It is a particular worry for small, resource-limited businesses like Summit, which was founded in 2003 as a spin-out from the University of Oxford and has a staff of 45. Ultimately, Summit might even relocate. The company already has a U.S. office and it will almost certainly set up an organisation in continental Europe to be within the EU zone. "Brexit tilts the balance less in favour of remaining based corporately in the UK," Edwards said. Other industries have similar questions. The chemicals and plastics industry has invested heavily to meet strict EU rules on safety and environmental standards, known as REACH, and could now face new UK regulations. Tim Thomas, a policy director at manufacturing and engineering trade body the EEF, said companies were concerned. "Businesses are, understandably, asking questions about future regulation and regulators, as future changes will need to be built into commercial arrangements," he said. "Different regimes are likely to bring with them new costs and burdens." Aerospace firms fear losing oversight from the European Aviation Safety Agency, which endorses product quality, while airlines warn of disruption if Britain is cut out of Europe''s single aviation market. The need to create a British regulatory system will require legislation, piling up an already daunting workload for lawmakers now further delayed by the June election. "It will take a phenomenal amount of parliamentary time and this new parliament (after the election) will be much, much more busy than anything we''ve seen in the last two years," said Leslie. "There are a whole array of areas that lots of people haven''t quite got their heads around yet." (Additional reporting by William James; Editing by Guy Faulconbridge and Sonya Hepinstall)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-regulations-idINKBN17S1OG'|'2017-04-26T20:54:00.000+03:00'|3221.0|''|-1.0|'' 3222|'b46cc3643aad20ea5c1c415571e46bbffd0833f3'|'REFILE-U.S. prosecutors to monitor corporate cases after failed FedEx trial'|'(Refiles to fix garbled words in second paragraph)By Dan LevineSAN FRANCISCO, April 17 The U.S. Justice Department in San Francisco has instituted new oversight for complex cases, a federal prosecutor said, following a failed drug conspiracy prosecution against delivery service FedEx Corp .U.S. Attorney Brian Stretch, in an interview with Reuters last week, said his staff has identified about 20 of the office''s most complex cases to undergo "investigative progress reviews." He declined to identify any specific matters but said such cases would likely include corporate fraud and complicated drug investigations.Every two months, the lead prosecutor assigned to such a case will meet with supervisors in the office, including the U.S. attorney, Stretch said. Management will receive regular updates on the investigation, help decide novel legal issues, and ensure the case receives proper resources."This allows everybody in chain to be sharing in real time a lot of the decisions on these larger investigations," Stretch said.The new protocols were put in place after Stretch ordered a review of the FedEx case to improve future prosecutions. In that case, prosecutors obtained a grand jury indictment in 2014 against the courier service alleging it had knowingly helped internet pharmacies ship illegal pills. The Justice Department abruptly dropped all charges four days into trial last year amid evidence the company had actually tried to cooperate with the government on combating such pharmacies.The judge commended the decision, saying it was clear FedEx was "factually innocent." An attorney for FedEx called the prosecution "an epic institutional failure."Stretch''s office is currently investigating a phony accounts scandal at Wells Fargo & Co.John Zach, a former federal prosecutor in Manhattan who investigated SAC Capital, said unit chiefs in that U.S. attorneys office closely monitored cases but line prosecutors did not usually meet with top officials until it was time to decide if someone would face charges.The problem in the FedEx case was that prosecutors, including supervisors, did not recognize the significance of cooperation evidence that FedEx had highlighted before the company was charged, FedEx attorney Cristina Arguedas said.The new oversight system "is certainly a good idea," Arguedas said, although its success will depend on whether supervisors look at the actual evidence or rely on a single prosecutor''s interpretation.Stretch declined to comment on FedEx case details, but said no one wants to have to dismiss a case during trial."It is my expectation that this new review process can only aid with such situations," he said. (Reporting by Dan Levine; Editing by Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fedex-doj-idINL1N1HP11S'|'2017-04-17T21:12:00.000+03:00'|3222.0|''|-1.0|'' 3223|'6e9444ecdf4e5b56b779df830948918d11bf8bdc'|'United changes crew booking policy after passenger dragged off plane'|'Aerospace & Defense - Fri Apr 14, 2017 - 9:15pm EDT United changes crew booking policy after passenger dragged off plane A United Airline Airbus A320 aircraft lands at O''Hare International Airport in Chicago, Illinois, U.S., April 11, 2017. REUTERS/Kamil Krzaczynski United Airlines said on Friday it is changing its policy on booking its own flight crews onto its planes after a man was dragged off an overbooked flight to make way for a United employee on Sunday, video of which went viral and made the airline the target of global criticism and ridicule. The airline, owned by United Continental Holdings Inc ( UAL.N ), said it would make sure crews traveling on their aircraft are booked into seats at least 60 minutes before departure, in an emailed statement. It said the new policy would ensure that a situation in which a passenger is forcibly removed from a plane does not occur again. United said the change is an initial step as it reviews policies in order to "deliver the best customer experience." The passenger ejected from the plane, David Dao, suffered a significant concussion, a broken nose and lost two front teeth in the incident, and he will need reconstructive surgery, according to his attorney, Thomas Demetrio, who has signaled that Dao will likely sue the airline. United''s board on Friday apologized to Dao and his family, and said it stands behind Chief Executive Oscar Munoz, who has been under fire in the wake of the incident. Munoz has said he has no plans to resign. Even before this week, Munoz was under pressure from activist investors to improve the airline''s performance, including its customer relations. In an unrelated yet bizarre incident, a United passenger complained that a scorpion stung him during a flight from Texas, also on Sunday. A physician on the ground assured the crew that "it was not a life-threatening matter," United spokeswoman Maddie King said in an email on Friday, adding that the airline is "reaching out to the customer to apologize and discuss the matter." (Reporting by Sangameswaran S in Bengaluru; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-ual-crew-idUSKBN17H00M'|'2017-04-15T09:15:00.000+03:00'|3223.0|''|-1.0|'' 3224|'b8b725eb0b0ed6a882ad398970ed3bbb82996b35'|'Boehringer eyes marked sales gain, boosted by animal health'|'Company News 35am EDT Boehringer eyes marked sales gain, boosted by animal health INGELHEIM, Germany, April 5 Boehringer Ingelheim, Germany''s second-largest drugmaker, said on Wednesday it was targeting a marked gain in 2017 revenues, boosted by new animal health businesses it acquired from Sanofi. Unlisted Boehringer on Jan. 1 wrapped up an asset swap that saw Boehringer take Sanofi''s $13.5 billion animal care subsidiary, making it Europe''s largest player in the industry. In return, Sanofi obtained the German company''s consumer health care business unit, valued at nearly $8 billion, plus a $5.5 billion cash payment from Boehringer. Boehringer, which invented mass production of baking powder in the 1890s and which collaborates on diabetes drugs with Eli Lilly, posted a 7.1 percent gain in sales to 15.9 billion euros ($17.0 billion) last year. Operating income jumped 27 percent to 2.9 billion euros, helped by an upfront payment of almost $600 million from U.S. drugmaker AbbVie for the marketing rights to a promising experimental psoriasis treatment. ($1 = 0.9368 euros) (Reporting by Patricia Weiss; Writing by Ludwig Burger; Editing by Maria Sheahan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/boehringer-results-idUSF9N1GT00T'|'2017-04-05T16:35:00.000+03:00'|3224.0|''|-1.0|'' -3225|'e23bf1f8f4c3b6b32523cd7a554953c5eedc5a60'|'U.S. Congress takes steps to push budget deadline, avert shutdown'|'By Richard Cowan - WASHINGTON WASHINGTON The U.S. Congress began moving to extend Friday''s budget deadline until May 5 and is expected to pass legislation allowing more time to finalize a spending deal to fund the federal government through September and avoid a shutdown.House Appropriations Committee Chairman Rodney Frelinghuysen introduced a bill late on Wednesday night to fund government operations at current levels for one more week, giving leading Republicans and Democrats time to finish negotiations on a spending plan for the rest of the fiscal year ending on Sept. 30.Without the congressional extension or a longer-term funding bill, federal agencies will run out of money by midnight Friday, likely triggering abrupt layoffs of hundreds of thousands of federal government workers until funding resumes.The last government shutdown, in 2013, lasted for 17 days, and many lawmakers are nervous at the prospect of another."I am optimistic that a final funding package will be completed soon," Frelinghuysen, a New Jersey Republican, said in a statement.Negotiators spent Wednesday racing against the clock to resolve remaining disputes in the massive spending bill amid talks that have already handed Democrats at least two major victories despite Republican control of Congress.President Donald Trump, also a Republican, gave in to Democratic demands that the spending bill not include money to start building the wall he wants to erect on the U.S.-Mexico border. His administration also agreed to continue funding for a major component of the Affordable Care Act, commonly known as Obamacare, despite vows to end the program.It remained unclear whether Republicans would prevail in their effort to significantly increase defense spending without similar increases to other domestic programs. Trump has proposed a $30 billion spending boost for the Pentagon for the rest of this fiscal year.Such funding disputes could resurface later in spending bills for the next fiscal year starting in October.Other disagreements must also still be ironed out in the current plan, including funding to make a healthcare program for coal miners permanent and to plug a gap in Puerto Rico''s Medicaid program, the government health insurance program for the poor.Additional "riders" on other issues could also be tucked into the legislation, which must pass both the U.S. House of Representatives and the Senate.Although Republicans control both chambers of Congress, they hold just 52 seats in the Senate and will need support from some Democrats to win the 60 votes needed there to pass the bill. Susan Cornwell and Amanda Becker in Washington and Caroline Humer in New York; Editing by Peter Cooney and Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-budget-idINKBN17T23C'|'2017-04-27T21:49:00.000+03:00'|3225.0|''|-1.0|'' +3225|'e23bf1f8f4c3b6b32523cd7a554953c5eedc5a60'|'U.S. Congress takes steps to push budget deadline, avert shutdown'|'By Richard Cowan - WASHINGTON WASHINGTON The U.S. Congress began moving to extend Friday''s budget deadline until May 5 and is expected to pass legislation allowing more time to finalize a spending deal to fund the federal government through September and avoid a shutdown.House Appropriations Committee Chairman Rodney Frelinghuysen introduced a bill late on Wednesday night to fund government operations at current levels for one more week, giving leading Republicans and Democrats time to finish negotiations on a spending plan for the rest of the fiscal year ending on Sept. 30.Without the congressional extension or a longer-term funding bill, federal agencies will run out of money by midnight Friday, likely triggering abrupt layoffs of hundreds of thousands of federal government workers until funding resumes.The last government shutdown, in 2013, lasted for 17 days, and many lawmakers are nervous at the prospect of another."I am optimistic that a final funding package will be completed soon," Frelinghuysen, a New Jersey Republican, said in a statement.Negotiators spent Wednesday racing against the clock to resolve remaining disputes in the massive spending bill amid talks that have already handed Democrats at least two major victories despite Republican control of Congress.President Donald Trump, also a Republican, gave in to Democratic demands that the spending bill not include money to start building the wall he wants to erect on the U.S.-Mexico border. His administration also agreed to continue funding for a major component of the Affordable Care Act, commonly known as Obamacare, despite vows to end the program.It remained unclear whether Republicans would prevail in their effort to significantly increase defense spending without similar increases to other domestic programs. Trump has proposed a $30 billion spending boost for the Pentagon for the rest of this fiscal year.Such funding disputes could resurface later in spending bills for the next fiscal year starting in October.Other disagreements must also still be ironed out in the current plan, including funding to make a healthcare program for coal miners permanent and to plug a gap in Puerto Rico''s Medicaid program, the government health insurance program for the poor.Additional "riders" on other issues could also be tucked into the legislation, which must pass both the U.S. House of Representatives and the Senate.Although Republicans control both chambers of Congress, they hold just 52 seats in the Senate and will need support from some Democrats to win the 60 votes needed there to pass the bill. Susan Cornwell and Amanda Becker in Washington and Caroline Humer in New York; Editing by Peter Cooney and Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-budget-idINKBN17T23C'|'2017-04-27T21:49:00.000+03:00'|3225.0|4.0|0.0|'' 3226|'38ee22706ffb838e4ae9e3414207e299ce23a346'|'Wells Fargo tests Facebook chatbot'|'NEW YORK Wells Fargo & Company ( WFC.N ) is testing a "chatbot", an automated program that can communicate with the bank''s customers on Facebook''s ( FB.O ) messaging platform to give them information on their accounts and help them reset their passwords.The U.S. bank said on Tuesday that it is piloting the virtual assistant with several hundred employees, and plans to extend testing to a few thousand customers later this spring.Wells Fargo''s chatbot will use artificial intelligence to respond to natural language messages from users, such as how much money they have in their accounts, and where the nearest bank ATM is.Chatbots have risen in popularity in finance and other industries over the past few months because recent improvements in artificial intelligence have made them better at interacting and interpreting human language.Banks and other financial firms are hopeful chatbots can be used to provide better and continuous customer service at the fraction of the cost of large call centers populated by humans.French bank Societe Generale ( SOGN.PA ), for example, recently revealed that it was working with startup Personetics Technologies to develop chatbots that could answer queries about equity funds in its Romanian banking unit.Money transfer startup TransferWise in February launched a Facebook chatbot that enables customers to send money to friends and family internationally from Facebook Messenger.In March U.S. bank Capital One Financial Corp ( COF.N ) launched a chatbot named "Eno", which can answer questions on their recent account balances or help pay off credit card bills.Wells Fargo''s chatbot, which does not yet have a name, comes as the bank ramps up its development of artificial intelligence-based technology.In February it created a dedicated AI team to create technology, such as the new chatbot, that can help the bank provide more personalized customer service through its bankers and online."AI technology allows us to take an experience that would have required our customers to navigate through several pages on our website, and turn it into a simple conversation in a chat environment," said Steve Ellis, head of Wells Fargo''s Innovation Group, where the company''s AI team is based.Facebook opened up its Messenger app to developers to create chatbots in April 2016 in a bid to expand its reach in customer service and enterprise transactions.(Reporting by Anna Irrera; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-wells-fargo-chatbot-idUSKBN17K2GI'|'2017-04-19T05:02:00.000+03:00'|3226.0|''|-1.0|'' 3227|'688368f2ef53567313128893a6d37c21230bfbfb'|'IranAir may receive first Boeing jet sooner than planned'|' 12am BST IranAir may receive first Boeing jet sooner than planned PARIS/DUBAI IranAir may get its first new Boeing ( BA.N ) jetliner a year earlier than expected under a deal to take jets originally bought by cash-strapped Turkish Airlines, Iranian media and industry sources said. Iran had been expected to receive the first of 80 aircraft ordered from the U.S. planemaker in April 2018, but at least one brand-new aircraft is reported to be sitting unused because it is no longer needed by the Turkish carrier. Industry sources said Boeing was in negotiations to release at least one 777-300ER originally built for Turkish Airlines, which is deferring deliveries due to weaker traffic following last year''s failed coup attempt in Turkey. Boeing said it never comments on talks with customers. The airlines involved were not immediately available for comment. Iran''s Deputy Roads and Urban Development Minister Asghar Fakhrieh-Kashan told the semi-official Mehr news agency the first Boeing 777 aircraft would reach Tehran within a month. It would be the first new U.S.-built jet delivered to Iran since the 1979 Islamic revolution. The long-haul 777 is worth $347 million (280 million) at list prices but is likely to have been sold for less than half that, according to industry estimates. IranAir has also ordered 100 aircraft from Europe''s Airbus ( AIR.PA ) under a deal to lift most sanctions in return for curbs on Iran''s nuclear programme. Its return to the aviation market after decades of sanctions comes at a time when airlines elsewhere are having second thoughts about purchases due to concerns about the economy and looming over-capacity among wide-body jets. That trend has made a number of unused jets available for quick delivery at competitive prices, including three Airbus jets recently delivered to Iran, and has allowed IranAir to jump the usual waiting list of several years. The government of pragmatist President Hassan Rouhani is seen as keen to showcase results from the sanctions deal ahead of a May election at which challengers include hardline Shi''ite cleric Ebrahim Raisi. Aviation sources say the first aircraft were paid directly from Iranian funds, but doubts remain over credit financing needed to secure almost 180 jets still on order. Western banks continue to shy away from financing deals between IranAir and Western companies, fearing U.S. banking sanctions that remain in force or a new chill in relations between Tehran and the West under U.S. President Donald Trump. Boeing has stressed the benefits to U.S. jobs of the plane deals. Fakhrieh-Kashan was meanwhile quoted on Monday as saying IranAir had reached a long-awaited agreement to buy 20 European turboprops from ATR ( LDOF.MI )( AIR.PA ). Talks over maintenance with engine maker Pratt & Whitney Canada ( UTX.N ) had delayed a final deal. It was not immediately clear whether the official was referring to an earlier deal for the planes or the final contract including engine overhaul. ATR said on Sunday it was still in talks with IranAir. (Reporting by Tim Hepher and Dubai newsroom; Editing by Biju Dwarakanath and Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iran-aircraft-idUKKBN17C0IB'|'2017-04-10T15:12:00.000+03:00'|3227.0|''|-1.0|'' 3228|'b646f762f54505d4ac0825ce54f279e8e3005aa9'|'Bank of Japan most upbeat on economy in nine years, but warns stimulus exit distant'|' 11am BST BOJ most upbeat on economy in nine years, but warns stimulus exit distant left right A man riding a bicycle rides past the Bank of Japan building in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon 1/2 left right Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon 2/2 By Leika Kihara - TOKYO TOKYO The Bank of Japan offered its most optimistic assessment of the economy in nine years at its policy meeting on Thursday and described recent weakness in inflation as temporary, signaling confidence a sustained recovery will help achieve its ambitious price target. The BOJ kept its policy unchanged, as expected, but Governor Haruhiko Kuroda conceded that public perceptions of future price rises remained subdued, suggesting the central bank will significantly lag its U.S. and European peers in exiting its massive stimulus program. The optimism about the economy and caution over the inflation outlook show the BOJ prefers to maintain the status quo on monetary policy for the time being, analysts say. "The inflation and growth projections, as well as the upgrade of its economic assessment, were all in line with market forecasts, so there was no surprise at this meeting," said Yasunari Ueno, chief market economist at Mizuho Securities. "As long as the economy maintains its momentum, the BOJ will likely stand pat at least until next spring, when Kuroda serves out his term." The BOJ maintained its short-term interest rate target at minus 0.1 percent and a pledge to guide 10-year government bond yields around zero percent. It also kept intact a loose pledge to buy government bonds so its holdings increase at an annual pace of 80 trillion yen ($719 billion), defying market speculation the guidance could be removed to pave the way for an eventual withdrawal of stimulus. "Japan''s economy has been turning toward a moderate expansion," the BOJ said a quarterly review of its long-term economic and price projections, compared with the previous month''s view that it was "improving moderately as a trend." It was the first time since March 2008 the BOJ used the word "expansion" to describe the state of the economy, signaling its conviction that the recovery was gaining momentum and that it saw no need for additional stimulus. Despite the rosy economic view, Kuroda reminded markets the central bank is nowhere near an exit from its massive stimulus. "We expect inflation to accelerate toward 2 percent but currently, inflation is around zero percent," Kuroda told reporters after the policy meeting. "Talking about a specific exit strategy now would cause undue confusion in markets," he said. "The prerequisite for such debate to happen is for inflation to achieve 2 percent." Kuroda added that the BOJ had no automatic trigger for starting debate on exiting its ultra-loose monetary policy. DOUBTS ABOUT INFLATION In the quarterly review, the BOJ cut its core consumer inflation forecast for the year ending in March 2018, blaming weak services prices and cellphone bill discounts by carriers facing fierce price competition. But it maintained its projection that inflation will reach 2 percent during the fiscal year ending in March 2019 on the view that a tightening job market would gradually push up wages. Many analysts doubt inflation will accelerate as quickly as the BOJ projects, with slow wage growth keeping households from boosting spending. "The BOJ upgraded its economic assessment, but this is due more to overseas demand. Japan''s labor market is tight, but retailers still want to cut prices," said Shuji Tonouchi, senior market economist at Mitsubishi UFJ Morgan Stanley Securities. Kuroda voiced confidence that continued improvements in the economy will eventually boost wages and inflation, but conceded that progress has been slow. "Overall, inflation expectations haven''t shown clear signs of a pick-up. They have bottomed out but haven''t rebounded yet, so we need to look at developments carefully," he said. Japan''s economy has shown signs of life, as exports rose the most in over two years in March and manufacturers'' confidence hit the highest since the global financial crisis a decade ago. But core consumer prices for February rose just 0.2 percent from a year earlier, as weak private consumption has discouraged companies from raising prices. While a pioneer in deploying unorthodox stimulus, the BOJ is likely to lag behind its peers in withdrawing monetary support. The U.S. Federal Reserve is already embarking on interest rate hikes, while the European Central Bank may send a small signal in June towards reducing stimulus. Most analysts polled by Reuters expect the BOJ''s next move to be a tightening of monetary policy, though many do not expect it to happen until next year at the earliest. After more than three years of huge asset purchases failed to accelerate inflation, the BOJ revamped its policy framework last September to one aimed at capping long-term interest rates. (Additional reporting by Stanley White, Tetsushi Kajimoto and Minami Funakoshi; Editing by Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-boj-idUKKBN17T0CE'|'2017-04-27T17:09:00.000+03:00'|3228.0|''|-1.0|'' @@ -3253,15 +3253,15 @@ 3251|'88b8b43cf6b5d4ec27264f547c62dfe18ff43bb6'|'BRIEF-MHP S.A. announces invitation to purchase notes for cash'|' 44am EDT BRIEF-MHP S.A. announces invitation to purchase notes for cash April 18 MHP SA SANTIAGO, April 18 A supervisor at the Salvador copper mine owned by Chile''s Codelco died in an accident on Tuesday, causing the state-owned company to suspend operations at its concentrator plant there. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mhp-sa-announces-invitation-to-pur-idUSASA09J0J'|'2017-04-18T21:44:00.000+03:00'|3251.0|''|-1.0|'' 3252|'660e1e3dc494a51c60d7009ec762aaa102cfc403'|'U.S.-based non-domestic stock funds attract $1.5 bln in week -Lipper'|'Funds News - Thu Apr 20, 2017 - 5:57pm EDT U.S.-based non-domestic stock funds attract $1.5 bln in week -Lipper NEW YORK, April 20 Investors poured $1.5 billion into U.S.-based funds that invest in non-domestic stocks during the latest week, Lipper data showed on Thursday, marking the fifth straight week of inflows. The data, which covers the seven days through April 19, comes days ahead of a presidential election in France that is being closely watched by markets. (Reporting by Trevor Hunnicutt; Editing by Chris Reese) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mutualfunds-lipper-idUSN9N18002O'|'2017-04-21T05:57:00.000+03:00'|3252.0|''|-1.0|'' 3253|'699a13713e60890af17ae419456c8d155013d82f'|'China says trademarks registered equally as Ivanka Trump gets more approved'|'Business News - Wed Apr 19, 2017 - 10:38am BST China says trademarks registered equally as Ivanka Trump gets more approved Ivanka Trump attends a CEO town hall on the American business climate at the Eisenhower Executive Office Building in Washington, U.S., April 4, 2017. REUTERS/Kevin Lamarque BEIJING China''s Foreign Ministry said on Wednesday the government equally handles applications to register trademarks, following a report that the company of the daughter of U.S. President Donald Trump has had new trademarks approved in China. The Associated Press reported that since Trump took office on Jan. 20, Ivanka Trump''s Ivanka Trump Marks LLC has won provisional approval from China for at least five new trademarks, adding to 16 already registered and more than 30 pending applications. The report said that on April 6, when President Trump and Chinese President Xi Jinping were meeting in Florida, Ivanka Trump''s firm won provisional approval from China for three new trademarks, covering jewellery, bags and spa services. Chinese Foreign Ministry spokesman Lu Kang, asked about the report, said there was nothing untoward. "We consistently follow the principle of equally protecting the legal trademark rights of trademark owners of foreign companies and handle the process of relevant trademark registration in accordance with the law and rules," he told a daily news briefing. AP cited a statement from a spokesperson for the Ivanka Trump brand as saying that all 2017 Chinese trademarks were defensive, aimed at preventing counterfeiters or squatters from using her name. China has also granted preliminary approval for 38 trademarks linked to Donald Trump, giving the U.S. president and his family protection were they to develop the "Trump" brand in the market. (Reporting by Ben Blanchard; Editing by Robert Birsel)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-usa-trump-trademark-idUKKBN17L11Y'|'2017-04-19T17:38:00.000+03:00'|3253.0|''|-1.0|'' -3254|'b7a0b0b41fd07c049459b2d8829cf1f5c4136fd3'|'Lloyds Banking Group to close 100 branches and cut over 325 jobs'|' 16pm BST Lloyds Banking Group to close 100 branches and cut over 325 jobs A sign is seen outside a branch of Lloyds Bank in central London February 3, 2014. REUTERS/Luke MacGregor LONDON Lloyds Banking Group ( LLOY.L ) plans to close a further 100 branches resulting in the loss of over 325 jobs, the bank said on Wednesday, as part of a strategy to reduce costs. Britain''s biggest mortgage lender said the branch cuts were part of 200 closures announced last July, and the move was in response to changing customer behaviour towards making more online transactions. The Lloyds group has more than 2,000 branches across the United Kingdom, and approximately 75,000 employees, according to its website. The trade union Unite condemned the closures, which it said would affect 54 Lloyds branches, 22 Halifax branches and 24 Bank of Scotland branches. "The continuous stream of branch closures announced by the UK''s retail bank branches appears to show no signs of ending," said Rob MacGregor, Unite national officer. Lloyds earlier this week announced it would reduce some branches to just two staff with tablet computers, in response to fewer customers visiting high street sites and increasingly banking online. The new smaller branches will not have counters, with customers paying in cash and cheques through self-service machines and talking to mortgage advisers through video links. This comes as Lloyds is poised to pass a significant milestone in its recovery from the financial crisis after the government sold more shares in the lender this week and the bank expected to return to private hands next month. A report by lawmakers last month warned Britain''s poor and vulnerable people were hardest hit by bank branch closures, echoing a report by Reuters last June that showed banks were disproportionately closing branches in the lowest-income areas while expanding in wealthier ones. (Reporting by Andrew MacAskill and Lawrence White; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lloyds-jobs-idUKKBN1771CL'|'2017-04-05T19:16:00.000+03:00'|3254.0|''|-1.0|'' +3254|'b7a0b0b41fd07c049459b2d8829cf1f5c4136fd3'|'Lloyds Banking Group to close 100 branches and cut over 325 jobs'|' 16pm BST Lloyds Banking Group to close 100 branches and cut over 325 jobs A sign is seen outside a branch of Lloyds Bank in central London February 3, 2014. REUTERS/Luke MacGregor LONDON Lloyds Banking Group ( LLOY.L ) plans to close a further 100 branches resulting in the loss of over 325 jobs, the bank said on Wednesday, as part of a strategy to reduce costs. Britain''s biggest mortgage lender said the branch cuts were part of 200 closures announced last July, and the move was in response to changing customer behaviour towards making more online transactions. The Lloyds group has more than 2,000 branches across the United Kingdom, and approximately 75,000 employees, according to its website. The trade union Unite condemned the closures, which it said would affect 54 Lloyds branches, 22 Halifax branches and 24 Bank of Scotland branches. "The continuous stream of branch closures announced by the UK''s retail bank branches appears to show no signs of ending," said Rob MacGregor, Unite national officer. Lloyds earlier this week announced it would reduce some branches to just two staff with tablet computers, in response to fewer customers visiting high street sites and increasingly banking online. The new smaller branches will not have counters, with customers paying in cash and cheques through self-service machines and talking to mortgage advisers through video links. This comes as Lloyds is poised to pass a significant milestone in its recovery from the financial crisis after the government sold more shares in the lender this week and the bank expected to return to private hands next month. A report by lawmakers last month warned Britain''s poor and vulnerable people were hardest hit by bank branch closures, echoing a report by Reuters last June that showed banks were disproportionately closing branches in the lowest-income areas while expanding in wealthier ones. (Reporting by Andrew MacAskill and Lawrence White; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lloyds-jobs-idUKKBN1771CL'|'2017-04-05T19:16:00.000+03:00'|3254.0|11.0|0.0|'' 3255|'2c67d9b66cdfff7f58b42f6a88f70e38961be810'|'Shell says it knew some payments for Nigeria oilfield would go to Malabu'|' 12:25pm BST Shell says it knew some payments for Nigeria oilfield would go to Malabu Staff members work at the booth of Royal Dutch Shell at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai By Libby George - LONDON LONDON Royal Dutch Shell ( RDSa.L ) has said it knew that some of the payments it made to Nigeria for the rights to an oilfield would go to Malabu Oil and Gas, a company associated with a former Nigerian oil minister and convicted money launderer. Shell spokesman Andy Norman said the group had known the Nigerian government "would compensate Malabu to settle its claim on the block". Shell previously had said only that its payments from the 2011 deal went to the Nigerian government. In an email to Reuters, Norman said that while Shell knew that former oil minister Dan Etete was "involved" with Malabu, it had not confirmed that he controlled the company. Etete was convicted of money laundering in a separate case in France in 2007. Attempts by Reuters to contact Etete have been unsuccessful. "Over time it became clear to us that Etete was involved in Malabu and that the only way to resolve the impasse through a negotiated settlement was to engage with Etete and Malabu, whether we liked it or not," Norman said. Norman added that the company believes the settlement was a fully legal transaction with the Nigerian government. The statement comes amid mounting pressure over the deal, in which Shell and Italy''s Eni ( ENI.MI ) paid $1.3 billion (1.04 billion pounds) for the rights to offshore block OPL 245, which industry estimates say could hold more than 9 billion barrels of oil. Courts in Nigeria and Italy are investigating the purchase of the block. Italian prosecutors have asked for Eni chief Claudio Descalzi to be sent to trial in correction with the case. Eni has said neither the company nor Descalzi were involved in any allegedly illicit conduct. A Nigerian court ordered the asset temporarily seized in January at the request of the country''s Economic and Financial Crimes Commission, but the move was overturned. (Additional reporting by Alexis Akwagyiram in Lagos, Stephen Jewkes in Milan and Karolin Schaps in London; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-nigeria-idUKKBN17D1AS'|'2017-04-11T19:25:00.000+03:00'|3255.0|''|-1.0|'' 3256|'597f5d1be43e9417ed32105780e5980dc1751cb4'|'Las Vegas sports gambler Walters convicted of insider trading'|'U.S. - Fri Apr 7, 2017 - 2:24pm EDT Las Vegas sports gambler Walters convicted of insider trading FILE PHOTO: Professional sports gambler William ''''Billy'''' Walters departs Federal Court after a hearing in Manhattan, New York City, New York, U.S., July 29, 2016. REUTERS/Andrew Kelly/File Photo NEW YORK Famed Las Vegas sports gambler William "Billy" Walters was convicted on Friday of charges that he made more than $40 million through an insider trading scheme that prosecutors said involved a stock tip to star professional golfer Phil Mickelson. Walters, who built a fortune as one of the most successful sports bettors in the United States, was found guilty by a federal jury in Manhattan on all 10 counts he faced, including securities fraud, wire fraud and conspiracy. (Reporting By Nate Raymond and Brendan Pierson in New York; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-insidertrading-walters-idUSKBN1792T7'|'2017-04-08T02:24:00.000+03:00'|3256.0|''|-1.0|'' 3257|'503820daf4efbfe8c46d169ea5e40ea1b7e39657'|'U.S. 5-year note sold at lowest yield since November'|'NEW YORK, April 26 The U.S. Treasury Department on Wednesday sold $34 billion in five-year government debt to soft investor demand for a yield of 1.875 percent, the lowest at a five-year note auction since November, Treasury data showed.The Treasury awarded investment funds, foreign central banks and other indirect bidders 57.29 percent of the latest five-year note offering, which was their smallest award since last July. (Reporting by Richard Leong, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-5year-idINL1N1HY1FK'|'2017-04-26T15:13:00.000+03:00'|3257.0|''|-1.0|'' -3258|'93139bdc51e9f621b540b30c710db36ba106ad53'|'Unilever picks Morgan Stanley and Goldman to sell spreads business - sources'|' 12:59pm BST Unilever picks Morgan Stanley and Goldman to sell spreads business - sources The logo of the Unilever group is seen at the Miko factory in Saint-Dizier, France, May 4, 2016. REUTERS/Philippe Wojazer/File Photo By Pamela Barbaglia and Martinne Geller - LONDON LONDON Anglo-Dutch consumer group Unilever ( ULVR.L ) has decided to work with Morgan Stanley and Goldman Sachs on the sale of its margarine and spreads business, which was announced last week, sources told Reuters on Thursday. The sale, which could fetch as much as 6 billion pounds, is expected to kick off later this year, the sources said, following a far-reaching review of Unilever''s business prompted by February''s unsolicited $143 billion takeover offer from Kraft Heinz ( KHC.O ). Morgan Stanley and Goldman Sachs are mainly targeting private equity bidders which could team up in large consortia to finance the bid, said the sources, who declined to be identified as the process is private. Unilever and Morgan Stanley declined to comment while Goldman Sachs was not immediately available to comment. Goldman and Morgan Stanley have both worked with Unilever on deals in the past. Morgan Stanley worked on Unilever''s defence against Kraft. Unilever said last week that it planned to sell the spreads business by year-end, but would also prepare it for a spin-off if a sale could not be completed. (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-unilever-m-a-spreads-idUKKBN17F1GJ'|'2017-04-13T19:59:00.000+03:00'|3258.0|''|-1.0|'' +3258|'93139bdc51e9f621b540b30c710db36ba106ad53'|'Unilever picks Morgan Stanley and Goldman to sell spreads business - sources'|' 12:59pm BST Unilever picks Morgan Stanley and Goldman to sell spreads business - sources The logo of the Unilever group is seen at the Miko factory in Saint-Dizier, France, May 4, 2016. REUTERS/Philippe Wojazer/File Photo By Pamela Barbaglia and Martinne Geller - LONDON LONDON Anglo-Dutch consumer group Unilever ( ULVR.L ) has decided to work with Morgan Stanley and Goldman Sachs on the sale of its margarine and spreads business, which was announced last week, sources told Reuters on Thursday. The sale, which could fetch as much as 6 billion pounds, is expected to kick off later this year, the sources said, following a far-reaching review of Unilever''s business prompted by February''s unsolicited $143 billion takeover offer from Kraft Heinz ( KHC.O ). Morgan Stanley and Goldman Sachs are mainly targeting private equity bidders which could team up in large consortia to finance the bid, said the sources, who declined to be identified as the process is private. Unilever and Morgan Stanley declined to comment while Goldman Sachs was not immediately available to comment. Goldman and Morgan Stanley have both worked with Unilever on deals in the past. Morgan Stanley worked on Unilever''s defence against Kraft. Unilever said last week that it planned to sell the spreads business by year-end, but would also prepare it for a spin-off if a sale could not be completed. (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-unilever-m-a-spreads-idUKKBN17F1GJ'|'2017-04-13T19:59:00.000+03:00'|3258.0|4.0|4.0|'' 3259|'ecbe6123483c081b6d967cb36801d912ebca881d'|'Norway''s sovereign fund backs Credit Suisse executive pay'|' 55am EDT Norway''s sovereign fund backs Credit Suisse executive pay OSLO, April 18 Norway''s $915 billion sovereign wealth fund, the world''s largest, will vote in favour of Credit Suisse''s planned payouts to senior managers following a recent bonus cut, the fund said in a statement on Tuesday. "The board has listened to shareholder concerns related to remuneration resolutions ... Norges Bank Investment Management welcomes the announcement made by the board on 13 April regarding a revision of executive remuneration," the fund added. Shareholder advisory service Glass Lewis separately said on Tuesday the concessions offered by Credit Suisse were "too little too late". (Reporting by Terje Solsvik, editing by Camilla Knudsen)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/credit-suisse-gp-agm-norway-idUSO9N1GM01R'|'2017-04-18T21:55:00.000+03:00'|3259.0|''|-1.0|'' 3260|'5b6e5f4a6420b891b023ad622dcfc272adcbad57'|'Sterling slips ahead of statement by UK prime minister'|'FRB 34am EDT Sterling slips ahead of statement by May A pile of one pound coins is seen in a photo illustration shot June 17, 2008. REUTERS/Toby Melville/Illustration/File Photo LONDON Sterling fell by almost a cent against the dollar on Tuesday after British Prime Minister Theresa May''s office said she would make a statement outside Downing Street at 10.15 GMT. Sterling fell as low as $1.2515 from around $1.26 as investors awaited the statement, which follows media reports that some senior Conservatives favour calling an early parliamentary election. It earlier hit a three-week high of $1.2608. The pound also hit the day''s low of 85.11 pence per euro, having earlier touched an eight-week high. It is unusual for leaders to make a statement outside Number 10 Downing Street and most prime ministers only use the setting for major announcements. Her office gave no indication on the subject of Tuesday''s statement. Britain''s FTSE pared losses slightly, last down 1 percent, after sterling dipped to a day''s low. Its majority foreign-earning constituents tend to gain when sterling is weak. British government bonds extended gains, with yields on 10-year debt falling to their lowest since mid-October at 1.007 percent by 0927 GMT, more than 3 basis points down on the day. (Reporting by Jemima Kelly, Patrick Graham, David Milliken and Helen Reid)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uk-britain-sterling-open-idUSKBN17K0UI'|'2017-04-18T17:33:00.000+03:00'|3260.0|''|-1.0|'' 3261|'87a49bd160e15312ad359798f2970668a823af9d'|'Aramco board to meet in Shanghai as it seeks Chinese investors for IPO'|'Business News 53pm BST Aramco board to meet in Shanghai as it seeks Chinese investors for IPO FILE PHOTO: The Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo DUBAI Saudi Aramco''s board will meet in China in May for the first time in seven years, industry sources said, as the state-owned energy firm seeks to lure Chinese and Asian investors to its giant share offering. The board of directors would gather in Shanghai on May 10 to discuss the firm''s business plans, investments and preparations to sell up to 5 percent of Aramco in 2018, the sources said. An annual report of the company''s activities for the previous year is usually issued after the board meeting. The board, which gathers twice a year, often meets abroad but only once before had a meeting in China, in 2010. Aramco has appointed international banks with access to Chinese investors to advise on the initial public offering (IPO). The issue of Aramco''s IPO and a potential role for Chinese investors was discussed last month during the visit by Saudi Arabia''s King Salman to Beijing, sources said. The IPO could generate up to $100 billion and give Aramco an overall valuation of $2 trillion, the biggest ever. "Chinese participation in Aramco''s IPO would be very logical and strategic," said Sadad al-Husseini an energy analyst and former Aramco executive. Saudi officials have said Chinese companies were interested in investing in the Aramco IPO as Beijing seeks to secure crude supplies from the worlds biggest oil exporter. "There is a serious push from Aramco for Chinese investors to become cornerstone investors in the IPO," an industry source said. A second source said talks were at an early stage and any Chinese investment in Aramco would likely be in coordination with the Beijing government. Aramco is likely to be listed on the Saudi stock exchange in Riyadh and on one or more international markets. The kingdom is considering exchanges in New York, London, Toronto and Asia. Industrial and Commercial Bank of China International Holdings, a unit of Industrial and Commercial Bank of China ( 601398.SS ), and China International Capital Corporation (CICC) are among Chinese banks pitching for a role in the IPO, sources familiar with the matter have told Reuters. Chinese participation in the IPO could strengthen Riyadh''s hand in other Chinese investment decisions, the sources said. Aramco has been in talks for years to invest in refineries in China so it can sell more of its crude to China. Those plans have yet to progress. The board, which often tours Aramco''s investments where they meet, also comes before the Organization of the Petroleum Exporting Countries gathers in Vienna on May 25 to decide on output policy. An OPEC-led pact to cut supplies ends in June. The nine-member board includes Saudi Energy Minister and Aramco Chairman Khalid al-Falih, Minister of State Ibrahim al-Assaf, Aramco CEO Amin Nasser, Public Investment Fund Managing Director Yasir al-Rumayyan and royal court adviser Majid al-Moneef. It also includes former Royal Dutch Shell Chairman Mark Moody-Stuart and former Schlumberger head Andrew Gould. (Reporting by Reem Shamseddine in Khobar, Rania El Gamal in Dubai and Aizhu Chen in Beijing; Editing by Dmitry Zhdannikov and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-aramco-board-china-idUKKBN17C19V'|'2017-04-10T19:53:00.000+03:00'|3261.0|''|-1.0|'' -3262|'68dd92bd16655743393295afb15506eb70975657'|'Burberry sales growth slows as U.S. weighs on group'|'Business News 7:53am BST Burberry sales growth slows as U.S. weighs on group left right A detail of a handbag is seen at a Burberry store in central London, Britain, July 15, 2015. REUTERS/Toby Melville/File Photo 1/2 left right A kitchen staff member stands outside a boutique of the Burberry luxury goods company in Beijing, China, December 1, 2016. Picture taken December 1, 2016. REUTERS/Thomas Peter 2/2 LONDON British luxury brand Burberry ( BRBY.L ) reported a slight slowdown in its fourth-quarter comparable sales growth rate, as tough conditions in the United States weighed on an "exceptional" performance in its home market. Known for its classic trench coats, Burberry has benefited from tourists taking advantage of a drop in the value of the pound since the Brexit vote in June to buy luxury goods in the British capital rather than other European cities. Burberry said the British market remained strong and it reiterated its full-year profit target, helped by the boost from the weak pound. But comparable sales growth rose just 2 percent in the fourth quarter, below an analyst forecast of 3-4 percent growth, and below a third-quarter rise of 3 percent. "In an uncertain environment, we continue to take action to strengthen the brand and reposition Burberry for growth," Christopher Bailey, chief creative and executive officer, said. "While we have more to do, as we build on our progress so far, we remain confident about Burberry''s prospects in the longer term." Comparable sales in the second half of the year rose 3 percent, with strength in mainland China driving growth in Asia Pacific and an "exceptional" performance in the UK boosting its Europe, Middle East, India and Africa division. Sales in the Americas fell by a "mid single-digit" percentage, where the market has turned highly promotional, while important markets including Hong Kong and Korea also declined. It said it was on track to deliver planned cost savings of 20 million pounds in full-year 2017, which would increase to at least 100 million pounds a year in full-year 2019. (Reporting by Kate Holton, editing by James Davey and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-burberry-outlook-idUKKBN17L0I7'|'2017-04-19T14:53:00.000+03:00'|3262.0|''|-1.0|'' +3262|'68dd92bd16655743393295afb15506eb70975657'|'Burberry sales growth slows as U.S. weighs on group'|'Business News 7:53am BST Burberry sales growth slows as U.S. weighs on group left right A detail of a handbag is seen at a Burberry store in central London, Britain, July 15, 2015. REUTERS/Toby Melville/File Photo 1/2 left right A kitchen staff member stands outside a boutique of the Burberry luxury goods company in Beijing, China, December 1, 2016. Picture taken December 1, 2016. REUTERS/Thomas Peter 2/2 LONDON British luxury brand Burberry ( BRBY.L ) reported a slight slowdown in its fourth-quarter comparable sales growth rate, as tough conditions in the United States weighed on an "exceptional" performance in its home market. Known for its classic trench coats, Burberry has benefited from tourists taking advantage of a drop in the value of the pound since the Brexit vote in June to buy luxury goods in the British capital rather than other European cities. Burberry said the British market remained strong and it reiterated its full-year profit target, helped by the boost from the weak pound. But comparable sales growth rose just 2 percent in the fourth quarter, below an analyst forecast of 3-4 percent growth, and below a third-quarter rise of 3 percent. "In an uncertain environment, we continue to take action to strengthen the brand and reposition Burberry for growth," Christopher Bailey, chief creative and executive officer, said. "While we have more to do, as we build on our progress so far, we remain confident about Burberry''s prospects in the longer term." Comparable sales in the second half of the year rose 3 percent, with strength in mainland China driving growth in Asia Pacific and an "exceptional" performance in the UK boosting its Europe, Middle East, India and Africa division. Sales in the Americas fell by a "mid single-digit" percentage, where the market has turned highly promotional, while important markets including Hong Kong and Korea also declined. It said it was on track to deliver planned cost savings of 20 million pounds in full-year 2017, which would increase to at least 100 million pounds a year in full-year 2019. (Reporting by Kate Holton, editing by James Davey and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-burberry-outlook-idUKKBN17L0I7'|'2017-04-19T14:53:00.000+03:00'|3262.0|12.0|0.0|'' 3263|'0b90c483306d4706046e62baaa99a53b4835fea9'|'CEE MARKETS-Stocks, fx mostly rebound'|' 29am EDT CEE MARKETS-Stocks, fx mostly rebound * Prague stocks buck CEE rise as Moneta trades ex-div * Daimler earnings, dollar retreat cause some improvement in mood * Geopolitical concerns may return * Hungarian bonds firm, still helped by Tuesday''s CPI data By Sandor Peto BUDAPEST, April 12 Central European currencies and equities mostly firmed on Wednesday as investors took a breath after selling risky assets in recent weeks due to geopolitical worries. Market participants were split as to whether sentiment towards emerging markets had actually improved, or the selling had merely lost some steam. A surge in the profit of German auto maker Daimler , which has a big Mercedes-Benz production plant in Hungary, improved the mood across European stock markets, said Monika Kiss, analyst at Equilor Brokerage in Budapest. The dollar, whose strength against the euro has also weighed on Central European currencies in recent weeks, has also retreated slightly this week. "I would say one-off factors are causing today''s relief rather than a sentiment change," Kiss said, adding that geopolitical risks could continue to cast a shadow on markets in the region and in the world. A Budapest-based fixed income trader saw a slight improvement in risk sentiment and said worries that France''s far-right may win the upcoming presidential election there seemed to have eased somewhat. "Remaining worries seem to have shifted towards others (emerging markets)... while Central Europe looks a bit decoupled," the trader added. The forint and the zloty firmed 0.1 percent against the euro in morning trade, rebounding from a one-month and a one-week low touched on Tuesday. The crown stood slightly weaker against the euro at 26.681, off morning lows, taking a respite after increased volatility since the Czech central bank removed its cap at 27, letting it firm after a rise in inflation in the past months. Prague''s stock index fell 0.9 percent, while other regional stock indices mostly rose or were flat. The decline was down to one share, Moneta Bank, which shed more than 8 percent to hit its lowest level since January as it traded ex-dividend. A rise in the stocks of OTP Bank and pharmaceuticals company Richter helped Budapest''s index gain 0.7 percent. Hungarian government bond yields dropped by a few basis points, with 10-year paper trading at 3.28 percent, down 2 basis points. Hungarian debt got some help, and the forint came under some pressure, from lower-than-expected 2.7 percent annual inflation reported on Tuesday. The central bank is expected to confirm its loose policy stance in the minutes of its March rate-setting meeting which it is due to publish at 1200 GMT. Department head Judit Varhegyi told state television M1 on Wednesday that the bank expected a slowdown in inflation in the coming months. CEE SNAPS AT 1026 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 26.68 26.66 -0.07 1.22% 10 10 % Hungary 311.7 312.0 +0.1 -0.93 forint 200 650 1% % Polish 4.248 4.251 +0.0 3.65% zloty 8 5 6% Romanian 4.513 4.515 +0.0 0.48% leu 5 1 4% Croatian 7.431 7.428 -0.03 1.67% kuna 0 5 % Serbian 123.6 123.7 +0.1 -0.22 dinar 200 550 1% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 984.5 992.9 -0.85 +6.8 0 5 % 2% Budapest 32438 32199 +0.7 +1.3 .86 .15 4% 6% Warsaw 2223. 2221. +0.0 +14. 11 82 6% 13% Bucharest 8211. 8200. +0.1 +15. 40 18 4% 90% Ljubljana 781.7 781.1 +0.0 +8.9 2 5 7% 4% Zagreb 1918. 1939. -1.11 -3.85 11 72 % % Belgrade <.BELEX15 736.3 734.0 +0.3 +2.6 > 9 0 3% 5% Sofia 658.5 656.4 +0.3 +12. 9 5 3% 30% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year 2 bps s 5-year bps s 10-year bps s Poland 2-year bps s 5-year bps s 10-year bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.3 0.34 0.44 0 PRIBOR=> Hungary < 0.2 0.26 0.33 0.16 BUBOR=> Poland < 1.75 1.78 1.81 1.73 WIBOR=> Note: FRA are for quotes ask prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/easteurope-markets-idUSL8N1HK1VQ'|'2017-04-12T17:29:00.000+03:00'|3263.0|''|-1.0|'' 3264|'8ade1ed0d5e6a247174246a05cecfcb866d96f72'|'Exclusive: U.S. regulator removes top examiner for Wells Fargo - sources'|'By Patrick Rucker - WASHINGTON WASHINGTON The most senior bank examiner for Wells Fargo & Co ( WFC.N ) has been removed by a U.S. regulator in the wake of the bank''s unauthorised accounts scandal, people familiar with the matter told Reuters this week.The Office of the Comptroller of the Currency, the lead regulator for national banks, stripped the examiner, Bradley Linskens, of his supervisory powers within the last two weeks, said three sources, who were not authorized to discuss the matter publicly.Linskens did not immediately respond to requests for comment. OCC spokesman Bryan Hubbard declined to comment.Wells Fargo''s board is expected to release a report on Monday detailing what went wrong at the fourth-largest U.S. bank, according to sources familiar with the matter. The bank and its board both declined to comment.In September, Wells Fargo reached a $190 million settlement with the OCC and other regulators over its opening millions of accounts in customers'' names without their permission. At the time, the bank said as many as 2 million accounts were affected, but has since said the number might be larger.The report is the result of a seven-month investigation by Wells Fargo''s board of directors into how and why the sales abuses happened. Thousands of employees were dismissed over the matter, and several have publicly said they opened the fake accounts to hit aggressive sales targets set by managers.Wells Fargo now faces probes from other government agencies including the Department of Justice, which is investigating whether any laws were broken.Linskens was responsible for day-to-day supervision of Wells Fargo and managed a staff of more than 60 people, according to past notices from the OCC. He joined the OCC in 1993 and earliest oversight of Wells Fargo began in 2006.In 2016, Linskens was honoured with the title "senior national bank examiner" and received accolades in a news release from Comptroller Thomas Curry, who runs the OCC.In September, Curry ordered an internal review of how the OCC handled the Wells Fargo matter and whether the agency has "gaps in our supervision."That review is drawing to a close, said an OCC official.(Reporting by Patrick Rucker; Editing by Lauren Tara LaCapra and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/wells-fargo-accounts-examiner-idINKBN1792XP'|'2017-04-07T17:28:00.000+03:00'|3264.0|''|-1.0|'' 3265|'733ba0b6a542882b90e1915e67149c3b48b97b2d'|'BRIEF-RealPage Inc amends credit agreement'|' 40pm EDT BRIEF-RealPage Inc amends credit agreement April 4 RealPage Inc * RealPage Inc - on April 3, 2017, co entered into fourth amendment to credit agreement - sec filing * RealPage Inc - amendment amends certain terms of RealPage Inc ''s credit agreement, dated as of september 30, 2014 * RealPage Inc -Amendment to provide for additional pricing tier for interest rates, fees if co''s consolidated net leverage ratio equals or exceeds 4.00 to 1.00 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-realpage-inc-amends-credit-agreeme-idUSFWN1HC0MB'|'2017-04-05T04:40:00.000+03:00'|3265.0|''|-1.0|'' @@ -3347,14 +3347,14 @@ 3345|'eddd54aa69cebb113818a52a8bdb72d3b6bd9261'|'UPDATE 1-Amazon adds video calling with Echo Show'|' 07pm EDT UPDATE 1-Amazon adds video calling with Echo Show (Adds analyst comment) May 9 Amazon.com Inc launched Echo Show, a touchscreen device that will allow users to video call and watch clips from CNN, the latest in the company''s series of popular Echo voice-controlled speakers. The device, which will go on sale in June for about $230, will feature Alexa, Amazon''s voice-controlled aide, that can be used to play music, order an Uber or turn on the house lights. ( amzn.to/2qn14Ue ) Echo Show will allow video conferencing between users having an Echo device or the Alexa app. It is the first to support the feature, which is absent in similar devices offered by rivals such as Alphabet Inc''s unit Google. "Putting a semi-permanent ambient device in the home that can make and receive video calls is an interesting evolution which should prove compelling," said Jackdaw Research analyst Jan Dawson. Tuesday''s launch of the Echo Show is Amazon''s latest effort to make Alexa a key part of its customers'' lives and dominate the nascent voice-powered computing market. "What we''re seeing is Amazon using its smart original foray into and early dominance of this space as a beachhead to spread into lots of other areas," Dawson said. A study by research firm eMarketer showed that Amazon Echo and Echo Dot devices will claim a 70.6 percent share of the U.S. market this year, well ahead of Google Home''s 23.8 percent share. Amazon unveiled a voice-controlled camera, the Echo Look, last month alongside an app that recommends outfits for users. The launch comes a day after Microsoft Corp said it was developing a voice-activated speaker in collaboration with Samsung Electronics Co Ltd''s unit Harman Kardon. (Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/amazoncom-echo-show-idUSL4N1IB5AJ'|'2017-05-10T02:07:00.000+03:00'|3345.0|''|-1.0|'' 3346|'dffca5bd5a706e4b63dac75a606a24c39b5bfcda'|'Tate & Lyle profit jumps on weak sterling'|'Business News - Thu May 25, 2017 - 7:29am BST Tate & Lyle profit jumps on weak sterling LONDON British food ingredients maker Tate & Lyle reported higher full-year sales and earnings on Thursday, helped by an improving business performance and a weaker British currency. The company, which sells corn syrup and other ingredients to food and drink makers, said sales rose 17 percent to 2.75 billion pounds in the year to the end of March. The weaker pound helped propel profit before tax 85 percent higher to 233 million pounds, with earnings per share more than doubling to 54.2 pence. Excluding the impact of sterling, profit rose 20 percent, with margins rising in both parts of Tate''s business. (Reporting by Martinne Geller; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tate-lyle-results-idUKKBN18L0MK'|'2017-05-25T14:29:00.000+03:00'|3346.0|''|-1.0|'' 3347|'857517c9b9b7f0ef7eb397e33f5424e08c817d7d'|'J&J ordered to pay $110 million in talc product liability trial'|'Business News - Thu May 4, 2017 - 10:16pm EDT J&J ordered to pay $110 million in U.S. talc-powder trial A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake By Nate Raymond Johnson & Johnson on Thursday was ordered by a Missouri jury to pay over $110 million to a Virginia woman who says she developed ovarian cancer after decades of using of its talc-based products for feminine hygiene. The verdict in state court in St. Louis was the largest so far to arise out of about 2,400 lawsuits accusing J&J of not adequately warning consumers about the cancer risks of talc-based products including its well-known Johnson''s Baby Powder. Many of those lawsuits are pending in St. Louis, where the J&J has faced four prior trials, three of which resulted in $197 million verdicts against J&J and a talc supplier. Thursday''s verdict came in a lawsuit against J&J and talc supplier Imerys Talc by Lois Slemp, a resident of Virginia who is currently undergoing chemotherapy after her ovarian cancer initially diagnosed in 2012 returned and spread to her liver. Slemp claimed she developed cancer after four decades of using talc-containing products produced by J&J, including J&J''s Baby Powder and Shower to Shower Powder. The jury awarded $5.4 million in compensatory damages and said J&J was 99 percent at fault while Imerys was just 1 percent. It awarded punitive damages of $105 million against J&J and $50,000 against Imerys. Reuters watched the verdict through Courtroom View Network, which broadcast it online. "Once again we''ve shown that these companies ignored the scientific evidence and continue to deny their responsibilities to the women of America," Ted Meadows, a lawyer for Slemp and other plaintiffs, said in a statement. J&J in a statement said it sympathized with women impacted by ovarian cancer but planned to appeal. "We are preparing for additional trials this year and we continue to defend the safety of Johnson''s Baby Powder," J&J said. The verdict came after J&J secured its first trial win in the Missouri litigation, when a jury in March sided with the company in a lawsuit by a Tennessee woman who said she developed cancer after using Baby Powder. That verdict broke a three-trial winning streak by plaintiffs that began with a verdict in February 2016 in which a jury awarded $72 million to the family of a woman who died from ovarian cancer. In May 2016, another jury awarded $55 million to a woman who said J&J''s talc-powder products caused her to develop cancer. A third jury hit J&J and Imerys with a $70 million verdict in October. The case is Slemp v. Johnson & Johnson, 22nd Judicial Circuit of Missouri, No. 1422-CC09326-01. (Reporting by Nate Raymond in Boston; Editing by Sandra Maler and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-johnson-johnson-cancer-lawsuit-idUSKBN18100F'|'2017-05-05T08:04:00.000+03:00'|3347.0|''|-1.0|'' -3348|'df71e3810ca9cdf017ce39866de65a9b1765326a'|'Don''t want to work until you are 70? You will have to, says WEF - Business'|'The retirement age in Britain and other leading developed countries will need to rise to 70 by the middle of the century to head off the biggest pension crisis in history, according to the World Economic Forum .The body that runs the annual gathering of the global elite in Davos said deficits in the worlds six largest pension systems would more than quadruple to $224tn by 2050 unless people worked longer and saved more.With people born today having a life expectancy of more than 100, the WEF said the cost of providing security in retirement for a rapidly ageing population was the financial equivalent of climate change.It warned the huge and spiralling cost would imperil the incomes of future generations and set the industrial world up for the biggest pension crisis in history.The WEF said it had examined the worlds six biggest pension saving systems the US, the UK, Japan, the Netherlands, Canada and Australia and found that all were coming under strain from an expected global increase in the numbers over-65s rising from 600 million to 2.1 billion in 2050.The anticipated increase in longevity and resulting ageing populations is the financial equivalent of climate change, said Michael Drexler, head of financial and infrastructure systems at the WEF. We must address it now or accept that its adverse consequences will haunt future generations, putting an impossible strain on our children and grandchildren.Forget Brexit, the real challenge is creating enough wealth for an ageing population Read more Adding in China and India, which have the worlds largest populations, the combined savings gap for the eight countries reached $400tn by 2050, a sum five times the size of the current global economy.The report based its estimates of the pension savings gap on the amount of money needed to provide every person with a retirement income equal of 70% of their pre-retirement income. According to the Organisation for Economic Cooperation and Development, a target of 70% of pre-retirement income roughly equates to an unchanged standard of living because once people retire they save less and pay less tax.The WEF said the funding gap would continue to grow at a rate higher than the expected economic growth rate, often 4% to 5% a year, driven in part by the effects of an ageing population: a growing population of retirees who are expected to live longer in retirement.Although Britains retirement age is due to rise to 67 between 2026 and 2028, the WEF said further increases would be needed to forestall a predicted increase in the pension savings gap from a current $8tn to $33tn by 2050. Half the children born in 2007 could expect to live until they were 103, putting a strain on the pension system. The pension savings gap in the US is forecast to rise almost fivefold from $28bn to $137bn by the middle of the century.The new retirement: how an ageing population is transforming Britain Read more The report praised the UK for its decision to ensure that 8% of earnings will automatically be saved in a pension for each individual after 2019, noting that auto-enrolment had already boosted saving by 22- to 29-year-olds and low income workers by $2.5bn a year.The retirement savings challenge is at crisis point and the time to act is now, said Jacques Goulet, president of health and wealth at Mercer, a financial services firm that helped the WEF produce the report. There is no one silver bullet solution to solve the retirement gap. Individuals need to increase their personal savings and financial literacy, while the private sector and governments should provide programmes to support them. Topics Financial sector Pensions US retirement Retirement planning Retirement age Family finances news Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/26/work-until-you-are-70-you-will-have-world-economic-forum'|'2017-05-26T14:01:00.000+03:00'|3348.0|''|-1.0|'' +3348|'df71e3810ca9cdf017ce39866de65a9b1765326a'|'Don''t want to work until you are 70? You will have to, says WEF - Business'|'The retirement age in Britain and other leading developed countries will need to rise to 70 by the middle of the century to head off the biggest pension crisis in history, according to the World Economic Forum .The body that runs the annual gathering of the global elite in Davos said deficits in the worlds six largest pension systems would more than quadruple to $224tn by 2050 unless people worked longer and saved more.With people born today having a life expectancy of more than 100, the WEF said the cost of providing security in retirement for a rapidly ageing population was the financial equivalent of climate change.It warned the huge and spiralling cost would imperil the incomes of future generations and set the industrial world up for the biggest pension crisis in history.The WEF said it had examined the worlds six biggest pension saving systems the US, the UK, Japan, the Netherlands, Canada and Australia and found that all were coming under strain from an expected global increase in the numbers over-65s rising from 600 million to 2.1 billion in 2050.The anticipated increase in longevity and resulting ageing populations is the financial equivalent of climate change, said Michael Drexler, head of financial and infrastructure systems at the WEF. We must address it now or accept that its adverse consequences will haunt future generations, putting an impossible strain on our children and grandchildren.Forget Brexit, the real challenge is creating enough wealth for an ageing population Read more Adding in China and India, which have the worlds largest populations, the combined savings gap for the eight countries reached $400tn by 2050, a sum five times the size of the current global economy.The report based its estimates of the pension savings gap on the amount of money needed to provide every person with a retirement income equal of 70% of their pre-retirement income. According to the Organisation for Economic Cooperation and Development, a target of 70% of pre-retirement income roughly equates to an unchanged standard of living because once people retire they save less and pay less tax.The WEF said the funding gap would continue to grow at a rate higher than the expected economic growth rate, often 4% to 5% a year, driven in part by the effects of an ageing population: a growing population of retirees who are expected to live longer in retirement.Although Britains retirement age is due to rise to 67 between 2026 and 2028, the WEF said further increases would be needed to forestall a predicted increase in the pension savings gap from a current $8tn to $33tn by 2050. Half the children born in 2007 could expect to live until they were 103, putting a strain on the pension system. The pension savings gap in the US is forecast to rise almost fivefold from $28bn to $137bn by the middle of the century.The new retirement: how an ageing population is transforming Britain Read more The report praised the UK for its decision to ensure that 8% of earnings will automatically be saved in a pension for each individual after 2019, noting that auto-enrolment had already boosted saving by 22- to 29-year-olds and low income workers by $2.5bn a year.The retirement savings challenge is at crisis point and the time to act is now, said Jacques Goulet, president of health and wealth at Mercer, a financial services firm that helped the WEF produce the report. There is no one silver bullet solution to solve the retirement gap. Individuals need to increase their personal savings and financial literacy, while the private sector and governments should provide programmes to support them. Topics Financial sector Pensions US retirement Retirement planning Retirement age Family finances news Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/26/work-until-you-are-70-you-will-have-world-economic-forum'|'2017-05-26T14:01:00.000+03:00'|3348.0|11.0|0.0|'' 3349|'83985b54c22ccaa03bc62522a2ae92e3b6747df8'|'OPEC meets to extend oil cuts for up to one year'|' 4:27pm BST OPEC extends oil output cut by nine months to fight glut left right OPEC President Saudi Arabia''s Energy Minister Khalid al-Falih talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 1/17 left right OPEC President, Saudi Arabia''s Energy Minister Khalid al-Falih, talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 2/17 left right OPEC President, Saudi Arabia''s Energy Minister Khalid al-Falih, talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 3/17 left right Iran''s Oil Minister Bijan Zanganeh talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 4/17 left right OPEC President, Saudi Arabia''s Energy Minister Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo talk to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 5/17 left right Iraq''s Oil Minister Jabar Ali al-Luaibi talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 6/17 left right OPEC President, Saudi Arabia''s Energy Minister Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo talk to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 7/17 left right The OPEC logo is seen outside their headquarters in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger 8/17 left right OPEC President, Saudi Arabia''s Energy Minister Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo talk to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 9/17 left right OPEC President, Saudi Arabia''s Energy Minister Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo talk to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 10/17 left right UAE''s Oil Minister Suhail Mohamed Al Mazrouei arrives for a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 11/17 left right Venezuela''s Oil Minister Nelson Martinez talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 12/17 left right A women cleans the red carpet inside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 13/17 left right Nigeria''s Oil Minister Emmanuel Ibe Kachikwu talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 14/17 left right Angola''s Oil Minister Jose de Vasconcelos talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 15/17 left right Ecuador''s Minister of Hydrocarbons Carlos Perez talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 16/17 left right Qatar''s Energy Minister Mohammed bin Saleh al-Sada arrives for a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 17/17 By Alex Lawler , Rania El Gamal and Ernest Scheyder - VIENNA VIENNA OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018 as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years. The extended reductions are likely to be carried out once again in tandem with a dozen non-members led by top oil producer Russia, which reduced output with the Organization of the Petroleum Exporting Countries from January. OPEC''s cuts have helped to push oil back above $50 a barrel this year, giving a fiscal boost to producers, many of which rely heavily on energy revenues and have had to burn through foreign-currency reserves to plug holes in their budgets. Oil''s earlier price decline, which started in 2014, forced Russia and Saudi Arabia to tighten their belts and led to unrest in some producing countries including Venezuela and Nigeria. The price rise this year has spurred growth in the U.S. shale industry, which is not participating in the output deal, thus slowing the market''s rebalancing with global crude stocks still near record highs. The nine-month extension of the cuts - from output levels in October 2016 - was largely expected by the market. By 1430 GMT, Brent crude LCOc1 was 0.7 percent down at around $53.50 per barrel, having pared earlier losses after OPEC said it would not deepen the cuts or extend them by as long as 12 months. In December, OPEC agreed its first production cuts in a decade and the first joint cuts with non-OPEC producer nations, led by Russia, in 15 years. The two sides decided to remove about 1.8 million barrels per day (bpd) from the market in the first half of 2017 - equal to 2 percent of global production. On Thursday, OPEC agreed to keep its own cuts of around 1.2 million bpd in place for nine months, Kuwaiti Oil Minister Essam al-Marzouq said. OPEC oil ministers were continuing their discussions with non-OPEC producers. OPEC delegates said the proposal for joint cuts was also around 1.8 million bpd, which would see non-OPEC producers cut under 600,000 bpd. Despite the output cut, OPEC kept exports fairly stable in the first half of 2017 as its members sold oil from stocks. The move kept global oil stockpiles near record highs, forcing OPEC first to suggest extending cuts by six months, but later proposing to prolong them by nine months, and Russia offering an unusually long duration of 12 months. "There have been suggestions (of deeper cuts), many member countries have indicated flexibility but ... that won''t be necessary," Saudi Energy Minister Khalid al-Falih said before the meeting. CUTS EXCLUDE NIGERIA AND LIBYA OPEC produces a third of the world''s oil. Its production reduction of 1.2 million bpd were made based on October 2016 output of around 31 million bpd, excluding Nigeria and Libya. Falih said that OPEC members Nigeria and Libya would still be excluded from cuts as their output remained curbed by unrest. He also said Saudi oil exports were set to decline steeply from June, thus helping to speed up market rebalancing. OPEC sources have said the Thursday meeting will highlight a need for long-term cooperation with non-OPEC producers. The group could also send a message to the market that it will seek to curtail its oil exports. "Russia has an upcoming election and Saudis have the Aramco share listing next year so they will indeed do whatever it takes to support oil prices," said Gary Ross, head of global oil at PIRA Energy, a unit of S&P Global Platts. OPEC has a self-imposed goal of bringing stocks down from a record high of 3 billion barrels to their five-year average of 2.7 billion. "We have seen a substantial drawdown in inventories that will be accelerated," Falih said. "Then, the fourth quarter will get us to where we want." OPEC also faces the dilemma of not pushing oil prices too high because doing so would further spur shale production in the United States, the world''s top oil consumer, which now rivals Saudi Arabia and Russia as the world''s biggest producer. "Less OPEC oil on the market enhances the opportunity for American energy to fill needs around the world, and will help us achieve energy dominance," Ryan Sitton from the Texas Railroad Commission, which regulates the large Texan oil industry, told Reuters. (Additional reporting by Ahmad Ghaddar, Vladimir Soldatkin and Shadia Nasralla; Writing by Dmitry Zhdannikov; Editing by Dale Hudson and Pravin Char)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN18L0SC'|'2017-05-25T15:44:00.000+03:00'|3349.0|''|-1.0|'' 3350|'da58af4eb466f39773063e235f1c31178e06cb35'|'Goldman''s Blankfein says London could stall due to Brexit - BBC'|'Fri May 5, 2017 - 7:24am BST Goldman''s Blankfein says London could stall due to Brexit: BBC CEO of Goldman Sachs Lloyd Blankfein in the Manhattan borough of New York September 29, 2014. REUTERS/Carlo Allegri LONDON Goldman Sachs ( GS.N ) Chief Executive Officer Lloyd Blankfein said London''s financial center could stall due to the upheaval Brexit will inflict on financial services companies, the BBC reported. When asked by the BBC whether London''s long-term expansion over the past three decades would reverse, Blankfein said: "I don''t think it will totally reverse." "It will stall, it might backtrack a bit, it just depends on a lot of things about which we are uncertain and I know there isn''t certainty at the moment," Blankfein was quoted as saying. Goldman wants an implementation period of at least "a couple of years" once the British exit deal is agreed, he said. Goldman has "contingency plans" to move people depending on the outcome of the negotiations, he said. (Reporting by Guy Faulconbridge; editing by Costas Pitas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-goldman-sachs-idUKKBN1810GF'|'2017-05-05T14:17:00.000+03:00'|3350.0|''|-1.0|'' 3351|'5a711187bcdd1fe6c9df389106b670119669fc85'|'Dollar has worst week in over a year amid political uncertainty'|'Business News 8:54pm BST Dollar heads for worst week in over a year amid political uncertainty U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration By Dion Rabouin - NEW YORK NEW YORK The U.S. dollar fell on Friday, for its worst week since April 2016 against a basket of major currencies, having surrendered the gains made since Donald Trump was elected U.S. president. The dollar index, which tracks the greenback against a basket of six world currencies, has shed more than 2 percent this week .DXY. On Friday, it fell 0.75 percent, hitting its lowest since Nov. 9, the day after the U.S. election. Uproar over Trump''s recent firing of FBI Director James Comey, who was overseeing an investigation into possible links between the president''s team and Russia, has pressured the dollar. "The dollar overall, across the board, has been getting beat up this week and a lot of that has to do with the political risk here in DC," said John Doyle, director of markets at Tempus Inc in Washington. "While we saw a little bit of a reprieve yesterday, were right back on that dollar weakness train." The U.S. currency has also suffered from a resurgent euro, which has the largest weighting in the dollar index. The single currency has gained more than 2.5 percent this week, headed for its best performance since February 2016. It rose 0.95 percent on Friday to a six-month high of $1.1205. EUR= The advance of the euro was spurred by a possible winding down of the European Central Bank''s expansive monetary stimulus program, said analysts, with recent data pointing to a robust recovery in the euro zone. Against the safe-haven Swiss franc, the dollar fell 0.45 percent, touching a six-month low. It was on track for its largest weekly percentage fall since February 2016. The dollar fell 0.3 percent against the yen to 111.14 JPY= and had its first weekly drop in five against the Japanese currency. The dollar moved broadly lower after a report that a senior White House adviser is a person of interest in the investigation into possible coordination between the Trump campaign and Russia. The greenback also sank against emerging market currencies, which were dragged lower on Thursday by news that Brazilian President Michel Temer had been recorded offering bribes to silence testimony by a potential witness in the country''s wide-ranging corruption probe. The dollar fell 3.3 percent against the Brazilian real BRL= . Oil-linked emerging market currencies like the Mexican MXN= and Colombian pesos COP= and the Russian rouble RUB= gained around 1 percent versus the dollar, also boosted by a rise in oil prices. (Additional reporting by Jemima Kelly in London; Editing by Bernadette Baum and Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-forex-idUKKCN18E0WI'|'2017-05-20T04:06:00.000+03:00'|3351.0|''|-1.0|'' 3352|'4e519d65a7fedbece65441a800e15e7d1ec25833'|'PRESS DIGEST- New York Times business news - May 16'|'Market 12:32am EDT PRESS DIGEST- New York Times business news - May 16 May 16 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - President Trump boasted about highly classified intelligence in a meeting with the Russian foreign minister and ambassador last week, providing details that could expose the source of the information and the manner in which it was collected, a current and a former American government official said Monday. nyti.ms/2qmoW9z - The Trump administration said on Monday it would vastly expand the so-called global gag rule that withholds American aid from health organizations worldwide that provide or even discuss abortion in family planning. The new policy could disrupt hundreds of clinics in Africa and around the world that fight AIDS and malaria. nyti.ms/2qmzGEL - Indicators are far from conclusive, but intelligence officials and private security experts say that North Korean-linked hackers are likely suspects in global ransomware attacks. nyti.ms/2qmktDq - Uber Technologies Inc, the ride-hailing company, sidestepped a full shutdown of its self-driving car efforts on Monday when a federal judge stopped short of issuing a temporary injunction against the program. nyti.ms/2qmsiJD - A whistle-blower, a former well-placed official at UnitedHealth Group Inc, asserts that big insurance companies have been systematically bilking Medicare Advantage for years, reaping billions of taxpayer dollars from the program by gaming the payment system. nyti.ms/2qmnSCj - With oil markets flagging, the world''s two biggest oil exporters agreed on Monday to extend production cuts for several months, sending the price of crude soaring. nyti.ms/2qmwKYN (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1II1ZY'|'2017-05-16T12:32:00.000+03:00'|3352.0|''|-1.0|'' 3353|'b078a5b703a8f8d6aaacb7edbe4cb500f8898927'|'Gold inches up from eight-week low as dollar slides'|'By Jan Harvey - LONDON LONDON Gold edged off the previous day''s eight-week low on Wednesday as U.S. President Trump''s abrupt firing of FBI chief James Comey weighed on U.S. stocks, though gains were capped by expectations of further interest rate increases.European shares retreated from 21-month highs in earlier trade and the dollar initially slipped on concerns that Trump''s dismissal of his FBI chief could make it harder for him to push through tax reform plans. [MKTS/GLOB]Spot gold was up 0.2 percent at $1,223.42 an ounce by 1405 GMT, while U.S. gold futures for June delivery gained $7.20 to $1,223.40.The metal has slipped sharply in the past week as concerns about this month''s French elections and North Korea''s nuclear programme faded, slipping to its lowest since mid-March at $1,213.81 on Tuesday."(This) looks like an attempt at stabilisation today after the sharp losses in the preceding days," Commerzbank analyst Carsten Fritsch said. "Trump''s firing of FBI Chief Comey adds new uncertainty, (and) stock markets seem to pause."Trump attributed his decision to sack Comey, who had been leading an investigation into the Trump campaign''s possible collusion with Russia during the 2016 election, to the FBI chief''s handling of an investigation into presidential nominee Hillary Clinton''s emails.Rival Democrats said that Trump had political motives for the move.In addition to jitters over Comey''s ousting, rekindled fears that North Korea could be gearing up for another weapons test fed into risk aversion in the broader markets, taking some pressure off gold."The unpredictability of both Trump and North Korea has been a reminder that geo-risk has not disappeared but temporarily gone into hibernation," said Saxo Bank''s head of commodity research, Ole Hansen."Initially (the Comey sacking) has had only a limited impact but it highlights that there are other drivers out there. It can turn on a plate if one of the two escalates, especially North Korea."Gains in gold remained muted as expectations for further U.S. monetary policy tightening next month underpinned the dollar and weighed on bullion.The metal is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.Among other precious metals, silver was up 0.6 percent at $16.24 an ounce after sliding to its weakest since Jan. 3 at $16.01 on Tuesday. Platinum was up 0.7 percent at $907.60 and palladium rose 0.6 percent to $801.05.(Additional reporting by Swati Verma in Bengaluru; Editing by Edmund Blair and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN1860RC'|'2017-05-10T15:41:00.000+03:00'|3353.0|''|-1.0|'' 3354|'6ac6513517e115b116f35e5a73cbe4c50ba0fb92'|'HelloFresh to be ready for autumn flotation - sources'|'Funds News 8:58am EDT HelloFresh to be ready for autumn flotation - sources By Arno Schuetze - FRANKFURT FRANKFURT May 24 German meal kit company HelloFresh is preparing for a stock market flotation, which could come as early as autumn, but will only be launched if the pre-summer listing of peer Delivery Hero proves a success, people close to the matter said. Rocket Internet, the ecommerce investor which launched Hello Fresh in 2011, has picked a new set of so-called global coordinators for the flotation, comprising Morgan Stanley , JP Morgan and Deutsche Bank. Berlin-based Rocket has built up dozens of businesses from fashion ecommerce to food delivery, but investors have become concerned about heavy losses and falling valuations for its key start-ups as well as a paucity of listings. Rocket had early success with online fashion firm Zalando , which listed in 2014 and has performed well since. But the investor pulled a flotation of HelloFresh in 2015 and has not brought any other companies to market yet. HelloFresh, which delivers meal ingredients and recipes in seven European countries as well as the United States, Canada and Australia, was valued at valued at 2 billion euros ($2.2 billion) in a funding round in December. On Tuesday, Reuters reported that Delivery Hero - Rocket''s biggest holding - is set to float before the summer break in a deal valuing one of Europe''s biggest start-ups at up to 4 billion euros. Rocket, which is due to report first-quarter financial results on May 31, owns 53 percent of HelloFresh, with other investors including British investment manager Baillie Gifford and Qatar''s sovereign wealth fund holding the rest. HelloFresh''s revenue almost doubled to 597 million euros in 2016 as it expanded rapidly in North America, while losses before interest, tax, depreciation and amortisation narrowed to 83 million euros from 86 million in 2015. HelloFresh, which delivered 91 million servings in 2016 and saw its number of active subscribers rise 38 percent to 857,000, is keen to make its service ever more personalised and add more options for delivery, like wine and desserts. U.S. peers Blue Apron and Sun Basket are also preparing initial public offerings (IPOs). Separately, Rocket-backed Global Fashion Group said on Wednesday it had agreed with partner Emaar to jointly develop Namshi until a possible IPO or a full takeover. Rocket Internet and the banks declined to comment. ($1 = 0.8933 euros) (Additional reporting by Emma Thomasson; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hellofresh-ipo-idUSL8N1IQ3U7'|'2017-05-24T20:58:00.000+03:00'|3354.0|''|-1.0|'' -3355|'6160e22b930c84e39d158026a6858d4af43823ac'|'South Korean IPOs charge ahead despite tensions - Reuters'|'Global Energy News - Thu May 4, 2017 - 4:33am IST South Korean IPOs charge ahead despite tensions A currency dealer works in front of electronic boards showing the Korea Composite Stock Price Index (KOSPI) (C), the exchange rates between the Chinese yuan and South Korean won (L), and tthe exchange rate between U.S. dollar and South Korean won (R), at a dealing room of a... REUTERS/Kim Hong-Ji By Elzio Barreto and Joyce Lee - HONG KONG/SEOUL HONG KONG/SEOUL South Korea has emerged as an unusual hot spot for initial public offerings this year, shooting up to the third most-active market in the world despite political upheaval and tensions with its neighbours. Investors have spent $3.7 billion in South Korea so far in 2017, behind U.S. IPOs of $13.5 billion and Chinese listings of $11.1 billion, Thomson Reuters data shows. IPOs of $974 million from ING Life Insurance Korea and $2.3 billion from mobile games maker Netmarble Games Corp last week have been the driving force behind the Korean IPO splurge. The pipeline is set to continue in coming months with budget airline Jin Air Co Ltd, Kyobo Life Insurance and Celltrion Healthcare among those expected to go public. "Most of the Korean corporates as well as investors are more comfortable with the recent political issues, so that they''re ready to do something," said June Won, head of capital market origination Korea at Citigroup, which helped manage the Netmarble IPO. "Investors are taking it in stride. If you look at the Korean currency, which is getting stronger, and bond trading numbers, all these indicate Korea is quite stable even though there is some noise," he said, referring to Korean tensions. The impeachment and ousting from office of President Park Geun-hye cleared the way for an election next week and put an end to a political crisis that had lasted for months. Investors are also seeing through tensions with North Korea as the United States, its allies and China, increase pressure on Pyongyang to rein in its nuclear weapons ambitions. They see conflict as unlikely. Healthy exports and stronger-than-expected GDP figures for the first quarter have boosted confidence in the economy. That has translated into stronger financial markets. The won KRW= is the second-best performing major Asian currency against the U.S. dollar in 2017, up 6.8 percent. Stocks are up about 9.5 percent and at six-year highs. South Korea''s IPO market this year is more than seven times bigger than at the same time last year. It''s ranking is all the more surprising because the global market is also much stronger, with IPOs so far this year of $49.8 billion more than double the year-earlier level. UP NEXT ING Life debuts in Seoul on May 11 and Netmarble the following day. Jin Air said last week it wanted to list by the end of 2017, but it did not disclose how much it aims to raise. Celltrion Healthcare, the marketing affiliate of biosimilar drugs firm Celltrion Inc ( 068270.KQ ), plans to raise up to 1 trillion won ($886 million) in an IPO. Kyobo Life, South Korea''s third-largest life insurer by assets, said in March it plans to raise funds to boost its capital, but gave no fundraising target, local media said. ING Life is about a third of the size of Kyobo Life by assets. Even Hotel Lotte Co Ltd, which shelved a $4.5 billion IPO last year amid an investigation of parent Lotte Group from prosecutors, could revive the listing in 2017. Bankers said deal activity is also being boosted by new rules introduced at the start of the year that allow high-growth startups yet to be profitable to seek a public listing. Only companies with a profit record were permitted to list previously. South Korea''s largest mobile-commerce company Coupang could be among tech companies set to go public under the new rules, local media reports have said. Repeated calls to a Coupang spokesman went unanswered. The new rules also put underwriters on the line if newly listed companies tumble, demanding they guarantee that they will buy back the shares if they fall more than 10 percent within three months of listing. "The new rules more or less let the market decide how to list a company," said Alpha Asset Management fund manager CJ Heo. "With more companies able to be listed, and a variety of valuation and other techniques, sooner or later IPO advisors will... begin new ways of bookbuilding and listing, which means both new risk and new opportunities for investors in South Korea." ($1=1,128.4000 won) (Reporting by Elzio Barreto in HONG KONG and Joyce Lee in SEOUL: editing by Neil Fullick)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/southkorea-ipo-idINKBN17Z2PQ'|'2017-05-03T21:03:00.000+03:00'|3355.0|''|-1.0|'' +3355|'6160e22b930c84e39d158026a6858d4af43823ac'|'South Korean IPOs charge ahead despite tensions - Reuters'|'Global Energy News - Thu May 4, 2017 - 4:33am IST South Korean IPOs charge ahead despite tensions A currency dealer works in front of electronic boards showing the Korea Composite Stock Price Index (KOSPI) (C), the exchange rates between the Chinese yuan and South Korean won (L), and tthe exchange rate between U.S. dollar and South Korean won (R), at a dealing room of a... REUTERS/Kim Hong-Ji By Elzio Barreto and Joyce Lee - HONG KONG/SEOUL HONG KONG/SEOUL South Korea has emerged as an unusual hot spot for initial public offerings this year, shooting up to the third most-active market in the world despite political upheaval and tensions with its neighbours. Investors have spent $3.7 billion in South Korea so far in 2017, behind U.S. IPOs of $13.5 billion and Chinese listings of $11.1 billion, Thomson Reuters data shows. IPOs of $974 million from ING Life Insurance Korea and $2.3 billion from mobile games maker Netmarble Games Corp last week have been the driving force behind the Korean IPO splurge. The pipeline is set to continue in coming months with budget airline Jin Air Co Ltd, Kyobo Life Insurance and Celltrion Healthcare among those expected to go public. "Most of the Korean corporates as well as investors are more comfortable with the recent political issues, so that they''re ready to do something," said June Won, head of capital market origination Korea at Citigroup, which helped manage the Netmarble IPO. "Investors are taking it in stride. If you look at the Korean currency, which is getting stronger, and bond trading numbers, all these indicate Korea is quite stable even though there is some noise," he said, referring to Korean tensions. The impeachment and ousting from office of President Park Geun-hye cleared the way for an election next week and put an end to a political crisis that had lasted for months. Investors are also seeing through tensions with North Korea as the United States, its allies and China, increase pressure on Pyongyang to rein in its nuclear weapons ambitions. They see conflict as unlikely. Healthy exports and stronger-than-expected GDP figures for the first quarter have boosted confidence in the economy. That has translated into stronger financial markets. The won KRW= is the second-best performing major Asian currency against the U.S. dollar in 2017, up 6.8 percent. Stocks are up about 9.5 percent and at six-year highs. South Korea''s IPO market this year is more than seven times bigger than at the same time last year. It''s ranking is all the more surprising because the global market is also much stronger, with IPOs so far this year of $49.8 billion more than double the year-earlier level. UP NEXT ING Life debuts in Seoul on May 11 and Netmarble the following day. Jin Air said last week it wanted to list by the end of 2017, but it did not disclose how much it aims to raise. Celltrion Healthcare, the marketing affiliate of biosimilar drugs firm Celltrion Inc ( 068270.KQ ), plans to raise up to 1 trillion won ($886 million) in an IPO. Kyobo Life, South Korea''s third-largest life insurer by assets, said in March it plans to raise funds to boost its capital, but gave no fundraising target, local media said. ING Life is about a third of the size of Kyobo Life by assets. Even Hotel Lotte Co Ltd, which shelved a $4.5 billion IPO last year amid an investigation of parent Lotte Group from prosecutors, could revive the listing in 2017. Bankers said deal activity is also being boosted by new rules introduced at the start of the year that allow high-growth startups yet to be profitable to seek a public listing. Only companies with a profit record were permitted to list previously. South Korea''s largest mobile-commerce company Coupang could be among tech companies set to go public under the new rules, local media reports have said. Repeated calls to a Coupang spokesman went unanswered. The new rules also put underwriters on the line if newly listed companies tumble, demanding they guarantee that they will buy back the shares if they fall more than 10 percent within three months of listing. "The new rules more or less let the market decide how to list a company," said Alpha Asset Management fund manager CJ Heo. "With more companies able to be listed, and a variety of valuation and other techniques, sooner or later IPO advisors will... begin new ways of bookbuilding and listing, which means both new risk and new opportunities for investors in South Korea." ($1=1,128.4000 won) (Reporting by Elzio Barreto in HONG KONG and Joyce Lee in SEOUL: editing by Neil Fullick)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/southkorea-ipo-idINKBN17Z2PQ'|'2017-05-03T21:03:00.000+03:00'|3355.0|4.0|0.0|'' 3356|'b4f079fae4717f4081aa9c440de194ad42f2232a'|'CORRECTED-U.S. finds likely harm from China, Vietnam tool chest imports'|'Market News - Thu May 25, 2017 - 11:21am EDT CORRECTED-U.S. finds likely harm from China, Vietnam tool chest imports (Corrects date) WASHINGTON May 25 The International Trade Commission said on Thursday it had made a preliminary finding that imports of tool chests and cabinets from China and Vietnam were harming U.S. producers, allowing a probe into possible dumping and subsidies to continue. The case, announced by the Commerce Department on May 2, follows a petition from Missouri-based Waterloo Industries Inc, a subsidiary of Fortune Brands and Home Security Inc. In 2016, imports of tool chests from China and Vietnam totaled $990 million and $77 million, respectively, department data show. (Reporting by Tim Ahmann; Writing by Eric Walsh)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trade-toolchests-idUSL1N1IO1CF'|'2017-05-25T23:21:00.000+03:00'|3356.0|''|-1.0|'' 3357|'2e7235b773f8ad9a7f16977c77cb4e1640e54c88'|'Ireland launches long-awaited AIB listing with 25 pct stake sale'|'By Padraic Halpin - DUBLIN DUBLIN May 30 Ireland launched its long-awaited initial public offering of state-owned Allied Irish Banks (AIB) on Tuesday, offering a 25 percent stake in what is set to be one of Europe''s largest bank listings since the 2008 financial crisis.Dublin rescued the bank in a 21 billion euro ($23.50 billion) taxpayer bailout which began in early 2009 and has been considering partly cashing out of its 99.9 percent stake since last year.A successful flotation would mark another milestone in a dramatic turnaround from a banking and fiscal crisis that wrecked the country''s economy a decade ago. The sale could raise about 3 billion euros taking into account the bank''s book value of 11.3 billion euros at the end of last year.The bank''s value has likely risen since then following another quarter of margin growth, its payment of a 250 million euro dividend this month and a further 11 percent uplift in the value of euro zone banks since the start of the year.One of Ireland''s two dominant banks, AIB returned to profit three years ago, has cut its huge stock of impaired loans by more than two-thirds since then and this year became the first domestic-owned lender to restart dividends since the crash."The strong progress made by AIB and current market conditions mean that now is the right time to commence this process," Finance Minister Michael Noonan said in a statement announcing its intention to float."Today''s decision is a significant step in the continued normalisation of the state''s involvement in Ireland''s banking system."AIB will list its shares on the Irish and London Stock Exchange and seek admission to the main markets of each. The government said the sale was expected to be one of the United Kingdom''s largest main market IPOs of the last 20 years.AIB management have said they have received "huge interest in the Irish story" from investors in recent months, pitching the bank as a rare stock market play focused almost exclusively on the European Union''s fastest growing economy.AIB is less exposed to Britain''s exit from the EU than its main rival Bank of Ireland, the state''s largest bank by assets, having made just 14 percent of its pre-provision operating profit in the United Kingdom last year.It is also the largest provider of mortgages in the fast-recovering Irish market, with a 36 percent share of the market by drawdowns, although investors may be wary of a chronic lack of housing supply that could hold the market back.The prospectus and price range for the sale are expected to be published in mid-June, the government said.Bank of America Merrill Lynch, Davy Stockbrokers and Deutsche Bank are acting as global coordinators for the sale. Citigroup, Goldman Sachs, Goodbody Stockbrokers, JPMorgan and UBS are the bookrunners. ($1 = 0.8936 euros) (Reporting by Padraic Halpin. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aib-ipo-idINS8N1F9025'|'2017-05-30T17:45:00.000+03:00'|3357.0|''|-1.0|'' 3358|'082cdd8eb839bedbb5ec58e64c96e1f5eb597bcf'|'Even with trade pact, U.S. payment networks uncertain on China operations'|'Business News - Fri May 12, 2017 - 12:56pm BST Even with trade pact, U.S. payment networks uncertain on China operations An ATM machine with types of credit cards accepted is seen inside the Bank of China Tower in Hong Kong, China November 12, 2015. REUTERS/Bobby Yip By Sumeet Chatterjee - HONG KONG HONG KONG The prospects for global payment network operators including Visa Inc ( V.N ) and MasterCard Inc ( MA.N ) at last entering the Chinese market remain uncertain, even after the United States and China moved towards starting a licensing process for them. As part of a plan to reduce a massive U.S. trade deficit with China, the world''s two largest economies have agreed to expand trade in some sectors and increase access to China for financial firms. Under a framework announced on Friday, China is likely to issue further "necessary guidelines" by July 16 for the launch of local operations by U.S. payment network operators, leading to "full and prompt market access". Foreign operators have been lobbying for more than a decade for direct access to a Chinese market set to become the world''s largest bank card market by 2020. In 2012, the World Trade Organisation (WTO) found China was discriminating against foreign card companies. Industry insiders said the foreign firms were likely only to submit license applications if Chinese regulators address their concerns on issues including onshore data protection and the near monopoly of state-backed China UnionPay Co Ltd. "We have been expecting this for a while now. We are not sure how much of those issues will be resolved now," said a senior executive at a U.S.-based payment network operator, who didn''t want to be named due to the sensitivity of the matter. Any license application would likely take 6-7 months to be approved by Chinese regulators, the executive said, adding it could take another 12-18 months to set up all the infrastructure and start local operations. While the U.S. firms have been waiting to offer yuan-denominated cards since the WTO ruling, UnionPay has expanded well beyond China. Set up in 2002 by China''s central bank and State Council, UnionPay had a 55 percent share in the global debit card market in 2015, compared to 15 percent for Visa and 10 percent for MasterCard, according to Euromonitor International. In the global credit card market, UnionPay''s share rose to 25 percent in 2015 from 13 percent in 2010, drawing level with MasterCard but lagging Visa''s more than one-third market share. With UnionPay now in more than 160 countries, some industry officials say its card has become a key tool for China to manage the flow of cash outside the country. One of the biggest concerns for U.S. payment operators is whether they would have a level-playing field while competing with UnionPay, where former Chinese central bank officials fill several of its top jobs. "No one expects to get 15-20 percent (China) market share in the foreseeable future, but we hope there won''t be barriers in our efforts to get even low, single-digit market share to justify the investments," the company executive said. In response to Reuters request for comment, MasterCard said it looked forward to having "full and prompt" access to the Chinese market. Visa said it looked forward to submitting an application and building its business for the long-term. (Reporting by Sumeet Chatterjee, additional reporting by Matthew Miller; Editing by Ian Geoghegan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-china-trade-payments-idUKKBN1881L2'|'2017-05-12T19:56:00.000+03:00'|3358.0|''|-1.0|'' @@ -3391,7 +3391,7 @@ 3389|'3705259812a05c3445741dbbdd15e32c781fb714'|'House banking panel passes bill to undo U.S. financial crisis rules'|'Business News - Thu May 4, 2017 - 5:54pm BST House banking panel passes bill to undo U.S. financial crisis rules U.S. President Donald Trump gives a thumbs up during a National Day of Prayer event at the Rose Garden of the White House in Washington D.C., U.S., May 4, 2017. REUTERS/Carlos Barria By Pete Schroeder - WASHINGTON WASHINGTON A House banking panel on Thursday passed a controversial bill that would drastically change how the U.S. government regulates the financial sector. With support only from the panel''s Republicans, the bill approved by the House Financial Services Committee would eliminate significant parts of the Dodd-Frank financial reform law and place new restrictions on regulators monitoring Wall Street. The odds of the bill offered by Representative Jeb Hensarling becoming law are long, given staunch opposition by Democrats to many of its central proposals. The bill marks the new Congress'' first attempt to significantly roll back existing financial rules after Republicans made gains in the 2016 election. President Donald Trump has identified easing rules on banks as a key component of his economic agenda and effort to spur lending and grow the economy. Critics of the bill argue that it undoes many of the critical protections enacted following the financial crisis and puts the nation at greater risk of another meltdown. If made law, the bill would repeal regulators'' ability to step in and wind down failing financial institutions. It also would hamstring their ability to identify and more closely regulate firms they believe are critical to the health of the financial system. Under the bill, banks that agree to adopt a 10 percent capital ratio would be allowed to receive an exemption from many of Dodd-Frank''s existing rules. It will also require regulators to get congressional approval on any major new rulemaking project, and overhaul the Consumer Financial Protection Bureau. The powers of that agency, created by Dodd-Frank, would be curtailed, limiting the steps it can take to punish wrongdoing by banks and subjecting it to a number of outside checks on its authority and funding. In addition, the bill significantly changes how the Federal Reserve operates, subjecting its monetary policy decision-making to a stricter rules-based process, while separating its economic policymaking from its financial regulatory work. Hensarling has said he expects the bill will be considered soon by the full House, where it likely would be passed by the Republican majority. However, the Senate Banking Committee will be considering its own proposals to rework financial rules. More modest legislation coming from that committee is more likely to become law, given it will likely be designed to attract necessary support from Democrats. (Reporting by Pete Schroeder; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-banks-doddfrank-idUKKBN18029P'|'2017-05-05T00:54:00.000+03:00'|3389.0|''|-1.0|'' 3390|'32728d7a0ebebf4dbf2a768e6c8ce0e91228daf3'|'Nissan resumes production at UK plant hit by cyber attack'|'Autos - Mon May 15, 2017 - 11:57am BST Nissan resumes production at UK plant hit by cyber attack FILE PHOTO - Nissan technicians work on a Qashqai car on the production line at the company''s plant in Sunderland, Britain November 9, 2011. REUTERS/Nigel Roddis/File Photo TOKYO Production at Nissan''s manufacturing plant in Britain resumed as scheduled on Monday, following a stoppage on Friday evening when operations were affected by a cyber attack, the Japanese automaker said. The day shift at the plant located in Sunderland, northeast England, began as usual earlier on Monday, the company said in an email, adding that there had been no production scheduled at the plant on Saturday or Sunday. "While our teams are addressing some localized issues, it''s business as usual today," a spokesman at the company''s headquarters in Yokohama said in the email. The WannaCry ransomware worm erupted on Friday, locking up hundreds of thousands of computers in more than 150 countries, and hitting factories, hospitals, shops and schools worldwide. Earlier on Monday, businesses and governments in Asia reported some disruption, and while the effect appeared less severe than anticipated, industry professionals flagged lingering risks of the attacks, most of which arrived via email. (Reporting by Naomi Tajitsu, editing by David Evans) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-cyber-attack-nissan-idUKKCN18B19Y'|'2017-05-15T18:57:00.000+03:00'|3390.0|''|-1.0|'' 3391|'37f46d6ea1c2997918410b5fd2e9300454de8bf9'|'CEE MARKETS-Czech crown regains ground, shakes off political wobbles'|'By Krisztina Than BUDAPEST, May 3 The Czech crown regained ground on Wednesday, a day after Prime Minister Bohuslav Sobotka announced that he would resign along with his government, while other currencies in the region were also steady or slightly firmer. With investors cautious ahead of the U.S. Federal Reserve''s two-day policy meeting, which could give clues regarding rate hikes, stock markets mostly dropped. Budapest led losses, easing 0.7 percent by 0914 GMT. Sunday''s second round of the French presidential election added to global risks. After easing a little on Tuesday after Sobotka said his government would resign by mid-May following a row with finance minister Andrej Babis over Babis''s past business dealings, the Czech crown firmed 0.15 percent on Wednesday to 26.868 per euro. "EURCZK attempted to go slightly weaker at first (yesterday) but quickly reverted ... back to previous levels, and we do not expect any more major reaction as the story is hardly likely to change the economic path of the country," Komercni Banka trader Dalimil Vyskovsky said. Hungary''s forint was flat. Polish markets are closed on Wednesday. Sobotka has said he will seek a meeting with President Milos Zeman to agree timing for the resignation and further steps. He said the coalition could be recreated without Babis, or that an election due in October could be moved forward. Despite the political wobbles, the crown is seen gaining more than 4 percent against the euro in the coming year, lifted by strong economic growth and likely monetary tightening, a Reuters poll published on Wednesday showed. After the Czech central bank''s removal a month ago of the cap which had kept the currency weaker than 27 against the euro since 2013, the crown could outperform regional peers, the poll suggested. Czech bonds have meanwhile been supported by their inclusion in JP Morgan''s emerging markets index, which means index-tracking investors will need to buy them for their portfolios. Central Europe''s economies outperformed western European economies last year and growth is seen strong this year as well, helped by a solid inflow of European Union development funds and loose monetary policies by local central banks. CEE SNAPS AT 1115 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 26.86 26.90 +0.1 0.52% 80 90 5% Hungary 312.2 312.1 -0.01 -1.08 forint 000 800 % % Polish 4.202 4.205 +0.0 4.79% zloty 5 0 6% Romanian 4.550 4.549 -0.01 -0.33 leu 0 4 % % Croatian 7.447 7.455 +0.1 1.44% kuna 5 5 1% Serbian 123.0 123.1 +0.0 0.24% dinar 500 200 6% Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 997.2 1001. -0.48 +8.2 2 98 % 0% Budapest 32680 32902 -0.68 +2.1 .00 .62 % 2% Bucharest 8239. 8220. +0.2 +16. 02 10 3% 29% Ljubljana 778.3 782.3 -0.50 +8.4 8 2 % 7% Zagreb 1894. 1902. -0.43 -5.04 38 57 % % Belgrade <.BELEX15 720.8 720.6 +0.0 +0.4 > 5 4 3% 9% Sofia 666.1 660.5 +0.8 +13. 3 3 5% 59% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year 1 9 bps s 5-year 4 bps 10-year bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.33 0.39 0.5 0 PRIBOR=> Hungary < 0.25 0.33 0.45 0.16 BUBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1I52JU'|'2017-05-03T07:40:00.000+03:00'|3391.0|''|-1.0|'' -3392|'78cfe653550f3f0590d31bbc41a360887a7c3f79'|'Heineken targets global leadership with new zero alcohol beer'|' 1:04pm EDT Heineken targets global leadership with new zero alcohol beer FILE PHOTO: Packs of Heineken beer are displayed for sale at a Carrefour hypermarket in Nice, France, April 6, 2016. REUTERS/Eric Gaillard/File Photo BRUSSELS Dutch brewer Heineken ( HEIN.AS ) has launched a non-alcoholic version of its namesake beer with the aim of becoming the global leader in a part of the market growing faster than the average. The world''s second largest beer maker launched "Heineken 0.0" at the Spanish Grand Prix in Barcelona and will sell it in 17 markets, across Europe and also Russia and Israel, unlike rivals which have non-alcoholic beers for individual markets. Heineken is hoping to tap into what it believes is an increasing desire among consumers for beer that will not get them drunk. The European market for zero alcohol beer grew about 5 percent a year from 2010 to 2015, according to research group Canadean, while the overall beer market shrank. Rival AB InBev ( ABI.BR ), which makes more than a quarter of the world''s beer, is aiming to make a fifth of its beer low or zero alcohol by 2025. For the maker of Budweiser, Stella Artois and Corona, low means an alcohol content of up to 3.5 percent. Zero alcohol beers could offer brewers higher margins because of lower taxes and could see them muscling in on the soft drinks market with what they say is a more natural and healthier option. Heineken 0.0, for example, has half the calories of standard Heineken or Coca-Cola. The brewer does not have a target for zero alcohol beer like AB InBev, but notes that in Spain zero strength beer has about a 10 percent market share. "You could expect 10 to 15 years down the road this would be more or less the global trend. We want to make Heineken the leading global beer brand in 0.0," senior Heineken brand director Gianluca Di Tondo told Reuters. Beer critics say a key reason why zero alcohol beer has failed on previous occasions is taste. Heineken brewmaster Willem van Waesberghe said many previous and existing non-alcoholic beers were too sweet and malty, either because the fermentation process was cut short or because flavours were lost as alcohol was boiled off. Van Waesberghe recognizes that a beer without alcohol will not taste the same, but believes the company has found a brew that recreates some of the fruity, bitter and acidic tastes found in a normal 5 percent Heineken. The company makes two separate brews with different qualities, then removes the alcohol and blends them together. "Both beers are not nice. You need to blend them together to make a good beer," he said. (Reporting by Philip Blenkinsop; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-heineken-zero-idUSKBN1890LT'|'2017-05-14T01:04:00.000+03:00'|3392.0|''|-1.0|'' +3392|'78cfe653550f3f0590d31bbc41a360887a7c3f79'|'Heineken targets global leadership with new zero alcohol beer'|' 1:04pm EDT Heineken targets global leadership with new zero alcohol beer FILE PHOTO: Packs of Heineken beer are displayed for sale at a Carrefour hypermarket in Nice, France, April 6, 2016. REUTERS/Eric Gaillard/File Photo BRUSSELS Dutch brewer Heineken ( HEIN.AS ) has launched a non-alcoholic version of its namesake beer with the aim of becoming the global leader in a part of the market growing faster than the average. The world''s second largest beer maker launched "Heineken 0.0" at the Spanish Grand Prix in Barcelona and will sell it in 17 markets, across Europe and also Russia and Israel, unlike rivals which have non-alcoholic beers for individual markets. Heineken is hoping to tap into what it believes is an increasing desire among consumers for beer that will not get them drunk. The European market for zero alcohol beer grew about 5 percent a year from 2010 to 2015, according to research group Canadean, while the overall beer market shrank. Rival AB InBev ( ABI.BR ), which makes more than a quarter of the world''s beer, is aiming to make a fifth of its beer low or zero alcohol by 2025. For the maker of Budweiser, Stella Artois and Corona, low means an alcohol content of up to 3.5 percent. Zero alcohol beers could offer brewers higher margins because of lower taxes and could see them muscling in on the soft drinks market with what they say is a more natural and healthier option. Heineken 0.0, for example, has half the calories of standard Heineken or Coca-Cola. The brewer does not have a target for zero alcohol beer like AB InBev, but notes that in Spain zero strength beer has about a 10 percent market share. "You could expect 10 to 15 years down the road this would be more or less the global trend. We want to make Heineken the leading global beer brand in 0.0," senior Heineken brand director Gianluca Di Tondo told Reuters. Beer critics say a key reason why zero alcohol beer has failed on previous occasions is taste. Heineken brewmaster Willem van Waesberghe said many previous and existing non-alcoholic beers were too sweet and malty, either because the fermentation process was cut short or because flavours were lost as alcohol was boiled off. Van Waesberghe recognizes that a beer without alcohol will not taste the same, but believes the company has found a brew that recreates some of the fruity, bitter and acidic tastes found in a normal 5 percent Heineken. The company makes two separate brews with different qualities, then removes the alcohol and blends them together. "Both beers are not nice. You need to blend them together to make a good beer," he said. (Reporting by Philip Blenkinsop; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-heineken-zero-idUSKBN1890LT'|'2017-05-14T01:04:00.000+03:00'|3392.0|9.0|0.0|'' 3393|'7ace1c00af715b06e9e33802fa3af5f3f72ded3f'|'Yahoo to buy back $3 billion shares'|'Yahoo Inc said on Tuesday it would buy back up to $3 billion shares through a tender offer to provide liquidity to stockholders looking to sell the stock ahead of the company''s pending deal with Verizon Communications Inc.Shares in Yahoo, which has a 15 percent stake in Chinese e-commerce company Alibaba Group Holding Ltd, were up 2 percent at $50.81.Yahoo said it would determine a single purchase price after the expiry of the Dutch auction tender offer on June 13 and that the price would not be less than $37 per share.The company said its directors and executive officers will not tender any shares in the buyback.Verizon agreed to buy Yahoo''s core internet properties last year for $4.83 billion in cash. It lowered the original offer by $350 million in February following two massive cyber attacks at the internet company.After the Verizon deal, Yahoo will be renamed Altaba, a holding company whose primary assets will be its stake in Alibaba and a 35.5 percent stake in Yahoo Japan.(Reporting by Supantha Mukherjee in Bengaluru; Editing by Maju Samuel and Anil D''Silva)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-yahoo-buyback-idUSKCN18C174'|'2017-05-16T15:02:00.000+03:00'|3393.0|''|-1.0|'' 3394|'6274c9e2ee310b0210d9fd28f41a559a1d0bdf51'|'Nissan''s in-car Faraday Cage could prevent distracted driving 3,'|'These cities have the worst rush hour traffic Nissan is using old school technology to try to stop distracted driving. On Monday, the company announced Signal Shield, an armrest outfitted as a Faraday Cage. Created in 1838, Faraday Cages block electric fields. If your phone is inside one, it can''t connect to cellular signals, data, WiFi or Bluetooth.Nissan''s Signal Shield prototype fits between the two front seats of the Nissan Juke and is designed to keep your phone silent while you drive. With the lid closed, your phone won''t receive texts, calls or notifications that might distract you. But when you open it, your phone will work like normal.According to the National Highway Traffic Safety Administration, eight people are killed and over 1,000 are injured each day in the U.S. in accidents involving distracted drivers. And mobile devices are a major distraction in vehicles.Related: Smartphones may be to blame for unprecedented spike in pedestrian deathsExperts have also said mobile phones are partly to blame for the rise in pedestrian fatalities -- in 2016, 6,000 pedestrians were killed.Nissan ( NSANF ) told CNNTech its concept is better than just turning off your phone, because you can still listen to music through a plugged in USB or auxiliary connection while your phone is in the compartment. (Though you''d be able to do that on airplane mode, too.)Further, drivers can make phone calls via Bluetooth without touching their phones if they just open the compartment, Dominic Vizor, a spokesman for Nissan, said.While the Faraday Cage armrest is still a prototype, it''s already possible to get the tech in your car. Faraday Bags are frequently used by privacy-conscious people to prevent hackers from accessing their devices. They''re easy to buy online and you can take them anywhere.CNNMoney (San Francisco) First published May 3, 2017: 1:29 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/05/03/technology/nissan-faraday-cage-arm-rest/index.html'|'2017-05-03T21:29:00.000+03:00'|3394.0|''|-1.0|'' 3395|'cc772698b9c62ca01075ea1ac3b73b13ee6c14b5'|'Conservatives aiming to tighten M&A rules'|'Economy 09pm BST May maps out bigger role for state in corporate Britain Britain''s Prime Minister Theresa May''s launches her election manifesto in Halifax, May 18, 2017. REUTERS/Phil Noble HALIFAX, England Prime Minister Theresa May promised to clamp down on executive pay, give workers a say on strategy and make it harder for foreign firms to take over British ones, as she set out pre-election plans to give the state more influence over corporate Britain. May''s Conservatives have for decades encouraged a low-key approach to corporate regulation, but the prime minister said trust in Britain''s biggest companies had been damaged by soaring executive pay and several mismanaged takeovers. "We do not believe in untrammelled free markets," the party said in its manifesto for the June 8 national election, which surveys suggest it is on course to win by a landslide. "We will set rules for businesses that inspire the confidence of workers and investors alike." The world''s fifth largest economy has attracted more foreign investment than any other country in Europe, playing major roles in sectors from banks to transport, energy, telecoms and retail. Under May''s plans - set out as she negotiates a divorce from the European Union that could change the face of the $2.6 trillion economy - executive pay packages would be subject to strict annual shareholder votes and listed companies would have to publish the ratio of executive to average pay. In Britain, the heads of the biggest companies earn around 400 times more than a worker on the minimum wage. "The public is rightly affronted by the remuneration of some corporate leaders," the Conservatives said on Thursday. In a bid to seek greater protection for British jobs when companies are sold, May said her party would tighten the rules around takeovers, particularly in infrastructure deals where a foreign owner could raise security concerns. Any promises made during takeovers would be legally binding, and the government would gain the power to pause the process to allow greater scrutiny. WARNING AGAINST PROTECTIONISM May, who became prime minister after Britain voted to leave the EU last June, faced one of her first major challenges when she gave the go-ahead for a $24 billion plan for a Chinese-backed nuclear power plant in southwest England. She ultimately approved the deal but said her government would take a more cautious approach over similar foreign investments in the future. The prime minister has also indicated prior to taking the top job she wanted increased power to scrutinise takeovers after Kraft''s ( KHC.O ) purchase of Cadbury led to job losses. A recent failed attempt by Kraft to buy Unilever ( ULVR.L ) prompted the head of the Anglo-Dutch firm to urge the government to ensure a level playing field for target companies. "Governments cannot use public money to prop up failing businesses but they also cannot allow people and their communities to be cast aside." Investors and analysts cautiously welcomed May''s efforts to strengthen the interests of investors, employees and customers, but warned against any move towards protectionism. "Any nationalist agenda aimed at restricting ownership or transfer of ownership is clearly negative for markets and will make it harder for UK firms to achieve the valuations they deserve," said Gianluca Ferrari, analyst and portfolio manager at Shareholder Value Management. Companies may also be concerned at May having portrayed Britain''s vote to leave the EU as a cry for a crackdown on immigration, and she has said that firms hiring migrant workers must pay an additional levy. (Reporting by William James, additional reporting by Maiya Keidan, writing by Paul Sandle, editing by Kate Holton and John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-election-m-a-regulation-idUKKCN18E1DP'|'2017-05-18T19:10:00.000+03:00'|3395.0|''|-1.0|'' @@ -3414,7 +3414,7 @@ 3412|'b2d0b9e1ab84727d62fe86541bdabf511f2fc4fa'|'U.S. political jitters weigh on European shares as M&A, earnings whir in background'|' 8:51am BST U.S. political jitters weigh on European shares as M&A, earnings whir in background Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 8, 2017. REUTERS/Pawel Kopczynski - RTS15MG8 LONDON European shares dropped in early deals on Thursday as political upheaval in Washington D.C. continued to weigh, though deal-making activity and earnings updates kept the region''s outperformance against global peers intact. The pan-European STOXX 600 index was down 0.4 percent, while Germany''s DAX retreated 0.3 percent and Britain''s FTSE 100 fell 0.5 percent, extending Wednesday''s losses after reports that U.S. President Donald Trump had interfered with an FBI probe, following a week of tumult at the White House. Financials and commodity-related sectors, the biggest beneficiaries of the reflation trade that accelerated in the aftermath of Trump''s election win were the biggest drags. The more defensive utilities and personal & household goods sectors made small gains. Some of the largest individual stock moves were spurred by fresh M&A action, with shares in Berendsen soaring nearly 27 percent after French laundry firm Elis made a $2.6 billion offer for the British rival. Likewise shares in Swedish debt collector firm Intrum Justitia dropped more than 8 percent after it proposed a string of divestments in order to assuage European Commission concerns over its planned merger with Norwegian rival Lindorff. Shares in Italy''s Fiat Chrysler were also weaker after the U.S. Justice Department said that it was preparing to sue the carmaker over excess diesel emissions as early as this week. On the positive side, earnings buoyed shares in Royal Mail, which gained around 3 percent after its first quarter results, while luxury goods firm Burberry also rose after its full-year update. (Reporting by Kit Rees, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-europe-stocks-idUKKCN18E0R3'|'2017-05-18T15:46:00.000+03:00'|3412.0|''|-1.0|'' 3413|'0e6b0a84db82fbeecff34b9cf1f71af4b9e2a55c'|'BRIEF-Merck receives CHMP positive opinion recommending approval of isentress'|' 8:03am EDT BRIEF-Merck receives CHMP positive opinion recommending approval of isentress May 19 Merck & Co Inc: * Merck receives chmp positive opinion recommending approval of isentress (raltegravir) 600 mg in the european union * Merck receives chmp positive opinion recommending approval of isentress (raltegravir) 600 mg in the european union * Merck & Co Inc - decision on approval is expected in second half of 2017 * Says a decision on approval is expected in second half of 2017 * Merck & Co Inc - once daily formulation of isentress is currently under review in united states by food and drug administration Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-merck-receives-chmp-positive-opini-idUSASA09QN9'|'2017-05-19T20:03:00.000+03:00'|3413.0|''|-1.0|'' 3414|'a9fea40017ed7f56d80a5cfff5a19e2bd7ab4a3f'|'Higher rate of heart problems with Amgen osteoporosis drug in trial'|'May 21 Amgen Inc and UCB SA on Sunday said their experimental osteoporosis drug, which is awaiting a U.S. approval decision, met the primary and key secondary goals of a late stage study but a higher rate of serious heart problems were reported that had not been seen in earlier studies.The drug, romosozumab, which would be sold under the brand name Evenity if approved, significantly reduced the incidence of new vertebral fractures through 24 months and non-vertebral fractures in postmenopausal women with osteoporosis at high risk for fracture compared with Merck & Co''s Fosomax.However, serious heart-related side-effects were reported in 2.5 percent of patients who received the Amgen drug versus 1.9 percent in the Fosomax group. (Reporting by Bill Berkrot; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/amgen-ucb-osteoporosis-idINL1N1IN0EI'|'2017-05-21T20:28:00.000+03:00'|3414.0|''|-1.0|'' -3415|'e32eca64ab97b8485b8c0dd1987ddbc9fc9b0ab2'|'UK funds bullish on eurozone equities as political risk recedes - Reuters poll'|'Top News - Wed May 31, 2017 - 12:14pm BST UK funds bullish on eurozone equities as political risk recedes - Reuters poll Dealers work on a trading floor at BGC Partners in the Canary Wharf business district in London, Britain September 12, 2016. REUTERS/Toby Melville By Claire Milhench - LONDON LONDON British fund managers have raised their allocations to eurozone equities to the highest level since August 2016 after an emphatic French election win for centrist Emmanuel Macron pushed back the threat of a European Union break-up. Macron was elected French president on May 7, defeating his far-right rival Marine Le Pen who had threatened to take France out of the EU and the euro. This triggered a relief rally in European equities, which look set to end May with their fourth straight month of gains . A Reuters poll of 15 UK-based wealth managers and chief investment officers, conducted between May 15 and 25, found investors almost unanimously bullish on European stocks. "Political risk in 2017 has all but gone, with the German election in October appearing to be a foregone conclusion, so allied with the recovery being seen in the real Eurozone economy this is surely positive for European equities," said Jonathan Webster-Smith, head of the multi-asset team at Brooks Macdonald. Within their global equity portfolios, fund managers raised their eurozone exposure by one percentage point to 16.1 percent, whilst trimming U.S. allocations from 31.3 percent to 30.1 percent, the lowest level since August 2016. Poll participants who answered a special question on whether there was further upside for European equities were unanimous in their agreement. "There is significant potential for catch up relative to the U.S. due to compelling valuations, a rebound in European economic growth that we think is sustainable, and resurgent corporate earnings," said David Vickers, senior portfolio manager at Russell Investments. Even managers who were sceptical about the short-term outlook for European equities, given the magnitude of their recent outperformance, were optimistic about the medium term. "The European business cycle tends to lag the U.S. cycle by about six months and economic data in Europe is likely to look relatively good for a while," said Trevor Greetham, head of multi-asset at Royal London Asset Management. Overall, investors raised equities to 49.1 percent of their global balanced portfolios, the highest since January 2016. Greetham predicted monetary policy would remain loose, noting there was little sign of the surge in wages that marks the beginning of the end of an expansion. STERLING BOUNCE Investors were more cautious on UK stocks and bonds in the run-up to a snap general election called for June 8. UK stocks were cut to 23.7 percent of global equity portfolios, and UK bonds fell to 26.7 percent of global bond portfolios, from 29.5 percent in April. About two-thirds of those who answered a special question on sterling thought the pound would rise if the Conservative party won with an increased majority as this would likely strengthen Prime Minister Theresa May''s hand in the Brexit negotiations. Sterling GBP=D3 hit an eight-month high in mid-May, having gained 3 percent against the dollar in April after the snap election was announced. That left some wondering if the rally had much further to run. Ken Dickson, investment director at Standard Life Investments, expected sterling to rise if the Conservatives increase their majority but added that "the reaction will be modest as the market already expects an improvement in the governing party''s working majority". He also warned there might not be a linear relationship between the size of the majority and any subsequent rally in sterling: "Backbenchers tend to be more ''misbehaved'' when governments have super-large majorities." Webster-Smith of Brooks Macdonald sees upcoming Brexit negotiations as key, arguing that a quick agreement over the ''exit fee'' being demanded of the UK would bode well for a trade agreement with the EU and subsequently for sterling. But he added: "The EU have promised full transparency in the talks which could enhance sterling volatility depending on the news being positive or negative." (Editing by Mark Trevelyan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-funds-poll-uk-idUKKBN18R1DO'|'2017-05-31T19:06:00.000+03:00'|3415.0|''|-1.0|'' +3415|'e32eca64ab97b8485b8c0dd1987ddbc9fc9b0ab2'|'UK funds bullish on eurozone equities as political risk recedes - Reuters poll'|'Top News - Wed May 31, 2017 - 12:14pm BST UK funds bullish on eurozone equities as political risk recedes - Reuters poll Dealers work on a trading floor at BGC Partners in the Canary Wharf business district in London, Britain September 12, 2016. REUTERS/Toby Melville By Claire Milhench - LONDON LONDON British fund managers have raised their allocations to eurozone equities to the highest level since August 2016 after an emphatic French election win for centrist Emmanuel Macron pushed back the threat of a European Union break-up. Macron was elected French president on May 7, defeating his far-right rival Marine Le Pen who had threatened to take France out of the EU and the euro. This triggered a relief rally in European equities, which look set to end May with their fourth straight month of gains . A Reuters poll of 15 UK-based wealth managers and chief investment officers, conducted between May 15 and 25, found investors almost unanimously bullish on European stocks. "Political risk in 2017 has all but gone, with the German election in October appearing to be a foregone conclusion, so allied with the recovery being seen in the real Eurozone economy this is surely positive for European equities," said Jonathan Webster-Smith, head of the multi-asset team at Brooks Macdonald. Within their global equity portfolios, fund managers raised their eurozone exposure by one percentage point to 16.1 percent, whilst trimming U.S. allocations from 31.3 percent to 30.1 percent, the lowest level since August 2016. Poll participants who answered a special question on whether there was further upside for European equities were unanimous in their agreement. "There is significant potential for catch up relative to the U.S. due to compelling valuations, a rebound in European economic growth that we think is sustainable, and resurgent corporate earnings," said David Vickers, senior portfolio manager at Russell Investments. Even managers who were sceptical about the short-term outlook for European equities, given the magnitude of their recent outperformance, were optimistic about the medium term. "The European business cycle tends to lag the U.S. cycle by about six months and economic data in Europe is likely to look relatively good for a while," said Trevor Greetham, head of multi-asset at Royal London Asset Management. Overall, investors raised equities to 49.1 percent of their global balanced portfolios, the highest since January 2016. Greetham predicted monetary policy would remain loose, noting there was little sign of the surge in wages that marks the beginning of the end of an expansion. STERLING BOUNCE Investors were more cautious on UK stocks and bonds in the run-up to a snap general election called for June 8. UK stocks were cut to 23.7 percent of global equity portfolios, and UK bonds fell to 26.7 percent of global bond portfolios, from 29.5 percent in April. About two-thirds of those who answered a special question on sterling thought the pound would rise if the Conservative party won with an increased majority as this would likely strengthen Prime Minister Theresa May''s hand in the Brexit negotiations. Sterling GBP=D3 hit an eight-month high in mid-May, having gained 3 percent against the dollar in April after the snap election was announced. That left some wondering if the rally had much further to run. Ken Dickson, investment director at Standard Life Investments, expected sterling to rise if the Conservatives increase their majority but added that "the reaction will be modest as the market already expects an improvement in the governing party''s working majority". He also warned there might not be a linear relationship between the size of the majority and any subsequent rally in sterling: "Backbenchers tend to be more ''misbehaved'' when governments have super-large majorities." Webster-Smith of Brooks Macdonald sees upcoming Brexit negotiations as key, arguing that a quick agreement over the ''exit fee'' being demanded of the UK would bode well for a trade agreement with the EU and subsequently for sterling. But he added: "The EU have promised full transparency in the talks which could enhance sterling volatility depending on the news being positive or negative." (Editing by Mark Trevelyan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-funds-poll-uk-idUKKBN18R1DO'|'2017-05-31T19:06:00.000+03:00'|3415.0|6.0|0.0|'' 3416|'4d16ab4c7bb7fe6c3470baba2e9d43c62715b3a3'|'Bank of England to set out plans to open up interbank payments in coming months'|' 39am BST Bank of England to set out plans to open up interbank payments in coming months A bus passes the Bank of England in the City of London, Britain April 19, 2017. Sterling basked in the glow of a six-month high following Tuesday''s surprise news of a snap UK election. REUTERS/Hannah McKay LONDON The Bank of England said on Tuesday it will set out plans by the middle of this year to widen access to Britain''s interbank payment system, part of efforts to boost the country''s financial infrastructure over the next few years. The BoE wants to open up the payments system to allow a variety of financial firms to compete with the major high street banks that currently have access to the high-speed payments system, which handles 500 billion pounds ($647 billion) a day. The central bank also confirmed the new system would be designed so it can link in future with distributed ledger technology, which underpins digital currencies like Bitcoin. The new system will be designed to operate five days a week and almost 24 hours a day, and could be upgraded to 24/7 operation if there is demand. The BoE said it aimed to roll out most of the upgrades by the end of 2020. ($1 = 0.7729 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-boe-payments-idUKKBN1850ZU'|'2017-05-09T17:14:00.000+03:00'|3416.0|''|-1.0|'' 3417|'d21f2d9ead81bd369f5b09848ef234d325a2d5c7'|'Saudi oil minister due in Iraq to discuss extending oil output cut - official'|'By Ahmed Rasheed and Ernest Scheyder - BAGHDAD/VIENNA BAGHDAD/VIENNA OPEC heavyweights Saudi Arabia and Iraq agreed on Monday on the need to extend a global cut in oil supply by nine months in an effort to prop up crude prices, removing a potential stumbling block as producing countries prepare to meet this week.Saudi Energy Minister Khalid al-Falih said he did not expect any opposition within the Organization of the Petroleum Exporting Countries to extending the curbs for a further nine months, speaking after he met his Iraqi counterpart in Baghdad.OPEC meets in Vienna on Thursday to consider whether to prolong the original deal reached in December in which OPEC and 11 non-member countries, including Russia, agreed to cut output by about 1.8 million barrels per day in the first half of 2017.The Saudi minister told a joint news conference with his Iraqi counterpart Jabar Ali al-Luaibi that Iraq had given the "green light" to a proposal for a nine-month extension that would be presented to the meeting in the Austrian capital.He said a new agreement would be similar to the previous pact, with minor changes. He said any decision would not be finalised until OPEC meets.Falih was paying a rare visit to Iraq in the latest effort by the top oil producer to convince its fellow OPEC member to extend supply cuts to ease a global glut.Iraqi Oil Minister Jabar Ali al-Luaibi said he agreed with Saudi Arabia on the need for a nine-month extension.Saudi Arabia and non-OPEC Russia have been pushing to extend the cuts from the end of June until March 2018. Iraq, OPEC''s second-largest and fastest-growing oil producer, had until Monday voiced support only for a six-month extension.It is the first time in nearly three decades that a senior Saudi energy official has visited Baghdad.OPEC wants to reduce global oil inventories to their five-year average but so far has struggled to do so. Stockpiles are hovering near record highs, partly because of rising production in the United States, which is not part of the existing deal."I believe we have a growing consensus (on the duration of cut extension)," OPEC''s Secretary-General Mohammad Barkindo told reporters in Vienna.Iraq and Iran were the main stumbling blocks for OPEC in reaching its last output-cutting decision in December.OPEC''S CHALLENGEBaghdad argued it had just started enjoying production growth after years of stagnation and Tehran said it needed to raise output after the lifting of Western sanctions.Iraq ended up agreeing to cap output in the first half of 2017 while Iran was allowed a slight rise in production.Nigeria and Libya were granted exemptions from cuts as their output suffered from unrest. Both have regained some volumes in recent months and are expected to add more soon, adding to OPEC''s challenge in rebalancing the market.Goldman Sachs, one of the most active banks in commodities trading, said on Monday a nine-month extension would help rebalance inventories in 2017 and keep Brent prices near $57 per barrel.Brent futures were trading 0.6 percent higher at $53.92 a barrel on Monday at 1638 GMT.Goldman said OPEC should put pressure on American shale oil producers by creating a market structure known as backwardation, when the future trading price of a commodity is below the current spot market value.By extending cuts into 2018 and promising to boost output next year, OPEC could force the oil market into backwardation that would scare away private equity and other investors who have been funding the American shale producers. "The binding force to sustainably slow shale growth lies on the funding side," Damien Courvalin, a Goldman analyst, wrote in the research note to clients.(Additional reporting by OPEC team in Vienna; Writing by Isabel Coles, Dmitry Zhdannikov and Dale Hudson; Editing by David Goodman and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/iraq-oil-saudi-opec-idINKBN18I0HV'|'2017-05-22T13:53:00.000+03:00'|3417.0|''|-1.0|'' 3418|'05bd442f763b3f3faaa8828e461565ff27810571'|'Toshiba to hold general shareholders meeting on June 28'|'Business 6:04am BST Toshiba unable to present audited results at end-June shareholders meeting FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo TOKYO Toshiba Corp said on Wednesday it would not be able to present its audited annual business results for the fiscal year ended March at its general shareholders meeting on June 28. Toshiba has been unable to submit its results to regulators as it has been at odds with auditor PricewaterhouseCoopers Aarata (PwC) since a surprise writedown at its now bankrupt Westinghouse nuclear unit. "At this point, completion of the auditing is expected to take some more time," the Japanese conglomerate said in a statement. But the Japanese company said it would continue to work with the independent auditor to file its securities report by the legally specified deadline of June 30. A failure to meet the end-June deadline without an extension would put the troubled Japanese conglomerate''s bourse listing in further jeopardy. Toshiba has been on the Tokyo stock exchange''s supervision list since mid-March as it has failed to clear up concerns about its internal controls after a 2015 accounting scandal. At the general shareholders meeting on June 28, it will talk about its earnings outlook, the status of the auditing process and third-party investment in its memory business, the company said. It will also seek shareholder approval of reappointment of incumbent directors, for the period until an extraordinary shareholders meeting to be held later, when the company is prepared to report audited results. (Reporting by Chris Gallagher and Makiko Yamazaki; Editing by Michael Perry)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-shareholders-idUKKBN18R09V'|'2017-05-31T10:58:00.000+03:00'|3418.0|''|-1.0|'' @@ -3529,7 +3529,7 @@ 3527|'22efa72286f95eb97d58979d30679c9d76f88302'|'Toshiba turns down Hitachi/CVC offer for Landis, banks prep buyout debt: sources'|'LONDON/FRANKFURT Toshiba ( 6502.T ) has turned down preemptive bids for its Swiss-based smart meter group Landis+Gyr, hoping for a higher price at auction, for which bankers have begun preparing debt packages of around $1 billion, people familiar with the matter said.Buyout group CVC and Japan''s industrial conglomerate Hitachi ( 6501.T ) several weeks ago offered to buy Landis+Gyr for almost $2 billion, and another private equity group also made an offer earlier this year, but both were declined, the sources said.Toshiba is instead waiting for tentative offers to come in by a May 22 deadline, they said, adding that groups including Advent, AEA, BC Partners, Bain, Blackstone, Carlyle, Cinven, CD&R, Onex and Triton are expected to bid.CVC declined to comment, while Hitachi was not immediately available for comment. The other bidders also either declined to comment or were not immediately available to comment.Toshiba said it considering strategic alternatives, including an IPO for Landis+Gyr, adding nothing concrete has been decided yet.It hired UBS earlier this year on the potential divestment of the group.Some $1 billion of debt equates to around 5-6 times Landis+Gyr''s approximate $200 million in earnings before interest, tax, depreciation and amortization, the sources said.The financing is expected to be denominated in dollars and euros and could either be in the form of leveraged loans or high yield bonds, the sources said.Smart meter makers have seen a wave of M&A activity. CVC is selling German metering and energy management group Ista, which could be worth up to 4 billion euros, while German metering group Techem could be put up for sale later in the year.Toshiba bought Landis+Gyr in 2011 for $2.3 billion jointly with state-backed Innovation Network Corporation of Japan, which holds the remaining 40 percent in the company.Landis+Gyr, in which Toshiba has a 60 percent stake, employs more than 5,700 staff and is active in over 30 countries.(Editing by Christopher Mangham and David Evans)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-landis-loans-idUSKBN1801MK'|'2017-05-04T17:01:00.000+03:00'|3527.0|''|-1.0|'' 3528|'861c734ee2988c2a56bb5914cc004494c9475e60'|'Asia shares race to two-year high as Fed signals no rush to tighten'|'Business News - Thu May 25, 2017 - 7:01am BST Asia shares race to two-year high as Fed signals no rush to tighten FILE PHOTO - Visitors looks at an electronic board showing the Japan''s Nikkei average at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 9, 2016. REUTERS/Issei Kato/Files By Hideyuki Sano - TOKYO TOKYO Asian shares scaled two-year highs on Thursday while the dollar and U.S. bond yields slipped after the U.S. Federal Reserve signaled a cautious approach to future rate hikes and the reduction of its $4.5 trillion of bond holdings. European shares are also expected to gain, with spread-betters looking to higher openings of 0.3 percent in Germany''s DAX .GDAX and France''s CAC .FCHI and 0.2 percent in Britain''s FTSE .FTSE . MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS advanced 1.0 percent, hitting its highest level since May 2015, and bringing its gains so far this year to about 17 percent. The gains were led by South Korean shares .KS11 , which rose 1.0 percent to record highs. Hong Kong''s Hang Seng .HSI gained 0.8 percent to its highest level since July 2015 while Taiwanese shares hit 17-year highs .TWII . In Japan, Nikkei .N225 gained 0.5 percent. Minutes from the Fed''s last policy meeting showed policymakers agreed they should hold off on raising interest rates until it was clear a recent U.S. economic slowdown was temporary, though most said a hike was coming soon. "Their views seem to have changed considerably. In the past, they had said the slowdown was transitory," said Daisuke Uno, chief strategist at Sumitomo Mitsui Bank. The minutes also showed that policymakers favored a gradual reduction in its massive balance sheet. Fed staff proposed that the central bank set a cap on the amount of bonds that would be allowed to run off each month, initially setting it at a low level and raising it every three months. Following the minutes, the 10-year U.S. Treasuries yield US10YT=RR fell to 2.255 percent from Wednesday''s high of 2.297 percent. Fed funds rate futures are pricing in about a 75 percent chance that the Fed will raise rates next month, moving down from more than 80 percent earlier this week . The specter of a slower pace of policy tightening underpinned share prices, with the S&P 500 .SPX closing at a record high. In the currency market, the euro EUR= traded up 0.1 percent in Asia at $1.1225, having bounced back from Wednesday''s low of $1.1168 and coming within sight of $1.1268, its 6 1/2-month high set on Tuesday. The dollar stood at 111.63 yen JPY= , slipping from one-week highs of 112.13 touched on Wednesday. Those moves have pulled the dollar''s index against a basket of six major currencies .DXY =USD down to 97.028, near Monday''s 6-1/2-month low of 96.797. The Chinese yuan CNH=D4 CNY=CFXS strengthened, hitting its highest level in almost two months, on buying by major state-owned banks in what some traders thought was a show of strength a day after Moody''s downgraded the country''s credit rating. Mainland Chinese shares .SSEC , which were briefly unsettled by Moody''s downgrade of its rating on China on Wednesday, bounced back 1.6 percent. "Credit downgrade wasn''t a surprise after all given the delay in structural reforms such as liberalization of capital moves. The Chinese economy looks set to grow more than six percent, so there''s no reason to be that pessimistic either," said Shuji Shirota, head of macro economic strategy group at HSBC in Tokyo. The Canadian dollar strengthened to a five-week high of C$1.3402 per U.S. dollar CAD=D4 after the Bank of Canada was more upbeat about the economy than some investors had expected. Oil prices flirted with five-week highs as investors expect oil producing countries to extend output cuts at their meeting in Vienna later in the day. Benchmark Brent crude oil LCOc1 rose 49 cents a barrel, or 0.9 percent, to $54.45. U.S. light crude CLc1 was up 46 cents, or 0.9 percent, at $51.82. Both benchmarks have gained more than 16 percent from their May lows below $50 a barrel, rebounding on a consensus that OPEC and other producers will maintain strict limits on production in an attempt to drain persistent global oversupply. Elsewhere, digital currency bitcoin BTC=BTSP hit a fresh record high, having surged 170 percent in about two months from its March low. Demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology. (Reporting by Hideyuki Sano; Additional reporting by Winni Zhou; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN18L02E'|'2017-05-25T14:01:00.000+03:00'|3528.0|''|-1.0|'' 3529|'114c63daf8321ed2a01cc911a354c0ca269d1e82'|'G4S makes strong start to 2017, first quarter revenues up 9 percent'|' 7:37am BST G4S makes strong start to 2017, first quarter revenues up 9 percent A G4S security van is parked outside a bank in Loughborough, central England, August 28, 2013. REUTERS/Darren Staples/File Photo EDINBURGH Global security firm G4S reported a strong start to the year on Thursday, with revenues up almost 9 percent thanks to good demand for its services around the world The world''s largest security services company said it was confident it would hit its annual revenue growth target of 4 to 6 percent thanks to new contract wins and its pipeline and broadly the same trends in its business as in 2016. "We have delivered good profitable growth across all the regions except Middle East and India which remains challenged," a spokesman for the company said, adding that its U.S. operations had gained from the rollover of retail cash solution contracts from 2016. The performance of G4S, which provides personnel for security services as well as cash-handling, has been robust while some UK rivals flounder, primarily because it is gradually reducing its exposure to the UK where the market has been under pressure following Britain''s vote to leave the European Union. The United States is now the company''s biggest market, providing 27 percent of full year profit in 2016. (Reporting by Elisabeth O''Leary; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g4s-results-idUKKBN1800JI'|'2017-05-04T14:37:00.000+03:00'|3529.0|''|-1.0|'' -3530|'f60622820f012bfb1f8f5dab4b178768a54cca90'|'Tracker rates for energy? French firm brings ''new innovation'' to UK - Business'|'A French power company has promised to restore trust in the energy market with a new tracker tariff linked to wholesale prices, days after big suppliers were found to be making record profit margins from their customers. Engie, which describes itself as the biggest new entrant to the UK domestic energy market in 15 years, said it was the right time for the company to launch in Britain, despite both the Tories and Labour planning price caps on energy bills .We invest because regardless of any political context, this is something that makes sense, said Wilfrid Petrie, Engies UK chief executive.The company, formerly known as GDF Suez, arrives in the UK this week alongside two small new energy companies, taking the total of domestic suppliers to a record 52. The number is set to keep rising: regulator Ofgem said it expected to grant licences for a further six suppliers in June and July.Engie hopes to stand out by offering scale, transparency, green credentials and additional services, such as installing smart thermostats in peoples homes.Thousands face energy bill hikes of more than 400 this month Read more Unusually, the supplier promises that when its fixed tariffs come to an end, customers will be moved to its cheapest deal, rather than following the industry practice of rolling people on to pricier default tariffs.Petrie said he hoped to attract a few hundred thousand customers, but refused to put a timeline on the goal, adding: There are no hard targets we set ourselves. Engie has gained 15,000 domestic customers since a soft launch in December.Petrie insisted the company was committed to the UK despite the threat of price regulation and said it could carve out a niche. [The UK is] highly scrutinised, the players are criticised and the image is not particularly good, and there is a market with a lot of competition, he said.Alongside conventional fixed deals, the cheapest of which costs 880 a year, Engie will launch a tracker tariff this summer that goes up or down each month depending on the cost of wholesale gas and electricity. The company said 40% of the tariff paid by consumers would be made up of wholesale costs, with the rest of the tariff comprising costs from government policy, the transmission network and profits.Tory MPs plot to water down Theresa May''s energy price cap pledge Read more Those wholesale price changes are passed on. Unfortunately, its the good and the bad they could go up, they could go down, said Paul Rawson, the firms head of energy solutions. I think its a new innovation, and a new ability for customers to get real price transparency and restore a bit of trust in the industry.The tracker follows a similar wholesale tracker tariff launched on Monday by Octopus Energy , another relatively new challenger supplier that signed up 90,000 customers in its first year.Engie will also be competing with a pair of new entrants that launched this week, including Pure Planet, which claims it will be the cheapest supplier of renewable energy on the market, with a single tariff of around 900. BP owns a quarter of the company, set up by four friends who founded Virgin Mobile in 1999, and is also the producer of the wind, solar and hydro power that the company is buying.The other new entrant is Peoples Energy, which raised 450,000 via a crowdfunding campaign and pledges to return 75% of its profits to customers each year in an annual rebate.Topics Energy industry Energy bills Consumer affairs Household bills Utilities news '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/11/engie-power-energy-tracker-tariff-uk-market-gas-electricity'|'2017-05-11T23:26:00.000+03:00'|3530.0|''|-1.0|'' +3530|'f60622820f012bfb1f8f5dab4b178768a54cca90'|'Tracker rates for energy? French firm brings ''new innovation'' to UK - Business'|'A French power company has promised to restore trust in the energy market with a new tracker tariff linked to wholesale prices, days after big suppliers were found to be making record profit margins from their customers. Engie, which describes itself as the biggest new entrant to the UK domestic energy market in 15 years, said it was the right time for the company to launch in Britain, despite both the Tories and Labour planning price caps on energy bills .We invest because regardless of any political context, this is something that makes sense, said Wilfrid Petrie, Engies UK chief executive.The company, formerly known as GDF Suez, arrives in the UK this week alongside two small new energy companies, taking the total of domestic suppliers to a record 52. The number is set to keep rising: regulator Ofgem said it expected to grant licences for a further six suppliers in June and July.Engie hopes to stand out by offering scale, transparency, green credentials and additional services, such as installing smart thermostats in peoples homes.Thousands face energy bill hikes of more than 400 this month Read more Unusually, the supplier promises that when its fixed tariffs come to an end, customers will be moved to its cheapest deal, rather than following the industry practice of rolling people on to pricier default tariffs.Petrie said he hoped to attract a few hundred thousand customers, but refused to put a timeline on the goal, adding: There are no hard targets we set ourselves. Engie has gained 15,000 domestic customers since a soft launch in December.Petrie insisted the company was committed to the UK despite the threat of price regulation and said it could carve out a niche. [The UK is] highly scrutinised, the players are criticised and the image is not particularly good, and there is a market with a lot of competition, he said.Alongside conventional fixed deals, the cheapest of which costs 880 a year, Engie will launch a tracker tariff this summer that goes up or down each month depending on the cost of wholesale gas and electricity. The company said 40% of the tariff paid by consumers would be made up of wholesale costs, with the rest of the tariff comprising costs from government policy, the transmission network and profits.Tory MPs plot to water down Theresa May''s energy price cap pledge Read more Those wholesale price changes are passed on. Unfortunately, its the good and the bad they could go up, they could go down, said Paul Rawson, the firms head of energy solutions. I think its a new innovation, and a new ability for customers to get real price transparency and restore a bit of trust in the industry.The tracker follows a similar wholesale tracker tariff launched on Monday by Octopus Energy , another relatively new challenger supplier that signed up 90,000 customers in its first year.Engie will also be competing with a pair of new entrants that launched this week, including Pure Planet, which claims it will be the cheapest supplier of renewable energy on the market, with a single tariff of around 900. BP owns a quarter of the company, set up by four friends who founded Virgin Mobile in 1999, and is also the producer of the wind, solar and hydro power that the company is buying.The other new entrant is Peoples Energy, which raised 450,000 via a crowdfunding campaign and pledges to return 75% of its profits to customers each year in an annual rebate.Topics Energy industry Energy bills Consumer affairs Household bills Utilities news '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/11/engie-power-energy-tracker-tariff-uk-market-gas-electricity'|'2017-05-11T23:26:00.000+03:00'|3530.0|6.0|0.0|'' 3531|'55f4c4249975daa1cdf2dd743f77b592049170ba'|'Key ministers in new French government'|'Market News 03am EDT Key ministers in new French government PARIS May 17 French Prime Minister Edouard Philippe''s new government comprises a mix of socialist and conservative officials, with an equal balance between men and women as well as people from civil society. Philippe, a 46-year-old conservative lawmaker and mayor of the Normandy seaside town of Le Havre, was appointed by French centrist President Emmanuel Macron on Monday. On Wednesday, a total of 22 ministers, including junior ministers, split equally between men and women, were named in his government. Below is a list of the key ministers. INTERIOR MINISTER: GERARD COLLOMB, 69 A popular senator and mayor of Lyon, France''s second-biggest city, Collomb is part of the centrist tendency of the Socialist party. He has never been a minister during his 40-year political career, but is named number two in the government protocol. He was one of Macron''s first close allies and vocal supporters among leading Socialists. He has been a staunch advocate of cross-party cooperation in running his city. His priority in Lyon was initially focused on strengthening security. As interior minister, he will now be in charge of coordinating France''s response to internal security threats including from Islamist militants who have carried out attacks on French soil. ECOLOGICAL TRANSITION MINISTRY: NICOLAS HULOT, 62 Former documentary TV reporter Hulot is one of France''s best-known environmentalists. A pragmatist, Hulot has advised governments from the right and the left about environmental policies. He made a bid to run as Green candidate in the 2012 presidential election, but lost out to a more leftist candidate in the party''s primaries. The foundation bearing his name is a driving force for green policies in France. Former president Francois Hollande made Hulot a special envoy for the environment but could not convince him to become a minister in his government. Hulot helped prepare the 2015 United Nations COP21 climate summit in Paris and has good relations with top French companies such as EDF, L''Oreal and Carrefour, who sponsor his foundation. JUSTICE MINISTER: FRANCOIS BAYROU, 65 Long the face of centrism in France, with three failed runs for the presidency to his name, Bayrou, was pondering whether to make a fourth run when he was overtaken by Macron''s dizzy rise. The former education minister, now mayor of Pau, gave Macron a boost in the polls in February when he decided to join the former banker''s ranks, sealing an alliance. Many observers then speculated that this would be rewarded by a ministerial role for Bayrou, who founded his own Democratic Movement (MoDem) in 2007. The self-proclaimed "man of the soil" -- a father of six and practising Roman Catholic who married at age 20 -- also breeds racehorses at his ancestral home in Borderes in the southwest of France. EUROPEAN AND FOREIGN MINISTER: JEAN-YVES LE DRIAN, 69 Le Drian has been a close friend of former Socialist President Hollande for more than 40 years. Having backed Macron early, Le Drian takes over the foreign affairs portfolio after holding the defence post for five years under Hollande. One of the few popular ministers under Hollande, Le Drian is seen as the driving force behind France''s counter-terrorism operations in West Africa and the Middle East. He is also credited with leading a resurgence in French weapons'' exports that have resulted in billions of euros in deals, including the first exports of the Rafale fighter jet. The former university history teacher has spent 35 years in politics and is president of the Brittany region. In a signal of Macron''s future priorities, the ministry has been renamed to emphasise the role of Europe in foreign policy. ECONOMY MINISTER: BRUNO LE MAIRE, 48 Bruno Le Maire, named French economy minister, is a reform-minded conservative whose expertise on Europe and staunch defence of the Franco-German relationship will prove valuable as Macron pushes for closer EU integration. A pro-European, German-speaking rightist, Le Maire came second to ex-President Nicolas Sarkozy for the leadership of the The Republicans party in 2014 and finished fifth in the right-wing presidential primaries last year. After an early career as a diplomat, he held successive portfolois under Sarkozy - first European and then agriculture. He will be supported in his new role by another conservative, 34-year-old Gerald Darmanin, a Republicans vice-president and former Sarkozy ally, who will be budget minister. ARMED FORCES MINISTER (DEFENCE MINISTRY): SYLVIE GOULARD, 52 A European lawmaker who speaks four languages, Goulard is a respected operator in Brussels, having acted as adviser to former European Commission president Romano Prodi. She is the number three in the government hierarchy and will be key to pushing wider European defence cooperation. Goulard was born in Marseille and is a graduate of France''s elite ENA school of government. MINISTER OF TERRITORIAL COHESION: RICHARD FERRAND, 54 A Socialist lawmaker who steered Macron''s flagship deregulation bill through parliament in 2015, he was one of the first parliamentarians to join the young centrist''s movement. Born to a plasterer and a shop assistant in the southwestern town of Rodez, he combines impeccable working-class credentials with experience of the private sector - he turned around the bankrupt Mutuelles de Bretagne health insurance company - and an understanding of the inner workings of government as a former cabinet adviser. JUNIOR MINISTER FOR EUROPE: MARIELLE DE SARNEZ, 66 De Sarnez is the right-hand woman of Francois Bayrou, the leader of the centrist Modem party who gave up his bid for the presidency to back Macron. She will be a junior minister under Le Drian. An expert on Europe, she has been a member of the European parliament since 1999 and was campaign director for Bayrou''s unsuccessful 2012 presidential campaign. GOVERNMENT SPOKESMAN: CHRISTOPHE CASTANER, 51 The Socialist lawmaker, who briefly worked as a legal adviser for the bank BNP Paribas, was one of Macron''s main message-bearers on morning radio shows and TV channels. In regional council elections in 2015, he withdrew his candidacy in the National Front (FN) stronghold of Provence, helping his conservative rival to become council president and shutting out the FN candidate, Marine Le Pen''s niece Marion Marechal-Le Pen. (Reporting by John Irish, Brian Love, Sybille de La Hamaide, Ingrid Melander, Dominique Vidalon, Andrew Callus, Adrian Croft, Michel Rose; Editing by Richard Balmforth)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-election-government-ministers-idUSL8N1IJ445'|'2017-05-17T22:03:00.000+03:00'|3531.0|''|-1.0|'' 3532|'7ebbb1e6c41bc251dbd913b1bb02f11311d9a360'|'Japan March current account surplus beats forecasts, Trump trade policies in focus'|'Business 3:23am BST Japan March current account surplus beats forecasts, Trump trade policies in focus A cargo ship is seen behind Japan''s national flag at an industrial port in Tokyo March 8, 2012. REUTERS/Kim Kyung-Hoon By Minami Funakoshi - TOKYO TOKYO Japan''s current account balance posted a stronger-than-expected surplus in March on solid income from overseas investments, maintaining a run of uninterrupted monthly surpluses that has continued for almost three years. The surplus of 2.91 trillion yen (19.7 billion pounds) marked the 33rd straight month in the black, finance ministry data showed on Thursday, and beat the median forecast for a surplus of 2.643 trillion yen in a Reuters poll of economists. Export-reliant Japan''s persistent current account surpluses could elevate the thorny issue of trade imbalances with U.S. President Donald Trump''s administration, which has pledged to rework the United States'' current agreements with its major trading partners. "Usually, the current account balance shouldn''t have that big of an impact, but you just never know with Trump," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. "It''s hard to read what, if any, effect this might have on Trump''s policies (with Japan)." The trade surplus shrank in March to 865.5 billion yen, but logged the second straight month in the black. Income from overseas investment, boosted by a pick-up in overseas economy, also helped support the current account surplus. The primary income balance in March stood at 2.2 trillion yen on increased profits from foreign direct investment. Japan''s trade and current account surpluses have taken on critical importance as Trump pursues an "America First" platform, via which he has pledged to shrink the U.S. trade deficit with big exporters such as Japan. A strong current account surplus and a large trade surplus with the United States kept Japan on the U.S. Treasury''s currency watchlist released last month. U.S. Commerce Secretary Wilbur Ross said that Washington could no longer sustain inflated trade deficits with its trading partners, according to a statement issued last week by the department. However, Japan''s finance minister has said he had no discussion on trade deficits when he spoke with Ross last week. Japan''s economy has sustained a modest recovery that kicked off when Prime Minister Shinzo Abe took power in late 2012 and launched his "Abenomics" package of aggressive monetary, fiscal stimulus measures and structural reforms. A recent rebound in overseas demand has helped boost exports and output, pushing up business confidence to its highest in a year and a half. Japan''s March trade data showed exports rose at the fastest pace in more than two years as increased shipments of car parts and steel signalled that expanding overseas demand could help boost the country''s notoriously slow economic growth. (Reporting by Minami Funakoshi; Editing by Eric Meijer and Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-currentaccount-idUKKBN18701B'|'2017-05-11T10:23:00.000+03:00'|3532.0|''|-1.0|'' 3533|'a9b63e8b2604f5c590e2f53ee1d77c12e3aa9d3d'|'BRIEF-Energizer raises 2017 adjusted eps outlook'|' 23am EDT BRIEF-Energizer raises 2017 adjusted eps outlook May 3 Energizer Holdings Inc * Energizer Holdings, Inc. announces fiscal 2017 second quarter results and updates financial Outlook for fiscal 2017 * Q2 adjusted earnings per share $0.50 * Q2 earnings per share $0.75 * Q2 earnings per share view $0.34 -- Thomson Reuters I/B/E/S * Sees FY 2017 adjusted earnings per share $2.75 to $2.85 * Q2 revenue $359 million versus I/B/E/S view $366.7 million * Energizer Holdings Inc - raises full year adjusted eps outlook * Energizer Holdings Inc - fiscal year 2017 net sales are expected to be up mid-single digits * Energizer Holdings Inc - incremental impact of auto care acquisition is expected to increase net sales by 5 pct to 6 pct for fiscal year 2017 * Energizer Holdings Inc - unfavorable movements in foreign currencies are expected to reduce net sales by 1.5 pct to 2.5 pct for fiscal year 2017 * Fy2017 earnings per share view $2.77, revenue view $1.75 billion -- Thomson Reuters I/B/E/S * Energizer holdings inc - acquisition and integration costs are expected to be in range of $5 to $10 million for fiscal year 2017 Source '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-energizer-raises-2017-adjusted-eps-idUSASA09MDV'|'2017-05-03T19:23:00.000+03:00'|3533.0|''|-1.0|'' @@ -3587,7 +3587,7 @@ 3585|'2222a1b61c9f60234571510771beeadc185aa3f8'|'French bank Credit Agricole''s first quarter profits surge higher'|'Banks - Thu May 11, 2017 - 6:35am BST French bank Credit Agricole''s first quarter profits surge higher Logos are pictured on a Credit Agricole bank branch in Paris, France, February 15, 2017. REUTERS/Charles Platiau By Maya Nikolaeva and Julien Ponthus - PARIS PARIS French bank Credit Agricole reported a near fourfold increase in first-quarter profit, as it moved on from a complex revamp of shareholding ties with its parent group and benefited from a surge in trading activity. Credit Agricole, whose asset management arm Amundi is buying rival Pioneer Investments from Unicredit for 3.6 billion euros (3 billion pounds), said net income rose to 845 million euros from 227 million last year, when results were hit by restructuring costs. Its revenue rose 24 percent to 4.7 billion euros, driven by a bumper quarter for capital market activities that rose 17 percent and a rebound in French retail banking. Credit Agricole''s retail bank LCL also had an 8 percent rise in revenue, driven by high volumes of loan restructuring fees and stronger loan growth. "Globally, we should be able to have for the whole year revenue (at LCL) that would be more or less stable," chief financial officer Jerome Grivet told journalists. The bank said that the group''s stronger revenue growth reflected "an improvement in economic activity in the group''s core European markets, but above all, the robustness of the universal customer-focused banking model. Credit Agricole''s higher profits echoed a similar performance at other rival French banks this quarter, with BNP Paribas and Natixis posting higher earnings, although legal costs contributed to SocGen reporting lower profits. (Reporting by Maya Nikolaeva and Julien Ponthus; Editing by Sudip Kar-Gupta) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-credit-agricole-results-idUKKBN1870F7'|'2017-05-11T13:35:00.000+03:00'|3585.0|''|-1.0|'' 3586|'f54324761ae972cfe178cf9982a174710ddec547'|'Saudi Aramco to dilute stake in Sadara Chemicals via IPO -exec'|'Company 2:59am EDT Saudi Aramco to dilute stake in Sadara Chemicals via IPO -exec ABU DHABI May 3 National oil firm Saudi Aramco plans to cut its stake in Sadara Chemical Co IPO-SACH.SE, a joint venture with U.S. company Dow Chemical, via an initial public offer of shares, Sadara chief executive Ziad al-Labban said on Wednesday. "Aramco has a stake of 65 percent in Sadara - they want to become equal with Dow, which has a 35 percent stake. The 30 percent I believe will be IPOed by Saudi Aramco," Labban told reporters on the sidelines of a petrochemical industry conference. He did not give a timeline or other details. Executives first raised the possibility of an IPO for Sadara years ago; a source familiar with the matter told Reuters this year that it would occur after the planned IPO of Aramco itself, which is due to take place in 2018. (Reporting by Stanley Carvalho; Writing by Andrew Torchia)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sadara-aramco-ipo-idUSD5N1FJ01V'|'2017-05-03T14:59:00.000+03:00'|3586.0|''|-1.0|'' 3587|'212f0d51355472ab8c1ef7e0e32f3de200b005d4'|'FTSE heads for third straight week of gains as AstraZeneca rises'|'Business News - 20am BST FTSE heads for third straight week of gains as AstraZeneca rises People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Kit Rees - LONDON LONDON Britain''s top share index rose on Friday, on track for its third successive week of gains as pharmaceutical stock AstraZeneca rose after a positive drug trial and broker upgrades buoyed individual firms. The blue chip FTSE 100 index was up 0.2 percent at 7,0402.40 points by 0854 GMT, hitting its highest level in seven weeks. AstraZeneca was the biggest gainer, jumping 4.5 percent after its key immunotherapy drug durvalumab was shown to reduce the risk of death from lung cancer in a trial. The hope is that the drug, which offers an alternative to chemotherapy, will become a blockbuster drug for AstraZeneca. "Their pacific lung cancer trial ... has been taken very well as it''s seen as being quite positive for the upcoming readouts of the MYSTIC trial, which is what really we''re waiting on from them," Dafydd Davies, partner at Charles Hanover Investments, said, referring to another of AstraZeneca''s cancer drug trials. "As the generic drugs have started to bite into some of their profitability, (it) is very key these new drugs that are in the pipeline do start making some significant progress, which is what we are starting to see." Shares in peer Shire also rose 1.4 percent. Broker upgrades also helped support gains in companies such as British Airways owner IAG, which was up 1.3 percent after Kepler Cheuvreux upped the stock to a "buy" from "hold". "Despite the weaker start to the year, we expect IAG to outperform in terms of RASK over the coming quarters, based on its network exposure (higher exposure to Americas) and lower share of transfer traffic," Ruxandra Haradau-Doser, head of airports and airlines at Kepler Cheuvreux, said, referring to unit revenue per available seat kilometre. Likewise shares in Standard Life also rose 1.3 percent after RBC raised its rating on the insurer to "outperform". RBC analysts said that, following the release of the prospectus for Standard Life''s merger with Aberdeen Asset Management, they had greater conviction that the insurance business will be sold, which they expect would unlock value. Healthcare firm Hikma was among the weakest blue chip performers, however, down at a five-month low and taking losses to nearly 10 percent over the past two sessions after U.S. approval for its generic drug Advair was delayed on Thursday. Brokers J.P. Morgan and Stifel both reduced their target prices for the stock. Outside the blue chips, moves were fairly muted among British mid caps, with the FTSE 250 trading flat in percentage terms. (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN18812F'|'2017-05-12T17:20:00.000+03:00'|3587.0|''|-1.0|'' -3588|'baddffcd55d180700fab0c6b5a1464052c0aacab'|'Ireland launches long-awaited AIB IPO in fresh milestone'|'By Padraic Halpin - DUBLIN DUBLIN Ireland launched its long-awaited initial public offering of state-owned Allied Irish Banks ( ALBK.I ) (AIB) on Tuesday, offering a 25 percent stake in what is set to be one of Europe''s largest bank listings since the 2008 financial crisis.Dublin rescued the bank in a 21 billion-euro ($23.50 billion) taxpayer bailout that began in early 2009, and it has been considering partly cashing out of its 99.9 percent stake since last year.A successful flotation would mark another milestone in a dramatic turnaround from a banking and fiscal crisis that wrecked the country''s economy a decade ago. The sale could raise about 3 billion euros, taking into account the bank''s book value of 11.3 billion euros at the end of last year.That value has probably risen since then, after another quarter of margin growth, its payment of a 250 million-euro dividend this month and a further 11 percent gain in the value of euro zone banks .SX7E so far this year.One of Ireland''s two dominant banks, AIB returned to profit three years ago. It has cut its huge stock of impaired loans by more than two-thirds since then, and this year it became the first domestically owned lender to restart dividends since the crash."The strong progress made by AIB and current market conditions mean that now is the right time to commence this process," Finance Minister Michael Noonan said in a statement announcing its intention to float."Today''s decision is a significant step in the continued normalization of the state''s involvement in Ireland''s banking system."IRISH ECONOMY PLAYNoonan added in an interview with national broadcaster RTE that the IPO price could be "driven up a little" if Britain''s ruling Conservative party wins a strong majority in a June 8 election, giving markets a boost.The prospectus and price range for the sale are expected to be published days later, in mid-June, the government said.AIB will list its shares on the Irish and London stock exchanges and seek admission to the main markets of each. The government said the sale was expected to be one of the United Kingdom''s largest main market IPOs of the last 20 years.AIB management has said it has received "huge interest in the Irish story" from investors in recent months, pitching the bank as a rare stock market play focused almost exclusively on the European Union''s fastest-growing economy.AIB is less exposed to Britain''s exit from the EU than its main rival, Bank of Ireland ( BKIR.I ), the state''s largest bank by assets, having made just 14 percent of its pre-provision operating profit in the United Kingdom last year.It is also the largest provider of mortgages in the fast-recovering Irish market, with a 36 percent share of the market by drawdowns, although investors may be wary of a chronic lack of housing supply that could hold the market back.The bank has so far returned 6.6 billion euros to the state though capital, fees, dividends and coupons.BIGGEST TEST OF APPETITEThe sale will also represent the government''s biggest test of investor appetite for its banks. In 2015, it made 400 million euros by refloating a quarter of the far smaller permanent tsb ( IL0A.I ) on the stock market.After a 2008 property collapse, Ireland pumped 64 billion euros into its banks, the most expensive rescue in the euro zone at almost 40 percent of annual economic output. It expects to turn a profit on the half given to the three surviving banks.The government will use the funds to cut around 1.5 percent from a national debt that at 200 billion euros is still among the highest in the euro zone by most measures, resisting opposition party calls to spend the proceeds on infrastructure projects.The deal will include a retail offering for those willing to invest at least 10,000 euros and a greenshoe or over-allotment option, meaning the size of the IPO could rise to 28.75 percent if demand proves higher than expected following AIB''s debut.The government also added some additional protection last month when it issued a warrant allowing it to subscribe for as much as 9.99 percent of the bank''s stock if the share price doubles 10 years after the floatation.Bank of America Merrill Lynch ( BAC.N ), Davy Stockbrokers and Deutsche Bank ( DBKGn.DE ) are acting as global coordinators for the sale. Citigroup ( C.N ), Goldman Sachs ( GS.N ), Goodbody Stockbrokers, JPMorgan ( JPM.N ) and UBS ( UBSG.S ) are the bookrunners.(Editing by Jane Merriman, Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aib-ipo-idINKBN18Q2EA'|'2017-05-30T18:47:00.000+03:00'|3588.0|''|-1.0|'' +3588|'baddffcd55d180700fab0c6b5a1464052c0aacab'|'Ireland launches long-awaited AIB IPO in fresh milestone'|'By Padraic Halpin - DUBLIN DUBLIN Ireland launched its long-awaited initial public offering of state-owned Allied Irish Banks ( ALBK.I ) (AIB) on Tuesday, offering a 25 percent stake in what is set to be one of Europe''s largest bank listings since the 2008 financial crisis.Dublin rescued the bank in a 21 billion-euro ($23.50 billion) taxpayer bailout that began in early 2009, and it has been considering partly cashing out of its 99.9 percent stake since last year.A successful flotation would mark another milestone in a dramatic turnaround from a banking and fiscal crisis that wrecked the country''s economy a decade ago. The sale could raise about 3 billion euros, taking into account the bank''s book value of 11.3 billion euros at the end of last year.That value has probably risen since then, after another quarter of margin growth, its payment of a 250 million-euro dividend this month and a further 11 percent gain in the value of euro zone banks .SX7E so far this year.One of Ireland''s two dominant banks, AIB returned to profit three years ago. It has cut its huge stock of impaired loans by more than two-thirds since then, and this year it became the first domestically owned lender to restart dividends since the crash."The strong progress made by AIB and current market conditions mean that now is the right time to commence this process," Finance Minister Michael Noonan said in a statement announcing its intention to float."Today''s decision is a significant step in the continued normalization of the state''s involvement in Ireland''s banking system."IRISH ECONOMY PLAYNoonan added in an interview with national broadcaster RTE that the IPO price could be "driven up a little" if Britain''s ruling Conservative party wins a strong majority in a June 8 election, giving markets a boost.The prospectus and price range for the sale are expected to be published days later, in mid-June, the government said.AIB will list its shares on the Irish and London stock exchanges and seek admission to the main markets of each. The government said the sale was expected to be one of the United Kingdom''s largest main market IPOs of the last 20 years.AIB management has said it has received "huge interest in the Irish story" from investors in recent months, pitching the bank as a rare stock market play focused almost exclusively on the European Union''s fastest-growing economy.AIB is less exposed to Britain''s exit from the EU than its main rival, Bank of Ireland ( BKIR.I ), the state''s largest bank by assets, having made just 14 percent of its pre-provision operating profit in the United Kingdom last year.It is also the largest provider of mortgages in the fast-recovering Irish market, with a 36 percent share of the market by drawdowns, although investors may be wary of a chronic lack of housing supply that could hold the market back.The bank has so far returned 6.6 billion euros to the state though capital, fees, dividends and coupons.BIGGEST TEST OF APPETITEThe sale will also represent the government''s biggest test of investor appetite for its banks. In 2015, it made 400 million euros by refloating a quarter of the far smaller permanent tsb ( IL0A.I ) on the stock market.After a 2008 property collapse, Ireland pumped 64 billion euros into its banks, the most expensive rescue in the euro zone at almost 40 percent of annual economic output. It expects to turn a profit on the half given to the three surviving banks.The government will use the funds to cut around 1.5 percent from a national debt that at 200 billion euros is still among the highest in the euro zone by most measures, resisting opposition party calls to spend the proceeds on infrastructure projects.The deal will include a retail offering for those willing to invest at least 10,000 euros and a greenshoe or over-allotment option, meaning the size of the IPO could rise to 28.75 percent if demand proves higher than expected following AIB''s debut.The government also added some additional protection last month when it issued a warrant allowing it to subscribe for as much as 9.99 percent of the bank''s stock if the share price doubles 10 years after the floatation.Bank of America Merrill Lynch ( BAC.N ), Davy Stockbrokers and Deutsche Bank ( DBKGn.DE ) are acting as global coordinators for the sale. Citigroup ( C.N ), Goldman Sachs ( GS.N ), Goodbody Stockbrokers, JPMorgan ( JPM.N ) and UBS ( UBSG.S ) are the bookrunners.(Editing by Jane Merriman, Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aib-ipo-idINKBN18Q2EA'|'2017-05-30T18:47:00.000+03:00'|3588.0|15.0|0.0|'' 3589|'e64e20b82b68569a2eef3ada4df6f80eef9f3374'|'US STOCKS-Wall St creeps higher; Fed minutes eyed'|'US Market Report 36am EDT US STOCKS-Wall St creeps higher; Fed minutes eyed * Fed minutes scheduled to be released at 2 p.m. ET * Fed fund futures steady at 83 pct odds of June rate hike * Financial sector dips after four days of gains * Lowe''s and Tiffany drop on disappointing results * Indexes up: Dow 0.15 pct, S&P 0.08 pct, Nasdaq 0.16 pct (Adds details, changes comment, updates prices) By Tanya Agrawal May 24 U.S. stocks were modestly higher late on Wednesday morning, aiming for a fifth straight day of gains, as investors awaited Federal Reserve minutes of its May meeting that could cement the chances of an interest rate hike next month. U.S. interest rates futures were steady. Fed funds futures implied traders priced in about an 83 percent chance of a rate hike in June, little changed from Tuesday''s close. Investors are also awaiting more details regarding the Fed trimming its $4.5 trillion balance sheet, when the central bank releases the minutes at 2 p.m. ET (1600 GMT). "The real take from the Fed is that a June rate hike still seems to pretty much baked in the cake but I''m going to be looking at guidance as how they expect to start spending down their excess assets," said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Mass. While recent economic data has been mixed, with signs of a dip in consumer sentiment and spending, the job market continues to strengthen. That could give the Fed impetus to continue with its path of monetary tightening. Data on Wednesday showed home resales fell more than expected in April as a tight supply boosted prices and sidelined prospective buyers. A tightening labor market and historically low mortgage rates have helped the housing market recovery. McMillan said the recent mixed economic data did not concern him as a lot of it was due to from first-quarter seasonality issues and that he expected an improvement in the current quarter. At 10:56 a.m. ET the Dow Jones Industrial Average was up 31.67 points, or 0.15 percent, at 20,969.58, the S&P 500 was up 2.15 points, or 0.08 percent, at 2,400.57 and the Nasdaq Composite was up 9.63 points, or 0.16 percent, at 6,148.34. Seven of the 11 major S&P 500 sectors were higher, led by the materials index''s 0.67 percent rise. Financials, the index which will benefit the most from higher interest rates, was off 0.21 percent after four days of gains. The consumer staples index fell 0.12 percent, weighed down by weak report from Lowe''s, the No. 2 U.S. home improvement chain. Lowe''s dropped 4.3 percent to $78.82 after it reported a lower-than-expected profit and comparable sales. Bigger rival Home Depot was off 0.2 percent. Jewelry retailer Tiffany sank 6.8 percent after posting a surprise drop in comparable sales. Signet Jewelers , which reports on Thursday, was down 6 percent. The two were the biggest losers on the S&P. At the other end was Intuit, which jumped 7.2 percent after the tax-preparation software maker posted a profit topped estimates and also raised its revenue forecast. Advancing issues outnumbered decliners on the NYSE by 1,684 to 1,011. On the Nasdaq, 1,506 issues rose and 1,107 fell. The S&P 500 index showed 33 new 52-week highs and 10 new lows, while the Nasdaq recorded 64 new highs and 32 new lows. (Reporting by Tanya Agrawal in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1IQ4GN'|'2017-05-24T23:36:00.000+03:00'|3589.0|''|-1.0|'' 3590|'9b15a83d2186efe90fd40434e65b5a9fb472df8d'|'Booker sticks to Tesco deal timetable as profits rise'|'By James Davey - LONDON LONDON British wholesaler Booker ( BOK.L ) still expects its 3.7 billion pound ($4.8 billion) takeover by Tesco ( TSCO.L ) to be completed by early 2018 at the latest, it said after reporting annual results on Thursday, despite regulatory hurdles that analysts said could make the timetable optimistic.Though the companies announced the deal in January, Britain''s Competition & Markets Authority (CMA) has yet to formally confirm the start of its initial appraisal of the plan and most analysts see referral to an in-depth Phase 2 investigation as inevitable.That latter could last up to 24 weeks, with the CMA able to seek remedies or block the deal if it finds that the takeover would reduce competition.The CMA is not known for moving quickly and analysts pointed to the regulator''s handling of sportswear company JD Sports'' ( JD.L ) proposed takeover of the Go Outdoors chain. That deal, which would create only a few overlaps among stores, was announced in November, but it took until Thursday for the CMA to say it will not be conducting a Phase 2 investigation."If the CMA took this long to clear that deal, how long will it take to investigate the far more complex Booker-Tesco merger?" said independent retail analyst Nick Bubb.Meanwhile, Booker and Britain''s biggest retailer remain committed to their deal despite some dissent among Tesco shareholders."We are continuing to assist the UK competition authorities in their ongoing consideration of the merger and it is expected that the merger will complete in late 2017/early 2018, subject to, amongst other things, the necessary shareholder approvals," Booker said.Booker, which supplies convenience chains including Budgens and Londis, restaurants such as Wagamama and Carluccio''s and also operates the Makro cash and carry business, reported a 15 percent rise in annual profit and said revenue in the first seven weeks of its new financial year was ahead of the same period last year.It made a pretax profit of 174 million pounds in the year to March 24, slightly ahead of analysts'' average forecast of 173.3 million pounds, reflecting progress across the catering and retail supply sides of the business.Booker''s total return to shareholders, made up of ordinary and special dividends, was increased by 11 percent to 8.62 pence.Shares in Booker, up 23 percent this year, were flat at 199 pence at 0838 GMT (4.38 a.m. ET).Tesco''s cash and shares offer valued Booker shares at 200 pence.(Editing by Kate Holton and David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-booker-results-idINKCN18E179'|'2017-05-18T08:06:00.000+03:00'|3590.0|''|-1.0|'' 3591|'3010df0f6db945b070bec63737cc62712745ed42'|'France makes Brexit pitch to Wall Street banks in New York'|'Business 9:52pm BST France makes Brexit pitch to Wall Street banks in New York Economist Christian Noyer, speaks at the 2017 Paris EUROPLACE International Financial Forum in the Manhattan borough of New York City, New York, U.S. May 23, 2017. REUTERS/Carlo Allegri By Olivia Oran - NEW YORK NEW YORK More than 20 banks and asset management firms are in advanced discussions with regulators in France about shifting jobs there following Britain''s vote to leave the European Union, former Bank of France chief Christian Noyer said on Tuesday. Noyer is leading the French government''s efforts to lure London-based financiers to Paris as they seek to secure access to the single market once Britain exits the EU in 2019. His job has become much easier since the election of Emmanuel Macron, a former investment banker with Rothschild & Co ( ROTH.PA ), as president earlier this month. When we started the image of France wasnt good ... the feeling about labor market rigidities and volatility of the tax system wasnt very good," Noyer said in an interview on the sidelines of an event in Manhattan promoting France as a financial hub. "Weve spent a lot of time explaining what changes have already taken place." France is synonymous with high taxes and tough employment laws which make it difficult to fire staff quickly. Macron is promising to overhaul the labor market and simplify the French tax and pension systems, while paring back regulations he says hamper innovation. But there is a lot of uncertainty about the likely pace of reforms, which could take months or even years to implement. Macron''s predecessor, the socialist leader Francois Hollande, introduced a 75 percent tax on earnings of $1 million or more in 2013. The tax was abandoned a year later but it has left a lasting impression on executives. At the New York event, held in the Roosevelt Hotel, Noyer read a message from Macron in which he said as soon as this summer, the government will send a draft law to parliament to make labor laws more flexible. So far, only HSBC Holdings PLC ( HSBA.L ) has said it would move staff to Paris following Britain''s exit from the European Union, Frankfurt has emerged as a frontrunner in the competition to attract financial firms post-Brexit with the five largest U.S. banks -- Citigroup ( C.N ), JPMorgan ( JPM.N ), Goldman Sachs ( GS.N ), Morgan Stanley ( MS.N ) and Bank of America ( BAC.N ) -- set to move hundreds of key staff there. Dublin is also expected to do well. JPMorgan is buying a building there with room for 1,000 staff and British insurer and asset manager Standard Life ( SL.L ) has said it will likely choose Dublin for its EU base. Luxembourg has already attracted a number of insurers with Britain''s Hiscox ( HSX.L ) looking to establish a new subsidiary there and U.S. insurer AIG ( AIG.N ) planning to locate its EU hub there. Noyer dismissed the competition from other European cities. "Paris is the only big city comparable to London and New York. The other cities are relatively small and not diversified," he said. When it comes to fine dining, high fashion and art, Paris is an easy sell. "We never talk about our charm because Paris is a city well-equipped with cinema and art exhibitions," said Arnaud de Bresson, chief executive of lobbying firm Paris Europlace, which is trying to promote the French capital as a financial center. "The questions we get are usually more about the politics, and with the Macron election that''s changing the game. (Reporting by Olivia Oran in New York; Writing by Carmel Crimmins; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-france-brexit-banks-idUKKBN18J2WP'|'2017-05-24T04:33:00.000+03:00'|3591.0|''|-1.0|'' @@ -3705,9 +3705,9 @@ 3703|'0351860cf3cc98261d1f95513020555f57453ad7'|'BRIEF-Williams reports Stephen Bergstrom elected chairman of board'|' 8:02am EDT BRIEF-Williams reports Stephen Bergstrom elected chairman of board May 19 Williams Companies Inc: * Williams announces Stephen W. Bergstrom elected chairman of its board of directors * Williams Companies Inc - Bergstrom will replace Dr. Kathleen B. Cooper who will become chair of board''s nominating and governance committee Source text for Eikon: May 19 Campbell Soup Co reported lower-than-expected quarterly sales and profit, hurt by higher promotions and weak demand for condensed soups, broths and V8 vegetable juices, and warned that its full-year sales could decline. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-williams-reports-stephen-bergstrom-idUSASA09QN6'|'2017-05-19T20:02:00.000+03:00'|3703.0|''|-1.0|'' 3704|'1032ba8c71c62273f7abb106ab5285d47eaf3993'|'Car loans, low rates, second mortgages: all the ingredients for a new credit crunch - Business - The Guardian'|'A credit crunch is brewing and when it happens, the UK is going to get hurt. That is the message emerging from senior executives in the financial services industry, who do not think Britain has changed that much since the 2008 credit disaster and the devastating crash that followed. Three developments lie at the heart of this disturbing analysis: spectacular growth in the sale of second mortgages, car loans and credit cards.Second mortgages are widely seen as a signal of consumers taking on risky levels of debt that leave them vulnerable to a downturn in the economy.It was the same before the last banking crash. Tens of thousands of households, many of them struggling to pay monthly mortgage payments, used second mortgages to bypass borrowing limits set by their mortgage lender.The latest industry figures show the number of people opting to saddle themselves with a second mortgage leapt 22% in March to its highest level since 2008.Car loans are already on the regulators radar. Like second mortgages, they are considered secured credit on the basis that lenders have a claim against an asset when borrowers can no longer pay monthly instalments. But cars depreciate from the moment they are bought, so they rank low down the scale of secure credit. And loans have turned in recent years into leases that have customers renewing contracts every three years, keeping them in effect permanently hooked.The main consumer regulator for the financial services industry, the Financial Conduct Authority , is reviewing the market for car leasing, which now accounts for more than 90% of car sales, to check for mis-selling to poorer households who will be vulnerable to default.The Bank of England is also on the case. More importantly, it is also looking at the big picture and what happens if unemployment suddenly rises and a large number of households default on payments.Officials at the Bank have a growing list of concerns. Not only is there the second mortgage problem and the number of car loans: figures show consumer spending on unsecured credit has also rocketed in the last year. In March alone, the amount UK consumers owed on loans and cards grew by 1.9bn, the highest figure in 11 years.Households are known to have increased their reliance on short-term unsecured loans to buy cars and furniture, and to kit out new kitchens. Some use them to maintain their lifestyle in the face of a decade of flat wages. Unfortunately, another group use credit to pay the monthly rent.Shelter, the homelessness charity, says one in three renters around half a million people on low incomes are having to borrow money to pay the rent. It said the borrowing is often from family and friends, but also on credit cards and through loans.The Bank has warned about consumer credit and has attempted to allay fears that the credit industry is out of control with a review to consider possible restrictions.Talk to financial services industry executives, though, and you get a hollow laugh. Regulators are compromised by the need to keep credit flowing. Why? Because credit has kept the economy in fourth gear for the last two year. Step on the credit brake and the economy will inevitably slow.A sign of regulators weakness can be found in the relentless teaser interest rates and interest-free periods that lenders use to win customers.Ferocious competition among lenders encouraged in the name of free-market efficiency has resulted in interest-free periods on credit cards that last more than three years.The financial advice charity StepChange says 8.8 million people are showing signs of financial difficulty and risk falling into serious hardship.With the regulators afraid to pull the punch bowl away in the middle of the party, as former Bank governor Lord King put it as he surveyed the wreckage caused by the 2008 crash, those at risk must fear another credit crunch looming into view.RBS and LLoyds different, and yet sharing so muchTry as they might, the UKs two big high street lenders cannot put the financial crisis behind them. Last week, when Lloyds Banking Group was congratulating itself over its return to the private sector, it was still being haunted by the fraud perpetrated at the Reading branch of HBOS , the hotshot lender it rescued in 2008. To add to the pressure, Noel Edmonds, the TV celebrity, is leading the campaign for compensation for the victims of the fraud which took place in the run-up to the financial crisis.This week, Royal Bank of Scotland will be transported back to those calamitous days of 2008. A high court judge will begin hearing a claim for compensation from investors who backed a 12bn cash call by RBS in April 2008 only for the Edinburgh-based institution to be bailed out by taxpayers six months later.As a result of the lawsuit, disgraced former RBS boss Fred Goodwin is scheduled to give evidence to the court, along with former boardroom colleagues, including Sir Tom McKillop. Unless RBS can clinch a last-minute settlement with the remaining shareholders some 87% of them have already agreed to a deal the case will open on Monday. It will, as the current RBS chief executive Ross McEwan put it, take the organisation back to 2008.As it is, McEwan is still grappling with problems that date back a decade: the multibillion-pound penalty from the US authorities over the mis-selling of mortgage bonds, and disposal of 300 branches demanded by the EU as punishment for its bailout. Until these are sorted, there is little chance of the government selling off its RBS shareholding of more than 70% a constant reminder of the 2008 meltdown.But while this appears to set RBS apart from a Lloyds now freed from taxpayer support, the two banks fortunes are more closely tied than ever. In their efforts to throw off the 2008 crisis, they have abandoned their international ambitions and focused on the UK just at a time when Brexit is threatening the economy.Got a Basquiat in the loft? Beauty is in the eye of the beholder and when the beholder is a billionaire, it commands a hell of a price. Japanese fashion mogul Yusaku Maezawa has splashed $110.5m on a painting by Jean-Michel Basquiat just a year after spending $57m on another of the artists works.These sums paint a clearer picture of Maezawas personal taste than they do of the state of the art market, which has cooled since the heady days of 2015. That year saw two works, by Willem de Kooning and Paul Gaugin, smash records by hitting the $300m mark. Since then, there has been nothing to trouble the top 10 biggest sales. But if theres one thing the super-rich enjoy more, its outdoing each other in the extravagance stakes.Now might be the time to explore the attic for those long-lost masterpieces. Any of us could be just a rare Rothko away from early retirement.Topics Regulators Business leader Financial Conduct Authority Bank of England Credit cards Borrowing & debt Banks and building societies comment Share Reuse this content'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/may/21/car-loans-second-mortgages-ingredients-for-new-credit-crunch'|'2017-05-21T03:00:00.000+03:00'|3704.0|''|-1.0|'' 3705|'614e6dff431ae0518fe94f409f1cb62ab325c214'|'British grocery sales jump on higher inflation and Easter'|'Business News - Wed May 3, 2017 - 8:48am BST British grocery sales jump on higher inflation and Easter Trolleys are stacked outside a Tesco store in London, Britain, October 3, 2012. REUTERS/Paul Hackett /File Photo LONDON Britain''s grocery market grew by 3.7 percent in the 12 weeks to April 23, the fastest rate since September 2013, driven by Britons splashing out on food at Easter and inflation edging higher, industry data showed on Wednesday. Market researcher Kantar Worldpanel said all 10 major retailers were in growth for the first time in three-and-a-half years. Grocery prices jumped 2.6 percent year-on-year in the period, up from the 2.3 percent recorded in the 12 weeks to March 26. Market leader Tesco posted growth of 1.9 percent while Sainsbury''s grew by 1.7 percent, Asda grew by 0.8 percent and Morrisons grew by 2.2 percent. Asda''s growth marked the first year-on-year sales rise since October 2014. The results were boosted by the timing of Easter, which fell later than normal this year. (Reporting by Kate Holton, Editing by Paul Sandle) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-grocers-kantar-idUKKBN17Z0KE'|'2017-05-03T15:22:00.000+03:00'|3705.0|''|-1.0|'' -3706|'b90c40fe8a110f656375920895f9f30960ca24b8'|'Sterling''s fall is golden for UK manufacturers as export orders rise - Business'|'UK factories have cashed in on the sharp fall in the pound since the Brexit vote, with export orders at the joint highest level in three and a half years.The stronger than expected findings from a survey by the CBI, the UK business trade body, suggest manufacturers had a decent start to the second quarter, boosting hopes that the sector will help prop up the wider economy as a consumer slowdown takes hold .The summer sun has come out early for Britains manufacturers . Robust demand at both home and abroad is reflected in strong order books, and output is picking up the pace, said Rain Newton-Smith, chief economist at the CBI.Factories also enjoyed strong demand from domestic customers, driving total order books to the highest level in more than two years, according to the CBIs latest industrial trends survey.In a further sign of strength, output at Britains factories grew at the fastest pace since December 2013, underpinned by the mechanical engineering and chemicals sectors. Firms expected production to rise again in the coming quarter. ''People still want to work here'': can British business survive Brexit? Read more Of the 432 firms that took part in the survey, conducted between 25 April and 12 May, 22% said their export order books were above normal for the time of year, while 12% said they were below normal. That gave a balance of +10%, the joint highest balance since December 2013.Economists said strong export orders were a sign that manufacturers were benefiting from a drop in the value of the pound since the Brexit vote last June. The pound is about 13% lower against the dollar than it was on the day of the referendum, making British-made goods cheaper abroad.The improvement in the export orders balance, to its joint highest since December 2013, indicates that the drop in the pound is still having substantial positive effects for manufacturing exporters, said Ruth Gregory, UK economist at Capital Economics .The upbeat survey supports our view that the manufacturing sector should perform well this year and help to offset some of the slowdown in consumer spending growth.Manufacturers have reported factories working at full capacity in recent months to meet demand from overseas customers benefiting from the low pound. The EEF, which represents manufacturing firms, said last week that orders were improving as UK exporters enjoyed an improved competitive position vis-a-vis the pound depreciation and global growth picked up strongly from a dip last year.UK inflation jump means the 2017 voter is getting poorer - Larry Elliott Read more But there is anecdotal evidence that while manufacturers have boosted production, they remain reluctant to increase investment and expand capacity. Many remain nervous that the fallout from the Brexit negotiations may harm the economy. They are also concerned that sterling could rise, wiping out the benefit for exporters, should the Brexit talks proceed smoothly and the UK strike a beneficial trade deal with Brussels.The CBI pointed out that although orders and output were up at UK factories, manufacturers were facing higher costs for imported raw materials. As a result, firms were expecting to raise their selling prices.On the other side of the coin, we have mounting cost pressures and expectations for factory-gate price rises are running high, said Newton-Smith. Boosting productivity is key to alleviating some of the cost pressures that manufacturers are facing. Sustained investment in innovation and education will be vital to shore up the success of British industry.The CBI findings ended a mixed week for economic data. The latest official jobs figures show prices rose at a faster pace than pay in the first three months of the year, putting household budgets under increased pressure. But they also show record levels of employment, with unemployment at a 42-year low.Workers average earnings rose by 2.1% year on year in the three months to March, while inflation was 2.3% in the same period.Retail sales jumped 2.3% in April , rebounding from a 1.4% fall in March as the warmer weather and Easter holidays encouraged shoppers back on to Britains high streets. It was more than double the 1% increase predicted by economists, and suggested consumers were willing to put aside fears over falling living standards.Topics Manufacturing sector Sterling Currencies Confederation of British Industry (CBI) Economic growth (GDP) Economics news '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/19/sterling-fall-uk-manufacturers-factories-export-orders-rise'|'2017-05-19T22:17:00.000+03:00'|3706.0|''|-1.0|'' +3706|'b90c40fe8a110f656375920895f9f30960ca24b8'|'Sterling''s fall is golden for UK manufacturers as export orders rise - Business'|'UK factories have cashed in on the sharp fall in the pound since the Brexit vote, with export orders at the joint highest level in three and a half years.The stronger than expected findings from a survey by the CBI, the UK business trade body, suggest manufacturers had a decent start to the second quarter, boosting hopes that the sector will help prop up the wider economy as a consumer slowdown takes hold .The summer sun has come out early for Britains manufacturers . Robust demand at both home and abroad is reflected in strong order books, and output is picking up the pace, said Rain Newton-Smith, chief economist at the CBI.Factories also enjoyed strong demand from domestic customers, driving total order books to the highest level in more than two years, according to the CBIs latest industrial trends survey.In a further sign of strength, output at Britains factories grew at the fastest pace since December 2013, underpinned by the mechanical engineering and chemicals sectors. Firms expected production to rise again in the coming quarter. ''People still want to work here'': can British business survive Brexit? Read more Of the 432 firms that took part in the survey, conducted between 25 April and 12 May, 22% said their export order books were above normal for the time of year, while 12% said they were below normal. That gave a balance of +10%, the joint highest balance since December 2013.Economists said strong export orders were a sign that manufacturers were benefiting from a drop in the value of the pound since the Brexit vote last June. The pound is about 13% lower against the dollar than it was on the day of the referendum, making British-made goods cheaper abroad.The improvement in the export orders balance, to its joint highest since December 2013, indicates that the drop in the pound is still having substantial positive effects for manufacturing exporters, said Ruth Gregory, UK economist at Capital Economics .The upbeat survey supports our view that the manufacturing sector should perform well this year and help to offset some of the slowdown in consumer spending growth.Manufacturers have reported factories working at full capacity in recent months to meet demand from overseas customers benefiting from the low pound. The EEF, which represents manufacturing firms, said last week that orders were improving as UK exporters enjoyed an improved competitive position vis-a-vis the pound depreciation and global growth picked up strongly from a dip last year.UK inflation jump means the 2017 voter is getting poorer - Larry Elliott Read more But there is anecdotal evidence that while manufacturers have boosted production, they remain reluctant to increase investment and expand capacity. Many remain nervous that the fallout from the Brexit negotiations may harm the economy. They are also concerned that sterling could rise, wiping out the benefit for exporters, should the Brexit talks proceed smoothly and the UK strike a beneficial trade deal with Brussels.The CBI pointed out that although orders and output were up at UK factories, manufacturers were facing higher costs for imported raw materials. As a result, firms were expecting to raise their selling prices.On the other side of the coin, we have mounting cost pressures and expectations for factory-gate price rises are running high, said Newton-Smith. Boosting productivity is key to alleviating some of the cost pressures that manufacturers are facing. Sustained investment in innovation and education will be vital to shore up the success of British industry.The CBI findings ended a mixed week for economic data. The latest official jobs figures show prices rose at a faster pace than pay in the first three months of the year, putting household budgets under increased pressure. But they also show record levels of employment, with unemployment at a 42-year low.Workers average earnings rose by 2.1% year on year in the three months to March, while inflation was 2.3% in the same period.Retail sales jumped 2.3% in April , rebounding from a 1.4% fall in March as the warmer weather and Easter holidays encouraged shoppers back on to Britains high streets. It was more than double the 1% increase predicted by economists, and suggested consumers were willing to put aside fears over falling living standards.Topics Manufacturing sector Sterling Currencies Confederation of British Industry (CBI) Economic growth (GDP) Economics news '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/19/sterling-fall-uk-manufacturers-factories-export-orders-rise'|'2017-05-19T22:17:00.000+03:00'|3706.0|11.0|0.0|'' 3707|'4335495df636059d127ca6248073ab62ce80b50b'|'Fed ties rate hike to economic rebound, sees balance sheet cuts in 2017'|'Top 7:26pm BST Fed ties rate hike to economic rebound, sees balance sheet cuts in 2017 A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo By Jason Lange and Howard Schneider - WASHINGTON WASHINGTON U.S. Federal Reserve policymakers agreed they should hold off on raising interest rates until they see evidence that a recent economic slowdown was transitory, minutes from their last policy meeting showed on Wednesday. Nearly all policymakers at the May 2-3 meeting also said they favoured starting the wind-down of the Fed''s massive holdings of Treasury debt and mortgage-backed securities this year. The view on short-term interest rates, which the minutes said was "generally" shared by the nine officials who have a vote on policy this year, casts some doubt on Wall Street bets for a hike at the June 13-14 policy meeting. Fed officials, however, made clear their baseline expectation was for a return to stronger economic growth. Still, the minutes were the latest indication of the Fed''s heightened caution over policy tightening since the central bank began lifting rates from near zero in December 2015. "Members generally judged that it would be prudent to await additional evidence indicating that a recent slowdown in the pace of economic activity had been transitory before taking another step in removing accommodation," according to the minutes. U.S. economic growth slowed sharply in the first quarter, and the wider group of 16 policymakers at this month''s meeting discussed at length why that had happened and why a measure of underlying price gains also fell further below their 2 percent inflation target. Many of these policymakers said recent firming of the housing market and business fixed investment were welcome developments, and they generally agreed the slowdown in consumer spending early in the year would likely prove temporary. The discussion of winding down the Fed''s balance sheet was also framed in the minutes in terms of the wider group of policymakers. They said it could possibly be done by halting reinvestments of ever-larger amounts of maturing securities, such as through bigger cuts to reinvestments every three months. (Reporting by Jason Lange and Howard Schneider; Editing by Paul; Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-idUKKBN18K2N7'|'2017-05-25T02:26:00.000+03:00'|3707.0|''|-1.0|'' -3708|'db581309ff94de25e8952ca0ae17263ee2e3975c'|'Greece denies report it may opt out of receiving more bailout money'|'Top News - Tue May 30, 2017 - 6:39pm BST Greece denies report it may opt out of receiving more bailout money left right FILE PHOTO: A man looks down as a Greek national flag flutters atop one of the bastions of the 17th century fortress of Palamidi under an overcast sky at the southern port city of Nafplio, Greece, February 19. 2017. REUTERS/Alkis Konstantinidis/File Photo 1/4 left right FILE PHOTO: A view of the cityscape of Athens, Greece, March 26, 2017. REUTERS/Alkis Konstantinidis/File Photo 2/4 left right FILE PHOTO: Greek Finance Minister Euclid Tsakalotos arrives for a news conference at the ministry in Athens, Greece March 30, 2017. REUTERS/Alkis Konstantinidis/File Photo 3/4 left right FILE PHOTO: A Greek national flag (R) and a European Union flag flutter atop the Finance Ministry building during sunset in Athens, Greece March 5, 2015. REUTERS/Alkis Konstantinidis/File photo 4/4 By Renee Maltezou - ATHENS ATHENS Greece on Tuesday denied a German newspaper report it could refuse receipt of bailout loans needed to make a July debt repayment if its lenders fail to offer clear debt relief terms, despite it having passed more reforms. Tuesday''s report in mass-selling Bild that Athens could go without new loans of about 7 billion euros (6 billion) if it does not get comprehensive debt relief, and it was itself putting billions of euros aside preparing for this scenario, rattled the euro in early trade. Greek Finance Minister Euclid Tsakalotos dismissed the report saying it distorted what he said during a news briefing a day earlier. "Bild has distorted what I said yesterday," he told Reuters when asked to comment on the report. "What I did say is that the disbursement (of bailout money) was not an issue, because all sides agreed that we have kept to our commitments," he said. "But the Greek government feels that a disbursement without clarity on debt is not enough to turn the Greek economy around." The country has about 7 billion euros of debt maturing in July, a sum it will not be able to repay unless it gets new loans out of its current bailout worth up to 86 billion euros, the third aid programme since the crisis began. Euro zone finance ministers failed to agree with the International Monetary Fund last week on debt relief terms for Greece. They did not release new loans to Athens but recognised it had made significant progress with reforms. Greece hopes that euro zone finance ministers will offer enough clarity in June on the debt relief measures that could be carried out after its bailout ends in 2018, to show investors that its debt - now at 197 percent of GDP - will be sustainable and help it return to bond markets as early as this summer. TAX HIKES Government spokesman Dimitris Tzanakopoulos also dismissed the report, saying a deal on debt relief could be reached at the next scheduled meeting of euro zone finance ministers in less than three weeks. "It is not true," Tzanakopoulos told Reuters. "There will be a solution on June 15." In a statement to the Athens News Agency, he suggested that the report was politically motivated. Prime Minister Alexis Tsipras told German Chancellor Angela Merkel and French President Emmanuel Macron in separate phone calls on Monday that Greece needed a "clear solution on debt", a government official said. Tsipras also discussed the issue with EU Council President Donald Tusk on Tuesday, the official added. To convince the IMF to participate financially in Greece''s programme, as sought by Germany, Athens passed legislation this month on additional pension cuts and tax hikes, which will be implemented after its bailout expires in 2018, as demanded by the IMF. The Washington-based fund says Greece needs further debt relief. Germany, which is gearing for elections in September, says Greece needs to speed up reforms instead. Tsipras''s term ends in 2019 and his party is sagging in the opinion polls. Speaking to journalists on Monday, Tsakalotos said Greece had "done its part of what it promised" and called on its creditors and the IMF to reach a deal on debt relief saying it was in everyone''s benefit. "If they don''t reach a solution it will be very difficult to defend it to the international community. What will they say? That the Greek government did all that we asked for and more but we are still going to send it to the rocks? "We are looking for a good solution, we are not looking for the perfect solution. I am confident we can get a good solution," he said. (Reporting by Renee Maltezou; Writing by Michele Kambas; Editing by Alison Williams) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-denial-idUKKBN18Q0J5'|'2017-05-30T19:04:00.000+03:00'|3708.0|''|-1.0|'' +3708|'db581309ff94de25e8952ca0ae17263ee2e3975c'|'Greece denies report it may opt out of receiving more bailout money'|'Top News - Tue May 30, 2017 - 6:39pm BST Greece denies report it may opt out of receiving more bailout money left right FILE PHOTO: A man looks down as a Greek national flag flutters atop one of the bastions of the 17th century fortress of Palamidi under an overcast sky at the southern port city of Nafplio, Greece, February 19. 2017. REUTERS/Alkis Konstantinidis/File Photo 1/4 left right FILE PHOTO: A view of the cityscape of Athens, Greece, March 26, 2017. REUTERS/Alkis Konstantinidis/File Photo 2/4 left right FILE PHOTO: Greek Finance Minister Euclid Tsakalotos arrives for a news conference at the ministry in Athens, Greece March 30, 2017. REUTERS/Alkis Konstantinidis/File Photo 3/4 left right FILE PHOTO: A Greek national flag (R) and a European Union flag flutter atop the Finance Ministry building during sunset in Athens, Greece March 5, 2015. REUTERS/Alkis Konstantinidis/File photo 4/4 By Renee Maltezou - ATHENS ATHENS Greece on Tuesday denied a German newspaper report it could refuse receipt of bailout loans needed to make a July debt repayment if its lenders fail to offer clear debt relief terms, despite it having passed more reforms. Tuesday''s report in mass-selling Bild that Athens could go without new loans of about 7 billion euros (6 billion) if it does not get comprehensive debt relief, and it was itself putting billions of euros aside preparing for this scenario, rattled the euro in early trade. Greek Finance Minister Euclid Tsakalotos dismissed the report saying it distorted what he said during a news briefing a day earlier. "Bild has distorted what I said yesterday," he told Reuters when asked to comment on the report. "What I did say is that the disbursement (of bailout money) was not an issue, because all sides agreed that we have kept to our commitments," he said. "But the Greek government feels that a disbursement without clarity on debt is not enough to turn the Greek economy around." The country has about 7 billion euros of debt maturing in July, a sum it will not be able to repay unless it gets new loans out of its current bailout worth up to 86 billion euros, the third aid programme since the crisis began. Euro zone finance ministers failed to agree with the International Monetary Fund last week on debt relief terms for Greece. They did not release new loans to Athens but recognised it had made significant progress with reforms. Greece hopes that euro zone finance ministers will offer enough clarity in June on the debt relief measures that could be carried out after its bailout ends in 2018, to show investors that its debt - now at 197 percent of GDP - will be sustainable and help it return to bond markets as early as this summer. TAX HIKES Government spokesman Dimitris Tzanakopoulos also dismissed the report, saying a deal on debt relief could be reached at the next scheduled meeting of euro zone finance ministers in less than three weeks. "It is not true," Tzanakopoulos told Reuters. "There will be a solution on June 15." In a statement to the Athens News Agency, he suggested that the report was politically motivated. Prime Minister Alexis Tsipras told German Chancellor Angela Merkel and French President Emmanuel Macron in separate phone calls on Monday that Greece needed a "clear solution on debt", a government official said. Tsipras also discussed the issue with EU Council President Donald Tusk on Tuesday, the official added. To convince the IMF to participate financially in Greece''s programme, as sought by Germany, Athens passed legislation this month on additional pension cuts and tax hikes, which will be implemented after its bailout expires in 2018, as demanded by the IMF. The Washington-based fund says Greece needs further debt relief. Germany, which is gearing for elections in September, says Greece needs to speed up reforms instead. Tsipras''s term ends in 2019 and his party is sagging in the opinion polls. Speaking to journalists on Monday, Tsakalotos said Greece had "done its part of what it promised" and called on its creditors and the IMF to reach a deal on debt relief saying it was in everyone''s benefit. "If they don''t reach a solution it will be very difficult to defend it to the international community. What will they say? That the Greek government did all that we asked for and more but we are still going to send it to the rocks? "We are looking for a good solution, we are not looking for the perfect solution. I am confident we can get a good solution," he said. (Reporting by Renee Maltezou; Writing by Michele Kambas; Editing by Alison Williams) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-denial-idUKKBN18Q0J5'|'2017-05-30T19:04:00.000+03:00'|3708.0|12.0|0.0|'' 3709|'3d7ad20844750d0802eed512035bb45a5d7fc3c6'|'Mnuchin getting questions on reform at G7 meeting'|'Mnuchin getting questions on tax reform at G7 meeting by Donna Borak @donnaborak May 12, 2017: 1:51 PM ET Steve Mnuchin in 90 seconds The world has a question for the Trump administration: How are things going with Washington''s plans to overhaul taxes? Treasury Secretary Steven Mnuchin met one-on-one with finance officials from Canada, Germany and Japan on Friday, as a conference of G7 nations got underway in Bari, Italy . He met with his Italian counterpart on Thursday and will sit down with U.K. Chancellor of the Exchequer Philip Hammond on Saturday. A senior Treasury official said Mnuchin''s finance counterparts haven''t been "shy about asking direct questions" about Trump''s plans to reform the U.S. tax code. He described the overall tenor of conversations to be "quite positive." The questions have centered on when Congress is likely to move forward with an overhaul plan and what it might look like, the senior official said. Mnuchin, a former Goldman Sachs banker, reiterated to counterparts the administration''s hope for Congress to pass a reform bill this year, according to the senior official. Others topics for discussion have included strengthening cybersecurity, reaching an agreement on international tax rules, and countering terrorism financing. Italian G7 officials said Trump''s tax proposal is not part of the weekend''s agenda , but foreign counterparts are following developments in Washington very closely. Pier Carlo Padoan, Italy''s minister of economy and finance, said he is watching the U.S. approach "closely" for lessons other countries can use in reforming their tax codes. Related: Trump says I might release tax returns - when I''m out of office Tax policy can act as an important driver of economic growth -- a top priority for the world''s largest countries and multinational organizations like the International Monetary Fund. German Finance Minister Wolfgang Schaeuble said Friday he would convey in his meeting with Mnuchin that the world needs U.S. leadership to help drive global growth. "We need a strong United States to lead the global economy and global politics in a sustainable way," said Schaeuble. Italian officials also said it''s unclear whether G7 finance ministers will have anything specific to say on tax reform at the end of their meeting on Saturday. CNNMoney (Bari, Italy) 1:51 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/05/12/news/economy/g7-treasury-mnuchin-tax-reform/index.html'|'2017-05-12T21:51:00.000+03:00'|3709.0|''|-1.0|'' 3710|'d09b8d876cf56ad1cf1b894cee6d2dd630aca533'|'CEE MARKETS-Stocks test multi-year high on earnings, OTP beats forecasts'|'* OTP Bank Q1 earnings beat forecasts, adds to optimism * Budapest stocks near record, Bucharest highest since 2008 * Hungarian debt yields ease on dovish central bank stance By Sandor Peto BUDAPEST, May 12 Central Europe''s main stock indices tested multi-year highs on Friday as first-quarter corporate reports showed a rise in profits and an optimistic picture about the region''s economies. Budapest led the gains. Its index rose 0.7 percent by 0832 GMT, approaching record highs, driven by a 2 percent surge of OTP Bank stocks to 6-week highs of above 8,400 forints. OTP has been rising from last week''s 5-month lows at 7,724 forints amid hopes for good results. If it sticks above 8,400, technicals could boost it to 8,800 in two to three weeks, Equilor brokerage analyst Zoltan Varga said. OTP, Central Europe''s biggest independent lender, reported a far bigger than expected jump in first-quarter net profits and retained an optimistic guidance. Several banks and other firms have reported upbeat results in the region as economies are growing at robust 3-4 percent annual rates and the process of cleaning bad loans from lenders'' portfolios advances. The index of Warsaw-listed banks hit 2-year highs earlier this week. Warsaw''s main index is also near 2-year highs, but its gains were trimmed on Friday by more than 5 percent fall in the stocks of Poland''s biggest power group PGE. It retreated from 6-week highs after PGE reported a jump in net profits as expected, but said that it would freeze dividend payouts for 2016-2018 to retain funding for its development programme. Bucharest''s stock index reached its highest levels for almost a decade. Regional currencies were rangebound, with the dinar firming slightly as the Serbian central bank was meeting and it was expected to keep the region''s highest benchmark rate on hold at 4 percent. The forint and the crown traded near one-month highs and the zloty near two-year highs against the euro. Economic growth and good trade and current account balances mostly support regional currencies even though central banks have not showed signs that they could start to reverse years of monetary loosening any time soon. Hungarian government bond yields continued to drop by a few basis points. They have been declining for days, with their curve becoming flatter, after dovish comments from central bank deputy governor Marton Nagy at a conference in London, one trader said. Nagy''s remarks that the bank may be able to push long-term BUBOR interbank rates lower showed that the bank, which "already has the largest dovish monetary conditions impulse" in emerging markets would not change its stance, Citi Group said in a note. "The Central Bank should remain very dovish, but denying any intention to curb HUF fluctuations," it added. CEE SNAPS AT 1032 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech 26.56 26.58 +0.1 1.68% crown 00 70 0% Hungary 310.2 310.1 -0.02 -0.46 forint 500 750 % % Polish 4.216 4.219 +0.0 4.44% zloty 5 3 7% Romanian 4.545 4.548 +0.0 -0.22 leu 0 3 7% % Croatian 7.428 7.426 -0.02 1.71% kuna 0 5 % Serbian 123.0 123.1 +0.0 0.24% dinar 500 550 9% Note: calculate previ close 1800 daily d from ous at CET change STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 1016. 1012. +0.3 +10. 08 81 2% 25% Budapest 34090 33858 +0.6 +6.5 .17 .88 8% 2% Warsaw 2368. 2364. +0.1 +21. 55 93 5% 59% Bucharest 8411. 8365. +0.5 +18. 05 02 5% 72% Ljubljana 782.4 789.1 -0.84 +9.0 5 1 % 4% Zagreb 1889. 1886. +0.1 -5.27 80 49 8% % Belgrade <.BELEX15 728.9 729.1 -0.03 +1.6 > 3 3 % 1% Sofia 654.7 654.2 +0.0 +11. 5 5 8% 65% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year 6 6 bps 5-year 8 bps s 10-year bps s Poland 2-year bps s 5-year bps 10-year 7 bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.34 0.42 0.52 0 PRIBOR=> Hungary < 0.19 0.25 0.33 0.16 BUBOR=> Poland < 1.765 1.785 1.82 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1IE2FX'|'2017-05-12T07:18:00.000+03:00'|3710.0|''|-1.0|'' 3711|'56886a0b83d5aa2daad464dc8fa8f69fedf46d44'|'Exclusive - Italy tax police seize documents from IBM in BT Italy probe'|'Business 30pm BST Exclusive - Italy tax police seize documents from IBM in BT Italy probe FILE PHOTO: The logo of BT is seen outside the headquarters in Milan, Italy January 24, 2017. REUTERS/Stefano Rellandini/File Photo By Emilio Parodi - MILAN MILAN Italian investigators have seized documents from the Milan offices of International Business Machines Corp ( IBM.N ) as part of an investigation into allegations of fraud at one of its customers, BT Italy, a unit of Britain''s BT Group ( BT.L ), sources said. Dozens of tax police visited the Italian offices of nine suppliers to BT Italy, including the U.S. tech group, on Thursday, as well as BT Italy''s own headquarters, and took boxes of documents away, said sources familiar with the probe. IBM spokesman Alessandro Ferrari said the company was cooperating with authorities. The U.S. group is not formally under investigation and none of its representatives has been accused of wrongdoing, but the warrant for Thursday''s seizures, seen by Reuters, states that some transactions between BT Italy and its suppliers were faked. The warrant authorised the search for evidence in relation to allegations that former BT Italy managers had conspired with suppliers and customers to fake orders and to issue false credit notes in order to reduce BT Italy''s costs. Investigators also sought evidence that BT Italy and suppliers contrived sale-and-leaseback transactions to artificially boost sales and profit margins. These transactions involved several firms, including IBM, according to the warrant and the sources. The accounting scandal surfaced last October when BT Group said it had discovered accounting errors at its Italy unit. In January, it characterised it as improper accounting and took a write-down of around 530 million pounds. In March, it filed a criminal complaint with Italian prosecutors, accusing several former Italy executives and other employees of breaking company rules and unlawful conduct. BT Group said in an emailed statement: "We''ve been proactively assisting prosecutors in Milan with their investigations into the inappropriate behaviour that took place at BT Italy." BT Italy''s lawyer, Marco Calleri, declined to comment. Milan prosecutors this week formally put under investigation five former executives and employees of BT Italy, on allegations that they ran a conspiracy to fake transactions in order to inflate BT Italy''s financial performance. Sources said the motive was to ensure executives and staff met their bonus targets. The five are former BT Italy chief executive Gianluca Cimini, former chief operating officer Stefania Truzzoli, former chief financial officer Luca Sebastiani, ex-employee Giacomo Ingannamorte and Sebastiani''s predecessor, Alessandro Clerici. A lawyer for Truzzoli declined to comment. Cimini did not respond to a request for comment. Lawyers for the others also did not respond. The other suppliers raided were T.A.I. Software Solution Srl, ITF Srl, Var Group Spa, NSR Srl, Servizi Tecnici per l''Elettronica Spa, Gomedia Srl, L.B. Srl and Shicon Europe Srl, according to the warrant. ITF and Var Group declined to comment. There was no immediate response to emailed requests for comment from T.A.I. Software Solution and Servizi Tecnici per l''Elettronica. Reuters was unable to immediately reach L.B., Shicon Europe, Gomedia and NSR for comment. (Additional reporting by Agnieszka Flak, Silvia Aloisi and Giulia Segreti; Editing by Mark Bendeich and Andrew Roche)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bt-italy-idUKKCN18F24L'|'2017-05-20T01:30:00.000+03:00'|3711.0|''|-1.0|'' @@ -3887,7 +3887,7 @@ 3885|'f935fca2d7cce65b0be2b0942218caf9721e76a0'|'RBS sets out new pay proposals to shrink bonuses for top executives'|'Thu May 11, 2017 - 5:23pm BST RBS defends directors'' bonuses in response to criticism FILE PHOTO: The Royal Bank of Scotland is seen in the High Street Melrose in the Scottish Borders, Scotland, Britain April 27, 2017. REUTERS/Russell Cheyne By Andrew MacAskill and Lawrence White - EDINBURGH/LONDON EDINBURGH/LONDON Royal Bank of Scotland ( RBS.L ) Thursday defended its new executive pay plan at its annual shareholder meeting on Thursday after some investors criticized the policy for still being too generous. A number of firms have faced investor rebellions in recent years over excessive payouts to company bosses and a broader social backlash has prompted the British government to consider changing the rules around corporate governance. Despite the voices of dissent in Edinburgh where the state-controlled lender held its AGM, shareholders voted overwhelmingly to back the bank''s executive pay plan, with over 96 percent approving the proposals. RBS said it had recognized that its pay policies had become too complex and the new plan would reduce excessive risk-taking. "The time is right for a new, simpler approach, developed specifically to align with RBS''s culture and our thinking on pay," Sandy Crombie, the chairman of RBS''s remuneration committee, said. Pensions and Investment Research Consultants (PIRC) and Institutional Shareholder Services (ISS), two leading advisory groups, had urged shareholders to vote against the pay policy. ISS said while the overall size of potential bonuses are being cut for Ross McEwan, its chief executive, and Ewen Stevenson, its finance director, the plan makes it easier to pay out. PIRC said executives should only be rewarded for the period they serve the company and not receive any payout when they leave. "We disagree with the conclusions reached in these reports and strongly challenged the view from ISS that the level of discount was insufficient," Crombie said. The board faced a barrage of questions from irate shareholders throughout the meeting, ranging from handling of past scandals to branch closures. Shareholders also criticized the bank''s decision to reject demands for greater powers for ordinary shareholders to have a say on issues such as executive pay, company strategy and director appointments. Chairman Howard Davies rebuffed criticism of the more than 100 million pounds RBS has spent defending itself against investors suing the bank over a cash call at the height of the financial crisis. RBS was criticized earlier this month for the "staggering" costs it has spent on its "Rolls-Royce" legal team by the judge overseeing its battle with investors over the firm''s then record 12 billion pound rights issue in 2008. "The costs we are having to meet are high because of the extraordinary breadth and complexity of the case," Davies said. The civil lawsuit has been brought by thousands of investors who bought shares in 2008 and lost most of their money when the bank collapsed a few months later, resulting in a 45.5 billion pound ($58.6 billion) government bailout. The case is due to begin later this month and disgraced former RBS chief executive Fred Goodwin is scheduled to appear in court early next month. (Reporting By Andrew MacAskill, Lawrence White and Simon Jessop; Editing by Jane Merriman and Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-rbs-agm-idUKKBN1871RP'|'2017-05-11T21:21:00.000+03:00'|3885.0|''|-1.0|'' 3886|'1e81b4bef23207252599eba67029a86f5dc42900'|'Credit Suisse on track to achieve end-2018 cost target - chairman'|'Business News - Thu May 18, 2017 - 10:06am BST Credit Suisse on track to achieve end-2018 cost target - chairman Chairman Urs Rohner of Swiss bank Credit Suisse attends the bank''s extraordinary shareholder meeting in Zurich, Switzerland May 18, 2017. REUTERS/Arnd Wiegmann ZURICH Credit Suisse is on track to hit its targeted cost base by end-2018, Chairman Urs Rohner said on Thursday, part of a broad restructure of Switzerland''s second-biggest bank. "Accordingly, we are well on track to achieve a cost target of 17 billion Swiss francs (13.4 billion pounds) by the end of 2018, which is significantly lower than our original cost target of 18.5 billion Swiss francs," Rohner said in a speech at Credit Suisse''s extraordinary general meeting. Credit Suisse shareholders are voting the board''s proposal to raise around 4 billion francs to get its financial strength on a par with rivals. (Reporting by Joshua Franklin and Oliver Hirt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-credit-suisse-gp-egm-chairman-idUKKCN18E10U'|'2017-05-18T17:06:00.000+03:00'|3886.0|''|-1.0|'' 3887|'f8a3b607db945a6487431355bf08cb1e0e49bbe7'|'UPDATE 1-Linde chairman in last-ditch Praxair appeal to board members'|'FRANKFURT/MUNICH A crack has appeared in German labor opposition to Linde''s ( LING.DE ) proposed merger with U.S. peer Praxair ( PX.N ), three people familiar with the deal told Reuters, making it likely that the $73 billion deal will be approved on Thursday.One Linde labor representative on the supervisory board may not vote with the other five against the merger, the people said on Wednesday, meaning that the vote will probably be carried by the six shareholder representatives on the board.The all-share merger of equals is intended to create a market leader that will overtake France''s Air Liquide ( AIRP.PA ), in what is likely to be the last major deal in an already highly consolidated industry."It seems there is not complete unity at the moment," one of the people said, citing uncertainty over how Frank Sonntag, head of the works council at Linde''s Dresden engineering plant, would vote on Thursday.The other labor representatives including trade unions fiercely oppose the merger because they fear a dilution of the influence they enjoy under German law since the headquarters of the new company is set to be in another European country.But the struggling Dresden plant whose workers Sonntag represents is vulnerable to closure if the deal does not go ahead. The framework merger agreement includes a five-year job guarantee for German workers.Sonntag''s secretary earlier said Sonntag did not want to comment on the upcoming supervisory board meeting. Later calls to his office were not returned.Like all German companies above a certain size, Linde''s board of directors has equal representation of labor and capital interests.Imposing decisions such as a major merger without the agreement of workers is rare. Linde Chairman Wolfgang Reitzle has said repeatedly he would be reluctant - although prepared - to force it through without a consensus.Securing one abstention from a labor representative could spare him the necessity to use his casting vote.The proposed all-share merger of equals still also requires approval by Praxair''s shareholders and boards.German Economy Minister Brigitte Zypries earlier urged Linde not to force the deal through against the will of workers."The proposed merger of Linde and Praxair requires the employees to accept it because a takeover cannot work well without the complete support of the workforce," Zypries said in a statement.She said she supported a call for mediation by Michael Vassiliadis, head of trade union IG BCE."The aim of all participants should be to get a broad consensus. Every day without common communication damages the company and so jobs," the minister said.Zypries is a member of the Social Democratic Party, which has strong ties to the trade unions. Federal elections will be held in Germany this September.(Additional reporting by Gernot Heller in Berlin; Writing by Georgina Prodhan and Michelle Martin; Editing by Keith Weir and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-linde-m-a-praxair-minister-idUSKBN18R1D7'|'2017-05-31T22:45:00.000+03:00'|3887.0|''|-1.0|'' -3888|'8c80df18689a28904f1c26b3470b54aadf0d42b5'|'Deals of the day-Mergers and acquisitions'|'May 15 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Monday:** Malaysian palm oil producer Felda Global Ventures Holdings Bhd said it had signed an initial deal with a unit of China''s grain stockpiler aimed at expanding its palm oil supply and distribution network in its third biggest market.** Italy''s Atlantia launched a 16.34 billion euro ($18 billion) cash-and-share offer for Spain''s Abertis on Monday in a bid to create the world''s biggest operator of toll roads, with 14,095 km under its management.** The general manager of Lebanon''s Blom Bank said on Monday he thinks "there will be a new wave of consolidation" in the country''s banking sector.** South Africa''s Vodacom said on Monday it will buy a 35 percent stake in Safaricom from its parent company Vodafone for 34.6 billion rand ($2.59 billion), expanding its reach into Kenya.** SNC-Lavalin will not raise its offer for British engineering and construction firm WS Atkins unless it faces a rival bid for the British firm, the Canadian construction and engineering group said on Monday.** Gold producer Eldorado Gold Corp has agreed to buy the remaining shares of Integra Gold Corp, to expand its mining opportunities in the Eastern Abitibi region of Canada.** As U.S. paintmaker PPG Industries considers whether to keep pursuing Dutch peer Akzo Nobel after being rebuffed three times, the fate of the Dulux owner is moving into uncharted territory. (Compiled by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1IH2W3'|'2017-05-15T07:47:00.000+03:00'|3888.0|''|-1.0|'' +3888|'8c80df18689a28904f1c26b3470b54aadf0d42b5'|'Deals of the day-Mergers and acquisitions'|'May 15 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Monday:** Malaysian palm oil producer Felda Global Ventures Holdings Bhd said it had signed an initial deal with a unit of China''s grain stockpiler aimed at expanding its palm oil supply and distribution network in its third biggest market.** Italy''s Atlantia launched a 16.34 billion euro ($18 billion) cash-and-share offer for Spain''s Abertis on Monday in a bid to create the world''s biggest operator of toll roads, with 14,095 km under its management.** The general manager of Lebanon''s Blom Bank said on Monday he thinks "there will be a new wave of consolidation" in the country''s banking sector.** South Africa''s Vodacom said on Monday it will buy a 35 percent stake in Safaricom from its parent company Vodafone for 34.6 billion rand ($2.59 billion), expanding its reach into Kenya.** SNC-Lavalin will not raise its offer for British engineering and construction firm WS Atkins unless it faces a rival bid for the British firm, the Canadian construction and engineering group said on Monday.** Gold producer Eldorado Gold Corp has agreed to buy the remaining shares of Integra Gold Corp, to expand its mining opportunities in the Eastern Abitibi region of Canada.** As U.S. paintmaker PPG Industries considers whether to keep pursuing Dutch peer Akzo Nobel after being rebuffed three times, the fate of the Dulux owner is moving into uncharted territory. (Compiled by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1IH2W3'|'2017-05-15T07:47:00.000+03:00'|3888.0|8.0|4.0|'' 3889|'68a8c21ac4597ffd02d67b1844b149c933d7b78b'|'US STOCKS-Futures flat ahead of jobs report; IBM drops'|'Market News - Fri May 5, 2017 - 7:28am EDT US STOCKS-Futures flat ahead of jobs report; IBM drops * Futures: Dow down 7 pts, S&P up 1.5 pts, Nasdaq up 3 pts By Yashaswini Swamynathan May 5 U.S. stock index futures were flat on Friday, with investors on the sidelines ahead of a crucial monthly jobs report that could influence the chances of an interest rate hike next month. * Shares of IBM tumbled 3 percent premarket after Warren Buffett said he had sold about a third of his stake in the company. The stock was the biggest loser among the Dow and S&P companies trading before the bell. * Investors are hoping for a rebound in jobs growth in April, after a sharp slowdown in March, that could pave the way for the Federal Reserve to raise rates in June. * The report from the Labor Department, due at 8:30 a.m. ET (1230 GMT), is expected to show 185,000 jobs were added last month, compared with an underwhelming gain of 98,000 in March. * Traders have priced in 70 percent odds of the Fed raising rates in June, after the central bank earlier this week downplayed weak first-quarter economic growth and emphasized the strength of the labor market. * Despite concerns over economic growth, U.S. companies have generally handed in better-than-expected earnings reports for the quarter. * Overall profits for S&P 500 companies are estimated to have risen 14.8 percent in the first quarter, according to Thomson Reuters I/B/E/S. That is higher than the 10.1 percent growth rate estimated at the start of the earnings season. * Wall Street ended flat on Thursday as a steep fall in oil prices countered some solid earnings reports. * Oil prices are trading near five-month lows, triggering demand for safe-haven assets. Gold is likely to remain in favor ahead of the final round of the French presidential election on Sunday. * Zynga jumped nearly 11 percent to $3.14 after the creator of FarmVille gave a strong current-quarter bookings forecast. * VWR Corp slipped 4.4 percent to $32.55 after a private equity firm said it would buy the lab supplies company at a discount to its Thursday''s close. Futures snapshot at 6:59 a.m. ET: * Dow e-minis were down 7 points, or 0.03 percent, with 15,791 contracts changing hands. * S&P 500 e-minis were up 1.5 points, or 0.06 percent, with 78,359 contracts traded. * Nasdaq 100 e-minis were up 3 points, or 0.05 percent, on volume of 15,463 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1I72ZY'|'2017-05-05T19:28:00.000+03:00'|3889.0|''|-1.0|'' 3890|'91d71c0f95fe72eb23358f1376c3155293c79fe7'|'Audi CEO''s contract to be extended through end-2022: sources'|'BERLIN Audi ( NSUG.DE ) boss Rupert Stadler will be given another five years as chief executive, the luxury division of German carmaker Volkswagen ( VOWG_p.DE ) said on Wednesday.Stadler, who has run Audi since 2007, has faced criticism for his handling of the group''s emissions cheating scandal. The 54-year-old, along with fellow executives, is expected to face questions from shareholders on Thursday about a March 15 raid by German prosecutors looking into the scandal.The supervisory board vote to extend Stadler''s contract, which is due to expire at the end of this year, was unanimous, Audi said.Two sources close to the Volkswagen group had earlier told Reuters that Audi''s supervisory board would extend the CEO''s contract through to the end of 2022 at a meeting on Wednesday."We employees attach very clear conditions to this contract extension," Peter Mosch, chairman of Audi''s works council and a member of the presiding committee of the supervisory board, said in a statement."Rupert Stadler must safeguard employment at our sites in Germany for the long term, ensure good utilization of our plants'' capacities and systematically promote technologies that guarantee a successful future for our company."Audi admitted in November 2015 that its 3.0 liter V6 diesel engines were fitted with an auxiliary control device deemed illegal in the United States that allowed vehicles to evade U.S. emissions limits.Volkswagen has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and offered to buy back about 500,000 polluting U.S. vehicles.Audi said on Wednesday it was upgrading and expanding its area of responsibility for integrity, with the chief compliance officer in future reporting directly to the finance chief.(Writing by Andreas Cremer and Georgina Prodhan; Editing by Alexander Smith and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-audi-ceo-idUSKCN18D15Z'|'2017-05-17T18:37:00.000+03:00'|3890.0|''|-1.0|'' 3891|'9eef4bd5df3be0d07c4658b265fe88976809ba90'|'UK''s Deliveroo scraps contract ban on riders seeking workers'' rights'|' 34am BST UK''s Deliveroo scraps contract ban on riders seeking workers'' rights A cyclist delivers food for Deliveroo in London, Britain, September 15, 2016. REUTERS/Toby Melville/File Photo By Costas Pitas - LONDON LONDON British food courier firm Deliveroo has removed a contract clause which banned its self-employed riders from seeking workers'' rights, according to documents seen by Reuters, in the latest victory for unions and politicians cracking down on the "gig economy." With their distinctive black and teal jackets, Deliveroo riders have become a familiar sight on London streets since the firm started trading in 2013, tapping into the rapidly growing demand for takeaway food delivered from restaurants. But like taxi app Uber [UBER.UL], which also operates in the gig economy where people tend to work simultaneously for different firms without a fixed contract, Deliveroo has been criticised for not offering rights such as holiday and sick pay. In its new contract, the firm removed a clause which featured in some older agreements and read: "Neither you nor anyone acting on your behalf will present any claim in the Employment Tribunal or any civil court in which it is contended that you are either an employee or a worker." The stipulation was criticised by a British parliamentary inquiry last month, which said the contracts used by a series of burgeoning new apps were "unintelligible." Deliveroo, which said in March it would remove the clause, did not immediately respond to a request for comment when contacted by Reuters on Friday. Despite the clause, it faces an employment tribunal hearing later this month where a union is seeking to represent the firm''s riders in an area of London in a push for workers'' rights, the latest bid to regulate the sector. Last year, it started paying riders per delivery rather than per hour, which sparked opposition from some of its riders, forcing it to say they could opt out of the new system, although the trials are continuing in some places. Deliveroo''s new contract has also been cut by nearly half to four pages and removed the need for riders to provide a two-week notice period before quitting the firm. In an email sent to riders, the firm''s UK and Ireland Managing Director Dan Ware also made clear they could work for rivals. "As an independent contractor you are free to work with whoever you choose and wear whatever kit you want. There continues to be no requirement to wear Deliveroo-branded kit while you work with us," he said. A previous contract said riders not wearing a Deliveroo-branded T-shirt must wear the firm''s jacket and restricted the use of the box fitted to the back of bikes, making it difficult for drivers to accept multiple jobs from different providers. (Editing by Stephen Addison)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-deliveroo-idUKKBN1881CE'|'2017-05-12T18:34:00.000+03:00'|3891.0|''|-1.0|'' @@ -3988,7 +3988,7 @@ 3986|'c0b5db5f4cdd60be0d06b6b1fc8e3e1425b0b6e4'|'Bank of England: interest rates may need to rise before late 2019'|' 03pm IST Bank of England: interest rates may need to rise before late 2019 A plaque depicting Britannia is seen on the outside of the Bank of England in the City of London February 4, 2010. REUTERS/Toby Melville/Files By Andy Bruce and David Milliken - LONDON LONDON The Bank of England said on Thursday that it may need to raise interest rates before the late 2019 date that markets had been expecting, assuming Britain can leave the European Union smoothly in two years'' time. With only a month until a national election, the BoE said the short-term squeeze on households from inflation since June''s Brexit vote would be more severe than it predicted in February, with price growth peaking at over 2.8 percent late this year. Britain''s economy shrugged off expectations of a recession after last year''s referendum, and chalked up one of the fastest growth rates among major rich economies. But official data has soured since the start of the year. Data published on Thursday showed industrial production disappointed in the first quarter, and little boost for exporters from the fall in the pound since the Brexit vote. Many economists expect tougher times ahead as Prime Minister Theresa May starts two years of fraught Brexit talks before the country leaves the European Union at the end of March 2019. The BoE policymakers said on Thursday they could only do so much to offset the Brexit hit to the economy. "Monetary policy cannot prevent either the necessary real adjustment as the United Kingdom moves towards its new international trading arrangements or the weaker real income growth that is likely to accompany that adjustment over the next few years," the Bank said in a summary of its meeting. However, the BoE said it expected a pick-up in foreign trade and investment would offset a shortfall in domestic demand this year, and then saw a sharp pick-up in hitherto lacklustre wage growth as unemployment fell to its lowest in a generation. "Monetary policy could need to be tightened by a somewhat greater extent over the forecast period than the very gently rising path implied by the market yield curve underlying the May projections," the BoE said on Thursday. This could imply the BoE will raise rates for the first time since 2007 just as Britain leaves the EU. Sterling slipped after the Bank''s announcement which some investors had expected to show a deepening split among policymakers about the need for higher interest rates now, something that did not materialise. "The Monetary Policy Committee remained in wait-and-see mode this month," Confederation of British Industry chief economist Rain Newton-Smith said. "Any changes to monetary policy are unlikely in the near future, particularly amid ongoing uncertainty over the impact and outcomes of EU negotiations." BOE ASSUMES SMOOTH BREXIT The financial market instruments which the Bank of England uses to construct its economic forecasts have fully priced in an interest rate rise only in the final three months of 2019, nine months later than in the last set of forecasts in February. These market assumptions were based on average prices in the two weeks to May 3. Since then, markets have moved to price an earlier rate hike by the Bank of England and sterling has strengthened, which should help to push down on inflation. The BoE said its latest forecasts assumed "that the adjustment to the United Kingdom''s new relationship with the European Union is smooth". In February BoE Governor Mark Carney warned of "twists and turns" on the road to Brexit. The BoE''s Monetary Policy Committee (MPC) voted 7-1 in favour of keeping interest rates on hold at their record low 0.25 percent this month, as expected in a Reuters poll of economists. American academic Kristin Forbes, who leaves the MPC at the end of June, again voted to raise rates to 0.5 percent and warned that the overshoot in inflation could become more protracted without tightening policy now. Echoing language from the last policy meeting in March, the BoE said it would not take much upside news on growth and inflation for some other members of the MPC to join Forbes. The central bank trimmed its forecast of growth this year to 1.9 percent from 2.0 percent, but nudged up its forecasts for 2018 and 2019 to 1.7 percent and 1.8 percent. Last year Britain''s economy grew 1.8 percent. The BoE said inflation was likely to fall back to 2.16 percent in just over two years'' time - still above the BoE''s target - and then pick up slightly going into 2020. Usually Bank of England inflation forecasts show inflation falling steadily back to target. (Editing by Andrew Heavens)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-boe-idINKBN1871ME'|'2017-05-11T10:33:00.000+03:00'|3986.0|''|-1.0|'' 3987|'0388f6d3a6012c7b310b79a5c67b5da6d6ab75a7'|'China launches emergency probe on banks to check risky lending - sources'|'Business News - Fri May 12, 2017 - 5:04am BST China launches emergency probe on banks to check risky lending - sources By Zheng Li and John Ruwitch - SHANGHAI SHANGHAI China''s banking regulator this week launched emergency risk assessments of lenders'' new business practices, sources told Reuters, as Beijing deepens its crackdown on shadow banking. Guo Shuqing, the newly-installed chairman of the China Banking Regulatory Commission (CBRC), has vowed to clean up "chaos" in the country''s banking system. In cooperation with the central bank and other financial regulators, efforts have been stepped up to clamp down against shadow finance ahead of a key Communist Party congress in the second half of this year. The CBRC''s latest investigation will probe how lenders are using proceeds from negotiable certificates of deposit (NCDs), as well as their bond investments and outsourced investment businesses, two sources with direct knowledge of the plan said. The watchdog is also looking into possible violations of lending and investing rules, for example, by banks that invest in stocks via wealth management schemes or lend to their own shareholders, they said. China''s shadow banking sector has exploded over the past few years, reaching an estimated 64.5 trillion yuan (7.3 trillion pounds) in 2016, according to Moody''s, as banks use trust firms, brokerages and fund houses to channel deposits into risky investments, skirting lending and capital rules. More recently, smaller lenders have been aggressively raising money via NCDs, and then using the proceeds to make higher-yield, risky investments. The newly-launched assessments come after the CBRC sent a flurry of new policy directives last month aimed at eradicating regulatory arbitrage and other risky practices. Earlier this month, the Group of 20 economies'' financial risk monitoring agency criticised Beijing for being slow in providing key financial data from China, leading to the delay in a report on the risks the world faces from shadow banking. (Reporting by Li Zheng, Samuel Shen and John Ruwitch; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-shadowbanking-risks-idUKKBN1880BR'|'2017-05-12T12:04:00.000+03:00'|3987.0|''|-1.0|'' 3988|'3564b7ad7c18635767cb6addc277bb58ae6574dd'|'Britain''s ITV says Chief Executive Adam Crozier to step down'|'Hollywood 4:29pm IST ITV boss Crozier to quit after seven years at the broadcaster left right FILE PHOTO: A company sign is displayed outside an ITV studio in London, Britain, July 27, 2016. REUTERS/Neil Hall/File Photo 1/3 left right FILE PHOTO - The Chief Executive of Royal Mail, Adam Crozier, leaves after appearing before the Business and Enterprise Committee at Portcullis House, in London February 24, 2009. REUTERS/Luke MacGregor/File Photo 2/3 left right A company sign is displayed outside an ITV studio in London, Britain July 27, 2016. REUTERS/Neil Hall/File Photo 3/3 By Paul Sandle - LONDON LONDON ITV boss Adam Crozier, who has restored the British broadcaster''s fortunes by reducing its reliance on advertising and expanding its production business, will step down next month after seven years in charge, the company said on Wednesday. Finance Director Ian Griffiths will take on additional responsibilities as chief operating officer and will lead the group until a successor is found, ITV said, helped by Chairman Peter Bazalgette, who will become executive chairman in the interim. Crozier, who has grown ITV''s production operations by buying independent producers in Britain and overseas, will leave at the end of June. Having spent 21 years as a chief executive across four varied industries, the 53-year-old Crozier said it was the right time to move to the next stage of his career and to build a "portfolio of roles". "Today ITV is more robust, well balanced and stronger both creatively and financially than ever before, and is well placed for the digital future," Crozier said. Although Crozier''s departure was not a surprise, some analysts questioned why the company had not managed to line up a successor and also underlined the challenges facing the next boss of Britain''s main commercial TV company. "Consumption habits are changing at pace and the shift towards streaming media and even towards non-traditional media such as video game streams leaves ITV vulnerable," said Neil Campling, global head of TMT research at Northern Trust Capital Markets. Shares in ITV slipped 0.2 percent to 211 pence on Wednesday morning. TAKEOVER TARGET? ITV said the company''s revenue from sources other than advertising had more than doubled to almost 1.9 billion pounds ($2.5 billion) in 2016, more than half of its total, under Crozier''s tenure. The broadcaster, which makes soap opera Coronation Street, has long been viewed as a takeover target in an industry that is consolidating as viewers increasingly watch content on demand and on different platforms. Speculation has centered on U.S media group Liberty Global, which owns 9.9 percent of the broadcaster, although it has previously said it did not want to buy the group. Citi analysts said ITV had often been talked about as a takeover target, but the market was likely to take Crozier''s departure as a sign that no potential takeover was imminent. ITV last year dropped plans to try to buy Canada''s Entertainment One, the owner of children''s TV character Peppa Pig. Crozier, who was paid 3.4 million pound last year according to ITV''s annual report, started his executive career at advertising group Saatchi & Saatchi in the 1990s, before moving to The Football Association and postal service Royal Mail Group. He joined ITV when the ad market was at a low point and he initiated a restructuring that diversified the business into international production and cut the cost base. It bought a majority stake in World Productions, the maker of hit BBC drama "Line of Duty", on Tuesday, increasing its productions capabilities in scripted drama. Crozier added another non-executive role to his portfolio last month when he joined the board of Costa Coffee to Premier Inn group Whitbread . (Editing by Kate Holton and Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-itv-moves-crozier-idINKBN17Z0GO'|'2017-05-03T05:07:00.000+03:00'|3988.0|''|-1.0|'' -3989|'e4474448a0a6dead40265432a5acfa931a53d9b8'|'BNP Paribas pays $350 million to settle New York currency probe'|' 22pm BST BNP Paribas pays $350 million to settle New York currency probe FILE PHOTO: A man is seen in silhouette as he walks behind the logo of BNP Paribas in a building in Issy-les-Moulineaux, near Paris, France, April 5, 2017. REUTERS/Gonzalo Fuentes By Karen Freifeld - NEW YORK NEW YORK French bank BNP Paribas ( BNPP.PA ) on Wednesday agreed to pay $350 million to New Yorks banking regulator for allowing more than a dozen traders and salespeople in New York and other key trading hubs to manipulate foreign exchange prices. The fine, imposed by New Yorks Department of Financial Services, found the bank failed to properly supervise its global foreign exchange business. Foreign exchange traders in New York, London, colluded in online chat rooms to manipulate the currency prices, the regulator said. Traders executed fake trades to influence exchange rates of emerging market currencies, and improperly shared confidential customer information with traders at other large banks, the regulator said. The misconduct took place between 2007 and 2011, according to the regulator, and the bank agreed to improve oversight. Some employees involved were terminated, while others left the bank earlier, the regulator said. A spokeswoman for BNP Paribas did not immediately return a call for comment. (Reporting By Karen Freifeld; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-paribas-current-settlement-idUKKBN18K2AT'|'2017-05-25T00:16:00.000+03:00'|3989.0|''|-1.0|'' +3989|'e4474448a0a6dead40265432a5acfa931a53d9b8'|'BNP Paribas pays $350 million to settle New York currency probe'|' 22pm BST BNP Paribas pays $350 million to settle New York currency probe FILE PHOTO: A man is seen in silhouette as he walks behind the logo of BNP Paribas in a building in Issy-les-Moulineaux, near Paris, France, April 5, 2017. REUTERS/Gonzalo Fuentes By Karen Freifeld - NEW YORK NEW YORK French bank BNP Paribas ( BNPP.PA ) on Wednesday agreed to pay $350 million to New Yorks banking regulator for allowing more than a dozen traders and salespeople in New York and other key trading hubs to manipulate foreign exchange prices. The fine, imposed by New Yorks Department of Financial Services, found the bank failed to properly supervise its global foreign exchange business. Foreign exchange traders in New York, London, colluded in online chat rooms to manipulate the currency prices, the regulator said. Traders executed fake trades to influence exchange rates of emerging market currencies, and improperly shared confidential customer information with traders at other large banks, the regulator said. The misconduct took place between 2007 and 2011, according to the regulator, and the bank agreed to improve oversight. Some employees involved were terminated, while others left the bank earlier, the regulator said. A spokeswoman for BNP Paribas did not immediately return a call for comment. (Reporting By Karen Freifeld; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-paribas-current-settlement-idUKKBN18K2AT'|'2017-05-25T00:16:00.000+03:00'|3989.0|12.0|0.0|'' 3990|'fac69ad447672b651c1afd74eec1a1adfc7a064f'|'Inspired by Trump, Netflix revives Bluths for new ''Arrested Development'''|'Market News 30am EDT Inspired by Trump, Netflix revives Bluths for new ''Arrested Development'' LOS ANGELES May 17 The riches-to-rags saga of the fictional Bluth family and their struggling real estate business will return for a fifth season in hit comedy "Arrested Development," Netflix said Wednesday, inspired in part by U.S. President Donald Trump. In a statement from Netflix, series creator Mitchell Hurwitz quipped "that stories about a narcissistic, erratically behaving family in the building business - and their desperate abuses of power - are really underrepresented on TV these days. He added, "I am so grateful to them ... for making this dream of mine come true in bringing the Bluths, George Sr., Lucille and the kids; Michael, Ivanka, Don Jr., Eric, George-Michael, and who am I forgetting, oh Tiffany. Did I say Tiffany? back to the glorious stream of life. Ivanka, Don Jr., Eric and Tiffany are the names of four of Trump''s children, and are not names of "Arrested Development" characters from the previous four seasons. Donald Trump Jr. and Eric Trump currently run their father''s real estate business. The show''s leading cast - Jason Bateman, Portia de Rossi, Will Arnett, Tony Hale, Jessica Walter, Jeffrey Tambor, David Cross, Michael Cera and Alia Shawkat - will all reprise their roles as the Bluth family. No details were given on the plot of the new season or when it would air next year. "Arrested Development" originally aired for three seasons on the Fox network from 2003 to 2006. It follows the riches-to-rags saga of the Bluth family after patriarch George Sr. is jailed for fraud. Netflix rebooted the show for a fourth season in 2013, its first foray into creating original comedies. Walter, who plays manipulative matriarch Lucille, compared the Bluths to the Trump family in a March interview with The Daily Beast, saying: "They''re both real estate moguls, tycoons, and businesspeople." "But the Bluths were really smart well, smarter than the Trumps. Although that''s just my opinion except for poor Gob!," she added, referring to Arnett''s character Gob Bluth. Season 4 saw George and Lucille Bluth''s unsuccessful plan to profit from a government contract to build a wall along the U.S.-Mexico border, to "keep Mexicans out of America." During his presidential campaign, Trump said he expected Mexico to pay for a wall on the border, projected to cost more than $20 billion, to curb illegal immigration. Mexico has rejected payment for the construction project as out of the question. (Reporting by Piya Sinha-Roy; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/television-arresteddevelopment-idUSL2N1IJ03B'|'2017-05-17T22:30:00.000+03:00'|3990.0|''|-1.0|'' 3991|'fd0e4109f05a7565067ec6a63c124565279c6169'|'Brexit will leave a business support black hole,'' says report - Guardian Small Business Network - The Guardian'|'Eight in 10 SMEs have sought business support services over the past 12 months, according to a report from the Federation of Small Businesses (FSB). With 3.6bn of dedicated small business support coming from the EU (between 2014 and 2020) the UK must fill the shortfall to prevent economic slowdown after Brexit.In addition, the UK government has not budgeted for a regional development fund beyond 2021. Mike Cherry, national chair of the FSB, said: Small businesses across the country are staring into a business support black hole from 2021. This is a particularly pressing issue for the many small firms with growth ambitions and those in less economically developed regions.Theresa May''s industrial strategy: what took them so long? Read more The governments commitment to an industrial strategy that supports all regions cannot be delivered without new ways of supporting regional economic growth, says the report, Reformed Business Funding: what small firms want from Brexit .Businesses in Northern Ireland (32%), Wales (26%) and Yorkshire (25%) were most likely to apply for EU-funded schemes, according to the report. Most applicants (68%) said that EU funding had a positive impact on their business, and (64%) said it had a positive impact on the local area.There is a strong link between firms growth ambitions and their decision to apply for funding. Of those that applied, 89% were looking to grow the business by 20% or more.The report highlights that funding to UK regions has varied according to economic need. It says: EU funds provide a vital support structure for comparatively disadvantaged areas of the UK, such as Wales , the north east and Cornwall.The FSB recommends that the devolved governments of Scotland, Wales and Northern Ireland continue to control the allocation of funding in their respective regions after Brexit. As the Local Growth Fund spending round also comes to an end in 2021 it is particularly important that the regional split of (future) funds is maintained on the basis of need in the period after we leave the EU, says the report.Despite the level of EU funding, the FSB report finds a gap in small firms knowledge of EU-funded programmes. Of those that had not applied for EU funds, 44% said they were unaware of the opportunity.What does Brexit mean for business funding in Wales? Read more While EU funding only makes up part of the UKs business support and finance landscape, it is vital in regions where infrastructure is less developed. The FSB suggests that more small businesses have benefitted from EU funds than research suggests since much comes through intermediary sources. However, those that knowingly applied for EU schemes were frustrated by the process. The most common complaints among EU funding applicants were the amount of information required (59%) the length of the application process (47%) and the level of reporting requirements once funds were granted (44%). As such, the FSB proposes a reduction in bureaucracy in business funding post-Brexit.Cherry said: Brexit marks an unprecedented opportunity for fundamental reform. LEPs [local enterprise partnerships] and Growth Hubs must be empowered to tailor and simplify support according to local requirements. Ensuring that all small firms are aware of business support schemes should be a top priority. He added: The new government must prioritise the development of a Growth Fund for England pre-Brexit or risk a slowdown in the economy.The FSB report included a survey of 1,659 FSB members in December 2016 and interviews and focus groups with FSB members across the UK.Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Entrepreneurs EU referendum and Brexit Yorkshire Wales Northern Ireland news Share Reuse this content'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/may/10/brexit-leave-business-support-black-hole-fsb-report'|'2017-05-10T03:00:00.000+03:00'|3991.0|''|-1.0|'' 3992|'885d7ef659001366ca13f275be365a0446388da7'|'U.S. prevails over ex-AIG CEO Greenberg over insurer''s bailout'|'May 9 A federal appeals court on Tuesday said the U.S. government did not commit an "illegal exaction" harming American International Group Inc shareholders led by former Chief Executive Maurice "Hank" Greenberg when it bailed out the insurer in 2008.The Federal Circuit Court of Appeals in Washington, D.C. also said Greenberg''s Starr International Co did not have legal standing to pursue claims over the government''s acquisition of AIG stock, because those claims belonged exclusively to AIG.Tuesday''s decision vacated part of a lower court ruling that the U.S. Federal Reserve exceeded its authority in engineering the buyout. No damages had been awarded in that ruling. (Reporting by Jonathan Stempel in New York)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aig-bailout-idINL1N1IB0LD'|'2017-05-09T12:03:00.000+03:00'|3992.0|''|-1.0|'' @@ -4021,7 +4021,7 @@ 4019|'520a09134476a1f2eaaabdbf087ca1ee0eef4d18'|'Samsung Electronics creates new contract chip manufacturing division'|'SEOUL Tech giant Samsung Electronics Co Ltd said on Friday it has formed a new division within its semiconductor business for contract chip manufacturing in a move to strengthen its competitiveness.Samsung''s new foundry division will be responsible for making mobile processors and other non-memory chips for clients such as Qualcomm Inc and Nvidia Corp.(Reporting by Se Young Lee; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/samsung-elec-chips-idINKBN1880OK'|'2017-05-12T05:09:00.000+03:00'|4019.0|''|-1.0|'' 4020|'f3c20193d1aa97977a35538f0d1f7ec0ac7f2138'|'Potash CEO says SQM governance changes no signal of Potash interest in raising stake-CEO'|'Market News 27pm EDT Potash CEO says SQM governance changes no signal of Potash interest in raising stake-CEO NEW YORK May 18 Governance changes at Chile lithium producer SQM, which give shareholder Potash Corp of Saskatchewan greater influence, do not reflect any intent by Potash to raise its stake, Potash Corp''s chief executive said on Thursday. "It doesn''t demonstrate any intention," CEO Jochen Tilk told Reuters. "We''ll move forward on improved governance and that''s really all that there is at this point - no reflection on any further strategic thinking." (Reporting by Rod Nickel in New York, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/potashcorp-ceo-idUSL2N1IK1QT'|'2017-05-19T02:27:00.000+03:00'|4020.0|''|-1.0|'' 4021|'60e7fe7495d823dcdaef3c09e709fc243c3da147'|'UPDATE 1-Tunisian president orders army deployment to protect energy resources'|'Middle East & North Africa 21pm EDT Tunisian president orders army to protect oil and gasfields left right Tunisian President Beji Caid Essebsi delivers a speech in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 1/7 left right Tunisian President Beji Caid Essebsi delivers a speech in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 2/7 left right Tunisian President Beji Caid Essebsi delivers a speech in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 3/7 left right Tunisian President Beji Caid Essebsi delivers a speech, in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 4/7 left right Tunisian President Beji Caid Essebsi delivers a speech in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 5/7 left right Tunisian President Beji Caid Essebsi delivers a speech, in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 6/7 left right Tunisia''s President Beji Caid Essebsi speaks during a news conference with German Chancellor Angela Merkel in Tunis, Tunisia, March 3, 2017. REUTERS/Zoubeir Souissi 7/7 By Tarek Amara - TUNIS TUNIS Tunisia''s President Beji Caid Essebsi on Wednesday ordered the army to protect phosphate, gas and oil production facilities after protests aimed at disrupting output broke out in the south of the country. It is the first time troops in Tunisia will be deployed to protect industrial installations vital to Tunisia''s economy. Protests, sit-ins and strikes in recent years have cost the state billions of dollars. For several weeks, about 1,000 protesters in Tatouine province, where Italy''s ENI and Austria''s OMV have gas operations, have been demanding jobs and a share in revenue from the area''s natural resources. Protests have also broken out in another southern province, Kebili, and on Wednesday police fired tear gas to break up rioting in a town west of Tunis after a fruit seller set himself on fire in protest against the police. In an incident similar to the self-immolation in 2011 that sparked the uprising that toppled autocrat Zine El-Abidine Ben Ali, the vendor in Tebourba poured gasoline over himself and set it ablaze. He was hospitalized and rioting erupted. Six years after the uprising, Tunisia is trying to enact sensitive reforms to help growth, but many unemployed youth in the marginalized south still feel they have gained few opportunities. The military deployment will take place immediately, Essebsi said. "It is a serious decision, but it must be applied to protect our resources," he said in a speech to the nation. "Our democratic path has become threatened and law must be applied but we will respect freedoms." A local resident in the southern Metaloui region - the heartland of Tunisia''s phosphate production - said troops arrived in trucks on Wednesday and started setting up barbed wire barricades around facilities. OMV has taken out around 700 non-essential staff and contractors from its operations in the south as a precaution, and Perenco and Canada-based Serinus Energy have either halted some production or closed gasfields. Tunisia is a small oil and gas producer compared to its OPEC neighbors Libya and Algeria, with production around 44,000 barrels per day. Protests that have hit the phosphate sector in past years cost the country more than $2 billion, according to officials. But production has returned to the highest levels since 2010 after officials negotiated deals with protesters. The government expects to double its phosphate production to 6.5 million tonnes in 2017. (Writing by Patrick Markey; Editing by Robin Pomeroy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-tunisia-economy-idUSKBN1861DN'|'2017-05-10T19:30:00.000+03:00'|4021.0|''|-1.0|'' -4022|'4f1161efe82001156eeaee4fa7d04e38672b4939'|'New export orders boost Irish manufacturing in April - PMI'|'Business News - Tue May 2, 2017 - 6:08am BST New export orders boost Irish manufacturing in April - PMI DUBLIN May 2 Irish manufacturing activity grew more rapidly in April as new export orders came in at the fastest pace in almost two years, a survey showed on Tuesday, adding to signs the economy is weathering any early impact from Britain''s Brexit vote. The Investec Manufacturing Purchasing Managers'' index rose to a three-month high of 55.0 from 53.6 in March, staying well above the 50 mark separating growth from contraction, which it almost fell into after Britain voted to leave the European Union. Ireland, the EU''s fastest-growing economy, is widely seen as the member most at risk from Brexit due to its close trading links, but after the muted impact so far, Dublin last month raised its forecasts for economic growth for 2017 and 2018. Some of the firms most vulnerable appear to be weathering the risks as the subindex measuring new export orders, which briefly contracted ahead of last June''s referendum, rose to 58.5 from 56.2 in March, its highest level since July 2015. "One of the key highlights is the new export orders index and firms continue to invest in providing additional resources to meet this rising client demand as evidenced by the expanding employment component," Investec Ireland chief economist Philip O''Sullivan said. In contrast to the faster growth in hiring and purchases, sentiment among manufacturers softened to its lowest level since August. O''Sullivan said this was puzzling but that it could be due to seasonal issues as that sub-index is unadjusted. "In any event, we reiterate our view that the outlook for Irish manufacturing firms remains positive, supported by the improving international backdrop," O''Sullivan said. (Reporting by Padraic Halpin; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-pmi-idUKKBN17Y0CJ'|'2017-05-02T13:08:00.000+03:00'|4022.0|''|-1.0|'' +4022|'4f1161efe82001156eeaee4fa7d04e38672b4939'|'New export orders boost Irish manufacturing in April - PMI'|'Business News - Tue May 2, 2017 - 6:08am BST New export orders boost Irish manufacturing in April - PMI DUBLIN May 2 Irish manufacturing activity grew more rapidly in April as new export orders came in at the fastest pace in almost two years, a survey showed on Tuesday, adding to signs the economy is weathering any early impact from Britain''s Brexit vote. The Investec Manufacturing Purchasing Managers'' index rose to a three-month high of 55.0 from 53.6 in March, staying well above the 50 mark separating growth from contraction, which it almost fell into after Britain voted to leave the European Union. Ireland, the EU''s fastest-growing economy, is widely seen as the member most at risk from Brexit due to its close trading links, but after the muted impact so far, Dublin last month raised its forecasts for economic growth for 2017 and 2018. Some of the firms most vulnerable appear to be weathering the risks as the subindex measuring new export orders, which briefly contracted ahead of last June''s referendum, rose to 58.5 from 56.2 in March, its highest level since July 2015. "One of the key highlights is the new export orders index and firms continue to invest in providing additional resources to meet this rising client demand as evidenced by the expanding employment component," Investec Ireland chief economist Philip O''Sullivan said. In contrast to the faster growth in hiring and purchases, sentiment among manufacturers softened to its lowest level since August. O''Sullivan said this was puzzling but that it could be due to seasonal issues as that sub-index is unadjusted. "In any event, we reiterate our view that the outlook for Irish manufacturing firms remains positive, supported by the improving international backdrop," O''Sullivan said. (Reporting by Padraic Halpin; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-pmi-idUKKBN17Y0CJ'|'2017-05-02T13:08:00.000+03:00'|4022.0|12.0|0.0|'' 4023|'eddd294154803f7ec03ff76c8755d761a113f373'|'Alfa Financial Software set for largest London IPO so far in 2017'|'Business 4:25pm BST Alfa Financial Software''s shares rise sharply in London debut By Clara Denina and Dasha Afanasieva - LONDON LONDON Shares in Alfa Financial ALFAAL.L, which provides software for the asset finance industry, rose sharply on their London Stock Exchange debut on Friday, making the listing London''s biggest this year by market capitalisation. The shares opened trading at around 418 pence a share, up from the listing price of 325 pence, and had hit a high of 430 by 1352 GMT, valuing the company at nearly 1.3 billion pounds. A source familiar with the matter had previously said the company, which counts Bank of America ( BAC.N ) and Daimler''s ( DAIGn.DE ) Mercedes-Benz as customers and fund managers Old Mutual ( OML.L ) and Henderson Group ( HGGH.L ) as investors, was aiming for a valuation of at least 800 million pounds. London-based Alfa, which made adjusted earnings before interest and tax of 32.8 million pounds in 2016, has said it hopes the listing will raise its profile and help it win market share by attracting new customers looking to replace legacy or in-house systems that have failed to keep up with evolving regulations. Uncertainty around Britain''s future outside the EU single market has dampened investor confidence in the London IPO market this year, with IPOs by companies based in Britain totalling $1.53 billion (1.19 billion) in the first quarter, a drop of 28 percent on the same period last year, according to Thomson Reuters data. A source close to the Alfa flotation conceded the first half would be "light" on London IPOs and Alfa had bucked the trend. "The sector has huge barriers to entry at a time when companies are switching from legacy systems to modern technology," he said, adding that Alfa has the extra advantage of a bespoke system for leasing. With the listing Alfa shareholder CHP Software and Consulting Limited, which is majority owned by Executive Chairman Andrew Page, will receive gross proceeds of around 254 million pounds excluding fees and expenses, and assuming no exercise of the over-allotment option, which allows underwriters to sell more shares than originally planned. Barclays and Numis were joint bookrunners on the IPO, while Rothschild was financial adviser. (Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alfa-financial-ipo-idUKKBN18M0MC'|'2017-05-26T15:15:00.000+03:00'|4023.0|''|-1.0|'' 4024|'92130f1da7f31322fd56c1e3b0f3c1588138e108'|'Buffett says Trump tax proposal won''t fundamentally change Berkshire - Reuters'|'By Jennifer Ablan and Jonathan Stempel May 6 U.S. President Donald Trump''s plan to cut the corporate tax rate to 15 percent would be a tailwind for profitability at Warren Buffett''s Berkshire Hathaway Inc , but won''t fundamentally change how its business units operate, Buffett said.The deferred taxes that are applicable to unrealized gains on securities would all be applicable to us," Buffett said during Berkshire''s annual shareholders meeting on Saturday. "We have $90 or $95 billion in gains, and our owners, dollar for dollar, will participate in that ... If the rate were to drop 10 percent, that $9.5 billion is real."Buffett, a Democrat who vocally supported Hillary Clinton''s unsuccessful White House candidacy, added that the impact of lower corporate taxes would not translate into higher profits across all of Berkshire''s many dozens of businesses.Regulated utility units, for example, are not likely to enjoy lower tax rates as savings, in Buffetts view, would be passed onto customers. He also said that a lot of the benefits of lower corporate taxes would likely be competed away.Buffett, 86, said: Weve had a lot of (tax cuts) in our lifetimes its certain that some of a lower corporate rate would be competed away, and it''s sure that some of it would inure to the benefit of shareholders."In February, Barclays analyst Jay Gelb said cutting the corporate tax rate even to 20 percent could boost Berkshire''s book value by $27 billion because of a decline in its deferred tax liability. A cut to 15 percent could boost book value by $36 billion, he said."I can''t recall sending anything out to our managers saying, ''Let''s do this because the tax law is going to change,''" Buffett said.Berkshire Vice Chairman Charlie Munger, who was also answering shareholder questions during the annual meeting, agreed with the assessment."We''re not going to change anything at the railroad just for some little tax jiggle," Munger said, referring to Berkshire''s BNSF unit.(Reporting By Jennifer Ablan and Jonathan Stempel; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/berkshire-buffett-taxes-idINL1N1I80EQ'|'2017-05-06T16:28:00.000+03:00'|4024.0|''|-1.0|'' 4025|'4fed6d585c2eac33a29591be8c46d1b2fb515a6b'|'SPECIAL REPORT - ''Ghost collateral'' haunts loans across China''s banking system'|'By Engen Tham - SHANGHAI SHANGHAI The banker at the other end of the phone line was furious, recalled Shanghai lawyer Wang Chaoyu. A pile of steel pledged as collateral for a loan of almost $3 million from his bank, China CITIC, had vanished from a warehouse on the outskirts of the city.Just several months earlier, in mid-2013, Wang and the banker had visited the warehouse and verified that the steel was there. "The first time I went, I saw the steel," recalled Wang, an attorney at Beijing DHH Law Firm, which represents the Shanghai branch of CITIC ( 601998.SS ). "Afterwards, the banker got in contact with me and said, ''The pledged assets are no longer there.''"The trouble had begun in 2012, after CITIC loaned the money to Shanghai Hanning Iron and Steel Co Ltd, a privately held steel trader. Hanning failed to meet payments, according to a mediation agreement reviewed by Reuters, and CITIC took ownership of the steel. It was when CITIC moved to retrieve the collateral that the banker visited the warehouse and discovered that the 291-tonne pile of steel was no longer there, Wang said. The bank is still in court trying to recoup its losses.The missing collateral is a setback for CITIC. But it is indicative of a much wider problem that could endanger the health of China''s financial system fraudulent or "ghost" collateral. When bank auditors in China go looking, they too often find that collateral recorded on the books simply isn''t there.In some cases, collateral that has been pledged simply doesn''t exist. In others, it disappears as borrowers in financial distress sell the assets. There are also instances in which the same collateral has been pledged to multiple lenders. One lawyer said he discovered that the same pile of steel was used to secure loans from 10 different lenders.With the mainland facing its slowest growth in over a quarter of a century, defaults are mounting as borrowers struggle to repay their loans. The danger of fraudulent collateral in this situation, say economists, is that it exacerbates the problem of bad debt for China''s banks, increasing the risk of financial turmoil.As growth slows, lenders can expect more nasty surprises, said Xin Qingquan, professor of accounting at Chongqing University. More instances of fake collateral will arise, he said.FAKE WAREHOUSE RECEIPTSOn May 24, Moody''s Investors Service downgraded China''s credit ratings for the first time in almost three decades. The ratings agency said it expects the financial strength of the economy will erode in the coming years as economic growth slows and debt continues to rise.The 2008 global financial crisis showed how the combination of lax lending standards and overvalued collateral can lead to disaster. The catalyst for that meltdown was the collapse in the value of housing in the United States that served as security for a mountain of highly leveraged lending, the so-called subprime mortgages.Now, banks in the world''s second-biggest economy face their own collateral risks. Fraudulent borrowers, corrupt bankers, poor risk assessment and a weak legal system are conspiring to load China''s financial system with loans lacking genuine collateral.A Reuters review of dozens of court cases involving collateralized loans and interviews with lawyers, regulators and 30 bankers in China reveal that fraudulent collateral in the form of buildings, private apartments, copper and steel is haunting loans across a wide swath of business and industry.The bankers interviewed by Reuters said they had encountered multiple methods by which loans were fraudulently secured, including the use of fake land certificates and bogus warehouse receipts. Most of the bankers said that kickbacks were prevalent, with loan officers turning a blind eye to the quality of collateral and knowingly accepting dubious and even fraudulent documents. Two of the bankers said they themselves had taken bribes to smooth the approval of loans.Overall, 23 of the 30 bankers described the existence of ghost collateral as a serious problem and expected more instances to emerge as the Chinese economy slows. The bankers interviewed come from 13 banks in China, including some of the nation''s biggest lenders.''A PONZI SCHEME''There are no official statistics or estimates of the problem. But fraudulent collateral is "a huge issue," said Violet Ho, senior managing director and co-head of Greater China Investigations and Disputes Practice at Kroll, which conducts corporate investigations on the mainland. "Often you also see that the paperwork around collateral may be dodgy, and the bank loan officer knows, the intermediary knows, and the goods owner knows so it''s essentially a Ponzi scheme."Even when banks resort to the courts, there''s no guarantee they''ll get their money back. Inadequate legal protections for collateral and the complexity of some borrowers'' business dealings can make it difficult for lenders to foreclose.That''s what happened to CITIC after it made the $2.71 million loan to Hanning Steel. When Hanning defaulted, CITIC won a court order freezing the collateral, after which the parties entered into mediation, lawyer Wang Chaoyu said. But the collateral is still missing.In response to questions from Reuters, CITIC said that the case was still being enforced in the courts and that it had since strengthened its risk management procedures. Representatives of Hanning did not respond to questions. When Reuters visited Hanning''s registered Shanghai address, there was no sign of a company office there.Total debt in China rose to 277 percent of GDP at the end of 2016, according to Swiss bank UBS. That''s a record and almost twice the figure eight years ago.Bad loans are mounting fast. Officially, just 1.74 percent of commercial bank loans were classified as non-performing at the end of March. But some analysts say lenders often mask the true level of bad debt and so the figure is likely much higher. Fitch Ratings said in a report last September that it had estimated non-performing loans in China''s financial system could be as high as 15 percent to 21 percent.This in a banking sector that has undergone a massive credit expansion. The value of outstanding bank loans ballooned to $17.2 trillion at the end of April from $5.8 trillion at the end of 2009, according to data from China''s central bank. In September last year, the Bank for International Settlements warned that excessive credit growth in China meant there was a growing risk of a banking crisis in the next three years.NOT IMMUNEIn a report last September, Fitch Ratings estimated that it would cost as much as $2.1 trillion to clean up China''s bad debt almost a fifth of annual Chinese economic output. By comparison, during the global financial crisis, the direct cost of rescuing U.S. banks was about eight percent of gross domestic product.Some economists and bankers say Beijing has the tools to avert a financial crisis. They argue that authorities have ample financial reserves to recapitalize the banks. And they say state ownership of lenders and of many large corporate borrowers means Beijing can head off a default or foreclosure that might spark a crisis.But the fact that China''s banking system has been shielded by the expectation of government bailouts means lenders haven''t developed the risk assessment tools needed to judge loan exposure as banks elsewhere have. It is this challenge of assessing the creditworthiness of borrowers that explains why physical collateral is so important for banks in China.The China Banking Regulatory Commission, which is tasked with regulating and safeguarding the sprawling banking sector, did not respond to questions from Reuters.Big foreign banks have not been immune to the risks of fraudulent collateral. In a high-profile case that came to light in June 2014, banking giants including HSBC ( HSBA.L ) ( 0005.HK ), Standard Chartered ( STAN.L ) ( 2888.HK ) and others were exposed to potential losses totaling several billion dollars on loans to Decheng Mining, a private metals trading company in Qingdao. The company faked warehouse receipts for the same batch of metal, using it as security for multiple loans.A spokesman for HSBC disputed the account, saying the bank had "no material exposure of this kind," without providing details. Standard Chartered declined to comment on the case and Decheng Mining could not be reached for comment.It''s not hard to dupe bankers and lawyers in a physical inspection of collateral. Warehouses often contain hundreds of piles of steel or copper, making it difficult for an untrained observer to identify the specific pile that is serving as security for a loan their bank has issued."One pile of iron ore looks exactly like every other pile of iron ore, so I may say it''s mine, but it could be anyone''s," says Kroll''s Violet Ho.TAKEN FOR MILLIONSThe value and quality of security in China''s real estate sector is a concern for bankers in China. Fitch Ratings has mentioned "wildly misleading" property valuations as one reason why high collateral coverage may not protect banks. Another is a sudden fall in property prices. According to Fitch''s Grace Wu, over 60 percent of financing in China uses property as collateral in some way.The lack of a consistent and open nationwide property registration system also increases the prevalence of fraudulent collateral."There is a complete lack of transparency of information," says Ho. The United States, she notes, has open property records that buyers can search to ascertain the true owner of a building. "You can''t do that in China. There is no easy way to verify the information, so you have to take people''s word for it."Bankers say borrowers often provide them with fake cash-flow statements, so property buyers can be more leveraged than they appear. The falsification of mortgage certificates is also a problem, they say.That''s how the International Finance Corporation (IFC), the World Bank''s investment arm, got taken for tens of millions of dollars by one of China''s richest men.The deception began in 2007, after the IFC lent the money to Hong Kong-listed Zhejiang Glass Co Ltd, then owned by Chinese tycoon Feng Guangcheng. Two years later, the IFC made an unpleasant discovery: In discussions with other banks it found that the collateral for the IFC loan had also been pledged to other lenders, according to a person with direct knowledge of the case.Anxious IFC officials hurriedly dispatched lawyers to the land and company registration authorities in Zhejiang Province, where they made another startling discovery: The stamps on the mortgage certificates for the land, properties and industrial machinery used to secure the loan were fake, people familiar with the case said.''DEAD PIGS AREN''T AFRAID''Concluding they''d been swindled, IFC officials traveled to the eastern city of Hangzhou in late 2009 to confront Zhejiang Glass''s chairman. Feng, who sat at the head of the table with a junior by his side, didn''t want to dwell on the loan, recalled one person who attended the meeting. He admitted right away that the documents were fake and quickly tried to move the discussion along."His attitude was, ''Dead pigs aren''t afraid of boiling water''," the person said, using a Chinese proverb to describe Feng''s attitude: Any attempt to punish him was futile because the loan was already lost.In 2010, a court ruled that Zhejiang Glass should repay the loan to the IFC. That never happened. In 2012, local media reported that Feng was convicted in a separate fraud case and was sentenced to eight-and-a-half years in prison. The company was declared bankrupt the next year and delisted in Hong Kong. Ultimately, the IFC recovered only 2 percent of its loan, according to a person familiar with the case.In response to questions from Reuters, the IFC called the case an isolated incident related to the larger fraud perpetrated by Zhejiang Glass. Reuters was unable to contact Feng''s lawyers or representatives of Zhejiang Glass, which has been liquidated.Banks are not always unwitting or careless victims. Sometimes, their employees act as facilitators.In 2015, for instance, the former vice president of Agricultural Bank of China Ltd ( 601288.SS ), Yang Kun, was sentenced to life imprisonment for accepting bribes of more than 30 million yuan ($4.4 million) in connection with loans, among other things, according to local media reports. Reuters was unable to contact Yang for comment.In another case, heard in a Shanghai court in 2015, a 37-year-old man named Lou Zhenshen, who controlled a trading company, was convicted of bribing the president of a branch of CITIC Bank with 50,000 yuan (about $7,250) in cash and supermarket vouchers worth 10,000 yuan. According to court records, the judge said Lou had used fake warehouse receipts to apply for loans and had repeatedly used the same metal as collateral. Lou was also convicted of paying a 200,000 yuan bribe to a credit officer at China Minsheng Bank ( 600016.SS )."Kickbacks for loan approvals is routine," said Gary Tian, a professor at Macquarie University in Sydney who has researched corruption and bank lending in China.Agricultural Bank did not respond to questions from Reuters about the case involving Yang, and Reuters was unable to contact Lou or his lawyer about the cases involving Minsheng and CITIC. Minsheng didn''t respond to questions.CITIC Bank said that in the past two years it has focused on managing employee behavior, strengthening accountability and raising the cost for employees who violate rules.Still, more than three years since lawyer Wang Chaoyu took the phone call from the incensed CITIC banker about the missing collateral from Hanning Iron and Steel, the lender is still trying to get back some of its money. CITIC is now trying to sell several apartments that were put up as part of the security for the ill-fated loan.(Reporting by Engen Tham. Additional reporting by Michelle Price in Hong Kong, Elias Glenn in Beijing and Samuel Shen in Shanghai.)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-collateral-fake-idINKBN18R1OM'|'2017-05-31T20:40:00.000+03:00'|4025.0|''|-1.0|'' @@ -4030,7 +4030,7 @@ 4028|'019b943905b90b592c7e0dcac0f4feba247102be'|'Fosun, others eye Australia''s Origin Energy gas assets worth $1.5 billion: sources'|'By Sonali Paul and Anshuman Daga - MELBOURNE/SINGAPORE MELBOURNE/SINGAPORE Australia''s top energy retailer Origin has drawn interest from at least five potential bidders, including China''s Fosun International, for A$2.0 billion ($1.5 billion) worth of oil and gas assets it aims to spin off, sources said.Origin said in December it was going to put its smaller Australian and New Zealand gas fields in a unit, dubbed Lattice Energy, to be spun off in an initial public offering (IPO) this year to help it cut debt and boost returns.But after receiving approaches for some of the Lattice assets, Origin Chief Executive Frank Calabria said in March the company was willing to consider a trade sale, in what would be the biggest oil and gas deal in Australia since Apache Corp sold its Australian assets in 2015.Origin has opened Lattice''s books, with bids due in June, and is likely to decide whether to float the business or sell it after releasing full-year earnings in August, people familiar with the process said. It is being advised by UBS, Macquarie and Bank of America Merrill Lynch.Analysts at Royal Bank of Canada and Citi value Lattice at A$2 billion and A$2.3 billion, respectively, including debt, on a discounted cash flow basis."Origin has set the bar quite high. It''ll be interesting to see if anyone gets there," said one banker not directly involved in the process, when asked if the business was likely to fetch more than A$1.5 billion.Australia''s Beach Energy is one of the interested parties and could be the bidder to beat, as it is the biggest of the producers in the fray, the sources said. Lattice, with annual output of around 13 million barrels of oil equivalent, would more than double Beach''s production.But even for Beach, with a market value of A$1.2 billion, Lattice would be a huge bite.Beach declined to comment on whether it was bidding, but the company has said in presentations it is reviewing several "inorganic growth" opportunities.Fosun International, which took over Roc Oil in Australia in 2014, is looking, the banker said.Private firm Questus Energy, run by former Roc Oil and Shell executives and backed by UK-based Intermediate Capital Group, is also in the running, a second banker said.Origin declined to comment beyond what it has announced. Fosun and Questus did not respond to requests for comment.Bankers expect private equity firms that have long eyed Australian oil and gas assets to team up with local producers to bid.Senex Energy is expected to work with its stakeholder, U.S. private equity firm EIG Global Energy Partners. KKR is seen lining up with AWE Ltd, two bankers said. All four firms declined to comment.Private equity fund Lone Star, which was rebuffed in a bid for AWE last year, declined to comment on whether it was looking at Lattice.All the sources did not want to be named as the process is confidential.Private firm Pathfinder Energy, which some assumed would be in the race, told Reuters it is not bidding.While Origin has said it would prefer an IPO, some analysts say a trade sale would be less risky."There is a real cost to having exposure to equity markets and the variability of the market," said RBC analyst Ben Wilson.($1 = 1.3452 Australian dollars)(Reporting by Sonali Paul and Anshuman Daga; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-origin-energy-sale-idINKBN18M0O7'|'2017-05-26T05:47:00.000+03:00'|4028.0|''|-1.0|'' 4029|'9a525609c110e801cfae5d3e02190ddb3eeac7fb'|'SoftBank''s OneWeb merger with Intelsat teeters: sources'|'By Jessica DiNapoli SoftBank''s ( 9984.T ) bid to merge its satellite technology startup with Intelsat SA ( I.N ) teetered on Wednesday, as some Intelsat creditors held up the deal and a few made a last-minute offer to rescue it, people familiar with the matter said.The merger is contingent upon an offer to Intelsat creditors to accept a $3.6 billion haircut on their bonds, which is set to expire on Thursday. Enough bondholders oppose the size of the haircut to block the deal, the sources said.Late on Wednesday, a handful of Intelsat bondholders who were previously resisting the deal were putting together a counter proposal that would see them accept a haircut on their holdings, albeit smaller that what Intelsat and OneWeb had proposed, according to one of the sources.It is unclear if this effort will salvage the deal. OneWeb and Intelsat will announce on Thursday if they are willing to extend their offer to Intelsat creditors any further or amend it, the sources said. OneWeb could decide to walk away from the deal and pursue another acquisition target, the sources added.The sources asked not to be identified because the deliberations are confidential. SoftBank and OneWeb declined to comment, while Intelsat did not respond to requests for comment.Luxembourg-based satellite operator Intelsat faces a deadline of May 29 to get its bondholders to trim some of the value of its $15 billion pile, under the terms of its original agreement with OneWeb in February.Intelsat would have to launch an improved swap to its debt investors by next week to meet this deadline. It has already agreed to extend the offer to the creditors once before. The offer was previously due to expire April 20.To be successful in consummating a deal with OneWeb, the company needs holders of at least 85 percent of the total face value of each series of Intelsat bonds to participate in the exchanges.As part of the current deal, SoftBank will buy voting and non-voting shares in the combined company for $1.7 billion in cash and take a 39.9 percent voting stake. Shares that the Japanese conglomerate will buy in the combined company will be purchased for $5 per share.OneWeb is among a handful of startups planning to build, launch and operate thousands of small satellites to provide internet access worldwide.A merger of OneWeb and Intelsat, a satellite pioneer which broadcast Neil Armstrong''s moon walk, could create a combined network of hundreds or even thousands of satellites in high and low altitudes around Earth.(Reporting by Jessica DiNapoli in New York; Editing by Miral Fahmy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-intelsat-m-a-oneweb-idINKBN1870DF'|'2017-05-11T02:33:00.000+03:00'|4029.0|''|-1.0|'' 4030|'c00d48a668bcb383db2467cebb6ebb0e30b49018'|'Picture perfect: how to make an art of your investments - Money'|'T his is the time of year when budding artists around the country are busy putting the finishing touches to their final degree showpieces, the fruits of their past few years of artistic labour. Starting today, Slade School of Fine Art in London and Falmouth University in Cornwall are among the art colleges running the first of about 100 graduation shows in coming months, presenting the latest hot art produced by students.The annual BA and MA shows are a great place to pick up a piece of original artwork that you can enjoy looking at, but which could also turn out to be a savvy financial investment. You are also supporting promising young artists for whom it is incredibly important to make their first sale as they leave college and step out into the real world.It has never been easier to buy art. Over the past two decades a host of online sites selling contemporary art have sprung up from small, online-only galleries to big auction houses such as Sothebys and Christies. An original piece can be snapped up for as little as 45, says Jane Eccles, who works as a programme manager for a utilities company and has amassed a personal collection of 59 pieces over the past three years.I work long hours and commute, and its really nice to get home and to be surrounded by beautiful works of art, she says. I enjoy researching artists, and its nice to support emerging artists. Her taste has evolved over time, and she now buys pieces that challenge me. She stresses that she buys for pleasure rather than monetary gain and has not sold any of them although some of the work has gone up significantly in value.Those by painter Peter Kettle , recently voted in as a fellow for the Royal Society of Arts, has nearly tripled in value in the past four years. The piece Brecon Beacons 1 which Eccles bought in 2015 for 450 is now worth 1,200.Start with a small piece that you fall in love with. Follow your instinctAnother artist she has bought from is the Polish Bartosz Beda , who has been short-listed for several prizes and was selected for the 2012 Catlin Art Guide as the most promising emerging artist in the UK. His work ranges from painting to installation and animation. Paintings that sold for 500 in 2011 are now valued at around 3,500.Eccles also likes Orlanda Broom , whose smaller, lush paintings were priced at 200-300 at her Winchester degree show in 1997 and are now worth about 7,800. Other favourites are London artist Julia Blackshaw who exclusively portrays the female form, and Slade postgraduate Lindsay Mapes who has done a series of paintings on transparent silk and has been selected as one of 12 artists worldwide for a US documentary called Looking for Picasso.Eccless advice to would-be art buyers is: Start with a small piece that you fall in love with. Follow your instinct. If you buy from an online gallery you can always return the work.Sarah Ryan, a former art teacher who set up New Blood Art in 2004 to represent emerging artists in the UK, advises buyers to look for some sort of coherence, some kind of unique voice or recognisable style. She adds that artists who produce work thats a bit jarring or uncomfortable to look at are those that go on to be something special.Ryan will spend the summer on the road, scouting for new talent at degree shows from Aberdeen to Aberystwyth, and has carved out a niche selling graduate art, with prices ranging anywhere from 175 up to 10,000. Delivery fees are capped at 5% of the value of the work which can be bought through interest-free loans, and returned within the first 14 days although this doesnt happen very often, she says.Facebook Twitter Pinterest Withdrawn, by Julia Blackshaw, is one of the works Jane Eccles has bought. Photograph: David Sillitoe for the Guardian When I started there werent really any online galleries, she recalls. I would go to degree shows and think gosh why arent people buying this?.But it has become a fiercely competitive market the advent of bigger online galleries such as Saatchi Art in 2011-12 meant that Ryan had to scale back her venture, which at one stage employed two people, to once again be a one-woman business.When visiting a degree show Ryan recommends talking to art tutors (make an appointment in advance) and suggests having a coffee with the artists themselves to try and gauge their long-term commitment.The best work sells quickly, so turn up early. Charles Saatchi, the advertising magnate and art collector, sometimes arrives at shows before all the artwork is installed and rival dealers get there (he is famed for buying up entire graduation shows).Investment experts say modern art is an effective hedge against inflation returns tend to be better at times when prices in the economy are rising, which is the case now. When selling, anything under 6,000 is exempt from capital gains tax and further tax relief applies up to 15,000.But unlike shares, bonds or property it does not produce an income and is not a very liquid asset you need to be prepared to hold it for several years and may not be able to sell when you want.Art investments are also unregulated, so you cant fall back on the Financial Services Compensation Scheme if something goes wrong. Bear in mind too that there could be insurance and storage costs.The shows to see BA art degree shows top recommendations Falmouth: 20-24 MayDundee: 20-28 MayEdinburgh: 3-11 JuneGlasgow: 10-17 JuneWimbledon: 15-24 JuneLoughborough: 16-20 JuneChelsea: 16-24 JuneAberdeen: 17-24 JuneCity & Guilds, London: 28 June-2 JulyRising stars Sarah Ryan of New Blood Art tips two artists who are graduating from their MAs this year. Michaela Hollyfield from Aberystwyth University and Myka Baum from the Royal College of Art.Hollyfield paints ambiguous, semi-abstract landscapes rich in colour, and her pieces are priced at around 275-plus.Baum, meanwhile, uses photography and printmaking and was selected for Bloomberg New Contemporaries in 2009, where the judges also included Wolfgang Tillmans. He said about her Lunar Mare series: Its a specific vision its definitely something I have never seen before and it is an achievement.Other artists to watch are Nicola Wiltshire and Steven Burden . Wiltshire, whose paintings sell for around 175-750, makes her own paint using contemporary materials such as ground aluminium, and paints on fabric.Burden, who went to Goldsmiths, University of London, and Bath Spa University and has won the Black Swan Arts Open Prize, grew up on the Pepys Estate in Deptford, south London, and says his paintings are informed by the out-of-scale fortresses of the urban jungle. They sell for between 800 and 6,000.Where and how to buy ARTOVERT is a cheap platform for artists to sell their work commission applied to sales is only 2%, the lowest in the commercial art world, compared with 40% at New Blood Art. Artists create their own pages.Good materials such as quality paints and properly stretched canvases are important, as is the artists coherent, recognisable style and long-term commitment to their work you dont want to buy from someone who quits painting soon after. Look out for expert endorsements such as prizes or scholarships. Artists with an MA are a safer bet than BAs, but their work tends to be more expensive because they usually have several years more experience. Check out the top picks section of online galleries.Topics Alternative investments Investments Art features '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/may/20/how-to-invest-in-art-degree-shows'|'2017-05-20T15:00:00.000+03:00'|4030.0|''|-1.0|'' -4031|'ce6a261b24d7ed2e454e15c3482d3234efac6b0f'|'Serious Fraud Office warns of 120m pension scam - Money'|'Fears are growing that large numbers of people may have lost huge sums of money after investing their retirement pots in of all things self-storage units. The Serious Fraud Office this week launched an investigation into storage unit investment schemes, and revealed that more than 120m has been poured into them. But could that just be the tip of the iceberg?One man was persuaded to transfer almost 370,000 out of his workplace pension and put it all into one such scheme supposedly offering an 8%-12% return. The Pensions Ombudsman, which looked at his case, said the blameless man had switched out of the secure and generous NHS pension scheme and may have lost all his money as a result. Others were lured in with claims that they could more than double their money in just six years.Many of us have used a self-storage facility at some point perhaps to temporarily stash our belongings when moving home. But what most people probably dont realise is that these units (also known as storage pods) have been touted as a wonder investment with double-digit returns. Many people appear to have lost some, or all, of their retirement savings after falling for the spiel of firms flogging dodgy schemes.The SFO says it is probing several, including Capita Oak Pension and Henley Retirement Benefit, plus some schemes that invested in other products. It adds that more than 1,000 individual investors are thought to be affected by the alleged fraud, though it presumably thinks the number could be higher as it is asking people who have paid into these schemes between 2011 and 2017 to complete a questionnaire available on its website.One brochure, issued by a property investment company, boasted of a 14% average annual yieldKate Smith, head of pensions at insurer Aegon, says the SFO probe is a timely reminder that unregulated unusual investments at home or abroad come with a high risk that people could lose all their hard-earned pension and other savings. She adds that it is possible that thousands more people may find they have lost money, too.Pension liberation scams where people are persuaded to transfer or cash in their pension pots and put the money into often exotic-sounding investments have been around for years, but there has been a surge in activity since April 2015 when the government introduced reforms giving over-55s more freedom in terms of what they can do with their retirement cash.Storage units on UK industrial estates might not have the exotic allure of hotel rooms in the Caribbean and palm oil plantations in Asia, but perhaps that was their selling point. Marketing tended to highlight how this was a profitable and growing industry.One glossy brochure seen by Guardian Money offered the chance to buy individual units from 3,750-30,000 said to be located in the north-west of England. The investor would buy the unit on a long-term lease from Store First Limited, and then sublet it to a management company which would subsequently rent it out.The brochure, issued by a property investment company, boasted of a 14% average annual yield and claimed that when capital growth and income were combined, the forecast net return over six years for someone investing 11,250 would be 12,180, or over 108% equating to a total return of 23,430.In December 2014, the Pensions Ombudsman published its decision in the case of Mr X who was persuaded to transfer his entire future pension 367,601 from the NHS Scotland scheme into Capita Oak. The ruling stated that Mr X was told his money would be invested in Storefirst Limited (sic), a large self-storage firm in the north of England. It was offering a 8%-12% return and therefore it seemed a good investment. He later discovered that he couldnt get his money out.The ombudsman said Mr X may well have been duped out of his entire pension, and it is not known whether he ever recovered any of his money.In April 2015 the ombudsman published two decisions relating to a man called Joseph Winning , who transferred 52,401 in pension cash from Scottish Widows and Legal & General to Capita Oak. Winnings money had apparently been invested in Store First storage pods, the rulings said.Things dont look good for Mr X or Winning (and doubtless others) because the two companies that acted as trustees to Capita Oak and Henley Retirement were wound up by the high court in July 2015. This was after an official investigation found that they were involved in a venture where people were cold called and persuaded to transfer their pensions on the basis of misrepresentations made concerning returns. The investigation found that the only investments offered to the public were storage pods marketed for sale by Store First, which paid commissions of up to 46% to another company which was part of the overall scheme.Its all been quite frustrating for the Self Storage Association UK, which describes itself as the main trade body for the industry. Its boss Rennie Schafer says investment companies have been aggressively marketing these unregulated schemes to small investors who are less informed of their perils, adding: The idea of breaking it up into little pieces and selling it off is not how self-storage works.Store First, based near Burnley, told us: The SFO investigation is not against Store First or its product of storage pods, but against the schemes named Store First is in no way connected with the running of any pension scheme being investigated by the SFO or, indeed, any scheme. In addition, Store First does not carry out any direct sales activity, and all sales are made by third party intermediaries.The company added it had no connection whatsoever with any financial advice these schemes receive or give, or to their ongoing administration.Topics Scams Investments Pensions Investing Consumer affairs '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/may/27/pensions-scam-self-storage-serious-fraud-office-warning'|'2017-05-27T15:00:00.000+03:00'|4031.0|''|-1.0|'' +4031|'ce6a261b24d7ed2e454e15c3482d3234efac6b0f'|'Serious Fraud Office warns of 120m pension scam - Money'|'Fears are growing that large numbers of people may have lost huge sums of money after investing their retirement pots in of all things self-storage units. The Serious Fraud Office this week launched an investigation into storage unit investment schemes, and revealed that more than 120m has been poured into them. But could that just be the tip of the iceberg?One man was persuaded to transfer almost 370,000 out of his workplace pension and put it all into one such scheme supposedly offering an 8%-12% return. The Pensions Ombudsman, which looked at his case, said the blameless man had switched out of the secure and generous NHS pension scheme and may have lost all his money as a result. Others were lured in with claims that they could more than double their money in just six years.Many of us have used a self-storage facility at some point perhaps to temporarily stash our belongings when moving home. But what most people probably dont realise is that these units (also known as storage pods) have been touted as a wonder investment with double-digit returns. Many people appear to have lost some, or all, of their retirement savings after falling for the spiel of firms flogging dodgy schemes.The SFO says it is probing several, including Capita Oak Pension and Henley Retirement Benefit, plus some schemes that invested in other products. It adds that more than 1,000 individual investors are thought to be affected by the alleged fraud, though it presumably thinks the number could be higher as it is asking people who have paid into these schemes between 2011 and 2017 to complete a questionnaire available on its website.One brochure, issued by a property investment company, boasted of a 14% average annual yieldKate Smith, head of pensions at insurer Aegon, says the SFO probe is a timely reminder that unregulated unusual investments at home or abroad come with a high risk that people could lose all their hard-earned pension and other savings. She adds that it is possible that thousands more people may find they have lost money, too.Pension liberation scams where people are persuaded to transfer or cash in their pension pots and put the money into often exotic-sounding investments have been around for years, but there has been a surge in activity since April 2015 when the government introduced reforms giving over-55s more freedom in terms of what they can do with their retirement cash.Storage units on UK industrial estates might not have the exotic allure of hotel rooms in the Caribbean and palm oil plantations in Asia, but perhaps that was their selling point. Marketing tended to highlight how this was a profitable and growing industry.One glossy brochure seen by Guardian Money offered the chance to buy individual units from 3,750-30,000 said to be located in the north-west of England. The investor would buy the unit on a long-term lease from Store First Limited, and then sublet it to a management company which would subsequently rent it out.The brochure, issued by a property investment company, boasted of a 14% average annual yield and claimed that when capital growth and income were combined, the forecast net return over six years for someone investing 11,250 would be 12,180, or over 108% equating to a total return of 23,430.In December 2014, the Pensions Ombudsman published its decision in the case of Mr X who was persuaded to transfer his entire future pension 367,601 from the NHS Scotland scheme into Capita Oak. The ruling stated that Mr X was told his money would be invested in Storefirst Limited (sic), a large self-storage firm in the north of England. It was offering a 8%-12% return and therefore it seemed a good investment. He later discovered that he couldnt get his money out.The ombudsman said Mr X may well have been duped out of his entire pension, and it is not known whether he ever recovered any of his money.In April 2015 the ombudsman published two decisions relating to a man called Joseph Winning , who transferred 52,401 in pension cash from Scottish Widows and Legal & General to Capita Oak. Winnings money had apparently been invested in Store First storage pods, the rulings said.Things dont look good for Mr X or Winning (and doubtless others) because the two companies that acted as trustees to Capita Oak and Henley Retirement were wound up by the high court in July 2015. This was after an official investigation found that they were involved in a venture where people were cold called and persuaded to transfer their pensions on the basis of misrepresentations made concerning returns. The investigation found that the only investments offered to the public were storage pods marketed for sale by Store First, which paid commissions of up to 46% to another company which was part of the overall scheme.Its all been quite frustrating for the Self Storage Association UK, which describes itself as the main trade body for the industry. Its boss Rennie Schafer says investment companies have been aggressively marketing these unregulated schemes to small investors who are less informed of their perils, adding: The idea of breaking it up into little pieces and selling it off is not how self-storage works.Store First, based near Burnley, told us: The SFO investigation is not against Store First or its product of storage pods, but against the schemes named Store First is in no way connected with the running of any pension scheme being investigated by the SFO or, indeed, any scheme. In addition, Store First does not carry out any direct sales activity, and all sales are made by third party intermediaries.The company added it had no connection whatsoever with any financial advice these schemes receive or give, or to their ongoing administration.Topics Scams Investments Pensions Investing Consumer affairs '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/may/27/pensions-scam-self-storage-serious-fraud-office-warning'|'2017-05-27T15:00:00.000+03:00'|4031.0|6.0|0.0|'' 4032|'0738ab52a69fd6a0ec61131d4310ffbd36f1084c'|'Tim Cook: Apple creating $1B fund to bring manufacturing jobs to the U.S. - May. 3, 2017'|'Apple''s renewed focus on U.S. jobs Apple CEO Tim Cook said Apple is putting $1 billion into a fund aimed at bringing advanced manufacturing jobs to the United States. Speaking on C NBC''s Mad Money on Wednesday, Cook boasted that Apple has already created two million jobs in America and said the company has plans to hire "thousands more employees in the future." But Apple ( AAPL , Tech30 ) is searching for ways to do more, Cook said. He called the $1 billion an "initial" donation to the fund and said he''s already spoken with one company that he plans to invest in. Apple declined to provide any additional details but Cook said it would announce more about the fund later this month. Related: Should Apple buy Disney? Tesla? The Raiders? "By doing that we can be the ripple in the pond," Cook said. "If we can create many manufacturing jobs, those manufacturing jobs create more jobs around them because you have a service industry that builds up around them." Cook also said Apple plans to put money into programs that will train "the next generation" of app developers, and he plans to announce more about that this summer. "You can see, we''re really looking at this thing deeply. How do we grow our employee base? How do we grow our developer base? And how do we grow manufacturing?" Cook said. "And you will see us bring things to market in all of those areas across this year." CNNMoney (New York) First published May 3, 2017: 7:25 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/05/03/technology/apple-tim-cook-advanced-manufacturing/index.html'|'2017-05-04T03:32:00.000+03:00'|4032.0|''|-1.0|'' 4033|'c447273c3a9be74d69f9470206b37b7eb5ed99f9'|'Trump turmoil could lead investors to reassess risk appetite'|'Business News 3:34pm BST Trump turmoil could lead investors to reassess risk appetite U.S. President Donald Trump speaks during the United States Coast Guard Academy Commencement Ceremony in New London, Connecticut U.S., May 17, 2017. REUTERS/Kevin Lamarque By Jamie McGeever - LONDON LONDON The turmoil in Washington surrounding Donald Trump''s presidency is rattling world markets, and the burst of volatility could force investors into a strategic or tactical rethink of how much risk they are happy to face. Increasingly damaging revelations about the Trump administration''s and election team''s dealings with Russia triggered the biggest fall on Wall Street on Wednesday since last September and a stock market slump around the world. After months of major stock markets posting record highs and historically low volatility across a range of asset classes, a reversal was always on the cards. Now that it has come, the question is whether it ends up being a one-off or marks the start of a prolonged reversal which sees investors cut back on risk and adopt more defensive positions. A broad U-turn would likely require one or a mix of the following scenarios: impeachment proceedings against Trump get underway, his growth-boosting legislative reform agenda is delayed, the U.S. economy begins to contract. None of them are mutually exclusive, and it remains to be seen if events play out that way to any degree. But the "Trump trade" that lifted stocks, the dollar and bond yields appears to have evaporated. The dollar, two- to 10-year Treasury yield curve and yields on 10-year Treasury Inflation-Protected Securities (TIPS) are all back where they were before Trump was elected in November. After months of relative plain sailing, investors are now bracing for stormier weather. "We have to be cognizant of volatility. It''s a question of keeping risk levels appropriate, and that''s something we were doing anyway. Our portfolios were well-positioned," said James Athey, portfolio manager at Aberdeen Asset Management in London. "Do we dial back further? That''s the conversation we''ll be having over the next day or two," he said, noting that he had cut back on "short" positions in safe-haven fixed income assets and the Japanese yen in recent weeks. Aberdeen has $480 billion (368.8 billion) of assets under management. SURPRISE, SURPRISE The VIX index .VIX of implied volatility on the S&P 500 .SPX was jolted from its slumber on Wednesday and chalked up its seventh-biggest rise in percentage terms since its launch in 1990. This followed news that Trump had asked then-FBI Director James Comey to close an investigation into ties between former White House national security adviser Michael Flynn and Russia. Joost van Leenders, strategist and portfolio manager, multi asset solutions at BNP Paribas Investment Partners, which oversees 580 billion (495.3 billion) euros of assets, said he and his colleagues are discussing U.S. political risk on a daily basis. "We were cautiously positioned to start with, so for now we don''t have to change our position, but I do not rule out future changes," he said. Some, like Tom Wu, chief investment officer, Global Investments, Yuanta Securities Investment Trust, Taiwan''s second-largest fund manager, aren''t holding back. "An impeachment might happen, or it might not. Any uncertainty, including this uncertainty, is something that investors don''t care for. So we''ll be unloading all of our holdings in U.S. stocks this month," he said. Few investors will follow that example, but many reckon U.S. markets are expensive. The U.S. economy is already into its third-longest expansion ever, and a recent fall in the U.S. economic surprises index suggests it is running out of steam. The gap between the U.S. and European surprises indexes is the widest in two years, U.S. corporate earnings growth is double-digit but still lagging the euro zone, and the political turmoil that was supposed to beset Europe this year is concentrated in the United States. "There is no recession in the pipeline, but the U.S. economy could slow next year," said Didier Borowski, head of macroeconomic research at Amundi, Europe''s largest asset manager with 1.27 trillion euros of assets. "So part of the correction is welcome because from a valuation standpoint, the U.S. equity market was in bubble territory," he said. CASHING IN As stocks slide, safe-haven assets like bonds that had been shunned in the months following Trump''s election win in November are back in demand. The spread between two- and 10-year Treasury yields US10US2=TWEB is its smallest since before the presidential election. This so-called yield curve flattening suggests investors are losing faith in the economy''s ability to withstand higher interest rates. Money markets have slashed the probability of the Federal Reserve raising rates next month to less than 60 percent from over 90 percent last week. John Taylor, portfolio manager at Alliance Bernstein, which has $498 billion of assets under management, said the political, economic and market volatility is keeping them on the defensive. "Our cash position is quite large 10 percent vs below 5 percent historically ... and we will stick to assets with strong fundamentals, such as bank bonds and local currency emerging market debt," Taylor said. (Reporting by Jamie McGeever; Additional reporting by Abhinav Ramnarayan in London and Faith Hung in Taiwan; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-trump-analysis-idUKKCN18E22C'|'2017-05-18T22:34:00.000+03:00'|4033.0|''|-1.0|'' 4034|'c7ed110051869c765ac544a293ff39200d0cc004'|'Absent from America, French cars drive into Iran election'|'Autos - Tue May 16, 2017 - 1:10pm EDT Absent from America, French cars drive into Iran election left right Iran''s President Hassan Rouhani attends a ceremony marking the beginning of production of new Iran Khodro products, Dena+ and Peugeot 2008, in Tehran, Iran, May 2, 2017. Picture taken May 2, 2017. President.ir/Handout via REUTERS 1/4 left right Iran''s President Hassan Rouhani checks a car during a ceremony marking the beginning of production of new Iran Khodro products, Dena+ and Peugeot 2008, in Tehran, Iran, May 2, 2017. Picture taken May 2, 2017. President.ir/Handout via REUTERS 2/4 left right Iran''s President Hassan Rouhani looks at a car during a ceremony marking the beginning of production of new Iran Khodro products, Dena+ and Peugeot 2008, in Tehran, Iran, May 2, 2017. Picture taken May 2, 2017. President.ir/Handout via REUTERS 3/4 left right Iran''s President Hassan Rouhani looks at a car during a ceremony marking the beginning of production of new Iran Khodro products, Dena+ and Peugeot 2008, in Tehran, Iran, May 2, 2017. Picture taken May 2, 2017. President.ir/Handout via REUTERS 4/4 By Bozorgmehr Sharafedin , Laurence Frost and Edward Taylor - LONDON/PARIS/FRANKFURT LONDON/PARIS/FRANKFURT French carmakers PSA ( PEUP.PA ) and Renault ( RENA.PA ) are turning their U.S. absence into an Iranian advantage by piling into a resurgent market still off-limits to foreign rivals fearful of sanctions under Donald Trump''s administration. The French investment has been seized upon by Iranian President Hassan Rouhani, who is seeking re-election this week, as evidence that his pursuit of a nuclear detente and attempts to attract foreign money will pay off for the economy. PSA - the maker of Peugeots and Citroens - and Renault have pushed hard into Iran since its 2015 deal with world powers that saw international sanctions lifted in return for curbs on Tehran''s nuclear activities. PSA has signed production deals worth 700 million euros ($768 million), while Renault has announced a new plant investment to increase its production capacity to 350,000 vehicles a year. The French companies, unlike their German, American and Japanese competitors, do not have manufacturing or sales operations in the United States. This makes them less vulnerable to penalties for any violation of U.S. sanctions still in force which ban financial transactions with Iran. The prospect of a hardened U.S. stance under President Trump - a consistent critic of the nuclear deal - has deepened the caution of carmakers with large American exposures. Germany''s Volkswagen ( VOWG_p.DE ) and BMW ( BMWG.DE ) are among those that have put Iranian ambitions on hold, industry sources told Reuters. "We''re well aware of the market potential in Iran but we can''t afford to take any risks," said a source close to VW. The company declined to comment on specific investment discussions. PSA and Renault declined to comment on their Iranian operations in detail. Earlier this year, PSA''s Middle East chief Jean-Christophe Quemard acknowledged that the renewed U.S. pressure under Trump was helping his company stay ahead of foreign rivals who were holding back. "This is our opportunity to accelerate," Quemard said. "We''ve opened up a lead and we plan to hold on to it." Early movers to establish Iranian operations could win big in a market deprived for years of affordable state-of-the-art vehicles and where sizeable import duties hand a major advantage to locally built cars. Iranian car sales jumped 50 percent in the first quarter of 2017, according to data provider IHS Automotive, with models from Peugeot, Renault and Iran''s SAIPA showing solid gains. Tehran car salesman Mehdi Monfared, whose dealership mostly sells domestic manufacturer Iran Khodro''s namesake brand, said he had witnessed an "explosion" in demand in recent months. "People are being less careful with their money and are spending their savings on cars," he told Reuters by telephone. "And the banks are lending." PRESIDENTIAL PEUGEOT Rouhani pushed the French investment to the forefront of his election campaign when he attended a ceremony this month to mark the production launch of the Peugeot 2008, the first product of post-sanctions manufacturing deals with foreign carmakers. "When we signed the nuclear deal, critics said it was just a piece of paper that would never be implemented," the president, whose main challenger is a hardline cleric opposed to opening up Iranian markets, said in an Instagram post picturing him behind the wheel of the mini-SUV at the event in Tehran. "But now we can see that auto industry sanctions have been lifted, joint venture agreements concluded and a new car is being built." PSA and Renault have moved swiftly to sign new production deals to upgrade their pre-sanctions partnerships with Iran Khodro and SAIPA. PSA plans to add more Peugeot and Citroen models in coming months, while Renault has introduced its Sandero compact alongside the Tondar sedan. By contrast VW, which had been considering a production tie-up with Iran''s Mammut Khodro, has put the talks on the backburner because of the uncertainty, according to the source close to the group. "Any company operating in Iran or planning to enter the market needs to ask itself what could happen if there is a fundamental change of course by the U.S.," the person said. BMW has also studied production, import and distribution opportunities in Iran but concluded that the time was not right, according to a source familiar with the matter. "Once we see General Motors and Ford set up shop our plans may be revived, but not before," the person said. A BMW spokesman said the company''s future entry into Iran "will depend on political and economic developments", adding: "There are currently no concrete plans." Daimler ( DAIGn.DE ) had announced undated plans for Iranian heavy truck production before Trump''s November election victory, but now plays them down. "There is hardly any economic growth in Iran, so demand for commercial vehicles is generally low," the company said. U.S. carmakers withdrew before the 1979 Iranian revolution as ties between the countries broke down. Japanese manufacturers such as Toyota ( 7203.T ) have not signaled any Iranian investment plans since the nuclear deal. PRODUCTION REBOUND Nuclear-related sanctions were lifted after the 2015 agreement, but Washington has maintained its own pre-existing ban on financial transactions with Iran, making it harder for companies with a large U.S. presence to do business with Tehran. The Trump administration has also ordered a review of sanctions relief granted under the nuclear deal, despite acknowledging Tehran''s compliance. But the U.S. pressure has not halted a steady recovery in car production in Iran, from 796,000 cars in 2013 to 1.23 million last year. IHS expects output to keep climbing to 1.34 million cars this year and 1.49 million in 2018, nearing the 1.65 million peak recorded in 2011. "Locally built vehicles are the bestsellers by some margin," said IHS analyst Michel Jacinto, an Iran specialist. South Korea''s Hyundai ( 005380.KS ) is building its Accent compact, to be followed by the i20 mini, as Chinese brands including Chery move to defend the small but growing footholds they gained while sanctions kept their European rivals out. Affordability may be an issue for some new models. The Peugeot 2008 is expected to be priced at around $24,000 when it arrives in showrooms - more than three times the average annual urban household income in Iran. Until such market realities are tested, however, the new products are being greeted with optimism. "The 2008 launch is the result of Rouhani''s policy since the signing of the nuclear deal, so it was symbolic," PSA''s Quemard told Reuters last week. Project lead times of two years or more mean the 2008 is the international agreement''s first tangible result, Quemard said. "So it''s a good example - and it''s being used as such." (Additional reporting by Andreas Cremer in Berlin and Gilles Guillaume in Paris; Writing by Laurence Frost; Editing by Pravin Char)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-iran-election-autos-idUSKCN18C0EJ'|'2017-05-16T14:05:00.000+03:00'|4034.0|''|-1.0|'' @@ -4098,7 +4098,7 @@ 4096|'c17035b3fc5f5a8e422f04b80a5d0c42e87fb71e'|'Twitter partners with Bloomberg for streaming TV news'|'Technology News - Mon May 1, 2017 - 6:10am EDT Twitter partners with Bloomberg for streaming TV news: WSJ FILE PHOTO: People holding mobile phones are silhouetted against a backdrop projected with the Twitter logo in this illustration picture taken September 27, 2013. REUTERS/Kacper Pempel/Illustration/File Photo (Corrects April 30 story to add news source in headline) Twitter Inc is partnering with Bloomberg Media for a round-the-clock streaming television news service on the social networking platform, the Wall Street Journal reported on Sunday. The channel, which is yet to be named and is expected to begin operations this fall, would be announced Monday, WSJ said. Twitter''s user growth has stalled in the past few quarters and the company has been trying to convince advertisers that it will strengthen its user base. As part of its efforts, it has updated its product offerings including live video broadcasts from its app and launched new features to attract users. Twitter CEO Jack Dorsey said in an internal memo last October one of the company''s missions was defined as being the "people''s news network". Twitter has made a push into news and sports on mobile devices last year and this foray could pique the interest of a media company as an acquirer, analysts have said. (Reporting by Shalini Nagarajan in Bengaluru; Editing by Gopakumar Warrier) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-twitter-bloomberg-idUSKBN17X10P'|'2017-05-01T10:55:00.000+03:00'|4096.0|''|-1.0|'' 4097|'6fe4ae824de0c6d6d1bfeaf4af2fa0e9090b2472'|'BRIEF-Samson Resources II to market East Texas, North Louisiana assets as part of strategic review outcome'|'May 8 Samson Resources:* Samson Resources II, LLC to market East Texas and North Louisiana assets as part of strategic review outcome* Samson Resources II LLC - owns about 210,000 net acres in East Texas and North Louisiana Areas with an 86% working interest in leasehold* Samson Resources II LLC - emerged from chapter 11 on march 1, 2017 with improved financial position after discharging approximately $4 billion in debt Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-samson-resources-ii-to-market-east-idINASA09NYV'|'2017-05-08T20:18:00.000+03:00'|4097.0|''|-1.0|'' 4098|'bcc6a3c101a6fcbd0cdd885e5f46f9cff455efbb'|'Deals of the day-Mergers and acquisitions'|'Market 00pm EDT Deals of the day-Mergers and acquisitions (Adds CPPIB, Home Capital, Rosneft, Ita Unibanco, Omnia Holdings, Enbridge and PGE; Updates Engie) May 11 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday: ** Exxon Mobil Corp said it has reached an agreement to buy a refining and petrochemical plant owned by Jurong Aromatics (JAC) in Singapore that will boost its output and meet demand in Asia. ** The Canada Pension Plan Investment Board (CPPIB), the country''s biggest public pension fund, is considering a bid for Dominion Diamond Corp and is studying the miner''s books, people familiar with the process told Reuters. ** Home Capital Group, Canada''s biggest non-bank lender, is in talks to divest about C$2 billion in assets to help pay down a high-interest loan and delay a potential sale of the entire company, according to people familiar with the situation. ** Russian state oil firm Rosneft is struggling to close its $12.9 billion acquisition of India''s Essar Oil Ltd because six of Essar''s Indian creditors have yet to approve the deal, sources close to the talks said. ** The Australian state of New South Wales said it has sold power grid Endeavour Energy to a consortium led by Macquarie Group Ltd for A$7.62 billion ($5.61 billion), relegating foreign bidders to a minority stake. ** French engineering services group Assystem has made an offer for a 5 percent stake in the new Areva NP reactor unit being formed from the broader restructuring of Areva . ** Ita Unibanco Holding SA said it is still in talks to acquire a stake in Brazilian broker XP Investimentos SA, adding that no definitive agreement has been signed. ** South African fertiliser and mining explosives maker Omnia Holdings said on Thursday it had agreed to acquire an oil products and lubricants supplier as part of its strategy to expand its chemical business. ** Enbridge Inc,, Canada''s largest pipeline company, said it may acquire more assets and forecast a rise in adjusted earnings before interest and taxes this year following its purchase of Spectra Energy Corp. ** Poland''s biggest power group PGE said it has signed a conditional agreement to buy EDF''s Polish power and heating assets. ** Generali is looking to buy portfolio management teams to expand its asset management operations and its fee-based business after reporting a 9 percent fall in first-quarter profit. ** Engie said it had received a binding offer from Neptune Energy for its 70 percent stake in its oil and gas exploration unit based on a value of 4.7 billion euros ($5.1 billion) for 100 percent of the unit. ** TPI Triunfo Participaes & Investimentos SA TPIS3.SA and its creditors are discussing a restructuring plan allowing the indebted Brazilian infrastructure company to retain cash from potential asset sales while it downsizes further, three people familiar with the situation said. ** Fireproof industrial materials maker RHI, which is taking over Brazilian rival Magnesita, said it plans to keep the dividend payout at around $33 million in 2017 and 2018, cutting the amount per share for the enlarged group. ** Britain''s planned departure from the European Union opens the door for a UK-Swiss deal covering financial services, the head of one of Switzerland''s biggest private banks said. ** Liberty Global''s John Malone says he is open to doing separate deals with Vodafone and British broadcaster ITV, but has yet to make the valuations work. ** Founders of Indian online marketplace Snapdeal and one of its early investors, Nexus, have reached an agreement with SoftBank Group that would allow the Japanese firm to move ahead with its plan to sell Snapdeal to bigger rival Flipkart, ET Now reported, citing sources. ** T-Mobile US will very likely be part of merger talks in the United States and its strong position there should give it time to find the best fit, its parent Deutsche Telekom said. ** Slot machine maker Sega Sammy Holdings Inc said it would seek a majority stake in any Japanese casino project, one of a few domestic firms to detail plans for a sector already drawing intense interest from global gambling companies. ** Japan''s Tokyo Electric Power Co said it will seek partners for its nuclear business as part of a recovery plan after the Fukushima disaster of six years ago brought the utility to its knees and put it under state control. ** Saudi Arabia''s Al Borg Medical Laboratories, one of the largest private medical laboratory chains in the Gulf, has agreed to buy the lab business of Anglo Arabian Healthcare, majority owned by Waha Capital, sources told Reuters. ** The head of German sportswear company Adidas rejected calls from some shareholders to sell the loss-making Reebok brand, saying he was confident that a restructuring plan would restore it to profitability. ** Verizon Communications Inc snapped up wireless spectrum holder Straight Path Communications Inc in a $3.1 billion deal, trumping rival AT&T''s offer and potentially gaining an advantage in a race to build 5G networks. ** Activist investor Starboard Value LP reported a 5.7 percent stake in Parexel International Corp, calling the U.S. contract research firm''s shares "undervalued" and that it represented an attractive investment opportunity. ** Wilmar International Ltd, the world''s largest palm oil processor, posted a 51 percent rise in quarterly profit and said it was carrying out a restructuring that could possibly lead to a separate listing for its Chinese operations. ** "We want to acquire more property this year and going forward want to double what we have currently," TLG Immobilien executives told Reuters. ** The European Commission has approved Slovenia''s proposal to sell 50 percent of its largest bank Nova Ljubljanska Banka (NLB) this year rather than 75 percent as planned earlier, the Finance Ministry said. (Compiled by Divya Grover and Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL4N1ID3P0'|'2017-05-11T18:00:00.000+03:00'|4098.0|''|-1.0|'' -4099|'61e4a4762685b6ed6d6a9bde2ed79d5b7a7d7207'|'Ex-IBM employee from China pleads guilty to code theft charges'|'NEW YORK A former software engineer for IBM in China pleaded guilty on Friday to stealing proprietary source code from the company, federal prosecutors announced on Friday.Jiaqiang Xu, 31, pleaded guilty to economic espionage and theft of a trade secret before U.S. District Judge Kenneth Karas in White Plains, New York, prosecutors said. He is scheduled to be sentenced on Oct. 13.Leanne Marek, Xu''s attorney, declined to comment.Xu was arrested in December 2015 after meeting with an undercover officer at a White Plains hotel, where authorities said he was recorded saying he used the code to make software to sell to customers.He was originally charged with theft of a trade secret. The economic espionage charges were added in a superseding indictment filed last June.International Business Machines Corp was not identified by name in the complaint. But a LinkedIn profile for Xu said he was employed as a system software developer at IBM during the period in question.Prosecutors said the proprietary computer code Xu stole was related to a so-called clustered file system, which facilitates faster computer performance.Xu, who began working at IBM in China in 2010, had full access to the source code before voluntarily resigning in May 2014, prosecutors said.According to the criminal complaint filed in 2015, the Federal Bureau of Investigation in 2014 received a report that someone in China was claiming to have access to the code and using it for business ventures, prompting the investigation that led to the arrest.The case is USA v. Xu, U.S. District Court, Southern District of New York, No. 16-cr-00010.(Reporting by Brendan Pierson in New York; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ibm-crime-china-idUSKCN18F2LZ'|'2017-05-20T06:44:00.000+03:00'|4099.0|''|-1.0|'' +4099|'61e4a4762685b6ed6d6a9bde2ed79d5b7a7d7207'|'Ex-IBM employee from China pleads guilty to code theft charges'|'NEW YORK A former software engineer for IBM in China pleaded guilty on Friday to stealing proprietary source code from the company, federal prosecutors announced on Friday.Jiaqiang Xu, 31, pleaded guilty to economic espionage and theft of a trade secret before U.S. District Judge Kenneth Karas in White Plains, New York, prosecutors said. He is scheduled to be sentenced on Oct. 13.Leanne Marek, Xu''s attorney, declined to comment.Xu was arrested in December 2015 after meeting with an undercover officer at a White Plains hotel, where authorities said he was recorded saying he used the code to make software to sell to customers.He was originally charged with theft of a trade secret. The economic espionage charges were added in a superseding indictment filed last June.International Business Machines Corp was not identified by name in the complaint. But a LinkedIn profile for Xu said he was employed as a system software developer at IBM during the period in question.Prosecutors said the proprietary computer code Xu stole was related to a so-called clustered file system, which facilitates faster computer performance.Xu, who began working at IBM in China in 2010, had full access to the source code before voluntarily resigning in May 2014, prosecutors said.According to the criminal complaint filed in 2015, the Federal Bureau of Investigation in 2014 received a report that someone in China was claiming to have access to the code and using it for business ventures, prompting the investigation that led to the arrest.The case is USA v. Xu, U.S. District Court, Southern District of New York, No. 16-cr-00010.(Reporting by Brendan Pierson in New York; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ibm-crime-china-idUSKCN18F2LZ'|'2017-05-20T06:44:00.000+03:00'|4099.0|9.0|0.0|'' 4100|'b5a52c399027261d3f14f1cce7d4d3d248b2b5bf'|'Israeli billionaire buys control of Germany''s Brack Capital Properties'|' 26pm BST Israeli billionaire buys control of Germany''s Brack Capital Properties JERUSALEM Israeli billionaire Teddy Sagi has agreed to buy a controlling stake in Brack Capital Properties (BCP), a property owner and developer in Germany, for about 1 billion shekels (214.7 million), the company said on Tuesday. BCP ( BCNV.TA ), which is listed on the Tel Aviv Stock Exchange, said in a statement that Sagi agreed to buy a controlling 44 percent stake, or about 2.9 million shares, for 345 shekels a share. The shares had been trading at 365 shekels when trade was halted prior to the announcement. BCP has a market capitalisation of 2.53 billion shekels. Sagi, who founded online gaming software supplier Playtech ( PTEC.L ), has been building up his real estate portfolio, which includes prime real estate in London such as Camden Market, which he holds through Market Tech Holdings ( MKT.L ). (Reporting by Ari Rabinovitch, Editing by Tova Cohen and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brack-capital-sagi-idUKKBN18J1K2'|'2017-05-23T19:26:00.000+03:00'|4100.0|''|-1.0|'' 4101|'958a8ac1ef801235bacd0527b12184a5edf75366'|'Electric bikes help power cycle sales at Halfords - Business'|'Bike and car parts retailer Halfords has reported a surge in demand for electric bikes.Sales of e-bikes soared 130% over the year at Halfords, helping to increase its total cycle sales by more than 5%. They start at just under 500, with a top-of-the-range model which promises a top speed without pedalling of 15mph costing 2,299.Its chief executive, Jill McDonald, said: Sales are hitting a tipping point as people understand what e-bikes are. She said they made cycling accessible to many older people and Halfords has tripled the number of outlets where the battery-assisted bikes are available. It has also trained all its staff to sell them and has increased its range. E-bikes now make up 4% of the chains total bike sales.Electric rides: the best e-bikes - Martin Love Read more However, the retailers underlying profits still fell 7.5% to 75.4m, largely down to fall in the pounds value since the Brexit vote, which increased the cost of buying goods from overseas.McDonald said cutting better deals with suppliers and improving efficiency as well as raising some prices had only partly offset the impact of sterlings fall against the dollar. Nearly all bikes are bought in dollars.McDonald said prices for premium bikes sold at independent retailers had risen by as much as 15%, while most mainstream operators had increased prices by 4% to 5%. She insisted Halfords prices had risen less than that.McDonald, who is leaving Halfords in October to become head of non-food including clothing at Marks & Spencer , said the cycle market still had good growth prospects: People want to get fit and healthier and cycling is an affordable low impact way to get fitter, she said.Topics Halfords Retail industry Cycling Sterling Currencies '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/25/electric-bikes-help-power-cycle-sales-at-halfords'|'2017-05-26T02:38:00.000+03:00'|4101.0|''|-1.0|'' 4102|'ef41e371a9f3f83d8cfbb0549c64daaf08859ff5'|'Commerzbank to close physical precious metals business -source'|' 42am BST Commerzbank to close physical precious metals business -source FILE PHOTO: The headquarters of Germany''s Commerzbank are photographed in Frankfurt, Germany, September 29, 2016. REUTERS/Kai Pfaffenbach/File Photo LONDON Commerzbank ( CBKG.DE ) is to close its physical precious metals business in the next year, a source with direct knowledge of the matter said on Thursday. The business that will be closed includes physical precious metals trading, and related activities including refinery services, vaulting and transportation of precious metals, the source said. The team is largely based in Luxembourg. No change is expected to its unallocated products business, the source added. Commerzbank had no comment to make on the matter. (Reporting by Jan Harvey; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-commerzbank-precious-idUKKCN18E14X'|'2017-05-18T17:42:00.000+03:00'|4102.0|''|-1.0|'' @@ -4106,13 +4106,13 @@ 4104|'5c4a8b6e305c24a79c0f02b1deb43c4fe6b72631'|'U.S. prescription drug spending as high as $610 bln by 2021 -report'|'Company News - Thu May 4, 2017 - 12:01am EDT U.S. prescription drug spending as high as $610 bln by 2021 -report By Bill Berkrot May 4 Spending on prescription medicines in the United States will increase 4-7 percent through 2021, reaching $580 billion to $610 billion, according to a report released by QuintilesIMS Holding on Thursday that lowered its prior long-term forecast. QuintilesIMS, which compiles data for the pharmaceutical industry, had previously forecast average spending growth of 6-9 percent through 2021. It reduced its projections due to fewer new medicines approved in 2016 than prior years and as drugmakers face increasing pricing pressure and competition. Taking likely manufacturer discounts and rebates into account, spending would grow 2-5 percent to $375 billion to $405 billion in 2021, as net price increases for patent-protected branded drugs slows, the report said. Under pressure from politicians and insurers over the cost of many branded medicines, several drugmakers have pledged to limit annual price hikes to under 10 percent. "We''re forecasting moderation in pricing reflecting what ... we expect will be a continuing trend of single-digit price increases," said Murray Aitken, executive director of the QuintilesIMS Institute which compiled the report. Some of the expense of new medicines will be offset by expanded use of cheap generics as several big-selling prescription drugs lose patent exclusivity and more biosimilars - less expensive versions of pricey biotech medicines - enter the market. The U.S. Food and Drug Administration approved just 22 new medicines last year, down from 45 in 2015, which will also contribute to lower spending growth this year and next, the report said. That is seen picking up in 2019 and beyond as QuintilesIMS estimates 40 to 45 new brand launches per year through 2021 based on a review of experimental medicines in drugmaker pipelines. The report found more than 2,300 novel products in later stage development, including more than 600 drugs for cancer, which remain able to command very high prices. "Numbers (of approvals) are already running well ahead of where they were a year ago," Aitken said. U.S. spending on prescription medicines in 2016 increased by 5.8 percent over 2015 levels to $450 billion based on list prices, and by 4.8 percent to $323 billion when adjusted for discounts and rebates. The biggest drivers of prescription growth came from large chronic therapy areas, such as hypertension and mental health. Overall use of pain medicines declined 1 percent with restrictions on prescribing and dispensing becoming more common as healthcare providers attempt to address the growing epidemic of addiction to opioid pain drugs. (Reporting by Bill Berkrot; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-drugspending-quintilesims-idUSL1N1I31NL'|'2017-05-04T12:01:00.000+03:00'|4104.0|''|-1.0|'' 4105|'ad26d12e9962326f297bc78674742a63d4402fb3'|'Banco Popular under pressure to merge as Spanish rescue unlikely'|'By Sarah White and Jess Aguado - MADRID MADRID Spanish lender Banco Popular ( POP.MC ) should not expect to receive an injection of public funds, the country''s economy minister said on Thursday, increasing pressure on the bank to find a merger partner quickly.Struggling under the weight of 37 billion euros ($41 billion) of non-performing real estate assets left over from Spain''s financial crisis, Popular''s new management has said it would consider a merger as a way out.Several larger Spanish banks, including Santander ( SAN.MC ), BBVA ( BBVA.MC ) and state-owned Bankia ( BKIA.MC ), declared a preliminary interest in a merger this week after Popular said it was considering its options, which include a merger or another capital increase after it raised 2.5 billion euros last year.But sources familiar with the talks said the lenders have yet to find out Popular''s exact needs and have not made any decision on whether they would bid for the rival bank.The sources also said Popular would first try to merge, then if did not work it would seek to raise money and only if both of those options fail could a bailout be on the table.Asked whether Popular, Spain''s sixth largest bank, needed a state rescue, Economy Minister Luis de Guindos said: "The government does not foresee injecting public funds."Popular''s capital levels were still above regulatory requirements, he said at an event in Madrid, citing feedback from the Bank of Spain.Banco Popular ended March with a phase-in capital level 0.53 of a percentage point above its requirement of 11.38 percent as set by the European Central Bank.However, its capital under the strictest "fully-loaded" criteria is the lowest among listed Spanish banks at 7.33 percent, down from 8.17 percent at the end of December.Most have made good progress since Spain sought a 41 billion euro European bailout for its lenders in 2012, clearing their books of the huge volumes of toxic real estate assets amassed during the crisis years, but Popular remains saddled with the highest amount in the sector.Popular''s non-performing loan ratio is about three times above the average of its Spanish rivals.Popular reported a 3.6 billion euro loss for 2016 and has undergone three leadership shake-ups since July. Its shares have fallen 62 percent over the past year and are the worst performers on the European STOXX banking index .SX7P.(Writing by Angus Berwick; editing by Julien Toyer and David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-banco-popular-government-idINKCN18E2GV'|'2017-05-18T14:44:00.000+03:00'|4105.0|''|-1.0|'' 4106|'f56e88c1f0c552fb4458500d96a553e7412b9dfe'|'BHP rejects investor Elliott''s claims it has been intransigent'|'MELBOURNE BHP ( BHP.AX )( BLT.L ) on Tuesday said it was disappointed with the latest salvo from Elliott Management which said the company was not open to suggestions and had been misleading in its response to the activist investor''s calls for a change in strategy."We reject both claims," BHP said in an emailed statement after Elliott released a letter calling for an open review of BHP''s petroleum business and saying the company had exaggerated the costs of collapsing its dual-listed structure.(Reporting by Sonali Paul; Editing by Richard Pullin)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-bhp-billiton-elliott-response-idUSKCN18C05H'|'2017-05-16T09:18:00.000+03:00'|4106.0|''|-1.0|'' -4107|'a16bcc07cc1574dfc257a81a44979effed4d549a'|'Morocco''s Attijariwafa paid twice book value for Barclays Egypt acquisition'|'CAIRO Morocco''s Attijariwafa Bank ( ATW.CS ) paid twice book value to acquire Barclays'' Egyptian business and hopes the acquisition will enable it to increase its market share in Egypt to 5 percent within five years, the Moroccan bank''s CEO said.The bank plans to rename the unit Attijari Bank Egypt and raise its profile in Egypt, CEO Mohamed El Kettani said.Britain''s Barclays ( BARC.L ) reached a deal last year to sell its Egyptian banking unit to Attijariwafa Bank, one of Morocco''s largest banks, but the value of the deal, which closed this month, has not been disclosed by either side.Kettani, speaking to Reuters on Sunday, would not put an exact dollar figure on the acquisition but said it was twice Barclays Egypt''s 2016 book value or about seven times its expected net profit for 2017.Sources had told Reuters previously that the Barclays Egypt business was valued at around $400 million (308 million pounds).Kettani expects the cost of the deal to be recovered in five to seven years.Attijariwafa hopes the acquisition will enable it to increase its market share in Egypt to 5 percent within five years, from about 1-1.5 percent currently, and it plans to add new services such as leasing and insurance, said Kettani.In the next few days the bank will choose an international consulting firm to develop a five-year strategy for its Egypt operations."Attijari Bank Egypt will be the group''s entryway to Gulf states and East Africa," Kettani said.(Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-barclays-attijariwafa-bnk-egypt-idINKBN1830P3'|'2017-05-07T14:19:00.000+03:00'|4107.0|''|-1.0|'' +4107|'a16bcc07cc1574dfc257a81a44979effed4d549a'|'Morocco''s Attijariwafa paid twice book value for Barclays Egypt acquisition'|'CAIRO Morocco''s Attijariwafa Bank ( ATW.CS ) paid twice book value to acquire Barclays'' Egyptian business and hopes the acquisition will enable it to increase its market share in Egypt to 5 percent within five years, the Moroccan bank''s CEO said.The bank plans to rename the unit Attijari Bank Egypt and raise its profile in Egypt, CEO Mohamed El Kettani said.Britain''s Barclays ( BARC.L ) reached a deal last year to sell its Egyptian banking unit to Attijariwafa Bank, one of Morocco''s largest banks, but the value of the deal, which closed this month, has not been disclosed by either side.Kettani, speaking to Reuters on Sunday, would not put an exact dollar figure on the acquisition but said it was twice Barclays Egypt''s 2016 book value or about seven times its expected net profit for 2017.Sources had told Reuters previously that the Barclays Egypt business was valued at around $400 million (308 million pounds).Kettani expects the cost of the deal to be recovered in five to seven years.Attijariwafa hopes the acquisition will enable it to increase its market share in Egypt to 5 percent within five years, from about 1-1.5 percent currently, and it plans to add new services such as leasing and insurance, said Kettani.In the next few days the bank will choose an international consulting firm to develop a five-year strategy for its Egypt operations."Attijari Bank Egypt will be the group''s entryway to Gulf states and East Africa," Kettani said.(Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-barclays-attijariwafa-bnk-egypt-idINKBN1830P3'|'2017-05-07T14:19:00.000+03:00'|4107.0|15.0|1.0|'' 4108|'41bb22ba2f046df1585cd95e2df04d9508edc6aa'|'ChemChina gets nearly 95 percent of Syngenta, seeks more'|'ZURICH ChemChina has accumulated nearly 95 percent of shares in Swiss pesticides and seeds group Syngenta ( SYNN.S ) as part of its $43 billion tender offer, China''s biggest foreign takeover to date.Announcing the definitive final results for the offer on Wednesday, China National Chemical Corporation said around 94.7 percent of shares had been tendered.ChemChina re-affirmed its intention to request the cancellation of the remaining Syngenta shares if the 98 percent threshold is exceeded."To that end, it intends to acquire further shares through market purchases or in off-market transactions," it said in a statement.If it gets less than 98 percent, it plans to proceed to a squeeze-out merger.(Reporting by Michael Shields; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-syngenta-m-a-chemchina-idINKBN18R0HN'|'2017-05-31T03:27:00.000+03:00'|4108.0|''|-1.0|'' 4109|'f71b1be81fc83e7ff2ad64a9a6bff668bf476836'|'Tata Steel agrees British pensions deal'|'Deals 5:56pm BST Tata Steel agrees British pensions deal FILE PHOTO: Tata steelworks Port Talbot, Wales, April 26, 2016. REUTERS/Rebecca Naden/File Photo By Maytaal Angel and Carolyn Cohn - LONDON LONDON India''s Tata Steel ( TISC.NS ) has agreed the main terms of a deal to cut benefits for its British pension scheme in a move that will see the firm back a new plan that will pose less risk to the company. The pension scheme is a major stumbling block in talks to merge Tata''s British and European steel assets with those of Thyssenkrupp ( TKAG.DE ), because the German company is opposed to taking on 15 billion pounds ($19.37 billion) in UK pension liabilities. The fate of Tata''s British businesses, including the country''s largest steelworks at Port Talbot, has been in the air since Tata Steel said a year ago it planned to sell its British assets following heavy losses. Pensions consultants questioned, however, whether the pensions deal announced on Tuesday would be enough to satisfy Thyssenkrupp. Tata said the deal will see it plough 550 million pounds into the British Steel Pension Scheme (BSPS), one of Britain''s largest final salary schemes with 130,000 members. The deal is subject to formal approval by The Pensions Regulator, but Tata said it expected to get approval shortly. "We are in a very positive consultation with all stakeholders," said Tata Steel''s executive director for finance and corporate Koushik Chatterjee. Tata Steel UK has agreed, as part of the deal, to sponsor a new pension scheme that will have lower benefits than those of the original BSPS and will therefore pose less of a risk to the company. As a further safety measure, Tata will give the BSPS a 33 percent equity stake in its UK business. BSPS members who do not agree to move to the new scheme will automatically transfer to the Pension Protection Fund (PPF), which said all members, including those in the new scheme, are guaranteed at least PPF compensation levels. The PPF is a lifeboat for pension schemes in Britain that run into trouble. "Good progress is being made," The Pensions Regulator said. But it added: "We will only approve (pensions restructurings)...where stringent tests are met, so that they are not abused by employers seeking to inappropriately offload their pension liabilities." Martin Hunter, principal at pensions consultant Punter Southall, said the deal did not involve a total separation of the pension scheme from Tata. Thyssenkrupp has consistently opposed taking on Tata''s UK pension liabilities, though it continues to pursue merger talks with Tata in a bid to achieve sector consolidation and tackle Europe''s excess steel capacity. "The $64,000 question is is this good enough for Thyssenkrupp, given that Tata Steel UK is still on the hook for the pension scheme?, said independent pensions consultant John Ralfe. Thyssenkrupp declined to comment. The merger is vigorously opposed by German trade unions, who fear large-scale job cuts as a result - probably at Germany''s expense after workers at Tata Steel''s Port Talbot plant in Wales were recently given job guarantees. Tata Steel reported an unexpected fourth-quarter loss on Tuesday due to one-off exceptional items, including charges related to the pensions deal. It posted a fourth-quarter net loss of 11.68 billion rupees ($182.4 million), compared with a net loss of 30.42 billion rupees a year ago. The companys current debt is 730 billion rupees as of the end of March 2017. (Additional reporting by Promit Mukherjee, Georgina Prodhan, Tom Kaeckenhoff; Editing by Jane Merriman and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tata-steel-pensions-idUKKCN18C253'|'2017-05-17T00:56:00.000+03:00'|4109.0|''|-1.0|'' -4110|'c347d4ad116e200ef4c9fee7312dd8dc85f80837'|'GM, Ford and Toyota all post U.S. sales declines in April'|'Business 26pm EDT Wall Street fears end of boom as automakers'' April U.S. sales drop FILE PHOTO - Cars are seen in a parking lot in Palm Springs, California April 13, 2015. Picture taken April 13, 2015. REUTERS/Lucy Nicholson/File Photo By Nick Carey and Joseph White - DETROIT DETROIT Major automakers on Tuesday posted declines in U.S. new vehicle sales for April in a sign the long boom cycle that lifted the American auto industry to record sales last year is losing steam, sending carmaker stocks down. The drop in sales versus April 2016 came on the heels of a disappointing March, which automakers had shrugged off as just a bad month. But two straight weak months has heightened Wall Street worries the cyclical industry is on a downward swing after a nearly uninterrupted boom since the Great Recession''s end in 2010. Auto sales were a drag on U.S. first-quarter gross domestic product, with the economy growing at an annual rate of just 0.7 percent according to an advance estimate published by the Commerce Department last Friday. Excluding the auto sector the GDP growth rate would have been 1.2 percent. Industry consultant Autodata put the industry''s seasonally adjusted annualized rate of sales at 16.88 million units for April, below the average of 17.2 million units predicted by analysts polled by Reuters. General Motors Co ( GM.N ) shares fell 2.9 percent while Ford Motor Co ( F.N ) slid 4.3 percent and Fiat Chrysler Automobiles NV''s U.S.-traded ( FCHA.MI )( FCAU.N ) shares tumbled 4.2 percent. The U.S. auto industry faces multiple challenges. Sales are slipping and vehicle inventory levels have risen even as carmakers have hiked discounts to lure customers. A flood of used vehicles from the boom cycle are increasingly competing with new cars. The question for automakers: How much and for how long to curtail production this summer, which will result in worker layoffs? To bring down stocks of unsold vehicles, the Detroit automakers need to cut production, and offer more discounts without creating "an incentives war," said Mark Wakefield, head of the North American automotive practice for AlixPartners in Southfield, Michigan. "We see multiple weeks (of production) being taken out on the car side," he said, "and some softness on the truck side." Rival automakers will be watching each other to see if one is cutting prices to gain market share from another, he said, instead of just clearing inventory. INVESTORS DIGEST BAD NEWS Just last week GM reported a record first-quarter profit, but that had almost zero impact on the automaker''s stock. The iconic carmaker, whose own interest was once conflated with that of America''s, has slipped behind luxury carmaker Tesla Inc ( TSLA.O ) in terms of valuation. On Tuesday, Tesla''s market value was $53 billion, nearly $3 billion larger than GM''s. GM said April sales fell 6 percent, but crossovers and trucks continued to see strong growth. Sales at Ford, the No. 2 U.S. automaker by sales after GM, fell 7.2 percent in April, while Toyota ( 7203.T )( TM.N ) recorded a drop of 4.4 percent and FCA sales were off 7 percent. U.S. consumers have increasingly shunned cars in favor of larger crossovers, SUVs and trucks. While automakers posted steep sales declines for cars in April, SUVs, crossovers and trucks were either up or off only slightly. New vehicle sales hit a record 17.55 million units in 2016. But as the consumer appetite for new cars has waned, automakers have leaned more heavily on discounts. GM said its consumer discounts were equivalent to 11.7 percent of the transaction price. The automaker also said its inventory level rose to 100 days of supply at the end of April versus around 70 days at the end of 2016. Recent levels have worried analysts, and GM has promised inventories will be down by the end of 2017. On a conference call Mark LaNeve, Ford''s vice president for U.S. marketing, sales and service, insisted the industry was "relatively constrained" in offering discounts in April. Ford car sales dropped 21 percent and trucks declined 4.2 percent, while SUV sales rose 1.2 percent. Toyota''s luxury Lexus brand posted an 11.1 percent slide. U.S. car sales at the Japanese automaker were down 10.4 percent, while truck sales were up 2.1 percent. Nissan Motor Co Ltd ( 7201.T ) said April U.S. sales were off 1.5 percent, but SUVs, crossovers and trucks jumped 11 percent. Honda Motor Co Ltd ( 7267.T )( HMC.N ) reported a 7 percent decline in sales in April, with cars off 7.4 percent and trucks up just 0.8 percent. (Editing by Jeffrey Benkoe and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-autos-sales-idUSKBN17Y1OA'|'2017-05-02T22:11:00.000+03:00'|4110.0|''|-1.0|'' +4110|'c347d4ad116e200ef4c9fee7312dd8dc85f80837'|'GM, Ford and Toyota all post U.S. sales declines in April'|'Business 26pm EDT Wall Street fears end of boom as automakers'' April U.S. sales drop FILE PHOTO - Cars are seen in a parking lot in Palm Springs, California April 13, 2015. Picture taken April 13, 2015. REUTERS/Lucy Nicholson/File Photo By Nick Carey and Joseph White - DETROIT DETROIT Major automakers on Tuesday posted declines in U.S. new vehicle sales for April in a sign the long boom cycle that lifted the American auto industry to record sales last year is losing steam, sending carmaker stocks down. The drop in sales versus April 2016 came on the heels of a disappointing March, which automakers had shrugged off as just a bad month. But two straight weak months has heightened Wall Street worries the cyclical industry is on a downward swing after a nearly uninterrupted boom since the Great Recession''s end in 2010. Auto sales were a drag on U.S. first-quarter gross domestic product, with the economy growing at an annual rate of just 0.7 percent according to an advance estimate published by the Commerce Department last Friday. Excluding the auto sector the GDP growth rate would have been 1.2 percent. Industry consultant Autodata put the industry''s seasonally adjusted annualized rate of sales at 16.88 million units for April, below the average of 17.2 million units predicted by analysts polled by Reuters. General Motors Co ( GM.N ) shares fell 2.9 percent while Ford Motor Co ( F.N ) slid 4.3 percent and Fiat Chrysler Automobiles NV''s U.S.-traded ( FCHA.MI )( FCAU.N ) shares tumbled 4.2 percent. The U.S. auto industry faces multiple challenges. Sales are slipping and vehicle inventory levels have risen even as carmakers have hiked discounts to lure customers. A flood of used vehicles from the boom cycle are increasingly competing with new cars. The question for automakers: How much and for how long to curtail production this summer, which will result in worker layoffs? To bring down stocks of unsold vehicles, the Detroit automakers need to cut production, and offer more discounts without creating "an incentives war," said Mark Wakefield, head of the North American automotive practice for AlixPartners in Southfield, Michigan. "We see multiple weeks (of production) being taken out on the car side," he said, "and some softness on the truck side." Rival automakers will be watching each other to see if one is cutting prices to gain market share from another, he said, instead of just clearing inventory. INVESTORS DIGEST BAD NEWS Just last week GM reported a record first-quarter profit, but that had almost zero impact on the automaker''s stock. The iconic carmaker, whose own interest was once conflated with that of America''s, has slipped behind luxury carmaker Tesla Inc ( TSLA.O ) in terms of valuation. On Tuesday, Tesla''s market value was $53 billion, nearly $3 billion larger than GM''s. GM said April sales fell 6 percent, but crossovers and trucks continued to see strong growth. Sales at Ford, the No. 2 U.S. automaker by sales after GM, fell 7.2 percent in April, while Toyota ( 7203.T )( TM.N ) recorded a drop of 4.4 percent and FCA sales were off 7 percent. U.S. consumers have increasingly shunned cars in favor of larger crossovers, SUVs and trucks. While automakers posted steep sales declines for cars in April, SUVs, crossovers and trucks were either up or off only slightly. New vehicle sales hit a record 17.55 million units in 2016. But as the consumer appetite for new cars has waned, automakers have leaned more heavily on discounts. GM said its consumer discounts were equivalent to 11.7 percent of the transaction price. The automaker also said its inventory level rose to 100 days of supply at the end of April versus around 70 days at the end of 2016. Recent levels have worried analysts, and GM has promised inventories will be down by the end of 2017. On a conference call Mark LaNeve, Ford''s vice president for U.S. marketing, sales and service, insisted the industry was "relatively constrained" in offering discounts in April. Ford car sales dropped 21 percent and trucks declined 4.2 percent, while SUV sales rose 1.2 percent. Toyota''s luxury Lexus brand posted an 11.1 percent slide. U.S. car sales at the Japanese automaker were down 10.4 percent, while truck sales were up 2.1 percent. Nissan Motor Co Ltd ( 7201.T ) said April U.S. sales were off 1.5 percent, but SUVs, crossovers and trucks jumped 11 percent. Honda Motor Co Ltd ( 7267.T )( HMC.N ) reported a 7 percent decline in sales in April, with cars off 7.4 percent and trucks up just 0.8 percent. (Editing by Jeffrey Benkoe and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-autos-sales-idUSKBN17Y1OA'|'2017-05-02T22:11:00.000+03:00'|4110.0|6.0|0.0|'' 4111|'3e6e37babb0ecc076e8890b706418d13f5db0a13'|'Alibaba injects $488 million health food assets into Ali Health'|'Business News 32am BST Alibaba injects $488 million health food assets into Ali Health FILE PHOTO: A logo of Alibaba Group is pictured at its headquarters in Hangzhou, Zhejiang province, China, October 14, 2015. REUTERS/Stringer/File Photo HONG KONG Alibaba Health Information Technology Ltd said on Friday controlling shareholder Alibaba Group Holding Ltd would sell HK$3.8 billion (377.03 million pounds) worth of health food and nutritional products businesses to the company, further developing it into Alibaba''s healthcare flagship platform. Alibaba Health will buy Ali JK Nutritional Products Ltd from Alibaba Group in a deal to be settled by the issue of 1.19 billion shares at HK$3.2 apiece, or a 6.16 percent discount to the last close, the company said in a filing to Hong Kong bourse. The deal will bring a broader set of merchants into the online healthcare community, while the company will obtain more stable and sustainable revenue growth, the Hong Kong-listed firm added. Alibaba Health saw its adjusted net loss narrowed to 98.3 million yuan (11.04 million pounds) for the year ended in March, from a 161.5 million yuan loss in the year-ago period amid rapid growth of its pharmaceutical e-commerce business. (Reporting by Donny Kwok; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ali-health-alibaba-investment-idUKKCN18F03P'|'2017-05-19T09:32:00.000+03:00'|4111.0|''|-1.0|'' 4112|'342a8c65a8f56ef3ab7a499ea60788319ada2f74'|'EMERGING MARKETS-LatAm currencies down on profit-taking after Macron win'|' 39am EDT EMERGING MARKETS-LatAm currencies down on profit-taking after Macron win SAO PAULO, May 8 Latin American currencies weakened on Monday, tracking a decline in the euro on profit-taking following Emmanuel Macron''s widely expected victory in France''s presidential elections. Macron''s overwhelming win on Sunday briefly pushed the euro to a six-month peak on investor relief over the defeat of nationalist Marine Le Pen, who had threatened to take France out of the European Union. The currency soon reversed direction, dragging along assets from riskier markets. Currencies of Brazil, Mexico , Chile and Colombia weakened between 0.5 percent and 0.9 percent. Lower prices of commodities also weighed on Latin American assets, with China-listed iron ore futures extending last week''s losses as supply in the country''s ports rose to near a 13-year high. Shares of Vale SA, the world''s largest iron ore miner, fell 1.5 percent, subtracting the most points from Brazil''s benchmark Bovespa stock index. Still, rising shares of financial firms helped limit the decline of the index in the wake of higher-than-expected first-quarter profits by insurance company BB Seguridade Participaes SA. BB Seguridade, the insurance unit of Banco do Brasil SA , underwrote more dental insurance premiums, which helped to offset lower investment income amid a harsh recession. Key Latin American stock indexes and currencies at 1530 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 983.55 0.54 13.45 MSCI LatAm 2599.84 -0.74 11.9 Brazil Bovespa 65468.16 -0.37 8.70 Mexico IPC 49468.02 -0.04 8.38 Chile IPSA 4844.20 0.01 16.69 Chile IGPA 24305.36 0.03 17.22 Argentina MerVal 21145.33 -0.11 24.99 Colombia IGBC 10393.17 0.82 2.62 Venezuela IBC 59146.56 0.06 86.55 Currencies daily % YTD % change change Latest Brazil real 3.1963 -0.69 1.66 Mexico peso 19.1110 -0.57 8.54 Chile peso 677.05 -0.89 -0.94 Colombia peso 2957.45 -0.49 1.49 Peru sol 3.285 -0.52 3.93 Argentina peso (interbank) 15.3700 0.03 3.29 Argentina peso (parallel) 15.86 0.32 6.05 (Reporting by Bruno Federowski; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1IA0TK'|'2017-05-08T23:39:00.000+03:00'|4112.0|''|-1.0|'' -4113|'dcb7268d4c4d8b88242c37719910ffdfea01001c'|'China''s tech money heads for Israel as U.S. welcome wanes'|'Business News - Thu May 11, 2017 - 3:42am BST China''s tech money heads for Israel as U.S. welcome wanes left right FILE PHOTO: People ride a double bicycle past a logo of The Alibaba Group at the company''s headquarters on the outskirts of Hangzhou, Zhejiang province November 10, 2014. REUTERS/Aly Song/File Photo 1/4 left right FILE PHOTO: Logos of Tencent are displayed at a news conference in Hong Kong, China March 22, 2017. REUTERS/Tyrone Siu/File Photo 2/4 left right FILE PHOTO: A company logo of Fosun International is seen at the Fosun Fair held alongside the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip/File Photo 3/4 left right FILE PHOTO: The company logos of China Everbright International are displayed at a news conference on the company''s annual results in Hong Kong, China March 23, 2016. REUTERS/Bobby Yip/File Photo 4/4 By Julie Zhu and Tova Cohen - HONG KONG/TEL AVIV HONG KONG/TEL AVIV Struggling to seal deals in the United States as regulatory scrutiny tightens, Chinese companies looking to invest in promising technology are finding a warmer welcome for their cash in Israel. Chinese firms have long hunted in the United States for deals to develop their technological know-how and open up new markets, but their quarry has become more elusive since late 2016 due to increased U.S. protectionism and a tougher regulatory stance. Last year, Chinese investment into Israel jumped more than tenfold to a record $16.5 billion (12.7 billion pounds), with money flooding into the country''s buzzing internet, cyber-security and medical device start-ups. These investments surged in the third quarter just as the U.S. regulatory crackdown began to bite, Thomson Reuters data shows. In contrast, Chinese bidders scrapped a record $26.3 billion worth of previously announced deals from the United States in 2016, the data shows. Speaking on the sidelines of a Hong Kong conference last month, TCL Corp chairman Li Dongsheng told Reuters the review of one target company, which he declined to name, had been frozen following the appointment of President Donald Trump, who has championed a protectionist agenda. Li''s phones-to-fridges group is scouting in Israel instead. "I''m flying to Israel in May where we''ve selected more than 10 potential targets," Li said, adding the group was interested in technology companies dealing in smart manufacturing, new materials, big data and internet applications. For a graphic on Chinese investment into Israel, click here China Everbright Limited (CEL), the Hong Kong investment arm of state-owned China Everbright Group, is also looking to Israel, said Chen Shuang, CEL''s chief executive. "Our Israel-focused fund has already invested in four local firms there, and we plan to invest in another three to four within this year." HURDLES The Committee on Foreign Investment in the United States (CFIUS), which screens for national security risks, has become a major stumbling block for China-linked deals; China-backed Canyon Bridge Capital Partners has struggled with its $1.3 billion takeover of Lattice Semiconductor after members of Congress raised security concerns. "The review has always been rigorous, but now it will be even more so (due to) a combination of increasingly strategic transactions from China and a new administration worried about certain Chinese actions," said Miriam Sapiro, a former deputy U.S. Trade Representative who served as a CFIUS member during the administration of former President Barack Obama. With Israel being a close U.S. ally, however, Chinese investment in sensitive tech there could also raise eyebrows, sources familiar with the CFIUS process say. "Chinas international surge of state-driven investments in emerging technologies should put the United States and our allies on notice," said Representative Robert Pittenger, a Republican from North Carolina who said he was campaigning to improve information sharing on the issue with U.S. allies. Late last year, the United States blocked the takeover of German chip equipment maker Aixtron by Fujian Grand Chip Investment Fund on security grounds. CROWDED MARKET Though Israeli Prime Minister Benjamin Netanyahu has touted Israel as a "perfect partner" for China in developing a range of life-changing technologies, it has not been all plain sailing for Chinese bidders. The government has expressed concerns over the purchase of key financial assets such as insurers, fretting over pension cash. Fosun last year scrapped its plan to buy a controlling stake in Israeli insurer Phoenix Holdings, saying conditions for the $462 million deal were "not met". Prior to 2016, China''s few investments into Israel were largely outside the high-tech space, from ChemChina''s acquisition of crop protection maker Adama to Bright Foods'' takeover of food company Tnuva. That is now more than matched by deals in the tech start-up space, from telecoms group Huawei''s bid for cyber-security firm HexaTier, to venture capital investments by the likes of PingAn Ventures and China Broadband Capital into IronSource, a company that offers business development and distribution tools for mobile apps. Tomer Bar-Zeev, chief executive of IronSource, said strategic Chinese investors are attractive because they offer Israeli firms a way in to the huge domestic Chinese market, which is otherwise difficult to crack. "Once we became a portfolio company of these Chinese investors, they helped with opening doors in China ... where the business community really relies on connections you build there." For Chinese buyers, Israeli assets are not only more easily accessible than in the United States, they are also often cheaper, say lawyers and bankers. Rising competition is, however, starting to push up prices, helping Israeli private high-tech companies raise an all-time high of $4.8 billion last year, up 11 percent from 2015, according to the Israel Venture Capital Research Center and law firm ZAG. Traditionally, many Israeli tech firms have sold out at an early stage to global giants like Cisco, IBM and Microsoft. But now start-ups like IronSource, one of Israel''s most valuable private tech firms, are using the sharp rise in private investment to pursue long-term growth. "We are not worried to take Chinese money over U.S. money," said Bar-Zeev of IronSource. "If you can deliver, there are endless opportunities." (Reporting by Julie Zhu in Hong Kong, Tova Cohen in Tel Aviv and Diane Bartz in Washington; Editing by Michelle Price and Will Waterman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-investment-israel-idUKKBN187084'|'2017-05-11T10:42:00.000+03:00'|4113.0|''|-1.0|'' +4113|'dcb7268d4c4d8b88242c37719910ffdfea01001c'|'China''s tech money heads for Israel as U.S. welcome wanes'|'Business News - Thu May 11, 2017 - 3:42am BST China''s tech money heads for Israel as U.S. welcome wanes left right FILE PHOTO: People ride a double bicycle past a logo of The Alibaba Group at the company''s headquarters on the outskirts of Hangzhou, Zhejiang province November 10, 2014. REUTERS/Aly Song/File Photo 1/4 left right FILE PHOTO: Logos of Tencent are displayed at a news conference in Hong Kong, China March 22, 2017. REUTERS/Tyrone Siu/File Photo 2/4 left right FILE PHOTO: A company logo of Fosun International is seen at the Fosun Fair held alongside the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip/File Photo 3/4 left right FILE PHOTO: The company logos of China Everbright International are displayed at a news conference on the company''s annual results in Hong Kong, China March 23, 2016. REUTERS/Bobby Yip/File Photo 4/4 By Julie Zhu and Tova Cohen - HONG KONG/TEL AVIV HONG KONG/TEL AVIV Struggling to seal deals in the United States as regulatory scrutiny tightens, Chinese companies looking to invest in promising technology are finding a warmer welcome for their cash in Israel. Chinese firms have long hunted in the United States for deals to develop their technological know-how and open up new markets, but their quarry has become more elusive since late 2016 due to increased U.S. protectionism and a tougher regulatory stance. Last year, Chinese investment into Israel jumped more than tenfold to a record $16.5 billion (12.7 billion pounds), with money flooding into the country''s buzzing internet, cyber-security and medical device start-ups. These investments surged in the third quarter just as the U.S. regulatory crackdown began to bite, Thomson Reuters data shows. In contrast, Chinese bidders scrapped a record $26.3 billion worth of previously announced deals from the United States in 2016, the data shows. Speaking on the sidelines of a Hong Kong conference last month, TCL Corp chairman Li Dongsheng told Reuters the review of one target company, which he declined to name, had been frozen following the appointment of President Donald Trump, who has championed a protectionist agenda. Li''s phones-to-fridges group is scouting in Israel instead. "I''m flying to Israel in May where we''ve selected more than 10 potential targets," Li said, adding the group was interested in technology companies dealing in smart manufacturing, new materials, big data and internet applications. For a graphic on Chinese investment into Israel, click here China Everbright Limited (CEL), the Hong Kong investment arm of state-owned China Everbright Group, is also looking to Israel, said Chen Shuang, CEL''s chief executive. "Our Israel-focused fund has already invested in four local firms there, and we plan to invest in another three to four within this year." HURDLES The Committee on Foreign Investment in the United States (CFIUS), which screens for national security risks, has become a major stumbling block for China-linked deals; China-backed Canyon Bridge Capital Partners has struggled with its $1.3 billion takeover of Lattice Semiconductor after members of Congress raised security concerns. "The review has always been rigorous, but now it will be even more so (due to) a combination of increasingly strategic transactions from China and a new administration worried about certain Chinese actions," said Miriam Sapiro, a former deputy U.S. Trade Representative who served as a CFIUS member during the administration of former President Barack Obama. With Israel being a close U.S. ally, however, Chinese investment in sensitive tech there could also raise eyebrows, sources familiar with the CFIUS process say. "Chinas international surge of state-driven investments in emerging technologies should put the United States and our allies on notice," said Representative Robert Pittenger, a Republican from North Carolina who said he was campaigning to improve information sharing on the issue with U.S. allies. Late last year, the United States blocked the takeover of German chip equipment maker Aixtron by Fujian Grand Chip Investment Fund on security grounds. CROWDED MARKET Though Israeli Prime Minister Benjamin Netanyahu has touted Israel as a "perfect partner" for China in developing a range of life-changing technologies, it has not been all plain sailing for Chinese bidders. The government has expressed concerns over the purchase of key financial assets such as insurers, fretting over pension cash. Fosun last year scrapped its plan to buy a controlling stake in Israeli insurer Phoenix Holdings, saying conditions for the $462 million deal were "not met". Prior to 2016, China''s few investments into Israel were largely outside the high-tech space, from ChemChina''s acquisition of crop protection maker Adama to Bright Foods'' takeover of food company Tnuva. That is now more than matched by deals in the tech start-up space, from telecoms group Huawei''s bid for cyber-security firm HexaTier, to venture capital investments by the likes of PingAn Ventures and China Broadband Capital into IronSource, a company that offers business development and distribution tools for mobile apps. Tomer Bar-Zeev, chief executive of IronSource, said strategic Chinese investors are attractive because they offer Israeli firms a way in to the huge domestic Chinese market, which is otherwise difficult to crack. "Once we became a portfolio company of these Chinese investors, they helped with opening doors in China ... where the business community really relies on connections you build there." For Chinese buyers, Israeli assets are not only more easily accessible than in the United States, they are also often cheaper, say lawyers and bankers. Rising competition is, however, starting to push up prices, helping Israeli private high-tech companies raise an all-time high of $4.8 billion last year, up 11 percent from 2015, according to the Israel Venture Capital Research Center and law firm ZAG. Traditionally, many Israeli tech firms have sold out at an early stage to global giants like Cisco, IBM and Microsoft. But now start-ups like IronSource, one of Israel''s most valuable private tech firms, are using the sharp rise in private investment to pursue long-term growth. "We are not worried to take Chinese money over U.S. money," said Bar-Zeev of IronSource. "If you can deliver, there are endless opportunities." (Reporting by Julie Zhu in Hong Kong, Tova Cohen in Tel Aviv and Diane Bartz in Washington; Editing by Michelle Price and Will Waterman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-investment-israel-idUKKBN187084'|'2017-05-11T10:42:00.000+03:00'|4113.0|12.0|0.0|'' 4114|'8a0651a02cffbbbf1e9abb5f8fb7b82fd6bb7064'|'Hedge fund Passport nurses fresh losses as assets shrink'|'Money - Fri May 12, 2017 - 5:24pm EDT Hedge fund Passport nurses fresh losses as assets shrink John Burbank, founder & chief investment officer of Passport Capital, speaks at a panel discussion at the SALT conference in Las Vegas May 15, 2014. REUTERS/Rick Wilking By Svea Herbst-Bayliss - BOSTON BOSTON Hedge fund Passport Capital, which once grabbed headlines with triple digit returns, has been hit with fresh losses and its assets continue to shrink, the firm''s founder told investors in a letter seen by Reuters on Friday. Passport''s Global Strategy fund lost 7.5 percent in the first four months of 2017, following on the heels of last year''s 17.4 percent loss. The broader S&P 500 stock index climbed 12 percent in 2016 and gained 7.2 percent in the first four months of 2017. Assets at the San Francisco-based firm contracted to $2 billion at the end of April, half of what it had managed only a few years earlier. Global Strategy now has $751 million in assets. A Passport spokesman declined to comment. The decline in assets and sluggish performance underscore tough times across the hedge fund industry, with the average fund gaining only about 3 percent so far this year. More hedge funds shut down last year than at any time since the financial crisis. Passport''s assets shrank by $387 million in the first three months of the year, Burbank told investors in the letter. He did not say how much money may have left in April. The Global Strategy fund had $187 million in outflows during the first quarter. Burbank has made big bets on Saudi stocks, including National Commercial Bank SJSC as well as Alinma Bank. He has also been bullish on Chinese consumer and internet company Alibaba Group and he said he is sticking with them. Ten years ago, Passport was an industry darling when the Global Strategy gained an eye-popping 219 percent. It suffered a 50.9 percent loss the following year, however, and this year''s declines are just the latest in a string of setbacks for Burbank. Tim Garry, who co-managed Passport''s long-short equity fund, left the firm after an eight-year stay last year and Burbank has since decided to shut it down. Garry had also led Passport''s Portfolio Construction, Risk and Quantitative Strategies. He is currently launching his own fund, Pelorus Jack Capital, which is also based in San Francisco. After years of being a featured speaker at the Skybridge Alternatives Conference, known as SALT, Burbank is not scheduled to attend this year''s event. The SkyBridge Multi-Adviser Hedge Fund Portfolios LLC, which long had money with Passport, no longer invests, a recently regulatory filing shows. (Reporting by Svea Herbst-Bayliss; Editing by Tom Brown) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hedgefunds-passport-idUSKBN1882XM'|'2017-05-13T05:15:00.000+03:00'|4114.0|''|-1.0|'' 4115|'7d815ec39b46cf6f4800934c4490b458549b2657'|'BRIEF-American Airlines names Nathan Gatten senior vice president'|'Market 19am EDT BRIEF-American Airlines names Nathan Gatten senior vice president May 24 American Airlines Group Inc- * American Airlines names Nathan J. Gatten senior vice president government affairs No Greek debt relief needed if primary surplus above 3 pct/GDP for 20 years-paper BERLIN, May 24 Greece will not need any debt relief from euro zone governments if it keeps its primary surplus above 3 percent of GDP for 20 years, a confidential paper prepared by the euro zone bailout fund, the European Stability Mechanism (ESM), showed. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-american-airlines-names-nathan-gat-idUSASA09R62'|'2017-05-24T21:19:00.000+03:00'|4115.0|''|-1.0|'' 4116|'aa07b7fb85c9bae1d2b2176711dca212f754a8c1'|'Suncor to apply to build new oil sands project in northern Alberta'|'Commodities 35pm EDT Suncor to apply to build new oil sands project in northern Alberta FILE PHOTO: A Suncor refinery is seen in Sherwood Park, near Edmonton, Alberta, Canada November 13, 2016. REUTERS/Chris Helgren By Nia Williams - CALGARY, Alberta CALGARY, Alberta Suncor Energy Inc ( SU.TO ), Canada''s largest oil and gas producer, said on Monday it plans to submit an application to regulators for a new thermal oil sands project later this year, which could eventually produce up 160,000 barrels per day. The Lewis project, located approximately 25 kilometers (15.5 miles) northeast of Fort McMurray in northern Alberta, will be developed in stages and produce for an estimated 25-40 years. Suncor said it has not yet formally sanctioned the project, but if it goes ahead, construction could begin in 2024, with first steam being pumped into the reservoir to liquefy and extract tarry bitumen in 2027. The Calgary-based company also said it is exploring new technologies to develop the Lewis resource, such as using solvents or electromagnetic heating instead of steam for bitumen extraction. Chris Cox, an analyst with Raymond James in Calgary said Lewis fits in with Suncor''s strategy of modular growth in the oil sands, and would be very similar to its recently approved 80,000 bpd Meadow Creek East project. "Long-term growth is predicated on almost doing a manufacturing process in (thermal) projects with standardized plant designs," Cox said. Canada''s oil sands are home to the world''s third-largest crude reserves but also carry some of the world''s highest operating costs globally due to their remote location and energy-intensive production methods. The region was hard hit by the global oil price crash that started in mid-2014, with a number of producers deferring or cancelling around 20 oil sands projects. Since then however, companies have reduced costs by around 30 percent making some plants viable even with oil prices CLc1 hovering around $50 a barrel. Meadow Creek East, also in northern Alberta, received regulatory approval in March and other companies such as Cenovus Energy ( CVE.TO ) and Canadian Natural Resources Ltd ( CNQ.TO ) have restarted deferred projects in recent months. Company spokeswoman Erin Rees said Suncor anticipates applying for regulatory approval on its 40,000 bpd Meadow Creek West thermal project later this year. (Reporting by Nia Williams; Editing by Matthew Lewis and Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-suncor-energy-oil-sands-idUSKBN1841SW'|'2017-05-08T23:34:00.000+03:00'|4116.0|''|-1.0|'' @@ -4134,7 +4134,7 @@ 4132|'f5b498994ada11438f09c3b59509c0451f3f1519'|'Sterling''s bounce should help limit UK inflation overshoot - NIESR'|'LONDON Sterling''s rise since Prime Minister Theresa May called a snap election last month should to help limit a surge in British inflation this year although it will still sail far over the Bank of England''s target, a think tank said on Wednesday.The National Institute of Economic and Social Research said annual consumer price inflation was likely to peak at 3.4 percent at around the end of this year, lower than a forecast of 3.7 percent it made in February.READ: May vows energy price cap if re-electedBritish consumer prices are rising fast, fuelled by higher global energy prices and the pound''s plunge following last June''s vote to leave the European Union.The pound has recovered some ground over the last month to strike a seven-month high near $1.30, reflecting investors'' belief that May''s Conservative Party will gain a large majority in the June 8 election - something that could give her more leeway to strike compromises with the EU in Brexit talks.RECOMMENDED: British exporters see few long-term gains from sterling windfallNIESR''s projections will be noted by Bank of England policymakers who are meeting this week to set interest rates and produce their own quarterly economic outlook.The BoE''s most recent forecasts made in February suggested inflation will rise as high as 2.75 percent early next year, above its 2 percent target although by less than NIESR expects.The consensus of economists polled by Reuters suggests inflation will likely peak at around 3.0 percent this year.The BoE is widely expected to keep interest rates on hold this week and possibly not touch them until 2019 as it waits to see the Brexit impact on the economy.NIESR stuck to its view that Britain''s economy will expand by 1.7 percent this year and 1.9 percent next year.(Reporting by Andy Bruce; Editing by William Schomberg)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-niesr-idUKKBN1852QF'|'2017-05-10T07:11:00.000+03:00'|4132.0|''|-1.0|'' 4133|'146093e99761ef774394d208e8ba05da198cf56a'|'Thermo Fisher in talks to buy Patheon: Bloomberg'|'Scientific instruments maker Thermo Fisher Scientific Inc ( TMO.N ) is in talks to buy Patheon NV ( PTHN.N ), Bloomberg reported late on Sunday.Thermo Fisher and Patheon could not be reached for comment outside regular business hours.An agreement between Thermo Fisher and the Dutch drug ingredients maker could be reached as early as this week, Bloomberg reported, citing people with knowledge of the matter.The discussions could still falter, and there''s no certainty a deal will be reached, Bloomberg added. bloom.bg/2qirdlRThermo Fisher has seen its stock rise over 21 percent in 2017, bringing its market value to about $67.1 billion, according to Thomson Reuters data.Shares of Patheon have fallen about 9.4 percent this year, valuing the company at about $3.8 billion.(Reporting by Ismail Shakil in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-patheon-m-a-thermo-fisher-idINKCN18B0AM'|'2017-05-15T02:03:00.000+03:00'|4133.0|''|-1.0|'' 4134|'a7c2ddd00ecf393b409d50a1d6238104a9f0a27f'|'UBS whistleblower Birkenfeld sues bank for libel'|' 43pm BST UBS whistleblower Birkenfeld sues bank for libel FILE PHOTO: Bradley Birkenfeld makes remarks before surrendering to authorities at the Schuylkill County Federal Correctional Institution in Minersville, Pennsylvania, January 8, 2010. REUTERS/Tim Shaffer By Jonathan Stempel - NEW YORK NEW YORK A former UBS Group AG ( UBSG.S ) banker who as a whistleblower helped U.S. authorities prosecute the Swiss bank for tax fraud, only to spend 2-1/2 years in prison for helping a billionaire client evade taxes, on Monday filed a $20 million libel lawsuit against his former employer. Bradley Birkenfeld, who in 2012 got a record $104 million award from an Internal Revenue Service whistleblower programme, faulted UBS over statements published last November and this month by the New York Post and Bloomberg BNA Daily Tax Report. Birkenfeld said UBS acted with actual malice by referring to his "often unsubstantiated" recollections in a recent book and having been "convicted in the U.S. for, among other things, having lied to the U.S. authorities." He said UBS did this as part of an international campaign to impede his effort to expose its "decades-long wrongdoing," and undercut the credibility and sales of his book "Lucifer''s Banker: The Untold Story of How I Destroyed Swiss Bank Secrecy." UBS had no immediate comment on the lawsuit, which was filed in a New York state court in Manhattan and seeks $10 million of both compensatory and punitive damages. Birkenfeld also named Peter Stack, UBS'' head of media relations in the Americas, as a defendant. The New York Post and Bloomberg are not defendants. In an interview, Birkenfeld, the subject of a 2010 profile on CBS'' "60 Minutes," said he sued "to hold UBS accountable." His lawyer did not immediately respond to requests for comment. Birkenfeld provided tips that led UBS in 2010 to pay a $780 million U.S. fine for helping about 19,000 wealthy Americans hide up to $20 billion in secret bank accounts. More recently, Birkenfeld testified in a similar probe involving the bank in France. He went to prison after pleading guilty in 2008 to a charge of conspiring to defraud the United States in connection with his client Igor Olenicoff, a real estate developer. Olenicoff had pleaded guilty in 2007 to filing a false tax return but did not serve prison time. Birkenfeld''s lawsuit noted that the Post clarified its article to show he was "never charged with or convicted of perjury or lying to U.S. investigatory authorities." Now 52, Birkenfeld said in the interview he now works with whistleblowers "so they can get their message out and eradicate waste, fraud and corruption in government, as well as corporations." The case is Birkenfeld v UBS AG et al, New York State Supreme Court, New York County. (Reporting by Jonathan Stempel Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ubs-group-birkenfield-idUKKBN17X27N'|'2017-05-02T02:43:00.000+03:00'|4134.0|''|-1.0|'' -4135|'e2f2315175176c02e97b024ceb2803179eddaa80'|'Shareholder advisors challenge SAP board in row over pay'|'FRANKFURT May 6 Leading shareholder advisors have called on SAP investors to oppose the supervisory board of Europe''s largest technology company in a dispute over management pay.Institutional Shareholder Services (ISS) took issue with the supervisory board''s unwillingness to acknowledge any need to improve its remuneration system despite shareholder dissent.The move comes ahead of SAP''s annual meeting on Wednesday and follows successes that ISS has had recently in lobbying against excessive management pay.Last month, shareholders rejected German reinsurance group Munich Re''s pay policy, and energy group BP cut its CEO''s 2016 pay package by 40 percent after a shareholder revolt.ISS said in a note to SAP shareholders that a vote against signing off the actions of the supervisory board was "warranted due to the clear lack of oversight and good governance exercised".The payout to Bill McDermott, SAP''s American CEO - 15.6 million euros ($17 million) for 2016 - ranks at the top end of German corporate pay, but does not stand out alongside SAP''s main U.S. competitors.With the help of stock options, McDermott''s maximum annual pay could, however, reach a maximum of 41 million euros.Maximum executive pay levels were inappropriately high, said Hans-Christoph Hirt, head of investor and governance advisor Hermes EOS."We will vote against the approval of the supervisory board because we have significant concerns about the remuneration system and these have been ignored by the supervisory board," he told German weekly Der Spiegel.Votes to ratify the decisions by company bosses are customary in Germany and are an opportunity for shareholders to express confidence in their leadership. But such votes do not free individuals from liability for their actions.Many investment funds from the United States and Britain follow the recommendation of advisory firms such as Hermes and ISS at shareholder meetings.SAP, the most highly valued stock on the German blue-chip index DAX, said in a statement on Saturday that its executive pay was geared to the company''s size, its financial situation and rivals."SAP''s remuneration system is in accord with that of DAX companies and international competitors," the company said, adding it would address shareholder criticism on pay at the annual meeting on Wednesday.. Arno Schuetze; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sap-shareholders-idINL8N1I806Z'|'2017-05-06T11:17:00.000+03:00'|4135.0|''|-1.0|'' +4135|'e2f2315175176c02e97b024ceb2803179eddaa80'|'Shareholder advisors challenge SAP board in row over pay'|'FRANKFURT May 6 Leading shareholder advisors have called on SAP investors to oppose the supervisory board of Europe''s largest technology company in a dispute over management pay.Institutional Shareholder Services (ISS) took issue with the supervisory board''s unwillingness to acknowledge any need to improve its remuneration system despite shareholder dissent.The move comes ahead of SAP''s annual meeting on Wednesday and follows successes that ISS has had recently in lobbying against excessive management pay.Last month, shareholders rejected German reinsurance group Munich Re''s pay policy, and energy group BP cut its CEO''s 2016 pay package by 40 percent after a shareholder revolt.ISS said in a note to SAP shareholders that a vote against signing off the actions of the supervisory board was "warranted due to the clear lack of oversight and good governance exercised".The payout to Bill McDermott, SAP''s American CEO - 15.6 million euros ($17 million) for 2016 - ranks at the top end of German corporate pay, but does not stand out alongside SAP''s main U.S. competitors.With the help of stock options, McDermott''s maximum annual pay could, however, reach a maximum of 41 million euros.Maximum executive pay levels were inappropriately high, said Hans-Christoph Hirt, head of investor and governance advisor Hermes EOS."We will vote against the approval of the supervisory board because we have significant concerns about the remuneration system and these have been ignored by the supervisory board," he told German weekly Der Spiegel.Votes to ratify the decisions by company bosses are customary in Germany and are an opportunity for shareholders to express confidence in their leadership. But such votes do not free individuals from liability for their actions.Many investment funds from the United States and Britain follow the recommendation of advisory firms such as Hermes and ISS at shareholder meetings.SAP, the most highly valued stock on the German blue-chip index DAX, said in a statement on Saturday that its executive pay was geared to the company''s size, its financial situation and rivals."SAP''s remuneration system is in accord with that of DAX companies and international competitors," the company said, adding it would address shareholder criticism on pay at the annual meeting on Wednesday.. Arno Schuetze; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sap-shareholders-idINL8N1I806Z'|'2017-05-06T11:17:00.000+03:00'|4135.0|13.0|0.0|'' 4136|'b7445fcef3e1f6e9960d41ccd9747f40c54852a1'|'Saudi signals first cut in crude supplies to Asian customers - sources'|'Business News - Wed May 10, 2017 - 10:13am BST Saudi signals first cut in crude supplies to Asian customers - sources FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo By Osamu Tsukimori and Jane Chung - TOKYO TOKYO Saudi Arabia, the world''s biggest oil exporter, has notified at least two Asian refiners of its first cuts in crude allocations for regional buyers since an OPEC output reduction took effect in January, two refining sources told Reuters on Wednesday. State-owned Saudi Aramco has told Asian buyers it is curtailing supplies for June to meet its commitments for the output cut, one of the sources at a refiner in South Korea said. "Saudi is adjusting supplies because it has somewhat supplied full volumes or even more in the previous months," the source said, declining to give specific details on the cuts. The notification of the reductions in June allocations signals added urgency among members of the Organization of the Petroleum Exporting Countries as evidence mounts that the output cut has so far failed to rein in a global glut in crude. OPEC has previously kept supplies to clients in high-growth Asian markets steady, while cutting allocations to Europe and the United States. Reuters reported on Tuesday that state-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June, as it keeps to the production agreement and trims exports to meet rising domestic demand for power during the summer. Seven million barrels is roughly two days of oil imports into Japan, the world''s fourth-biggest importer. Aramco and other producers typically issue monthly notices to refineries and other buyers with contracted supplies outlining their intended allocations to each customer. Usually they keep volumes at previously agreed levels but sometimes will reduce or increase the supplies depending on market conditions. The second refining source that received a notice of a cut had earlier requested that Aramco provide higher supplies than it was allocated but was told instead it would be cut. After discussions with Aramco, the company will keep its volumes unchanged in June, the source said. A third Asian refiner is getting contracted volumes for June, steady from the previous month, a separate industry source said. A fourth refiner said it had not received any notifications by Wednesday. (Reporting by Osamu Tsukimori; Writing by Aaron Sheldrick; Editing by Richard Pullin and Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-supply-idUKKBN18610Q'|'2017-05-10T17:13:00.000+03:00'|4136.0|''|-1.0|'' 4137|'70d8908447beb7953782ed92c9d0dbd11b7cb3a5'|'Dutch trust company operator TMF again eying IPO -report'|'AMSTERDAM May 5 TMF Group, the Dutch operator of trust companies, is considering an initial public offering of shares after the summer, the newspaper Het Financieele Dagblad reported on Friday.Owner DH Private Equity Partners has hired Goldman Sachs and HSBC to lead the offering, the newspaper said, citing sources close to the company.On March 30 the company issued a statement saying it had appointed unnamed advisers to help it "with assessing its strategic and financial options, including the possibility of conducting an initial public offering of TMF Group".The company issued a similar statement in 2016 naming Goldman Sachs as adviser, but an IPO never materialised.DH Private Equity and TMF could not be reached for immediate comment.The company reported 2016 adjusted earnings before interest, taxes, depreciation and amortisation (EBITA) of 138 million euros on revenue of 529 million.(Reporting by Toby Sterling; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tmf-group-ipo-idINL8N1I71CZ'|'2017-05-05T05:13:00.000+03:00'|4137.0|''|-1.0|'' 4138|'8f45e33fda3b81373abfd210a04d1f880c71a088'|'Canada oil industry get $173 mln loan to clean up abandoned wells'|'CALGARY, Alberta May 18 The oil industry in Canada''s resource-rich Alberta will be on the hook for a C$235 million ($172.7 million) government loan to clean up a rising number of oil wells abandoned by owners who have gone bankrupt, the province said on Thursday.The loan, repayable over 10 years, will go to the government-run, industry-funded Orphan Well Association (OWA), which cleans up wells for which no party is legally responsible, Alberta Premier Rachel Notley said at a news conference.The number of so-called orphan wells in Canada spiked after the 2014 oil price crash as layoffs swept the oil patch and companies went bankrupt. Alberta, which produces about 80 percent of Canada''s crude, had more than 1,500 orphan wells in February, up from 26 in 2012.The loan is lower than the C$500 million an industry group asked for in 2016.The OWA will double indefinitely its levies charged to all petroleum producers to a total of C$60 million a year, starting in 2019, Notley said.That, however, could be adjusted in the future based on how many orphan wells are left, said Brad Herald, OWA chairman and vice president of western Canadian operations for the Canadian Association of Petroleum Producers industry lobby group.Notley said part of the loan, C$30 million, comes from the federal government, which in this year''s budget allocated C$30 million to Alberta to stimulate economic activity and employment in the resource sector.Cleaning up the wells will create 1,650 jobs over three years, she said. (Reporting by Ethan Lou; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-oil-wells-idINL2N1IK1JV'|'2017-05-18T15:39:00.000+03:00'|4138.0|''|-1.0|'' @@ -4196,7 +4196,7 @@ 4194|'bc768e264b1afef21b31acd030504050d3a4a8be'|'Campari investor sells 1.95 percent stake at 6.10 euros: source'|'MILAN An unnamed investor in Italy''s Campari ( CPRI.MI ) has sold a 1.95 percent stake in the beverage company at 6.10 euros ($6.8) per share, a market source said on Friday.The sale was carried out by Nomura, a second source said.Campari was not immediately available for a comment.At 0900 GMT Campari shares were down 2.37 percent at 6.19 euros.(Reporting by Maria Pia Quaglia; writing by Stephen Jewkes; editing by Francesca Landini)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-campari-m-a-stake-idINKBN19013H'|'2017-06-09T07:06:00.000+03:00'|4194.0|''|-1.0|'' 4195|'d7305713607972a913ee0dc97be7c968c25b34d6'|'Solar energy boom turns to bust for Indian manufacturers'|'NEW DELHI Some of India''s biggest solar equipment makers are facing financial collapse, priced out by Chinese competitors as Prime Minister Narendra Modi''s government prioritizes cheap power over local manufacturing despite his ''Make in India'' push.Though President Donald Trump is pulling the United States out of the Paris accord on climate change, India is sticking to its huge renewable energy program. That has created a multi-billion-dollar market for Chinese solar product makers, who are facing an overcapacity at home and steep duties in Europe.India''s solar power generation capacity has already more than tripled in three years to over 12 gigawatt (GW) as Modi targets raising energy generation from all renewable sources to 175 GW by 2022.Chinese companies have gained the most from that increase, accounting for around 85 percent of India''s solar module demand and earning around $2 billion, according to industry data. The total annual market could jump to more than $10 billion in the next few years going by the government''s capacity targets.Local companies such as Jupiter Solar, Indosolar Ltd and Moser Baer India Ltd, however, are struggling to win contracts.Orders funneled through a domestic-content policy have all but dried up after the World Trade Organization last September upheld an earlier ruling that found the move violated global trade norms.As a result, Jupiter said it could shut shop by July after delivering their last orders this month; Indosolar auditors have raised doubts over it remaining as a "going concern"; and Moser Baer says it needs support from its lenders to revive its solar business."TORPEDOED"Indian solar power plant developers - including companies backed by Japan''s Softbank and Goldman Sachs - are quoting ever-lower tariffs in auctions to win big projects, encouraged by steep drop in Chinese solar equipment prices.That is squeezing out Indian cell and module makers, many of which have inferior technology, depend on imports of raw materials, have limited access to cheap loans and operate below capacity. Chinese modules are 10-20 percent cheaper than those made in India, company and industry executives said."The WTO ruling has torpedoed everything. It''s not a case of one company - we have the largest cell operating capacity - everybody below us will shut down one after another," Jupiter CEO Dhruv Sharma told Reuters by phone.Chinese companies were selling solar cells in India at 19-20 U.S. cents, around 35 percent below his production cost, he added.There are more than 110 Indian solar cell and module makers registered with the government, out of which consultancy Bridge to India expects only a handful to survive.Santosh Vaidya, a senior official in the Ministry of New & Renewable Energy, said the government was working on several initiatives to promote the domestic solar manufacturing industry. He did not elaborate.GOING THE TELECOM WAYIndia''s promise, and need, as a market for solar is obvious. It is one of the lowest per-capita consumers of electricity in the world and more than 200 million of its people are still not connected to the grid, making it crucial for the government to aggressively push for cheap power.Despite its low labor costs, it is not alone in buckling under pressure from Chinese competition. Earlier this month, Germany''s SolarWorld, once Europe''s largest solar panel maker, said it would file for insolvency.Indian companies produced an estimated 1.33 GW of modules last year out of the total capacity of 5.29 GW, according to Bridge to India. Total consumption of modules - 60 percent of a solar project''s cost - was around 4 GW.Solar project developer SB Energy, a joint venture between SoftBank, Taiwan''s Foxconn and India''s Bharti Enterprises, said it had discussed the shortage of local manufacturing with the government."Lack of significant domestic solar manufacturing capacity is a concern, as this is a major gap," SB Energy Executive Chairman Manoj Kohli said, drawing a parallel with India''s huge mobile phone market but negligible local production.Several company executives said a lack of scale, absence of raw material supply chains and rapidly changing technology were some of other reasons Indian firms were unable to compete with Chinese manufacturers such as Trina Solar and Yingli."The government is busy bringing power prices down ... but you can''t build castles on graves," Gyanesh Chaudhary, CEO of module maker Vikram Solar told Reuters. "Without a domestic manufacturing ecosystem, no public policy can last for a long time."(Additional reporting by Aditi Shah; Editing by Lincoln Feast)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-india-solar-idUSKBN18W0L5'|'2017-06-05T14:19:00.000+03:00'|4195.0|''|-1.0|'' 4196|'52dfc38a6832e02779d83c4f09a8a3024f3d73d5'|'Used VW cars retain values despite emissions crisis -Moody''s'|'Autos - Wed Jun 28, 2017 - 3:07pm BST Used VW cars retain values despite emissions crisis -Moody''s A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan, Poland September 9, 2016. REUTERS/Kacper Pempel/File Photo FRANKFURT Used Volkswagen ( VOWG_p.DE ) cars have maintained their value in Europe and continue to command a premium over the competition despite an emissions crisis that has damaged the brand and the image of diesel, credit-rating agency Moody''s said. This will continue to support the performance of VW asset-backed security deals, in which residual values are a risk if they fall below the value of outstanding debt on car loans, in the key markets of Germany, the UK, France and Spain, it said. But the ratings agency said it expected negative pressure on the value of diesel vehicles would increase, as regulation against diesel may come into force in cities like Madrid, Milan, Paris and Stuttgart as well as in Britain. "We expect 2017 will see a larger decline in the proportion of new diesel vehicles sold and this shift in consumer demand will be echoed in the used car market. This will reflect stricter regulations related to diesel vehicles in most markets," it said. Bavaria said earlier it had struck a deal with BMW ( BMWG.DE ), Audi ( NSUG.DE ) and MAN ( VOWG_p.DE ) to cut diesel-engine pollution, with carmakers promising to reduce emissions from older models and the state government planning incentives to spur sales of newer, more efficient cars. That coincided with a warning by Germany''s ADAC car club, Europe''s largest and most influential, to push back planned purchases of diesel cars until more fuel-efficient Euro-6D technology becomes available in new models this autumn. Due to the more efficient fuel burn and lower carbon dioxide emissions compared with gasoline-powered cars, Germany''s three major carmakers have invested heavily in diesel technology. While only a niche market in the United States, where Volkswagen''s emissions test-rigging scandal broke, about half the new cars sold in Germany were diesel-powered before the crisis. That market share has since declined to just over 40 percent. (Reporting by Georgina Prodhan; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-used-idUKKBN19J1WB'|'2017-06-28T17:07:00.000+03:00'|4196.0|''|-1.0|'' -4197|'aa5be459d6a70e8f070d1308b3bcd7ce763a9ba5'|'Gazprom Neft, Austria''s OMV sign outline deal for joint work in Iran'|'Market News - Fri Jun 2, 2017 - 5:04am EDT Gazprom Neft, Austria''s OMV sign outline deal for joint work in Iran VIENNA, June 2 Russia''s Gazprom Neft and Austrian oil and gas group OMV signed a memorandum of understanding to work together in Iran''s oil industry in the future, OMV said in a statement on Friday. "Preliminary possible spheres of cooperation include analysis, assessment and study of certain oil deposits located in the territory of the Islamic Republic of Iran in cooperation with the National Iranian Oil Company (NIOC)," OMV said. Vadim Yakovlev, First Deputy General Director of Gazprom Neft, said in the statement OMV could help his company in the initial geological assessment of two blocks in Iran. (Reporting by Shadia Nasralla; editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/omv-gazprom-iran-idUSV9N1FL01F'|'2017-06-02T17:04:00.000+03:00'|4197.0|''|-1.0|'' +4197|'aa5be459d6a70e8f070d1308b3bcd7ce763a9ba5'|'Gazprom Neft, Austria''s OMV sign outline deal for joint work in Iran'|'Market News - Fri Jun 2, 2017 - 5:04am EDT Gazprom Neft, Austria''s OMV sign outline deal for joint work in Iran VIENNA, June 2 Russia''s Gazprom Neft and Austrian oil and gas group OMV signed a memorandum of understanding to work together in Iran''s oil industry in the future, OMV said in a statement on Friday. "Preliminary possible spheres of cooperation include analysis, assessment and study of certain oil deposits located in the territory of the Islamic Republic of Iran in cooperation with the National Iranian Oil Company (NIOC)," OMV said. Vadim Yakovlev, First Deputy General Director of Gazprom Neft, said in the statement OMV could help his company in the initial geological assessment of two blocks in Iran. (Reporting by Shadia Nasralla; editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/omv-gazprom-iran-idUSV9N1FL01F'|'2017-06-02T17:04:00.000+03:00'|4197.0|6.0|0.0|'' 4198|'a1c63b5bb4cf93ad2d8f9cbc137aac40c5fd5dca'|'EU antitrust regulators hit Google with record 2.42 billion euro fine'|'Technology News - Wed Jun 28, 2017 - 12:25am IST EU hits Google with record $2.7 billion fine left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium, June 27, 2017. REUTERS/Francois Lenoir 1/3 left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium, June 27, 2017. REUTERS/Francois Lenoir 2/3 left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium, June 27, 2017. REUTERS/Francois Lenoir 3/3 By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust regulators hit Google with a record 2.4-billion-euro ($2.7 billion) fine for favouring its own shopping service, taking a tough line in the first of three probes of its dominance in searches and smartphone operating systems. It is the biggest fine the European Commission has ever imposed on a single company in an antitrust case, exceeding a 1.06-billion-euro sanction handed down against U.S. chipmaker Intel in 2009 and goes far beyond what U.S. regulators have ever fined a tech company. European Union competition chief Margrethe Vestager on Tuesday gave Google 90 days to stop favouring its own shopping service in internet searches or face a further daily penalty of up to 5 percent of parent company Alphabet''s average daily global revenue. "Google''s strategy for its comparison shopping service wasn''t just about attracting customers. It wasn''t just about making its product better than those of its rivals. Instead, Google has abused its market dominance as a search engine," she told a news conference. The fine will be easy for the world''s biggest search engine to absorb, but Google must now move fast to satisfy Vestager''s concerns while limiting the longer-term hit to its highly lucrative search business. It also leaves other tech companies wondering how far Vestager may go to force U.S. tech giants to concede more ground to smaller competitors. Vestager has become one of the worlds most combative antitrust regulators with powers to impose multi-billion dollar fines and force companies to make radical changes to their businesses. Last year, the former Danish economy minister ordered Apple to pay Ireland unpaid taxes of 13 billion euros as it ruled the company had received illegal state aid. Apple is appealing the decision. The decision is the first of a series of competition rulings that Google faces from the European Commission, which has not shrunk from taking on U.S. tech giants such as Alphabet, which has annual revenues of $90 billion and a market value of $665 billion. The Commission has also charged Google with using its Android mobile operating system to crush rivals, a case that could potentially be the most damaging for the company, as it is the system used in most smartphones. The company has also been accused of blocking rivals in online search advertising. RIVALS DEMOTED The Commission found that Google, with a market share in searches of over 90 percent in most European countries, had systematically given prominent placement in searches to its own comparison shopping service and demoted those of rivals in search results. Vestager said in a statement that Google had "denied other companies the chance to compete on the merits and to innovate. And most importantly, it denied European consumers a genuine choice of services and the full benefits of innovation." Google said its data showed people preferred links taking them directly to products they want and not to websites where they have to repeat their search. "We respectfully disagree with the conclusions announced today. We will review the Commission''s decision in detail as we consider an appeal, and we look forward to continuing to make our case," Kent Walker, Google''s general counsel, said in a statement. Alphabet, whose shares were down about 1 percent, said in a separate statement it would review the Commission''s formal decision but expected to accrue the fine in the second quarter. The biggest risk to Google is not the fine but the changes demanded to its business, said Richard Windsor, an independent financial analyst who tracks competition among the biggest U.S. and Asian internet and mobile companies. Google will have to brief the Commission on what measures it plans to take within 60 days of the decision and present periodic reports. Eight complainants were involved in the case which the EU declined to name in line with its policy. According to Windsor''s calculations, the 2.42-billion-euro fine represents just 22.6 days of the operating cash flow that Alphabet reported in its latest quarter. "What has the potential to hurt Google and be far more damaging is what remedies the European Commission may or may not impose on Google as a result," Windsor said. "That''s where the real damage could be done." The fine, equivalent to 3 percent of Alphabet''s revenue, is the biggest regulatory setback for Google, which settled with U.S. enforcers in 2013 without a penalty after agreeing to change some of its search practices. The Commission''s action follows a seven-year investigation prompted by scores of complaints from rivals such as U.S. consumer review website Yelp, TripAdvisor, UK price comparison site Foundem, News Corp and lobbying group FairSearch. News Corp said it applauded "the European Commission''s leadership in confronting the discriminatory behavior of Google in the comparison shopping industry." "We strongly believe that the abuse of algorithms by dominant digital platforms should be of concern to every country and company seeking a fair, competitive and creative society," it said in a statement, accusing Google of profiting from "commodifying content and enabling the proliferation of flawed and fake news." The penalty payment for failure to comply would amount to around $12 million a day based on Alphabet''s 2016 turnover of $90.3 billion. "This decision is a game-changer. The Commission confirmed that consumers do not see what is most relevant for them on the worlds most used search engine but rather what is best for Google," said Monique Goyens, director general of EU consumer group BEUC. Thomas Vinje, legal counsel to FairSearch, welcomed the Commission''s findings and urged it to act on Google''s Android mobile operating system following its 2013 complaint that Google restricted competition in software running on mobile devices. ($1 = 0.8890 euros) (Reporting by Foo Yun Chee; additional reporting by Eric Auchard in Frankfurt; editing by Philip Blenkinsop, Jason Neely and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eu-google-antitrust-idINKBN19I10V'|'2017-06-27T17:52:00.000+03:00'|4198.0|''|-1.0|'' 4199|'2aaccb92ad372855158d06e3bfe84368d0b5bb17'|'Brazil''s OGPar files for permission to exit bankruptcy'|'SAO PAULO, June 2 leo e Gs Participaes SA , the oil firm founded by Brazilian tycoon Eike Batista, said on Friday it filed for permission from a court in Rio de Janeiro to exit bankruptcy.In a securities filing, it said it has fulfilled all its obligations under its court reorganization plan.OGPar, as the company is known, entered bankruptcy status to protect itself from creditors in October 2013. It sought to restructure 13.8 billion reais ($4.25 billion) of debt.In June 2014, creditors approved a debt restructuring program by a 90 percent margin, according to the securities filing. As part of this plan, the company carried out a debt-for-equity swap in October of that year.Batista, once Brazil''s richest person, saw his more than $30 billion fortune evaporate in 2013 and the shares of his companies shrink to nearly zero.In January, he was jailed in a prominent corruption case. He left prison in April for house arrest ahead of his trial.($1 = 3.2495 reais) (Reporting by Ana Mano; Editing by W Simon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oleo-e-gas-part-bankruptcy-idINL1N1IZ0BD'|'2017-06-02T11:38:00.000+03:00'|4199.0|''|-1.0|'' 4200|'603e39f2c6bdd9b1e1353a4cf4dac858a0ac23a8'|'AirAsia CEO shelves low-cost flights to Europe ''for now'''|'PARIS Budget carrier AirAsia X is giving up on the idea of low-cost, long-haul flying to Europe for now, and will concentrate on growth in Asia instead, AirAsia chief executive officer Tony Fernandes said on Tuesday."We looked at every aircraft, every configuration, it''s coming, but for the moment they''re all killing each other so we''ll wait," he told Reuters at the Paris Airshow.Low-cost, long-haul has taken off recently, especially across the North Atlantic, but there are doubts whether it can work in other regions."We think we have so much growth right now in Asia," Fernandes said, adding China and India were of particular interest."My core strategy is about connecting Asia''s secondary and tertiary cities rather than going into a fight with the Arab carriers," he said, referring to the likes of Etihad, Emirates and Qatar Airways, which connect Europe to Asia via their hubs in the Middle East.(Reporting by Victoria Bryan; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/airshow-paris-airasia-idINKBN19B1M7'|'2017-06-20T20:04:00.000+03:00'|4200.0|''|-1.0|'' @@ -4321,7 +4321,7 @@ 4319|'78d1fc339de006cc1aecce51f82199f3f9085696'|'Oil to keep flowing in Dakota line while legal battle continues'|'WASHINGTON Oil will continue to flow through the Dakota Access Pipeline through the summer while authorities conduct additional review of the environmental impact, after a judge on Wednesday ordered more hearings in coming months.Last week, U.S. District Court Judge James Boasberg in Washington ruled in favor of Standing Rock Sioux and Cheyenne River Sioux tribes, who said more environmental analysis of the Dakota Access line should have been carried out. The tribes had said the 1,170-mile (1,880 km) line violates their hunting, fishing and environmental rights.On Wednesday, Boasberg set out a schedule of hearings that will decide what will happen to the line while additional review is completed.A lawyer for the U.S. Army Corps of Engineers, which is responsible for environmental review, would not estimate when asked by Boasberg how long additional review would take. The judge could still order the line to be shut at a later date following a series of hearings scheduled through the summer."Our view has been that the pipeline should be shut down," said Jan Hasselmann, attorney for the tribes.Energy Transfer Partners LP ( ETP.N ) built the $3.8 billion pipeline to move crude from the Northern Plains to the Midwest and then on to the Gulf of Mexico. The line runs from western North Dakota into Patoka, Illinois, where it hooks up with another line to refiners in the Gulf of Mexico.ETP said on Wednesday it was "pleased with the judge''s decision" for pipeline operations to continue while the process "unfolds."The Native American tribes have been protesting the line''s construction for more than a year. The line finally went into service in June.(Reporting by Pete Schroeder in Washington; Editing by David Gaffen and Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-north-dakota-pipeline-idUSKBN19C2ZO'|'2017-06-22T05:34:00.000+03:00'|4319.0|''|-1.0|'' 4320|'d988ddd2db804a79ff609579022641aa016cc024'|'Linde supervisory board approves Praxair merger'|'FRANKFURT, June 1 Linde said its supervisory board voted on Thursday to approve the German industrial gases group''s $73 billion merger with U.S. peer Praxair.The all-share merger of equals is intended to create a market leader that will overtake France''s Air Liquide, reuniting a global Linde group that was split by World War One a century ago.Linde''s chairman, Wolfgang Reitzle, did not need to use his casting vote to get the deal approved by the supervisory board in the face of labour opposition, a source familiar with the matter said after a roughly 10-hour meeting.The deal must still be approved by Praxair''s board and 75 percent of Praxair investors at a shareholder meeting. (Reporting by Georgina Prodhan; Editing by Sabine Wollrab)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/linde-ma-praxair-idINASN0007J5'|'2017-06-01T14:59:00.000+03:00'|4320.0|''|-1.0|'' 4321|'5667eb5f96fb56eb0630c3d9aac829bb5acc8bac'|'BRIEF-Nuvectra files regulatory submission with FDA for Algovita MRI-conditional approval'|' 13am EDT BRIEF-Nuvectra files regulatory submission with FDA for Algovita MRI-conditional approval June 21 Nuvectra Corp * Nuvectra files regulatory submission with fda for Algovita MRI-conditional approval * Nuvectra -submission, pending regulatory approval from FDA, would position company to achieve MRI-conditional approval at or around year end 2017 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-nuvectra-files-regulatory-submissi-idUSASA09UK0'|'2017-06-21T19:13:00.000+03:00'|4321.0|''|-1.0|'' -4322|'f82e6cb60bde2ac6c38ffba2569811ec4ea6cc72'|'EU to propose new powers over location of euro clearing - FT'|'Business News 7:01pm BST EU to propose new powers over location of euro clearing - FT FILE PHOTO: European Union (EU) flags fly in front of the European Central Bank (ECB) headquarters in Frankfurt, Germany, December 3, 2015. REUTERS/Ralph Orlowski/File Photo LONDON The European Union will present a draft law that gives itself powers to force euro-denominated clearing to shift from London to the bloc after Brexit, the Financial Times reported on Monday. The EU''s European Commission will say on Tuesday that it wants a new system to vet whether, and under what conditions, non-EU clearing houses should be allowed to handle large volumes of euro-denominated business, the FT said, citing a document. A clearing house stands between two sides of a trade to ensure its smooth and safe completion. The bulk of clearing in euro-denominated derivatives is done in London, but euro zone policymakers have objected to this, saying that after Britain leaves the EU in 2019 they would have little say over an activity they see as core to euro zone stability. The draft law will need approval from EU states and the European Parliament. The draft legislation says the bloc''s watchdog, the European Securities and Markets Authority, or ESMA, could agree with EU central banks that a particular clearing house is of "substantial systemic significance", the FT said. The Commission would then decide if the clearing house would need to relocate activities to the EU if it wants the regulatory approvals needed to operate in the EU single market. The draft law does not seek a specific cap on the amount of euro clearing that can take place outside the bloc, the FT said. Most euro-denominated clearing of derivatives is done by a unit of the London Stock Exchange ( LSE.L ), whose head said on Monday that relocation would have little financial impact as it has a clearing house in Paris that is fully authorised under EU rules. A global derivatives industry body warned on Monday that shifting clearing of euro-denominated derivatives from London to the European continent would require banks to set aside far more cash to insure trades against defaults, a cost that would be passed on to companies. (Reporting by Huw Jones, editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-clearing-derivatives-idUKKBN19323O'|'2017-06-13T02:01:00.000+03:00'|4322.0|''|-1.0|'' +4322|'f82e6cb60bde2ac6c38ffba2569811ec4ea6cc72'|'EU to propose new powers over location of euro clearing - FT'|'Business News 7:01pm BST EU to propose new powers over location of euro clearing - FT FILE PHOTO: European Union (EU) flags fly in front of the European Central Bank (ECB) headquarters in Frankfurt, Germany, December 3, 2015. REUTERS/Ralph Orlowski/File Photo LONDON The European Union will present a draft law that gives itself powers to force euro-denominated clearing to shift from London to the bloc after Brexit, the Financial Times reported on Monday. The EU''s European Commission will say on Tuesday that it wants a new system to vet whether, and under what conditions, non-EU clearing houses should be allowed to handle large volumes of euro-denominated business, the FT said, citing a document. A clearing house stands between two sides of a trade to ensure its smooth and safe completion. The bulk of clearing in euro-denominated derivatives is done in London, but euro zone policymakers have objected to this, saying that after Britain leaves the EU in 2019 they would have little say over an activity they see as core to euro zone stability. The draft law will need approval from EU states and the European Parliament. The draft legislation says the bloc''s watchdog, the European Securities and Markets Authority, or ESMA, could agree with EU central banks that a particular clearing house is of "substantial systemic significance", the FT said. The Commission would then decide if the clearing house would need to relocate activities to the EU if it wants the regulatory approvals needed to operate in the EU single market. The draft law does not seek a specific cap on the amount of euro clearing that can take place outside the bloc, the FT said. Most euro-denominated clearing of derivatives is done by a unit of the London Stock Exchange ( LSE.L ), whose head said on Monday that relocation would have little financial impact as it has a clearing house in Paris that is fully authorised under EU rules. A global derivatives industry body warned on Monday that shifting clearing of euro-denominated derivatives from London to the European continent would require banks to set aside far more cash to insure trades against defaults, a cost that would be passed on to companies. (Reporting by Huw Jones, editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-clearing-derivatives-idUKKBN19323O'|'2017-06-13T02:01:00.000+03:00'|4322.0|5.0|0.0|'' 4323|'e9c4acb6e6a83433099357afdfe042c1290d768d'|'Syngenta must pay $217.7 mln to Kansas farmers in GMO corn case -jury'|'A U.S. jury on Friday ordered Syngenta AG ( SYNN.S ) to pay $217.7 million to more than 7,000 Kansas farmers over its decision to commercialize a genetically modified strain of corn before China approved importing it.The verdict by a federal jury in Kansas City, Kansas, was announced by lawyers for the farmers, who blamed the Swiss company for causing catastrophic damage to them after Chinese officials began refusing U.S. corn shipments in 2013.Their case was the first to go to trial. Thousands of other corn producers and traders also are seeking damages over China''s non-approval of the agrochemical giant''s corn seeds for importation.Lawyers for the corn producers said in a statement that the verdict was "only the beginning." They have claimed that damages for farmers nationally totaled $5.77 billion, according to court papers.Syngenta said it will appeal the verdict, which included only compensatory damages and no punitive damages."We are disappointed with today''s verdict because it will only serve to deny American farmers access to future technologies even when they are fully approved in the U.S.," Syngenta said in a statement.In 2010, Syngenta began selling in the United States a strain of insect-resistant genetically modified corn called Agrisure Viptera. It started selling a second strain called Agrisure Duracade in 2013.In their lawsuit, the Kansas corn farmers accused Syngenta of negligently commercializing the corn seeds before obtaining export approval in China, a major importer.In 2013, Chinese officials detected Viptera in U.S. corn shipments. The country began rejecting shipments containing millions of metric tons of U.S. corn because they contained the strain, which was unapproved for import, the farmers said.Nearly 90 percent of corn in the United States, the world''s top grains producer, is now genetically engineered, according to the U.S. Department of Agriculture, as farmers embrace technology that helps kill weeds and fight pests.The loss of the Chinese market caused U.S. corn prices to plummet, leading to over $5 billion in losses for corn producers, the farmers'' lawyers said. China did not approve Viptera until December 2014, while Duracade is still pending approval.Syngenta denied wronging. It said at the time that no company had ever delayed launching a U.S. approved corn product in the United States just because China had yet to approve its import.It also said the decline in sales to China was offset by exports to other countries.The case is In Re: Syngenta AG MIR 162 Corn Litigation, U.S. District Court, District of Kansas, No. 14-md-02591.(Reporting by Nate Raymond in Boston; Additional reporting by Tom Polansek in Chicago; Editing by Paul Simao; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-syngenta-ag-lawsuit-idUSKBN19E1VY'|'2017-06-23T23:49:00.000+03:00'|4323.0|''|-1.0|'' 4324|'9dd16dbe2d48be94f6a5b9fc878745c9e9cb3feb'|'With Alphabet, Google faces a daunting challenge: organising itself'|'Technology News - Tue Jun 27, 2017 - 6:12am BST With Alphabet, Google faces a daunting challenge: organizing itself left right FILE PHOTO: A Google search page is seen through a magnifying glass in this photo illustration taken in Berlin on August 11, 2015. REUTERS/Pawel Kopczynski/File Photo 1/2 left right FILE PHOTO -- Eric Schmidt, chairman of Alphabet Inc., speaks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian/File Photo 2/2 By Julia Love - SAN FRANCISCO SAN FRANCISCO Googles self-professed mission is to organize the worlds information. But a company known for engineering excellence is still trying to solve the very human problem of how to organize itself. Nearly two years ago, Google co-founder Larry Page announced the tech giant would be remade as Alphabet, a holding company whose units would include Google and an array of unrelated pursuits in areas such as healthcare, self-driving cars and urban planning. Wall Street cheered. Previously those riskier ventures had been lumped into Google''s overall financial results. Investors would now see Googles performance independent of its so-called Other Bets, an eclectic collection of 11 ventures. They include Nest, a maker of Wi-Fi enabled thermostats; Calico, which seeks to prolong the human lifespan; and X, the company''s secretive research lab. Alphabet''s top management also aimed to boost accountability by appointing chief executives to head each of the Other Bets. Few people in Google''s constellation of ventures had ever held the title prior to that. But so far Alphabet has failed to show it can convert its Other Bets from experiments to businesses with the reach, impact and money-making potential of Googles core search and advertising operations. Interviews with two dozen former Alphabet executives and employees reveal an organization grappling with how much time and resources Other Bets deserve in the pursuit of profitability. In the first quarter, which ended March 31, the ventures lost a combined $855 million; that''s on top of a collective $3.6 billion loss for 2016. As a whole, Alphabet generated $90.3 billion in revenue in 2016. Google''s share of that revenue was $89.5 billion, while its 2016 operating income was $27.9 billion. Alphabet''s early days have seen more pruning than expansion of its holdings. The company has skinned back plans for Google Fiber, which delivers rapid Internet service in 10 metro areas. This month, Alphabet agreed to sell robotics company Boston Dynamics to Japanese multinational SoftBank Group Corp ( 9984.T ). It unloaded its Terra Bella satellite imaging business in February. At one point last year, it was even looking to sell Nest, the largest of the Other Bets, three people familiar with the matter told Reuters. Google paid an eye-popping $3.2 billion for the start-up in 2014. (For a graphic showing Alphabet''s holdings, see: tmsnrt.rs/2rNgdKN ) Meanwhile, a series of executives have departed since the reorganization, including the heads of Nest, an Internet operation called Access and a venture capital firm known as GV. An Alphabet spokeswoman declined repeated requests for comment or to make executives available for interviews. Supporters of the restructuring frame the early struggles as typical growing pains. For now, Wall Street isn''t worried: Alphabet''s stock is near an all-time high, having reached $1,000 per share in June. Ruth Porat, the no-nonsense chief financial officer who has steered the restructuring, has won rave reviews from investors for enforcing financial accountability across Alphabet. Some Other Bets have made notable strides. Life sciences initiative Verily recently attracted $800 million in outside investment. Self-driving car project Waymo is considered among the leaders in the burgeoning industry. Still, it''s not yet clear the structure will enable Alphabet to do what most companies cannot: conceive the next wave of innovation in-house or through the development of key acquisitions. That goal is central to both the company''s mission and investor expectations, analysts say. The reason Google gets to trade at a decent multiple is because there''s a growth story beyond advertising, said analyst James Wang of ARK Investment Management. CEO or COO? The Alphabet structure is Googles stab at an age-old corporate conundrum: sustaining innovation within a giant enterprise. Alphabet''s strategy is to give entrepreneurs the autonomy of a startup, coupled with the discipline of a traditional corporate structure. Roughly once a quarter, Other Bets leaders meet with the Alphabet board comprised of Porat, Page, Google co-founder Sergey Brin and David Drummond, Alphabet''s senior vice president of corporate development to discuss funding and performance, according to two former employees. At the same time, Alphabet is establishing separate compensation plans for the Other Bets to reward employees if their ventures succeed, mirroring startup incentives. The formula has primed Alphabet''s emerging businesses for "global impact," Alphabet Executive Chairman Eric Schmidt said this month at the annual stockholders meeting at the Mountain View headquarters. "There is one solution that we know works well in capitalism, which is boards, shareholders, CEOs," Schmidt said. "My bet is that the traditional lessons of business organization will in fact result in success at Alphabet." Still, Alphabet top brass continue to hold sway over key strategy and financing decisions, a dynamic that has chafed Other Bets chief executives who''ve complained they are treated more like chief operating officers than shot callers, according to people familiar with the situation. In addition, scrutiny from Wall Street limits how generous Alphabet can be in extending Google''s resources to Other Bets, said Brian McClendon, a former vice president of engineering at Google. "As of yet, the restructuring hasnt provided what I think is one of the immediate benefits, which is risk-taking investment," he said. NICKELED AND DIMED Some companies acquired by Google found that being part of Alphabet wasn''t what they''d bargained for. Two former Nest employees said they were promised generous funding and time to achieve profitability following the company''s acquisition by Google in 2014. But after the restructuring, Alphabet executives were keenly focused on revenue, one former employee said. Pricey overhead has made the path to profitability tougher. After the restructuring, Alphabet began charging Other Bets for their portion of shared services such as security and facilities, ending what had previously amounted to a subsidy, people familiar with the situation said. The units also felt pressure to maintain Google perks such as free employee meals. One of the pitfalls (of Alphabet) is that those companies are asked to stand on their own two feet, but they may inherit the cost structure of Google," said Nest investor Peter Nieh, a partner at Lightspeed Venture Partners. In early 2016, Alphabet explored selling Nest in an effort code-named Project Amalfi, according to three people familiar with the matter. No deal materialized, and Nest co-founder Tony Fadell departed last year. Fadell declined to comment. Boston Dynamics, acquired in 2013 during a robotics shopping spree led by Android creator Andy Rubin, enjoyed generous funding at first. But it was adrift after Rubin''s departure, two former employees said. Rubin did not respond to requests for comment. GRUMPY GOOGLERS The creation of the Other Bets has also changed what it means to work for Google. Some grumble that their role now is to subsidize innovation at their sister companies, rather than to innovate themselves. It did sort of send the message to people who stayed back at Google, whether in search or in ads: Your job isnt to push the envelope, one former Googler said. Employee transfers to X, the illustrious moonshot factory, are more complicated now that it''s a separate entity, former employees say. Thats a striking shift, especially for high-performing employees accustomed to moving about the company almost at will, said Punit Soni, a former Google employee who is now chief executive of Learning Motors, an artificial intelligence startup. A basic premise of Google was people could do whatever they wanted, Soni said. I can see why people will feel like its no longer the old Google." In the meantime, co-founder Page is pursuing yet another "moonshot": flying cars. He is the primary investor in Kitty Hawk, a startup in the field that is entirely outside the Alphabet umbrella. (Editing by Marla Dickerson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-alphabet-tensions-insight-idUKKBN19I0G9'|'2017-06-27T13:06:00.000+03:00'|4324.0|''|-1.0|'' 4325|'b32fe164958fc8694686c0a590f1f817736e0f73'|'Porsche Cayenne diesel emissions exceed legal limits - Spiegel'|'Business News - Fri Jun 9, 2017 - 6:55pm BST Porsche Cayenne diesel emissions exceed legal limits - Spiegel FILE PHOTO: A Porsche Cayenne car is seen in the emission test centre of the University of Applied Sciences in Nidau, Switzerland November 27, 2015. REUTERS/Ruben Sprich FRANKFURT/HAMBURG Diesel models of Volkswagen''s ( VOWG_p.DE ) sports car maker Porsche ( PSHG_p.DE ) have much higher emissions than is legally allowed, German weekly Der Spiegel reported on Friday, citing test results. The magazine asked German test institute TUV Nord to check emission levels for the Porsche Cayenne V6 TDI, an SUV model, under normal driving conditions. "Emissions in this test were higher than the limits for this type of car," the magazine quoted the head of testing at TUV Nord Helge Schmidt as saying. "With these values the car would not have been approved by the authorities," Schmidt said. Porsche said in a statement that it had received and studied the test results from Spiegel. "For us they are not comprehensible," Porsche said. The company said that emissions depend on several conditions such as engine load, speed and temperature. There has been growing scrutiny of diesel vehicles since Volkswagen admitted in September 2015 that up to 11 million of its vehicles worldwide had software installed that cheated emissions tests. VW was sentenced in April after pleading guilty in the emissions scandal. VW has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and offered to buy back about 500,000 polluting U.S. vehicles. Volkswagen''s Audi unit is also under investigation. (Reporting by Harro ten Wolde and Jan Schwartz; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-porsche-idUKKBN1902NA'|'2017-06-10T01:55:00.000+03:00'|4325.0|''|-1.0|'' @@ -4338,7 +4338,7 @@ 4336|'4175e20d96df5c72ed39e294da74de8e84283271'|'U.S. top court buries CalPERS suit over Lehman collapse'|'Banks 03pm EDT U.S. top court buries CalPERS lawsuit over Lehman collapse Chief Justice of the United States John Roberts (R) walks with associate Justice Neil Gorsuch during his investiture ceremony at the Supreme Court in Washington, U.S., June 15, 2017. REUTERS/Joshua Roberts By Andrew Chung - WASHINGTON WASHINGTON Nearly 30 banks that underwrote billions in debt offerings by Lehman Brothers before Lehman collapsed in 2008 will not have to defend a securities fraud lawsuit by a big California pension fund, the U.S. Supreme Court ruled on Monday. The justices ruled 5-4 that the California Public Employees'' Retirement System waited too long to sue the banks, upholding a federal appeals court decision throwing out the lawsuit. The dispute involves claims by the fund, known as CalPERS, against units of Australia and New Zealand Banking Group ( ANZ.AX ), Bank of New York Mellon Corp ( BK.N ), Royal Bank of Canada ( RY.TO ), France''s BNP Paribas SA ( BNPP.PA ) and Spanish lender BBVA ( BBVA.MC ), among others. Lehman Brothers investment bank''s collapse in 2008 helped trigger a global financial crisis. CalPERS, an investor in the banks'' securities, was a member of a class action suit filed in 2008 claiming the underwriters violated the Securities Act by misrepresenting and omitting facts about Lehman''s accounting and risk management practices. In February 2011, CalPERS decided to file a separate lawsuit. When the class action later settled, CalPERS opted out and continued with its own claims. Last year, the 2nd U.S. Circuit Court of Appeals in New York threw out CalPERS'' case, saying that a federal law called the Securities Act barred claims more than three years after a security is first offered to the public. Though the Supreme Court has said class actions extend certain deadlines by which individuals who drop out may file lawsuits on their own, the appeals court said this was not one of them. CalPERS appealed to the Supreme Court, saying that if class actions do not extend such deadlines, courts would be bombarded with thousands of costly lawsuits by investors protecting their right to sue on their own later. The underwriters countered in a legal brief that there is no evidence that this "parade of horribles has actually come to pass." (Reporting by Andrew Chung; Editing by Will Dunham and Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-court-calpers-idUSKBN19H1N8'|'2017-06-26T22:16:00.000+03:00'|4336.0|''|-1.0|'' 4337|'c904f144a249165636ff6b7d73fbc0fae848bb0b'|'Chinese Authorities Put the Squeeze on Anbang'|'Finance Chinese Authorities Put the Squeeze on Anbang It bought the Waldorf and danced with a Kushner company. Now Chinas high-profile insurer could face a cash crunch. Bloomberg News Wu Xiaohui, chairman of Anbang Insurance Group, at the China Development Forum in Beijing on March 18, 2017. Photographer: Thomas Peter/Reuters Outside China, Anbang Insurance Group Co. has been best known for its high-profile deals . It acquired New Yorks iconic Waldorf Astoria hotel, made an aborted bid for Starwood Hotels & Resorts Worldwide Inc., and in March pulled out of talks for a real estate deal with a company owned by the family of Jared Kushner. Now its also notable for the recent detention for questioning by the Chinese government of its chairman, Wu Xiaohui. Anbang has said Wu cant perform his duties for personal reasons. In its home country, Anbang has been a place to stash savings. Many of its popular insurance products were more like high-yielding investments. Think something like a U.S. certificate of deposit but riskier, with returns paid after a specific period such as one or two years. These werent bank accounts, but 99 percent of premium income in the companys Anbang Life unit last year came from sales in banks. The products helped fuel Anbangs investing. Before authorities brought in Wu, China began a clampdown in the insurance industry thats hit Anbang hard. In May regulators temporarily banned its life insurance unit from applying for permission to sell new products. Authorities have asked lenders to suspend some business dealings with Anbang, and at least seven large banks have stopped selling Anbang policies in their branches, according to people with knowledge of the matter. If Anbang cant sell over bank counters, other channels can hardly contribute revenue in a meaningful way in the next few months, says Steven Lam, a Bloomberg Intelligence analyst. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up The company could face a cash crunch if too many clients start asking for their money back. Anbang sold 47.6 billion yuan ($7 billion) of a policy called Longevity Sure Win No.1 in 2015. Those customers can leave this year and get back what they put in plus a 4.7 percent annual yield, though that can rise to 5.8 percent if they stay three more years. An Anbang representative says its building new sales channels, such as a mobile app, and is selling more long-term, traditional insurance products. It said in April its life unit had cash reserves of 207.8 billion yuan. In a June 20 note, political risk consultants at Eurasia Group wrote that Chinese authorities would likely act to prevent losses to retail investors or a fire sale of Anbangs long-term assets, but a disorderly implosion remained a risk. "The political costs of a sudden collapse would be high, and officials have a mandate to maintain financial stability," analyst Christopher Beddor wrote. "But Anbangs business model is clearly finished." BOTTOM LINE - Anbang has sold insurance products in China that look a lot like investments. For a while, that money helped to power the companys growth. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-21/chinese-authorities-put-the-squeeze-on-anbang'|'2017-06-22T05:00:00.000+03:00'|4337.0|''|-1.0|'' 4338|'45dfc3c19529a0072e07fbf200a67e883f6ccca6'|'PRESS DIGEST- British Business - June 30'|'June 30 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times- Twenty-First Century Fox Inc''s 11.7 billion pounds ($15.22 billion) bid to take control of Sky Plc faces more regulatory hurdles after the UK government said it was minded to ask Britain''s competition watchdog to examine the deal. bit.ly/2sWM9Ah- Gatwick will make a fresh pitch for a second runway as the airport says that for the first time it had carried more than 44 million passengers in a year. bit.ly/2sWWe0dThe Guardian- UK''s Financial Conduct Authority is scrutinising the fast-growing car finance sector and has held discussions with U.S. authorities about the market. bit.ly/2sXczSx- Banks should disclose lending to companies with carbon-related risks, according to recommendations in a new report by the Task Force on Climate-related Financial Disclosures. bit.ly/2sWMnHzThe Telegraph- Virgin Media plans to make about 200 redundancies following a management shake-up at the cable operator. The planned cuts follow the operator''s failure earlier this year to hit network expansion targets. bit.ly/2sX7SZ2- The Turkish exile owner of the British luxury smartphone brand Vertu Corp Ltd plans to put its manufacturing arm into administration to wipe out heavy debts. bit.ly/2sX6KV4Sky News- Ron Dennis, the former boss of the McLaren automotive group, is to sever his decades-long ties with the company with the sale of his shareholding in a 275 million pounds deal. bit.ly/2sWSFXR- Australian DIY chain Bunnings says it will create over 1,000 new jobs in UK after its parent firm bought the Homebase brand last year. bit.ly/2sWGytUThe Independent- The widows of four men executed by Nigeria''s military regime in 1995 are suing oil giant Royal Dutch Shell Plc for allegedly aiding the army crackdown which led to their husbands'' deaths. ind.pn/2sWORWA ($1 = 0.7687 pounds) (Compiled by Bengaluru newsroom; Editing by Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL3N1JR02U'|'2017-06-29T22:58:00.000+03:00'|4338.0|''|-1.0|'' -4339|'58c240d4a6b1b427f4931732297c18b2e8793a4e'|'BRIEF-TransCanada files for stock shelf of up to $1 bln'|' 30pm EDT BRIEF-TransCanada files for stock shelf of up to $1 bln June 13 Transcanada Corp: * Files for stock shelf of up to $1.0 billion - sec filing Source text for Eikon: * New Age Beverages - on march 23, co entered asset purchase agreement whereby co agreed to acquire all operating assets of Marley Beverage Company MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-transcanada-files-for-stock-shelf-idUSFWN1JA0L8'|'2017-06-14T05:30:00.000+03:00'|4339.0|''|-1.0|'' +4339|'58c240d4a6b1b427f4931732297c18b2e8793a4e'|'BRIEF-TransCanada files for stock shelf of up to $1 bln'|' 30pm EDT BRIEF-TransCanada files for stock shelf of up to $1 bln June 13 Transcanada Corp: * Files for stock shelf of up to $1.0 billion - sec filing Source text for Eikon: * New Age Beverages - on march 23, co entered asset purchase agreement whereby co agreed to acquire all operating assets of Marley Beverage Company MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-transcanada-files-for-stock-shelf-idUSFWN1JA0L8'|'2017-06-14T05:30:00.000+03:00'|4339.0|10.0|0.0|'' 4340|'7a190a0d8fa31c3baec2ce3599957071d1e56dbb'|'Spain''s Bankia and BMN hold board meetings to discuss merger deal -sources'|'Deals - Europe 14pm BST Spain''s Bankia and BMN hold board meetings to discuss merger deal: sources Spain''s Bankia logo is seen inside bank''s headquarters before a news conference to present their annual results in Madrid, Spain, January 30, 2017. REUTERS/Sergio Perez MADRID Spain''s Bankia ( BKIA.MC ) and mid-sized lender BMN are holding board meetings this evening to discuss a potential merger deal, two sources with knowledge of the deal said on Monday. "Board meetings to discuss the deal are being held this evening though the final agreement may not be reached tonight," one of the sources with knowledge of the meetings said. Bankia and BMN, both controlled by the Spanish state, declined to comment. Last week, Spanish Economy Minister Luis de Guindos said that he expected both lenders to agree on a share swap for merger deal within days or weeks. (Reporting By Jess Aguado; editing by Tomas Cobos)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bankia-mrg-bmn-idUKKBN19H298'|'2017-06-27T02:12:00.000+03:00'|4340.0|''|-1.0|'' 4341|'7b46f1f50b8422cd5f435fcbf417f12fa169ee5f'|'US STOCKS-Futures little changed as oil prices edge up'|'Market News - Fri Jun 23, 2017 - 7:31am EDT US STOCKS-Futures little changed as oil prices edge up * Indexes down: Dow 53 pts, S&P 1 pt, Nasdaq 9.25 pts By Sruthi Shankar June 23 U.S. stock index futures were little changed on Friday as oil prices edged up and ahead of economic data and speeches by Federal Reserve policymakers. * Crude oil bounced off this week''s 10-month lows, although prices were still set for their worst first-half performance since 1997. * Sliding oil prices have added to concerns on the inflation outlook, which along with a flattening yield curve, could pose a challenge to the Federal Reserve in deciding whether the economy was ready for another interest rate hike this year. * At current levels, the S&P 500 energy index, down 15 percent so far this year, is on track to post its worst weekly decline in about 18 months. * Wall Street ended flat on Thursday, but healthcare stocks rallied as Senate Republicans unveiled legislation that would replace Obamacare with a plan that scales back aid to the poor and kills a tax on the wealthy. * The Fed''s annual stress test results showed that 34 largest U.S. banks have all cleared the first stage, implying they would be able to maintain enough capital in an extreme recession. * Shares of Bank of America, JPMorgan, Wells Fargo and Goldman Sachs were up between 0.5 percent and 0.74 percent in premarket trading. * Concerned by falling oil prices, investors sought the safety of gold, which climbed to one-week highs. * St. Louis Fed President James Bullard, Cleveland Fed chief Loretta Mester and Fed governor Jerome Powell are all scheduled to make appearances later in the day. * Data is expected to show that new U.S. single family home sales likely grew 5.4 percent in May. The data is expected at 10:00 a.m. ET (1400 GMT). * Separately, data firm Markit''s preliminary services PMI is expected to have increased to 53.7 in June, from a prior reading of 53.6. * U.S.-listed shares of Blackberry were down 7.23 percent at $10.30 premarket after the company''s quarterly revenue missed analysts'' estimates. * Caterpillar was down 1.21 percent at $102.58 following a Deutsche Bank downgrade to "hold". * Bed Bath & Beyond was down 9.28 percent after the home furnishing retailer reported a bigger-than-expected fall in same-store sales in the first quarter. Futures snapshot at 6:45 a.m. ET: * Dow e-minis were down 53 points, or 0.25 percent, with 15,691 contracts changing hands. * S&P 500 e-minis were down 1 point, or 0.04 percent, with 74,039 contracts traded. * Nasdaq 100 e-minis were down 9.25 points, or 0.16 percent, on volume of 14,713 contracts. (Reporting by Sruthi Shankar in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1JK3KO'|'2017-06-23T19:31:00.000+03:00'|4341.0|''|-1.0|'' 4342|'4d6c944ad1987d4c4e3b8fd5ea65c567534cf7ad'|'Incoming Philippines central bank chief says concerned about rapid credit growth'|'Business News - Wed Jun 14, 2017 - 10:44am BST Incoming Philippines central bank chief says concerned about rapid credit growth Incoming Philippine Central bank Governor Nestor Espenilla speaks during a news conference at the Bangko Sentral ng Pilipinas in Manila, Philippines May 9, 2017. REUTERS/Karen Lema MANILA The Philippine central bank is closely watching the rapid pace of domestic credit growth, its incoming governor said on Wednesday, even though he said it was being driven by legitimate demand. "We''re not being complacent about it," Nestor Espenilla said in an interview. Espenilla will take the helm at the central bank next month. Espenilla also said the Philippines economy, one of Asia''s fastest growing, was in "good shape" and inflation was "under control." Amid a robust economy and tame inflation, the central bank is likely to keep benchmark interest rates steady when it holds its next policy meeting on June 22. (Reporting by Karen Lema; Writing by Manolo Serapio Jr.; Editing by Raju Gopalakrishnan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-philippine-economy-cenbank-idUKKBN19512M'|'2017-06-14T17:41:00.000+03:00'|4342.0|''|-1.0|'' @@ -4384,7 +4384,7 @@ 4382|'2a509425a44b4f8a956d809a487854a6fbda4774'|'Gateway Casinos in talks C$500 mln Vancouver sale-leaseback deal'|'By Solarina Ho - TORONTO, June 14 TORONTO, June 14 Canadian gaming company Gateway Casinos & Entertainment Ltd is in talks with Asia and North America investors for a sale-lease-back agreement for up to three Vancouver properties worth over C$500 million ($378 million), top company executives told Reuters.The Burnaby, British Columbia-based company expects to sign a deal by the third quarter of 2017, Gateway Executive Chairman Gabriel de Alba said in an interview last week, without disclosing the names of the interested parties.The company, which said there was some interest from European firms as well, kicked-off a formal review to monetize its real estate portfolio after being approached by local and international developers interested in acquiring and developing the Vancouver properties, de Alba said.Gateway''s portfolio includes licenses for undeveloped land with no facilities. The company declined to provide the total value of its real estate portfolio outside the three Vancouver sites."Now that we''re formalizing the process, we''re reaching out to other bidders and certainly as the process is known, some other bidders are jumping on board as well," said de Alba.The proposals include development of condos, hotels, movie theaters, or even an Asian market place, to also attract casual gamers looking for additional forms of entertainment during a visit.Gateway Casinos was bought in 2010 by Toronto-based private equity firm, The Catalyst Capital Group Inc, which restructured the company, reduced its debt by about C$1 billion, and injected C$200 million in new capital.Gateway, which recently expanded operations in Ontario, could eventually launch an initial public offering (IPO) subject to capital market conditions, Chief Executive Tony Santo said in the interview. An IPO could help fund other opportunities Gateway is working on, Santo said, such as further expansion in Ontario or greenfield developments in British Columbia.The company dropped its 2012 IPO plans and instead did a dividend recapitalization, which allowed the owners to recoup some investments without reducing their stake in the company, De Alba said.De Alba, who is also a managing director and partner at Catalyst, said Gateway has grown from nine properties and an EBITDA of C$93 million in 2011 after restructuring, to 28 properties and an EBITDA target of more than C$235 million next year. (Reporting by Solarina Ho; Editing by Denny Thomas and Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/gatewaycasinos-deal-idINL1N1J21KZ'|'2017-06-14T13:23:00.000+03:00'|4382.0|''|-1.0|'' 4383|'5466bc6db48d433cfda23ef2b6b4e1b1b68658b6'|'Global coordination important as world economy changes - China Vice Finance Minister'|'Business News - Thu Jun 29, 2017 - 5:26am BST Global coordination important as world economy changes: China vice finance minister China''s Vice Finance Minister Zhu Guangyao, attends a conference during the 2016 IIF G20 Conference at the financial district of Pudong in Shanghai, China, February 25, 2016. REUTERS/Aly Song BEIJING Global coordination is important as the world economy undergoes changes, including the latest increase in U.S. interest rates earlier this month, China''s Vice Finance Minister Zhu Guangyao said ahead of a G20 summit of leaders in July. As the global economy stabilises, major countries need to normalise their interest rates, although this is happening at a very slow pace, Zhu told reporters in Beijing on Thursday. "We need to closely monitor how the normalisation of interest rates in major economies will impact global capital markets," said Zhu. The U.S. Federal Reserve has raised interest rates four times as part of a normalization of monetary policy that began in December 2015. The central bank had pushed rates to near zero in response to the financial crisis a decade ago. Zhu said the new global macroeconomic environment makes it even more important for global coordination through channels like the G20, which will convene in Hamburg next month. Earlier this week, the Bank for International Settlements (BIS), an umbrella body for leading central banks, said in one of its most upbeat annual reports for years that major central banks should press ahead with interest rate increases. Policymakers should take advantage of the improving economic outlook and its surprisingly negligible effect on inflation to accelerate the "great unwinding" of quantitative easing programmes and record low interest rates, the BIS said. The Chinese central bank guided market interest rates higher in the first quarter, including immediately after a Fed rate hike in March. The move was partly an effort to counter pressure on the yuan from capital outflows, analysts say. The People''s Bank of China last adjusted its policy rates in October 2015. Efforts to rein in North Korea''s nuclear and missile programmes are likely to be a focus in bilateral meetings President Xi Jinping might hold during the G20. Asked if Xi would meet U.S. President Donald Trump, South Korean President Moon Jae-in, or Japan''s Prime Minister Shinzo Abe at the summit, Vice Foreign Minister Li Baodong said schedules were still being arranged. Li reiterated that China wants to resolve the situation on the Korean peninsula through dialogue. Trump is growing increasingly frustrated with China over its inaction on North Korea, according to senior U.S. administration officials, though Beijing has repeatedly said its influence over Pyongyang is limited and that it is doing all it can. (Reporting by Sue-Lin Wong and Michael Martina; Writing by Ryan Woo; Editing by Michael Perry) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-g-idUKKBN19K08V'|'2017-06-29T07:25:00.000+03:00'|4383.0|''|-1.0|'' 4384|'5ac4b59c15466ed62a4d1043b5bc87e51628b1b8'|'Russia''s Rosneft CEO says takeover of India''s Essar is closed'|'SOCHI, Russia The takeover of India''s Essar Oil by Russia''s largest oil producer Rosneft ( ROSN.MM ) can be now considered as closed, Rosneft CEO Igor Sechin told a shareholders'' meeting on Thursday.The deal, where Rosneft will hold a 49 percent stake, will allow the Russian company to increase oil refining output by 20 percent this year, he said.Sechin also said that the synergy effect from the privatization of oil company Bashneft ( BANE.MM ) had totaled more than 40 billion rubles ($669.9 million) in the first two quarters of this year.Rosneft''s gas production is set to be rising by more than 10 percent a year, Sechin said, while overall investments are seen at more than 1 trillion rubles annually in the coming years.($1 = 59.7109 rubles)(Reporting by Vladimir Soldatkin; Writing by Dmitry Solovyov; Editing by Katya Golubkova)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-russia-rosneft-essar-idUSKBN19D1FI'|'2017-06-22T15:57:00.000+03:00'|4384.0|''|-1.0|'' -4385|'60ec37dec2e32299abb2601eaadd34bbab97709f'|'AIG shareholders approve $9.58 million for ex-CEO''s 2016 compensation'|'American International Group Inc shareholders on Wednesday approved the company''s 2016 compensation for executives, including the insurance giant''s former chief executive, Peter Hancock.Shareholders at the annual meeting in New York voted to award Hancock a total compensation of $9.58 million for 2016, including a $1.6 million base salary, longer-term incentive pay in stock worth more than $7.8 million and additional funds.Hancock was not awarded a cash bonus for his work last year, after the company''s dismal financial performance roiled shareholders.In May, AIG named Brian Duperreault as its new chief executive officer, selecting a protege of former CEO Hank Greenberg and an industry veteran known for his turnaround expertise.(Reporting by Suzanne Barlyn in New York; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/aig-agm-idINKBN19J272'|'2017-06-28T19:03:00.000+03:00'|4385.0|''|-1.0|'' +4385|'60ec37dec2e32299abb2601eaadd34bbab97709f'|'AIG shareholders approve $9.58 million for ex-CEO''s 2016 compensation'|'American International Group Inc shareholders on Wednesday approved the company''s 2016 compensation for executives, including the insurance giant''s former chief executive, Peter Hancock.Shareholders at the annual meeting in New York voted to award Hancock a total compensation of $9.58 million for 2016, including a $1.6 million base salary, longer-term incentive pay in stock worth more than $7.8 million and additional funds.Hancock was not awarded a cash bonus for his work last year, after the company''s dismal financial performance roiled shareholders.In May, AIG named Brian Duperreault as its new chief executive officer, selecting a protege of former CEO Hank Greenberg and an industry veteran known for his turnaround expertise.(Reporting by Suzanne Barlyn in New York; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/aig-agm-idINKBN19J272'|'2017-06-28T19:03:00.000+03:00'|4385.0|12.0|0.0|'' 4386|'4b379cd3bce7700f5cf249ced5a027b78a77fb1b'|'Euro zone vs Britain: strong and stable, weak and wobbly - Reuters'|' 6:25pm IST Euro zone vs Britain: strong and stable, weak and wobbly By Jeremy Gaunt - LONDON LONDON Britain and the euro zone are on such different economic paths as they move on with their divorce proceedings, London probably wishes it had done a pre-nup. While Britain''s economy is showing all kinds of strain -- as underlined starkly on Tuesday by Bank of England Governor Mark Carney -- the 19-member single currency area is more buoyant that it has been in years. This also was made clear on Tuesday with a bullish upgrade for German growth from one of its main economic research institutes, Ifo. Amusingly, Ifo''s press release noted Germany''s economy is "strong and stable", echoing British Prime Minister Theresa May''s campaign mantra for a June 8 election which backfired on her by depriving her of a parliamentary majority. Instead of matching its stereotype of a lagging, moribund growth engine, the euro zone -- the EU''s core -- is now being hailed as relatively dynamic. Brian Coulton, chief economist at Fitch Ratings, noted as much late on Monday when his firm significantly upgraded its 2017 euro zone growth forecast to 2 percent from 1.7 percent, leaving it just a tad behind the United States. "Stronger incoming data, improving external demand and greater confidence that (European Central Bank policy) is gaining traction on activity have resulted in (our) upward revision," he said. Britain, by contrast, was seen by Fitch growing 1.5 percent this year, down from 1.8 percent last year and 2.1 percent in pre-Brexit vote 2015. The fall in the value of the pound after the Brexit referendum has pushed up inflation and hit consumer spending in Britain, taking it from being one of the fastest-growing economies among the Group of Seven nations in 2016 to its slowest in early 2017. The BoE''s Carney in a speech on Tuesday made no bones about his view of the danger to Britain''s economy from Brexit, saying firmly that now was not the time to raise interest rates even if inflation was at 2.9 percent. He also took at dig at leading Brexit advocate Boris Johnson, now foreign minister, who once said Britain could have its cake and eat it outside the EU. "Before long, we will all begin to find out the extent to which Brexit is a gentle stroll along a smooth path to a land of cake and consumption," he said, then added: "Monetary policy cannot prevent the weaker real income growth likely to accompany the transition to new trading arrangements with the EU." EUROPE REDUX Some of Britain''s woes will be based on uncertainty about what kind of Brexit it will have. The lucrative trade deals promised by Brexit advocates, for example, may well come but they are a long way off. There is appears little such uncertainty in the rest of Europe, however. In its latest forecast, Ifo said the upturn in the German economy that began in 2013 is becoming broader and gaining impetus -- a key for Europe as a whole given Germany''s dominant economic role. [nL8N1JH1LV} It also indicated that it did not expect Germany to suffer from Brexit. "An exit plan should emerge early on without any major negative effects on the economic interdependence between the EU and Britain," said Timo Wollmershaeuser, Ifo''s head of economic research. But it is not all Germany. Spain said on Tuesday it planned to raise its 2017 GDP growth forecast upwards from the current 2.7 percent. The Bank of France has also raised it forecast to 1.6 percent and manufacturing surveys are relatively bullish. Problems remain of course -- with Italy, in particular -- but the overall outlook is upbeat, adding strength to one side in the great Brexit divorce. (Additional reporting by William Schomberg, David Milliken and Michael Niebaber; editing by Mark John)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-eu-economy-idINKBN19B1S6'|'2017-06-20T10:55:00.000+03:00'|4386.0|''|-1.0|'' 4387|'712fefe39caf18cf71029fed9b0a3182a7d270fb'|'Sears Canada preparing to seek creditor protection - source'|'By John Tilak - June 20 June 20 Billionaire Eddie Lampert-controlled Sears Canada Inc is preparing to seek court protection against creditors in the coming weeks, a person familiar with the matter said on Tuesday.A Sears Canada representative was not immediately available for comment.The business may be sold off in pieces after the court filing which will likely lead to liquidation, the person said.The company had last week said it was exploring strategic options, including a sale of the company, following years of declining sales.The company''s sales have fallen every quarter since it was spun off from Sears Holdings in 2012.Sears Canada, much like Sears Holdings, now its fourth-largest shareholder, has struggled for years to remain relevant to shoppers who have switched to stores that keep up with fast-changing fashion trends.Bloomberg had earlier reported on the company preparing to seek court protection against creditors. ( bloom.bg/2tLqg4s ) (Reporting by Kanishka Singh in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sears-canada-restructuring-idINL3N1JI099'|'2017-06-20T23:22:00.000+03:00'|4387.0|''|-1.0|'' 4388|'c6fe9e124ee7ea172c2fd45f1f84544301bed031'|'Global reinsurers ask EU for mutual market access with Britain post-Brexit'|'Business News - Fri Jun 23, 2017 - 7:17pm BST Global reinsurers ask EU for mutual market access with Britain post-Brexit FILE PHOTO: An EU flag flies above Parliament Square during a Unite for Europe march, in London, Britain March 25, 2017. REUTERS/Peter Nicholls/File Photo By Carolyn Cohn and Anjuli Davies - LONDON LONDON Global reinsurers have written to the European Commission to ask it to ensure mutual access between British and European Union reinsurance markets after Britain leaves the bloc due to worries about market disruption, according to extracts from the letter seen by Reuters. Britain and the EU started talks this week on the terms of their divorce in March 2019. Brexit risks an end to so-called passporting rights, through which financial institutions are able to sell their services across the EU without locally regulated operations. Reinsurers such as Munich Re ( MUVGn.DE ) and Scor ( SCOR.PA ), who help insurers pay for big claims like hurricanes in exchange for part of the premium, technically do not need passporting rights to operate cross-border in the large marine, aviation and transport sectors. But without regulatory regimes in Britain and the EU that are formally recognized as equivalent to one another, reinsurers based in Britain may have difficulty doing business in some EU markets due to differing national regulations, industry sources say. Reinsurers outside Britain could also find it harder to get involved in deals led by the Lloyd''s of London [LOL.UL] market. "The UK''s withdrawal from the EU raises difficult questions about the future trading relationship between the two jurisdictions," the Zurich-based Global Reinsurance Forum, which represents some of the world''s largest reinsurers, said in the letter sent in April. "If passporting arrangements for EU reinsurers into the UK and vice versa are not maintained, then national regulations will inevitably make cross-border reinsurance between the two jurisdictions more difficult and expensive." The letter called for existing arrangements to continue under a future UK/EU trade deal. The reinsurers rejected suggestions by some industry participants that Britain should make major changes to EU Solvency II capital rules after Brexit, due to stringent capital costs and red tape. "We strongly support the position that the UK should continue to operate an insurance regulatory regime which is consistent with Solvency II," they said. The Global Reinsurance Forum is chaired by Inga Beale, chief executive of Lloyd''s. Other members of the group of 13 reinsurers include Munich Re, Scor and Swiss Re ( SRENH.S ), as well as reinsurers based outside Europe. Its main aim is "to promote a stable, innovative, and competitive worldwide reinsurance market," according to its website. (Writing by Carolyn Cohn, additional reporting by Andrew MacAskill in London, Maya Nikolaeva in Paris and Tom Sims in Frankfurt, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-reinsurance-idUKKBN19E22B'|'2017-06-24T01:27:00.000+03:00'|4388.0|''|-1.0|'' @@ -4434,7 +4434,7 @@ 4432|'accf85f69d00af6f437cb3b6eb2b819b128a7126'|'Mexico''s Pemex to up gasoline imports after refinery fire - source'|'MEXICO CITY, June 20 Mexican state oil producer Pemex will import additional gasoline after a major fire last week at its largest refinery that halted production, a company source said on Tuesday.Pemex is still evaluating the extent of the damage from the fire at the Salina Cruz refinery in the state of Oaxaca and does not know when production will resume, said the source. (Reporting by Ana Isabel Martinez in Mexico City)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-pemex-idUSU5N1HR00T'|'2017-06-21T06:21:00.000+03:00'|4432.0|''|-1.0|'' 4433|'0438d343c30f1f4dd21a12c4b5e1f137899ca507'|'Three Little-Noticed Wins for Corporations at the Supreme Court'|'Three Little-Noticed Wins for Corporations at the Supreme Court Some class-action plaintiffs will have to find less-friendly courts for their lawsuits. By @AuthorPMBarrett More stories by Paul Barrett The Supreme Court wrapped up its 201617 term this week, with decisions on two high-profile cases on religion and gay rights , and the announcement that this fall it will hear arguments regarding President Donald Trumps 90-day ban on immigration from six mostly Muslim countries, which it partially revived in the meantime. For corporations threatened by lawsuits, three other, less-noticed rulings handed down in recent weeks may prove to be no less important, at least for their bottom lines. The trio of decisions place new limits on forum shopping, a longstanding practice among plaintiffs lawyers who seek out jurisdictions viewed as liberal or pro-consumer. In effect, the high court tilted the scales of justice toward corporate defendants. The rulings, which were either unanimous or nearly so, provoked an ecstatic reaction from business interests. For too long too many lower courts have encouraged litigation tourism, Tiger Joyce, president of the American Tort Reform Association, a Washington-based, corporate-supported advocacy group, wrote via email. He added that the trifecta of rulings will provide welcomed relief for companies targeted in courts in California, Montana, parts of Texas, and other venues considered plaintiff-friendly. It is a dramatic and welcome development for businesses that have had to bear extraordinary expense to defend cases in judicial hellholes, said Victor Schwartz, a partner with Shook, Hardy & Bacon LLP, a firm that defends companies. The most recent, and most significant, of the decisions came on June 19, when the high court ruled (PDF) for Bristol-Myers Squibb Co. The company had been sued in California state court by consumers alleging that the drug maker had misrepresented the risk of heart attack and stroke caused by its blood thinner Plavix. Broadly speaking, the key to establishing jurisdiction is showing a connection between the court in question and the parties; the California courts had allowed plaintiffs attorneys to add almost 600 non-Californians to a suit on behalf of 86 state residents pursuing claims against Bristol-Myers. By an 8-1 vote, the justices said that state courts cant hear claims brought by out-of-state plaintiffs against companies that arent based there if the alleged injuries occurred elsewhere, too. Writing for the majority, Justice Samuel Alito noted that consumers from multiple states could still band together to sue Bristol-Myers in New York, where the company is based, or Delaware, where its incorporated. The California plaintiffs, moreover, may proceed against the company in their home state. In dissent, Justice Sonia Sotomayor said the ruling may make it impossible to bring certain mass actions specifically when the suits include plaintiffs from across the country. Her point was demonstrated that very day, when Johnson & Johnson persuaded a St. Louis city court judge that, in light of the Supreme Court''s action, he ought to end a trial over the deaths of three women whose families blame exposure to talc for their ovarian cancers. The case was part of a much larger group filed in that courthousea well-known plaintiffs havencombining claims of Missouri residents with those of out-of-state residents. J&J has recently lost four jury verdicts in the St. Louis court, totaling $307 million in damages. (The company, which is based in New Brunswick, N.J., has also won one trial there.) On May 30, the justices issued what will be seen as a companion ruling (PDF) to the one about Bristol-Myers. By another 8-1 vote, they rejected a lower-court decision in Montana that allowed out-of-state plaintiffs to sue there over injuries suffered anywhere in the national network of Texas-based BNSF Railway. In her majority opinion, Justice Ruth Bader Ginsburg said that, although BNSF has 2,000 miles of track and 2,000 employees in Montana, this isnt a sufficient basis to sue there for injuries unconnected to the state. Sotomayor, again in lonely dissent, called the decision a jurisdictional windfall for large corporations with far-flung operations. The third high court ruling was narrower but still important. The justices unanimously ruled (PDF) on May 22 that patent suits should be filed only in the state where the defendant is incorporated. The decision will prevent many patent owners from bringing cases in the Eastern District of Texas, a federal jurisdiction known to be especially hospitable to patent-violation claims , which has made it a favorite of so-called patent trolls. More than one-third of all infringement suits are now filed there. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up But while the decisions were largely agreed on by the justices, plaintiffs advocates warned of dire consequences for ordinary people harmed by faulty products or corporate misbehavior. Paul Bland, executive director of Public Justice, a pro-plaintiff law firm in Washington, said in an email that the high court had rejected the notion, embraced by some lower courts, that a broad sense of fairness ought to govern where parties may sue. Now, he added, corporations will be able to interpose all sorts of procedural and formalistic hurdles to impede plaintiffs from pursuing their claims. Raymond Brescia, an associate professor at Albany Law School, agreed that the decisions would have unfortunate effects. At a time when the Trump administration and Congress show little sign of serving as a check on corporate malfeasance, Brescia asserted, the courts, too, are taking a restrictive view of their role as a forum for plaintiffs to pursue consumer protection. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-27/three-little-noticed-wins-for-corporations-at-the-supreme-court'|'2017-06-27T21:00:00.000+03:00'|4433.0|''|-1.0|'' 4434|'e9b191bee4e9c85cbda48572b1cf8fbcc34ee5e6'|'Deutsche Bank ignores U.S. Trump/Russia query - Democratic staffer'|'Business News - Sun Jun 4, 2017 - 8:21pm BST Deutsche Bank ignores U.S. Trump/Russia query - Democratic staffer FILE PHOTO: The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski/File Photo FRANKFURT Germany''s largest bank has failed to respond to a request from Democrats on a U.S. House of Representatives panel for details about U.S. President Donald Trump''s possible ties to Russia, a Democratic staffer said on Sunday. Several Democrats on the U.S. House Financial Services Committee sent a letter last month to John Cryan, Chief Executive Officer of Deutsche Bank ( DBKGn.DE ), seeking details that might show if Trump''s loans for his real estate business were backed by the Russian government. The letter asked for details of internal reviews of Trump''s transactions and gave the prominent German bank until Friday to respond. The bank''s response did not address any of the numerous questions posed in the letter and its Frankfurt headquarters declined to comment, as it has in the past. "Deutsche Banks outside counsel has confirmed receipt of our May 23, 2017, letter but did not provide substantive responses to our requests," a Democratic member of the staff told Reuters in an email on condition of anonymity. The congressional inquiry is also seeking information about a Russian "mirror trading" scheme that allowed $10 billion to flow out of Russia. "Congress remains in the dark on whether loans Deutsche Bank made to President Trump were guaranteed by the Russian government, or were in any way connected to Russia," the Democrats wrote in their request to Deutsche Bank. "It is critical that you provide this committee with the information necessary to assess the scope, findings and conclusions of your internal reviews," they said. The Democrats cannot compel Deutsche Bank to hand over the information. The House committee has the power to subpoena the documents, but Republican committee members - who make up the majority of the panel - would have to cooperate. No Republicans have signed the document request. Citing media reports, the Democrats had called for the bank to hand over any documents tied to internal reviews of Trumps personal accounts at the bank. They also said the bank should state publicly that it had reviewed both the "mirror trading" scheme and Trumps accounts. Mirror trading involved buying stocks, for example, in Moscow in rubles, with related parties selling the same stocks shortly thereafter through a bank''s London branch. The House panel request to Deutsche Bank came as Trump was mired in controversy over FBI and congressional probes into alleged Russian meddling in the 2016 U.S. presidential election and potential collusion between Moscow and the Trump campaign. Moscow has denied the allegations, and Trump has denied any collusion. (Reporting by Tom Sims; Editing by Tom Heneghan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-trump-idUKKBN18V11S'|'2017-06-05T03:21:00.000+03:00'|4434.0|''|-1.0|'' -4435|'4d783f7e6e06583383543aa67bb22a0156bf938f'|'Popolare Vicenza chairman hopes a deal on Veneto banks can be clinched this weekend'|'MILAN Gianni Mion, the chairman of ailing Banca Popolare di Vicenza, said on Thursday he hoped a deal to save the lender and its regional rival Veneto Banca could be reached this weekend.The government is scrambling to prevent the two banks from being wound down under European banking rules that would impose losses on senior bondholders and large depositors before taxpayers money can be used.To find an alternative solution, the government put up for sale the good assets of the two lenders. On Wednesday Intesa Sanpaolo ( ISP.MI ), Italy''s biggest retail bank, filed an offer subject to strict conditions."The offer (filed by Intesa) has been judged the best possible... now we need to wait for the government response," Mion told Reuters on the sidelines of an event."We hope everything will be worked out this weekend," he said.(Reporting by Andrea Mandala; writing by Francesca Landini)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eurozone-banks-italy-veneto-idINKBN19D1D8'|'2017-06-22T09:45:00.000+03:00'|4435.0|''|-1.0|'' +4435|'4d783f7e6e06583383543aa67bb22a0156bf938f'|'Popolare Vicenza chairman hopes a deal on Veneto banks can be clinched this weekend'|'MILAN Gianni Mion, the chairman of ailing Banca Popolare di Vicenza, said on Thursday he hoped a deal to save the lender and its regional rival Veneto Banca could be reached this weekend.The government is scrambling to prevent the two banks from being wound down under European banking rules that would impose losses on senior bondholders and large depositors before taxpayers money can be used.To find an alternative solution, the government put up for sale the good assets of the two lenders. On Wednesday Intesa Sanpaolo ( ISP.MI ), Italy''s biggest retail bank, filed an offer subject to strict conditions."The offer (filed by Intesa) has been judged the best possible... now we need to wait for the government response," Mion told Reuters on the sidelines of an event."We hope everything will be worked out this weekend," he said.(Reporting by Andrea Mandala; writing by Francesca Landini)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eurozone-banks-italy-veneto-idINKBN19D1D8'|'2017-06-22T09:45:00.000+03:00'|4435.0|11.0|0.0|'' 4436|'fa58a4d0d4e24623bcd523985ed7d21d7c935ef8'|'UPDATE 1-LPC-Banks reduce loan exposure to Noble Group'|'(Adds background in para 2 and context throughout)By Tessa Walsh and Claire RuckinLONDON, June 8 Around US$300m of a US$1.1bn revolving credit loan for Noble Group has been sold to funds in the secondary loan market as banks seek to limit their losses as the company faces a potential restructuring, banking sources said on Thursday.The struggling commodities trader is trying to extend a separate US$2bn loan as finding an investor to recapitalise the business looks increasingly difficult, leaving debt restructuring or bankruptcy as the most likely options, several sources said.Noble reported a surprise quarterly loss of US$129.3m for January-March and said that it will not be profitable for two years."Im fairly bearish on the whole thing, there are rumours that the company will file for Chapter 11 in the next couple of weeks," a secondary loan trader said.Nobles market value has shrunk to just over US$300m from US$6bn in February 2015, after Iceberg Research questioned its accounts. Its share price collapsed and credit ratings downgrades, management upheavals, asset writedowns, asset sales and a fundraising ensued.The secondary price of the US$1.1bn loan, which was put in place in May 2015, has been volatile this year. The credit was trading at around 75% of face value at the beginning of the year, rose to around 90 at the end of March, but has fallen heavily in the last month, two loan traders said."There were a few trades at around 49 or 50, but the Quote: s are now lower in the 40s. It has fallen 45 points in the last month," the secondary loan trader said.Some banks are now unable to sell as the price has dropped too low to get approval for a sale, a distressed loan trader said. The companys bonds have also collapsed to distressed levels.Noble and its lenders have appointed legal counsel as the company struggles to maintain access to the US$2bn loan while time runs out to find an investor.Noble Group has appointed financial restructuring adviser Moelis and law firm Kirkland & Ellis, which typically specialise in complex and aggressive debt restructuring situations, as well as Morgan Stanley."Noble has appointed the most active and aggressive restructuring advisers. When they were mandated, the secondary loan price dropped. The view from the market was that if they were hiring those guys, things must be pretty bad," the secondary loan trader said.Restructuring adviser Alvarez & Marshal and law firm Clifford Chance have been hired to advise Nobles US lenders and Clifford Chance is acting for lenders in HK, Reuters reported.Pitches for the European lenders took place on Wednesday, with Deloitte, PwC and FTI all vying for the mandate, according to one restructuring adviser.Noble Group was not immediately available to comment. (Additional reporting by Sandrine Bradley; Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/noble-loan-idINL8N1J55M2'|'2017-06-08T15:04:00.000+03:00'|4436.0|''|-1.0|'' 4437|'39f266ee748ba927f3e78eb596ef9ea3061983d9'|'REFILE-Cowen to end mid-point matching in Millennium dark pool'|'(Corrects spelling of Cowen in headline)By John McCrankNEW YORK, June 1 Financial services company Cowen Inc closed its acquisition of Convergex on Thursday and said it will shutter a key part of the off-exchange trading platform, Millennium, it acquired with the brokerage.Millennium, also known as a "dark pool," will stop offering continuous trading on June 23.The private electronic trading venue is one of more than 30 broker-run dark pools, also known as alternative trading systems (ATSs), in the United States that compete with 13 public stock exchanges, including the Nasdaq and the New York Stock Exchange.That fragmentation, which can make it more challenging to get trades done, has been a source of frustration for many of Cowen''s customers, Jeffrey Solomon, president of the company, said in a note to clients."By discontinuing Millennium ATS''s midpoint matching engine, Cowen has the ability to proactively reduce fragmentation something we and many of our clients feel will improve U.S. equity market structure," he said.Like many other dark pools, Millennium matches trades at the midpoint of the best bid and offer shown on public exchanges, giving the potential for better prices.Millennium was the 16th-largest U.S. equities dark pool out of 31, according to the latest statistics from the Financial Industry Regulatory Authority, matching more than 38 million shares in the week of May 8.Dark pools are more lightly regulated than exchanges and do not have to provide information such as trade sizes or prices to the public prior to trades taking place.The electronic trading platforms were originally used to get large orders done with minimal price movement, but they gained popularity for smaller orders as well, in part because their fees are generally lower than those at exchanges.As their usage has increased, so too has the scrutiny of regulators, which have brought enforcement actions against several dark pools in recent years for fraud and conflicts of interest in order routing.Cowen, which has never operated a trading venue, said it would continue to operate a part of Millennium that executes pre-matched orders and reports the trades on behalf of exchanges and broker-dealers.Millennium was built and is hosted by Thesys Technologies LLC, on behalf of Convergex. Thesys recently won the contract to build a build and run a massive stock and options trading database aimed at helping regulators police the increasingly fast, fragmented and complex markets. (Reporting by John McCrank; Editing by Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cowen-darkpool-idINL1N1IY1QL'|'2017-06-01T18:07:00.000+03:00'|4437.0|''|-1.0|'' 4438|'561f3d15063ebb2bf9776c51340ca48baf9d423d'|'Humble pie on the menu for press after election defies opinion polls - Media'|'Peter Preston on press and broadcasting Humble pie on the menu for press after election defies opinion polls Its been a painful week for many media big names after predictions of a wipeout for Jeremy Corbyn failed to come true Opinion polls predicted bigger gains for Prime Minister Theresa Mays Conservative party in the general election. l Photograph: Dominic Lipinski/PA Peter Preston on press and broadcasting Humble pie on the menu for press after election defies opinion polls Its been a painful week for many media big names after predictions of a wipeout for Jeremy Corbyn failed to come true View more sharing options Peter Preston Sunday 18 June 2017 07.00 BST Back, one more time, to the 8 June inquest. Heres the habitually strong and stable Dominic Lawson in the Sunday Times . As I was saying last week, or at least as the headline on this column accurately summed it up: Dont panic May is well ahead. Wrong, Lawson, and not for the first time in this campaign. Its no defence that there was scarcely a single so-called expert who anticipated the actual outcome. Hes quite right, of course. John Rentoul of the Indy will now try harder to learn from his mistakes. Polly Toynbee of the Guardian heard the munch, munch of humble pie, a chomping sound washing through Observer corridors too. And why did all Dominics experts get it so wrong? Because, like TV pundits, like Tory canvassers, like shrugging Labour party wizards on the day before, they all relied on the opinion polls and judged prospects on those results. Because, one more time, the polls were frail, contradictory and wrong. Topics '|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/media/2017/jun/18/humble-pie-on-menu-newspaper-pundits-general-election-results'|'2017-06-18T03:00:00.000+03:00'|4438.0|''|-1.0|'' @@ -4460,7 +4460,7 @@ 4458|'7f54bb106dc9cc6249cdbd21ea1dd09220708025'|'JGBs mostly firm after strong demand at 2-year sale'|'TOKYO, June 27 Japanese government bonds mostly firmed on Tuesday, bolstered by strong demand at an auction of two-year notes.The 10-year cash JGB yield fell half a basis point to 0.045 percent, while the September 10-year JGB futures contract finished up 0.13 point at its session high of 150.62.The Ministry of Finance''s sale of 2.2 trillion yen ($19.69 billion) of two-year JGBs with a 0.10 percent coupon produced a lowest price of 100.4050, with some 67.1989 percent of the bids accepted at that price.The sale drew bids of 6.79 times the amount offered, even higher than the previous sale''s robust bid-to-cover ratio of 5.06 times. The tail between the average and lowest accepted prices narrowed to 0.001, compared with that of last month''s offering at 0.006, indicating even stronger demand for the bonds.The two-year JGB yield shed 1.5 basis points to minus 0.120 percent.But the superlong zone was treading water, with the 20-year JGB yield flat at 0.560 percent, while the 30-year JGB yield was unchanged on the day at 0.805 percent. ($1 = 111.7600 yen) (Reporting by Tokyo markets team; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL3N1JO29J'|'2017-06-27T04:23:00.000+03:00'|4458.0|''|-1.0|'' 4459|'0a46f345265b2895be341ce68d98c438410456ef'|'Court gives BHP, Vale until October 30 to settle $47 billion Samarco claim-BHP'|' 8:00am BST Court gives BHP, Vale until October 30 to settle $47 billion Samarco claim - BHP BHP Billiton Chief Executive Andrew Mackenzie is silhouetted against a screen projecting the company''s logo at a round table meeting with journalists in Tokyo, Japan June 5, 2017. REUTERS/Kim Kyung-Hoon SYDNEY BHP Billiton ( BHP.AX ) ( BLT.L ) and Vale ( VALE5.SA ) have won a four-month extension from a Brazilian court to negotiate a settlement to a $47 billion (36 billion) claim stemming from the Samarco mine disaster in 2015, BHP said on Friday. The 50-50 partners in the Samarco iron ore mine were served the 155 billion Brazilian real ($47 billion) claim by Brazilian federal prosecutors in May last year to pay for the social, environmental and economic costs of cleaning up Brazil''s worst environmental disaster on record. "The Court has extended the final date for negotiation of a settlement until 30 October 2017," BHP said in a statement. Nineteen people died and nearby towns were inundated with flood waters after a dam designed to hold back mine waste burst. The settlement date was originally set for June 30. (Reporting by James Regan; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bhp-billiton-samarco-idUKKBN19L0N6'|'2017-06-30T09:58:00.000+03:00'|4459.0|''|-1.0|'' 4460|'7f8b9d5a1083454afc2694b711a6450f84642339'|'Investors elect GM''s board nominees, reject Greenlight slate'|'Deals - Tue Jun 6, 2017 - 4:31pm BST GM investors reject Greenlight share plan, board slate left right General Motors CEO Mary Barra addresses the media ahead of the start of GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 1/5 left right FILE PHOTO -- David Einhorn, president of Greenlight Capital, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid/File Photo 2/5 left right General Motors CEO Mary Barra addresses the media ahead of the start of GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 3/5 left right General Motors world headquarters are seen during GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 4/5 left right General Motors world headquarters are seen before GM CEO Mary Barra addresses the media ahead of the start of GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 5/5 By Nick Carey and Joseph White - DETROIT DETROIT General Motors Co ( GM.N ) shareholders on Tuesday overwhelmingly rejected proposals by hedge fund Greenlight Capital to restructure the company''s stock and reshape its board, backing Chief Executive Mary Barra''s efforts to rev up the company''s stalled share price. Seeing off the challenge from Greenlight manager David Einhorn does not mean the end of Barra''s challenges. GM shares traded on Tuesday at $34.25 a share, about 16 percent lower than when Barra became CEO, despite robust profits and a series of moves to sell or shut down money losing operations. Silicon Valley electric vehicle maker Tesla Inc ( TSLA.O ) this year surpassed GM''s market value, reflecting investor confidence that, despite heavy losses, Tesla Chief Elon Musk has a better strategy as the auto industry shifts to ride services and electric, autonomous vehicles. In comments prior to the shareholder meeting, Barra acknowledged Greenlight''s point on its stock price, saying "we do believe GM stock is undervalued," and said the company "is continually looking at ideas" to increase investor interest. She did not elaborate on any new plans. Preliminary results showed more than 91 percent of shareholders voted against Greenlight''s proposal to have GM offer dividend and capital appreciation shares, according to GM officials at the automaker''s annual shareholders'' meeting. GM''s nominees were elected with between 84 percent and 99 percent of the vote, the company said. Greenlight founder David Einhorn floated his proposal in March, saying it could boost the automaker''s $52-billion market capitalization by as much as $38 billion. Greenlight controls about 3.6 percent of GM shares, and is now the fifth-largest public shareholder, the fund said in regulatory filings. But Einhorn''s pitch to rework GM''s capital structure flopped with debt rating agencies, which said Einhorn''s plan could hurt the automaker''s credit rating, and he failed to rally other shareholders to his cause. Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) , which holds a 3.3-percent stake in GM, remained silent on the proposal. Proxy advisers Institutional Shareholder Services and Glass Lewis had also recommended GM shareholders vote for the automaker''s board nominees and against the dual-class proposal. Einhorn made his proposal as U.S. auto industry sales of new vehicles have begun to wane after a boom cycle that has lasted since 2010. Barra also said despite the Trump administration''s decision to withdraw from the Paris climate deal, the automaker will continue to push to reduce emissions. (Reporting By Nick Carey and Joseph White; Editing by Nick Zieminski) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-gm-greenlight-idUKKBN18X1QP'|'2017-06-06T21:59:00.000+03:00'|4460.0|''|-1.0|'' -4461|'c203f64e3835ec977b3990b92b0500fdd53cf9fb'|'UK supermarket Tesco to cut 1,200 head office jobs'|'Money News 9:22pm IST British supermarket chain Tesco to cut 1,200 head office jobs FILE PHOTO: A woman walks past a Tesco supermarket in central London, December 9, 2014. REUTERS/Toby Melville/File Photo LONDON Tesco, Britain''s biggest supermarket group, will cut 1,200 jobs at its head office to simplify its operations, a spokesman said on Wednesday. Tesco has already cut thousands of jobs under a turnaround led by Chief Executive Dave Lewis, aimed at restoring profit at the group which has a 28 percent share of the grocery market. About a quarter of the roles at Tesco''s head office in Welwyn Garden City, Hertfordshire near London would be abolished in the latest cuts, the spokesman said, with all roles affected. "This is a significant next step to continue the turnaround of the business," he said. "This new service model will simplify the way we organise ourselves, reduce duplication and costs but also, very importantly, allow us to invest in serving shoppers better." In October, the CEO set out plans to reduce operating costs by another 1.5 billion pounds ($1.9 billion) over three years, and increase operating profit margin to between 3.5 percent and 4.0 percent by the 2019-20 financial year. The company announced plans last week to cut 1,100 jobs in Cardiff with the proposed closure of a customer service centre. Shares in Tesco were trading up 1.6 percent at 171 pence at 1535 GMT. ($1 = 0.7735 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/tesco-redundancies-idINKBN19J195'|'2017-06-28T14:00:00.000+03:00'|4461.0|''|-1.0|'' +4461|'c203f64e3835ec977b3990b92b0500fdd53cf9fb'|'UK supermarket Tesco to cut 1,200 head office jobs'|'Money News 9:22pm IST British supermarket chain Tesco to cut 1,200 head office jobs FILE PHOTO: A woman walks past a Tesco supermarket in central London, December 9, 2014. REUTERS/Toby Melville/File Photo LONDON Tesco, Britain''s biggest supermarket group, will cut 1,200 jobs at its head office to simplify its operations, a spokesman said on Wednesday. Tesco has already cut thousands of jobs under a turnaround led by Chief Executive Dave Lewis, aimed at restoring profit at the group which has a 28 percent share of the grocery market. About a quarter of the roles at Tesco''s head office in Welwyn Garden City, Hertfordshire near London would be abolished in the latest cuts, the spokesman said, with all roles affected. "This is a significant next step to continue the turnaround of the business," he said. "This new service model will simplify the way we organise ourselves, reduce duplication and costs but also, very importantly, allow us to invest in serving shoppers better." In October, the CEO set out plans to reduce operating costs by another 1.5 billion pounds ($1.9 billion) over three years, and increase operating profit margin to between 3.5 percent and 4.0 percent by the 2019-20 financial year. The company announced plans last week to cut 1,100 jobs in Cardiff with the proposed closure of a customer service centre. Shares in Tesco were trading up 1.6 percent at 171 pence at 1535 GMT. ($1 = 0.7735 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/tesco-redundancies-idINKBN19J195'|'2017-06-28T14:00:00.000+03:00'|4461.0|10.0|0.0|'' 4462|'c42dcdb2ee160b2046f08e78ebed60de7d2ee1a8'|'UK pension consultants get brief reprieve from competition probe'|'Business News - Wed Jun 28, 2017 - 12:56pm BST UK pension consultants get brief reprieve from competition probe By Carolyn Cohn , Huw Jones and Simon Jessop - LONDON LONDON British pensions consultants got a brief stay of execution from a competition review on Wednesday but are still likely to face a probe later this year after the country''s financial watchdog rejected their defence. The Financial Conduct Authority proposed sweeping changes to the asset management sector in order to improve transparency and value for money for customers, including around fee disclosures and fund governance. In a toughly worded interim update in November, the FCA had raised the prospect of referring the consultants, which advise on 3 trillion pounds of investments for pension schemes and others, to the Competitions and Markets Authority, citing concerns around conflicts of interest and opaque fees. That prompted the three leading consultants, Aon ( AON.N ), Mercer ( MMC.N ) and Willis Towers Watson ( WLTW.O ), which together make up 60 percent of the market, to band together and issue a series of private pledges to the regulator to prevent a review. In its Wednesday statement, the FCA said it was inclined to reject those so-called ''undertakings in lieu'' because the proposals did not come from the whole market, and instead said it would consult further and make a decision in September. It also said it would recommend that the UK finance ministry consider allowing the watchdog to regulate the sector. Mary Starks, the FCA''s director of competition, said the "thoughtful and serious" offer of undertakings made by "big three" investment consultants cover about 60 percent of the market. "Our thinking is if we were to accept that, it would only give us partial market coverage," Starks told reporters. "We don''t think the offer does away with the need for in-depth investigation of that market." The head of the FCA, Andrew Bailey, said the move by some consultants into fiduciary management - running money like an asset manager - alongside their traditional advisory business, created potential conflicts of interest between the two. "It''s that sort of area we would recommend looking at," Bailey said. Tamasin Little, partner at law firm Reed Smith, said the attempt by the major investment consultants to head off a competition investigation by offering voluntary undertakings "appears to have failed". The consultants, which have not made their proposals public before, repeated in statements on Wednesday their belief the proposals should answer any regulatory concerns. "The combination of a mandatory tendering regime, performance and fee standards, and conflicts of interest protocols act as a powerful spur to competition," Mercer said. Willis Towers Watson, meanwhile, said the pledges provided "a solid foundation on which to build any future work on the investment consulting industry", while Aon said it was confident the proposals reflected best practice. The three firms also said they supported the plan to bring them under the regulatory remit of the FCA. Smaller consultants, however, remained eager for a shake-up of the sector. "Competition within the investment consultancy market is worth looking at, and (we) would encourage the FCA to make a recommendation to the CMA," Danny Vassiliades, head of investment consulting at Punter Southall, said in an emailed statement. "There is a clear requirement for remedies to increase competition." (Editing by Pritha Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-funds-regulations-consultants-idUKKBN19J1FO'|'2017-06-28T14:56:00.000+03:00'|4462.0|''|-1.0|'' 4463|'ff0cf4fd27fd2915e90db12a935f94e29b967831'|'FTSE 100 seen stumbling along as Brexit looms - Reuters poll'|'Business News 10:39am BST FTSE 100 seen stumbling along as Brexit looms - Reuters poll A worker shelters from the rain as he passes the London Stock Exchange in the City of London at lunchtime October 1, 2008. REUTERS/Toby Melville/File Photo By Kit Rees and Helen Reid - LONDON LONDON Britain''s FTSE 100 share index .FTSE will hold onto slim gains this year though it remains hostage to swings in sterling as the country embarks on complex negotiations on the terms of its exit from the European Union, a Reuters poll showed. Since last June''s shock vote in which Britons voted to leave the EU, the FTSE has weathered growing political uncertainty in the Britain on the back of a weak sterling which helps profits of international blue-chips that dominate the index. The index hit an intra-day record high of 7,598 earlier this month before a cloudy policy outlook after an inconclusive general election along with a slide in oil prices and a firmer pound dented the appetite for British shares among foreign investors. "No-one knows where the Brexit talks and events in Westminster will lead in the short term, which may not help sentiment, while more fundamentally the mix of FTSE 100 earnings growth still does not really appeal," said Russ Mould, an investment director at AJ Bell. "Oil and metals prices are hardly buoyant and the banks and insurers are hardly any easier to forecast, especially as the UK economy is not doing a particularly great job of accelerating beyond stall speed," Mould added. Reflecting the uncertainty, the range of year-end forecasts in the poll of 24 market watchers was wider than in a March poll - which had predicted the index would be at 7,425 now - and ranged from 6,500 to 8,050. The median was for 7,550, a 2 percent rise from here. On Wednesday, the index closed at 7,387.80 and is expected to set new records next year, reaching 7,650 by end-June 2018 and 7,950 by the time 2018 is over. The FTSE, while expected to steadily rise, is set to underperform most peers in the euro zone where the mood is upbeat and political risks are seen to have largely evaporated following Emmanuel Macron''s convincing victory in the French presidential and parliamentary elections. [EPOLL/FRDE] In Britain, however, after over two weeks of talks and turmoil sparked by Prime Minister Theresa May''s failure to win a majority in a June 8 snap election, a deal was struck this week with Northern Ireland''s largest Protestant party to prop up a minority Tory government. While the UK economy has proved more resilient than expected since last June''s Brexit referendum, signs of a slowdown, particularly on consumer spending, are starting to appear. Overall, the Reuters poll of analysts and investors conducted over the past week suggests the FTSE 100 would end the year with gains of just under 6 percent. (For other stories from the Reuters global stock markets poll:) (Polling by Kit Rees and Helen Reid in London; additional polling by Indradip Ghosh, Sujith Pai and Vivek Mishra in Bengaluru; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-poll-idUKKBN19K12M'|'2017-06-29T12:39:00.000+03:00'|4463.0|''|-1.0|'' 4464|'8724cbc84cdf76ef044d2ab661d77c1946024930'|'Bayer to cut profit view on Brazil, consumer health setbacks'|'Business News 9:52am BST Bayer to cut profit view on Brazil, consumer health setbacks The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal February 24, 2014. REUTERS/Ina Fassbender/File Photo By Ludwig Burger - FRANKFURT FRANKFURT Bayer ( BAYGn.DE ) said on Friday it would cut its full-year earnings forecast due to high inventories at crop protection distributors in Brazil and a weaker-than-expected consumer health business. "At the end of the harvest season in Brazil, regular stock-taking revealed an unexpectedly high channel inventory level of crop protection products," the company said in an unscheduled statement. This would result in a one-time hit of 300-400 million euros (263-351 million) on full-year earnings before interest, taxes, depreciation and amortisation (EBITDA). Bayer, in the midst of seeking regulatory approval for its $66 billion takeover of U.S. seeds group Monsanto ( MON.N ), said it would adjust its business outlook when it publishes second quarter results, due on July 27, without providing details. The shares were down 4.3 percent to 113 euros at 0758 GMT. The company also cited unfavourable currency developments but added its pharmaceuticals division and chemicals business Covestro ( 1COV.DE ) were still performing strongly, while business at its animal health unit was line with expectations. Bayer has been trying to overcome a weaker than expected performance of key consumer care brands Coppertone sun screen and Dr. Scholl''s foot care products, acquired from Merck & Co ( MRK.N ). When asked about Bayer''s plan to file for regulatory approval in Europe for the Monsanto deal this quarter, a spokesman said that remarks by Bayer CEO Werner Baumann last week, reaffirming that goal, were still valid. (Reporting by Ludwig Burger; Editing by Harro ten Wolde and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bayer-outlook-idUKKBN19L0YI'|'2017-06-30T11:52:00.000+03:00'|4464.0|''|-1.0|'' @@ -4483,12 +4483,12 @@ 4481|'ef54c9de5cb61644ca05c186b4d31dc58d542d4b'|'A trendy Asian lifestyle chain opens in North Korea'|'WHEN Miniso said in January that its stores would bring the happiness of stress-free shopping to the Koreans, you would be forgiven for thinking they were referring to emporium-loving Seoulites. In fact, the home-goods store, co-founded by a Chinese entrepreneur and a Japanese designer, was announcing that it would be taking its capitalist trinkets into (ostensibly socialist) North Korea. In a joint-venture deal with one of the countrys state-owned enterprises, it agreed to establish the first foreign-branded chain store in Pyongyang, the destitute countrys showcase capital.The first Miniso store opened there in April, eight months after its first shop in South Korea began operating, and just before it launched in America. Its arrival is remarkable in a place where displays of branding are rare (the exception is a handful of billboards advertising a local car firm, Pyeonghwa Motors).Latest updates Why falling oil isn''t hurting markets Buttonwoods notebook 13 minutes ago Retail sales, producer prices, wages and exchange rates 6 hours ago Foreign reserves 6 hours ago How the euro zone deals with failing banks The Economist explains 11 hours ago The Supreme Court says offensive trademarks are protected speech Democracy in America 20 hours ago The hope for Democrats after special-election losses Graphic detail 21 hours ago See all updates Minisos coup in the secretive kingdom is part of a global advance. Since it opened its first store in Guangzhou in China in 2013, it has signed deals to expand into more than 50 countries, from Mexico to Mongolia; it has more than 1,800 outlets in total. Revenue amounted to 10bn yuan ($1.5bn) in 2016, almost double that of the previous year.Ye Guofu, the Chinese entrepreneur who co-founded Miniso with Junya Miyake, who runs its design team in Tokyo, sends out some 200 buyers around the world in search of ideas. New household goods hit its shelves every week, from nail polishes to bath mats and frying pans. Its few pricey products cost no more than about $40. Its young fans see it as a cross between three popular Japanese retailers: Daiso, a 100 chain, where everything costs less than 90 cents; Uniqlo, a clothing company with minimalist design; and Muji, a lifestyle chain with a massive product range. Others gripe that it is misleadingly plugging its Japaneseness (it says it was founded in Tokyo, though it has only four shops there and over 1,000 in China) to appeal to Asian consumers keen on kawaii , or Japans brand of cuteness.Anecdotal evidence from Pyongyang suggests that the citys coterie of privileged North Koreans is already enthusiastic. On a recent visit a foreign resident saw mainly toys, cosmetics and home-decor baubles being bought for between $2 and $10. Price tags at Miniso are in North Korean won but customers must pay in dollars, euros or Chinese yuanan embarrassment to the regime, which knows its won are worthless. The store is in a lotus-flower-shaped building on Ryomyong Street, a cluster of high-rise apartments and shops (pictured) opened in April to fanfare by Kim Jong Un, the Norths leader, who took power on the death of his father in 2011.The young Mr Kim has promised his oppressed people more leisure and consumption: shopping centres, renovated funfairs and a water park have in recent years been unveiled in the capital. That helps to explain the entry of Miniso, which says it wants not only to enrich peoples choices in North Korea, but also improve peoples living standard. Lim Eul-chul of Kyungnam University in South Korea expects Miniso will soon be stocked with locally produced goods too. Yet this is not a market for the faint-hearted. Egypts Orascom Telecom entered into a joint venture with the state in 2008 to set up North Koreas first 3G cellular network. It has yet to repatriate any profits, and in 2015 it said that the North Korean state had established a second carrier to compete with its own network. "Minisocialist"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723871-miniso-hopes-appeal-monied-young-consumers-pyongyang-trendy-asian-lifestyle-chain?fsrc=rss%7Cbus'|'2017-06-22T21:43:00.000+03:00'|4481.0|''|-1.0|'' 4482|'102b5c88250f4ed021c3d7bd3066b64ccdb08c29'|'Global coordination important as world economy changes - China vice fin min'|' 01am BST Global coordination important as world economy changes - China vice fin min China''s Vice Finance Minister Zhu Guangyao in Shanghai, China, February 25, 2016. REUTERS/Aly Song BEIJING Global coordination is important as the world economy undergoes changes, including the latest U.S. interest rate hike, China''s Vice Finance Minister Zhu Guangyao said on Thursday. As the global economy stabilises, countries need to normalise their monetary policy, although that normalisation is happening at a very slow pace, Zhu told reporters in Beijing. G20 leaders will gather in Hamburg next month. (Reporting by Sue-Lin Wong; Writing by Ryan Woo; Editing by Michael Perry)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-g-idUKKBN19K09O'|'2017-06-29T06:01:00.000+03:00'|4482.0|''|-1.0|'' 4483|'d8e3481aef74e752f82eedfecdafa4966c984618'|'New York City pushes for new method to build big public projects'|'NEW YORK, June 20 The notion that governments can build big public projects on time and on budget may be a long-running joke for some skeptics, but New York City is not laughing.The largest U.S. city is not allowed to use a project delivery method called "design-build" that other cities around the country - and New York state - have increasingly adopted to save time and money on major infrastructure projects.But city officials and industry firms are making a final push for the power to use this method before the state''s legislative session ends on Wednesday.Due to New York''s existing statutes, the city must continue using the traditional design-bid-build method, which employs a different party for each stage instead of the more streamlined single entity that collaborates on all aspects of a project from the start under design-build.A bill before lawmakers would allow three New York City agencies, including its Department of Transportation, to deploy design-build for eight specific projects, with provisions for using organized labor."We will use it to save the taxpayers money, to speed up projects, and to bring innovation," said New York City DOT Commissioner Polly Trottenberg in an interview. "We will use it for good purposes just as the state has done and just as almost every city and state across the country is doing."Trottenberg wants to use design-build for the biggest, most complicated project on her department''s roster: a $1.9 billion renovation of a "triple cantilever" section of an old, heavily used expressway, where three tiers of traffic are stacked atop each other as they curve through the borough of Brooklyn over 21 individual bridges.Just a few miles away from the cantilever, on a separate section of the same highway, the state successfully used design-build to construct the first span of a new $555 million Kosciuszko Bridge, which opened on time and on budget in April.Firms that build and finance major New York projects -- including Skanska AB, AECOM, HNTB, Citigroup Inc., RBC Capital Markets and Delta Air Lines Inc. -- sent a letter on Monday to state lawmakers urging them to pass the bill without delay.Lisa Washington, executive director of the Design-Build Institute of America, said New York City is "behind everybody else. It seems unfortunate that everything around these core infrastructure projects is reaping the benefits (of design-build) and New York City ... has been unable to."(Reporting by Hilary Russ; Editing by Daniel Bases and Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/new-york-infrastructure-idUSL1N1JG1SC'|'2017-06-21T05:49:00.000+03:00'|4483.0|''|-1.0|'' -4484|'bcd5ff6fea5d438993c6940d7a9291e395a3a4df'|'DFS Furniture warns on profit, blames dip in demand'|'Business News 7:24am BST DFS Furniture warns on profit, blames dip in demand LONDON British upholstered furniture retailer DFS Furniture warned on Thursday that it would not meet profit expectations for the current year, blaming a weakening trading environment. The firm said it now expected to make core earnings of 82-87 million pounds. DFS said the trading environment had recently weakened beyond its expectation, with significant declines in store footfall leading to a material reduction in customer orders. "We believe these demand effects are market-wide, in line with industry indicators, and are linked to customer uncertainty regarding the general election and the uncertain macroeconomic environment," it said. (Reporting by James Davey, Editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dfs-furn-outlook-idUKKBN1960HH'|'2017-06-15T14:24:00.000+03:00'|4484.0|''|-1.0|'' -4485|'b5ca24e76f1f55582d1c02785ab6525e29b0c637'|'Macron Confronts the Mother of All Reforms'|'Macron Confronts the Mother of All Reforms Frances president launches a campaign to free up the labor market. By Philippe Martinez, general secretary of the General Confederation of Labour union, shakes hands with Emmanuel Macron at the Elysee palace in Paris. Photographer: STEPHANE DE SAKUTIN/AFP Just past day 50 since he was elected president, Emmanuel Macron is about to take on a problem that has frustrated his predecessors: freeing up France''s labor market. Macron, whose cabinet Wednesday approved a broad outline of changes to the labor code, wants the authority to negotiate the details over the summer with unions and business groups. The government would then introduce the new framework in September by decree, short-circuiting the legislative process. After sweeping aside the establishment to claim the presidency and then cementing his dominance with a resounding majority in this months parliamentary elections, Macron intends to show Frances often frustrated European partners that he can deliver. With his political capital at a high and the economy coming off the strongest six-month period of growth since 2010, he might never get a better chance. The labor-market reform is the mother of all reforms, both from an economic and social point of view, Finance Minister Bruno Le Maire said in an interview with Le Figaro June 24. While the context is favorable, we must not waste a minute. Macron at the Elysee Palace on June 26, 2017. Photographer: Alain Jocard/AFP Loosening Frances labor code was a central campaign issue for Macron and he began negotiations with unions and business leaders as soon as he claimed the presidency May 7. The most hard-line elements within the union movement are preparing for battle. I call on the president to be humble and prudent, and not to think that just because he was elected and has a big majority, he can do what he wants, Philippe Martinez, head of the CGT, Frances second-largest union, said in a June 25 interview in Humanite. The unions, including the CGT, are one obstacle he cant get around. General Strike The CGT has called for a general strike Sept. 12. Frances largest union, the CFDT, said it will wait to see the decrees in September before deciding what steps to take. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up The talks focus on three main areas: shifting some elements of labor contracts, such as working hours, from the industry level to individual companies; merging Frances myriad workers councils in companies, and setting upper and lower limits on severance pay to provide more visibility and security for employees and employers. Medef, a business lobby, is pushing for companies to have the right to agree terms with their employees, rather than being governed by industry-wide deals. The mostly symbolic 35-hour work week isnt a priority, according to Labor Minister Muriel Penicaud. I think we have found ways to adapt,'''' she said on RTL radio. Its not a major issue that requires immediate attention. France needs change, it needs reforms, Pierre Moscovici, the European Union commissioner for economic affairs, said May 21 on France Inter radio. It needs to be made more dynamic and thats what we expect from the president. Moscovici himself failed to make much progress on the labor market when he served as finance minister between 2012 and 2014 in the Socialist administration of Francois Hollande. In fact, Frances last three governments all tried to liberalize labor law, and all three watered down their plans in the face of union opposition. Past Efforts In 2003 and 2005 Jacques Chirac managed to loosen the 35-hour cap on the working week, making it easier and cheaper for companies to add extra hours. In 2008, Nicolas Sarkozy made it simpler for individual workers to negotiate their own departure. And Hollandes reforms of 2013 and 2016 made it easier to justify layoffs due to a downturn in business. Macron, as economy minister under Hollande, had worked on earlier versions of the 2016 law that went much further in easing restrictions on firing and negotiating own labor accords. After the bill was watered, Macron quit the government to set up his own political movement. When I speak to foreign clients, the first question usually they have is whether France will reform its labor code, said Philippe Waechter, director of economic research at Natixis Asset Management. Sometimes we never get on to other subjects. Frances image is really at stake in these talks. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-28/macron-confronts-the-mother-of-all-reforms'|'2017-06-28T21:45:00.000+03:00'|4485.0|''|-1.0|'' +4484|'bcd5ff6fea5d438993c6940d7a9291e395a3a4df'|'DFS Furniture warns on profit, blames dip in demand'|'Business News 7:24am BST DFS Furniture warns on profit, blames dip in demand LONDON British upholstered furniture retailer DFS Furniture warned on Thursday that it would not meet profit expectations for the current year, blaming a weakening trading environment. The firm said it now expected to make core earnings of 82-87 million pounds. DFS said the trading environment had recently weakened beyond its expectation, with significant declines in store footfall leading to a material reduction in customer orders. "We believe these demand effects are market-wide, in line with industry indicators, and are linked to customer uncertainty regarding the general election and the uncertain macroeconomic environment," it said. (Reporting by James Davey, Editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dfs-furn-outlook-idUKKBN1960HH'|'2017-06-15T14:24:00.000+03:00'|4484.0|10.0|0.0|'' +4485|'b5ca24e76f1f55582d1c02785ab6525e29b0c637'|'Macron Confronts the Mother of All Reforms'|'Macron Confronts the Mother of All Reforms Frances president launches a campaign to free up the labor market. By Philippe Martinez, general secretary of the General Confederation of Labour union, shakes hands with Emmanuel Macron at the Elysee palace in Paris. Photographer: STEPHANE DE SAKUTIN/AFP Just past day 50 since he was elected president, Emmanuel Macron is about to take on a problem that has frustrated his predecessors: freeing up France''s labor market. Macron, whose cabinet Wednesday approved a broad outline of changes to the labor code, wants the authority to negotiate the details over the summer with unions and business groups. The government would then introduce the new framework in September by decree, short-circuiting the legislative process. After sweeping aside the establishment to claim the presidency and then cementing his dominance with a resounding majority in this months parliamentary elections, Macron intends to show Frances often frustrated European partners that he can deliver. With his political capital at a high and the economy coming off the strongest six-month period of growth since 2010, he might never get a better chance. The labor-market reform is the mother of all reforms, both from an economic and social point of view, Finance Minister Bruno Le Maire said in an interview with Le Figaro June 24. While the context is favorable, we must not waste a minute. Macron at the Elysee Palace on June 26, 2017. Photographer: Alain Jocard/AFP Loosening Frances labor code was a central campaign issue for Macron and he began negotiations with unions and business leaders as soon as he claimed the presidency May 7. The most hard-line elements within the union movement are preparing for battle. I call on the president to be humble and prudent, and not to think that just because he was elected and has a big majority, he can do what he wants, Philippe Martinez, head of the CGT, Frances second-largest union, said in a June 25 interview in Humanite. The unions, including the CGT, are one obstacle he cant get around. General Strike The CGT has called for a general strike Sept. 12. Frances largest union, the CFDT, said it will wait to see the decrees in September before deciding what steps to take. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up The talks focus on three main areas: shifting some elements of labor contracts, such as working hours, from the industry level to individual companies; merging Frances myriad workers councils in companies, and setting upper and lower limits on severance pay to provide more visibility and security for employees and employers. Medef, a business lobby, is pushing for companies to have the right to agree terms with their employees, rather than being governed by industry-wide deals. The mostly symbolic 35-hour work week isnt a priority, according to Labor Minister Muriel Penicaud. I think we have found ways to adapt,'''' she said on RTL radio. Its not a major issue that requires immediate attention. France needs change, it needs reforms, Pierre Moscovici, the European Union commissioner for economic affairs, said May 21 on France Inter radio. It needs to be made more dynamic and thats what we expect from the president. Moscovici himself failed to make much progress on the labor market when he served as finance minister between 2012 and 2014 in the Socialist administration of Francois Hollande. In fact, Frances last three governments all tried to liberalize labor law, and all three watered down their plans in the face of union opposition. Past Efforts In 2003 and 2005 Jacques Chirac managed to loosen the 35-hour cap on the working week, making it easier and cheaper for companies to add extra hours. In 2008, Nicolas Sarkozy made it simpler for individual workers to negotiate their own departure. And Hollandes reforms of 2013 and 2016 made it easier to justify layoffs due to a downturn in business. Macron, as economy minister under Hollande, had worked on earlier versions of the 2016 law that went much further in easing restrictions on firing and negotiating own labor accords. After the bill was watered, Macron quit the government to set up his own political movement. When I speak to foreign clients, the first question usually they have is whether France will reform its labor code, said Philippe Waechter, director of economic research at Natixis Asset Management. Sometimes we never get on to other subjects. Frances image is really at stake in these talks. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-28/macron-confronts-the-mother-of-all-reforms'|'2017-06-28T21:45:00.000+03:00'|4485.0|12.0|0.0|'' 4486|'77f8ccf4038fae74e2e41408aefb7bb53171c77d'|'Sinopac''s U.S. unit sale may collapse if it doesn''t provide more details: source'|'By Faith Hung - TAIPEI TAIPEI Taiwan''s financial watchdog will not approve Sinopac Financial Holdings'' ( 2890.TW ) $340 million sale of its U.S. unit to Cathay General Bancorp ( CATY.O ) unless Sinopac submits the necessary paperwork, a source with the regulator said.Some board members at Taiwan''s Sinopac are hesitant to sign off on the deal, feeling "seller''s remorse" as the price tag now looks too low, three separate sources with direct knowledge of the matter said.It has been a year since the deal was announced and the foot dragging comes ahead of a June 20 deadline imposed by the U.S. Federal Reserve, which approved the deal in March, although Cathay General, a Los Angeles-based bank, can request an extension.A collapse of the deal could also taint the reputation of Sinopac and Taiwanese banks in the U.S. market, coming in the wake of $180 million in U.S. fines for Taiwan''s Mega Financial Holding ( 2886.TW ) for violations of rules including lax attention to risk exposure in Panama."We have asked Sinopac to provide additional paperwork. If they don''t do that, they automatically forfeit the deal," said an official at Taiwan''s Financial Supervisory Commission.Sinopac needs to explain the full terms of the agreement in a satisfactory way, said the official, declining to elaborate.The official and other sources declined to be identified as they were not authorised to speak to the media on matter.A spokesman for Sinopac said the company would submit the additional paperwork "soon" and hopes that the deal will close.The FSC suspended a review of the acquisition application, according to a Sinopac statement earlier this month, which did not provide further details.Cathay General did not reply to requests for comment via email.Nasdaq-listed Cathay General has complained to Sinopac for not trying hard enough to get clearance from Taiwan regulators, said the three sources with direct knowledge of the matter.One of the sources said that the price had looked good to Sinopac last year amid uncertainties about Britain''s decision to leave the European Union and the U.S. presidential election."But now things have changed. The U.S. and global economies are showing strong momentum," the source said.(Reporting by Faith Hung; Editing by Jacqueline Wong and Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sinopac-cathaygeneral-idINKBN1970EP'|'2017-06-16T03:04:00.000+03:00'|4486.0|''|-1.0|'' -4487|'a5c1c2f20bc8039e876f415980d114218a9397ac'|'Amtrak names former Delta executive as next CEO'|'WASHINGTON Amtrak on Monday named a former Delta Air Lines ( DAL.N ) chief executive as its next president and CEO as the U.S. passenger rail carrier makes major repairs at its busiest U.S. hub.Richard Anderson, who spearheaded Delta''s growth into the world''s largest airline by market value when he retired in May 2016, will assume the title of president and co-CEO on July 12 and take over the CEO role exclusively on Jan. 1.Wick Moorman, who became CEO in September and recruited Anderson, will remain on the job through the end of the year and then become an advisor to the company, Amtrak said in a statement.The leadership change comes as Amtrak''s repair program at Penn Station in New York City is expected to cause major service disruptions this summer for commuters across the metropolitan region.A rift is growing between Amtrak, which owns Penn Station, and the two states that use most of the hub''s track space, New York and New Jersey.The repairs, scheduled to take years, were expedited after recent derailments and other problems from decaying infrastructure left hundreds of thousands of commuters delayed throughout the greater New York City area.The Trump administration in May proposed ending $630 million in subsidies for Amtrak to operate long-distance train service, out of $1.4 billion in annual government support for passenger rail service.Anderson, one of the most outspoken U.S. airline industry leaders, assumed Delta''s top job in 2007 and led the company through a merger with Northwest Airlines in 2008.During his tenure, Delta outpaced its peers in on-time performance, grew rapidly in top business markets such as New York and acquired stakes in airlines in the United Kingdom, China, Mexico and Brazil.Moorman retired in 2015 as chairman, CEO and president of Norfolk Southern Corp ( NSC.N ) before taking the helm at Amtrak.(Reporting by David Shepardson; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-amtrak-idINKBN19H286'|'2017-06-26T16:01:00.000+03:00'|4487.0|''|-1.0|'' +4487|'a5c1c2f20bc8039e876f415980d114218a9397ac'|'Amtrak names former Delta executive as next CEO'|'WASHINGTON Amtrak on Monday named a former Delta Air Lines ( DAL.N ) chief executive as its next president and CEO as the U.S. passenger rail carrier makes major repairs at its busiest U.S. hub.Richard Anderson, who spearheaded Delta''s growth into the world''s largest airline by market value when he retired in May 2016, will assume the title of president and co-CEO on July 12 and take over the CEO role exclusively on Jan. 1.Wick Moorman, who became CEO in September and recruited Anderson, will remain on the job through the end of the year and then become an advisor to the company, Amtrak said in a statement.The leadership change comes as Amtrak''s repair program at Penn Station in New York City is expected to cause major service disruptions this summer for commuters across the metropolitan region.A rift is growing between Amtrak, which owns Penn Station, and the two states that use most of the hub''s track space, New York and New Jersey.The repairs, scheduled to take years, were expedited after recent derailments and other problems from decaying infrastructure left hundreds of thousands of commuters delayed throughout the greater New York City area.The Trump administration in May proposed ending $630 million in subsidies for Amtrak to operate long-distance train service, out of $1.4 billion in annual government support for passenger rail service.Anderson, one of the most outspoken U.S. airline industry leaders, assumed Delta''s top job in 2007 and led the company through a merger with Northwest Airlines in 2008.During his tenure, Delta outpaced its peers in on-time performance, grew rapidly in top business markets such as New York and acquired stakes in airlines in the United Kingdom, China, Mexico and Brazil.Moorman retired in 2015 as chairman, CEO and president of Norfolk Southern Corp ( NSC.N ) before taking the helm at Amtrak.(Reporting by David Shepardson; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-amtrak-idINKBN19H286'|'2017-06-26T16:01:00.000+03:00'|4487.0|10.0|0.0|'' 4488|'180466c15f65d8b2275616b1a860ded746f58509'|'Russia''s Polyus sets price range for share offer in London, Moscow'|'Business 17am BST Russia''s Polyus sets price range for share offer in London, Moscow FILE PHOTO: A melter casts an ingot of 92.96 percent pure gold at a procession plant of the Olimpiada gold operation, owned by Polyus Gold International company, in Krasnoyarsk region, Eastern Siberia, Russia, June 30, 2015. REUTERS/Ilya Naymushin/File Photo MOSCOW Russia''s top gold producer Polyus said on Thursday it had set a price range for the offering of between 7 and 9 percent of its shares, including new shares, in London and Moscow. Polyus expects to raise $400 million (313.7 million pounds) from the sale of new shares. Further proceeds from existing equity will go to its controlling shareholder, the family of Russian tycoon Suleiman Kerimov. The price range was set at $33.25-$35.30 per global depositary share in London, corresponding to a price of $66.50-$70.60 per ordinary share in Moscow. The latter will be paid in roubles, it said in a statement. This price range will result in a market capitalisation of between $8.5 billion and $9.0 billion on a pre-money, fully diluted basis, including treasury shares, Polyus added. Polyus shares were down 2 percent in Moscow at 4,367 roubles ($75.9) compared with a 1.6 percent fall in the broader MICEX index. Russian stocks fell to their lowest since November on Thursday on new U.S. sanctions. The pricing for the Polyus offering is expected on June 30, the Moscow Exchange said earlier on Thursday. Goldman Sachs International, JPMorgan, Sberbank CIB and VTB Capital are acting as joint global coordinators and joint bookrunners, while BMO Capital Markets, Gazprombank and Morgan Stanley are joint bookrunners. (Reporting by Polina Devitt and Diana Asonova; Editing by Dale Hudson and Katya Golubkova)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-polyus-spo-idUKKBN1960QY'|'2017-06-15T16:17:00.000+03:00'|4488.0|''|-1.0|'' -4489|'0a835b0d446e16453c8bcf885b7fd72034428f98'|'Tesla close to agreement on first production plant in China-Bbg'|'Market News - Mon Jun 19, 2017 - 6:23pm EDT Tesla close to agreement on first production plant in China-Bbg June 19 Tesla Inc is close to an agreement to produce its electric cars in China for the first time and gain better access to the world''s largest auto market, Bloomberg reported, citing people familiar with the matter. An agreement with the city of Shanghai would allow Tesla to build its facilities in Lingang development zone and could come as soon as this week, the report said. ( bloom.bg/2rOQwcG ) The electric carmaker, whose revenue from China tripled to more than $1 billion last year, would need to set up a joint venture with at least one local partner under existing rules, Bloomberg reported. Tesla was not immediately available for comment. In March, Tencent Holdings Ltd, China''s biggest internet company, bought a 5 percent stake in Tesla for $1.8 billion. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Arun Koyyur) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tesla-china-idUSL3N1JG58N'|'2017-06-20T06:23:00.000+03:00'|4489.0|''|-1.0|'' +4489|'0a835b0d446e16453c8bcf885b7fd72034428f98'|'Tesla close to agreement on first production plant in China-Bbg'|'Market News - Mon Jun 19, 2017 - 6:23pm EDT Tesla close to agreement on first production plant in China-Bbg June 19 Tesla Inc is close to an agreement to produce its electric cars in China for the first time and gain better access to the world''s largest auto market, Bloomberg reported, citing people familiar with the matter. An agreement with the city of Shanghai would allow Tesla to build its facilities in Lingang development zone and could come as soon as this week, the report said. ( bloom.bg/2rOQwcG ) The electric carmaker, whose revenue from China tripled to more than $1 billion last year, would need to set up a joint venture with at least one local partner under existing rules, Bloomberg reported. Tesla was not immediately available for comment. In March, Tencent Holdings Ltd, China''s biggest internet company, bought a 5 percent stake in Tesla for $1.8 billion. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Arun Koyyur) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tesla-china-idUSL3N1JG58N'|'2017-06-20T06:23:00.000+03:00'|4489.0|10.0|0.0|'' 4490|'cfe27007ec48ac51bfbd21b6fa65dbcdab9deb59'|'MIDEAST STOCKS-Qatar rebounds but oil price plunge drags down Saudi'|'Market News 12am EDT MIDEAST STOCKS-Qatar rebounds but oil price plunge drags down Saudi * Qatar recovers almost a third of losses due to diplomatic crisis * Valuations relatively low, some hope for mediation efforts * Saudi''s Atheeb rises after obtaining new frequencies * Dubai''s Emaar Properties halts surge on unit''s IPO plan * Drake & Scull continues rebound in heavy trade By Andrew Torchia DUBAI, June 8 Qatar''s stock market rebounded on Thursday from a steep slide caused by its diplomatic rift with neighbouring states, while a plunge in oil prices weighed on Saudi Arabia''s bourse. The Qatari stock index, which had lost 9.7 percent over three days since Saudi Arabia and the United Arab Emirates cut diplomatic and trade relations, bounced 3.0 percent. The mood in Doha remained nervous; Standard & Poor''s downgraded Qatar''s credit rating on Wednesday night, and the economic damage to Qatar from the rift could become serious if foreign banks pull out funds. Nevertheless, fund managers noted that many Qatari blue chips had fallen to relatively attractive valuations. Investors are also hoping that mediation efforts over the weekend will help bring a resolution for the dispute. Some of the stocks most heavily beaten down early this week on fears that Qatar''s foreign trade would suffer rebounded most strongly, with Gulf Warehousing shooting up 9.1 percent. Qatari Investors Group jumped 10 percent after saying it had won two lawsuits filed against it by Sanad Al Doha Real Estate Investment Co and Ezdan Holding. The suits had sought to oust the group''s board of directors, it said. Saudi Arabia''s index fell back 1.2 percent after the Brent oil price tumbled 4 percent overnight. Among major losers, travel firm Al Tayyar sank 3.9 percent. Atheeb Telecommunications rose 3.9 percent after saying it had obtained new frequencies for its operations at a cost of 2.07 billion riyals ($552 million). Dubai''s index fell 0.2 percent as Emaar Properties , which had surged 8.6 percent on Wednesday after saying it planned an initial public offering of up to 30 percent of its United Arab Emirates real estate development business, slipped back 0.3 percent. Ubhar Capital estimated Emaar shareholders would receive a dividend of 0.92 dirham per share as a result of the IPO, assuming the full IPO proceeds were paid out. That compares with a 2016 dividend from Emaar Properties of 0.15 dirham. Builder Drake & Scull, which has been rebounding for a couple of weeks from a 15-month low, climbed 4.3 percent in its heaviest trade since mid-February. In Abu Dhabi, the index rose 0.5 percent as Dana Gas continue to outperform, adding 3.9 percent. It leaped 10.9 percent on Wednesday after saying it had received $40 million from the Egyptian government towards its outstanding receivables. HIGHLIGHTS * The index fell 1.2 percent to 6,865 points. DUBAI * The index fell 0.2 percent to 3,400 points. ABU DHABI * The index rose 0.5 percent to 4,477 points. QATAR * The index rebounded 3.0 percent to 9,238 points. EGYPT * The index rose 0.4 percent to 13,684 points. KUWAIT * The index dropped 0.5 percent to 6,783 points. BAHRAIN * The index climbed 0.2 percent to 1,323 points. OMAN'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1J51CK'|'2017-06-08T23:12:00.000+03:00'|4490.0|''|-1.0|'' 4491|'23a4ce8cbbe1f9deaf31ec634e5378faea76f938'|'Divided Puerto Ricans head to polls to vote on U.S. statehood'|'By Tracy Rucinski - SAN JUAN, June 11 SAN JUAN, June 11 Puerto Ricans head to the polls on Sunday to decide whether they want their struggling U.S. territory to become the 51st U.S. state, although a vote in favor would likely face an uphill battle in Congress and with President Donald Trump.The vote comes at a time of economic hardship for the island, hamstrung by $70 billion in debt, a 45-percent poverty rate, woefully underperforming schools, and near-insolvent pension and health systems.Puerto Rico''s hazy political status, dating back to its 1898 acquisition by the United States from Spain, has contributed to the economic crisis that pushed it last month into the biggest municipal bankruptcy in U.S. history."Statehood hasn''t come in the past 120 years. Why would Donald Trump want to make this bankrupt island a state now? It will be another 120 years before that happens," said Miriam Gonzalez, a 66-year-old retiree in San Juan.Heading into the plebiscite, Puerto Ricans mingling on the quaint and narrow streets of old San Juan were divided over the three options they will face on Sunday''s ballot: becoming a U.S. state; remaining a territory; or becoming an independent nation, with or without some continuing political association with the United States.Under the current system, Puerto Rico''s 3.5 million American citizens do not pay federal taxes, vote for U.S. presidents or receive proportionate federal funding on programs like Medicaid, though the U.S. government oversees policy and financial areas such as infrastructure, defense and trade.Puerto Rico''s recently elected governor Ricardo Rossello campaigned last year on holding a referendum.Rossello''s New Progressive Party (PNP) party, which controls Puerto Rico''s government, is premised on a pro-statehood stance, while the opposition Popular Democratic Party (PPD) supports versions of the current territory status and a third party, the Puerto Rican Independence Party (PIP), supports independence.A spokesman for the governor told Reuters he will push Congress to respect a result in favor of statehood, but Puerto Rico is seen as a low priority in Washington.The status referendum is Puerto Rico''s fifth since 1967. Statehood won in the last referendum in 2012, though PPD leaders instructed constituents to leave blank hundreds of thousands of ballots, calling the result into question."Statehood isn''t going to happen and the status quo is a trap," said 23-year-old engineering and economics student Daniel Montalvo. "At this point, I think gradual independence is the best option." (Reporting by Tracy Rucinski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-vote-idINL1N1J70KD'|'2017-06-11T02:01:00.000+03:00'|4491.0|''|-1.0|'' 4492|'ae59c512fb033711647d1301b2c5e41da547d884'|'GE wins first major deal from Alstom portfolio, in Romania'|'Commodities 45am EDT GE wins first major deal from Alstom portfolio, in Romania FILE PHOTO: The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. REUTERS/Daniel Becerril FRANKFURT General Electric has won a large contract to supply gas power equipment for a new 430 megawatt Romanian power plant, the first major deal to result from its $10.6 billion 2015 acquisition of Alstom''s power business. GE will supply all the core technology for the 268 million- euro ($299 million) combined-cycle plant being built in Iernut by Duro Felguera and Romelectro for state gas producer Romgaz. Before the Alstom acquisition, GE would have simply supplied the gas turbines and walked away. With Alstom, it acquired steam technology as well as the ability to supply all the peripheral equipment needed to build a complete power plant. GE told Reuters on Friday the plant would generate enough power to supply 1 million Romanian households, making it southeast Europe''s biggest gas project in five years. GE will supply four 6F gas turbines, two steam turbines and four heat-recovery steam generators for the plant, where building will start later this year and which is scheduled to be completed in 2019, replacing an existing plant at the same site. U.S.-based GE has been present in Romania since 1984. (Reporting by Georgina Prodhan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ge-romania-gas-idUSKBN19E1JT'|'2017-06-23T21:34:00.000+03:00'|4492.0|''|-1.0|'' @@ -4515,7 +4515,7 @@ 4513|'e508ac4d236c329d35056ac064d9a68642625cad'|'Chatty billionaire Ackman grabs bigger megaphone with Twitter account'|' 7:05pm BST Chatty billionaire Ackman grabs bigger megaphone with Twitter account FILE PHOTO: William ''Bill'' Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid By Svea Herbst-Bayliss - BOSTON BOSTON Billionaire investor William Ackman, one of the hedge fund industry''s most voluble managers with opinions ranging from how companies should be run to the dangers of sugary drinks, just got himself an even bigger megaphone: a Twitter account. Using the handle, @BillAckman1, the 51-year-old investor is the latest to join the social media network that rivals like Carl Icahn, @Carl_C_Icahn, have used to unveil investment ideas and comment on news about portfolio companies. A spokesman for Ackman confirmed the account is real. So far, the account looks bare-bones. As of Thursday afternoon, there was no picture of the widely photographed fund manager, nor were there any tweets. But Ackman had already accumulated more than 1,000 followers, including many self-described traders and financial journalists. Among the 46 users he followed were former Federal Reserve Chairman Ben Bernanke, tennis star Roger Federer and Goldman Sachs Group Inc ( GS.N ) Chief Executive Officer Lloyd Blankfein. Ackman also follows President Donald Trump on Twitter, and like Trump himself he has a reputation for saying exactly what is on his mind, sometimes ignoring the social norms of polite conversation. After two years of heavy losses that damaged his reputation as a savvy investor, Ackman has said this year that his investment team is working on new ideas while he also goes back to his basics to beef up performance. His Pershing Square Holdings is now nursing losses of 2.5 percent for the year so far after having had gains earlier in the year. (Reporting by Svea Herbst-Bayliss; editing by Lauren Tara LaCapra and Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hedgefunds-ackman-twitter-idUKKBN19K2ME'|'2017-06-29T21:05:00.000+03:00'|4513.0|''|-1.0|'' 4514|'461ffb702d791b53a1173067c1bdd6fb19b585e2'|'Israeli biopharmaceutical firm Eloxx raises $24 million'|'Business News - Wed Jun 14, 2017 - 12:51pm BST Israeli biopharmaceutical firm Eloxx raises $24 million TEL AVIV Eloxx Pharmaceuticals Ltd, a clinical stage company developing drugs for genetic diseases, raised $24 million in an investment round led by Catalyst CEL Fund and Israeli life sciences venture capital fund Pontifax, among others, Catalyst said on Wednesday. Eloxx is seeking treatments for rare genetic diseases caused by mutations such as cystic fibrosis and cystinosis. The company entered into a merger agreement with Sevion Therapeutics ( SVON.PK ) on May 31. Eloxx will become a wholly owned subsidiary of Sevion, which will change its name to Eloxx and intends to apply to have its shares listed on Nasdaq. The Catalyst CEL Fund, jointly managed by Israel''s Catalyst Equity Management and China Everbright Ltd ( 0165.HK ), primarily invests in companies whose growth strategy is oriented towards emerging markets, with a special focus on China. (Reporting by Tova Cohen)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pharmaceuticals-eloxx-fundraising-idUKKBN1951JJ'|'2017-06-14T19:51:00.000+03:00'|4514.0|''|-1.0|'' 4515|'a1cbb00cb96072d30941b53f1593e6fe811b8970'|'At EU summit, Macron pleads for limits to foreign takeovers'|'Deals 8:08pm BST At EU summit, Macron pleads for limits to foreign takeovers French President Emmanuel Macron addresses a press conference at the EU summit in Brussels, Belgium, June 22, 2017. REUTERS/Gonzalo Fuentes By Robin Emmott and Michel Rose - BRUSSELS/PARIS BRUSSELS/PARIS French President Emmanuel Macron vowed on Thursday to convince China''s closest allies in Europe that curbing foreign takeovers in strategic industries was in their interest, warning EU governments not to be naive in global trade. Smaller eastern and southern European economies that are dependent on Chinese investment have rejected any steps against Beijing, even going as far as to block EU statements criticizing China''s human rights record. But Macron, at his first EU summit, said being an attractive destination for investment did not mean exposing Europe to what he termed "the disorder of globalisation", as he seeks to make good on a campaign pledge with a so-called protective Europe. "Things are changing because we see the disorder of globalisation and the consequences in your own country. I want to build an alliance around this idea," Macron told a news conference during the summit of EU leaders. "I am for free trade ... but I am not for naivety." State-owned ChemChina''s $43 billion purchase of Swiss pesticides and seeds group Syngenta, Beijing''s biggest overseas sale to date, has deepened concerns in Europe that the bloc is ceding control of its advanced technology, EU diplomats said. Macron, who defeated the anti-Europe, far-right leader Marine Le Pen last month, said that he had always been a defender of globalisation and free trade during his time as minister but that leaders should hear from workers hit by globalisation. The issues of globalisation and "social dumping" took center-stage in France''s campaign after Le Pen used the relocation of a Whirlpool factory in northern France to Poland to paint Macron as a globalist who did not care about workers. A free-trade advocate, Macron let several national corporate champions be taken over by foreign firms as a minister. But since his election he has sought to drum up support in Europe for what he calls a "protection agenda". He has found some support from Germany and Italy. EU leaders will agree on Friday to allow the European Commission to explore ways to limit foreign takeovers in areas such as energy, banking and technology, where China seeks Europe''s know-how. In a statement, leaders will ask the Commission "to examine the need and ways to screen investments from third countries in strategic sectors, while fully respecting members states'' competences," a reference to national sovereignty on the issue. Berlin, Paris and Rome are upset that the Commission, the bloc''s competition regulator, approved ChemChina''s purchase of Syngenta while China maintains restrictions on EU investment. Chinese direct investment in the European Union jumped by 77 percent last year to more than 35 billion euros ($38 billion), compared with 2015, while EU acquisitions in China fell for the second consecutive year, according to the Rhodium Group. But free-trade advocates such as Sweden want to avoid any measures that might contradict the bloc''s rejection of the protectionism promoted by U.S. President Donald Trump. Frits Bolkestein, a former Dutch European Commissioner, poured scorn on Macron''s ideas on Thursday. "This Colbertist instinct that French wealth should serve the French state runs deep among its elite," he said in a column in Politico, referring to Jean-Baptiste Colbert, French king Louis XIV''s minister of finance and industry. "The last thing we need now is for hard-won progress to be rolled back by protectionism," he said. (Reporting by Jean-Baptiste Vey; writing by Michel Rose; Editing by Richard Lough and Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-summit-macron-idUKKBN19D2HY'|'2017-06-23T03:03:00.000+03:00'|4515.0|''|-1.0|'' -4516|'40d111e90a584d1023d7ebc5e2ea38d85820ccd4'|'Uber''s open COO job in the spotlight amid leadership void'|'Technology News 2:03am BST Uber''s open COO job in the spotlight amid leadership void The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu By Heather Somerville - SAN FRANCISCO SAN FRANCISCO With Chief Executive Travis Kalanick taking a leave of absence from Uber Technologies Inc, the vacant job of chief operating officer takes on a lot more importance as the company frames the position as key to solving its woes. Kalanick, under fire for crass behavior and fostering a culture of sexism and rule-breaking, in early March announced he was searching for a COO to help run the ride-services company. But in the months since, Uber has suffered a string of controversies and embarrassing setbacks and the job has remained unfilled - part of a leadership vacuum that extends through the company and up to the board of directors. In a report released Tuesday, former U.S. Attorney General Eric Holder and his law firm, Covington & Burling, recommended sweeping management changes at Uber in the wake of sexual harassment allegations and other scandals. The report advocates for a COO who "will act as a full partner" and run "day-to-day operations." It also calls on the board of directors to take steps to limit the CEO''s responsibilities and provide "clear lines of demarcation between" the COO and the CEO. "The way the COO job is written in the recommendations makes it a really powerful and important job," said Bradley Tusk, an Uber investor and adviser. Executive recruiters and tech investors agreed that the job might look more appealing now than it did before Tuesday''s report. Still, it remains unclear if the company can attract a top-notch leader while Kalanick retains both the CEO title and, along with two allies, voting control of the company. Kalanick said on Tuesday he was stepping aside at Uber because he needed time to grieve his recently deceased mother and work on his leadership shortcomings, according to a staff email seen by Reuters. He also said his leave "may be shorter or longer than we might expect." Such ambiguity will effect Uber''s efforts to rebuild its executive ranks, startup experts say. "The lack of clarity around Travis'' position hangs over everything," said Bill Aulet, managing director of the entrepreneurship center at the Massachusetts Institute of Technology. "You''re dealing with the most important thing, which is, who is your boss?" VACANCIES AT THE TOP In the meantime, 14 people who report to Kalanick are charged with running the company until the CEO returns or a COO is hired. The company also is without a chief financial officer, general counsel and a head of engineering, among other open positions. "We have a strong leadership team including veterans who helped make the business what it is today and new talent who are helping to drive the changes we''re committed to making," Uber said in a statement. Uber is struggling to recruit new employees and has many who are eager to leave. Ed Zschau, founder of Inductus Associates, an executive search firm for startups, said his firm has "people from Uber in the search process" for a new job, including senior-level employees. "If the board can be recomposed a bit and get the company back on track, who the COO is will be an important signal as to whether people will want to work there," Zschau said. Concerns about a lack of leadership extend to the board of directors. Holder''s recommendations, including prohibiting romantic relationships between bosses and their subordinates and drinking on the job, suggest the Uber board failed to ensure the company had even the most basic checks and balances, say experts. "The Holder report could have been written by a law student who took an introductory corporate governance course," said Erik Gordon, a technology and entrepreneurship expert at the University of Michigan''s Ross School of Business. "The board shares responsibility for the wreck." Uber retained Holder''s firm in February after a female former employee publicly accused the company of brazen sexual harassment. A wake of scandals followed, including a criminal investigation of the company''s use of technology to evade regulators, a lawsuit alleging stolen self-driving car technology and a string of allegations relating to a toxic culture. On Tuesday, David Bonderman, a founder of private equity firm TPG Capital, an Uber investor, resigned from the board after making a sexist comment about women talking too much at the Uber staff meeting convened to discuss the Holder report. The resignation leaves Uber''s board with seven voting members and four vacant seats. Unlike the boards of most big companies, Uber''s directors have little executive experience. In addition to Kalanick, the board includes co-founder and Chairman Garrett Camp, early employee Ryan Graves, venture capitalist Bill Gurley, Saudi investor Yasir al-Rumayyan and media impresaria Arianna Huffington. Wan Ling Martello, an executive vice president at Nestle, was added to the board this week as an independent director. The Holder recommendations call for a restructured board, but the recommendation to install an independent board chair was left up to the board only to consider. (Reporting by Heather Somerville; Editing by Jonathan Weber and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-uber-ceo-idUKKBN1953C1'|'2017-06-15T08:09:00.000+03:00'|4516.0|''|-1.0|'' +4516|'40d111e90a584d1023d7ebc5e2ea38d85820ccd4'|'Uber''s open COO job in the spotlight amid leadership void'|'Technology News 2:03am BST Uber''s open COO job in the spotlight amid leadership void The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu By Heather Somerville - SAN FRANCISCO SAN FRANCISCO With Chief Executive Travis Kalanick taking a leave of absence from Uber Technologies Inc, the vacant job of chief operating officer takes on a lot more importance as the company frames the position as key to solving its woes. Kalanick, under fire for crass behavior and fostering a culture of sexism and rule-breaking, in early March announced he was searching for a COO to help run the ride-services company. But in the months since, Uber has suffered a string of controversies and embarrassing setbacks and the job has remained unfilled - part of a leadership vacuum that extends through the company and up to the board of directors. In a report released Tuesday, former U.S. Attorney General Eric Holder and his law firm, Covington & Burling, recommended sweeping management changes at Uber in the wake of sexual harassment allegations and other scandals. The report advocates for a COO who "will act as a full partner" and run "day-to-day operations." It also calls on the board of directors to take steps to limit the CEO''s responsibilities and provide "clear lines of demarcation between" the COO and the CEO. "The way the COO job is written in the recommendations makes it a really powerful and important job," said Bradley Tusk, an Uber investor and adviser. Executive recruiters and tech investors agreed that the job might look more appealing now than it did before Tuesday''s report. Still, it remains unclear if the company can attract a top-notch leader while Kalanick retains both the CEO title and, along with two allies, voting control of the company. Kalanick said on Tuesday he was stepping aside at Uber because he needed time to grieve his recently deceased mother and work on his leadership shortcomings, according to a staff email seen by Reuters. He also said his leave "may be shorter or longer than we might expect." Such ambiguity will effect Uber''s efforts to rebuild its executive ranks, startup experts say. "The lack of clarity around Travis'' position hangs over everything," said Bill Aulet, managing director of the entrepreneurship center at the Massachusetts Institute of Technology. "You''re dealing with the most important thing, which is, who is your boss?" VACANCIES AT THE TOP In the meantime, 14 people who report to Kalanick are charged with running the company until the CEO returns or a COO is hired. The company also is without a chief financial officer, general counsel and a head of engineering, among other open positions. "We have a strong leadership team including veterans who helped make the business what it is today and new talent who are helping to drive the changes we''re committed to making," Uber said in a statement. Uber is struggling to recruit new employees and has many who are eager to leave. Ed Zschau, founder of Inductus Associates, an executive search firm for startups, said his firm has "people from Uber in the search process" for a new job, including senior-level employees. "If the board can be recomposed a bit and get the company back on track, who the COO is will be an important signal as to whether people will want to work there," Zschau said. Concerns about a lack of leadership extend to the board of directors. Holder''s recommendations, including prohibiting romantic relationships between bosses and their subordinates and drinking on the job, suggest the Uber board failed to ensure the company had even the most basic checks and balances, say experts. "The Holder report could have been written by a law student who took an introductory corporate governance course," said Erik Gordon, a technology and entrepreneurship expert at the University of Michigan''s Ross School of Business. "The board shares responsibility for the wreck." Uber retained Holder''s firm in February after a female former employee publicly accused the company of brazen sexual harassment. A wake of scandals followed, including a criminal investigation of the company''s use of technology to evade regulators, a lawsuit alleging stolen self-driving car technology and a string of allegations relating to a toxic culture. On Tuesday, David Bonderman, a founder of private equity firm TPG Capital, an Uber investor, resigned from the board after making a sexist comment about women talking too much at the Uber staff meeting convened to discuss the Holder report. The resignation leaves Uber''s board with seven voting members and four vacant seats. Unlike the boards of most big companies, Uber''s directors have little executive experience. In addition to Kalanick, the board includes co-founder and Chairman Garrett Camp, early employee Ryan Graves, venture capitalist Bill Gurley, Saudi investor Yasir al-Rumayyan and media impresaria Arianna Huffington. Wan Ling Martello, an executive vice president at Nestle, was added to the board this week as an independent director. The Holder recommendations call for a restructured board, but the recommendation to install an independent board chair was left up to the board only to consider. (Reporting by Heather Somerville; Editing by Jonathan Weber and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-uber-ceo-idUKKBN1953C1'|'2017-06-15T08:09:00.000+03:00'|4516.0|7.0|0.0|'' 4517|'48b2f358721dc70ca10225918c6f3b97ee6807ed'|'HSBC Malaysia to invest $250 million to build HQ in TRX financial district'|'Banks - Thu Jun 15, 2017 - 8:15am BST HSBC Malaysia to invest $250 million to build HQ in TRX financial district FILE PHOTO - The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo KUALA LUMPUR HSBC''s Malaysian subsidiary said it would invest $250 million (196.1 million pounds) to acquire land and build its headquarters at the Tun Razak Exchange (TRX) financial district. In a joint statement on Thursday, HSBC Bank Malaysia Bhd and TRX City Sdn Bhd said they signed a sale-and-purchase agreement for the development of the bank''s future headquarters. While they did not give any details on when the construction would start or be completed, the bank said it planned to build a minimum office space of 568,000 square feet. HSBC is the first foreign bank to invest in the financial district - the master developer for which is TRX City, a former 1Malaysia Development Bhd division now owned by the Malaysian finance ministry. TRX City CEO Azmar Talib said around 70 percent of the plots available in the financial district have been commercialized. "TRX City continues to receive significant interest from various local and international investors and tenants, including several of the world''s major banks and financial institutions," he said. TRX is planned as an international financial district located in Kuala Lumpur city, encompassing office space, residential, hospitality, retail components. In May, TRX City called off a $1.7 billion deal in another major property development, Bandar Malaysia. TRX City said the buyers of a 60 percent stake in that development had failed to meet payment obligations. (Reporting by Liz Lee; Editing by Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-malaysia-trx-hsbc-idUKKBN1960LS'|'2017-06-15T15:15:00.000+03:00'|4517.0|''|-1.0|'' 4518|'1c8dba2aee5f78aecd7c4016d43d900083c09ac9'|'Boeing wins hot Paris order race'|'Davos 2:47pm BST Boeing wins hot Paris order race left A Boeing 737 Max takes part in a flying display. REUTERS/Pascal Rossignol 1/8 A Boeing 737 Max takes part in flying display. REUTERS/Pascal Rossignol 2/8 left right Maziar Farzam, President of Inhance Digital, demonstrates virtual reality glasses which provide digital information about the Boeing 787-10 aircraft. REUTERS/Pascal Rossignol 3/8 left right Rick Anderson, Vice President of Northeast Asia Sales of Boeing Commercial Airplanes, and Xie Jinguo, President of Ruilli Airlines, are seen during a commercial announcement at the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 4/8 left right An Airbus A321 neo flies during a flying display at the first day of the 52nd Paris Air Show at Le Bourget airport near Paris, France June 19, 2017. REUTERS/Pascal Rossignol 5/8 left right An Airbus A350-1000 Xwb (back) and an Airbus A321neo are seen on static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 6/8 left right An Airbus A350-1000 Xwb is seen on static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 7/8 left right President and CEO of Airbus Fabrice Bregier and Chief Operating Officer-Customers of Airbus John Leahy react during a news conferance at the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 8/8 By Victoria Bryan and Tim Hepher - PARIS PARIS Boeing ( BA.N ) won a red hot race for new business at the Paris Airshow, rolling out a new model of its best-selling 737 airliner that helped it claim back the order crown from rival Airbus ( AIR.PA ) After a show in which both manufacturers did brisk business under a sweltering sun, the European planemaker said on Thursday it won 326 net new orders and commitments while U.S. rival Boeing said its total was 571. That included 147 new orders and commitments for the 737 MAX 10, plus 214 conversions to the MAX 10 from other models to support the launch of the new plane. "The MAX stole the show," Ihssane Mounir, vice president of sales and marketing at Boeing''s commercial aircraft division, told journalists. "This is probably one of our busiest air shows." Asked if Airbus had lost momentum after years in which it often trounced Boeing at annual industry gatherings, sales chief John Leahy said the slowdown in orders had been expected. "Is this a slower show than previous years? Yes, it is. Are we conceding that Boeing sold a few more airplanes than we did? Yes," he told a news conference. In a late flurry on Thursday morning, Airbus signed deals for almost 100 aircraft, with AirAsia and privately-owned Iranian carriers Zagros Airlines and Iran Airtour. Boeing topped up its tally by announcing a firm order for 125 737 MAX 8 airplanes with an undisclosed customer and another deal with lessor AerCap ( AER.N ) to convert 15 of its MAX 8 orders into the larger MAX 10. It also added a memorandum of understanding from Chinese domestic Riuli Airlines for 20 737 MAX 8 aircraft. Analyst Richard Aboulafia, of Virginia-based Teal Group, said commercial activity had been better than expected and was reminiscent of shows in 2009 and 2011, when the aircraft industry had bucked a retreating world economy. "This time we''ve got instability and uncertainty in many regions of the world, but airline traffic is strong, and as we''ve seen at this show, airlines want jets and the finance people are certainly happy to help." Leahy said he had expected the new Boeing plane to make more of a splash. "We had expected they would have had a bigger launch on the 737 MAX 10, not quite as many conversions, more incremental orders." While he did not expect the MAX 10 to be a viable competitor to the A321, Leahy said the Boeing plane''s launch could result in price pressure. "They''re clearly going to come after us on price." The A321 is larger than any previous member of the 737 family, a gap that the MAX 10 is intended to close. (Reporting by Tim Hepher and Victoria Bryan; Additional reporting by Andrea Shalal and Mike Stone; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-airshow-paris-idUKKBN19D0UQ'|'2017-06-22T20:20:00.000+03:00'|4518.0|''|-1.0|'' 4519|'9dc411ebd0b8a00a1d7265852141e7acfac1bf60'|'Essar Oil''s creditors approve $12.9 billion Rosneft takeover: sources'|'By Promit Mukherjee and Devidutta Tripathy - MUMBAI MUMBAI Creditor banks to India''s Essar Oil approved the acquisition of the company by a group including Russia''s Rosneft, two sources familiar with the matter said, removing a key hurdle to the $12.9 billion deal that has been in the works for two years.The news comes a day after Igor Sechin, CEO of the Russian oil and gas giant, said the Essar Oil deal could be considered as closed. Kremlin-controlled Rosneft, which sees the buyout as vital to expanding in Asia''s fastest growing energy market, had aimed to close the deal at the end of 2016 but it got held up over debt issues.Those delaying what is Rosneft''s biggest foreign acquisition were India''s state-run banks and financial institutions that hold about $500 million of Essar''s debt, sources said in May.However, it is still unclear whether India''s biggest insurer Life Insurance Corporation (LIC), which also lent money to Essar Oil, had given its approval or not.LIC was not a part of the creditors'' group that gave its nod to the deal on Friday, said one of the two sources, who did not want to be named due to rules on talking to media.An LIC spokesman did not answer a call seeking comment. A call made to the Essar Oil CEO also went unanswered.The deal will give Rosneft a 49 percent stake in Essar Oil, while another 49 percent will be split between Swiss commodities trader Trafigura [TRAFGF.UL] and Russian fund United Capital Partners. Essar''s founder billionaire Ruia brothers will retain a 2 percent stake.(Reporting by Promit Mukherjee and Devidutta Tripathy; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rosneft-oil-essar-banks-idINKBN19E0TP'|'2017-06-23T06:35:00.000+03:00'|4519.0|''|-1.0|'' @@ -4562,7 +4562,7 @@ 4560|'430187417337aca676307b02326c70abd772e59f'|'Bain, Cinven collect 36.55 percent of Stada shares'|'FRANKFURT Buyout groups Bain Capital and Cinven have so far been offered 36.55 percent of German drugmaker Stada ( STAGn.DE ) shares, the private equity groups said on Monday.The tender offer for the agreed 5.3 billion euro deal runs through June 22 and is conditional on securing 67.5 percent of Stada''s shares.The investors lowered minimum acceptance threshold earlier this month.Investors typically tender shortly before the deadline.People close to the deal have said that passing the set threshold may prove a challenge given the large number of shares held by retail investors, who are more likely to forget to tender than institutional stockholders, as well as by index tracking funds that cannot tender for technical reasons.Activist investor Active Ownership Capital earlier this month sold its Stada stake to someone who is expected to tender it in the offer, according to people close to the deal.(Reporting by Arno Schuetze; Editing by Ludwig Burger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-arzneimitt-m-a-idINKBN19A1IH'|'2017-06-19T09:47:00.000+03:00'|4560.0|''|-1.0|'' 4561|'f27d7868e2f4d1d98dee7f0562128e801c3a6b34'|'Lockheed wins U.S. Air Force deal for radar threat simulators'|'Business News - Wed Jun 21, 2017 - 8:16am EDT Lockheed wins U.S. Air Force deal for radar threat simulators A US Marine Corps Lockheed Martin F-35B fighter jet taxis after landing at the Royal International Air Tattoo at Fairford, Britain on July 8, 2016. REUTERS/Peter Nicholls/File Photo PARIS Lockheed Martin Corp ( LMT.N ) said on Wednesday it had won a $104 million U.S. Air Force contract to develop, produce and field a threat simulator to train combat aircrews to recognize and deal with rapidly evolving threats, such as surface-to-air missiles. Tim Cahill, vice president of air and missile defense systems for Lockheed, said a number of other countries had already expressed interest in the Advanced Radar Threat System Variant 2, and talks could begin soon on possible sales. Cahill did not estimate the volume of possible future sales, but potential buyers included all countries that plan to operate the stealthy F-35 fighter jet in coming years. "It''s a cool little program," he said. "This is just the first tranche, but it has the potential to be a really big program for us." "As the capabilities on the ground from potential threat nations get stronger and better and more capable ... it''s very important that the pilots need to train against a system that is actually a high-fidelity simulation of what they would fly against in combat," he said. The contract calls for development and delivery of a production-ready system and options to produce up to 20 more. Cahill said the truck-mounted system would emit signals that simulated those of current and evolving advanced surface-to-air threats. (Reporting by Andrea Shalal; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-airshow-paris-lockheed-threats-idUSKBN19C1LT'|'2017-06-21T20:16:00.000+03:00'|4561.0|''|-1.0|'' 4562|'58b3491768407959ade94eac799598eda9d0c189'|'Crude oil prices firm, set for biggest weekly gain since mid-May'|'Business News - Fri Jun 30, 2017 - 5:27pm BST Oil up for seventh session but first-half drop biggest since 1998 FILE PHOTO: An oil pumpjack is seen in Velma, Oklahoma U.S. April 7, 2016. REUTERS/Luc Cohen By Julia Simon - NEW YORK NEW YORK Oil climbed for a seventh straight session on Friday as a weaker U.S. dollar and stronger demand data from China lifted depressed prices that were still set for the biggest first-half decline since 1998. Trading volume was low ahead of the U.S. Independence Day holiday weekend. Brent and U.S. crude fell about 19 percent in the first half of 1998. Oil prices have generally increased in first half of most years. On Friday, Chinese government data showed factories grew at the quickest pace in three months, according to the Purchasing Manager''s Index. "Good PMI data from China certainly gives you hope that demand is growing globally," said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. Benchmark Brent crude futures LCOc1 were up 38 cents at $47.80 a barrel at 11:30 a.m. EDT (1530 GMT). U.S. crude futures CLc1 rose 52 cents, or more than 1 percent, to $45.45 a barrel. Both benchmarks were on track for weekly increases of more than 5 percent. The U.S. dollar .DXY fell to its lowest since October in early trading, making dollar-denominated crude oil less expensive for investors using other currencies. Crude hit a 10-month low last week as rises in output revived concerns about global oversupply, but data this week showing a temporary dip in U.S. oil production has dented the bearish sentiment. The persistent global crude glut has knocked 16 percent off Brent crude so far this year, even though the Organization of Petroleum Exporting Countries and other major producers have agreed to cut production about 1.8 million barrels per day (bpd). Libya, one of two OPEC members exempt from the cuts, had surged past 1 million barrels per day. Speculators have cut long positions in recent weeks. The market has also seen traders building short positions, said Haworth. Reuters'' monthly oil price poll showed analysts have reduced their price forecasts again, with 2017 average Brent and WTI prices lowered by more than $2 since last month. [OILPOLL] Bank of America Merrill Lynch analysts cut their forecast for average 2017 Brent crude prices to $50 a barrel from $54 and WTI to $47 from $52. They cited rising output from Libya, Nigeria and U.S. shale fields, which coupled with weaker demand growth should keep the glut bigger than expected. At 1 p.m. EDT energy services company Baker Hughes will release data on U.S. rig counts. U.S. drillers have added rigs for 23 straight weeks. (Additional reporting by Karolin Schaps in London, Naveen Thukral in Singapore; editing by David Clarke) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19L02U'|'2017-06-30T09:59:00.000+03:00'|4562.0|''|-1.0|'' -4563|'99c95d9282f4bf0409f4ef1afc665b1f5258aed2'|'Euro zone businesses end second quarter with slower growth - PMI'|'Business News 9:38am BST Euro zone businesses end second quarter with slower growth: PMI FILE PHOTO: Inflated euro sign is seen outside the new headquarters of the European Central Bank (ECB) in Frankfurt, January 22, 2015. REUTERS/Kai Pfaffenbach/File Photo By Jonathan Cable - LONDON LONDON Roaring euro zone business growth tailed off unexpectedly toward the end of the first half of 2017 following a sudden slowing in the pace of expansion by services firms, a survey showed on Friday. But with inflation relatively resilient and overall growth still quite strong, pressure will likely be maintained on policymakers at the European Central Bank to pare back soon on their ultra-loose monetary policy. Earlier this month, the ECB gave up its bias for more rate cuts in a small step towards normalization. IHS Markit''s Flash Composite Purchasing Managers'' Index for June fell to 55.7 from the 56.8 it registered in April and May, which was its highest since April 2011. A reading above 50 indicates growth. A Reuters poll had predicted no change to the index, seen as a good guide to growth, and none of the economists polled had predicted such a big fall. "At the moment I''m not too worried about it," said Chris Williamson, chief business economist at IHS Markit. "We may be reaching the stage where growth has been strong for quite a few months and we are hitting a few ceilings in terms of degrees to which firms can expand capacity." Williamson said the PMI pointed to second quarter GDP growth of 0.7 percent, faster than the 0.5 percent predicted in a Reuters poll earlier this month. The PMIs had correctly indicated a 0.6 percent expansion last quarter. Economic data points to solid growth in the euro zone in the second quarter and inflation will hover near current levels in coming months, the ECB said in a regular economic bulletin on Thursday. As they have done for the previous seven months, firms increased prices in June, albeit at a weaker pace as input cost pressures eased. The output prices index dipped to 51.8 from 52.4. Firms operating in the bloc''s dominant service industry did not perform as expected. The services PMI fell to 54.7 from 56.3, well below even the most pessimistic forecaster in a Reuters poll of over 40 economists. "It''s not really clear what that''s about, there was no single cause we can pinpoint and I''m inclined to treat it just as some payback for the sheer strength of growth in recent months," Williamson said. In one bright spot, the employment index held at May''s 53.8. It has only been higher than that once since early 2008, in March of this year. Factories had a better month than predicted. The manufacturing PMI climbed to a more than six-year high of 57.3 from 57.0. The Reuters poll suggested it would dip to 56.8. An index measuring output nudged up to 58.5 from 58.3, its highest since April 2011. Implying the momentum would continue into July, new orders surged and factories ran down stocks of finished goods at the fastest rate for nine months. The related subindex sank to 47.9 from 49.1. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-economy-pmi-idUKKBN19E0S2'|'2017-06-23T16:10:00.000+03:00'|4563.0|''|-1.0|'' +4563|'99c95d9282f4bf0409f4ef1afc665b1f5258aed2'|'Euro zone businesses end second quarter with slower growth - PMI'|'Business News 9:38am BST Euro zone businesses end second quarter with slower growth: PMI FILE PHOTO: Inflated euro sign is seen outside the new headquarters of the European Central Bank (ECB) in Frankfurt, January 22, 2015. REUTERS/Kai Pfaffenbach/File Photo By Jonathan Cable - LONDON LONDON Roaring euro zone business growth tailed off unexpectedly toward the end of the first half of 2017 following a sudden slowing in the pace of expansion by services firms, a survey showed on Friday. But with inflation relatively resilient and overall growth still quite strong, pressure will likely be maintained on policymakers at the European Central Bank to pare back soon on their ultra-loose monetary policy. Earlier this month, the ECB gave up its bias for more rate cuts in a small step towards normalization. IHS Markit''s Flash Composite Purchasing Managers'' Index for June fell to 55.7 from the 56.8 it registered in April and May, which was its highest since April 2011. A reading above 50 indicates growth. A Reuters poll had predicted no change to the index, seen as a good guide to growth, and none of the economists polled had predicted such a big fall. "At the moment I''m not too worried about it," said Chris Williamson, chief business economist at IHS Markit. "We may be reaching the stage where growth has been strong for quite a few months and we are hitting a few ceilings in terms of degrees to which firms can expand capacity." Williamson said the PMI pointed to second quarter GDP growth of 0.7 percent, faster than the 0.5 percent predicted in a Reuters poll earlier this month. The PMIs had correctly indicated a 0.6 percent expansion last quarter. Economic data points to solid growth in the euro zone in the second quarter and inflation will hover near current levels in coming months, the ECB said in a regular economic bulletin on Thursday. As they have done for the previous seven months, firms increased prices in June, albeit at a weaker pace as input cost pressures eased. The output prices index dipped to 51.8 from 52.4. Firms operating in the bloc''s dominant service industry did not perform as expected. The services PMI fell to 54.7 from 56.3, well below even the most pessimistic forecaster in a Reuters poll of over 40 economists. "It''s not really clear what that''s about, there was no single cause we can pinpoint and I''m inclined to treat it just as some payback for the sheer strength of growth in recent months," Williamson said. In one bright spot, the employment index held at May''s 53.8. It has only been higher than that once since early 2008, in March of this year. Factories had a better month than predicted. The manufacturing PMI climbed to a more than six-year high of 57.3 from 57.0. The Reuters poll suggested it would dip to 56.8. An index measuring output nudged up to 58.5 from 58.3, its highest since April 2011. Implying the momentum would continue into July, new orders surged and factories ran down stocks of finished goods at the fastest rate for nine months. The related subindex sank to 47.9 from 49.1. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-economy-pmi-idUKKBN19E0S2'|'2017-06-23T16:10:00.000+03:00'|4563.0|11.0|0.0|'' 4564|'dc26886c2c358a23700df3c00cf5e3770740ec63'|'With Whole Foods, Amazon on collision course with Wal-Mart'|'By Nandita Bose and Jeffrey Dastin - CHICAGO/SAN FRANCISCO, June 18 CHICAGO/SAN FRANCISCO, June 18 When Wal-Mart Stores Inc bought online retailer Jet.com for $3 billion last year, it marked a crucial moment - the world''s largest brick-and-mortar retailer, after years of ceding e-commerce leadership to arch rival Amazon, intended to compete.On Friday, Amazon.com Inc countered. With its $14 billion purchase of grocery chain Whole Foods Market Inc , the largest e-commerce company announced its intention to take on Wal-Mart in the brick-and-mortar world.The two deals make it clear that the lines that divided traditional retail from e-commerce are disappearing and sector dominance will no longer be bound by e-commerce or brick-and-mortar, but by who is better at both.Amazon''s purchase of Whole Foods also brings disruption to the $700 billion U.S. grocery sector, a traditional area of retailing that stands on the precipice of a ferocious price war. German discounters Aldi and Lidl are battling Wal-Mart, which controls 22 percent of the U.S. grocery market, with each vowing to undercut whatever price the others offer.The stakes are highest for Wal-Mart. Amazon''s move aims at the heart of the Bentonville, Arkansas-based retail giant''s business - groceries, which account for 56 percent of Wal-Mart''s $486 billion in revenue for the year ending Jan. 31. With the deal, Whole Foods more than 460 stores become a test bed with which Amazon can learn how to compete with Wal-Marts 4,700 stores with a large grocery offering that are also within 10 miles (16 km) of 90 percent of the U.S. population.Amazon is expected to lower Whole Foods'' notoriously high prices, enabling it to pursue Wal-Mart''s customers. The push comes as Wal-Mart is headed in the opposite direction - going after Amazon''s higher-income shoppers with a recent string of acquisitions of online brands such as Moosejaw and Modcloth and on Friday, menswear e-tailer Bonobos.Wal-Mart may be ready. In preparation for the grocery price war, Wal-Mart in recent months has cut grocery prices, improved fresh food and meat offerings, modernized shelving and lighting in its grocery aisles, and expanded its online grocery pickup service.Marc Lore, the Jet.com founder who now runs Wal-Mart''s e-commerce business after selling a startup to Amazon, told Reuters in an interview that Amazon''s move does not change Wal-Mart''s game plan. "We''re playing offense," he said.Wal-Mart is offering curbside pickup of online grocery purchases at 700 locations, with 300 more planned by year end. It also is testing same-day fresh and frozen home delivery from 10 of its stores. "We see an opportunity to do a lot more of that," Lore said.Roger Davidson, who oversaw Wal-Mart''s global food procurement and now is president of Oakton Advisory Group, said the deal will reduce Wal-Mart''s brick-and-mortar advantage."I think this acquisition is a concern," he said.Some industry observers say Amazon will find it difficult to use Whole Foods to pull away Wal-Mart shoppers because the two stores appeal to different customers.But Michelle Grant, head of retailing at market research firm Euromonitor, said Amazon could use an obscure part of the Whole Foods portfolio - Whole Foods 365 - to lure Wal-Mart shoppers.Whole Foods 365 offers private-label goods and lower prices than typical Whole Foods stores, and is targeted at younger, value-conscious shoppers. Amazon could provide the financial capital and tactical ability to build that into something big."That (Whole Foods 365) may become a big problem for Wal-Mart," Grant said.Amazon, which reported $12.5 billion in cash and equivalents and a free cash flow of $10.2 billion in the year ended March 31, has plenty to spend. Wal-Mart reported $6.9 billion in cash and equivalents and $20.9 billion in free cash flow at its year ended Jan. 31.Brittain Ladd, a former senior manager at Amazon who worked on its brick-and-mortar strategy, said Amazon will use Whole Foods to test concepts for the grocery store of the future.Ladd, who left Amazon in March, said Amazon will seek to eliminate checkout lines by using technology that automatically scans goods as customers add them to their shopping carts. It will select merchandise based on Amazon''s vaunted customer data, and potentially expects the use of technology to change prices during the course of a day.Amazon declined comment on competition with Walmart but spokesman Drew Herdener said in a statement the company has no plans to cut jobs or use technology in development at its Seattle Amazon Go store to automate jobs of cashiers.Ladd, who helped with AmazonFresh''s global expansion and now is a supply chain consultant, said an Amazon-owned Whole Foods also likely will offer in-car pickup of online purchases, and home delivery from Whole Foods stores, add pharmacies and showcase Amazon devices inside the stores."Amazon will reduce prices and change the assortment of products carried in Whole Foods stores to attract a larger customer base," said Ladd. "Kroger and Wal-Mart will be impacted as their customers will defect to Amazon."(Additional reporting by Richa Naidu in Chicago; Editing by David Greising, Peter Henderson and Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/whole-foods-ma-amazoncom-walmart-idINL1N1JD1XU'|'2017-06-18T09:00:00.000+03:00'|4564.0|''|-1.0|'' 4565|'cd75f5e8eae7eccb0a2f94f876366b3b10f536af'|'UPDATE 1-AIRSHOW-Mitsubishi targets 1,000-plus sales of regional jet in 20 years'|'Market News - Mon Jun 19, 2017 - 9:59am EDT UPDATE 1-AIRSHOW-Mitsubishi targets 1,000-plus sales of regional jet in 20 years (Recasts on sales target) PARIS, June 19 Mitsubishi Aircraft Corp aims to sell more than 1,000 of its new Mitsubishi Regional Jet (MRJ) aircraft by around 2040, aided by expected growth in demand for medium-sized planes. The company brought Japan''s first passenger aircraft in half a century to the Paris Airshow, confirming that it is on track for first delivery of the 90-seat aircraft in mid-2020 and hoping to show potential customers that progress had been made despite delays and cost increases. Asked how many planes his company was hoping to sell, Yugo Fukuhara, vice president of sales and marketing at Mitsubishi Aircraft, told Reuters: "More than 1,000. That is the target during a 20-year time period." Fukuhara said earlier on Monday that the programme has taken 427 orders so far. "All customers are committed to the programme and are very supportive," he said in a reference to the announcement this year that the plane was delayed for two more years to redesign its wiring and meet requirements for certification by the U.S. Federal Aviation Administration (FAA). Launch customer ANA, which has resorted to leasing jets and pushing back the retirement of older aircraft while its awaits the delayed MRJ, said on Sunday that it remains committed to the programme. Despite these setbacks, Fukuhara said that Mitsubishi would become one of two major regional jet manufacturers in a sector dominated by companies such as Brazil''s Embraer and Canada''s Bombardier. "We see more than 5,000 regional jet deliveries (for the sector) in the next 20 years. This segment of the market is very healthy and our goal is to establish a global customer base, Fukuhara said. (Reporting by Matthias Blamont; Editing by Mark Potter and David Goodman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-mrj-idUSL8N1JG3OP'|'2017-06-19T21:59:00.000+03:00'|4565.0|''|-1.0|'' 4566|'328cedf823cf3106b975bb8143d87e975087586f'|'Brazil''s Fibria eyes bid for Eldorado Brasil -filing'|'Market News 07am EDT Brazil''s Fibria eyes bid for Eldorado Brasil -filing BRASILIA, June 22 Brazil''s Fibria SA, the world''s No. 1 eucalyptus pulpmaker, is considering a bid for rival Eldorado Brasil Celulose SA, it said in a securities filing late on Wednesday. Fibria said it had not yet signed any purchase agreement as it keeps looking for opportunities to grow and preserve its market leadership. J&F Investimentos SA, controlled by the billionaire Batista 7family, owns 81 percent of Eldorado. The company is among the flagship assets that J&F put up for sale after agreeing to pay a record-setting 10.3 billion real ($3.2 billion) fine for its role in corruption scandals that threaten to topple Brazil President Michel Temer. The remaining 19 percent is owned by Brazilian pension funds Petros Fundao and Funcef Fundao dos Economiarios , and special purpose vehicle FIP Olmpia. Other possible bidders for Eldorado include Arauco, a unit of Chile''s Empresas Copec SA, which announced interest in a securities filing on Friday. Brazilian rival Suzano Papel & Celulose SA is also considering a bid, a source told Reuters last week. (Reporting by Silvio Cascione; Editing by Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eldorado-brasil-ma-idUSL1N1JJ0B1'|'2017-06-22T19:07:00.000+03:00'|4566.0|''|-1.0|'' @@ -4600,7 +4600,7 @@ 4598|'101e0220ae9859ed371bd4293aed1bdf6e870316'|'Shawbrook rejects third buyout offer from private equity groups'|' 15am BST Shawbrook rejects third buyout offer from private equity groups British challenger bank Shawbrook Group Plc said it rejected a raised and final 868 million pounds offer from private equity groups trying to take control of the lender. "Independent directors believe that the final offer undervalues Shawbrook and its prospects and therefore advise that shareholders take no action with regards to the final offer," Shawbrook said in a statement on Tuesday. Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, on Monday raised its offer for Shawbrook by just over 3 percent, as the bidders try to convince another 5 percent of shareholders to accept the deal. (Reporting by Noor Zainab Hussain in Bengaluru, Editing by Lawrence White)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-shawbrook-group-buyout-idUKKBN18X0GV'|'2017-06-06T14:15:00.000+03:00'|4598.0|''|-1.0|'' 4599|'2dd6bc90fb3707d54828d1560ddc6a6b33e93ffd'|'Spain to revise growth forecasts to reflect positive data - minister'|'Business News - Wed Jun 7, 2017 - 1:37pm BST Spain to revise growth forecasts to reflect positive data - minister Spain''s Economy Minister Luis de Guindos speaks during a news conference after the weekly cabinet meeting at Moncloa Palace in Madrid, Spain March 31, 2017. REUTERS/Sergio Perez MADRID The Spanish government will revise its growth forecasts for this year and next to reflect recent encouraging data on job creation and confidence levels, Economy Minister Luis de Guindos told journalists on Wednesday. The fresh projections will be carried out as part of preparations for the 2018 budget, De Guindos said. The government usually outlines its budget plans in July. Spain already hiked its 2017 growth forecast in April from 2.5 percent to 2.7 percent, and De Guindos recently said that the economy may expand at a similar rate to 2016, when it grew by 3.2 percent. The Bank of Spain is also expected to raise its growth projections next week. (Reporting by Sarah White, Editing by Angus Berwick)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-spain-economy-idUKKBN18Y1O9'|'2017-06-07T20:37:00.000+03:00'|4599.0|''|-1.0|'' 4600|'2c5a8adea817bd3132e23b7ca847f4b6bea295cd'|'UPDATE 1-Abu Dhabi''s IPIC returns to profit as impairments drop'|'Market News - Thu Jun 8, 2017 - 7:41am EDT UPDATE 1-Abu Dhabi''s IPIC returns to profit as impairments drop (Adds details, context) By Stanley Carvalho ABU DHABI, June 8 Abu Dhabi''s state investor International Petroleum Investment Company (IPIC), which merged with state investment fund Mubadala Development Company last month, said it returned to profit in 2016, helped by a sharp drop in impairments and lower feedstock costs. IPIC owns energy assets across the world, including Spanish firm Cepsa and Canadian petrochemical maker NOVA Chemicals, and a majority stake in Austrian plastics company Borealis. It reported on Thursday a net profit attributable to equity holders of $446 million in 2016. In 2015 it had fallen into the red with a net loss of $2.6 billion. Revenues for 2016 fell to $33.8 billion, from $35.8 billion in 2015 due to lower oil prices. Despite lower revenues, IPIC made a profit thanks to lower feedstock costs, higher petrochemicals industry margins and lower impairments across the group, it said. Impairments fell sharply to $180 million in 2016 compared to $4.8 billion in the previous year, its financial statement showed. The firm''s total assets stood at $55 billion at the end of 2016, slightly lower than $57 billion in 2015, and its net debt decreased to $19.7 billion in 2016 from $22.2 billion in 2015. Earlier this year IPIC and Malaysia''s state fund 1Malaysia Development Berhad (1MDB) reached an agreement to settle a debt dispute. IPIC and Mubadala Development Company began operations as a merged entity on May 1 this year. The merged entity, Mubadala Investment Company, is active in 13 business sectors in more than 30 countries. ($1 = 3.6726 UAE dirham) (Reporting by Stanley Carvalho; Editing by Susan Fenton) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ipic-results-idUSL8N1J52HF'|'2017-06-08T19:41:00.000+03:00'|4600.0|''|-1.0|'' -4601|'79fd03fed0b527c85a55d599f06e21f55ce54144'|'China postal authority calls for end to data spat between Alibaba unit, SF Holdings'|'BEIJING, June 2 China''s postal authority has asked SF Holding Co and Alibaba Holding Group Ltd''s logistics unit, two of the nation''s top logistics players, to end a spat that disrupted deliveries when the two firms abruptly cut ties on Thursday.SF is one of several top logistics firms that have a strategic partnership with Alibaba''s Cainiao Network, which supports an app that allows users to track and pay for deliveries and links directly to Alibaba''s top e-commerce platform Taobao.The firms severed a data sharing agreement on Thursday following SF''s claims the Alibaba unit had requested user data not related to the current partnership, a claim Cainiao denies.China''s State Post Bureau said on its website it was communicating with both firms and urged the two sides to seek a diplomatic resolution to safeguard against "serious social impacts and negative side effects".The split highlights the stiff competition in China over hotly-contested user data assets, as top internet players including Alibaba and Tencent Holdings Group Ltd consolidate increasingly powerful cloud and big data ecosystems.The State Post Bureau said agricultural shipments were among those affected, including deliveries of fresh fruit. On Thursday Cainiao urged users and merchants to select alternative logistics firms.SF said in a statement on Friday users could still access tracking data on the firm''s official website. It said it stopped sharing data on Thursday after a May request from Cainiao to provide "unrelated customer privacy data".Cainiao, which oversees roughly 57 million deliveries a day, also tracks deliveries purchased on platforms outside the Alibaba ecosystem."Cainiao takes a collaborative approach towards logistics... We are surprised and disappointed by SF''s abrupt action to stop providing the information that is necessary for the smooth completion of parcel deliveries," a Cainiao spokeswoman said in an emailed statement.Competing data and e-commerce firms, including the cloud unit of Tencent and the CEO of e-commerce platform JD.com Inc , weighed in on the rift on social media, calling for Cainiao to promote a more open data sharing arrangement. Tencent Cloud provides existing data services to SF. (Reporting by Cate Cadell; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-logistics-rift-idINL3N1IZ28H'|'2017-06-02T05:15:00.000+03:00'|4601.0|''|-1.0|'' +4601|'79fd03fed0b527c85a55d599f06e21f55ce54144'|'China postal authority calls for end to data spat between Alibaba unit, SF Holdings'|'BEIJING, June 2 China''s postal authority has asked SF Holding Co and Alibaba Holding Group Ltd''s logistics unit, two of the nation''s top logistics players, to end a spat that disrupted deliveries when the two firms abruptly cut ties on Thursday.SF is one of several top logistics firms that have a strategic partnership with Alibaba''s Cainiao Network, which supports an app that allows users to track and pay for deliveries and links directly to Alibaba''s top e-commerce platform Taobao.The firms severed a data sharing agreement on Thursday following SF''s claims the Alibaba unit had requested user data not related to the current partnership, a claim Cainiao denies.China''s State Post Bureau said on its website it was communicating with both firms and urged the two sides to seek a diplomatic resolution to safeguard against "serious social impacts and negative side effects".The split highlights the stiff competition in China over hotly-contested user data assets, as top internet players including Alibaba and Tencent Holdings Group Ltd consolidate increasingly powerful cloud and big data ecosystems.The State Post Bureau said agricultural shipments were among those affected, including deliveries of fresh fruit. On Thursday Cainiao urged users and merchants to select alternative logistics firms.SF said in a statement on Friday users could still access tracking data on the firm''s official website. It said it stopped sharing data on Thursday after a May request from Cainiao to provide "unrelated customer privacy data".Cainiao, which oversees roughly 57 million deliveries a day, also tracks deliveries purchased on platforms outside the Alibaba ecosystem."Cainiao takes a collaborative approach towards logistics... We are surprised and disappointed by SF''s abrupt action to stop providing the information that is necessary for the smooth completion of parcel deliveries," a Cainiao spokeswoman said in an emailed statement.Competing data and e-commerce firms, including the cloud unit of Tencent and the CEO of e-commerce platform JD.com Inc , weighed in on the rift on social media, calling for Cainiao to promote a more open data sharing arrangement. Tencent Cloud provides existing data services to SF. (Reporting by Cate Cadell; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-logistics-rift-idINL3N1IZ28H'|'2017-06-02T05:15:00.000+03:00'|4601.0|10.0|0.0|'' 4602|'3d7764904f13f5d36b1074f4a4fb623bb8182704'|'Pipeline to the classroom: how big oil promotes fossil fuels to America''s children - US news'|'Pipeline to the classroom: how big oil promotes fossil fuels to America''s children Documents show how tightly woven group of pro-industry organizations target impressionable schoolchildren and teachers desperate for resources by Jie Jenny Zou Documents show how tightly woven group of pro-industry organizations target impressionable schoolchildren and teachers desperate for resources by Jie Jenny Zou Pipeline to the classroom: how big oil promotes fossil fuels to America''s children View more sharing options Share on Messenger Close This story was a collaboration between the Center for Public Integrity and StateImpact Oklahoma , a reporting project of NPR member stations in Oklahoma. Jennifer Merritts first graders at Jefferson elementary school in Pryor, Oklahoma, were in for a treat. Sitting cross-legged on the floor, the students gathered for story time with two special guests, Republican lawmakers Tom Gann and Marty Quinn . Dressed in suits, the two men read aloud from Petro Petes Big Bad Dream , a parable in which a Bob the Builder-lookalike awakens to find his toothbrush, hard hat and even the tires on his bike missing. Abandoned by the school bus, Pete walks to Petroville elementary in his pajamas. It sounds like youre missing all of your petroleum by-products today! Petes teacher, Mrs Rigwell, exclaims, extolling oils benefits to Pete and fellow students like Sammy Shale. Before long, Pete decides that having no petroleum is like a nightmare! The tale is the latest in an illustrated series by the Oklahoma Energy Resources Board , a state agency funded by oil and gas producers. The board has spent upwards of $40m over the past two decades on providing education with a pro-industry bent, including hundreds of pages of curriculums, a speaker series and an after-school program all at no cost to educators of children from kindergarten to high school. Book cover to Petro Petes Big Bad Dream A similar program in Ohio shows teachers how to frack Twinkies using straws to pump for cream to emulate shale drilling. A national program sponsored by companies including BP and Shell claims its too soon to tell if the earth is heating up, but a little warming might be a good thing. Decades of documents reviewed by the Center for Public Integrity reveal a tightly woven network of organizations that works in concert with the oil and gas industry to paint a rosy picture of fossil fuels in Americas classrooms. Led by advertising and public-relations strategists, the groups have long plied the tools of their trade on impressionable children and teachers desperate for resources. Proponents of programs like the one in Oklahoma say they help the oil and gas industry replenish its aging workforce by stirring early interest in science, technology, engineering and math. But some experts question the educational value and ethics of lessons touting an industry that plays a central role in climate change and air pollution. Anthony Leiserowitz , director of the Yale Program on Climate Change Communication , likened industry-sponsored curriculums that ignore climate science to advertising. Youre exploiting that trusted relationship between the student and the teacher, he said. Leiserowitz whose research has focused on how culture, politics and psychology impact public perception of the environment said fossil-fuel companies have a stake in perpetuating a message of oil dependency. As early as the 1940s, the industrys largest and most powerful lobby group targeted schoolchildren as a key element of its fledgling marketing strategy. By the 1960s, the American Petroleum Institute was looking to shake its reputation as a monopoly which reaped excessive profits and set out to cultivate a network of thought leaders that included educators, journalists, politicians and even clergy, according to an organizational history copyrighted by API in 1990. The idea caught on. Hundreds of oil-and-gas-centric lesson plans are now available online, walking a blurry line between corporate sponsorship and promotion at a time when climate science has increasingly come under siege at the highest levels of government. On 1 June, Donald Trump, flanked by EPA administrator and former Oklahoma attorney general Scott Pruitt, announced that the United States would withdraw from the Paris climate agreement. Oklahoma is among a dozen states that have opted for watered-down versions of Next Generation Science Standards , a joint effort by states and educational organizations to revamp science teaching that has met with political backlash since 2013. The Oklahoma version strips provisions on evolution and the human causes of global warming. Along with Colorado, Kansas and Montana, Oklahoma legislators have also championed bills requiring educators teach both sides of those scientific concepts. A pro-oil video to extol the benefits of fossil fuels. A 2016 study confirmed that Americas youth receive mixed messages on climate change. Nearly a third of middle-and-high-school science teachers nationwide have wrongly suggested global warming is naturally occurring. A quarter have spent as much time rebutting evidence of warming as they have presenting it. Schools and libraries across Oklahoma have received more than 9,000 complimentary copies of Petro Petes Big Bad Dream since it was published last year. The story has been a hit with Jennifer Merritts students, who won the storytelling visit from lawmakers last November after submitting a Facebook photo to the energy resources board. Posing on a jungle gym, the students clutched stuffed animals and footballs their favorite petroleum by-products. Its not some boring thing, Merritt said of the boards Little Bits curriculum for children up to age eight, which features alliterative characters like Freddie Fuelless and Oliver Oilpatch. Without it, she said, I probably wouldnt have taught first graders about energy. Merritt is one of 14,000 Oklahoma teachers who have attended workshops on how to use the boards innovative, one-of-a-kind science and energy curriculum in their classrooms. Participants are reimbursed for supplies year-round and can register their classes for free museum field trips so long as the exhibits highlight petroleum . On a recent Saturday, a workshop was in session at Choctaw high school , east of Oklahoma City. The parking lot was bustling as teachers loaded their cars with heavy tubs, each stuffed with up to $1,200 worth of calculators, lab equipment and other materials. In classrooms, some teachers plotted oil-production trends while others watched bubbling brews simulating how the industry wrings oil from depleting fields. In an email, board chairman Danny Morgan wrote that the organization doesnt use public funds and does not function like a typical agency. Under state law, half of its revenues from oil and gas producers are spent restoring abandoned oil wells. Morgan pointed to a board safety campaign aimed at preventing children from playing on dangerous pumpjacks that dot the state, writing, if just one child is kept safe through the awareness this program created, it is well worth the effort. While the boards curriculum enlightens students about the benefits of black gold, their teachers are hard-pressed to find any information on climate change or other drawbacks of fossil fuels even as Oklahoma struggles to curb a slew of man-made earthquakes tied to its fracking boom. Morgan, an oil company executive and a former state legislator, declined to say why the boards materials fail to address global warming. Cheerleading for the industry has been central to the energy resources boards mission from the start. Lawmakers created the board in 1993 as a privatized state agency funded by a voluntary tax on local oil and gas producers to publicize the industry. Kansas , Illinois and Ohio followed suit with similar legislation. But Oklahoma remains the epicenter of oil-industry puffery in the classroom. The boards curriculums are used in an estimated 98% of Oklahoma school districts and have been adopted in neighboring Kansas . Records show that the boards programs and pro-industry ads have been held out as models to trade groups and legislators in Montana, Arkansas, North Dakota, Wyoming and Texas. Many teachers in Oklahoma have attended the OERBs workshops. Photograph: Joe Wertz/StateImpact Oklahoma Oklahomas board appears to have taken cues from the American Petroleum Institute the countrys leading oil and gas lobby group, representing more than 625 companies. The plot of Big Bad Dream bears uncanny similarities to APIs 1996 educational film, Fuel-less: you cant be cool without fuel . Records show that the boards education director, who wrote Big Bad Dream, has ordered hundreds of copies of Fuel-less to distribute locally most recently in 2013. API did not respond to requests for comment. APIs vice-president of communications delivered a special presentation to the board in 2012 on marketing strategies. The same year, an API lobbyist asked the board to host a fracking workshop on its behalf as part of the trade groups effort to reach out to legislators, regulators and other stakeholders nationwide. Morgan wrote that the board did not participate in the workshop because API never followed up on the request. He added that the board itself doesnt engage in lobbying. Copied on APIs communications with the energy resources board was Bill Whitsitt , a Devon Energy executive who helped draft Pruitts letters during his tenure as Oklahoma attorney general. In 2014, the New York Times reported on Pruitts extensive industry ties which included oil and gas companies, utilities and lobby groups. As the states legal chief, Pruitt vociferously litigated against environmental regulations like the Clean Power Plan, branding them job killers and federal overreach. Devon Energy has been cited as an early beneficiary of rollbacks under Pruitts watch since he took the helm of the EPA in late January. Carla Schaeperkoetter, the energy resources boards education director, is the creator of Big Bad Dream and Lab Time with Leo a video series featuring a bowtie-wearing scientist not unlike Bill Nye the Science Guy. Instead of exploring fundamentals like the solar system, Leo delves into the nuances of oil refining , teaching kids as young as eight about fractional distillation and residuals. Schaeperkoetter doesnt have any teaching experience and isnt a state employee. Board staff, including Schaeperkoetter, are consultants hired by a private foundation affiliated with the Oklahoma Independent Petroleum Association . The state trade group is listed as a partner of the Independent Petroleum Association of America , a lobbying organization that worked closely with API to roll back federal rules on fracking. Schaeperkoetters name appears on curriculums reassuring teachers that companies are spending more dollars protecting the environment than drilling new wells. A jump-rope rhyme reads, We need oil. We need gas. Where are the oil products in our class? And a high school guide asks students to create 30-second commercials on how oil and natural gas will help America be energy independent. Charles Anderson a professor at Michigan State University who studies environmental literacy and develops curriculums said the board materials are upfront about their pro-industry agenda but only tell half the story by omitting global issues like climate change in favor of niche oil knowledge. The children of Oklahoma are getting a raw deal they are getting educationally ineffective materials teaching content that will be of little use to them if they want to leave the state, Anderson said. Students also are being sold short in more immediate ways: an increasing number of Oklahoma districts are adopting four-day school weeks amid budget cuts due partly to tax breaks for the petroleum industry. The state government of Oklahoma, in its wisdom, has decided that oil and gas companies should have a whole lot of money and schools should have hardly any money, Anderson said. Thats a social decision that values oil and gas extraction over the public good of public schools. Oklahomas state department of education promotes energy board lessons online and in newsletters. Though the curriculums are described by the board as having been developed in a collaborative effort with the state, the education department has not reviewed, endorsed or had any oversight over the materials in two decades, spokeswoman Anne Price said. Fracking in Oklahoma. Photograph: David Jennings/Alamy Stock Photo We value curricula that align to our state standards and are at no cost to educators, but ultimately we encourage educators to investigate further to choose what is best for their classrooms, Price wrote in an email. Without explicit guidance, experts say, its difficult for educators to assess which materials are appropriate especially elementary-school teachers who dont have extensive science training. Historically, energy curriculums have been scarce. This provides an opportunity for anyone who has a particular point of view, whether its an oil company or an environmental concern, said David Evans, executive director of the National Science Teachers Association , which co-developed the Next Generation Science Standards. The standards specify which concepts students should grasp by grade level like the greenhouse effects of gases like carbon dioxide and methane but dont provide curriculums, leaving educators to find or create lessons themselves. So far, the standards have been adopted by 18 states and the District of Columbia. When it comes to climate change, Evans urges teachers to stick to facts and avoid politics. Science is about understanding the physical world that we live in, he said. We wouldnt say, Why should people understand gravity? But education is inherently political, said Nicole Colston , a researcher at Oklahoma State University who has studied overlap between groups that push against evolution and climate change education. Its this implied thing that you cant talk about climate change, she said of her interviews with Oklahoma teachers. Its almost, like, impolite or uncomfortable. Prominent Oklahomans like Pruitt and Republican US senator James Inhofe are climate-science deniers, a fact not lost on the states residents. Just 46% of adult Oklahomans believe global warming is caused by human activities, below the national average of 53%, according to 2016 data from the Yale Program on Climate Change Communication . In 2014, Oklahoma lawmakers tried but failed to block the state board of education from adopting its version of Next Generation Science Standards. The same year, a state law was passed to give local school districts ultimate authority over curriculums. Merritt said she chose to use energy resources board materials because they were age-appropriate, factual, and free. Its just a way of life, she said of the curriculums laser focus on petroleum. We live in Oklahoma. Theres a lot of oil. Joe Wertz, a reporter with StateImpact Oklahoma, contributed to this story '|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/us-news/2017/jun/15/big-oil-classrooms-pipeline-oklahoma-education'|'2017-06-15T03:00:00.000+03:00'|4602.0|''|-1.0|'' 4603|'a0c9fe2c0454ff80584c17da2fa4c4675df723fc'|'Surprise rise in German imports narrows trade surplus in April'|'Business News - Fri Jun 9, 2017 - 7:08am BST Surprise rise in German imports narrows trade surplus in April FILE PHOTO: Containers are pictured at a loading terminal in the port of Kiel, Germany, January 25, 2017. REUTERS/Fabian Bimmer/File Photo FRANKFURT German exports rose more strongly than expected in April and imports posted an even bigger increase, narrowing the trade surplus of Europe''s biggest economy, data showed on Friday. Seasonally adjusted exports were up 0.9 percent on the month while imports jumped 1.2 percent, data from the Federal Statistics Office showed. A Reuters poll had pointed to exports rising 0.3 percent and imports falling 1.0 percent. The seasonally adjusted trade surplus edged down to 19.8 billion euros from a revised 19.9 billion euros in March. The April reading was below the Reuters consensus forecast of 20.3 billion euros. Germany''s wider current account surplus, which measures the flow of goods, services and investments, plunged to 15.1 billion euros after a revised 31.1 billion euros in March, the data showed. Domestic demand has replaced exports as the main growth driver in Germany as consumers and the state are benefiting from record-high employment, rising tax revenues and low borrowing costs enabled by the European Central Bank''s loose monetary policy. (Reporting by Michael Nienaber; Editing by Andrea Shalal)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-trade-idUKKBN1900KB'|'2017-06-09T14:08:00.000+03:00'|4603.0|''|-1.0|'' 4604|'d8e9cc3bdc74ba5164551f9d88f581caaa54d57e'|'Ford says new Focus cars to be initially sourced from China'|'June 20 Ford Motor Co said on Tuesday it would begin production of its next-generation Focus small car in the second half of 2019 and most of the cars for the North American market would be initially sourced from China."The new North America Focus production plan saves $1 billion in investment costs versus the original plan...," the company said in a statement.Ford had earlier said it planned to import the new Focus from its plant in Hermosillo, Mexico.Ford also said it was investing $900 million in its Kentucky truck plant for upgrades to build the all-new Ford Expedition and Lincoln Navigator SUVs, which will begin arriving in dealerships this fall. (Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ford-motor-focus-idUSL3N1JH3YX'|'2017-06-20T20:48:00.000+03:00'|4604.0|''|-1.0|'' @@ -4624,7 +4624,7 @@ 4622|'76827a3f279c08873ee52713a30ac0a07843a085'|'Mexico''s Banco de Bajio IPO about four times oversubscribed: sources'|'MEXICO CITY Mexican lender Banco del Bajio, due to debut on the local stock exchange on Thursday, will place its shares at the upper end of the planned price range, and demand for the stock is around four times oversubscribed, four market sources said on Wednesday.Banco del Bajio, which is based in the central city of Leon, said last month it hoped to raise around $490 million in the country''s second new stock offering in 2017, with a price range of between 29 pesos and 32 pesos ($1.59-$1.75) per share.None of the sources, who spoke on condition of anonymity, were involved in placing the initial public offering.(Reporting by Sheky Espejo and Roberto Aguilar; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mexico-ipo-bancobajio-idINKBN18Y38K'|'2017-06-07T20:56:00.000+03:00'|4622.0|''|-1.0|'' 4623|'d005dbaf86cf5cc38c90afc313c9f89b49787ba9'|'Buyout fund Blackstone buys The Office Group valuing it at $640 million'|'Deals - Mon Jun 19, 2017 - 7:46am EDT Buyout fund Blackstone buys The Office Group valuing it at $640 million LONDON Buyout fund Blackstone ( BX.N ) said on Monday it had agreed to acquire a majority interest in The Office Group (TOG), valuing the flexible workspace provider at about 500 million pounds ($640 million). Launched in 2003, TOG provides workspace in 36 buildings, mainly across central London, and has a growing client base of more than 15,000 members. Its clients include AOL, Dropbox, Pinterest, British Gas and Santander. "The traditional workspace is being redefined in gateway cities across the globe, as evolving business practices increase demand for flexible office space," said Anthony Myers, Blackstone''s head of European real estate. Lloyd Dorfman, the founder of Travelex who had a majority state in TOG, as well as TOG''s co-founders, Charlie Green and Olly Olsen, will remain shareholders after the Blackstone buyout. The deal is expected to close this month. Green and Olsen will remain TOG''s co-chief executives. Rothschild acted as sole financial adviser to TOG. Blackstones real estate business, founded in 1991, has about $102 billion in investor capital under management. Its assets include Hilton Worldwide and OfficeFirst. This month it announced the sale of European warehousing giant Logicor to China Investment Corporation CIC.UL for 12.25 billion euros ($13.73 billion). (Reporting by Dasha Afanasieva; Editing by Edmund Blair) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-officegroup-m-a-blackstone-idUSKBN19A1I5'|'2017-06-19T15:46:00.000+03:00'|4623.0|''|-1.0|'' 4624|'7cc1ad08aa02cf576e061f8375f8798d9bf722c3'|'Meal-kit maker Blue Apron lowers expected IPO price range'|'Market 56am EDT Meal-kit maker Blue Apron lowers expected IPO price range June 28 Online meal-kit company Blue Apron Holdings slashed the expected pricing range for its initial public offering to between $10 and $11 per share from its previous expectation of $15 to $17 per share. The company, named after the uniform that apprentice chefs wear in France, said it expects net proceeds of around $292.7 million from the offering. The offering is expected to be priced on Wednesday and the stock is scheduled to debut on Thursday on the NYSE. (Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/blue-apron-hldg-ipo-idUSL3N1JP3N3'|'2017-06-28T13:56:00.000+03:00'|4624.0|''|-1.0|'' -4625|'6755fcb7f99eadd1a5e87d55e9b41d099b9db7d6'|'With Alphabet, Google faces a daunting challenge: organizing itself'|'Innovation and Intellectual Property 11:22am EDT With Alphabet, Google faces a daunting challenge: organizing itself By Julia Love - SAN FRANCISCO SAN FRANCISCO Googles self-professed mission is to organize the worlds information. But a company known for engineering excellence is still trying to solve the very human problem of how to organize itself. Nearly two years ago, Google co-founder Larry Page announced the tech giant would be remade as Alphabet, a holding company whose units would include Google and an array of unrelated pursuits in areas such as healthcare, self-driving cars and urban planning. Wall Street cheered. Previously those riskier ventures had been lumped into Google''s overall financial results. Investors would now see Googles performance independent of its so-called Other Bets, an eclectic collection of 11 ventures. They include Nest, a maker of Wi-Fi enabled thermostats; Calico, which seeks to prolong the human lifespan; and X, the company''s secretive research lab. Alphabet''s top management also aimed to boost accountability by appointing chief executives to head each of the Other Bets. Few people in Google''s constellation of ventures had ever held the title prior to that. But so far Alphabet has failed to show it can convert its Other Bets from experiments to businesses with the reach, impact and money-making potential of Googles core search and advertising operations. Interviews with two dozen former Alphabet executives and employees reveal an organization grappling with how much time and resources Other Bets deserve in the pursuit of profitability. In the first quarter, which ended March 31, the ventures lost a combined $855 million; that''s on top of a collective $3.6 billion loss for 2016. As a whole, Alphabet generated $90.3 billion in revenue in 2016. Google''s share of that revenue was $89.5 billion, while its 2016 operating income was $27.9 billion. Alphabet''s early days have seen more pruning than expansion of its holdings. The company has skinned back plans for Google Fiber, which delivers rapid Internet service in 10 metro areas. This month, Alphabet agreed to sell robotics company Boston Dynamics to Japanese multinational SoftBank Group Corp. It unloaded its Terra Bella satellite imaging business in February. At one point last year, it was even looking to sell Nest, the largest of the Other Bets, three people familiar with the matter told Reuters. Google paid an eye-popping $3.2 billion for the start-up in 2014. (For a graphic showing Alphabet''s holdings, see: tmsnrt.rs/2rNgdKN ) Meanwhile, a series of executives have departed since the reorganization, including the heads of Nest, an Internet operation called Access and a venture capital firm known as GV. An Alphabet spokeswoman declined repeated requests for comment or to make executives available for interviews. Supporters of the restructuring frame the early struggles as typical growing pains. For now, Wall Street isn''t worried: Alphabet''s stock is near an all-time high, having reached $1,000 per share in June. Ruth Porat, the no-nonsense chief financial officer who has steered the restructuring, has won rave reviews from investors for enforcing financial accountability across Alphabet. Some Other Bets have made notable strides. Life sciences initiative Verily recently attracted $800 million in outside investment. Self-driving car project Waymo is considered among the leaders in the burgeoning industry. Still, it''s not yet clear the structure will enable Alphabet to do what most companies cannot: conceive the next wave of innovation in-house or through the development of key acquisitions. That goal is central to both the company''s mission and investor expectations, analysts say. The reason Google gets to trade at a decent multiple is because there''s a growth story beyond advertising, said analyst James Wang of ARK Investment Management. CEO or COO? The Alphabet structure is Googles stab at an age-old corporate conundrum: sustaining innovation within a giant enterprise. Alphabet''s strategy is to give entrepreneurs the autonomy of a startup, coupled with the discipline of a traditional corporate structure. Roughly once a quarter, Other Bets leaders meet with the Alphabet board comprised of Porat, Page, Google co-founder Sergey Brin and David Drummond, Alphabet''s senior vice president of corporate development to discuss funding and performance, according to two former employees. At the same time, Alphabet is establishing separate compensation plans for the Other Bets to reward employees if their ventures succeed, mirroring startup incentives. The formula has primed Alphabet''s emerging businesses for "global impact," Alphabet Executive Chairman Eric Schmidt said this month at the annual stockholders meeting at the Mountain View headquarters. "There is one solution that we know works well in capitalism, which is boards, shareholders, CEOs," Schmidt said. "My bet is that the traditional lessons of business organization will in fact result in success at Alphabet." Still, Alphabet top brass continue to hold sway over key strategy and financing decisions, a dynamic that has chafed Other Bets chief executives who''ve complained they are treated more like chief operating officers than shot callers, according to people familiar with the situation. In addition, scrutiny from Wall Street limits how generous Alphabet can be in extending Google''s resources to Other Bets, said Brian McClendon, a former vice president of engineering at Google. "As of yet, the restructuring hasnt provided what I think is one of the immediate benefits, which is risk-taking investment," he said. NICKELED AND DIMED Some companies acquired by Google found that being part of Alphabet wasn''t what they''d bargained for. Two former Nest employees said they were promised generous funding and time to achieve profitability following the company''s acquisition by Google in 2014. But after the restructuring, Alphabet executives were keenly focused on revenue, one former employee said. Pricey overhead has made the path to profitability tougher. After the restructuring, Alphabet began charging Other Bets for their portion of shared services such as security and facilities, ending what had previously amounted to a subsidy, people familiar with the situation said. The units also felt pressure to maintain Google perks such as free employee meals. One of the pitfalls (of Alphabet) is that those companies are asked to stand on their own two feet, but they may inherit the cost structure of Google," said Nest investor Peter Nieh, a partner at Lightspeed Venture Partners. In early 2016, Alphabet explored selling Nest in an effort code-named Project Amalfi, according to three people familiar with the matter. No deal materialized, and Nest co-founder Tony Fadell departed last year. Fadell declined to comment. Boston Dynamics, acquired in 2013 during a robotics shopping spree led by Android creator Andy Rubin, enjoyed generous funding at first. But it was adrift after Rubin''s departure, two former employees said. Rubin did not respond to requests for comment. GRUMPY GOOGLERS The creation of the Other Bets has also changed what it means to work for Google. Some grumble that their role now is to subsidize innovation at their sister companies, rather than to innovate themselves. It did sort of send the message to people who stayed back at Google, whether in search or in ads: Your job isnt to push the envelope, one former Googler said. Employee transfers to X, the illustrious moonshot factory, are more complicated now that it''s a separate entity, former employees say. Thats a striking shift, especially for high-performing employees accustomed to moving about the company almost at will, said Punit Soni, a former Google employee who is now chief executive of Learning Motors, an artificial intelligence startup. A basic premise of Google was people could do whatever they wanted, Soni said. I can see why people will feel like its no longer the old Google." In the meantime, co-founder Page is pursuing yet another "moonshot": flying cars. He is the primary investor in Kitty Hawk, a startup in the field that is entirely outside the Alphabet umbrella. (Editing by Marla Dickerson)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-alphabet-tensions-insight-idUSKBN19I0G9'|'2017-06-27T13:12:00.000+03:00'|4625.0|''|-1.0|'' +4625|'6755fcb7f99eadd1a5e87d55e9b41d099b9db7d6'|'With Alphabet, Google faces a daunting challenge: organizing itself'|'Innovation and Intellectual Property 11:22am EDT With Alphabet, Google faces a daunting challenge: organizing itself By Julia Love - SAN FRANCISCO SAN FRANCISCO Googles self-professed mission is to organize the worlds information. But a company known for engineering excellence is still trying to solve the very human problem of how to organize itself. Nearly two years ago, Google co-founder Larry Page announced the tech giant would be remade as Alphabet, a holding company whose units would include Google and an array of unrelated pursuits in areas such as healthcare, self-driving cars and urban planning. Wall Street cheered. Previously those riskier ventures had been lumped into Google''s overall financial results. Investors would now see Googles performance independent of its so-called Other Bets, an eclectic collection of 11 ventures. They include Nest, a maker of Wi-Fi enabled thermostats; Calico, which seeks to prolong the human lifespan; and X, the company''s secretive research lab. Alphabet''s top management also aimed to boost accountability by appointing chief executives to head each of the Other Bets. Few people in Google''s constellation of ventures had ever held the title prior to that. But so far Alphabet has failed to show it can convert its Other Bets from experiments to businesses with the reach, impact and money-making potential of Googles core search and advertising operations. Interviews with two dozen former Alphabet executives and employees reveal an organization grappling with how much time and resources Other Bets deserve in the pursuit of profitability. In the first quarter, which ended March 31, the ventures lost a combined $855 million; that''s on top of a collective $3.6 billion loss for 2016. As a whole, Alphabet generated $90.3 billion in revenue in 2016. Google''s share of that revenue was $89.5 billion, while its 2016 operating income was $27.9 billion. Alphabet''s early days have seen more pruning than expansion of its holdings. The company has skinned back plans for Google Fiber, which delivers rapid Internet service in 10 metro areas. This month, Alphabet agreed to sell robotics company Boston Dynamics to Japanese multinational SoftBank Group Corp. It unloaded its Terra Bella satellite imaging business in February. At one point last year, it was even looking to sell Nest, the largest of the Other Bets, three people familiar with the matter told Reuters. Google paid an eye-popping $3.2 billion for the start-up in 2014. (For a graphic showing Alphabet''s holdings, see: tmsnrt.rs/2rNgdKN ) Meanwhile, a series of executives have departed since the reorganization, including the heads of Nest, an Internet operation called Access and a venture capital firm known as GV. An Alphabet spokeswoman declined repeated requests for comment or to make executives available for interviews. Supporters of the restructuring frame the early struggles as typical growing pains. For now, Wall Street isn''t worried: Alphabet''s stock is near an all-time high, having reached $1,000 per share in June. Ruth Porat, the no-nonsense chief financial officer who has steered the restructuring, has won rave reviews from investors for enforcing financial accountability across Alphabet. Some Other Bets have made notable strides. Life sciences initiative Verily recently attracted $800 million in outside investment. Self-driving car project Waymo is considered among the leaders in the burgeoning industry. Still, it''s not yet clear the structure will enable Alphabet to do what most companies cannot: conceive the next wave of innovation in-house or through the development of key acquisitions. That goal is central to both the company''s mission and investor expectations, analysts say. The reason Google gets to trade at a decent multiple is because there''s a growth story beyond advertising, said analyst James Wang of ARK Investment Management. CEO or COO? The Alphabet structure is Googles stab at an age-old corporate conundrum: sustaining innovation within a giant enterprise. Alphabet''s strategy is to give entrepreneurs the autonomy of a startup, coupled with the discipline of a traditional corporate structure. Roughly once a quarter, Other Bets leaders meet with the Alphabet board comprised of Porat, Page, Google co-founder Sergey Brin and David Drummond, Alphabet''s senior vice president of corporate development to discuss funding and performance, according to two former employees. At the same time, Alphabet is establishing separate compensation plans for the Other Bets to reward employees if their ventures succeed, mirroring startup incentives. The formula has primed Alphabet''s emerging businesses for "global impact," Alphabet Executive Chairman Eric Schmidt said this month at the annual stockholders meeting at the Mountain View headquarters. "There is one solution that we know works well in capitalism, which is boards, shareholders, CEOs," Schmidt said. "My bet is that the traditional lessons of business organization will in fact result in success at Alphabet." Still, Alphabet top brass continue to hold sway over key strategy and financing decisions, a dynamic that has chafed Other Bets chief executives who''ve complained they are treated more like chief operating officers than shot callers, according to people familiar with the situation. In addition, scrutiny from Wall Street limits how generous Alphabet can be in extending Google''s resources to Other Bets, said Brian McClendon, a former vice president of engineering at Google. "As of yet, the restructuring hasnt provided what I think is one of the immediate benefits, which is risk-taking investment," he said. NICKELED AND DIMED Some companies acquired by Google found that being part of Alphabet wasn''t what they''d bargained for. Two former Nest employees said they were promised generous funding and time to achieve profitability following the company''s acquisition by Google in 2014. But after the restructuring, Alphabet executives were keenly focused on revenue, one former employee said. Pricey overhead has made the path to profitability tougher. After the restructuring, Alphabet began charging Other Bets for their portion of shared services such as security and facilities, ending what had previously amounted to a subsidy, people familiar with the situation said. The units also felt pressure to maintain Google perks such as free employee meals. One of the pitfalls (of Alphabet) is that those companies are asked to stand on their own two feet, but they may inherit the cost structure of Google," said Nest investor Peter Nieh, a partner at Lightspeed Venture Partners. In early 2016, Alphabet explored selling Nest in an effort code-named Project Amalfi, according to three people familiar with the matter. No deal materialized, and Nest co-founder Tony Fadell departed last year. Fadell declined to comment. Boston Dynamics, acquired in 2013 during a robotics shopping spree led by Android creator Andy Rubin, enjoyed generous funding at first. But it was adrift after Rubin''s departure, two former employees said. Rubin did not respond to requests for comment. GRUMPY GOOGLERS The creation of the Other Bets has also changed what it means to work for Google. Some grumble that their role now is to subsidize innovation at their sister companies, rather than to innovate themselves. It did sort of send the message to people who stayed back at Google, whether in search or in ads: Your job isnt to push the envelope, one former Googler said. Employee transfers to X, the illustrious moonshot factory, are more complicated now that it''s a separate entity, former employees say. Thats a striking shift, especially for high-performing employees accustomed to moving about the company almost at will, said Punit Soni, a former Google employee who is now chief executive of Learning Motors, an artificial intelligence startup. A basic premise of Google was people could do whatever they wanted, Soni said. I can see why people will feel like its no longer the old Google." In the meantime, co-founder Page is pursuing yet another "moonshot": flying cars. He is the primary investor in Kitty Hawk, a startup in the field that is entirely outside the Alphabet umbrella. (Editing by Marla Dickerson)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-alphabet-tensions-insight-idUSKBN19I0G9'|'2017-06-27T13:12:00.000+03:00'|4625.0|13.0|0.0|'' 4626|'71f3c7c987989ccf032adc6fb2fe7944fb6018af'|'UPDATE 3-Hudson''s Bay soars amid calls to go private, monetize real estate'|'(Rewrites, adds shareholder comments, background on Litt, updates share price)By Solarina Ho and Michael FlahertyTORONTO/NEW YORK, June 19 U.S. activist investor Jonathan Litt on Monday called for Canada''s Hudson''s Bay Co to consider going private and to monetize its vast real estate holdings, sending shares in the owner of Saks Fifth Avenue up 13 percent.Litt made the request to the board of directors in a letter which disclosed his investment firm Land & Buildings had acquired a 4.3 percent stake in Hudson''s Bay.The company, also known as HBC, said in a statement that it was reviewing the letter from Litt, a former Citigroup real-estate analyst whose activist hedge funds focuses on the property sector.HBC stock had lost about a third of its value this year amid declining sales at its retail stores, which include Saks, Lord & Taylor and the 347-year-old Hudson''s Bay brand.The company this month said it would cut 2,000 jobs as part of a restructuring of its retail business. It did not discuss plans to monetize its $10 billion-plus in real-estate assets by selling them or spinning them off in public offerings. Saks on Fifth Avenue in New York City is valued at $3.7 billion.Litt''s letter called on the company to focus on its real estate assets, saying they are worth C$35 per share, nearly four times HBC''s closing price on Friday."The path to maximizing the value of Hudson''s Bay lies in its real estate, not its retail brands," Litt said. "If there is a smarter and better use of any or all of the locations, stores should be closed and redeveloped and put towards their optimal use."Litt is known as an aggressive activist investor who pressures his targets through public letters, often pushing companies to sell themselves if they are unable to institute the changes he suggests.In the last year, Litt has pushed for the sale of Brookdale Senior Living Inc, Forest City Realty Trust Inc and FelCor Lodging Trust Inc.Litt took on Taubman Centers Inc this spring, calling on the company to consider putting itself up for sale. He waged an unsuccessful proxy fight to replace two directors on the board, including CEO Bobby Taubman.In 2015, Land and Buildings launched a proxy fight against Macerich Co that resulted in the mall owner adding two directors and making corporate-governance changes.SHAREHOLDER SUPPORTOne of HBC''s biggest shareholders said he agreed with some of Litt''s suggestions.Joshua Varghese, a portfolio manager with CI Investments, said he would like the company to close some stores, stop opening new ones and focus on finding ways to get the value of its real-estate holdings reflected in the stock price.CI Investments is the company''s sixth-largest shareholder with a 4.1 percent stake, according to Thomson Reuters data."I hope it will force the management team to address these issues in more detail with its shareholders," Varghese said.Founded in 1670, HBC began as a fur trader and once owned more than 40 percent of what is now Canada and much of what became North Dakota and Minnesota.U.S. real-estate developer Richard Baker bought the firm in 2008 and took it public in 2012, retaining its name and Toronto headquarters.HBC shares were up C$1.13 at C$10.01 at midday Toronto trading after reaching a high of C$10.45.In addition to its North American department store chains, it also owns Galeria Kaufhof in Europe.HBC also owns majority stakes in two real estate joint ventures worth over C$8.1 billion ($6.1 billion) for its property holdings in Europe and North America. ($1 = 1.3218 Canadian dollars)(Reporting by Solarina Ho and John Tilak in Toronto and Michael Flaherty in New York; Additional reporting by John Benny in Bengaluru; Editing by Lisa Von Ahn and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hudsons-bay-land-and-buildings-idINL3N1JG3ZE'|'2017-06-19T16:52:00.000+03:00'|4626.0|''|-1.0|'' 4627|'1be1d4fe41b026e82ecf89eddfa7f788d23f17d5'|'Delivery Hero debuts 5.5 percent above offer price at 26.90 euros'|'Business News 10:05am BST Delivery Hero debuts 5.5 percent above offer price at 26.90 euros By 0728 GMT the shares were at 26.28 euros. FRANKFURT Shares in online takeaway food delivery group Delivery Hero ( DHER.DE ) started trading at 26.90 euros (24) in their Frankfurt stock market debut on Friday, 5.5 percent above their offer price of 25.50 euros. The company had priced its initial public offering (IPO) at the top end of the price range, to raise roughly 1 billion euros ($1.14 billion). By 0728 GMT the shares were at 26.28 euros. A successful listing for Delivery Hero is important for German e-commerce investor Rocket Internet ( RKET.DE ), which holds a 35 percent stake in the firm and has failed to bring a company to market since 2014. Delivery Hero has said it would use the proceeds to pay off debt and for organic growth and acquisitions as it seeks to stave off rising competition. Delivery Hero''s listing contrasts with peer Blue Apron''s ( APRN.N ) lacklustre debut on Thursday, which had slashed its price in the shadow of Amazon.com''s ( AMZN.O ) deal to buy retailer Whole Foods, leaving investors worried about the prospects of the meal-kit industry. (Reporting by Arno Schuetze; Editing by Georgina Prodhan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-delivery-hero-ipo-idUKKBN19L10K'|'2017-06-30T12:05:00.000+03:00'|4627.0|''|-1.0|'' 4628|'be37dacb0e5d04fac12dbbf10cedda8c08fa2f6d'|'Ternium tells investors Brazil''s CSA will fuel expansion'|'SAO PAULO, June 29 Ternium, a steelmaker in the Italian-Argentine Techint Group, is betting on its recently acquired Brazilian steel mill to create future growth opportunities, Chief Executive Daniel Novegil told investors on Thursday.In a meeting in New York, Novegil said the acquisition of Companhia Siderrgica do Atlantico SA would be transformative even as the group''s leverage rises, according to statements sent by Ternium to Reuters.Novegil said the $1.3 billion acquisition would raise Ternium''s debt to up to 1.75 times its earnings before interest, taxes, depreciation and amortization, a gauge of profitability known as EBITDA. The steelmaker owed 0.5 EBITDA on the first quarter.Ternium struck the deal with ThyssenKrupp AG in February to buy the money-losing Companhia Siderrgica do Atlantico SA and is awaiting Brazil antitrust watchdog Cade''s approval.Novegil also said he was working to reach an agreement with joint venture partner Nippon Steel & Sumitomo Metal Corp over the control of Brazilian steelmaker Usinas Siderrgicas de Minas Gerais.Novegil did not elaborate on ways to end the conflict that led the partners to sue each other.(Reporting by Aluisio Alerigi; Writing by Tatiana Bautzer; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ternium-csa-idINL1N1JQ297'|'2017-06-29T21:47:00.000+03:00'|4628.0|''|-1.0|'' @@ -4633,7 +4633,7 @@ 4631|'779f754f8b142291cdfa8b4514a8ab792ca134f3'|'Oil pipeline firms'' discounts rile clients, roil markets'|'NEW YORK U.S. pipeline operators are selling their underused space at steep discounts to keep crude flowing - angering shippers and distorting an already opaque market for oil trading.Pipeline firms such as Plains All American ( PAA.N ) and TransCanada Corp ( TRP.TO ) move about 10 million barrels of crude around the United States every day.For pipeline operators to secure financing to build pipelines and storage facilities, they need oil producers, refiners and traders to sign long-term contracts to use space on the pipelines.Pipeline firms can then use the guaranteed revenue from those contracts as collateral. Firms shipping on the pipeline have historically benefited from the long-term deals because they offered a discount compared to the price of buying space occasionally.But now, in the wake of a two-year oil price crash, pipeline firms are still struggling to keep their lines full. So their marketing arms are offering steep discounts to ad-hoc buyers of pipeline capacity - which irritates customers whose long-term contracts are now more expensive than spot purchases."If I were a producer with a long-term contract, I would be very unhappy at the present time, said Rick Smead, managing director of advisory services at RBN Energy in Houston. But, the reality is that when they (signed contracts), they were trapped.Eight pipeline operators contacted by Reuters for this story declined to comment on their discounted spot pricing or the secondary market for pipeline capacity.Some of those pipeline firms are offering prices as low as 25 percent of federally regulated rates, creating a secondary market that undercuts shippers with long-term contracts, according to four sources at companies that regularly ship on the pipelines.For a graphic detailing how the discount deals work, see: tmsnrt.rs/2sJwW5EThe discounts emerged after a global glut and crashing oil prices caused many shippers to let their pipeline contracts lapse or declare bankruptcy.More than a dozen producers, traders and refiners told Reuters they were angry and frustrated that these discount deals have become a mainstay. They declined to be named because they were not authorized to speak publicly.The contract and regulatory framework of the industry makes it difficult for them to bargain down their own long-term contracts, leaving them paying more for the pipeline space than occasional shippers competing to send oil through the same lines.This gives the occasional shippers the edge in delivering cheaper crude to potential buyers at the end of the line.DEEP DISCOUNTSTransCanada''s 700,000 barrel-per-day Cushing-Marketlink pipeline - which carries oil from Cushing, Oklahoma, to Texas refineries - has long-term rates of between $1.63 and $2.93 a barrel to transport heavy crude, while occasional shippers typically paid $3.The industry downturn since 2014 has reduced demand from occasional shippers to use the line at that price.Earlier this year, TransCanada''s marketing arm offered customers the right to send crude through the line at a tariff of between 80 to 90 cents, traders using the line said.At the end of 2016, the rate offered was as low 30 to 40 cents. Even with the discounts, the line rarely reached 70 percent capacity.TransCanada declined to comment.Pipeline operators agree to charge specific tariffs for sending oil through the lines when they sign long-term contracts with oil shippers.Those rates are known as committed tariffs, and are subject to approval by the U.S. Federal Energy Regulatory Commission (FERC). The FERC also reviews the rates paid by occasional shippers, known as uncommitted tariffs.The FERC declined to comment on the secondary market and on the tariffs that the marketing arms of pipeline operators are charging in that market.AGGRESSIVE MARKETINGMost of the 10 largest U.S. pipeline operators - such as Enbridge ( ENB.TO ) and Enterprise Products Partners ( EPD.N ) - have established their own marketing or trading arms that are reselling space.Last year, TransCanada - which operates the massive Keystone pipeline system - became the most recent player to open a unit to trade oil and resell pipeline space.A few, such as Plains, have had marketing arms for more than a decade, but in the past they had mostly just sold or traded space that went unused by major producers who had committed to long-term contracts.On lines such as TransCanadas, big producers such as ExxonMobil ( XOM.N ) and Suncor Energy ( SU.N ) account for up to 90 percent of the flow in a pipeline. The remaining 10 percent is sold to occasional shippers.Suncor and ExxonMobil declined to comment.With the three-year rout in oil, the volume accounted for in long-term contracts has fallen, and the marketing arms have gone from simply selling occasional space to needing to make big deals to fill the lines.The practice has become so widespread that even pipeline operators who had previously said they disliked the emergence of the secondary market have now joined the fray.Magellan Midstream Partners ( MMP.N ), for instance, in November applied to the FERC to establish a marketing arm, citing the more favorable terms other firms can offer customers. The move came after Magellan had declined for years to run its own operation out of fear that it would compete with its own customers.The secondary market is formed by marketing firms signing up to long-term contracts with their parent companies, the pipeline owners. The marketing firms become like committed customers to the line, and pay the same rates for the space as the firms with long-term contracts.Those marketing firms book a paper loss for shipping the volumes at a discount. But the sales keep the pipelines more full - which makes the parent firm look better to investors, who use pipeline volume as a key metric to judge those firms.Some companies have felt the pinch of the paper losses. Genesis Energy LP ( GEL.N ) - a Houston-based midstream firm with a market cap of $3.6 billion - said its supply and logistics unit saw fourth-quarter revenues fall by 15 percent from a year earlier.The companys Chief Executive Grant Sims, during a recent earnings call, cited "volume cannibalization" for the decline, saying that it was forced to compete in a market in which participants were willing to lose money.Genesis declined to comment further to Reuters.Ed Longanecker president of the Texas Independent Producers & Royalty Owners Association, said tensions between producers and midstream firms become more strained in a low-price environment, with producers "at the mercy of an extremely competitive market."(Additional reporting by Liz Hampton in Houston; Editing by David Gaffen, Edward Tobin, Simon Webb and Brian Thevenot)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-pipelines-tariffs-analysis-idUSKBN19J0E9'|'2017-06-28T13:01:00.000+03:00'|4631.0|''|-1.0|'' 4632|'47984b7578f07caabebb8568fb1d77b48b042965'|'Investors doubt Kroton can win approval for Estcio takeover: report'|'SAO PAULO Investors are skeptical that a merger of Kroton Educacional SA and Estcio Participaes SA to form the world''s No. 1 for-profit education company will win Brazil''s approval, Morgan Stanley said on Thursday.In a report, Morgan Stanley ( MS.N ) analysts led by Javier Martnez de Olcoz Cerdn said Kroton''s planned takeover of Estcio has approximately a 75 percent chance of being rejected, based on a selloff of both stocks on Monday and Tuesday.Investors drove shares of Kroton ( KROT3.SA ) and Estcio ( ESTC3.SA ) down 7 percent and 14 percent, respectively.However, Martnez sees a 60 percent chance the deal will be approved on the condition that the companies sell assets accounting for 15 percent of the combined entity''s revenue.The rout in the shares of both companies came after two Brazilian newspapers said antitrust watchdog Cade is considering vetoing Kroton''s takeover of Estcio at a meeting scheduled for June 28. According to the report, only one of the agency''s five directors, Cristiane Alkmin, has given signs that the deal could be approved.Scrutiny of the Kroton-Estcio tie-up comes as rivals and consumer groups air concerns about creating a juggernaut with 10 times as many students as its closest rival in Brazil.Reuters reported on June 5 that Cade has demanded asset sales larger than initially expected by Kroton as a condition to approve the deal. In February, a preliminary report by the watchdog''s economic analysis division said the deal could hamper competition and lead to higher costs for consumers.Cade, Kroton and Estcio declined to comment.Martnez interviewed more than 80 local and foreign investors between June 13 and June 19 to understand their views about the Kroton-Estcio deal.His conclusion that shares are pricing in a no-deal scenario stems from expectations by those investors that Kroton and Estcio would be down 9 percent and 13 percent if Cade rejected the combination.(Reporting by Guillermo Parra-Bernal; Editing by Steve Orlofsky)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-estacio-part-m-a-kroton-idUSKBN19D2MP'|'2017-06-23T00:14:00.000+03:00'|4632.0|''|-1.0|'' 4633|'a81414039c16f3abd1843589df2a8b0ca3f4eebc'|'EU promises tough line on U.S., China while pushing for free trade'|'Top News 4:19pm BST EU promises tough line on U.S., China while pushing for free trade German Chancellor Angela Merkel and French President Emmanuel Macron addresses a joint news conference at the EU summit in Brussels, Belgium, June 23, 2017. REUTERS/Gonzalo Fuentes By Philip Blenkinsop - BRUSSELS BRUSSELS German Chancellor Angela Merkel warned U.S. President Donald Trump on Friday that Europe would react in kind if the United States did not play fair in trade, while EU leaders also agreed to consider screening investments by state-owned Chinese firms. The 28 EU leaders signed up to a document saying they and the European Commission should look into ways to increase reciprocity in government procurement and investment. "Reciprocity is the right way. If we have for example access to public contracts in the United States, then we can say ''yes'' to access to public contracts in Europe," Merkel said, but if full access was denied then Europe would "need an answer". The leaders called on the Commission to analyse foreign investments in strategic sectors, adding they would return to the issue at a future meeting. The written conclusions to the European Union summit that ended on Friday made no mention of the bloc''s two largest trading partners, the United States or China, but both were in the background of its "free and fair" trade push. The 28-nation union tried for three years to forge a trade alliance with the United States, but now sees itself as an open markets counterweight to a country whose President Donald Trump is looking at restricting steel and aluminium imports. Beijing is also in the sights of the "protection agenda" of new French President Emmanuel Macron, described as an embrace of free trade, but with limits on foreign takeovers in areas such as energy, banking and technology, where China seeks Europe''s know-how. An EU-China summit earlier this month, designed to show the two as allies in climate change after the U.S. withdrawal from the Paris accord, was overshadowed by disagreements over trade and over-production of steel. "Fair competition is better than the law of the jungle," Macron told a news conference alongside German Chancellor Angela Merkel. France, Germany and Italy have backed the idea of allowing the EU to block Chinese investments, partly because European companies are denied similar access in China. More pro-trade countries such as Sweden have said this is a step down the path of protectionism, while smaller eastern and southern European economies that are dependent on Chinese investment have rejected steps against Beijing. New Irish Prime Minister Leo Varadkar said it made sense to screen foreign investments to ensure that public infrastructure or defence firms did not to fall into foreign state-owned hands. "The key thing we wanted to avoid was any effort to use this proposal as a Trojan horse for protectionism," he said. Trade, agreed the EU leaders, created growth and jobs, encouraging progress in trade negotiations with countries in the Americas and Asia. "I think that a time when protectionism is strongly on agendas, the European Union''s commitment to a free and rule-based trading system is very important," Merkel said. The most advanced talks are with Japan, with the EU''s chief negotiator in Tokyo seeking a breakthrough that would allow a provisional deal to be signed in early July. The EU wants Japan to scrap tariffs on cheese and wine, while Tokyo is seeking greater access for cars and car parts. (Additional reporting by Noah Barkin; editing by Robin Emmott and Angus MacSwan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-summit-trade-idUKKBN19E1SB'|'2017-06-23T23:19:00.000+03:00'|4633.0|''|-1.0|'' -4634|'933ba5362231a2d1d4635a74862ac22f0fad3663'|'Exclusive: SoftBank to let OneWeb-Intelsat merger collapse - sources'|'Technology News - Thu Jun 1, 2017 - 2:55am BST Exclusive: SoftBank to let OneWeb-Intelsat merger collapse - sources FILE PHOTO - People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo By Jessica DiNapoli and Liana B. Baker Japan''s SoftBank Group Corp will let the $14 billion merger between its satellite startup OneWeb and peer Intelsat SA fall through, after failing to get enough of Intelsat creditors to back it, people familiar with the matter said on Wednesday. The collapse of the merger represents a rare blow to SoftBank Chief Executive Officer Masayoshi Son, a prolific dealmaker who put together a complex transaction for debt-laden Intelsat that hinged on creditors accepting a discount for their bonds. Negotiations ended on Wednesday between Intelsat and its creditors without a deal, ahead of midnight deadline for the latter to accept a debt swap, three sources said. While OneWeb and Intelsat have already extended the tender offer period for the creditors three times, and also sweetened their offer to them, there will be no more extensions, the sources added. OneWeb and Intelsat can terminate their merger as early as Friday. The sources cautioned that it was always possible that some creditors would make a last-ditch effort on Thursday to save the deal. SoftBank, OneWeb and Intelsat declined to comment. For Intelsat, a satellite pioneer which broadcast Neil Armstrong''s moon walk, a deal with OneWeb offered an opportunity to merge with a fast-growing start-up and slash its $14 billion debtload. A combined OneWeb and Intelsat would have eventually created a combined network of hundreds or even thousands of satellites in high and low altitudes to help provide internet access worldwide. However, Intelsat bondholders pushed back against a proposal for the company''s equity holders, including private equity firm BC Partners Ltd, to receive a recovery while they are offered less than their full face value for their debt. But Intelsat''s equity holders have not been willing to accept less than the $4.75 per share OneWeb offered. SoftBank in May bumped its offer for Intelsat in an effort to bring bondholders on board. It decreased the discount the holders would have to accept to $2.85 billion from $3.6 billion. While the collapse of the deal is a setback for OneWeb''s expansion plans, SoftBank''s investment thesis was always predicated on the standalone prospects of OneWeb, rather than an acquisition. SoftBank has already been in contact with other satellite companies that could be merger partners for OneWeb, sources have previously said. (Reporting by Jessica DiNapoli in New York and Liana B. Baker in San Francisco; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-intelsat-m-a-oneweb-exclusive-idUKKBN18S3LP'|'2017-06-01T09:52:00.000+03:00'|4634.0|''|-1.0|'' +4634|'933ba5362231a2d1d4635a74862ac22f0fad3663'|'Exclusive: SoftBank to let OneWeb-Intelsat merger collapse - sources'|'Technology News - Thu Jun 1, 2017 - 2:55am BST Exclusive: SoftBank to let OneWeb-Intelsat merger collapse - sources FILE PHOTO - People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo By Jessica DiNapoli and Liana B. Baker Japan''s SoftBank Group Corp will let the $14 billion merger between its satellite startup OneWeb and peer Intelsat SA fall through, after failing to get enough of Intelsat creditors to back it, people familiar with the matter said on Wednesday. The collapse of the merger represents a rare blow to SoftBank Chief Executive Officer Masayoshi Son, a prolific dealmaker who put together a complex transaction for debt-laden Intelsat that hinged on creditors accepting a discount for their bonds. Negotiations ended on Wednesday between Intelsat and its creditors without a deal, ahead of midnight deadline for the latter to accept a debt swap, three sources said. While OneWeb and Intelsat have already extended the tender offer period for the creditors three times, and also sweetened their offer to them, there will be no more extensions, the sources added. OneWeb and Intelsat can terminate their merger as early as Friday. The sources cautioned that it was always possible that some creditors would make a last-ditch effort on Thursday to save the deal. SoftBank, OneWeb and Intelsat declined to comment. For Intelsat, a satellite pioneer which broadcast Neil Armstrong''s moon walk, a deal with OneWeb offered an opportunity to merge with a fast-growing start-up and slash its $14 billion debtload. A combined OneWeb and Intelsat would have eventually created a combined network of hundreds or even thousands of satellites in high and low altitudes to help provide internet access worldwide. However, Intelsat bondholders pushed back against a proposal for the company''s equity holders, including private equity firm BC Partners Ltd, to receive a recovery while they are offered less than their full face value for their debt. But Intelsat''s equity holders have not been willing to accept less than the $4.75 per share OneWeb offered. SoftBank in May bumped its offer for Intelsat in an effort to bring bondholders on board. It decreased the discount the holders would have to accept to $2.85 billion from $3.6 billion. While the collapse of the deal is a setback for OneWeb''s expansion plans, SoftBank''s investment thesis was always predicated on the standalone prospects of OneWeb, rather than an acquisition. SoftBank has already been in contact with other satellite companies that could be merger partners for OneWeb, sources have previously said. (Reporting by Jessica DiNapoli in New York and Liana B. Baker in San Francisco; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-intelsat-m-a-oneweb-exclusive-idUKKBN18S3LP'|'2017-06-01T09:52:00.000+03:00'|4634.0|11.0|3.0|'' 4635|'a543393fc98a7b838a314e9a2eab3d8f7e961154'|'China''s Yancoal gets regulatory approval for $2.45 billion Rio Tinto deal'|'HONG KONG China''s Yancoal has gained Chinese regulatory approval for its $2.45 billion purchase of Rio Tinto''s Australian unit Coal & Allied Industries Ltd, the company said in a stock exchange filing on Sunday which also acknowledged Glencore''s counterbid for the assets on Friday.The government-controlled Chinese company said it had received approval from China''s National Development and Reform Commission and the anti-monopoly bureau of the Ministry of Commerce for the deal.In January, Rio said it was selling its interest in Coal & Allied Industries Limited to Yancoal''s subsidiary Yancoal Australia Limited for $2.45 billion.Glencore on Friday made a counterbid for Coal & Allied offering $2.55 billion cash.The terms of the Yancoal agreement allow Rio to engage in negotiations with another party if it made a better offer.Glencore''s proposal is $100 million higher and fully funded, but Rio Tinto has to give Yancoal the chance to make a counter offer, opening the way for a bidding war."If Rio Tinto determines that the Glencore Proposal is a superior proposal, Yancoal Australia will have a right to match or better that proposal," the company said in the filing on Sunday."Further announcement will be made by the company in accordance with the listing rules if it receives notification from Rio Tinto in relation to whether the Glencore proposal constitutes a superior proposal."In addition to receiving Chinese regulatory approvals, the deal has also received the green light from Australia''s Australian Foreign Investment Review Board and South Korea''s Fair Trade Commission.(Reporting by Michelle Price; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-riotinto-m-a-yancoal-idINKBN1920N2'|'2017-06-11T10:22:00.000+03:00'|4635.0|''|-1.0|'' 4636|'26fe33eea89abea3c3ccb758a6263548c69e16f2'|'Asia shares lag record Wall Street, cautious of Fed plans'|'Business News - Wed Jun 14, 2017 - 4:16am BST Asia shares lag record Wall Street, cautious of Fed plans A man looks at an electronic board showing market indices outside a brokerage in Tokyo, Japan, March 2, 2016. REUTERS/Thomas Peter By Wayne Cole - SYDNEY SYDNEY Asian shares turned mixed on Wednesday as investors everywhere awaited clarity on the Federal Reserve''s future path for U.S. policy after a likely rate rise later in the day. Economic data out of China showed retail sales and industrial output topped forecasts in May, but a miss in urban investment reinforced views the world''s second-largest economy will soon start to lose some momentum as lending costs rise and the property market cools. ECONCN The market reaction was tepid with Shanghai stocks easing 0.5 percent .SSEC and South Korea .KS11 off 0.2 percent. Moves elsewhere were also cautious with MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS up a fraction and Japan''s Nikkei .N225 ahead by 0.1 percent. Wall Street had been in a more confident mood overnight notching record closing peaks for all the major indices. The Dow .DJI rose 0.44 percent, while the S&P 500 .SPX gained 0.45 percent and the Nasdaq .IXIC 0.73 percent.[.N] The S&P 500 technology sector .SPLRCT rebounded 0.9 percent, following its biggest two-day decline in nearly a year. Big tech names, including Microsoft ( MSFT.O ) and Facebook ( FB.O ), led the index higher. The U.S. central bank is scheduled to release its decision at 1800 GMT on Wednesday with a news conference to follow from Chair Janet Yellen. Investors fully expect a rate rise largely because Fed officials have told them to, so attention will rather be on the outlook for policy and particularly when the central bank might begin to wind down its massive portfolio of U.S. debt. "The main focus this week will be on the Fed''s balance sheet policy," said Michelle Girard, chief U.S. economist at RBS. "While we expect the formal announcement of a change in its balance sheet policy to be made in September, we do not rule out the possibility that strong guidance regarding the time frame for tapering is delivered sooner." BEWARE HAWKS While the Fed still has another hike pencilled in for this year, a recent run of soft inflation data has left fund futures <0#FF:> implying only a 40 percent chance of a move by December. The market''s five-year outlook for inflation has been falling steadily and currently stands at a seven-month trough of 2.18 percent USIL5YF5Y=R. It had spiked as high as 2.52 percent last November in the wake of President Donald Trump''s surprise election victory. This leaves the market vulnerable to any hawkish spin from the Fed, which would likely slug Treasury prices while lifting the embattled U.S. dollar. The currency could do with the help having taken a fresh knock on Tuesday, when the head of Canada''s central bank put his own hawkish spin on the outlook for rates there. The U.S. dollar fell as far as C$1.3209 CAD= , its lowest since Feb. 28, having shed two cents in as many days. It also lost ground to sterling GBP= after UK inflation data surprised on the high side and amid reports Britain''s ruling Conservative Party was likely to sign a deal on Wednesday to form a minority government. Against a basket of currencies, the dollar was a whisker weaker at 96.952 .DXY. It was little changed on the Japanese yen at 110.00 JPY= and the euro at $1.1217 EUR= . In commodity markets, oil slipped after industry data showed a surprise rise in crude stocks and OPEC reported a rise in its production despite its pledge to cut back. [O/R] Benchmark Brent crude LCOc1 retreated 35 cents to $48.37 a barrel while U.S. light crude CLc1 shed 42 cents to $46.04. (Editing by Kim Coghill and Jacqueline Wong) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN195020'|'2017-06-14T10:47:00.000+03:00'|4636.0|''|-1.0|'' 4637|'b7ab5bc2330b31b8a8da6ab348077fece0690997'|'Ericsson begins sale of assets with power modules deal'|'Business News - 25am BST Ericsson begins sale of assets with power modules deal A general view of an office of Swedish telecom giant Ericsson is seen in Lund, Sweden, September 18, 2014. REUTERS/Stig-Ake Jonsson/TT News Agency/File Photo STOCKHOLM Swedish mobile telecom gear maker Ericsson ( ERICb.ST ) said on Wednesday it was selling its power modules business, the first exit of assets under a new strategy to focus on its core business. The company announced the strategy in March, saying it would concentrate on its main product areas of networks, digital services and Internet of Things. On Wednesday it said it had signed an agreement with software firm Flex ( FLEX.O ) to sell its power modules business, which includes a manufacturing site in China and assets in Sweden. More than 300 employees and consultants are expected to transfer from Ericsson to Flex Power, but Ericsson did not disclose any financial details about the transaction. "In line with our strategy, we are focussing our business on fewer core areas," Christian Hedelin, head of strategy for Ericsson''s Networks business, said in a statement. On Tuesday, Bloomberg, citing sources, reported that Ericsson had hired banks to explore a sale of its much larger media businesses. (Reporting by Olof Swahnberg; Editing by Niklas Pollard and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ericsson-divestment-idUKKBN19C0WN'|'2017-06-21T16:25:00.000+03:00'|4637.0|''|-1.0|'' @@ -4680,7 +4680,7 @@ 4678|'6c9ef70a5bc6f1fe84995a73481f56fbf5bb0012'|'Wealth management data startup Addepar raises $140 million'|'By Anna Irrera - NEW YORK NEW YORK Addepar, a Silicon Valley-based startup that helps wealth management firms get a more comprehensive view of their clients'' assets, has raised $140 million in a round led by Valor Equity Partners, 8VC and investment manager Harald McPike.The company said on Thursday that it will use the funding on research and development initiatives aimed at enhancing its technology.Addepar has developed software that helps wealth managers view information on their clients'' assets that might be spread out across various accounts.Ultra-wealthy clients typically hold their assets in family trusts, limited partnerships or in alternative and illiquid investments spread across several banks and accounts. This means financial advisors will often gather and compile information into one spreadsheet through a protracted process rather than meeting with clients."Wealth managers, especially the ones serving larger and more complex clients, often times have challenges in giving each client an accurate view of everything they own," said Eric Poirier, chief executive of Addepar, in an interview. The company''s platform allows wealth management firms, with client''s permission, to gather information from various accounts in one place, Poirer said.Addepar is among the growing group of young technology companies that are seeking to help established financial institutions improve their technology across a wide range of functions, including anti-money laundering checks to client-interface software.While the firm has so far focused on wealth management firms, Poirier said it had received inquiries from other buy-side companies such as pension funds.Poirier said the firm has been growing rapidly, with its clients managing more than $650 billion through its platform, up from $300 billion 18 months ago. In January Morgan Stanley ( MS.N ) said it was rolling out Addepar''s platform to 20 of its top financial advisory teams.Valor Equity Partners founder and managing partner Antonio Gracias, who sits on the Addepar''s board of directors, is well known for being an investor and board member in several companies of Tesla Inc ( TSLA.O ) founder Elon Musk.(Reporting by Anna Irrera; Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-addepar-investment-idINKBN18Z1IO'|'2017-06-08T09:25:00.000+03:00'|4678.0|''|-1.0|'' 4679|'68e4c5fab002365c843e7d09e69ef1f8477ea250'|'MOVES-State Street Global names new institutional sales head for SPDR business'|'Money - Wed Jun 14, 2017 - 5:06pm EDT State Street Global names new institutional sales head for SPDR business State Street Global Advisors, the asset management business of State Street Corp, said on Wednesday it appointed Kathryn Sweeney as head of its SPDR Americas institutional sales. Sweeney joins the company from Goldman Sachs, where she was global head of distribution and product strategy for the securities division. (Reporting by Ankit Ajmera in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-state-str-moves-kathryn-sweeney-idUSKBN195332'|'2017-06-15T05:05:00.000+03:00'|4679.0|''|-1.0|'' 4680|'3f46fd466aae8284c819a2edfb4542a78d3221a8'|'UPDATE 1-NYSE proposes to list more quadruple-leveraged ETFs -filing'|'Business News - Tue Jun 20, 2017 - 4:23pm EDT More quadruple-leveraged ETFs proposed despite SEC review By Trevor Hunnicutt and John McCrank - NEW YORK NEW YORK Intercontinental Exchange Inc''s ( ICE.N ) NYSE Arca exchange is asking the U.S. Securities and Exchange Commission for permission to list a new set of exchange-traded funds that aim to quadruple the performance of the market, a filing this week showed. The exchange would list two "ProShares QuadPro" ETFs that would aim to deliver four times the return of an index of S&P 500 .SPX or Russell 2000 futures over a single day. A fund whose index declines 5 percent might fall by 20 percent. Another two QuadPro funds would target four times the inverse of those benchmarks. That means a fund could gain 8 percent on a day the index it tracks falls by 2 percent. The proposed listing of the quadruple-leveraged ETFs comes amid ambivalence on the part of the SEC about such products. Last month, the SEC approved what would have been the first such "4X" funds in the United States but then halted that decision pending further review. Those funds would be branded ForceShares and carry the tickers "UP" and "DOWN." ETFs offering three times leverage already trade in the United States, but more reactive products have been limited to Europe. "To the extent these products will be coming to market, we believe it is important they be offered by providers that bring the deep experience and resources necessary to manage them appropriately and to educate investors about their potential risks and benefits," said a spokesman for ProShare Advisors in a statement emailed to Reuters. Brokerage firms have been penalized for selling leveraged ETFs to investors for whom they were not suitable. BlackRock Inc ( BLK.N ) Chief Executive Larry Fink in 2014 said the leveraged ETFs'' structural problems had the potential to "blow up the whole industry one day." "Leveraged ETFs are not for the faint of heart - you can get hurt very easily if hold on to any of these products for the long haul," said Todd Rosenbluth, director of ETF and mutual fund research at CFRA. "For those that are willing to take the risk, there''s the potential for reward." "Our top priority is partnering with our ETF issuers to help them to bring new, innovative and interesting products to market," said Douglas Yones, NYSE''s head of ETFs, in an emailed statement to Reuters. A separate ProShares filing shows the company is planning additional "QuadPro" funds targeting crude oil and U.S. Treasury bond futures. (Reporting by Trevor Hunnicutt and John McCrank; Editing by Tom Brown and Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sec-etfs-idUSKBN19B2DP'|'2017-06-21T00:34:00.000+03:00'|4680.0|''|-1.0|'' -4681|'508ff841d6a4666fcf9ac382905238f9e0b3aad8'|'Honda engineer debunks own claim about cause of Takata air bag failures'|'Autos - Fri Jun 23, 2017 - 7:49pm BST Honda engineer debunks own claim about cause of Takata air bag failures FILE PHOTO: The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai/File Photo By Joseph White - DETROIT DETROIT Honda Motor Co ( 7267.T ) on Friday released a 2013 email in which one of its engineers suggested that he knew some hidden truth about "the root cause" of Takata Corp ( 7312.T ) air bag failures, but the engineer later said he was mistaken. The engineer''s email was disclosed in a statement from Honda as part of its defence in a class action suit in Florida, where plaintiffs are seeking compensation for the lost value of vehicles due to defects in Takata air bag inflators. The inflators can explode with excessive force, launching metal shrapnel at passengers in cars and trucks. The inflators prompted the automotive industry''s largest ever safety recall and have been linked to at least 16 deaths worldwide. Nine of the 11 U.S. deaths have been reported in 2001-2003 model Honda and Acura vehicles. The engineer''s July 18, 2013 email, originally written in Japanese and translated by Honda, is part of an exchange with a colleague at the automaker. "I am a witness in the dark who knows the truth about Takata''s inflator recall," the engineer, whose name is blacked out in Honda''s statement, wrote in his email. "If I say something to NHTSA, it will cause a complete reversal in the auto industry which adopted Takata inflators," added the engineer, who told his colleague he had been taken off air bag-related work by Honda because of his supposed inside knowledge. NHTSA is the acronym of the U.S. National Highway Traffic Safety Administration. In a sworn affidavit filed with a federal court and dated June 1, 2017, the engineer acknowledged he had been mistaken, however. When he wrote email to his colleague, he was referring to an Oct. 16, 1999 event in which a prototype Takata air bag inflator ruptured, the engineer stated. "I believed that the root cause of the October 16, 1999 rupture related to the root cause of the Takata inflator recalls," the affidavit stated. Based on later findings by the NHTSA, "I now understand that I was incorrect and the root cause of the field events is not related to the root cause of the October 1999 rupture." Honda did not name the engineer but said in a statement that he was still employed by the company and had refused to testify in the Florida case. (Reporting by Joe White; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-autos-takata-honda-idUKKBN19E27R'|'2017-06-24T02:49:00.000+03:00'|4681.0|''|-1.0|'' +4681|'508ff841d6a4666fcf9ac382905238f9e0b3aad8'|'Honda engineer debunks own claim about cause of Takata air bag failures'|'Autos - Fri Jun 23, 2017 - 7:49pm BST Honda engineer debunks own claim about cause of Takata air bag failures FILE PHOTO: The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai/File Photo By Joseph White - DETROIT DETROIT Honda Motor Co ( 7267.T ) on Friday released a 2013 email in which one of its engineers suggested that he knew some hidden truth about "the root cause" of Takata Corp ( 7312.T ) air bag failures, but the engineer later said he was mistaken. The engineer''s email was disclosed in a statement from Honda as part of its defence in a class action suit in Florida, where plaintiffs are seeking compensation for the lost value of vehicles due to defects in Takata air bag inflators. The inflators can explode with excessive force, launching metal shrapnel at passengers in cars and trucks. The inflators prompted the automotive industry''s largest ever safety recall and have been linked to at least 16 deaths worldwide. Nine of the 11 U.S. deaths have been reported in 2001-2003 model Honda and Acura vehicles. The engineer''s July 18, 2013 email, originally written in Japanese and translated by Honda, is part of an exchange with a colleague at the automaker. "I am a witness in the dark who knows the truth about Takata''s inflator recall," the engineer, whose name is blacked out in Honda''s statement, wrote in his email. "If I say something to NHTSA, it will cause a complete reversal in the auto industry which adopted Takata inflators," added the engineer, who told his colleague he had been taken off air bag-related work by Honda because of his supposed inside knowledge. NHTSA is the acronym of the U.S. National Highway Traffic Safety Administration. In a sworn affidavit filed with a federal court and dated June 1, 2017, the engineer acknowledged he had been mistaken, however. When he wrote email to his colleague, he was referring to an Oct. 16, 1999 event in which a prototype Takata air bag inflator ruptured, the engineer stated. "I believed that the root cause of the October 16, 1999 rupture related to the root cause of the Takata inflator recalls," the affidavit stated. Based on later findings by the NHTSA, "I now understand that I was incorrect and the root cause of the field events is not related to the root cause of the October 1999 rupture." Honda did not name the engineer but said in a statement that he was still employed by the company and had refused to testify in the Florida case. (Reporting by Joe White; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-autos-takata-honda-idUKKBN19E27R'|'2017-06-24T02:49:00.000+03:00'|4681.0|13.0|0.0|'' 4682|'e3216f76ae1c51a06ff8cae767afcc09af5171d7'|'IOC sets extensive maintenance shutdown plans for units'|'NEW DELHI Indian Oil Corp has lined up an extensive maintenance turnaround plan for its refineries in 2017, sources with knowledge of the plan said, which could force the country''s top refiner to tap overseas markets for gasoline and diesel to meet rising local demand.IOC plans to shut a 150,000 barrel per day (bpd) crude unit at its 300,000 bpd Panipat refinery in northern India and an associated naphtha cracker plant for about a month in July, the sources said, freeing up some naphtha for exports.IOC also plans to shut a 160,000 bpd Mathura refinery for 15 days from Aug 25; its 120,000 bpd Barauni refinery in Bihar for about five weeks in July-August; and a 150,000 bpd Haldia plant in West Bengal of the country for about three weeks in November-December for a flare job.IOC plans to shut the only crude unit at its 300,000 bpd coastal Paradip refinery in Odisha for about three weeks for repairs in October to enhance its capability to process tough grades, the sources added.The refiner has already shut some units at its 274,000 bpd Koyali refinery in Gujarat for revamp and maintenance from June 1.There is not likely to be any planned shutdowns in the first quarter of 2018, because state refiners normally do not plan maintenance in the last quarter of their fiscal year, when they ramp up runs to meet annual production targets.The company may change dates for the planned shutdowns depending on local fuel demand and the turnaround plans of other refiners, the sources said.No comment was available from IOC.(Reporting by Nidhi Verma; Editing by Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-ioc-idINKBN18Z174'|'2017-06-08T07:51:00.000+03:00'|4682.0|''|-1.0|'' 4683|'ee448136fe2737abf60ff1be2e546c56666d95db'|'Synnex Corp buys Westcon-Comstor Americas from South Africa''s Datatec for $800 million'|'JOHANNESBURG Datatec Ltd ( DTCJ.J ) unveiled plans on Tuesday to sell its Westcon-Comstor American operations to Synnex Corp ( SNX.N ), a deal worth up to $800 million that allows the South African IT firm to offload part of a problematic business.Westcon-Comstor, a distributor of technology and services for network security and data centres mostly in the United States, has been a drag on Datatec''s performance in recent months due partly to a troubled software roll-out in Europe, Asia and Africa. The business accounts for more than a third of Datatec sales and profit.Synnex would also buy 10 percent of Westcon-Comstor operations outside the United States for $30 million with an option to double that within 12 months, valuing the unit at around $1.1 billion."We decided it wasn''t good for us to monetise those other assets at the bottom of the cycle. They will take a minority interest in the remaining business, which we think has meaningful upside," Datatec''s Chief Executive Jens Montanana told Reuters. "But we would entertain a further tie-up with them at some point."Datatec, which is also listed in London ( DTC.L ), reported a hefty 66 percent drop in annual underlying earnings last month, weighed down by the tricky deployment of a business management software across Westcon-Comstor operations in Asia-Pacific and Europe, Middle East and Africa regions.Shares in Datatec rallied as much as 25 percent on the news before paring gains to trade 12 percent higher at 57.40 rand by 1424 GMT. The stock was up by the same margin in London.For Synnex, the deal hands it one the world''s major resellers of Cisco Systems'' ( CSCO.O ) products and adds data security, wireless routers and video meeting equipment to its portfolio of video graphic processors, hard-disk drives and USB thumb drives.Under the deal, Synnex will pay $500 million in stock and $130 million in cash and a further $200 million cash payment provided certain financial targets are achieved in the year to end February 2018.The stock portion of the deal would give Datatec a 10 percent stake in Synnex and Montanana would be appointed to the Fremont, California-based firm''s board.Synnex retains an option to pay all cash, based on the average share price at closing of the deal.For its fiscal year ended February 28, 2017, the Westcon Americas business generated about $2.2 billion of revenue and about $89 million in core earnings, or EBITDA.The transaction is expected to close in the third calendar quarter of 2017. The parties have agreed Datatec would pay a break fee of about $25 million if Datatec breaches the transaction agreement.(Reporting by TJ Strydom and Tiisetso Motsoeneng; editing by Alexander Smith and Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uk-westcon-m-a-synnex-corp-idINKBN18X0M0'|'2017-06-06T12:56:00.000+03:00'|4683.0|''|-1.0|'' 4684|'dd53b6f61cf67aff35d405c101d01f40aa76c273'|'Japan''s Takata apologises to victims of faulty air bags'|'TOKYO, June 27 Japanese auto parts maker Takata Corp apologised on Tuesday to victims of its faulty air bags linked to at least 16 deaths and 180 injuries around the world.Executives offered the apology at the firm''s last annual shareholder meeting as a listed company.Takata has filed for bankruptcy protection in Japan and the United States and agreed to be largely acquired for $1.6 billion by the Chinese-owned U.S.-based Key Safety Systems.(Reporting by Maki Shiraki, writing by Sam Nussey; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/takata-bankruptcy-apology-idINT9N1IK00M'|'2017-06-27T03:03:00.000+03:00'|4684.0|''|-1.0|'' @@ -4691,7 +4691,7 @@ 4689|'7b4e8b2f22ffa4378e0459b882ae2492ea8de76a'|'UPDATE 2-Abu Dhabi''s Mubadala fund pulls out of Etisalat Nigeria'|'(Recasts with Mubadala''s exit from Etisalat Nigeria)By Camillus Eboh and Chijioke OhuochaABUJA/LAGOS, June 23 Abu Dhabi state investment fund Mubadala has pulled out of Etisalat Nigeria after the telecoms firm failed to renegotiate a $1.2 billion loan taken out four years ago with 13 Nigerian banks, the central bank said on Friday.It gave no details on what it meant by "pulled out" but said it had intervened in the loan renegotiation talks to prevent job losses and asset stripping.Etisalat Nigeria had repaid $500 million of the loan before it defaulted in February due to a currency devaluation and its only remaining investors are its Nigerian partners, led by company chairman Hakeem Belo-Osagie.On Tuesday, parent company United Arab Emirates'' Etisalat, said it was carrying its 45-percent stake at nil value, and that the Nigerian lenders had ordered it to transfer its shares to a loan trustee by June 23 after the renegotiation failed.Neither Etisalat nor Mubadala, which owns 40 percent of Etisalat Nigeria, could be reached for comment."Given the inability of Etisalat (Nigeria) to come to an acceptable agreement with the banks, the largest shareholder in the company, Dubai-based Mubadala Development Company of the United Arab Emirates, has now pulled out of the company as well as the ongoing negotiations," the central bank said."It was based on the attempt of the banks to takeover the company that the financial and telecommunications regulators have moved in to intervene and forestall down-sizing and asset stripping," it said.In March, the central bank, which is also the banking watchdog, and the Nigeria Communications Commission (NCC)regulator tried to prevent lenders placing the firm in receivership to avoid a wider debt crisis and agreed with banks to pursue a default deal.But lenders, under pressure to avoid loan-loss provisions, have been pushing to finalise a restructuring before half-yearly audits this month.Central bank spokesman Isaac Okorafor said representatives from the central bank and the telecoms regulator would hold talks in the next few days with lenders and IHS Towers, the mobile phone tower managers, as well as "equipment suppliers".The original loan was a seven-year facility to refinance a $650 million loan and fund expansion of Etisalat Nigeria''s network. The company missed payments in February after sharp falls in the Nigerian naira bloated the loan''s value, making repayments difficult.Etisalat is Nigeria''s fourth biggest mobile operator with a 14-percent market share. South Africa''s MTN has 47 percent, Globacom 20 percent and Airtel - a subsidiary of India''s Bharti Airtel - 19 percent of Nigeria''s mobile phone market. (Additional reporting by Alexis Akwagyiram in Lagos and Stanley Carvalho in Abu Dhabi; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/etisalat-group-nigeria-idINL8N1JK4H0'|'2017-06-23T19:02:00.000+03:00'|4689.0|''|-1.0|'' 4690|'6beea3c6ec3fd0f223d956a4a6b2e704e179032a'|'BRIEF-Blue Apron estimates IPO price will be between $15-$17/shr'|'June 19 Blue Apron Holdings Inc:* Sees IPO of 30.0 million shares of Class A common stock - SEC filing* Blue Apron Holdings Inc says currently estimated that the initial public offering price will be between $15.00 and $17.00 per share* Blue Apron Holdings says intend to use portion of IPO net proceeds to repay outstanding borrowings under revolving credit facility of about $125 million Source text: ( bit.ly/2tjjqnp )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-blue-apron-estimates-ipo-price-wil-idINFWN1JG099'|'2017-06-19T08:29:00.000+03:00'|4690.0|''|-1.0|'' 4691|'0ee4d1b3d3eeceb99552bf7c4fd929a0275cba5f'|'German ministry orders probe of Porsche emissions'|'Autos 29am BST German ministry orders probe of Porsche emissions BERLIN The German Transport Ministry has ordered the KBA watchdog agency to examine the emissions of sports car maker Porsche ( PSHG_p.DE ), a unit of Volkswagen ( VOWG_p.DE ), a ministry spokesman said on Monday following a critical media report. German newsmagazine Der Spiegel reported on Friday that diesel models of Porsche''s Cayenne V6 TDI, an SUV model, had much higher emissions than legally allowed. The company said it did not understand the test results, and noted that emissions depend on conditions such as engine load, speed and temperature. (Reporting by Andrea Shalal; Editing by Michael Nienaber)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-porsche-governme-idUKKBN19312Q'|'2017-06-12T18:29:00.000+03:00'|4691.0|''|-1.0|'' -4692|'fa8f648781a74d702f3ecdf8e553c9719cb80a00'|'U.S. jobless claims rise, labor market still tight'|'WASHINGTON The number of Americans filing for unemployment benefits increased slightly last week, but remains at levels consistent with a tight labor market.Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 241,000 for the week ended June 17, the Labor Department said on Thursday.Economists polled by Reuters had forecast first-time applications for jobless claims rising to 240,000 in the latest week.Following the report, the dollar held at slightly lower levels against a basket of currencies while U.S. Treasuries were little changed.Jobless claims for the prior week were revised upwards by 1,000 to 238,000 from 237,000. The week''s tally is the 120th consecutive week that claims have been below 300,000, the threshold associated with a strong labor market. It''s the longest stretch that claims have remained below that level since 1970.The four-week moving average of claims, considered a better measure of labor market trends as it smoothes week-to-week volatility, rose 1,500 to 244,750 last week, the highest since early April.Many economists consider the labor market to be at or near full employment. The unemployment rate in May declined to a 16-year low of 4.3 percent.The U.S. Federal Reserve raised interest rates by a quarter percentage point last week for the second time in three months and signaled it remains on track for one more rate hike this year.Fed officials have been buoyed by the tightening jobs market although it has yet to translate into significant pricing pressures.Indeed, some policymakers at the central bank have begun to show increasing concern that a recent pullback in inflation may point to sustained difficulty in returning it to the Fed''s 2 percent target.A Labor Department official said there were no special factors influencing the claims data. Only claims for Louisiana were estimated.Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid increased 8,000 to 1.94 million in the week ended June 10.The so-called continuing claims have now been below 2 million for 10 straight weeks, indicating diminishing labor market slack.(Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-idUSKBN19D1JL'|'2017-06-22T20:39:00.000+03:00'|4692.0|''|-1.0|'' +4692|'fa8f648781a74d702f3ecdf8e553c9719cb80a00'|'U.S. jobless claims rise, labor market still tight'|'WASHINGTON The number of Americans filing for unemployment benefits increased slightly last week, but remains at levels consistent with a tight labor market.Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 241,000 for the week ended June 17, the Labor Department said on Thursday.Economists polled by Reuters had forecast first-time applications for jobless claims rising to 240,000 in the latest week.Following the report, the dollar held at slightly lower levels against a basket of currencies while U.S. Treasuries were little changed.Jobless claims for the prior week were revised upwards by 1,000 to 238,000 from 237,000. The week''s tally is the 120th consecutive week that claims have been below 300,000, the threshold associated with a strong labor market. It''s the longest stretch that claims have remained below that level since 1970.The four-week moving average of claims, considered a better measure of labor market trends as it smoothes week-to-week volatility, rose 1,500 to 244,750 last week, the highest since early April.Many economists consider the labor market to be at or near full employment. The unemployment rate in May declined to a 16-year low of 4.3 percent.The U.S. Federal Reserve raised interest rates by a quarter percentage point last week for the second time in three months and signaled it remains on track for one more rate hike this year.Fed officials have been buoyed by the tightening jobs market although it has yet to translate into significant pricing pressures.Indeed, some policymakers at the central bank have begun to show increasing concern that a recent pullback in inflation may point to sustained difficulty in returning it to the Fed''s 2 percent target.A Labor Department official said there were no special factors influencing the claims data. Only claims for Louisiana were estimated.Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid increased 8,000 to 1.94 million in the week ended June 10.The so-called continuing claims have now been below 2 million for 10 straight weeks, indicating diminishing labor market slack.(Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-idUSKBN19D1JL'|'2017-06-22T20:39:00.000+03:00'|4692.0|12.0|0.0|'' 4693|'f17101258a7ab4f9281347cdbf6ad41698e7f360'|'AIRSHOW-Are you being served? Planemakers alter sales pitch to boost profit'|'Business News - Fri Jun 23, 2017 - 12:39pm EDT Are you being served? Planemakers alter sales pitch to boost profit An aerial view of the 52nd Paris Air Show at Le Bourget Airport. REUTERS/Pascal Rossignol By Tim Hepher and Victoria Bryan - PARIS PARIS Airbus and Boeing leave this week''s Paris Airshow with plans for ambitious growth in aviation services, as flattening demand for new jets and pressure to raise profit margins encourages planemakers to deepen their exposure to airline operations. The two largest planemakers set out their stalls at the world''s biggest air show in a series of announcements that could set them in competition with some of their suppliers and even some of the airlines that have ordered jets in recent years. The overlap reflects the complexity of the aviation market as it matures, leaving a large fleet of aircraft to service or upgrade and tens of thousands of people to train - all services that could in turn become tools to help sell even more jets. "Many customers are now looking for fixed cost per flight hour with assured outcomes on part availability. It is the (airline) CFO''s dream to get costs out and management risks under a third party," Stan Deal, head of Boeing''s newly created global services division, told Reuters. "The future state we want to get to is that we can support every element of a day of operations on the airplane." For years, air shows were all about "moving the metal," winning as many orders as possible. Orders are still buzzing, but higher-margin services have taken a prime time slot for the first time with a volley of announcements from each company. "Would you imagine having your Mercedes car without the associated services? It makes no sense," said Laurent Martinez, head of ''Services by Airbus''. "We are definitely the best placed to serve our aircraft because we know the aircraft nose to tail," he told Reuters. Boeing''s ( BA.N ) newest division starts up on July 1 with a mandate to roughly triple Boeing''s commercial and defense services to $50 billion in 10-15 years. The existing commercial unit will also keep its own services sales team to support the effort. Airbus ( AIR.PA ) said the worldwide aftermarket services business for jetliners will double to $3.2 trillion over the next 20 years. The overall services market is worth an estimated $100 billion a year: almost as much as building and selling jets but yielding fatter margins. "We are definitely on a major growth plan," Martinez told Reuters. "In 2017, we will see double-digit growth." ACQUISITIONS Both companies are ready to look at modest acquisitions to expand their services businesses. "I would characterize them as bolt-on acquisitions to accelerate our position in the market," Deal said. Competitors include the major maintenance and repair organizations (MRO) such as Air France Industrie ( AIRF.PA ) and Lufthansa Technik ( LHAG.DE ), though there are partnerships with such firms too. "The market is growing fast. ... We see more and more airlines that are concentrating on their core business and want to have all their operations subcontracted," Martinez said. Norwegian Air Shuttle ( NWC.OL ) , which had selected Boeing over Lufthansa Technik to maintain its fleet in Boeing''s biggest commercial services deal last year, returned to the show to sign a new deal for Boeing to take charge of flight training. As fleets age, upgrades are lucrative too. United Parcel Service ( UPS.N ) last month signed a deal with Airbus and Honeywell ( HON.N ) to upgrade the cockpits on 52 elderly A300-600 freighters, and arrived in Paris this week with a deal for Boeing to convert three second-hand 767 jetliners to freighters. Powering the expansion in services is a transformation in the way data can be used to connect aircraft, pepper them with sensors and predict upcoming maintenance problems. Airbus launched such a platform with four airlines, powered by analytics firm Palantir Technologies. "We are able to define the weak signals for components and ... change the component before it fails. This is the future of maintenance," Martinez said. Data can also be used to optimize a flight trajectory, saving fuel by 1-2 percent, Airbus said. Boeing offers to manage airlines'' fuel demands, even if their jets were made by Airbus. In a further step, services are being baked into the way planes like Boeing''s proposed mid-market jet are designed. The switch demands a different culture from the measured, highly regulated process of building a plane for public transport. That will stay in place wherever safety is an issue. "Part of standing it up separately (as a new services division) is to break the shackles of that, recognizing that we are going to be a fast-paced innovator with short sprints of incremental innovation and some big-bang innovation," Deal said. (Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-airshow-paris-services-idUSKBN19E1YE'|'2017-06-24T00:36:00.000+03:00'|4693.0|''|-1.0|'' 4694|'ee721a593d92028bf143cdf8655581b8ddd552ae'|'China economy improves in second quarter but delevaraging poses risks - private survey'|'Business News 5:00am BST China economy improves in second-quarter but deleveraging poses risks - private survey left A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration 1/3 left right Men work on platforms at the construction site of residential highrises in Beijing, China June 27, 2017. REUTERS/Thomas Peter 2/3 left right A man works at the construction site of residential highrises in Beijing, China June 27, 2017. REUTERS/Thomas Peter 3/3 BEIJING China''s economy continued to improve in the second quarter, with corporate profits rising and hiring up, a private survey showed, but it suggested the Asian giant may have to brace for tougher times ahead even though firms have been able to weather a tighter financing environment. The quarterly survey of thousands of Chinese firms by China Beige Book International (CBB) showed that while the property sector slowed, manufacturing improved further and the retail and services industries bounced back after a difficult first quarter. That reinforced a flurry of recent data and policy makers'' comments that indicated authorities were working to curb financial risks and keep the economy on an even keel heading into a key political meeting this year. The survey showed surprisingly strong performance in the commodities sector despite some price weakness in the second quarter, with the aluminium sector particularly strong. The improving economy, especially the healthy labour market, is no doubt welcome news ahead of a leadership revamp at an autumn congress of the ruling Communist Party of China. Yet signs of stress in the corporate sector pointed to a bumpy ride for businesses. CBB said cash flow was negative for many companies and inventory levels in the second quarter was at the highest in the history of the survey. That is in line with official data showing growth in industrial inventories picked up to over 10 percent in April, sparking worries of weak demand. CBB said there are signs tougher times could be ahead for Chinese companies during a period of deleveraging and rising interest rates. "It remains true that either rates have to come plunging back down, as the (state planner) recently called for, or the present level of corporate activity is headed for a cliff," CBB said in its report. As the government stepped up its campaign to curb debt risks and stabilise the financial sector, growth of China''s broad money supply came in at the slowest in at least two decades in May, though bank lending remained solid. The CBB survey showed the corporate sector started to feel the effect of tighter credit conditions in the second quarter after escaping relatively unscathed in the first three months of the year, with the cost to take a bank loan the highest since 2014. But borrowing was not impacted much, CBB said, likely due to firms'' positive business outlook for the next six months, though CBB said that this may not last if tightening persists. "Companies assume deleveraging is transient, likely because they are skeptical the Party will allow economic pain in 2017. It will not be until 2018 when we find out whether deleveraging is genuinebecause it won''t be until 2018 that it will actually hurt", CBB said. (Reporting by Elias Glenn; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-beigebook-idUKKBN19I2XA'|'2017-06-28T06:06:00.000+03:00'|4694.0|''|-1.0|'' 4695|'6bb12e1836d38a96b8de990cc0a1a8c261013baa'|'Bain, Cinven collect 36.55 percent of Stada shares'|'Deals - Mon Jun 19, 2017 - 7:47am EDT Bain, Cinven collect 36.55 percent of Stada shares FRANKFURT Buyout groups Bain Capital and Cinven have so far been offered 36.55 percent of German drugmaker Stada ( STAGn.DE ) shares, the private equity groups said on Monday. The tender offer for the agreed 5.3 billion euro deal runs through June 22 and is conditional on securing 67.5 percent of Stada''s shares. The investors lowered minimum acceptance threshold earlier this month. Investors typically tender shortly before the deadline. People close to the deal have said that passing the set threshold may prove a challenge given the large number of shares held by retail investors, who are more likely to forget to tender than institutional stockholders, as well as by index tracking funds that cannot tender for technical reasons. Activist investor Active Ownership Capital earlier this month sold its Stada stake to someone who is expected to tender it in the offer, according to people close to the deal. (Reporting by Arno Schuetze; Editing by Ludwig Burger) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-stada-arzneimitt-m-a-idUSKBN19A1IH'|'2017-06-19T15:47:00.000+03:00'|4695.0|''|-1.0|'' @@ -4731,14 +4731,14 @@ 4729|'d4a8afc8f8f166e7d7bfc0440971a9e7a3425c8a'|'IPO price range values Allied Irish Banks at up to 13.3 billion euros'|' 7:14pm BST IPO price range values Allied Irish Banks at up to 13.3 billion euros FILE PHOTO: A gardener mows the grass outside the headquarters of AIB on the day the bank announced it''s results, in Dublin April 12, 2011. REUTERS/Cathal McNaughton DUBLIN Shares in Allied Irish Banks ( ALBK.I ) (AIB) will be priced at between 3.90 and 4.90 euros when a 25 percent stake is floated in Dublin and London, valuing the state-owned lender at up to 13.3 billion euros (11.78 billion pounds), Ireland''s finance ministry said in a statement. The initial public offering is set to be one of Europe''s largest share listings by a bank since the 2008 financial crisis. It could raise up to 3.8 billion euros assuming full exercise of the offering''s over-allotment option. The Finance Ministry said the long long-awaited sale of a 25 percent stake in the state-owned lender was still on track despite the Conservative party losing its majority in the UK election on Thursday. Finance Minister Michael Noonan had previously said the price could be driven up if the party, which still won the most seats, won a strong majority in Thursday''s election. "Market conditions remain favourable and I am encouraged by the strong level of interest shown by investors in the offering to date," Noonan said in a statement. Dublin rescued the bank in a 21 billion-euro taxpayer bailout that began in early 2009, and it has been considering partly cashing out of its 99.9 percent stake since last year. One of Ireland''s two dominant banks, AIB returned to profit three years ago. It has cut its huge stock of impaired loans by more than two-thirds since then, and this year it became the first domestically owned lender to restart dividends since the crash. AIB will list its shares on the Irish and London stock exchanges and seek admission to the main markets of each. The government said the sale was expected to be one of the UK''s largest main market IPOs of the last 20 years. AIB is less exposed to Britain''s departure from the EU than its bigger rival, Bank of Ireland ( BKIR.I ), having made just 14 percent of its pre-provision operating profit in the United Kingdom last year. (Reporting by Conor Humphries; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aib-ipo-idUKKBN19322F'|'2017-06-13T01:35:00.000+03:00'|4729.0|''|-1.0|'' 4730|'1d2ad3cc4aef74fc8fd1b565539661a0ab996b99'|'CORRECTED-Nikkei tops 20,000 but autos, banks and yen make investors doubt sustainability'|'(Corrects first bullet point to underperform not outperform)* Autos, banks underperform broader market* Earnings estimates on MSCI Japan index inching lower* Investors hesitant despite Nikkei''s cheap valuations* Investors cherry-pick individual stocks in thriving sectorBy Ayai Tomisawa and Nichola SaminatherTOKYO/SINGAPORE, June 2 A 10 percent surge over six weeks swept Japan''s Nikkei stock index above the 20,000-point barrier for the first time since late 2015 on Friday, without dispelling doubts about the rally''s shelf life given the outlook for automakers, banks and the yen.Data shows foreign investors, who make up 70 percent of trading activity in the Tokyo market, rushed to cover short positions as a rally from the year''s low on April 17 gathered momentum.But the data also shows foreigners avoided making heavy bullish bets, probably because analysts expect Japan Inc.''s earnings growth to falter.The number of companies on the MSCI Japan index with earnings estimates down from the previous month has climbed steadily since mid-April and is now at its highest since December, according to Thomson Reuters DataStream.After 16 percent profit growth in the year ended in March, Japanese firms are expected to show slower growth in the year ending March 2018. According to Nomura, consensus forecasts for full year profit growth came down to 11.4 percent in May from 13.3 percent in April."The conservative earnings guidance has tempered sentiment towards Japanese stocks in the near term," said Jeremy Osborne, investment director at FIL Investments in Tokyo.Notching a third straight week of exits, U.S.-based Japanese stock funds posted $194 million of withdrawals during the week ended Wednesday, according to Lipper data.REASONS TO BE CAREFULInvestors'' biggest concerns are the potential for the yen to strengthen, undermining Japan''s export driven corporates, and the murky outlook for the two biggest sectors in the benchmark index - automakers and financials."The problem is a big chunks of the market are exporters, and the biggest export sector is autos, and the outlook for the auto sector globally has turned down," said John Doyle, chief investment officer for equities and multi-asset at UOB Asset Management in Singapore."And the low interest rates that are persistent in Japan are not good for financials," Doyle added, explaining why he is neutral on Japanese stocks in the group''s global portfolio.New vehicle sales in the United States, Japan''s top export destination, fell in April following disappointing numbers in March, signalling a long boom cycle may be losing steam.Carmakers Toyota and Nissan, for instance, have both underperformed the Nikkei''s 5.6 percent gain this year, posting losses of 11 percent and 6.6 percent respectively.So have the biggest banks including Mitsubishi UFJ, which has only gained 0.2 percent and Sumitomo Mitsui, which has fallen 6.6 percent respectively.The yen''s attraction as a safe-haven currency - it has risen 4.5 percent against the dollar this year - is another big cloud hanging over Japanese exporters.U.S. political turmoil, elections in Europe, and regional tensions arising from North Korea''s missile tests have all given an unwanted boost to the yen.Christian Nolting, global chief investment officer at Deutsche Bank Wealth Management, cited the currency factor as the main reason behind his neutral weighting on Japanese equities.P/E RATIOS TURNINGFor all their reservations, investors still clearly have an appetite for cherry picking.Tokyo Electron Ltd has jumped nearly 50 percent this year after bright results on the back of strong chip manufacturing equipment demand, while factory automation sensor maker Keyence Corp has soared 26 percent.The Nikkei, however, is trading at about 15.7 times earnings, compared with 18.7 in 2015 when it lingered above 20,000 points for a few months, DataStream shows.While that makes the index significantly cheaper than the S&P 500''s at 22.5 times earnings, investors remain hesitant.The weaker sentiment is evident in Toyota and Nissan shares, which are trading around 10 times and 6.4 times their earnings, respectively.In just three weeks between the last week of April and the second week of May, Japanese shares saw 1.5 trillion yen of inflows from foreign investors in futures on the back of a strong earnings season and receding political fears after the French election.But they had sold 1.6 trillion yen in futures in the previous seven weeks, so short-covering seems to have run its course, analysts said. Investors have also returned to selling futures in the past two weeks."Investors are cherry-picking individual stocks... But they just finished short-covering in futures, and they probably won''t buy soon unless the yen weakens," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities."And when foreign investors don''t buy futures, the Nikkei won''t rise much."(Reporting by Ayai Tomisawa and Nichola Saminather; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-nikkei-idINL3N1IY276'|'2017-06-02T06:05:00.000+03:00'|4730.0|''|-1.0|'' 4731|'cf00a76726a0babc0c209e7c191b084cea481a1f'|'How PPG lost its $29.5 bln bet on Dulux paint'|'Deals - Thu Jun 1, 2017 - 7:28pm EDT How PPG lost its $29.5 billion bet on Dulux paint left right FILE PHOTO: Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble/File Photo 1/3 left right FILE PHOTO: Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble/File Photo 2/3 left right FILE PHOTO: -- Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo 3/3 By Pamela Barbaglia and Toby Sterling - LONDON/AMSTERDAM LONDON/AMSTERDAM In early March, U.S. paint maker PPG ( PPG.N )''s Chief Executive Michael McGarry flew from Pittsburgh to Amsterdam to take Akzo Nobel ( AKZO.AS ) boss Ton Buechner for lunch. There, the 59-year-old American ambushed Buechner with a takeover plan and price tag that his company had been working on for months, a source familiar with the talks told Reuters. Rather than spark a discussion, McGarry''s bold move at their March 2 meeting triggered a hard-nosed response. "He was brutal in his approach and Akzo decided to respond in the same aggressive way," said the source. The offer was rebuffed on March 9. Akzo said the proposal was "not in the interests of its employees" and the firm would pursue different plans to sell its specialty chemicals business. After two more offers were rejected, the Pittsburgh-based firm on Thursday dropped its bid, whose value had risen to 26.3 billion euro ($29.48 billion). The nature of the lunchtime meeting has not previously been reported, but other elements of PPG''s pursuit emerged in news briefings and a May court hearing, exposing details of the takeover bid that would normally stay behind closed doors. "The fact that it went public made the process difficult from the beginning," Bryan Iams, PPG''S vice president for corporate and government affairs, told Reuters in an emailed response to questions. Akzo''s spokesman Leslie McGibbon confirmed two face-to-face meetings took place, including the lunchtime appointment. What PPG''S McGarry got wrong was the timing and the difficulty of pulling off such a deal in the Netherlands, where supervisory boards hold great sway and most companies including Akzo are protected by "poison pill" defenses. McGarry''s message was delivered a fortnight before a Dutch general election on March 15, which included strong nationalist themes. PPG''s swoop on Akzo caused fury among the Dutch political establishment who turned its takeover plan into a political football to be used in the election debate. McGarry, however, was determined to fight on for a deal that would give his firm access to some of the most popular paint brands in the world, such as Dulux. "I don''t think the political commentary changes the fact that there was a compelling strategic logic for the two companies to come together," said PPG''s Iams. Usually, takeover bids are followed by weeks of secretive negotiations as companies haggle over price and deal structure, and go on charm offensives with investors and regulators. But for PPG, the three-month attempt at courtship brought snubs, lawsuits and barely any negotiation time with their counterparts at Akzo. Its second bid on March 20, worth 90 euros per share, was rejected within 48 hours. "What was missing from the very start was dialogue," said the source. Akzo took the position that if it engaged in talks, it would quickly become impossible to decline PPG''s offer, which was financially attractive for shareholders but which it said was not in the best interests of other stakeholders. "FACT OFFENSIVE" PPG''s main counterpart in merger and acquisition (M&A) talks was Elliott Advisors, which along with other major investors openly urged Akzo to engage in negotiations and tried but failed to oust Akzo Chairman Antony Burgmans in court. McGarry wrote an open letter to Akzo shareholders and visited the Netherlands twice to promote his plan, but met with little success. The PPG CEO said on March 23 that his visits were "not so much a charm offensive as a fact offensive." Dutch Economic Affairs Minister Henk Kamp proposed a law giving any Dutch company targeted by a foreign firm the unrestricted right to refuse for one year. PPG was turned away from meeting top politicians. After the March 2 lunch, the second and last time PPG''s McGarry met Akzo CEO Buechner was on May 6. McGarry, based in Pennsylvania, had been given barely 24 hours notice to get to Rotterdam in time. Akzo''s chairman would also be there. McGarry flew by private jet from the United States to make the 3 p.m. appointment, only to be told that Akzo''s two top executives did not have any power to negotiate and were only there to hear any further elaboration on PPG''s latest offer. The meeting, which lasted 90 minutes, proved fruitless, despite an offer to Burgmans of a seat on the board of the merged company. Details of the dash to Rotterdam and the nature of that discussion emerged in a May 22 court hearing. Akzo rejected PPG''s third bid on May 8. During the May hearing, Akzo''s lawyer Jan de Bie Leuveling Tjeenk said McGarry "shouldn''t squawk" about the wasted trip. "He''s the one who said he was willing to meet any time, anywhere," the lawyer said. After a Dutch court ruled that Akzo''s board was under no obligation to engage in talks, the American firm''s prospects dimmed. If PPG were to pursue a hostile offer by a June 1 filing deadline, Akzo''s board still had one trump card: its poison pill defense that would give Burgmans and three other members of the supervisory board the power to make binding recommendations to the company''s managing board. Even a successful hostile bid could leave PPG powerless to control the merged firm. In a last-ditch attempt, McGarry wrote to Burgmans on Monday. "Although you declined to have my requested five-minute call, you indicated you would be open to receiving our views in writing. As a result, I am providing you with this letter," McGarry wrote. The letter went on to say PPG would even consider raising its bid again and sweetening other terms. Akzo said it received the letter but added that it didn''t have time to respond. With the June 1 deadline upon them, PPG was left with little choice but to walk away. (Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-akzo-m-a-ppg-inds-bid-idUSKBN18S6KU'|'2017-06-02T05:51:00.000+03:00'|4731.0|''|-1.0|'' -4732|'df6e71b40583d143bc023cfda0500e59644906ef'|'Life swap landlords are being given the chance to live like their tenants - Money'|'Renting property Life swap landlords are being given the chance to live like their tenants Will they put up with the terrible conditions some tenants have to suffer? A new BBC programme is putting them to the test Multimillionaire and self-style HMO Guy Paul Preston has more than 100 tenants. Photograph: Fremantle UK Media/BBC Renting property Life swap landlords are being given the chance to live like their tenants Will they put up with the terrible conditions some tenants have to suffer? A new BBC programme is putting them to the test View more sharing options Patrick Collinson Saturday 24 June 2017 07.00 BST L inda is 66, lives alone and sets her alarm for 4.30am to start work as a carer for children with special needs. She has taken on three jobs a week, despite being close to pensionable age, to earn enough to pay the 950 rent on her two-bed flat in Chadwell Heath, a workaday suburb on the fringes of east London. The bathroom hot water tap seized up long ago. Half the rings on her electric cooker arent working. The smell from the mould and damp is overpowering. And, after paying her rent and bills, she is left with just 54.12 a week. Father and son Peter and Mark are her landlords. They own 7m-worth of property, making 15,000 a month. Its just the best way of becoming wealthy, says Mark, 36. Some people are saving for their first home. Ive got 40. He admits to hiking the rent on one flat by 100 a month above the average in that part of London. All the other agents fell in line. I was actually responsible for putting up all the rents, he boasts. Lindas last rent rise was also 100, squeezing her income even more at a time when her pay went up by just 40 a month. Michael, meanwhile, is 33 and regularly works long hours as a team leader at a Tesco store in Edmondsley, a village north of Durham. His rent and bills are 800 a month, equal to around 70% of his take-home pay. A window is broken, doors rotten, and rubbish from previous tenants is strewn outside, while inside the boiler piping is exposed. Though relatively young, single and hard-working he can rarely afford a night out. His buy-to-let landlords are young Londoners Dan and Jamie who have snapped up 14 cheap homes in the north-east. Dan lives in a penthouse flat in Leeds and wonders how he can show it off on Tinder to attract girls. Our properties are mostly in the north-east. I cant remember the last time we went to the area Jamies hobby is flying light planes. He never cooks, saying its better to outsource dull tasks such as food preparation for 10 an hour when they can make 750 an hour. There are two types of people, winners and losers and I am a winner, says Dan. He and Jamie rarely visit the homes they bought on the cheap. They are mostly in the north-east. I cant remember the last time we actually went to the area, says Jamie. This picture of broken-Britain-in-miniature is part of a BBC1 series, The Week the Landlords Moved In, that airs this coming Wednesday. The idea is that landlords are forced to spend a week in the life of one of their tenants. We are shown an HMO (house of multiple occupation) in Milton Keynes where the rent from the rooms is around 2,500 a month, but where rats run up the drainpipes. The multimillionaire landlord, Paul Preston, describes them as a furry family and something that happens in built-up areas. Preston is the self-styled HMO Guy who has more than 100 tenants and sells motivational property success seminars. Meanwhile, in Essex, landlord Prab and wife Meena run 80 properties with an income of 30,000-40,000 a month. He says he is driven by providing a service and that my tenants are my customers. He has passed day-to-day management to his 18-year-old son. In Leeds we meet Vishal and his wife who give Prab 550 a month for a two-bed flat where the paint is peeling, mould is in the childrens room, and where he has just discovered his electricity meter is supplying a second property, yet he has been paying for it. After their rent and bills they are left with 87.75 a week. Once the landlords are confronted with the condition of their properties, most say they had no idea, largely blaming the tenants for not telling them of any issues. When Lindas landlord, Peter, sees the state of his property, he says: Ive never heard from her. If there were issues I would expect her to call. After a night spent shivering in the cold, damp flat and going to bed in thermals, hoodie and a fleece, he says: It hasnt been cared for, and maintenance issues were not reported Im disappointed with Linda not coming forward. He gets angry that a repair job that could have been done for a few pounds if spotted early, will now set him back 400. Im concerned for Linda, but Im concerned for us, for our business, he says. Yet the tenants give a different story. Many say pleas to agents go unheeded. Others say they are simply too frightened to tell the landlord there are problems, as they fear being evicted if regarded as a nuisance. Housing charity Shelter says that in recent years as many as 200,000 tenants have been victims of revenge evictions after complaining. Landlords can use section 21 notices to evict a tenant without any obligation to give a reason. However, since October 2015 private renters have been better protected. Tenant Linda works three jobs to pay her 950 rent. Photograph: Screen grab/BBC Yet tenants feel almost completely disempowered. [Landlords] have the power to say youve nagged too much, youre gone, says one. If I kick up too much of a fuss its going to be easier to get a new tenant, says another. But, contrary to initial expectations, the landlords are not monsters. Many make amends, with father-and-son duo Peter and Mark appearing to be genuinely affected by Lindas predicament, albeit at the risk of turning the show into something closer to heartwarming BBC1 makeover programme DIY SOS. What do the landlords learn? That they must visit their properties far more and not rely on agents. That buy-to-let is not about buying a property and then forgetting about it as the rent rolls in. What we dont learn is how much the landlords really make. We hear lots about the value of properties, but not about the huge amounts of mortgages almost certainly attached to them. New taxes and lending criteria also make buy-to-let less of a moneyspinner than in the past. But the show is an antidote to the rogue tenant output from some channels. Those featured are the working poor, victims of spiralling rents and low wages, paying their rent on time but unable to save to buy their own home. As Michael in Durham says about his London landlords: They live down there buying cheaper houses up here. We dont have a chance. The first episode of The Week the Landlords Moved In airs on Wednesday 28 June on BBC1 at 9pm Fees ban and deposit cap proposed Landlords and letting agents will only be able to demand a deposit equal to one months rent when tenants move into a new property, if the tenants fees bill proposed in the Queens speech this week gets the go-ahead. The government also brought forward its much-anticipated ban on letting agency fees. Around 40% of renters pay deposits exceeding a months rent. With average rents across the UK around 900 a month, the cap is likely to save people 450 more in London. The government says the draft bill will ban landlords and agents from requiring tenants to make any payments as a condition of their tenancy with the exception of the rent, a capped refundable security deposit, a capped refundable holding deposit and tenant default fees; and to cap holding deposits at no more than a weeks rent and security deposits one months rent. The moves were warmly welcomed by campaign group Generation Rent, which says it is testament to the power of renters when we get organised. But the National Landlords Association condemned the move as a political gesture from a government desperate to court voters who supported their opponents at the last general election. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jun/24/renting-property-landlords-tenants-bbc-series-buy-to-let'|'2017-06-24T14:00:00.000+03:00'|4732.0|''|-1.0|'' +4732|'df6e71b40583d143bc023cfda0500e59644906ef'|'Life swap landlords are being given the chance to live like their tenants - Money'|'Renting property Life swap landlords are being given the chance to live like their tenants Will they put up with the terrible conditions some tenants have to suffer? A new BBC programme is putting them to the test Multimillionaire and self-style HMO Guy Paul Preston has more than 100 tenants. Photograph: Fremantle UK Media/BBC Renting property Life swap landlords are being given the chance to live like their tenants Will they put up with the terrible conditions some tenants have to suffer? A new BBC programme is putting them to the test View more sharing options Patrick Collinson Saturday 24 June 2017 07.00 BST L inda is 66, lives alone and sets her alarm for 4.30am to start work as a carer for children with special needs. She has taken on three jobs a week, despite being close to pensionable age, to earn enough to pay the 950 rent on her two-bed flat in Chadwell Heath, a workaday suburb on the fringes of east London. The bathroom hot water tap seized up long ago. Half the rings on her electric cooker arent working. The smell from the mould and damp is overpowering. And, after paying her rent and bills, she is left with just 54.12 a week. Father and son Peter and Mark are her landlords. They own 7m-worth of property, making 15,000 a month. Its just the best way of becoming wealthy, says Mark, 36. Some people are saving for their first home. Ive got 40. He admits to hiking the rent on one flat by 100 a month above the average in that part of London. All the other agents fell in line. I was actually responsible for putting up all the rents, he boasts. Lindas last rent rise was also 100, squeezing her income even more at a time when her pay went up by just 40 a month. Michael, meanwhile, is 33 and regularly works long hours as a team leader at a Tesco store in Edmondsley, a village north of Durham. His rent and bills are 800 a month, equal to around 70% of his take-home pay. A window is broken, doors rotten, and rubbish from previous tenants is strewn outside, while inside the boiler piping is exposed. Though relatively young, single and hard-working he can rarely afford a night out. His buy-to-let landlords are young Londoners Dan and Jamie who have snapped up 14 cheap homes in the north-east. Dan lives in a penthouse flat in Leeds and wonders how he can show it off on Tinder to attract girls. Our properties are mostly in the north-east. I cant remember the last time we went to the area Jamies hobby is flying light planes. He never cooks, saying its better to outsource dull tasks such as food preparation for 10 an hour when they can make 750 an hour. There are two types of people, winners and losers and I am a winner, says Dan. He and Jamie rarely visit the homes they bought on the cheap. They are mostly in the north-east. I cant remember the last time we actually went to the area, says Jamie. This picture of broken-Britain-in-miniature is part of a BBC1 series, The Week the Landlords Moved In, that airs this coming Wednesday. The idea is that landlords are forced to spend a week in the life of one of their tenants. We are shown an HMO (house of multiple occupation) in Milton Keynes where the rent from the rooms is around 2,500 a month, but where rats run up the drainpipes. The multimillionaire landlord, Paul Preston, describes them as a furry family and something that happens in built-up areas. Preston is the self-styled HMO Guy who has more than 100 tenants and sells motivational property success seminars. Meanwhile, in Essex, landlord Prab and wife Meena run 80 properties with an income of 30,000-40,000 a month. He says he is driven by providing a service and that my tenants are my customers. He has passed day-to-day management to his 18-year-old son. In Leeds we meet Vishal and his wife who give Prab 550 a month for a two-bed flat where the paint is peeling, mould is in the childrens room, and where he has just discovered his electricity meter is supplying a second property, yet he has been paying for it. After their rent and bills they are left with 87.75 a week. Once the landlords are confronted with the condition of their properties, most say they had no idea, largely blaming the tenants for not telling them of any issues. When Lindas landlord, Peter, sees the state of his property, he says: Ive never heard from her. If there were issues I would expect her to call. After a night spent shivering in the cold, damp flat and going to bed in thermals, hoodie and a fleece, he says: It hasnt been cared for, and maintenance issues were not reported Im disappointed with Linda not coming forward. He gets angry that a repair job that could have been done for a few pounds if spotted early, will now set him back 400. Im concerned for Linda, but Im concerned for us, for our business, he says. Yet the tenants give a different story. Many say pleas to agents go unheeded. Others say they are simply too frightened to tell the landlord there are problems, as they fear being evicted if regarded as a nuisance. Housing charity Shelter says that in recent years as many as 200,000 tenants have been victims of revenge evictions after complaining. Landlords can use section 21 notices to evict a tenant without any obligation to give a reason. However, since October 2015 private renters have been better protected. Tenant Linda works three jobs to pay her 950 rent. Photograph: Screen grab/BBC Yet tenants feel almost completely disempowered. [Landlords] have the power to say youve nagged too much, youre gone, says one. If I kick up too much of a fuss its going to be easier to get a new tenant, says another. But, contrary to initial expectations, the landlords are not monsters. Many make amends, with father-and-son duo Peter and Mark appearing to be genuinely affected by Lindas predicament, albeit at the risk of turning the show into something closer to heartwarming BBC1 makeover programme DIY SOS. What do the landlords learn? That they must visit their properties far more and not rely on agents. That buy-to-let is not about buying a property and then forgetting about it as the rent rolls in. What we dont learn is how much the landlords really make. We hear lots about the value of properties, but not about the huge amounts of mortgages almost certainly attached to them. New taxes and lending criteria also make buy-to-let less of a moneyspinner than in the past. But the show is an antidote to the rogue tenant output from some channels. Those featured are the working poor, victims of spiralling rents and low wages, paying their rent on time but unable to save to buy their own home. As Michael in Durham says about his London landlords: They live down there buying cheaper houses up here. We dont have a chance. The first episode of The Week the Landlords Moved In airs on Wednesday 28 June on BBC1 at 9pm Fees ban and deposit cap proposed Landlords and letting agents will only be able to demand a deposit equal to one months rent when tenants move into a new property, if the tenants fees bill proposed in the Queens speech this week gets the go-ahead. The government also brought forward its much-anticipated ban on letting agency fees. Around 40% of renters pay deposits exceeding a months rent. With average rents across the UK around 900 a month, the cap is likely to save people 450 more in London. The government says the draft bill will ban landlords and agents from requiring tenants to make any payments as a condition of their tenancy with the exception of the rent, a capped refundable security deposit, a capped refundable holding deposit and tenant default fees; and to cap holding deposits at no more than a weeks rent and security deposits one months rent. The moves were warmly welcomed by campaign group Generation Rent, which says it is testament to the power of renters when we get organised. But the National Landlords Association condemned the move as a political gesture from a government desperate to court voters who supported their opponents at the last general election. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jun/24/renting-property-landlords-tenants-bbc-series-buy-to-let'|'2017-06-24T14:00:00.000+03:00'|4732.0|10.0|0.0|'' 4733|'e8cc1d1fc3fbbc3fcfcd21963328d297f1939dce'|'EMERGING MARKETS-Stocks hit 2-year high despite mounting pressure on Qatari riyal'|'By Sujata Rao - LONDON, June 9 LONDON, June 9 Emerging stocks inched to new two-year highs on Friday and were set to end the week in the black but Qatar''s riyal fell further in the offshore forwards markets after a rollercoaster week that saw its stocks lose 7 percent.Overall emerging markets were kept in check by a firmer dollar and weaker Chinese factory gate prices that again cast doubts on economic growth, but MSCI''s emerging equity index hovered near flat for a half-percent rise this week.Qatari stocks had stabilised on Thursday after sharp falls but pressure on its currency and bonds showed little sign of abating, with one-year dollar/riyal forwards hitting the lowest since December 2015 in offshore trade.The riyal has traded as low as 3.7 per dollar in onshore forward markets, Thomson Reuters data shows, a record low, and some 1.6 percent below its spot pegged rate."There is a bit of a spike but Qatar has plenty of reserves to fight the attack on the currency, so we don''t think a de-peg is on the cards," Societe Generale strategist Regis Chatellier said. He ruled out defaults despite pressure on Qatari bonds.Sovereign credit default swaps (CDS) also rose to a new seven-month high of 101 basis points (bps), almost double week-ago levels, according to IHS Markit.Saudi CDS touched their highest since February, indicating some spill over to the rest of the Gulf but this also is not expected to be serious."Obviously this is not a positive story for ... any of the other countries ... it has a negative impact on the image of GCC (Gulf Cooperation Council) as one unit and it makes it potentially more difficult to implement reforms overall," MUFG strategist Trieu Pham said. He noted the GCC plan to implement a value-added tax from next year.But a positive global backdrop would limit the fallout, he said. "We see that even Qatar (assets) has not gone through the roof. At this point everything looks controllable so I don''t see it spilling out (of the Middle East)."Elsewhere, the Czech crown jumped 0.4 percent to a new three-year high versus the euro, with higher-than-expected May inflation data pointing to possible monetary tightening later this year, and contrasting with the European Central Bank''s (ECB''s) dovish stance .Czech bond yields rose across the curve, with five-year yields hitting 10-day highs.Elsewhere, investors are carefully watching developments in Venezuela, which missed a $30 million interest payment to the CAF development bank, the Development Bank of Latin America, days after missing a $1 billion repayment to Russia.The Ivory Coast meanwhile issued the first euro-denominated bond sold by any sub-Saharan African country besides South Africa.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see)Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1020.61 +1.55 +0.15 +18.36Czech Rep 1010.07 +3.85 +0.38 +9.60Poland 2344.45 +4.22 +0.18 +20.36Hungary 35255.12 -15.83 -0.04 +10.16Romania 8550.16 -123.40 -1.42 +20.68Greece 780.35 +1.30 +0.17 +21.24Russia 1043.84 +5.34 +0.51 -9.41South Africa 45725.04 -8.74 -0.02 +4.15Turkey 98894.96 +917.42 +0.94 +26.56China 3158.75 +8.41 +0.27 +1.78India 31217.71 +4.35 +0.01 +17.24Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.23 26.28 +0.21 +2.97Poland 4.19 4.20 +0.23 +5.19Hungary 307.55 307.68 +0.04 +0.41Romania 4.56 4.56 +0.12 -0.50Serbia 122.50 122.55 +0.04 +0.69Russia 56.97 56.88 -0.15 +7.54Kazakhstan 315.68 314.22 -0.46 +5.69Ukraine 26.13 26.12 -0.06 +3.33South Africa 12.93 12.90 -0.20 +6.22Kenya 103.15 103.35 +0.19 -0.76Israel 3.53 3.52 -0.15 +9.07Turkey 3.52 3.52 +0.02 +0.12China 6.80 6.80 +0.03 +2.15India 64.33 64.24 -0.14 +5.62Brazil 3.26 3.26 -0.00 -0.23Mexico 18.23 18.20 -0.16 +13.64Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 318 0 .04 7 90.78 1All data taken from Reuters at 0932 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT. (Additional reporting by Claire Milhench; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-idINL8N1J62HA'|'2017-06-09T08:14:00.000+03:00'|4733.0|''|-1.0|'' 4734|'7082bbd9591f83e28f40a6a200edfa6cba30320d'|'Booz Allen Hamilton says DOJ investigating accounting practices'|'The U.S. Department of Justice is investigating some of the ways Booz Allen Hamilton Holding Corp ( BAH.N ), one of the largest consulting firms in the world, charges the government for services and accounts for costs, the company said in a filing on Thursday that sent its shares down 12 percent after the bell.The Justice Department informed a Booz Allen unit of the investigation earlier this month, Booz Allen said in the brief regulatory filing, adding that it was cooperating with the government. The company declined to comment beyond the filing and an identical statement it posted on its website.Public affairs representatives at the Justice Department did not respond to requests for comment, but the agency as a rule does not make statements about ongoing investigations.The firm said its audit processes had not identified any material weaknesses or "significant erroneous cost charging." ( bit.ly/2rB0v5C )Headquartered in McLean, Virginia near the Central Intelligence Agency and U.S. capital, Booz Allen generates almost all its revenue from government work. According to its latest annual report, the company receives nearly half of its revenues, $2.7 billion, from defense contracts, and nearly a quarter, $1.3 billion, from intelligence offices such as the National Security Agency (NSA).It also brings in about $1.6 billion from contracts with Homeland Security, Health and Human Services, Veteran Affairs, Treasury and Justice and other domestic departments.Booz Allen gained attention for its NSA work. It employed Edward Snowden, who exposed the agency''s vast domestic and international surveillance operations by leaking a trove of secret files to news organizations in 2013. Then, for the second time in three years, an employee working under an NSA contract was charged last year with stealing classified information.In October, the company hired former FBI Director Robert Mueller to conduct an external review of its security practices. But Mueller has since stepped away from that review after being named in May as special counsel to oversee the Federal Bureau of Investigations probe of alleged Russian meddling in the 2016 U.S. election.Booz Allen has come under scrutiny in the past for its work on a U.S. government program of surveilling the global cooperative called the Society for Worldwide Interbank Financial Telecommunication, no-bid contracts it was given by Homeland Security and the high price tag for data software it provided to the National Institutes of Health.(Reporting by Narottam Medhora in Bengaluru; Additional reporting by Lisa Lambert and Dustin Volz; Writing by Lisa Lambert; Editing by Diane Craft and Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-booz-allen-probe-idUSKBN1962VO'|'2017-06-16T05:04:00.000+03:00'|4734.0|''|-1.0|'' 4735|'9dc73ff5636b3fe92427772fb5708fbdf573718f'|'UPDATE 1-Bank of England financial crisis liquidity auctions cleared by fraud agency'|' 9:59am EDT UPDATE 1-Bank of England financial crisis liquidity auctions cleared by fraud agency (Adds detail, BoE reaction) LONDON, June 23 Britain''s Serious Fraud Office (SFO) has found no evidence of criminality in its investigation into how the Bank of England (BoE) pumped liquidity into the financial system to support banks during the financial crisis, it said on Friday. Auctions of central bank funds in return for collateral such as bonds took place in 2007 and 2008 during a crisis that ultimately forced taxpayers to bail out lenders such as Royal Bank of Scotland and Lloyds. "The focus of the investigation was whether assistance had been provided to certain financial institutions to enable them to bid successfully for the available funding, to the possible detriment of other institutions," the SFO said on Friday. "After a thorough investigation the SFO has concluded that there is no evidence of criminality in relation to this matter." The SFO said it has now closed its investigation. The BoE said the events under investigation occurred nearly a decade ago at a time when a number of Britain''s large financial institutions were under unprecedented stress. The financial crisis exposed shortcomings in the BoE''s frameworks for providing liquidity insurance, operating procedures and governance arrangements, the Bank said in a statement. After the SFO''s decision to open an investigatation, the Bank''s Court of Directors commissioned a "rigorous and comprehensive" review of other key market operations during the financial crisis. "The review resulted in a number of recommendations, which the Bank has now implemented," the BoE said, adding that details of the review were published on Friday. "The Bank is proud of the dedication and professionalism displayed by its staff during the financial crisis," it said. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/boe-fraud-sfo-idUSL8N1JK2ZL'|'2017-06-23T21:59:00.000+03:00'|4735.0|''|-1.0|'' 4736|'b5efc88648af69eac672aa70b1d035fa6d22b707'|'UPDATE 1-UK Stocks-Factors to watch on June 13'|'(Adds futures, company news items)June 13 Britain''s FTSE 100 index is seen rising 38 points at the open on Tuesday, according to financial bookmakers, with futures up 0.4 percent ahead of the cash market open.* CAPITA: Britain''s troubled outsourcing group Capita said it hoped to improve its profitability and secure more contract wins in the second half of 2017 as it slowly rebuilds from a string of profit warnings.* N BROWN: British plus-size fashion retailer N Brown Group Plc said on Tuesday its chairman, Andrew Higginson, plans to step down.* ASHTEAD: British industrial equipment hire group Ashtead Group Plc reported on Tuesday a 7 percent rise in full-year profit, boosted by strong growth in its core North American unit as well as its UK business.* HALMA: Halma Plc''s full-year profit rose 17 percent, the healthcare devices maker said on Tuesday, as acquisitions boosted sales across all its units.* MONITISE: U.S. financial technology provider Fiserv said on Tuesday it had agreed to buy British financial services technology firm Monitise Plc for about 70 million pounds ($88.72 million).* ELECTION: Theresa May told Conservative lawmakers on Monday she would serve as prime minister as long as they wanted her after a botched election gamble cost the party its majority in parliament and weakened Britain''s hand days before formal Brexit negotiations.* BREXIT/UK M&A: The political shock of Prime Minister Theresa May''s failure to win a majority in a national election could put the brakes on takeover activity in Britain, dealmakers told Reuters on Monday.* BREXIT/UK FINANCE: Finance firms in Britain say they are pushing ahead with plans to move staff and operations to continental Europe, despite a chance that the government may soften its ''Hard Brexit'' policies after losing its parliamentary majority.* ALLIED IRISH BANKS: Allied Irish Banks plans to raise up to 3.3 billion euros ($3.7 billion) when it sells a 25 percent stake on the Dublin and London stock markets in the biggest test yet of investor appetite for Irish banks.* BP: BP PLC violated its supply contract when it sold oil to refiner Monroe Energy that was a blend of lower-valued Texas crude with premium varieties, Monroe alleged in a federal court filing last week.* LSE: The London Stock Exchange expects its indices and clearing businesses to drive growth in core profit margin between now and 2019, the company said on Monday, shrugging off concerns over the collapse of a planned merger with Deutsche Boerse and uncertainty over Brexit.* RBS: Royal Bank of Scotland is close to a multibillion pound settlement with a US regulator over toxic mortgage bonds mis-selling, Sky News reported. bit.ly/2rV3h90* GOLD: Gold held steady on Tuesday as investors remained cautious ahead of a two-day U.S. Federal Reserve meeting that is likely to provide hints on the central bank''s interest rate policy for the remainder of the year.* COPPER: London copper eased on Tuesday from near a two-month high ahead of the U.S. Federal Reserve''s interest rate decision due later in the week, while China zinc premiums surged on healthy demand and limited supply.* OIL: Oil prices edged up early on Tuesday, lifted by statements that OPEC-leader Saudi Arabia was making significant supply cuts to customers, although rising U.S. output meant that markets remain well supplied.* The UK blue chip index closed down 0.2 percent at 7,511.9 on Monday, as a technology sell-off spread across Europe, with investors dumping tech and other cyclical stocks, which feature heavily on the blue-chip index, and heading into defensive sectors.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JA2M2'|'2017-06-13T15:01:00.000+03:00'|4736.0|''|-1.0|'' 4737|'4a92096484d5bba750e7fee9f14168ce9f9c7943'|'Italy - Factors to watch on June 28'|'The following factors could affect Italian markets on Wednesday.Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).For a complete list of diary events in Italy please click on .ECONOMYISTAT releases June flash CPI and HICP data (0900 GMT) and May-Q1 producer prices data (1000 GMT).ECB Supervisory board member Ignazio Angeloni speaks before Senate Finance Committee (1230 GMT).DEBTItaly''s Treasury said on Tuesday it would offer up to 8.0 billion euros over 3 bonds at auction on June 30.Treasury sells 6-month BOT bills. Subscriptions close at 0900 GMT.COMPANIES (*) INTESA SANPAOLOThe lender has made 5 billion euros available for any funding needs deriving from the Veneto banks deal, Chairman Gian Maria Gros-Pietro told Il Messaggero in an interview, adding that the operation will not slow down the bank''s performance.Gros-Pietro also said that once the situation of the Veneto banks and Monte dei Paschi di Siena are resolved, there are "no comparable problems" in the Italian banking sector.MONTE DEI PASCHI DI SIENAThe bank is close to reaching a final deal with an Italian bank bailout fund on the sale of its bad loan portfolio, a key plank of its rescue plan, three sources close to the matter said on Tuesday.A deadline for exclusive negotiations over bad loans sale expires on Wednesday.INTESA SANPAOLOStandard & Poor''s has affirmed its ''BBB-/A-3'' long- and short-term credit ratings on the bank, with a stable outlook, after a deal which sees Intesa Sanpaolo acquiring two Veneto lenders'' good assets for a token price, it said on Tuesday.UBI The bank said the take up of its 400-million euro capital increase stood at 99.31 percent at the close of the offer.(*) BANCA CARIGEThe lender plans to finalise by the end of next week the sale of 938 million euros of bad loans at 31 percent of their nominal value through a securitisation scheme that will tap a state guarantee scheme, Il Sole 24 Ore reported.(*) MEDIASETFrance''s Vivendi has not deposited it shares to take part in the Italian broadcaster''s annual shareholders'' meeting on Wednesday, Il Sole 24 Ore said, adding that the French group had until 0800 GMT to do so.Annual general meeting (0800 GMT)EDISONInauguration of new hydroelectric power plant with CEO Marc Benayoun in Pizzighettone (0800 GMT).IL SOLE 24 OREAnnual and extraordinary shareholders'' meeting (0830 GMT).STEFANELAnnual general meeting (0900 GMT).(*) IPOItalian tyremaker Pirelli will list on the Milan stock exchange on October 4, both La Stampa and Il Sole 24 Ore reported, adding the group aims to float 30 percent of its shares.For Italian market data and news, click on codes in brackets:20 biggest gainers (in percentage)20 biggest losers (in percentage)FTSE IT allshare indexFTSE Mib indexFTSE Allstars index...FTSE Mid Cap index....Block tradesStories on Italy IT-LENFor pan-European market data and news, click on codes in brackets: European Equities speed guide FTSEurofirst 300 index DJ STOXX index Top 10 STOXX sectors Top 10 EUROSTOXX sectors Top 10 Eurofirst 300 sectors Top 25 European pct gainers Top 25 European pct losers Main stock markets: Dow Jones Wall Street report Nikkei 225 Tokyo report FTSE 100 London report Xetra DAX Frankfurt market stories CAC-40 Paris market stories... World Indices Reuters survey of world bourse outlook Western European IPO diary European Asset Allocation Reuters News at a Glance: Equities Main currency report:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/italy-factors-june-idINL8N1JH1TJ'|'2017-06-28T04:24:00.000+03:00'|4737.0|''|-1.0|'' 4738|'abe49c945a1158082cc7c9ce82f048f9225c6fe2'|'U.S. judge may tap Feinberg to run $1 billion Takata compensation fund'|'Business News - Tue Jun 6, 2017 - 12:35am BST U.S. judge may tap Feinberg to run $1 billion Takata compensation fund The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai By David Shepardson - WASHINGTON WASHINGTON A federal judge may tap attorney and longtime compensation adviser Kenneth Feinberg to oversee claims for nearly $1 billion that Takata Corp ( 7312.T ) will pay out to victims of defective air bag inflators linked to numerous deaths and injuries, court officials said on Monday. In April, U.S. District Judge George Caram Steeh said he planned to name former Federal Bureau of Investigation director Robert Mueller to oversee the Takata settlement funds. But Mueller resigned from his law firm last month to head the Justice Department''s probe into Russian interference in the 2016 election and told Steeh he could no longer accept the Takata assignment. Takata, which is based in Tokyo, is one of the world''s largest automotive suppliers. It pleaded guilty in February in federal court in Detroit to fraud charges as part of a settlement agreement with the U.S. government over massive recalls stemming from the faulty air bag inflators. The devices can explode with excessive force, unleashing metal shrapnel inside cars and trucks. They have been blamed for at least 16 deaths and more than 180 injuries worldwide. The Takata settlement includes a $25 million criminal fine, $125 million in victim compensation and $850 million to compensate automakers who have suffered losses from massive recalls. The Justice Department in January recommended Feinberg to oversee the Takata settlement payout. A specialist in mediation and dispute resolution, he previously oversaw the Sept. 11 attacks compensation fund, the BP ( BP.L ) oil spill fund and compensation paid by General Motors Co ( GM.N ) to victims of its faulty ignition switches. Feinberg said Monday he had not spoken recently to Judge Steeh and was unaware of any decision on who will serve as the monitor. Steeh has made no final decision on who will serve as monitor following Mueller''s withdrawal, his office said Monday. "Bob Mueller took an extraordinary monetary loss to drop this assignment and willingly gave up fees that would have amounted to millions of dollars to accept the Justice Departments Special Counsel appointment," Steeh said in a statement. Inflator recalls began around 2008 and involve around 100 million inflators around the world used in vehicles made by 19 automakers, including Honda Motor Co (7267.T), Volkswagen AG ( VOWG_p.DE ) and GM. Takata is seeking financial backers as it faces potentially billions of dollars in recall-associated costs. (Reporting by David Shepardson; Editing by Tom Brown) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-autos-takata-idUKKBN18W2WC'|'2017-06-06T07:35:00.000+03:00'|4738.0|''|-1.0|'' -4739|'99e9b6bb310ba808624338d72c65f3e103452f97'|'Asian currencies subdued as New York Fed president''s comments lift dollar'|' 10:58am IST Asian currencies subdued as New York Fed president''s comments lift dollar William C. Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York speaks during a panel discussion at The Bank of England in London, Britain, March 21, 2017. REUTERS/Kirsty Wigglesworth/Pool/Files By Shashwat Pradhan Most Asian currencies slipped on Tuesday, as the dollar saw support after an influential Federal Reserve official said U.S. inflation was likely to rise alongside wages, supporting expectations for the Fed to keep raising interest rates. The comments by New York Fed President William Dudley, a close ally of Fed Chair Janet Yellen, were among the first after the U.S. central bank raised rates last week in the face of a series of soft inflation readings. "This is actually a pretty good place to be" with unemployment at 4.3 percent and inflation at about 1.5 percent, Dudley told the North Country Chamber of Commerce in Plattsburg, New York. Asked about a so-called flattening of yields in the bond market, which suggest investors are sceptical that this Fed policy-tightening cycle will last much longer, Dudley said pausing policy now could raise the risk of inflation surging and would hurt the economy. Dudley''s comments have the "potential to convince markets that the U.S. economy has been and is continuing to do fine without Trumps stimulus plans," DBS said in a note. The dollar rose to 111.770 yen at one point, reaching its strongest level since May 26. Most Asian currencies depreciated against the dollar, with the Indian rupee, Malaysian ringgit and the Chinese yuan edging 0.1 percent lower. The Taiwanese dollar fell marginally, remaining on track to reverse yesterday''s gains. Taiwan''s central bank is expected to leave its policy rate unchanged for the fourth straight quarter at a meeting on Thursday, as exports continue to gather momentum and inflation remains mild. "Taiwan dollar swap rates are likely to stay around current levels. A revisit of the lows seen in 2016 appears unlikely unless the central bank allows domestic liquidity to surge again," DBS added. The Indonesian rupiah fell marginally to 13,292 against the dollar. Indonesian Finance Minister Sri Mulyani Indrawati said on Monday that she expects the country''s 2017 budget deficit might reach 2.6 percent of gross domestic product versus the 2.41 percent seen in the current plan. KOREAN WON The South Korean won fell as much as 0.5 percent to touch an eight-week low on Tuesday, leading the declines among emerging Asian currencies. South Korea on Monday announced tighter mortgage rules and curbs on speculative resales of homes in Seoul and parts of Busan - the toughest rules in almost three years as policymakers sought to stabilise hot housing markets amid soaring household debt. Despite today''s declines, the won has been one of the best performing currencies in Asia this year, strengthening more than six percent against the dollar. The non-deliverable outright market expects the currency to appreciate to 1128.3 against the dollar in a year. PHILIPPINE PESO The Philippine peso weakened as much as 0.4 percent on Tuesday to a seven-week low. The Philippine central bank is widely expected to leave interest rates steady on Thursday, a Reuters poll showed, but pressures on inflation are likely to keep an interest rate increase on the cards this year. The central bank has kept policy settings unchanged since a 25 basis point hike in interest rates in September 2014. Additionally, the Philippines posted a balance of payments deficit of $59 million in May compared with a surplus of $917 million in April, data released by the Philippine central bank showed. The following table shows rates for Asian currencies against the dollar at 0503 GMT. CURRENCIES VS U.S. DOLLAR Currency Latest bid Previous day Pct Move Japan yen 111.650 111.51 -0.13 Sing dlr 1.387 1.3866 +0.01 Taiwan dlr 30.379 30.361 -0.06 Korean won 1136.800 1132.7 -0.36 Baht 33.970 33.92 -0.15'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-forex-emerging-idINKBN19B0DN'|'2017-06-20T13:28:00.000+03:00'|4739.0|''|-1.0|'' +4739|'99e9b6bb310ba808624338d72c65f3e103452f97'|'Asian currencies subdued as New York Fed president''s comments lift dollar'|' 10:58am IST Asian currencies subdued as New York Fed president''s comments lift dollar William C. Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York speaks during a panel discussion at The Bank of England in London, Britain, March 21, 2017. REUTERS/Kirsty Wigglesworth/Pool/Files By Shashwat Pradhan Most Asian currencies slipped on Tuesday, as the dollar saw support after an influential Federal Reserve official said U.S. inflation was likely to rise alongside wages, supporting expectations for the Fed to keep raising interest rates. The comments by New York Fed President William Dudley, a close ally of Fed Chair Janet Yellen, were among the first after the U.S. central bank raised rates last week in the face of a series of soft inflation readings. "This is actually a pretty good place to be" with unemployment at 4.3 percent and inflation at about 1.5 percent, Dudley told the North Country Chamber of Commerce in Plattsburg, New York. Asked about a so-called flattening of yields in the bond market, which suggest investors are sceptical that this Fed policy-tightening cycle will last much longer, Dudley said pausing policy now could raise the risk of inflation surging and would hurt the economy. Dudley''s comments have the "potential to convince markets that the U.S. economy has been and is continuing to do fine without Trumps stimulus plans," DBS said in a note. The dollar rose to 111.770 yen at one point, reaching its strongest level since May 26. Most Asian currencies depreciated against the dollar, with the Indian rupee, Malaysian ringgit and the Chinese yuan edging 0.1 percent lower. The Taiwanese dollar fell marginally, remaining on track to reverse yesterday''s gains. Taiwan''s central bank is expected to leave its policy rate unchanged for the fourth straight quarter at a meeting on Thursday, as exports continue to gather momentum and inflation remains mild. "Taiwan dollar swap rates are likely to stay around current levels. A revisit of the lows seen in 2016 appears unlikely unless the central bank allows domestic liquidity to surge again," DBS added. The Indonesian rupiah fell marginally to 13,292 against the dollar. Indonesian Finance Minister Sri Mulyani Indrawati said on Monday that she expects the country''s 2017 budget deficit might reach 2.6 percent of gross domestic product versus the 2.41 percent seen in the current plan. KOREAN WON The South Korean won fell as much as 0.5 percent to touch an eight-week low on Tuesday, leading the declines among emerging Asian currencies. South Korea on Monday announced tighter mortgage rules and curbs on speculative resales of homes in Seoul and parts of Busan - the toughest rules in almost three years as policymakers sought to stabilise hot housing markets amid soaring household debt. Despite today''s declines, the won has been one of the best performing currencies in Asia this year, strengthening more than six percent against the dollar. The non-deliverable outright market expects the currency to appreciate to 1128.3 against the dollar in a year. PHILIPPINE PESO The Philippine peso weakened as much as 0.4 percent on Tuesday to a seven-week low. The Philippine central bank is widely expected to leave interest rates steady on Thursday, a Reuters poll showed, but pressures on inflation are likely to keep an interest rate increase on the cards this year. The central bank has kept policy settings unchanged since a 25 basis point hike in interest rates in September 2014. Additionally, the Philippines posted a balance of payments deficit of $59 million in May compared with a surplus of $917 million in April, data released by the Philippine central bank showed. The following table shows rates for Asian currencies against the dollar at 0503 GMT. CURRENCIES VS U.S. DOLLAR Currency Latest bid Previous day Pct Move Japan yen 111.650 111.51 -0.13 Sing dlr 1.387 1.3866 +0.01 Taiwan dlr 30.379 30.361 -0.06 Korean won 1136.800 1132.7 -0.36 Baht 33.970 33.92 -0.15'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-forex-emerging-idINKBN19B0DN'|'2017-06-20T13:28:00.000+03:00'|4739.0|4.0|0.0|'' 4740|'cb78f25605beeb1976d82e4a61d52265a799e62b'|'L1 Retail agrees to buy Holland & Barrett for $1.77 bln pounds'|'Market News - Mon Jun 26, 2017 - 2:21am EDT L1 Retail agrees to buy Holland & Barrett for $1.77 bln pounds LONDON, June 26 L1 Retail has agreed to buy Holland & Barrett from The Nature''s Bounty Co. and The Carlyle Group for 1.77 billion pounds ($2.26 billion), the companies said in a statement. Russian billionaire Mikhail Fridman''s L1 Retail is expected to close the transaction by September 2017 subject to customary regulatory approvals. The deal for the health and wellness chain was first reported by the Financial Times on Sunday. "We believe that the company is well positioned to benefit from structural growth in the growing 10 billion pound health and wellness market and has multiple levers for long term growth and value creation," said L1 Retail Managing Partner Stephen DuCharme. Carlyle was advised by Goldman Sachs, Houlihan Lokey, UBS, PWC, Latham Watkins and OC&C. ($1 = 0.7846 pounds) (Reporting by Maiya Keidan; editing by Simon Jessop) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-carlyle-group-l-idUSFWN1JM00U'|'2017-06-26T14:21:00.000+03:00'|4740.0|''|-1.0|'' 4741|'0fdbe57552738d1a2772bdee4e3ca62380c82a94'|'U.S. weighs restricting Chinese investment in artificial intelligence'|'Technology News 4:04pm EDT U.S. weighs restricting Chinese investment in artificial intelligence left right An MQ-9 Reaper remotely piloted drone aircraft performs aerial maneuvers over Creech Air Force Base, Nevada, U.S., June 25, 2015. U.S. Air Force/Senior Airman Cory D. Payne/Handout via REUTERS 1/2 left right FILE PHOTO: U.S. Defense Secretary James Mattis testifies before the Senate Armed Services Committee on Capitol Hill in Washington, D.C., U.S., June 13, 2017. REUTERS/Aaron P. Bernstein/File Photo 2/2 By Phil Stewart - WASHINGTON WASHINGTON The United States appears poised to heighten scrutiny of Chinese investment in Silicon Valley to better shield sensitive technologies seen as vital to U.S. national security, current and former U.S. officials tell Reuters. Of particular concern is China''s interest in fields such as artificial intelligence and machine learning, which have increasingly attracted Chinese capital in recent years. The worry is that cutting-edge technologies developed in the United States could be used by China to bolster its military capabilities and perhaps even push it ahead in strategic industries. The U.S. government is now looking to strengthen the role of the Committee on Foreign Investment in the United States (CFIUS), the inter-agency committee that reviews foreign acquisitions of U.S. companies on national security grounds. An unreleased Pentagon report, viewed by Reuters, warns that China is skirting U.S. oversight and gaining access to sensitive technology through transactions that currently don''t trigger CFIUS review. Such deals would include joint ventures, minority stakes and early-stage investments in start-ups. "We''re examining CFIUS to look at the long-term health and security of the U.S. economy, given China''s predatory practices" in technology, said a Trump administration official, who was not authorized to speak publicly. Defense Secretary Jim Mattis weighed into the debate on Tuesday, calling CFIUS "outdated" and telling a Senate hearing: "It needs to be updated to deal with today''s situation." CFIUS is headed by the Treasury Department and includes nine permanent members including representatives from the departments of Defense, Justice, Homeland Security, Commerce, State and Energy. The CFIUS panel is so secretive it normally does not comment after it makes a decision on a deal. Under former President Barack Obama, CFIUS stopped a series of attempted Chinese acquisitions of high-end chip makers. Senator John Cornyn, the No. 2 Republican in the Senate, is now drafting legislation that would give CFIUS far more power to block some technology investments, a Cornyn aide said. "Artificial intelligence is one of many leading-edge technologies that China seeks and that has potential military applications," said the Cornyn aide, who declined to be identified. "These technologies are so new that our export control system has not yet figured out how to cover them, which is part of the reason they are slipping through the gaps in the existing safeguards," the aide said. The legislation would require CFIUS to heighten scrutiny of buyers hailing from nations identified as potential threats to national security. CFIUS would maintain the list, the aide said, without specifying who would create it. Cornyn''s legislation would not single out specific technologies that would be subject to CFIUS scrutiny. But it would provide a mechanism for the Pentagon to lead that identification effort, with input from the U.S. technology sector, the Commerce Department, and the Energy Department, the aide said. James Lewis, an expert on military technology at the Center for Security and International Studies, said the U.S. government is playing catch-up. "The Chinese have found a way around our protections, our safeguards, on technology transfer in foreign investment. And they''re using it to pull ahead of us, both economically and militarily," Lewis said. "I think that''s a big deal." But some industry experts warn that stronger U.S. regulations may not succeed in halting technology transfer and might trigger retaliation by China, with economic repercussions for the United States. China made the United States the top destination for its foreign direct investment in 2016, with $45.6 billion in completed acquisitions and greenfield investments, according to the Rhodium Group, a research firm. Investment from January to May 2017 totaled $22 billion, which represented a 100 percent increase against the same period last year, it said. "There will be a significant pushback from the technology industry" if legislation is overly aggressive, Rhodium Group economist Thilo Hanemann said. AI''S ROLE IN DRONE WARFARE Concerns about Chinese inroads into advanced technology come as the U.S. military looks to incorporate elements of artificial intelligence and machine learning into its drone program. Project Maven, as the effort is known, aims to provide some relief to military analysts who are part of the war against Islamic State. These analysts currently spend long hours staring at big screens reviewing video feeds from drones as part of the hunt for insurgents in places like Iraq and Afghanistan. The Pentagon is trying to develop algorithms that would sort through the material and alert analysts to important finds, according to Air Force Lieutenant General John N.T. "Jack" Shanahan, director for defense intelligence for warfighting support. "A lot of times these things are flying around(and)... there''s nothing in the scene that''s of interest," he told Reuters. Shanahan said his team is currently trying to teach the system to recognize objects such as trucks and buildings, identify people and, eventually, detect changes in patterns of daily life that could signal significant developments. "We''ll start small, show some wins," he said. A Pentagon official said the U.S. government is requesting to spend around $30 million on the effort in 2018. Similar image recognition technology is being developed commercially by firms in Silicon Valley, which could be adapted by adversaries for military reasons. Shanahan said he'' not surprised that Chinese firms are making investments there. "They know what they''re targeting," he said. Research firm CB Insights says it has tracked 29 investors from mainland China investing in U.S. artificial intelligence companies since the start of 2012. The risks extend beyond technology transfer. "When the Chinese make an investment in an early stage company developing advanced technology, there is an opportunity cost to the U.S. since that company is potentially off-limits for purposes of working with (the Department of Defense)," the report said. CHINESE INVESTMENT China has made no secret of its ambition to become a major player in artificial intelligence, including through foreign acquisitions. Chinese search engine giant Baidu Inc ( BIDU.O ) launched an AI lab in March with China''s state planner, the National Development and Reform Commission. In just one recent example, Baidu Inc agreed in April to acquire U.S. computer vision firm xPerception, which makes vision perception software and hardware with applications in robotics and virtual reality. "China is investing massively in this space," said Peter Singer, an expert on robotic warfare at the New America Foundation. The draft Pentagon report cautioned that one of the factors hindering U.S. government regulation is that many Chinese investments fall short of outright acquisitions that can trigger a CFIUS review. Export controls were not designed to govern early-stage technology. It recommended that the Pentagon develop a critical technologies list and restrict Chinese investments on that list. It also proposed enhancing counterintelligence efforts. The report also signaled the need for measures that fall beyond the scope of the U.S. military. Those include altering immigration policy to allow Chinese graduate students the ability to stay in the United States after completing their studies, instead of taking their know-how back to China. Venky Ganesan, managing director at Menlo Futures, concurs about the need to keep the best and brightest in the United States. "The single biggest thing we can do is staple a green card to their diploma so that they stay here and build the technologies here not go back to their countries and compete against us," Ganesan said. (Editing by Marla Dickerson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-china-artificialintelligence-idUSKBN1942OX'|'2017-06-14T03:48:00.000+03:00'|4741.0|''|-1.0|'' 4742|'c7ca46927e2b3452541d78e85d38cacc422e69ed'|'Opel CEO plans to resign after sale to Peugeot: German newspaper'|'Autos - Sat Jun 10, 2017 - 11:08am EDT Opel CEO plans to resign after sale to Peugeot: German newspaper FILE PHOTO - Dr Karl-Thomas Neumann, CEO of Opel Group speaks during a news conference on media day at the Paris auto show, in Paris, France, September 29, 2016. REUTERS/Benoit Tessier BERLIN Karl-Thomas Neumann, chief executive of Open, the European arm of General Motors ( GM.N ), plans to resign, German newspaper Frankfurter Allgemeine Sonntagszeitung reported on Saturday. The newspaper said Neumann planned to inform the company''s board about his decision at its next meeting on June 22. Neumann wants to stay on board only until GM completes the sale of Opel to France''s PSA Group ( PEUP.PA ), the newspaper said. Opel this week said the sale, valued at 2.2 billion euros ($2.46 billion), could be completed as early as July 31, pending regulatory approval from antitrust authorities. (Reporting by Andrea Shalal; editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/uk-opel-moves-idUSKBN1910NX'|'2017-06-10T23:08:00.000+03:00'|4742.0|''|-1.0|'' @@ -4767,7 +4767,7 @@ 4765|'ec9157c0838f5b801e79c243f95424c11694ff00'|'Wolseley reiterates full-year forecast after quarterly profit rise'|' 29am BST Wolseley reiterates full-year forecast after quarterly profit rise Heating and plumbing supplier Wolseley forecast full-year trading profit in line with market expectations, as it reported a 9.5 percent rise in third-quarter profit on the back of sales growth in all its regions except the UK. The company said trading profit restated to exclude some exceptional restructuring costs rose to 254 million pounds in the three months ended April 30, from 232 million pounds a year earlier. Wolseley, set to change its name at the end of next month to match its U.S. brand Ferguson Plc, said revenue grew 16.7 percent to 4.27 billion pounds. Like-for-like revenue grew 6.6 percent, ahead of the 3.2 percent comparable growth reported in the first half. "Since the end of the period revenue growth has been broadly in line with the third quarter, gross margins and cost control have been good," Chief Executive John Martin (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-wolseley-outlook-idUKKBN19B0IE'|'2017-06-20T14:29:00.000+03:00'|4765.0|''|-1.0|'' 4766|'7120f2fe222ab24561aac015262fe48fe628032e'|'As inflation misses goal, Fed''s Evans calls for gradual rate hikes'|'Business News - Tue Jun 20, 2017 - 4:59am IST As inflation misses goal, Fed''s Evans calls for gradual rate hikes FILE PHOTO: Chicago Federal Reserve Bank President Charles Evans takes a question during a round table with the media in Shanghai, China March 23, 2010. REUTERS/Nir Elias/File Photo NEW YORK With inflation stubbornly soft despite a 16-year low in the U.S. unemployment rate, the Federal Reserve should move only slowly to raise interest rates and trim its massive bond portfolio, Chicago Fed President Charles Evans said Monday. "I dont want to get hung up over small differences" between whether the Fed raises rates two, three or four times over the course of 2017, Evans said in remarks prepared for delivery to Money Marketeers of New York University. "The important feature is that the current environment supports very gradual rate hikes and slow preset reductions in our balance sheet." Repeating much of a similar talk he gave in May, Evans said that while the Fed had essentially achieved its goal of full employment, it has had a "serious policy outcome miss" on its other goal of 2-percent inflation. Unemployment fell to 4.3 percent in May, below what many Fed officials say is sustainable in the long run. But inflation, which by the Fed''s preferred gauge fell to 1.5 percent in April, has run below the Fed''s 2-percent target for years. Despite his warning on too-low inflation, Evans last week cast his vote with the 8-1 majority at the Fed who supported lifting the target range for short-term interest rates by a quarter of a percentage point. Interest rate hikes are typically aimed at slowing growth and inflation. Fed officials also reaffirmed their expectation of one more rate hike in 2017, bringing the total for the year to three, and said they expect to begin allowing the $4.5 trillion balance sheet to shrink by an initial $10 billion a month. On the margin, a smaller Fed balance sheet delivers less downward pressure on longer-run borrowing costs. "It remains to be seen whether there will be two rate hikes this year, or three, or fouror exactly when we start paring back reinvestments of maturing assets," Evans said. "Ultimately, our exact actions will appropriately be driven by how events transpire to influence the outlook for achieving our policy goals." (Reporting by Richard Leong; Writing by Ann Saphir; Editing by Diane Craft) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-fed-evans-idINKBN19A2ZI'|'2017-06-20T06:16:00.000+03:00'|4766.0|''|-1.0|'' 4767|'d5921d0387d2fd2467fdc5ee3730b2315e1adde1'|'Oil prices fall on further rise in U.S. drilling, signs of slowing demand'|'Business 9:28pm BST Oil falls to seven-month low on more signs of growing crude glut FILE PHOTO: A worker walks past oil pipes at a refinery in Wuhan, Hubei province March 23, 2012. REUTERS/Stringer/File Photo By Scott DiSavino - NEW YORK NEW YORK Oil prices fell about 1 percent on Monday to a seven-month low as market players saw more signs that rising crude production in the United States, Libya and Nigeria undercut OPEC-led efforts to support the market with output curbs. "We''re seeing more tankers used for storage and more crude from West Africa and Europe being offered into the U.S. Gulf Coast at the same time the Gulf Coast has been an exporter of light sweet crude," said Andrew Lipow, president of Lipow Oil Associates in Houston. "These are all signs of an oversupplied market." Brent LCOc1 futures for August fell 46 cents, or 1 percent, to settle at $46.91 a barrel, their lowest since Nov. 29, the day before the Organization of the Petroleum Exporting Countries agreed to cut output for the first six months of 2017. U.S. West Texas Intermediate crude CLc1 futures for July dropped 54 cents, or 1.2 percent, to settle at $44.20 per barrel, the lowest close since Nov. 14. The July contract will expire on Tuesday, and August will become the front month. Both benchmarks are down more than 15 percent since late May, when producers led by OPEC extended by nine months their pledge to cut output by 1.8 million barrels per day (bpd). There were still almost 70,000 WTI contracts for July outstanding at the end of trade on Friday, which would require delivery of about 70 million barrels of oil to Cushing, Oklahoma after Tuesday''s expiration. "Some of the pressure on Monday is because it is hard to get rid of that many (WTI) contracts in just two days," said Phil Davis, managing partner at PSW Investments in Woodland Park, New Jersey, noting "very few traders actually want to take physical delivery." Traders noted the Brent front-month contract was at the highest premium since late May over the same WTI contract WTCLc1-LCOc1. OPEC supplies jumped in May as output recovered in Libya and Nigeria, two countries exempt from the production cut agreement. Libya''s oil production has risen more than 50,000 bpd after the state oil company settled a dispute with Germany''s Wintershall, a Libyan source told Reuters. Analysts said rising U.S. crude production has fed the global glut. Data on Friday showed a record 22nd consecutive week of increases in U.S. oil rigs. Investment bank Goldman Sachs said if the U.S. rig count holds, fourth-quarter domestic oil production would rise substantially. There are also signs of stalling demand growth in Asia, the world''s biggest oil-consuming region. Japan''s customs-cleared crude imports fell 13.5 percent in May from a year earlier. India took in 4.2 percent less crude in May than the year before. (Additional reporting by Libby George in London and Henning Gloystein in Singapore; Editing by Louise Heavens and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19A029'|'2017-06-19T08:49:00.000+03:00'|4767.0|''|-1.0|'' -4768|'eff1fbd885429dc7e646bc89bcf32465c331dc24'|'MOVES-RBC Capital promotes Sinawi to head of US rates sales'|'Market News - 15pm EDT MOVES-RBC Capital promotes Sinawi to head of US rates sales By Philip Scipio NEW YORK, June 15 (IFR) - RBC Capital Markets has promoted Scott Sinawi to head of US rates sales in its fixed income currencies and commodities trading group. In this newly-created role, Sinawi will lead both the banks private US rates sales teams, including corporate risk solutions for rates, foreign exchange and commodities and public side teams. He was previously head of corporate risk solutions, encompassing private rates, foreign exchange & commodities. He will report to Jeff Fields, head of North American sales. (Reporting by Philip Scipio; editing by Shankar Ramakrishnan) PRECIOUS-Gold at three-week low on firmer dollar, U.S. jobs data * Dollar gains as Fed points the way to trimming bond portfolio * Report of Trump probe spurs some safe haven buying * Silver hits weakest in nearly four weeks, platinum at month low (Updates prices; adds comment, second byline, NEW YORK dateline) By Marcy Nicholson and Eric Onstad NEW YORK/LONDON, June 15 Gold fell to a three-week low on Thursday, weighed down by a stronger dollar as investors began to assess the potential for another U.S. rate hike later in th LUXEMBOURG, June 15 Below the text of the statement agreed by euro zone finance ministers on the Greek bailout programme on Thursday: MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-rbc-capital-promotes-sinawi-to-hea-idUSL1N1JC1HK'|'2017-06-16T03:15:00.000+03:00'|4768.0|''|-1.0|'' +4768|'eff1fbd885429dc7e646bc89bcf32465c331dc24'|'MOVES-RBC Capital promotes Sinawi to head of US rates sales'|'Market News - 15pm EDT MOVES-RBC Capital promotes Sinawi to head of US rates sales By Philip Scipio NEW YORK, June 15 (IFR) - RBC Capital Markets has promoted Scott Sinawi to head of US rates sales in its fixed income currencies and commodities trading group. In this newly-created role, Sinawi will lead both the banks private US rates sales teams, including corporate risk solutions for rates, foreign exchange and commodities and public side teams. He was previously head of corporate risk solutions, encompassing private rates, foreign exchange & commodities. He will report to Jeff Fields, head of North American sales. (Reporting by Philip Scipio; editing by Shankar Ramakrishnan) PRECIOUS-Gold at three-week low on firmer dollar, U.S. jobs data * Dollar gains as Fed points the way to trimming bond portfolio * Report of Trump probe spurs some safe haven buying * Silver hits weakest in nearly four weeks, platinum at month low (Updates prices; adds comment, second byline, NEW YORK dateline) By Marcy Nicholson and Eric Onstad NEW YORK/LONDON, June 15 Gold fell to a three-week low on Thursday, weighed down by a stronger dollar as investors began to assess the potential for another U.S. rate hike later in th LUXEMBOURG, June 15 Below the text of the statement agreed by euro zone finance ministers on the Greek bailout programme on Thursday: MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-rbc-capital-promotes-sinawi-to-hea-idUSL1N1JC1HK'|'2017-06-16T03:15:00.000+03:00'|4768.0|10.0|0.0|'' 4769|'aad1f33402a19554cbb5d493004f6a36cf955863'|'U.S. EPA suspected Fiat Chrysler of using ''defeat device'' in 2015'|'Autos 21pm BST U.S. EPA suspected Fiat Chrysler of using ''defeat device'' in 2015 FILE PHOTO: A specialist trader works at the post where Fiat Chrysler Automobiles is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. REUTERS/Brendan McDermid By David Shepardson - WASHINGTON WASHINGTON The U.S. Environmental Protection Agency told Fiat Chrysler Automobiles NV ( FCAU.N ) in November 2015 it suspected some of its vehicles had at least one "defeat device" that improperly bypassed emissions controls, emails disclosed under a public records request on Friday show. The EPA and California Air Resources Board accused Fiat Chrysler in January of using undisclosed software to illegally allow excess diesel emissions in 104,000 U.S. 2014-2016 Jeep Grand Cherokees and Dodge Ram 1500 trucks. Fiat Chrysler did not immediately comment on the public records. Byron Bunker, director of the EPA''s Transportation and Air Quality compliance division, said in a January 2016 email to Fiat Chrysler obtained by Reuters under the Freedom of Information Act that he was "very concerned about the unacceptably slow pace of the efforts to understand the high NOx emissions." NOx refers to the nitrogen oxides in polluted air. Bunker''s email said the EPA had told Fiat Chrysler officials at a November 2015 meeting that at least one auxiliary emissions control device appeared to violate the agency''s regulations. Mike Dahl, head of vehicle safety and regulatory compliance for Fiat Chrysler''s U.S. unit, responded in a separate email that the company was working diligently and understood the EPA''s concerns. He added that if the EPA declared vehicles to contain defeat devices, it would result in "potentially significant regulatory and commercial consequences." The documents redacted the vehicles named, but two officials briefed on the matter said they referred to diesel models. At an event in Venice on Friday, Fiat Chrysler Chief Executive Sergio Marchionne said he was "confident of the fact that there was no intention on our part to set up a defeat device that was even remotely similar to what (Volkswagen) had in their cars." The Justice Department sued Fiat Chrysler in May, saying it placed eight undeclared "defeat devices," or auxiliary emissions controls, in 2014-2016 Fiat Chrysler diesel vehicles that led to "substantially" higher than allowable levels of nitrogen oxide, which is linked to smog formation and respiratory problems. It has a separate ongoing criminal probe into the matter. Marchionne said on Friday he was "confident that we have a solution that is acceptable to EPA and (California) in terms of 2017 certification and as flashback mechanism on all the 2014 to 2016 cars." The EPA notice was the result of a probe that arose out of regulators'' investigation of rival Volkswagen AG''s ( VOWG_p.DE ) excess diesel emissions. (Reporting by David Shepardson. Additional reporting by Agnieszka Flak in Venice; Editing by Richard Chang and Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fiatchrysler-emissions-idUKKBN1972L2'|'2017-06-17T03:21:00.000+03:00'|4769.0|''|-1.0|'' 4770|'f528b397bb00eebbce4dfc05e95864b1ce3eeb06'|'Uber fires more than 20 employees after harassment probe: BBG'|'Technology News - Tue Jun 6, 2017 - 2:55pm EDT Uber fires 20 employees after harassment probe: source FILE PHOTO: A man exits the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid/File Photo By Joseph Menn - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc [UBER.UL] told staff on Tuesday that it had fired 20 employees following an internal investigation into harassment and related claims by law firm Perkins Coie, a person familiar with the matter said. The law firm, which is investigating in parallel with a broader probe by former U.S. Attorney General Eric Holder, investigated 215 harassment complaints going back as far as 2012, employees were told. Uber told staff it had taken remedial action in 58 cases and decided no action was needed on 100 more. Other investigations are continuing, the person said. The company also told staff it would expand its employee relations unit to better investigate claims and that it would dramatically increase management training since most Uber managers were first-time bosses, the person said. Bloomberg reported some of the details earlier on Tuesday and said that Bobbie Wilson, an attorney at Perkins Coie, gave the assessment to a meeting of Uber''s more than 12,000 employees. Uber did not immediately respond to requests for comment. (Additional reporting Heather Somerville in San Francisco, Rishika Sadam in Bengaluru; Editing by Arun Koyyur, Peter Henderson and Bill Rigby) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-sexual-harassment-idUSKBN18X2GZ'|'2017-06-07T02:16:00.000+03:00'|4770.0|''|-1.0|'' 4771|'03754845d127729ef68a921abf545f194c256ff2'|'Nestle buys minority stake in U.S. ready meals group Freshly'|'Business News - Tue Jun 20, 2017 - 6:15am BST Nestle buys minority stake in U.S. ready meals group Freshly A Nestle company logo is pictured on a bar of Milky Bar chocolate in Manchester, Britain April 25, 2017. REUTERS/Phil Noble ZURICH Nestle said on Tuesday it has acquired a minority stake in U.S. group Freshly, a provider of direct-to-consumer freshly prepared meals, its latest step to improve the health profile of its sprawling portfolio. The Swiss food giant said it was lead investor in a round of new funding for Freshly, helping it gain access to the $10 billion market for prepared meals in the United States. It did not disclose financial terms. The investment will help Freshly build a new East Coast kitchen and distribution centre in 2018 as it prepares to expand its U.S. service nationwide. Nestle USA''s Food Division President Jeff Hamilton would join Freshly''s board of directors. Nestle said last week it may sell its roughly $900 million-a-year U.S. confectionery business, which includes Butterfinger and BabyRuth. (Reporting by Michael Shields; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nestle-m-a-freshly-idUKKBN19B0CY'|'2017-06-20T13:15:00.000+03:00'|4771.0|''|-1.0|'' @@ -4801,7 +4801,7 @@ 4799|'e73e805771bee99f35803407d217a3fe8eae5487'|'UPDATE 1-Alvean''s head of sugar Jacques Gillaux leaves company'|' 52am EDT UPDATE 1-Alvean''s head of sugar Jacques Gillaux leaves company (Adds detail, background) By Ana Ionova LONDON, June 29 Geneva-based sugar merchant Alvean said on Thursday its chief risk officer and head of sugar trading Jacques Gillaux has left the company after one year in the role. Gillaux left the world''s largest sugar trader on Wednesday by mutual agreement, Alvean said in a statement to Reuters. Before joining Alvean, Gillaux headed the sugar and juices platforms at Louis Dreyfus from 2012 to 2015, according to a bio on Alvean''s website. He also spent 26 years in various roles at Cargill. Cargill and Copersucar established Alvean as a joint venture in 2014, forming the world''s largest sugar trader. Earlier this month, Copersucar said Alvean traded 12.1 million tonnes of sugar in the latest crop year, giving the venture a 26 percent share of the global raw sugar trade. Gillaux''s departure follows a reshuffle in April, when Alvean appointed Gareth Griffiths as chief executive officer after the resignation of Ivo Sarjanovic, who had been in the role since the company was set up. (Additional reporting by Nigel Hunt; Editing by Elaine Hardcastle and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sugar-alvean-gillaux-idUSL8N1JQ3LD'|'2017-06-29T15:52:00.000+03:00'|4799.0|''|-1.0|'' 4800|'27839a13abfe2176dca30ba9e90f9790e4871be3'|'In Amazon''s shadow, hedge funds take aim at Brexit-hit retailers'|' 11:42am BST In Amazon''s shadow, hedge funds take aim at Brexit-hit retailers left right People rush past Debenhams department store on Oxford Street, in central London, Britain January 10, 2011. REUTERS/Ki Price/File Photo 1/4 left right Pedestrians walk past an M&S shop in northwest London July 8, 2014. REUTERS/Suzanne Plunkett/File photo 2/4 left right Shoppers walk past a branch of the food retailer Morrisons in west London, Britain, January 7, 2017. REUTERS/Toby Melville 3/4 left right Workers pack bags as a conveyer belt transports goods inside the Ocado Customer Fulfilment Centre in Hatfield on the outskirts of London, Britain, April 6, 2016 . REUTERS/Dylan Martinez 4/4 By Alasdair Pal - LONDON LONDON Hedge funds have significantly stepped up bets against Britain''s traditional high street retailers, as the sector struggles with online competition, worries about a stretched consumer and weakening sales and profits. The risks were on full display on Tuesday when shares in Debenhams slid more than 3 percent to an eight-year low following a weak trading update and a warning on UK sales. Britain''s upcoming exit from the European Union, an inconclusive general election, and worrying data on consumer spending have muddied the outlook for bricks-and-mortar retailers like Debenhams, Marks & Spencer and Next, whose share prices have fallen this year. Short-sellers, who borrow shares in a company before selling them into the market, hoping to buy them back at a lower price in the future and pocket the difference, are doubling down. Of the 10 most-shorted stocks in the UK, five M&S, Debenhams, Pets At Home and grocers Morrisons and Ocado are now in the retail sector, according to data from UK regulator the Financial Conduct Authority. This comes after sofa retailer DFS warned on June 15 that it would miss expectations on profits this year, blaming an uncertain political and economic outlook, and that the lack of demand was market-wide. DFS''s comments sent a stock index tracking Britains retailers down 4.1 percent on June 15 its biggest one-day fall since Britain voted to leave the European Union in June 2016. That was followed a day later by Amazon announcing its intention to buy Whole Foods, stoking fears the online giant may push further into retail. Analysts and investors are braced for further weakness. Traditional clothing retailers are an area where I find it much harder to see how the pressure is going to go away, said Matthew Tillett, a fund manager at Allianz Global Investors. I am always asking, is it Amazon-able? If the answer to that question is yes it is always going to be hard for me to buy a bricks and mortar retailer. UK retail sales fell more sharply than expected in May, data from the Office of National Statistics showed on the same day as the DFS profit warning, with non-food retailers particularly badly affected. It is a tough backdrop, said Tineke Frikkee, a fund manager at Smith & Williamson. It owns shares in M&S and Debenhams, both of which have seen increases in short interest in the last week. The response shows you the glass is half empty on these stocks, Frikkee said. In particular, DFSs profit warning and Amazons expansion have coincided with a spike in short-selling in M&S and Debenhams. Of the 11 funds short M&Ss shares, six increased their positions on June 15 and 16, according to regulatory filings. Short interest in the retailer, which primarily sells clothing and food, has risen more than five-fold to 10.2 percent since the start of the year. Hedge funds shorting M&S include Marshall Wace, which has a 2.3 percent position in the companys shares and is also shorting pet food retailer Pets At Home. At around 130 million pounds, the bet against M&S is one of the funds largest shorts in the UK. Marshall Wace declined to comment. Debenhams, already one of the UKs most shorted stocks, has seen short interest nearly double since the start of the year to reach an all-time high of 11.9 percent. Odey Asset Management, run by billionaire investor Crispin Odey, increased its position to nearly 4 percent of the companys shares on June 15, according to filings. The firm did not respond to requests for comment. Shorting the sector has been a successful trade so far in 2017: Pets At Home has fallen 33 percent and Debenhams has lost more than a fifth of its value this year. M&S is down 3 percent. (Reporting by Alasdair Pal, Editing by Vikram Subhedar and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hedgefunds-ukretail-idUKKBN19I152'|'2017-06-27T18:34:00.000+03:00'|4800.0|''|-1.0|'' 4801|'b6df1ec6acc9e64d902a4524e22c8d03397e0a0c'|'BRIEF-Funds managed by Oaktree increase ownership in SunOpta'|'Market News - Wed Jun 21, 2017 - 4:55pm EDT BRIEF-Funds managed by Oaktree increase ownership in SunOpta June 21 Oaktree Capital Group Llc: * Oaktree Capital Group Llc - funds managed by Oaktree increased their beneficial ownership in common shares of SunOpta Inc during Q2 of 2017 * Oaktree Capital Group Llc - on May 12, 2017, funds managed by Oaktree acquired 1.4 million common shares in aggregate at a price of US$8.00 per share * Oaktree Capital Group Llc- funds managed by Oaktree beneficially own about 16.16 percent of outstanding common shares of SunOpta on partially diluted basis Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-funds-managed-by-oaktree-increase-idUSFWN1JI0OL'|'2017-06-22T04:55:00.000+03:00'|4801.0|''|-1.0|'' -4802|'b9fee9d50014bb16710f786fb4f2b81747322654'|'Qatar and its neighbours may lose billions from diplomatic split'|'By Andrew Torchia and Tom Arnold - DUBAI DUBAI A diplomatic rift between Qatar and its Gulf neighbours may cost them billions of dollars by slowing trade and investment and making it more expensive for the region to borrow money as it grapples with low oil prices.With an estimated $335 billion of assets in its sovereign wealth fund, Qatar looks able to avoid an economic crisis over the decision on Monday by Saudi Arabia, Egypt, the United Arab Emirates and Bahrain to cut air, sea and land transport links.The tiny state''s newly expanded port facilities mean it can continue liquefied natural gas exports that earned it a trade surplus of $2.7 billion in April, and import by sea goods that used to come over its land border with Saudi Arabia, now closed.But parts of Qatar''s economy could suffer badly if the dispute, over Riyadh''s allegations that Doha has been supporting terrorism, drags on for months - a prospect that helped to push the Qatari stock market down more than 7 percent on Monday.Fast-growing Qatar Airways, at the centre of the tiny state''s effort to become a tourism hub, is likely to face losses from being barred some of the Middle East''s biggest hubs.Qatar''s government has been borrowing at home and abroad to help finance some $200 billion of infrastructure spending as it prepares to host the World Cup soccer tournament in 2022. A drop in Qatari bond prices on Monday suggested the borrowing will become more expensive - possibly slowing some projects.Bonds of other countries in the six-nation Gulf Cooperation Council barely moved on Monday, but some foreign bankers said the whole region could end up paying more to borrow if diplomatic tensions persisted.If this dispute goes on for a while, the ramifications could be huge, said an international banker based in the Gulf, declining to be named because of political sensitivities.Asset managers will not differentiate between Qatar and the rest of the GCC, and international managers will take their hands off any credit from the GCC. If Qatar is seen as a terror financing or compliance issue, then asset managers will be cautious."TRADEBecause they all rely heavily on oil and gas exports, the GCC states have only weak trade and investment ties with each other, which will limit the economic fallout of their dispute. The UAE is Qatar''s biggest trading partner from the GCC but only its fifth largest globally.Similarly, Saudi Arabia and other GCC countries traditionally account for only about 5 to 10 percent of trading on the Qatari stock market, according to exchange data, suggesting even a total pull-out would not sink the market.Nevertheless, Qatar will face higher costs in some areas. Saudi Arabia and the UAE provided $309 million of Qatar''s $1.05 billion of food imports in 2015. Much of them, especially dairy products, came over the Saudi land border; Doha will have to make other arrangements for them.Construction costs in Qatar could also rise, fuelling inflation across the economy, because aluminium and other building materials can no longer be imported by land.Saudi Arabia, the United Arab Emirates and Bahrain withdrew their ambassadors from Qatar for eight months in 2014 over Doha''s alleged support of Islamist groups, but that had minimal market or economic impact because it did not involve a ban on transport links. Trade and investment went on much as before.This time, Saudi Arabia has promised to "begin legal procedures for immediate understandings with brotherly and friendly countries and international companies to apply the same procedures as soon as possible".It is not clear that Riyadh will be able to persuade more countries to cut links with Doha. But it could try to force foreign companies to make a choice between doing business with Qatar and obtaining access to its own, much larger market, which it is opening up as part of economic reforms.Cairo-based bankers said on Monday that some Egyptian banks had halted dealings with Qatari banks. It was not clear whether GCC banks would do the same; UAE commercial bankers told Reuters they were waiting for guidance from their central bank.Stock markets in Dubai and several other Gulf centres fell on Monday - although not by nearly as much as Qatar - in a sign that investors around the region were worried.Overall it''s not good. I dont think that the region has been in such turmoil so close to home. And I think everyone is speculating how far these steps will go forward," said Mohammed Ali Yasin, chief executive of Abu Dhabi''s NBAD Securities."Everyone is hoping that there will be intervention by wise people and things will cool down. But what we have seen is a gradual escalation."(Additional reporting by Hadeel Al Sayegh and Davide Barbuscia)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/gulf-qatar-economy-idINKBN18W1MN'|'2017-06-05T20:24:00.000+03:00'|4802.0|''|-1.0|'' +4802|'b9fee9d50014bb16710f786fb4f2b81747322654'|'Qatar and its neighbours may lose billions from diplomatic split'|'By Andrew Torchia and Tom Arnold - DUBAI DUBAI A diplomatic rift between Qatar and its Gulf neighbours may cost them billions of dollars by slowing trade and investment and making it more expensive for the region to borrow money as it grapples with low oil prices.With an estimated $335 billion of assets in its sovereign wealth fund, Qatar looks able to avoid an economic crisis over the decision on Monday by Saudi Arabia, Egypt, the United Arab Emirates and Bahrain to cut air, sea and land transport links.The tiny state''s newly expanded port facilities mean it can continue liquefied natural gas exports that earned it a trade surplus of $2.7 billion in April, and import by sea goods that used to come over its land border with Saudi Arabia, now closed.But parts of Qatar''s economy could suffer badly if the dispute, over Riyadh''s allegations that Doha has been supporting terrorism, drags on for months - a prospect that helped to push the Qatari stock market down more than 7 percent on Monday.Fast-growing Qatar Airways, at the centre of the tiny state''s effort to become a tourism hub, is likely to face losses from being barred some of the Middle East''s biggest hubs.Qatar''s government has been borrowing at home and abroad to help finance some $200 billion of infrastructure spending as it prepares to host the World Cup soccer tournament in 2022. A drop in Qatari bond prices on Monday suggested the borrowing will become more expensive - possibly slowing some projects.Bonds of other countries in the six-nation Gulf Cooperation Council barely moved on Monday, but some foreign bankers said the whole region could end up paying more to borrow if diplomatic tensions persisted.If this dispute goes on for a while, the ramifications could be huge, said an international banker based in the Gulf, declining to be named because of political sensitivities.Asset managers will not differentiate between Qatar and the rest of the GCC, and international managers will take their hands off any credit from the GCC. If Qatar is seen as a terror financing or compliance issue, then asset managers will be cautious."TRADEBecause they all rely heavily on oil and gas exports, the GCC states have only weak trade and investment ties with each other, which will limit the economic fallout of their dispute. The UAE is Qatar''s biggest trading partner from the GCC but only its fifth largest globally.Similarly, Saudi Arabia and other GCC countries traditionally account for only about 5 to 10 percent of trading on the Qatari stock market, according to exchange data, suggesting even a total pull-out would not sink the market.Nevertheless, Qatar will face higher costs in some areas. Saudi Arabia and the UAE provided $309 million of Qatar''s $1.05 billion of food imports in 2015. Much of them, especially dairy products, came over the Saudi land border; Doha will have to make other arrangements for them.Construction costs in Qatar could also rise, fuelling inflation across the economy, because aluminium and other building materials can no longer be imported by land.Saudi Arabia, the United Arab Emirates and Bahrain withdrew their ambassadors from Qatar for eight months in 2014 over Doha''s alleged support of Islamist groups, but that had minimal market or economic impact because it did not involve a ban on transport links. Trade and investment went on much as before.This time, Saudi Arabia has promised to "begin legal procedures for immediate understandings with brotherly and friendly countries and international companies to apply the same procedures as soon as possible".It is not clear that Riyadh will be able to persuade more countries to cut links with Doha. But it could try to force foreign companies to make a choice between doing business with Qatar and obtaining access to its own, much larger market, which it is opening up as part of economic reforms.Cairo-based bankers said on Monday that some Egyptian banks had halted dealings with Qatari banks. It was not clear whether GCC banks would do the same; UAE commercial bankers told Reuters they were waiting for guidance from their central bank.Stock markets in Dubai and several other Gulf centres fell on Monday - although not by nearly as much as Qatar - in a sign that investors around the region were worried.Overall it''s not good. I dont think that the region has been in such turmoil so close to home. And I think everyone is speculating how far these steps will go forward," said Mohammed Ali Yasin, chief executive of Abu Dhabi''s NBAD Securities."Everyone is hoping that there will be intervention by wise people and things will cool down. But what we have seen is a gradual escalation."(Additional reporting by Hadeel Al Sayegh and Davide Barbuscia)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/gulf-qatar-economy-idINKBN18W1MN'|'2017-06-05T20:24:00.000+03:00'|4802.0|12.0|0.0|'' 4803|'d461a7599040a7b94617f0300fcb5a56c0197585'|'VW looks at rehiring Opel CEO - source'|'* Opel CEO Neumann prepares to quit - FAS* VW looks to rehire Neumann, maybe as Audi boss - source* VW, Opel decline to commentFRANKFURT, June 11 Carmaker Volkswagen is looking at rehiring the chief executive of General Motors'' Opel, possibly to lead its Audi brand, a source familiar with the matter told Reuters on Sunday, following a media report the executive will quit Opel.Opel boss Karl-Thomas Neumann plans to resign as General Motors (GM) prepares to sell the business to France''s PSA Group , German newspaper Frankfurter Allgemeine Sonntagszeitung (FAS) reported over the weekend.Without citing its sources, the newspaper said Neumann saw the sale as the right strategic step, but was concerned PSA under-estimated the growing importance of electric cars.The source said Volkswagen (VW) bosses were informally discussing giving Neumann, who quit VW in 2013 for the Opel top job, a prominent position, potentially as head of premium brand Audi.VW and Opel declined to comment.Audi CEO Rupert Stadler has come under fire for how he has handled the fallout from VW''s diesel emissions scandal.He only received a five-year contract extension last month because of an agreement among supervisory board members that he would not serve out his full term, two sources have told Reuters.Pressure has built on Stadler after Munich prosecutors widened an investigation into the premium carmaker, and after Germany''s transport ministry accused Audi of cheating on emissions tests.In an interview with trade publication Automobilwoche, Stadler over the weekend defended his record: "The diesel crisis has consumed and is still consuming resources. I''m still convinced that we have initiated the right strategic steps."Neumann, 56, planned to inform Opel''s supervisory board about his decision at its next meeting on June 22, FAS said, adding he wanted to stay on only until GM completed the sale of Opel to PSA, owner of the Peugeot, Citroen and DS brands.Opel this week said the 2.2 billion euros ($2.5 billion) deal could be completed as early as July 31, pending regulatory approval from antitrust authorities.Neumann joined GM in 2013 to lead the U.S. carmaker''s European operations, which include the Vauxhall brand, after losing out in a management reshuffle at VW. In his former roles at VW, he was in charge of electro-mobility and head of China. ($1 = 0.8935 euros) (Reporting by Frankfurt Newsroom; Editing by Georgina Prodhan and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vw-moves-opel-idINL8N1J80DT'|'2017-06-11T10:26:00.000+03:00'|4803.0|''|-1.0|'' 4804|'977fe2158c06bcc09a321c75c08b07fd900da712'|'Imperial Brands names cannabis expert to board'|'Business News - Tue Jun 13, 2017 - 5:46pm BST Imperial Brands names cannabis expert to board An illustration picture shows discarded Gauloises cigarette butts in an ashtray in a coffee house in Vienna, Austria, May 12, 2017. REUTERS/Leonhard Foeger/Illustration LONDON Tobacco company Imperial Brands ( IMB.L ) has named an expert in medicinal cannabis to its board of directors, it said on Tuesday, the latest example of tobacco companies moving beyond their traditional products. The maker of Gauloises and Winston cigarettes said it had appointed Simon Langelier, chairman of PharmaCielo Ltd, to its board on June 12. PharmaCielo is a Canadian-based supplier of medicinal-grade cannabis oil extracts and related products. Analysts estimate the cannabis market could exceed $50 billion over the next decade, fuelled by growing acceptance in North America for uses ranging from pharmaceutical to recreational. Langelier also worked at tobacco company Philip Morris International ( PM.N ) for 30 years, where one of his jobs was president of the company''s next-generation products, which include e-cigarettes and those that heat tobacco enough to create vapour but not smoke. Imperial''s chairman Mark Williamson said Langelier''s extensive international experience in tobacco and other consumer areas would be an asset to the board. Unlike Philip Morris, British American Tobacco ( BATS.L ) and Japan Tobacco International ( 2914.T ), Imperial has stayed away from heated tobacco products in the race for cigarette alternatives. But it has tested other products, such as mouth strips that deliver caffeine. (Reporting by Martinne Geller. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-imperial-brands-board-idUKKBN19426I'|'2017-06-14T00:46:00.000+03:00'|4804.0|''|-1.0|'' 4805|'7e43fcbe16689d7ea4be8e47916235df361d48bf'|'Pan American Energy to invest $1.2 billion in Argentina in 2017'|'BUENOS AIRES Argentina-based Pan American Energy, a unit of BP Plc ( BP.L ), will invest some $1.2 billion in the South American country this year, a company spokesman said on Tuesday, down from the $1.4 billion that the company had announced for 2016.About $400 million of the 2017 investment plan is destined for oil and gas exploration in the sprawling Vaca Muerta shale formation in Argentina''s southern Patagonia region, the spokesman said in a telephone interview after government news site Telam reported the company''s investment plan.Argentine President Mauricio Macri has sought to attract investment to Vaca Muerta to help close the country''s costly energy deficit since taking office in late 2015.Argentine Energy and Mining Minister Juan Jose Aranguren said in April that investment of between $6 billion and $8 billion had been confirmed in Vaca Muerta this year.Argentine state-run oil company YPF SA ( YPFD.BA ) said in February that it would invest $2.3 billion in the shale field this year.(Reporting by Walter Bianchi; Writing by Hugh Bronstein; Editing by G Crosse and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-argentina-energy-pan-american-idINKBN19I31R'|'2017-06-27T22:08:00.000+03:00'|4805.0|''|-1.0|'' @@ -4829,7 +4829,7 @@ 4827|'8831e6c61b2ba94e10adbdf3b7cb8d7251314fa7'|'CK Hutchison says Li Ka-shing will announce retirement "when he decides"'|'Business News - Tue Jun 20, 2017 - 5:56am BST CK Hutchison says Li Ka-shing will announce retirement "when he decides" FILE PHOTO: Hong Kong tycoon Li Ka-shing attends a news conference announcing CK Hutchison Holdings company results in Hong Kong, China March 22, 2017. REUTERS/Bobby Yip/File Photo HONG KONG Hong Kong conglomerate CK Hutchison Holdings Ltd said on Tuesday its chairman Li Ka-shing was in "very good health" and would make an announcement when he decides to step down. The group made the statement in response to a Wall Street Journal report that Li told associates he plans to step down as chairman by next year, when he turns 90. "Mr Li has from time to time talked about his retirement and his confidence in (deputy chairman) Victor (Li Tzar-kuoi) to lead the company," a company spokesman said in an email. "Mr Li is in very good health and will make his official announcement when he decides to retire." (Reporting by Donny Kwok; Editing by Clara Ferreira Marques) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hongkong-li-kashing-idUKKBN19B0C1'|'2017-06-20T12:56:00.000+03:00'|4827.0|''|-1.0|'' 4828|'ee5a832fe136be438360d9bd6c2807b58cdf3c21'|'Silk Road hub or tax haven? China''s new border trade zone may be less than it seems'|'Mon Jun 5, 2017 - 12:25am BST Silk Road hub or tax haven? China''s new border trade zone may be less than it seems left right FILE PHOTO: Empty trailers for housing workers at the site of the gold and copper mine exploration project of Tethyan Copper Company (TCC) are seen in this undated photo in Reko Diq, in Balochistan, Pakistan. REUTERS/Faisal Aziz/File Photo 1/16 left right A view of a rail mounted gantry crane is seen at the Khorgos Eastern Gateway in Khorgos, Kazakhstan May 17, 2017. Picture taken May 17, 2017. REUTERS/Sue-Lin Wong 2/16 left right Cranes are seen in Horgos, China May 19 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 3/16 left right Asset Seisenbek, head of the commercial department at the Khorgos Gateway dry port, is seen in Khorgos, Kazakhstan May 17, 2017. Picture taken May 17, 2017. REUTERS/Sue-Lin Wong 4/16 left right Sultan Dzhumanov, a cook from Kazakhstan, prepares pilaf at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 5/16 left right Sultan Dzhumanov, a cook from Kazakhstan, prepares pilaf at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 6/16 left right People stand with goods on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 7/16 left right People stand with goods on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 8/16 left right A man cooks a traditional Uyghur rice dish on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 9/16 left right A bottle of wine depicting Soviet dictator Josef Stalin is seen in a window of winery shop at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 10/16 left right A truck rides in front of main towers at he China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 11/16 left right A construction site is seen in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 12/16 left right Construction site is seen at Chinese side of the China-Kazakhstan Khorgos International Border Cooperation Center (ICBC), in Khorgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 13/16 left right Customers wait near a line dividing Kazakh and Chinese parts at the China-Kazakhstan Khorgos International Border Cooperation Center (ICBC), in Khorgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 14/16 left right A cleaning worker walks in front of a House of Culture at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 15/16 left right A man cooks a traditional Uyghur rice dish on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 16/16 By Sue-Lin Wong and Mariya Gordeyeva - HORGOS, China/KHORGOS, Kazakhstan HORGOS, China/KHORGOS, Kazakhstan On the border of China and Kazakhstan, an international free trade zone has become a showpiece of Chinese President Xi Jinping''s signature "Belt and Road" Initiative to boost global trade and commerce by improving infrastructure and connectivity. Chinese state media are filled with stories about the stunning success of Horgos, the youngest city of China''s new Silk Road. Last month at China''s Belt and Road Summit - its biggest diplomatic event of the year - promotional videos about Horgos'' booming economy ran on a loop at the press centre. But Chinese business owners and prospective investors who had recently visited the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), told Reuters they were disappointed by the disconnect between the hype and reality. Rather than the vibrant 21st Century trading post of Beijing''s grand vision, Horgos is instead developing a reputation as China''s very own tax haven. "We were so unimpressed by what we saw that after looking around for three hours, we turned around and drove eight hours straight back to Urumqi," said a businessman from the capital of China''s far western region of Xianjiang, who only wanted to give his surname, Ma, due to the sensitivity of the topic. Several business owners echoed complaints about poor design and low visitor numbers made by Ma, who visited Horgos to investigate the viability of opening a high-end clubhouse. "You''ve got Kazakh farmers walking around with plastic bags full of cheap Chinese t-shirts and you want me to open a club for government officials and businessmen to meet inside the zone - which, by the way, you can''t drive your car into and doesn''t have any five-star hotels?" Ma said. On the Chinese side of the border there are five malls selling cheap consumer goods, though traders complain there are not enough visitors. "Sometimes I''ll sit here for a whole day and not make a single sale," said Ma Yinggui, 56, who has a market stall selling clothes. "Some Kazakhs are rich but most are poor. They come and haggle over a 20 yuan ($2.93) t-shirt." More than five years after the 5.3 sq km trade zone opened, much of the Kazakh side remains empty. Only 25 of the 63 projects on the Kazakh side have investors, according to Ravil Budukov, ICBC press secretary on the Kazakh side. About 3-4,000 people enter from Kazakhstan each day and around 10,000 from China, he added. The Xinjiang and Horgos governments declined to make officials available for comment to Reuters for this article. Huang Sanping, a senior Xinjiang government official, told Reuters at a news conference in Beijing that he had just returned from a visit to Horgos, a city "performing extremely well. It''s full of vitality and flourishing". CHINA''S TAX HAVEN Beijing has bestowed numerous tax breaks and preferential policies on Horgos hoping to stimulate growth in this strategic border town in Xinjiang, a key link on the new Silk Road between China and Central Asia, where the government says it is battling to defeat Islamist extremism. According to Horgos'' tax bureau, 2,411 companies registered in Horgos last year, taking advantage of five years of no company tax, and a further five years paying half rate. At least half those companies are registered in Horgos solely for tax purposes, estimates Meng Shen, Director of Chanson & Co, a boutique investment bank in Beijing. Chinese celebrities are opting to register production companies in Horgos and an increasing number of financial services and IT companies are also registering there, according to Guan Xuemei from Shenzhou Shunliban, a tax advisory firm that recently opened an office there. But with no obligation to operate from Horgos or even in Xinjiang, it is unlikely this policy will create jobs or bring money to what has long been an economic backwater, say experts. "In theory this is a good policy because it aims to stimulate the local economy," said Shen. "But Beijing didn''t think through the fact lots of companies wouldn''t actually want to operate from Horgos which is very far away from China''s economic center." Those who do trade in the "free trade zone" find they face restrictions from both sides. The Russian-led Eurasian Economic Union (EEU) - of which Kazakhstan is a member - limits traders from the Kazakh side to importing up to 50 kg (110 lbs) of any goods per month duty-free. China bans imports of many food products - the Kazakh goods most desired by Chinese consumers worried about food safety at home - and caps traders from taking more than 8,000 yuan ($1,175) worth of goods out each day. "The EEU is a significant barrier because Russia and Kazakhstan and other Central Asia countries want to develop their own industries, they don''t want to constantly rely on cheap Chinese goods," said a former Chinese government official turned businessman, who spoke on the condition of anonymity. Mao Shishi, 44, who currently raises cattle in nearby Qingshuihe, wants to import wool and wild herbs used in traditional Chinese medicine from Kazakhstan to China through Horgos. "I''m watching and waiting for any policy changes. Right now we can''t import lamb, fish or wild herbs into China," Mao said. LOGISTICS THOROUGHFARE Plans to develop a parallel special economic zone in Khorgos - as it is known on the Kazakh side - as a logistics hub appear to be having more success. Trade volumes are sky-rocketing at the Khorgos Gateway dry port in Kazakhstan, where container freight is lifted off Chinese trains and onto Kazakh ones because of different gauge rail tracks. "According to our plans, this year we are going to trans-ship around 100,000 TEUs, five times more than we are doing now," said Asset Seisenbek, head of the commercial department at Khorgos Gateway, referring to "twenty-foot equivalent units", an industry measure based on standard shipping container sizes. Electronics giants HP and Foxconn both ship goods through the dry port, which is faster than sea freight but cheaper than air cargo. One container sent by sea to Europe is about three times cheaper than rail, while air freight is between five to 10 times more expensive, according to Seisenbek. Last month China''s COSCO Shipping and Lianyungang port took a 49 percent stake in Khorgos Gateway which Seisenbek sees as an opportunity to attract more Chinese business. This sort of investment is what Horgos/Khorgos should hang its hat on, according to Ma, the businessman underwhelmed by the international free trade zone. "The free trade zone doesn''t need to be that successful if the intercontinental trains and roads take off," he said. "In the grand scheme of things, that''s the main role for this part of the world." ($1 = 6.8100 Chinese yuan renminbi) (Reporting by Sue-Lin Wong from HORGOS, China and Mariya Gordeyeva from KHORGOS, Kazakhstan; Additional reporting by Olzhas Auyezov in ALMATY and Michael Martina in BEIJING; Editing by Alex Richardson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-silkroad-horgos-idUKKBN18V15Z'|'2017-06-05T07:21:00.000+03:00'|4828.0|''|-1.0|'' 4829|'97638b2139e35a0aabea1b42563ba02a813ff3c6'|'Fed''s Bullard: Need strong data to go it alone among global central banks'|'Company 34pm EDT Fed''s Bullard: Need strong data to go it alone among global central banks LONDON, June 29 The U.S. Federal Reserve needs to see strong economic data to have the confidence to keep tightening policy while other global central banks are maintaining easy monetary conditions, St. Louis Federal Reserve chief James Bullard said on Thursday. "The U.S. is kind of trying to go it alone...which we can do and we certainly have done historically," Bullard told an OMFIF event in London. "But if you want to go it alone in this environment you have to really have data that''s coming in strong behind you and justifying what you want to do." (Reporting by Ritvik Carvalho; Editing by John Geddie)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-fed-bullard-idUSU8N1CQ01L'|'2017-06-29T20:34:00.000+03:00'|4829.0|''|-1.0|'' -4830|'ee09c1afb2ae37ce610439db098551664cab919a'|'Blackstone sells Logicor to China Investment Corporation for $14 billion'|'LONDON Private equity group Blackstone ( BX.N ) has agreed to sell warehouse company Logicor to China Investment Corporation [CIC.UL] for 12.25 billion euros ($13.8 billion), the fund said on Friday.The sale, the biggest private equity real estate deal in Europe on record, has scuppered plans that were being worked on for a London initial public offering of Logicor later this year.Eastdil Secured and Goldman Sachs were lead advisors to Blackstone.(Reporting by Dasha Afanasieva; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-logicor-sale-blackstone-group-idINKBN18T2E8'|'2017-06-02T14:08:00.000+03:00'|4830.0|''|-1.0|'' +4830|'ee09c1afb2ae37ce610439db098551664cab919a'|'Blackstone sells Logicor to China Investment Corporation for $14 billion'|'LONDON Private equity group Blackstone ( BX.N ) has agreed to sell warehouse company Logicor to China Investment Corporation [CIC.UL] for 12.25 billion euros ($13.8 billion), the fund said on Friday.The sale, the biggest private equity real estate deal in Europe on record, has scuppered plans that were being worked on for a London initial public offering of Logicor later this year.Eastdil Secured and Goldman Sachs were lead advisors to Blackstone.(Reporting by Dasha Afanasieva; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-logicor-sale-blackstone-group-idINKBN18T2E8'|'2017-06-02T14:08:00.000+03:00'|4830.0|14.0|1.0|'' 4831|'04976f2e2e890e401641c880f393202f2bb89c8e'|'Japan core machinery orders fall more than forecast in sign of economic fragility'|'By Tetsushi Kajimoto - TOKYO TOKYO Japan''s core machinery orders fell more than expected in April, casting doubt on the strength of companies'' capital spending andadding to concerns about the country''s fragile economic recovery.The 3.1 percent fall in the core orders from a month earlier was much bigger than the 1.3 percent decline expected by economists in a Reuters poll, potentially dragging on economic growth in the current quarter.It also marked the first drop in three months, following a 1.4 percent increase in March, the Cabinet Office data showed.Though the machinery order data, which excludes ships and orders from the electric power utilities, is highly volatile, it is regarded as an indicator of capital spending in the coming six to nine months.The reading follows a surprisingly sharp downward revision to first-quarter economic growth, as a reduction in inventories put annualised growth at 1.0 percent, much slower than the initially estimated 2.2 percent.More recently, a run of indicators and business activity surveys have pointed to still solid exports and factory output, although wage growth and household spending remain stubbornly sluggish despite a tightening job market.Policymakers are hoping that Japanese firms will tap their hefty profits to spur investment and boost wages to stoke a sustainable growth cycle."Capital expenditure will likely remain lacklustre in the current quarter," said Koya Miyamae, senior economist at SMBC Nikko Securities."Exports and factory output are performing well on the back of global economic recovery and a weak yen, but uncertainty over U.S. President (Donald) Trump''s trade policy makes Japanese firms hesitant about domestic investment."By sector, core orders from manufacturers rose 2.5 percent in April, up for a third straight month.The gains were led by orders from electrical machinery companies for semiconductor production equipment and computers, and all-purpose industrial machinery firms.Orders from the services sector fell 5.0 percent, dragged down by orders from financial and insurance firms for computer systems, down for a second consecutive month."The 3.1 percent may appear a big drop, but overall core orders held firm, centring on manufacturers," said a senior Cabinet Office official.Orders from manufacturers would have logged a double-digit gain if a one-off pullback in orders from nonferrous metal firms for nuclear-powered motors was excluded.Orders from abroad, which were not counted as core orders, jumped 17.4 percent in April, up for the first time in three months.The Cabinet Office stuck to its assessment of machinery orders, saying the pick-up was stalling, using the same assessment for an eighth straight month.Still, the Bank of Japan is set to upgrade its economic assessment as early as this week to signal its growing conviction the recovery is gathering momentum, people familiar with its thinking told Reuters last week.Such an upgrade would reinforce expectations that the BOJ''s next move would be to tighten monetary policy, though analysts do not expect it will begin to do so anytime soon.(Reporting by Tetsushi Kajimoto; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/japan-economy-orders-idINKBN1930AX'|'2017-06-12T02:24:00.000+03:00'|4831.0|''|-1.0|'' 4832|'db74ebb37a5ce44db796264823f6c39f7cd20773'|'Bulgaria to start talks with Sweden over warplane purchase'|'SOFIA, June 23 Bulgaria is to start talks to buy new Swedish Gripen warplanes to replace its Soviet-designed MiG-29s but will expect Sweden''s commitment on investments in the Balkan country before signing a deal, the prime minister said on Friday.The question of which warplanes Bulgaria should buy has been bounced around successive governments for more than a decade.Talks about the Sweden planes had looked to have been ditched last month when Prime Minister Boyko Borissov said an interim government should not have announced in April it would enter into negotiations.The interim government pledged to enter talks to buy eight new Gripens, made by SAAB, after approving a Defence Ministry-produced ranking which picked the Swedish jet over an offer from Portugal for secondhand U.S. F-16s and an Italian offer of secondhand Eurofighter Typhoons.But when Borissov took power, he said the previous government should not have made the call on a deal worth an estimated 1.5 billion levs ($858 million) as "the plane is not the most important thing in an army".Magnus Lewis-Olsson, Saab''s head of Europe, told reporters in Sofia last week it expected to enter into talks with Bulgarian within months, suggesting the deal was still alive, as confirmed by Borissov on Friday.Either next Wednesday or on Wednesday thereafter we will decide when to start negotiations (with Sweden), Borissov told reporters after meeting Sweden''s Prime Minister Stefan Lofven in Brussels.I told my Swedish colleague: we are making a decision, we are negotiating with you first, then with Eurofighter, he said, adding Bulgaria would sign the deal only after commitment about Swedish investments in the poorest European Union member.Lewis-Olsson said last week Saab was ready to discuss different financing options, including payments over a long period.Defence Minister Krassimir Karakachanov said on Friday Bulgaria would not buy the used F-16s from Portugal because the payment instalments in the first years were higher than expected.NATO member Bulgaria has said it wants to seal a deal by the year-end to acquire eight new or secondhand fighter jets between 2018 and 2022 in order to modernise its fleet and improve its compliance with the military alliance''s standards.Bulgaria joined NATO in 2004 and the European Union three years later. ($1 = 1.7483 leva) (Reporting by Angel Krasimirov; Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bulgaria-defence-airplane-idINL8N1JK3DX'|'2017-06-23T12:53:00.000+03:00'|4832.0|''|-1.0|'' 4833|'f4fc5ae6866e8093d695df0b29a244cdc8796eda'|'Divide over listing location slows Aramco IPO - WSJ'|'Saudi Aramco''s IPO-ARMO.SE planned 2018 public share offering is being slowed down by a divide between Saudi Arabia''s ruling family and executives of the kingdom''s state oil company over where to list its shares, the Wall Street Journal reported on Wednesday.Aramco, formally known as Saudi Arabian Oil Co, was not immediately available for comment.Executives at Aramco are pushing Saudi Arabia''s king and his son, deputy crown prince Mohammed bin Salman, on the merits of listing the giant state-owned oil company on the London Stock Exchange, the Journal reported, citing people familiar with the matter.Aramco executives believe that listing in the United States would expose the company to greater legal risks, including from potential class-action shareholder lawsuits, the newspaper said.But, according to the report, the Saudi Arabian royal court favours the New York Stock Exchange, in part because of the kingdom''s longstanding political ties to the United States, and because the U.S. market represents the deepest pool of capital in the world.Saudi authorities are aiming to list up to 5 percent of the world''s largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100.(Reporting by Ismail Shakil in Bengaluru; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-aramco-ipo-idINKBN19531L'|'2017-06-14T18:44:00.000+03:00'|4833.0|''|-1.0|'' @@ -4846,7 +4846,7 @@ 4844|'276af66035d64a12e8e149aff9ece7aad0f2614f'|'Apple CEO touts India impact in push for deeper market access'|'Business News - Mon Jun 26, 2017 - 9:23pm BST Apple CEO touts India impact in push for deeper market access Tim Cook, CEO, speaks during Apple''s annual world wide developer conference (WWDC) in San Jose, California, U.S. June 5, 2017. REUTERS/Stephen Lam By Stephen Nellis Apple CEO Tim Cook on Sunday highlighted the economic impact the company is having on India in a meeting with its prime minister as the iPhone maker seeks deeper access to the world''s third-largest smartphone market behind the United States and China. Cook met with Indian Prime Minister Narendra Modi at a business summit in Washington at a time when Apple Inc ( AAPL.O ) is targeting the nascent Indian market as a revenue source after its sales in China slipped. Apple has asked Indian government officials for a range of tax and policy changes to help build out its iPhone assembly work in the country. It is seeking permission to open its own retail stores in India where it currently sells iPhones through resellers. In his meeting with Modi, Cook disclosed that Apple expected its Indian operations to be run completely from renewable energy within the next six months, according to a person familiar with the discussion. Cook reiterated that Apple had generated 740,000 jobs in India through its so-called "app economy" and Indian developers had created nearly 100,000 apps for the App Store, the person said. Modi talked with Cook and other U.S. corporate leaders ahead of a meeting with President Donald Trump on Monday. Apple, working with contract manufacturer Winstron, began assembling the iPhone SE in Bengaluru last month. Indian authorities have offered Apple tax concessions for the work with the requirement that more local components be used over time. The company is looking to India after sales in the greater China region, once a major factor in Apple''s rise, fell 14 percent year over year to $10.7 billion in the most recent quarter. Apple has not disclosed how much revenue it generates in India but said that sales grew by "strong double digits" there in the most recent quarter. "We have a ton of energy going into the country on a number of fronts," Cook told analysts about Apple''s efforts in India during the company''s most recent earnings call. "We believe, particularly now that the 4G infrastructure is going in the country and it''s continuing to be expanded, there is a huge opportunity for Apple there." (Reporting by Stephen Nellis in San Francisco; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-apple-india-idUKKBN19H2GX'|'2017-06-27T04:23:00.000+03:00'|4844.0|''|-1.0|'' 4845|'e9c8e5bbb22ca8e4a5494f7367654ef219119bf2'|'How retailers are watching shoppers emotions'|'FOR eight months up to this April, a French bookstore chain had video in a Paris shop fed to software that scrutinises shoppers movements and facial expressions for surprise, dissatisfaction, confusion or hesitation. When a shopper walked to the end of an aisle only to return with a frown to a bookshelf, the software discreetly messaged clerks, who went to help. Sales rose by a tenth.The bookseller wants to keep its name quiet for now. Other French clients of the Paris startup behind the technology, Angus.ai, are testing it in research shops that are not open to the public. They include Aroports de Paris, an airport owner; LVMH, a luxury conglomerate; and Carrefour, a chain of hypermarkets. In a test at a Mothercare shop in Tallinn, Estonia, software from Realeyes, an emotion-detection firm based in London, showed that shoppers who entered smiling spent a third more than others. 2 3 5 7 Simple video yields a lot of insight. But there are far more sophisticated and initmate ways of learning about emotions of shoppers. Thermal-imaging cameras can detect the heart rate. Wirelessly captured data from smartphone accelerometers can suggest when shoppers become fascinated (movement often stops) or are fretting over prices (a phone is repeatedly raised to search for cheaper products online).For even more insights, shoppers are sometimes asked to don special kit, typically in exchange for a discount or other reward. Wearable galvanometer gadgets, for example, measure moisture and electrical resistance on hand skin to reveal arousal.All of this could be a chance, some say, for bricks-and-mortar retailers to trim the advantage that data have long given online sellers. A race is on to work out how best to collect and use emotions data, be it to improve packaging, displays, music, or the content and timing of sales pitches, says Rana June, chief executive of a firm in New York called Lightwave. It measures shoppers emotions for retailers, for malls, and for consumer-goods firms such as PepsiCo, Procter & Gamble and Unilever.Not everyone is impressed. Some find it all a little creepy. Nielsen, a consumer-research giant, deems using technology to work out shopper emotions en masse too avant-garde for now, says Ricardo Gutirrez, head of shopper insights at Nielsen Colombia in Bogot.But it is much cheaper than old-fashioned interviews. Nielsen charges roughly $10,000 to interview 25 shoppers about three products. Angus.ais service costs just 59 ($66) a month per camera. For $15,000 or so, iMotions, based in Copenhagen, gives retailers an EEG cap that detects brain activity, an eye-tracking headset that notes when an attractive object dilates pupils, and a galvanometer. iMotions 150 or so consumer-goods clients include Mondelez International, Nestl and Unilever, which use them in mock-up stores and real ones.Whats more, conventional market research can mislead. People typically edit verbal responses to make themselves sound rational, when purchases are often driven by subconscious emotions. The key is in tracking the unconscious things that shoppers do, says Jeff Hershey of VideoMining, a firm in Pennsylvania whose software also analyses store video. And surveys can also ask the wrong questionssuch as how much people like a product when what really matters, notes Simon Harrop of BrandSense, a consultancy in Britain, is whether, say, it makes them feel attractive.The notion of retail therapy, consumers driven to spend when they are feeling blue, is an obvious example of shoppings emotional side. Whichever store is first to work out how to spot mildly depressed customers could make a bundle. "Body language"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723162-cctv-thermal-imaging-cameras-eeg-caps-and-other-kit-boost-sales-how-retailers-are-watching?fsrc=rss%7Cbus'|'2017-06-08T22:46:00.000+03:00'|4845.0|''|-1.0|'' 4846|'f7eb02255a3aee3df776f1941be0128669f1ad10'|'UPDATE 1-Qatar Petroleum says business as usual despite diplomatic rift'|'Market News 10:12am EDT UPDATE 1-Qatar Petroleum says business as usual despite diplomatic rift (Adds background) RIYADH, June 10 Qatar Petroleum(QP) said on Saturday that it was conducting "business as usual" throughout its upstream, midstream and downstream operations, despite rising diplomatic tensions with its Gulf neighbours. QP was prepared to take any "necessary decisions and measures, should the need arise, to ensure that it honored commitments to customers and partners", the statement said. Saudi Arabia, the United Arab Emirates, Egypt and others severed diplomatic and transport links on Monday with Qatar, the world''s biggest LNG producer, accusing it of sponsoring terrorism. British gas prices spiked more than 4.5 percent on Thursday on concerns about how the rift could disrupt the global LNG trade, after two Qatari tankers that were likely bound for Britain changed course. Qatar''s LNG accounts for more than 30 percent of global trade. (Reporting by Tom Finn and Katie Paul; Editing by Hugh Lawson and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-lng-idUSL8N1J70EI'|'2017-06-10T18:12:00.000+03:00'|4846.0|''|-1.0|'' -4847|'2e2eb85d6078fa0ebfcba03200ef34702a789d3b'|'Carigali and Ecopetrol win block in Mexico shallow water oil auction'|' 43pm EDT Carigali and Ecopetrol win block in Mexico shallow water oil auction MEXICO CITY, June 19 A consortium of Malaysia''s PC Carigali and Colombia''s Ecopetrol made the winning bid for the sixth shallow water oil and gas block put up for auction on Monday, Mexico''s oil regulator said. Block 6 is off the Gulf coast state of Veracruz, and includes estimated prospective resources of up to 516 million barrels of oil covering an area of 216 square miles (559 sq km). (Reporting by Adriana Barrera) EMERGING MARKETS-Brazil stocks track commodities higher, political worries linger By Bruno Federowski SAO PAULO, June 19 Brazilian stocks rose on Monday, supported by shares of miners and planemaker Embraer SA, though lingering concerns that a political crisis could delay structural reforms kept a lid on gains. Shares of miner Vale SA added the most points to Brazil''s benchmark Bovespa stock index, tracking iron ore futures higher. Embraer SA was the biggest gainer on the Bovespa as traders bet on fresh orders for the jetmaker at the start of the P BUENOS AIRES/LONDON, June 19 Argentina has offered a 100-year bond in U.S. dollars, the finance ministry said on Monday, only just over a year after the nation emerged from default. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-oil-sixth-idUSE1N1IP01F'|'2017-06-20T00:43:00.000+03:00'|4847.0|''|-1.0|'' +4847|'2e2eb85d6078fa0ebfcba03200ef34702a789d3b'|'Carigali and Ecopetrol win block in Mexico shallow water oil auction'|' 43pm EDT Carigali and Ecopetrol win block in Mexico shallow water oil auction MEXICO CITY, June 19 A consortium of Malaysia''s PC Carigali and Colombia''s Ecopetrol made the winning bid for the sixth shallow water oil and gas block put up for auction on Monday, Mexico''s oil regulator said. Block 6 is off the Gulf coast state of Veracruz, and includes estimated prospective resources of up to 516 million barrels of oil covering an area of 216 square miles (559 sq km). (Reporting by Adriana Barrera) EMERGING MARKETS-Brazil stocks track commodities higher, political worries linger By Bruno Federowski SAO PAULO, June 19 Brazilian stocks rose on Monday, supported by shares of miners and planemaker Embraer SA, though lingering concerns that a political crisis could delay structural reforms kept a lid on gains. Shares of miner Vale SA added the most points to Brazil''s benchmark Bovespa stock index, tracking iron ore futures higher. Embraer SA was the biggest gainer on the Bovespa as traders bet on fresh orders for the jetmaker at the start of the P BUENOS AIRES/LONDON, June 19 Argentina has offered a 100-year bond in U.S. dollars, the finance ministry said on Monday, only just over a year after the nation emerged from default. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-oil-sixth-idUSE1N1IP01F'|'2017-06-20T00:43:00.000+03:00'|4847.0|6.0|0.0|'' 4848|'f07da135ad4bfda3ed91b97c0e2818123a616fc9'|'UPDATE 1-U.S. drillers add oil rigs for record 23rd week in a row -Baker Hughes'|'Commodities 35pm EDT U.S. drillers add oil rigs for record 23rd week in a row: Baker Hughes U.S. energy firms added oil rigs for a record 23rd week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months despite this week''s decline to a 10-month low. Drillers added 11 oil rigs in the week to June 23, bringing the total count up to 758, the most since April 2015, energy services firm Baker Hughes Inc said in its closely followed report on Friday. That is more than double the same week a year ago when there were only 330 active oil rigs. Drillers have added rigs in 52 of the past 56 weeks since the start of June 2016. "The higher rig count this week reflects decisions made a couple of months ago when oil prices were higher," said James Williams, president of WTRG Economics in Arkansas, noting he expects the current low prices to cause the count to fall in some weeks over the next month or two. U.S. crude futures were trading around $43 per barrel, which puts the front-month on track for a fifth consecutive week of declines and close to a 10-month low as OPEC-led production cuts have failed to reduce a global crude glut. After agreeing in December to cut production by around 1.8 million barrels per day (bpd) from January-June, OPEC and other producers in late May agreed to extend those cuts for another nine months through the end of March 2018. Analysts said those OPEC-led cuts were being frustrated by rising output from U.S. shale drillers and other producers hoping to capture higher oil prices in future months. Futures for the balance of 2017 were trading just over $43 a barrel, while calendar 2018 was fetching about $45 a barrel. Analysts said crude prices are likely to remain under pressure until there are signs the number of rigs drilling for oil in the United States is stabilizing or declining. U.S. producers are expected to increase output to 9.3 million bpd in 2017 and a record 10.0 million bpd in 2018 from 8.9 million bpd in 2016, according to federal projections. The biggest increase in rigs this week was in the Bakken formation in North Dakota where drillers added three rigs, bringing the total there to 52, the most since December 2015 and double the same week a year ago. "It''s not surprising the rig count has been rising in the Bakken because producers there will not see the full extent of the crude price drop we''ve had over the past month," Williams at WTRG said. "They just got access to a new pipeline, which will reduce the cost of transporting their crude by train," he said, referring to the Dakota Access pipeline that entered service at the start of June. The break even price for drilling new wells in the United States varies considerably among shale formations and even between different parts of the same play, but most analysts say producers need U.S. crude prices of $45-$50. However, consultancy Rystad Energy, which specializes in exploration and production, said wellhead break-evens average around $38 per barrel for the Bakken shale wells completed in 2016-2017. (Reporting by Scott DiSavino; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-rigs-baker-hughes-idUSKBN19E20H'|'2017-06-24T02:33:00.000+03:00'|4848.0|''|-1.0|'' 4849|'ef291a81ac878dff31a0e435825815d0a3933881'|'Qatar launches new shipping routes to Oman amid food shortage fears'|'Business News 24am BST Qatar launches new shipping routes to Oman amid food shortage fears DOHA Qatar has launched two new shipping services to Omani ports after other Gulf states severed ties with Doha last week, raising concerns over food supplies to import-dependent Qatar. Saudi Arabia, the United Arab Emirates and other Arab countries cut diplomatic as well as travel and trade ties with Qatar last week, accusing it of supporting Iran and funding Islamist groups. Doha denies the charges. The severing of air, sea and land transport links has closed off key import routes for Qatar and its population of around 2.7 million people. Thousands of shipping containers destined for Qatar are still stuck at Dubai''s Jebel Ali port, according to Qatari importers. Iran and Turkey have flown in food supplies to Qatar as the gas-rich country seeks other sources. Oman is a member of the Gulf Cooperation Council but takes a relatively independent diplomatic approach to the other five states in the bloc, particularly towards Iran. The two new services will each run three times a week between Qatar''s Hamad Port and Omani ports of Sohar in the north and Salalah in the south, Qatar Ports Management Company (Mwani), a Qatari shareholding company established in 2009, announced on Sunday. Doha has said the severing of trade and transport ties are hurting the country''s inhabitants. Mani Qatar posted a video on Twitter on Monday of a cargo ship arriving from Sohar port. (Reporting by John Davison; Editing by Sami Aboudi and Raissa Kasolowsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gulf-qatar-ports-idUKKBN19312H'|'2017-06-12T18:24:00.000+03:00'|4849.0|''|-1.0|'' 4850|'584fbefab82771a4987a4424034ff513a67fe012'|'Bank of America to lay off more workers'|'Banks 30am BST Bank of America to lay off more workers The Bank of America building is shown in down town Los Angeles, California, U.S., March 6, 2017. REUTERS/Mike Blake By Dan Freed Bank of America Corp has begun laying off employees in its operations and technology division, part of the second-largest U.S. bank''s plan to cut costs. On Wednesday the bank cut jobs across that division, many of which came from its Charlotte, N.C., headquarters, a spokesman said. He would not specify the number of jobs lost. The cuts come as Bank of America is aiming to cut costs to boost financial targets Chief Executive Brian Moynihan has set. Although Bank of America is also hiring, the employees that it is trying to reduce cost more than those who are joining, Moynihan said at a conference last month. The bank has also been cutting costs by shuttering data centres and moving information to less costly systems run by technology firms. For any large bank, technology and operations costs run high. Old systems are reliable but dated, while new ones are expensive to develop. Separately, at a conference on Wednesday, Chief Operating Officer Tom Montag said the global banking and markets unit has roughly 1,300 applications that cost about $1.3 billion (1.02 billion pounds) to maintain and run. As the bank sorts through those platforms and decides which to eliminate, some jobs will be lost, said spokesman Dan Frahm. The Charlotte Observer first reported layoffs at Bank of America''s headquarters. (Reporting by Dan Freed in New York and Subrat Patnaik in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bank-of-america-layoffs-idUKKBN1960AP'|'2017-06-15T12:30:00.000+03:00'|4850.0|''|-1.0|'' @@ -4862,7 +4862,7 @@ 4860|'81b21cd92fc19e48cad3d50ead81cfdfc83e81b9'|'Glencore to pitch to Rio board for Australian coal unit - sources'|'Business 11am BST Glencore to pitch to Rio board for Australian coal unit - sources FILE PHOTO: The logo of Glencore is seen in front of the company''s headquarters in Baar, Switzerland, September 7, 2012. REUTERS/Michael Buholzer/File Photo By James Regan - SYDNEY SYDNEY Glencore will pitch its $2.55 billion (2 billion pounds) bid for Rio Tinto''s Australian Coal & Allied unit directly to Rio Tinto''s board in Canada on Thursday, two sources familiar with the matter told Reuters. The meeting, headed by Glencore''s Australian Chief Executive Peter Freyberg, comes five days after Glencore outbid Chinese-owned Yancoal for Coal & Allied Industries Ltd, which operates thermal coal mines in Australia''s Hunter Valley. Glencore''s proposal is $100 million higher and fully funded, but Rio Tinto has to give Yancoal the chance to make a counter offer, opening the way for a bidding war. A formal response from Rio Tinto to Glencore''s offer could come by the end of the week, the sources said, given Glencore''s acceptance deadline of June 26. If Glencore''s offer is accepted by Rio Tinto, Yancoal will have five days to respond. Yancoal and Glencore declined to comment. Rio Tinto could not be reached for immediate comment. Freyberg will argue before the Rio Tinto directors, who are meeting this week in Canada, that Glencore''s offer provides greater financial certainty than Yancoal''s because it intends to fund the acquisition from cash on hand and committed facilities, subject only to regulatory conditions. "Glencore thinks it has the better offer because it''s higher and there are may be doubts over Yancoal''s funding," one of the sources said. Yancoal''s second-biggest shareholder is struggling commodities trader Noble Group. Yancoal plans a capital raising to help pay for Coal & Allied and Noble would have to invest $260 million in newly issued Yancoal stock to maintain its stake at 13 percent. "This is an element that Glencore will be stressing," the source said. Fitch Ratings cut Noble''s rating on May 26 on concern over its ability to address about $2 billion of debt maturing over the next 12 months. Yancoal said last month it was not concerned at that time over Noble''s financial strength. Freyberg is also expected to try and assure Rio Tinto that its bid would not run into hurdles from competition regulators in China and Australia. The bulk of the coal is sold to power companies in Japan, South Korea and Taiwan, with little remaining in Australia or sold to China. (Reporting by James Regan; Additional reporting by Jamie Freed; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rio-tinto-divestiture-glencore-idUKKBN1950SV'|'2017-06-14T16:11:00.000+03:00'|4860.0|''|-1.0|'' 4861|'a39af477522923905e4b0b5f0d0da09dbb07f1d9'|'UK financial watchdog taking close look at auto finance'|'Business 11:35am BST UK financial watchdog taking close look at auto finance A maintenance worker cleans the entrance area of the headquarters of the new Financial Conduct Authority (FCA) in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren LONDON Britain''s financial watchdog is taking a closer look at the car financing sector and has sought advice from U.S. regulators, Andrew Bailey, chief executive of the Financial Conduct Authority, said on Thursday. He said the starting point is whether there has been a structural change in car financing in Britain. "My hunch is there has been. It has become more like the U.S. market," Bailey told reporters. "It has become more of a secured finance market than it was in the past." In the recent growth in consumer credit which the Bank of England has taken note of, cars were "quite a big part of the story", Bailey said. (Reporting by Huw Jones; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-regulator-carfinance-idUKKBN19K18V'|'2017-06-29T13:35:00.000+03:00'|4861.0|''|-1.0|'' 4862|'1e558f256631b8f2342b9e09704b9e25e6a3f355'|'Morning News Call - India, June 21'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 2:30 pm: Commerce Secretary Rita Teaotia at an event in Kolkata. GMF: LIVECHAT - CHARTING FX Take a look at the FX charts with Reuters technical analyst Martin Miller at 3:30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS Modi to discuss visa issue with Trump next week - official Indian Prime Minister Narendra Modi will take up the issue of visas for skilled workers when he meets U.S. President Donald Trump next week in Washington, a senior Indian government official said on Tuesday. No excuse for firms not to be ready for India''s GST - Jaitley Indian small business has been given enough time to prepare for the July 1 rollout of a new national Goods and Services Tax (GST), Finance Minister Arun Jaitley said on Tuesday, ruling out any further slippage in the timeline. India''s Punjab state to forgive over $1.5 billion in farm debts India''s northern Punjab state will waive more than $1.5 billion in loans to farmers, becoming the third state to do so in response to growing rural distress caused by food oversupply and weak prices. Hike rolls out India''s first payment wallet within messaging platform Indian instant messaging platform Hike rolled out an in-app electronic payments wallet on Tuesday in a bid to cash in on rising digital transactions, replicating similar services offered by its backer Tencent Holdings in China. Bombardier agrees to sell up to 50 Q400s to India''s SpiceJet Canadian airplane maker Bombardier Inc said on Tuesday it agreed to sell up to 50 Q400 turboprop aircraft to Indian budget carrier SpiceJet Ltd. India''s Eris Lifesciences up to $270 million IPO oversubscribed Indian drug maker Eris Lifesciences Ltd''s initial public offering of shares to raise up to $270 million was subscribed more than three times on the last day of the sale on Tuesday, stock exchange data showed. India asks Qatar to invest in power plants as condition for LNG deals India on Tuesday said it would sign future long-term liquefied natural gas (LNG) purchase deals with Qatar if only Doha agrees to acquire stakes in the South Asian nation''s power plants, oil minister Dharmendra Pradhan said. GLOBAL TOP NEWS China ''A'' shares get MSCI nod, Argentina snubbed U.S. index provider MSCI said on Tuesday it would add mainland Chinese stocks to one of its key benchmarks, but shocked many emerging market investors by failing to upgrade Argentina from the frontier market category where it has languished in recent years. Asia firms'' confidence at 3 year-high on brighter global outlook -Thomson Reuters/INSEAD Business confidence in Asia rose to a three-year-high in the second quarter of the year, propelled by a slew of favourable economic data across the region and easing concerns over the health of China''s economy, a Thomson Reuters/INSEAD survey showed. Belgium probes station bomber fatally shot by soldiers Belgian counter-terrorism police are probing the identity of a suspected suicide bomber shot dead by troops guarding a Brussels railway station after he set off explosives that failed to injure anyone. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were trading at 9,646.50, down 0.3 percent from its previous close. The Indian rupee is poised to open lower against the dollar, as an overnight slump in crude oil prices hurt investor appetite for risk assets. Indian government bonds will likely trade largely steady today before the Monetary Policy Committee releases the minutes of its June meeting, where it kept rates and policy stance unchanged, but lowered inflation projections, fuelling bets of a rate cut in coming months. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.43 percent-6.47 percent band today. GLOBAL MARKETS U.S. stocks closed lower on Tuesday as a sharp drop in oil prices hurt energy stocks and retail stocks were pulled down by concerns about Amazon.com''s plan to boost its apparel business, while investors also worried about future Federal Reserve rate hikes. Japan''s Nikkei share average edged down after a slightly stronger yen sapped risk appetite, while mining stocks underperformed on the back of weaker oil prices. The dollar edged back from one-month highs against a basket of currencies as a tumble in crude oil prices pushed down U.S. yields, while the pound wobbled near a two-month low after Bank of England Governor Mark Carney shot down hopes of a British interest rate hike. The U.S. Treasury yield curve flattened to its lowest levels since December 2007 as more hawkish Federal Reserve officials led intermediate-dated notes to underperform long-term bonds, which are being supported by falling inflation. Oil prices held around multi-month lows in early Asian trading as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut global output. Gold inched up after hitting its lowest in five weeks in the previous session, buoyed as equities fell. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.43/64.46 June 20 -$48.5 mln $76.90 mln 10-yr bond yield 6.82 Month-to-date $313.93 mln $3.73 bln Year-to-date $8.29 bln $17.17 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.5350 Indian rupees) (Compiled by Nayyar Rasheed)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1JI1PH'|'2017-06-21T11:30:00.000+03:00'|4862.0|''|-1.0|'' -4863|'2520f4d7cc2a3c0368a579ccdb8f35c3c01d706d'|'Don''t believe the hype: the downside of being the next big thing - Guardian Small Business Network'|'T he history of business is littered with the debris of companies that fell prey to hype, usually of their own making. From New Coke to the Apple Newton, many have found that a wave of hype often propels an idea only so far until it is smothered by the heightened expectations it has created. The recent launch of SnapChats Snap Spectacles to much fanfare inevitably calls to mind its predecessor Google Glass, which suffered a well-documented demise .Rivalry can bring out the best in a startup'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jun/20/dont-believe-the-hype-the-downside-of-being-the-next-big-thing'|'2017-06-20T17:00:00.000+03:00'|4863.0|''|-1.0|'' +4863|'2520f4d7cc2a3c0368a579ccdb8f35c3c01d706d'|'Don''t believe the hype: the downside of being the next big thing - Guardian Small Business Network'|'T he history of business is littered with the debris of companies that fell prey to hype, usually of their own making. From New Coke to the Apple Newton, many have found that a wave of hype often propels an idea only so far until it is smothered by the heightened expectations it has created. The recent launch of SnapChats Snap Spectacles to much fanfare inevitably calls to mind its predecessor Google Glass, which suffered a well-documented demise .Rivalry can bring out the best in a startup'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jun/20/dont-believe-the-hype-the-downside-of-being-the-next-big-thing'|'2017-06-20T17:00:00.000+03:00'|4863.0|13.0|0.0|'' 4864|'d45776d59e3641a2870d919e6b9ebf5e3aec6236'|'UPDATE 2-Altice USA jumps 7.2 percent in debut'|'(New throughout, adds comment from Altice USA CEO and Cox Communications spokesman)By Anjali Athavaley and Aparajita SaxenaJune 22 Shares of Altice USA Inc rose as much as 7.2 percent in their debut on Thursday, giving the cable operator a market capitalization of $23.71 billion as it prepares for U.S. expansion.The 63.9-million share offering raised $1.9 billion after being priced at $30 per share, within the expected range of $27 to $31.That makes it the second-largest U.S. initial public offering this year behind messaging app Snap Inc''s $3.9 billion offering in March.Altice USA''s IPO is viewed as a means for its founder, Franco-Israeli billionaire Patrick Drahi, to expand his U.S. cable empire by giving the company public stock it can use as currency for new acquisitions.The company, which Netherlands-based Altice NV put together by acquiring Cablevision Systems and Suddenlink Communications, is the fourth-biggest U.S. cable provider.Shares touched a high of $32.17 before paring gains to $32.00 in midday trading.One hurdle Altice could face is that there are few U.S. cable assets out there to buy. Altice USA''s Chief Executive Officer Dexter Goei said in an interview on Thursday that there were no specific targets on his radar."It''s really about being ready for tomorrow," he said. "We''re not the type of people to be kicking down doors. There needs to be a confluence of minds if something is going to happen."Some analysts have said that Altice could harbor ambitions to one day take on large targets such as privately held Cox Communications, which has long said it does not want to sell."Hopefully, they will consider us as partners if they choose to do it," Goei said. "But it''s not going to be the driver of the success of our business."A Cox spokesman said the company has been clear it is not for sale and that it is aggressively investing in its own network, products and strategic partnerships.Following the IPO, 75.2 percent of the company''s shares will be held by its parent, Altice NV, which translates to 98.5 percent of the voting power.Altice USA, which reported a net loss of $76.2 million for the three months ended March 31, expects to use proceeds from the offering to pay down debt of nearly $21 billion.It is the second U.S. cable operator to go public in the last five years. WideOpenWest Inc raised about $310 million in its IPO last month, which was priced below the expected range. (Additional reporting by Aparajita Saxena in Bengaluru; editing by Tom Brown and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/altice-usa-ipo-idINL3N1JJ4HA'|'2017-06-22T15:14:00.000+03:00'|4864.0|''|-1.0|'' 4865|'5192d8ce042dccaf2a525b8fdeeeef1b0ddd69cd'|'Investors slowly start to push climate change up their agenda'|'Business News - Thu Jun 29, 2017 - 5:24pm BST Investors slowly start to push climate change up their agenda By Simon Jessop , Gwladys Fouche and Nina Chestney - LONDON/OSLO LONDON/OSLO Investors are slowly starting to push companies to reduce their carbon footprint and help the world meet targets on limiting global warming that were agreed in the 2015 Paris climate talks. Energy firms have faced shareholder demands to do more to curb carbon emissions, while some pension funds are demanding more commitment to climate goals from firms they invest in. Yet progress has still been modest since the Paris deal agreed by almost 200 nations came into force in November last year, aiming to limit global warming to 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial times. "Lots of investors are looking to align their investments with a 2 degrees world. It''s just at what pace they all get there," said Fiona Reynolds, managing director at the United Nations-backed Principles for Responsible Investment. Advocates of the climate deal hope new impetus will come from Thursday''s document published by the Financial Stability Board''s Task Force on Climate Related Financial Disclosures (TCFD), a group set up by G20 nations. The task force''s document outlines a voluntary framework for companies to disclose the financial impact of climate-related risks and opportunities, drawing support from more than 100 companies with $11 trillion of assets. It aims to help investors, lenders, insurers and other stakeholders understand how firms manage climate risk and guide companies on information they should provide to explain their climate strategy, ultimately helping ensure corporate laggards are held to account. "The more companies report effectively on climate related risks and opportunities, the easier it becomes for investors to allocate the substantial amounts of capital required to implement the Paris Agreement," said Philippe Desfosss, chief executive of French pension fund ERAFP. HIGH BENCHMARK Sweden''s largest national pension fund AP7 set a high benchmark in June when it named six companies it said had breached the Paris accord, and ditched them from its portfolio. Several energy firms have faced shareholder rebellions at annual general meetings over their stance on climate change. ExxonMobil ( XON.N ) has been accused of misleading investors by a U.S. prosecutor, allegations the U.S. firm has dismissed as "frivolous". Many energy firms have been sharing more information on their climate strategies, and some mining companies are starting to follow suit, such as iron ore miner Vale ( VALE5.SA ). In a Reuters survey, 13 leading public and corporate pension schemes in Europe, Asia and North America managing a total $1.1 trillion (848.44 billion pounds) said they were committed to engaging firms on their climate strategy. Three of those funds said explicitly that divestment was an option if talks were unsatisfactory. However, some funds said the threat of divestment was not the best approach to encouraging firms to improve environmental, social and governance (ESG) issues. "We think engagement investment is about promoting companies to be involved with ESG through engagement," said Hiroichi Yagi, an adviser to the pension fund of Japan''s Secom, a leading security firm. "If you just sell and stop investing in companies that are not mindful of climate change, then you are abandoning engagement there," he said, adding that he was not aware of any Japanese pension funds advocating divestment as an option. "GLACIAL PACE" To date, most divestments have tended to be from companies mining coal, the dirtiest energy source. Some large investors, such as Norway''s $960-billion sovereign wealth fund, have set limits on how much revenues can come from that source. The most active asset owners on climate change have tended to be big pension schemes and sovereign wealth funds - Norway''s and New Zealand''s have reduced exposure to fossil fuels. Such firms have more in-house analysts to assess investments. Smaller funds are making slower progress in pushing climate issues up the agenda in determining investment policy. A survey by consultants Mercer of 1,241 European pension schemes, half of which had less than 100 million euros (87.98 million pounds) in assets, showed just 5 percent considered the financial impact of climate change on their portfolios. However, that was up from 4 percent a year earlier. "It''s ironic that the pace of response to this enormous issue is best described as glacial, outside a small group of leading funds," said Phil Edwards, Mercer''s Global Director of Strategic Research, calling for more "urgency" to be applied. Advocates of the Paris accord hope the TFCD''s framework document will particularly assist smaller firms. Britain''s Environment Agency Protection Fund, a founder member of the Transition Pathway Initiative (TPI) that aims to help asset owners assess firms, said more than 3 trillion pounds of assets were now being invested using the TPI''s guidelines. "We are aiming to be one of the first asset owners to do this to show our support for the TCFD and its pick up by other asset owners," said Faith Ward, the scheme''s chief responsible investment officer. She said her fund planned to link its annual report to the TCFD framework. (Additional reporting by Reuters correspondents in Amsterdam, Stockholm, Paris, Helsinki, Sydney, Dublin, Madrid, Lisbon and Tokyo; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-climatechange-funds-idUKKBN19K2DG'|'2017-06-29T19:24:00.000+03:00'|4865.0|''|-1.0|'' 4866|'e5d7f0fbdfb0b26365b83b8ebca7dbe06aef251d'|'Turkish exports to Qatar triple during Gulf crisis - trade minister'|'Business News - Fri Jun 23, 2017 - 6:49am BST Turkish exports to Qatar triple during Gulf crisis: trade minister Buildings are seen on a coast line in Doha, Qatar, June 15, 2017. REUTERS/Naseem Zeitoon ANKARA Turkish exports to Qatar have tripled from their normal levels to $32.5 million since four Arab countries began boycotting the Gulf state on June 5, Turkey''s Customs and Trade Minister Bulent Tufenkci said late on Thursday. Saudi Arabia, the United Arab Emirates (UAE), Egypt and Bahrain accuse Qatar of funding terrorism, fomenting regional instability and cosying up to revolutionary theocracy Iran. Qatar has denied the accusations. They have sent Doha a list of 13 demands including closing Al Jazeera television, reducing ties to their regional adversary Iran and closing a Turkish military base in Qatar, an official of one of the four countries told Reuters. Turkey, which has long tried to play the role of regional mediator, has backed Qatar in the dispute but is also wary of upsetting its other allies, including Saudi Arabia. "Since June 5 exports to Qatar have amounted to $32.5 million. Of this $12.5 million is food. This figure is three times the normal level," Tufenkci told reporters at a Ramadan fast-breaking dinner on Thursday evening. Turkey has sent more than 100 cargo planes of supplies to Qatar but Economy Minister Nihat Zeybekci has said it was not sustainable to maintain supplies through an air lift. On Thursday, Turkey sent its first ship carrying food to Qatar and dispatched a small contingent of soldiers and armored vehicles there, while President Tayyip Erdogan spoke with Saudi Arabia''s leaders on calming tension in the region. Turkey fast-tracked legislation on June 7 to allow more troops to be deployed to a military base in Qatar that houses Turkish soldiers under an agreement signed in 2014. (Reporting by Ercan Gurses; Writing by Daren Butler; Editing by Gopakumar Warrier) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-gulf-qatar-turkey-idUKKBN19E0GH'|'2017-06-23T13:48:00.000+03:00'|4866.0|''|-1.0|'' @@ -4894,7 +4894,7 @@ 4892|'0bee600d8484ec7ea5bbc6141ce3ebebbb8cf395'|'Sistema says court ''arrests'' stake in its largest asset over Rosneft dispute'|' 10:01pm BST Sistema says court ''arrests'' stake in its largest asset over Rosneft dispute The logo of Sistema JSFC is seen on its headquarters building in Moscow, September 17, 2014. REUTERS/Maxim Shemetov By Anastasia Teterevleva and Vladimir Soldatkin - MOSCOW MOSCOW Russian conglomerate Sistema ( SSAq.L ) ( AFKS.MM ) said on Monday a Russian court had "arrested" some shares it owns, including in the country''s biggest mobile operator MTS ( MBT.N ), in a legal dispute with oil company Rosneft ( ROSN.MM ). Rosneft is suing Sistema for 170.6 billion roubles (2.28 billion pounds) in damages over the purchase of oil producer Bashneft ( BANE.MM ). Sistema proposed an out-of-court settlement last week. Rosneft spokesman Mikhail Leontyev said the arrest of the shares, which halts their use but does not seize them, was a "security measure" and the shares arrested equaled the value of Rosneft claims against Sistema. Sistema is one of the largest private holdings in Russia and is controlled by businessman Vladimir Yevtushenkov. MTS, with the market value of $8 billion according to Thomson Reuters data, is Sistema''s largest asset. Sistema interests also include agriculture, real estate and other assets. On Monday, Sistema said it had received notice of an enforcement action from the Moscow Directorate of the Federal Bailiffs Service and a copy of a court order from the Republic of Bashkortostan Arbitration Court. According to the court order, an arrest was imposed on a 31.76 percent stake in MTS, 100 percent of its Medsi chain of medical clinics, and 90.47 percent of Bashkirian Power Grid company owned by Sistema and its unit Sistema-Invest. Under the order, a relatively common device in Russia, Sistema still owns the shares but cannot carry out any action using them until the court allows it to. The court can order the shares to be seized, released or sold off as part of the dispute. Sistema owns a little over 50 percent in MTS, also present in Ukraine, Belarus, Armenia and Turkmenistan with a total 110 million clients. MTS shares lost over 6 percent in New York trade following shares arrest. "FAIR COMPENSATION" "The arrest of shares was made ... as a security in the framework of the legal claim lodged by Rosneft, Bashneft and the Republic of Bashkortostan against Sistema and Sistema-Invest," Sistema said on Monday. It said it considered the demands "unlawful and unfounded". MTS said in a separate statement: "This situation does not impact operations with MTS shares, and the rights to receive dividends on MTS shares owned by other shareholders." Bashneft, which produces around 400,000 barrels of crude oil a day, was owned by Sistema for a couple of years until 2014, when the court has ruled to return the company to the state. Yevtushenkov himself was accused in 2014 of misappropriating Bashneft shares and held for three months under house arrest. The charges, which Sistema denied, were eventually dropped Rosneft bought Bashneft from the state last year. "Shares are not being seized but a number of actions such as sale, purchase, usage as a collateral, are being suspended ... Rosneft needs a fair compensation of its claims and these assets act as guarantee for this becoming possible," Rosneft spokesman Leontyev said. He was later quoted by RIA news agency as saying that Rosneft was ready to accept any other "adequate" collateral from Sistema. Independent directors on Sistema''s board have asked Russian President Vladimir Putin to intervene in the dispute, but Kremlin has said Putin will not. (Additional reporting by Jack Stubbs,; Writing by Katya Golubkova; Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-sistema-rosneft-mts-idUKKBN19H2J3'|'2017-06-27T05:01:00.000+03:00'|4892.0|''|-1.0|'' 4893|'d3e8a3ea1ce388180aea26be68d4e56f3228bcb4'|'Manhattan Scientifics says Imagion Biosystems filed prospectus with Australian securities, investment commission'|'June 1 Manhattan Scientifics Inc:* Manhattan Scientifics says its affiliate company Imagion Biosystems filed a prospectus with Australian securities and investment commission* Manhattan Scientifics - Imagion Biosystems applied to Australian securities exchange for an IPO to raise up to a$12 million at a$0.20 per share '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-manhattan-scientifics-says-imagion-idINFWN1IY0KP'|'2017-06-01T11:20:00.000+03:00'|4893.0|''|-1.0|'' 4894|'569fed3461a5bd67d83e0145ffa67e9bc2cf3939'|'U.S. small business borrowing drops to six-month low'|'In a sign that economic growth may soften ahead, borrowing by small U.S. firms dropped to a six-month low in April, data released on Thursday showed.The Thomson Reuters/PayNet Small Business Lending Index dropped a third straight month in April to 123.1, down 5 percent from last April and the lowest level since October.Movements in the index typically correspond with changes in gross domestic product growth a quarter or two ahead. The U.S. economy grew at a 1.2 percent annual pace in the first quarter, though the Atlanta Fed currently projects second-quarter expansion at a brisk 3.8 percent pace.A separate barometer of small companies'' financial health suggests companies having more trouble paying off old loans. The share of loans more than 30 days past due was 1.7 percent in April, the highest rate in more than four years, PayNet data showed."That''s a bad cocktail: falling investment and rising loan delinquency," said Bill Phelan, PayNet''s chief executive and founder. "It certainly is going in the wrong direction."Though still well below the crisis-era peak of 4.7 percent, the rise suggests an erosion in financial health that could spell trouble for future borrowing.Healthcare was hit particularly hard, with borrowing falling 14 percent in April as the young Trump administration struggled to deliver on a promise to replace Obamacare with a new health insurance system.Small business borrowing is a key barometer of growth because small companies tend to do much of the hiring that drives economic gains.PayNet collects real-time loan information such as originations and delinquencies from more than 325 leading U.S. lenders.(Reporting by Ann Saphir; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-lending-idUSKBN18S4DC'|'2017-06-01T13:08:00.000+03:00'|4894.0|''|-1.0|'' -4895|'85f31254a00e461a15c31743ec5a94cc55e80f67'|'U.S. judge allows some VW investor diesel claims to proceed'|'Autos - Wed Jun 28, 2017 - 5:28pm EDT U.S. judge allows some VW investor diesel claims to proceed Volkswagen''s logo is seen at its dealer shop in Beijing, China, October 1, 2015. REUTERS/Kim Kyung-Hoon By David Shepardson - WASHINGTON WASHINGTON A federal judge in California on Wednesday allowed some claims to proceed by investors who sued Volkswagen AG over its diesel emissions scandal, but agreed to the German automaker''s request to dismiss parts of the lawsuit. U.S. District Judge Charles Breyer said in an 18-page order he was allowing claims that VW and then-Chief Executive Officer Martin Winterkorn intentionally or recklessly understated VW''s financial liabilities made since May 2014, but dismissing claims for financial statements issued before then. That VW "may have deliberately employed an illegal defeat device does not mean the company knew with reasonable certainty that it was going to get caught," Breyer wrote in dismissing thee older statements. Breyer also dismissed claims that VW brand chief Herbert Diess understated VW financial liabilities in 2015, but Breyer rejected a bid to throw out a claim against then VW U.S. chief Michael Horn. The plaintiffs, mostly U.S. municipal pension funds, have accused VW of not having informed the market in a timely fashion and understated possible financial liabilities. The lawsuits said VW''s market capitalization fell by $63 billion after the diesel cheating scandal became public in September 2015. The plaintiffs had invested in VW through American Depositary Receipts, a form of equity ownership in a non-U.S. company that represents the foreign shares of the company held on deposit by a bank in the company''s home country. Volkswagen said in a statement it was pleased "with the courts decision to limit the scope of the plaintiffs allegations, and believes the remaining claims are without merit, which we intend to demonstrate as this case proceeds." CEO Winterkorn resigned days after the scandal became public and much of the company''s management has changed since 2015. VW in September 2015 admitted using sophisticated secret software in its cars to cheat exhaust emissions tests and pleaded guilty in March in a U.S. court to three felonies in connection with the scandal. Volkswagen has agreed to spend as much as $25 billion in the United States to resolve claims from owners and regulators over polluting diesel vehicles and has offered to buy back about 500,000 vehicles. Through mid-June, VW has spent $6.3 billion buying back vehicles and compensating U.S. owners. (Reporting by David Shepardson; Editing by David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN19J2WI'|'2017-06-29T00:15:00.000+03:00'|4895.0|''|-1.0|'' +4895|'85f31254a00e461a15c31743ec5a94cc55e80f67'|'U.S. judge allows some VW investor diesel claims to proceed'|'Autos - Wed Jun 28, 2017 - 5:28pm EDT U.S. judge allows some VW investor diesel claims to proceed Volkswagen''s logo is seen at its dealer shop in Beijing, China, October 1, 2015. REUTERS/Kim Kyung-Hoon By David Shepardson - WASHINGTON WASHINGTON A federal judge in California on Wednesday allowed some claims to proceed by investors who sued Volkswagen AG over its diesel emissions scandal, but agreed to the German automaker''s request to dismiss parts of the lawsuit. U.S. District Judge Charles Breyer said in an 18-page order he was allowing claims that VW and then-Chief Executive Officer Martin Winterkorn intentionally or recklessly understated VW''s financial liabilities made since May 2014, but dismissing claims for financial statements issued before then. That VW "may have deliberately employed an illegal defeat device does not mean the company knew with reasonable certainty that it was going to get caught," Breyer wrote in dismissing thee older statements. Breyer also dismissed claims that VW brand chief Herbert Diess understated VW financial liabilities in 2015, but Breyer rejected a bid to throw out a claim against then VW U.S. chief Michael Horn. The plaintiffs, mostly U.S. municipal pension funds, have accused VW of not having informed the market in a timely fashion and understated possible financial liabilities. The lawsuits said VW''s market capitalization fell by $63 billion after the diesel cheating scandal became public in September 2015. The plaintiffs had invested in VW through American Depositary Receipts, a form of equity ownership in a non-U.S. company that represents the foreign shares of the company held on deposit by a bank in the company''s home country. Volkswagen said in a statement it was pleased "with the courts decision to limit the scope of the plaintiffs allegations, and believes the remaining claims are without merit, which we intend to demonstrate as this case proceeds." CEO Winterkorn resigned days after the scandal became public and much of the company''s management has changed since 2015. VW in September 2015 admitted using sophisticated secret software in its cars to cheat exhaust emissions tests and pleaded guilty in March in a U.S. court to three felonies in connection with the scandal. Volkswagen has agreed to spend as much as $25 billion in the United States to resolve claims from owners and regulators over polluting diesel vehicles and has offered to buy back about 500,000 vehicles. Through mid-June, VW has spent $6.3 billion buying back vehicles and compensating U.S. owners. (Reporting by David Shepardson; Editing by David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN19J2WI'|'2017-06-29T00:15:00.000+03:00'|4895.0|4.0|0.0|'' 4896|'18d714de038f46b96570ee80f9f7f007fa27fb85'|'UK consumer confidence plunges after PM May''s election flop - YouGov/Cebr'|' 7:45am BST UK consumer confidence plunges after May''s election flop - YouGov/Cebr A woman shops in a supermarket in London, Britain April 11, 2017. REUTERS/Neil Hall LONDON Britain''s messy election outcome and a weakening of the housing market have caused a sharp of loss of confidence among consumers, leaving the country dependent on exports to avoid a recession, according to a survey published on Tuesday. An index of consumer confidence produced by polling firm YouGov fell back to just above levels last seen just after last year''s shock referendum decision to leave the European Union. "Our preliminary assessment is that economic growth will fall sharply over the coming months and the country will only be saved from recession by strong international trade," said Douglas McWilliams, deputy chairman at the Centre for Economics and Business Research which produces the index with YouGov. Prime Minister Theresa May''s failure to secure a parliamentary majority in the June 8 election, raising the prospect of a weak government, weighed on consumers who were already feeling the strain of higher inflation and weak wage growth, YouGov said. "But the real cause for alarm will be the cooling of the property market, as this is one of the key things that has propped up consumer confidence over the past few years," Stephen Harmston, head of YouGov Reports, said. YouGov''s conclusions were based on data collected between June 9 and June 21. The online polling company conducts around 6,000 online surveys a month. Britain''s housing market has come under pressure in recent months. Mortgage lender Nationwide has reported three successive monthly falls in house prices for the first time since 2009, while rival Halifax says annual growth is the lowest since 2013. Britain''s economy as a whole initially withstood the shock of the Brexit vote but lost much of its momentum in early 2017. The combination of slow growth and high inflation has put the Bank of England in a difficult spot. Its interest-rate setters split 5-3 this month on the need to raise borrowing costs to see off a rise in inflation. The BoE is waiting to see if exports can offset weaker consumer demand. There was some more encouraging economic news on Tuesday from jobs website Adzuna. For the past two years it has reported year-on-year declines in available wages. May''s decline of 1.0 percent was the joint-smallest since July 2015. (Reporting by William Schomberg, editing by David Milliken)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-idUKKBN19H2P6'|'2017-06-27T07:12:00.000+03:00'|4896.0|''|-1.0|'' 4897|'a35fe831aa0d733810ee7f597ca5cbc644956174'|'Uncertainty over Stada bid likely to drag on over weekend: sources'|'By Alexander Hbner - FRANKFURT FRANKFURT Buyout groups Bain Capital and Cinven must wait over the weekend to see whether their takeover bid for the German generic drugmaker Stada ( STAGn.DE ) has been successful, two sources familiar with the situation said.The tender offer for the agreed 5.3 billion euro ($5.9 billion) deal at 66 euros per share ran through to the end of Thursday, June 22, and was made conditional on securing 67.5 percent of the shares in the drugmaker. By late Friday, they had not announced the threshold had been crossed."We''re not yet there. But hope springs eternal," one source told Reuters.Bain, Cinven and Stada declined to comment.By Thursday at 1030 GMT 45.3 percent of the shares had been tendered, the buyout groups said, 22 points short of the required minimum.Even though institutional investors typically tender shortly before the deadline, the bidders have grown increasingly uneasy about the slow uptake, sources close to them have told Reuters.Shares in Stada closed at 63.76 euros on Friday, under the offer price of 66 euros a share.The bid is nevertheless widely regarded as attractive, given the premium of 49 percent over the share price before initial reports emerged that a takeover was on the cards.Bain and Cinven had vied fiercely with a rival consortium comprising Advent and Permira for control of Stada.Many buyout firms are flush with cash after recent divestments and cheap borrowing costs and they are particularly attracted to healthcare assets for their reliable cash flows that are immune to swings in the business cycle.In early June Bain and Cinven lowered the minimum acceptance threshold from 75 percent and postponed the cut-off date by two weeks.A relatively large 27 percent of shares are held by individual non-professional investors, many of whom are elderly, according to the sources.Only about half of these retail investors are expected to tender, with the rest expected to ignore or forget letters from custodian banks informing them of the offer.Some custodian banks may take longer to notify Stada and its suitors of the shares tendered, meaning it may be Monday or Tuesday before the last shares arrive."Some banks still send them in the post," one investment banker said.Complicating things further for Stada''s suitors, index tracking funds that cannot tender are seen as holding about 12 percent of the shares.While German takeover rules bar Bain and Cinven from amending their offer a second time, they could make a renewed bid with Stada''s approval within a year of the first attempt failing.(Writing by Ludwig Burger and Victoria Bryan; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-arzneimitt-m-a-idINKBN19E22N'|'2017-06-23T15:40:00.000+03:00'|4897.0|''|-1.0|'' 4898|'b6f1532c6e9ef73cb9f82cd3ca9abf4c197b70d2'|'Philippines mining bureau official says open-pit ban has ''no legal basis'''|'Environment 5:44am BST Philippines mining bureau official says open-pit ban has "no legal basis" MANILA A ban on open-pit mining in the Philippines enforced by a former environment minister has "no legal basis" and is under review, a senior official at the government''s mines bureau said on Thursday. "In the Philippines ... surface mining or ''open-pit'' is technically and financially feasible," Larry Heradez, chief of the Mines and Geosciences Bureau''s legal division, told reporters. Heradez is part of a team that is reviewing the policy orders of Regina Lopez, the former environment secretary who was dismissed last month. Heradez also said that some of the 75 mining contract cancellations that Lopez ordered may end up being upheld due to "possible violations like non-payment of taxes and non-implementation of work programmes". (Reporting by Enrico dela Cruz; Writing by Manolo Serapio Jr.)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-philippines-mining-idUKKBN19K0DQ'|'2017-06-29T07:41:00.000+03:00'|4898.0|''|-1.0|'' @@ -4925,9 +4925,9 @@ 4923|'5946c2092b783372015374ffca0dc8de30366981'|'Exclusive: Brazil orders Caixa to halt loans to J&F - sources'|'Wed Jun 7, 2017 - 8:09am BST Exclusive: Brazil orders Caixa to halt loans to J&F - sources FILE PHOTO: People walk past a Caixa Economica Federal bank in downtown Rio de Janeiro August 20, 2014. REUTERS/Pilar Olivares/File Photo By Aluisio Alves and Lisandra Paraguassu - SAO PAULO/BRASILIA SAO PAULO/BRASILIA The Brazilian government has ordered state-controlled lender Caixa Econmica Federal to stop providing financing to a family of billionaires who accused President Michel Temer of working to obstruct a corruption probe, people familiar with the decision said on Tuesday. According to two of the people, The Temer administration ordered management at Caixa not to refinance existing credit lines to J&F Investimentos SA, a holding company controlled by Brazil''s Batista family. Members of the Batista family offered prosecutors proof last month that Temer allegedly worked to obstruct a major corruption probe. One of the unnamed sources, who is a senior Temer government official, said under the condition of anonymity that ordering Caixa to stop doing business with J&F was in retaliation for accusations that Joesley Batista, a family member and then J&F''s chairman, made against Temer. Joesley Batista secretly taped a conversation in which Temer appeared to condone bribing a potential witness. J&F controls JBS SA, the world''s No. 1 meatpacker, and several companies in the fashion, dairy, pulp and banking industries. Caixa is J&F''s largest creditor with outstanding loans worth 9.7 billion reais ($3 billion), a third person said. Caixa has set aside extra capital to reclassify some of the loans to J&F, after deeming them riskier than before, the same person said. The extra provisioning came after Caixa asserted control of unspecified collateral put forth by J&F for a merger financing loan it took two years ago, the person added. The situation underscores the discretionary way in which state lenders are run in Brazil, and how borrowers are exposed to retaliation if they fall out of grace with the government. Caixa was used as a policy tool by Temer''s predecessor, Dilma Rousseff, sparking heavy loan losses because of reckless lending and risk-taking decisions. Caixa said it made extra provisions related to J&F, but did not elaborate on the reasons for the move. J&F declined to comment. Temer''s office said in an emailed statement to Reuters that "state banks take actions based exclusively on technical criteria," noting that "decisions based on other criteria than that count with no authorization from the president''s office." Brazil''s Federal Supreme Court released plea bargain testimony on May 19 accusing Temer and his two predecessors of receiving bribes, the most damaging development yet in the nation''s biggest ever corruption probe. SURPRISING MOVE At the core of the decision to restrict Caixa''s business with J&F is a 2.7 billion-real loan that the Batista family took late in 2015 to buy a controlling stake in apparel and fashion branding firm Alpargatas SA ( ALPA4.SA ), the people said. Losing Caixa as a key creditor means the Batistas will have to resort to other lenders or sell assets to raise cash for a heavy repayment calendar over the next year. One of the people said that companies controlled by J&F, excluding JBS, have about 14 billion reais of debt maturing over the next 12 months. Analysts including JPMorgan Securities''s Natalia Corfield have said that recent political and economic turmoil in Brazil risks slowing Caixa''s efforts to reduce defaults and provisions. Caixa''s surprising move also set off warning signs among other banks that are also lenders to J&F, one of the people said. By winning control of more guarantees, Caixa raced ahead of other lenders and has a smaller chance of undertaking loan losses if J&F defaults, the same person added. In a statement, J&F said it "does maintain long-term relationships with financial institutions," refraining from commenting further. J&F, which stands for the initials of Joesley''s parents Jos and Flora, agreed to pay a record-setting 10.3 billion-real fine for engaging in bribery, graft and other crimes. Joesley Batista''s plea deal has sent shockwaves across Brazil''s political and business establishments, and risks accelerating Temer''s ouster from office, analysts said. Most of the fine J&F will pay, or the equivalent of 8 billion reais, will be divided among Caixa, Brazil''s development bank BNDES [BNDES.UL], a state-controlled severance fund known as FGTS as well as two pension funds for employees of state-controlled companies. Reuters reported on May 22 that BNDES decided not to extend any new loans to JBS ( JBSS3.SA ) or J&F Investimentos until they signed a leniency agreement with federal prosecutors. Pension funds and state-run banks invested in or extended loans to J&F companies in return for bribes paid by the Batista brothers, according to plea deal testimony. (Writing and additional reporting by Guillermo Parra-Bernal; Editing by Daniel Flynn and Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-brazil-corruption-jbs-caixa-ec-federa-idUKKBN18Y0KL'|'2017-06-07T15:07:00.000+03:00'|4923.0|''|-1.0|'' 4924|'e3acee377e6871f101d1527518f10bc667ea7183'|'MIDEAST STOCKS-Gulf mixed as Qatar falls back, Abu Dhabi''s Dana Gas soars'|'Market News 9:57am EDT MIDEAST STOCKS-Gulf mixed as Qatar falls back, Abu Dhabi''s Dana Gas soars * Qatar National Bank pulls down Qatari index * Gulf Warehousing rebounds near pre-sanctions level * Emaar Properties supports Dubai market on spin-off plan * Dana proposes to restructure $700 mln sukuk at lower rates * Trade very thin in Saudi Arabia By Andrew Torchia DUBAI, June 13 Gulf stock markets were mixed on Tuesday as Qatar fell back, still affected by other Gulf states'' sanctions against Doha, while Abu Dhabi''s Dana Gas soared on its proposal to restructure a $700 million sukuk. Qatar''s index fell by 0.4 percent but remained more stable than when the sanctions were announced last week. Qatar National Bank, the region''s largest lender, fell by 1.3 percent. Like other Qatari banks, it has been hit by concern that the economic and diplomatic boycott imposed by Saudi Arabia and its allies could reduce its access to foreign funding. However, some other lenders held firm, with Doha Bank up 0.2 percent. Logistics company Gulf Warehousing, which had plunged after the boycott started, rebounded 6.9 percent to 48.80 riyals. Though Qatar''s trade has been disrupted, it has kept shipments moving thanks to measures such as changing shipping routes to operate via Oman instead of the United Arab Emirates. Dubai''s index rose 0.4 percent as Emaar Properties rose 1 percent, building on gains after last week''s announcement of plans to spin off its local real estate business. In Abu Dhabi, the index climbed 0.6 percent as Dana Gas jumped by its 15 percent daily limit to 0.69 dirhams, its highest level since late 2014. Trade in the stock was at its heaviest for three years. The company said it was proposing to restructure its $700 million of outstanding sukuk at much lower profit rates because it had discovered the paper was "unlawful" in the United Arab Emirates -- a claim that some creditors said they would contest. Saudi Arabia''s index was almost flat in thin trade but Gulf Union Cooperative Insurance jumped by its 10 percent daily limit after saying it had cut its accumulated losses to 20 percent of capital from 33.5 percent. HIGHLIGHTS * The index edged down 0.03 percent to 6,821 points. DUBAI * The index gained 0.4 percent to 3,442 points. ABU DHABI * The index added 0.6 percent to 4,538 points. QATAR * The index fell 0.4 percent to 9,095 points. EGYPT * The index rose 0.3 percent to 13,531 points. KUWAIT * The index edged up 0.03 percent to 6,777 points. BAHRAIN * The index rose 0.4 percent to 1,327 points. OMAN'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1JA291'|'2017-06-13T21:57:00.000+03:00'|4924.0|''|-1.0|'' 4925|'ce4ecc4f4b5dfed04a930a3a0b5b7d5bf9a4006a'|'JDE bets on Brazil as it chases Nestle in global coffee retail'|'By Marcelo Teixeira - SAO PAULO SAO PAULO Global coffee retailer Jacobs Douwe Egberts BV said on Tuesday it is eyeing new acquisitions in Brazil, where it is seeking double-digit growth as it chases Nestle in the international coffee retail business.JDE executives said during a presentation of new products in Sao Paulo that the company was banking on higher quality products in the world''s second largest coffee market to increase revenues and market share.JDE has bought up a string of coffee and tea firms, establishing its position as a key player in the global retail business. It was created in 2015 when its controlling holding company, JAB Holdings BV, bought Mondelez International Inc''s coffee operations in a cash and stock deal.The company has since acquired some of the best-known brands in Brazil, such as Caf do Ponto, Pilo and Caf Pel."We want to be a leader in Brazil. We continue to look for opportunities," Lara Barns, head of JDE local unit, told reporters after presenting a new set of products aimed at the premium coffee market in Brazil, as the firm bets on higher value-added items to boost revenues.JDE has around 20 percent of the local coffee retail market, behind leader Trs Coraes, a 50-50 joint venture between Israeli holding company Strauss Group Ltd and Brazilian family-owned firm So Miguel. Trs Coraes has 24 percent of share.Brazil accounts for 20 percent of JDE global sales volumes, but only 10 percent of total revenues of 5 billion euros in 2016, said Barns, pointing to lower prices. That is thanks to abundant supply in Brazil, the world''s largest producer, but is also due to a profusion of lower quality brands which make up most of the market, Barns said."But the premium coffee segment is the one that grows the most in Brazil. That is our bet," she added.According to Euromonitor, Nestle has 22 percent of the global coffee retail market. JDE has 9.5 percent, a share that could go up to 12 percent considering businesses from U.S.-based Keurig Green Mountain, acquired by JAB Holdings two years ago in a deal valued at $13.9 billion.(Reporting by Marcelo Teixeira; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-coffee-jde-idINKBN19B2Z8'|'2017-06-20T18:08:00.000+03:00'|4925.0|''|-1.0|'' -4926|'29140a2602e9e466dbacd80915ae2154d93299b2'|'Petropavlovsk boss Peter Hambro battles ''stealth takeover'''|'Market News - Thu Jun 8, 2017 - 8:49am EDT Petropavlovsk boss Peter Hambro battles ''stealth takeover'' * Chairman of Chelsea soccer club among nominated directors * Hambro says proposals against interests of most investors * Company returned to profit in 2016 By Barbara Lewis LONDON, June 8 Peter Hambro, who has headed Russian-focused gold miner Petropavlovsk for decades, is seeking to fend off a shareholder revolt led by Russian billionaire Viktor Vekselberg, whom Hambro accuses of pursuing "a takeover by stealth". After nearly a quarter of a century at the helm of a company he founded in 1994, Hambro says he has begun addressing the succession issue and would consider selling at the right price. His objection is to what he terms a "takeover by stealth" of the London-listed company and a proposed change of the board, which would replace four of six board members - just when Petropavlovsk has returned to profit. One of the nominees is Bruce Buck, chairman of Chelsea Football Club, which had no immediate comment. "It is my belief that replacing the non-executive directors and myself on the board with their own nominees, is not in the interests of shareholders as a whole," Hambro said of the plans of Vekselberg and other stakeholders. Hambro said he expected a ruling from London''s takeover watchdog, which said it never comments on specific cases. Its rules on whether a formal takeover offer is necessary provide for examining whether shareholders are acting in concert, whether they have "a significant relationship" with nominees and when they crossed a threshold of 30 percent or more voting rights. Hambro is calling on an annual general meeting (AGM) in London on June 22 to vote against resolutions put forward by shareholders with a more than 30 percent stake in total. They are Vekselberg''s conglomerate Renova, Sothic Capital Management and M&G. All declined to comment. In separate resolutions, they call for new appointments to replace Hambro and non-executive directors Robert Jenkins, Alexander Green and Andrew Vickerman. In their place, in addition to Buck, they are nominating Vladislav Egorov, who works for the Renova group, Garrett Soden, who has worked for the Lundin mining companies for a decade, and Ian Ashby as chairman. Ashby headed BHP''s iron ore division from 2006 to 2012 and was named in May as a non-executive director at Anglo American, which declined to comment. Petropavlovsk in May announced Vickerman would become interim non-executive chairman after the June AGM. It has appointed recruitment specialists to find a permanent replacement for Hambro, who has agreed to stand down as chairman and become an executive director. Petropavlovsk returned to profitability in 2016 after restructuring to tackle its debts. Its share price has recovered to above eight pence from a low around 5 pence in early 2016. Following higher gold prices and lower costs, 2016 net profit stood at $31.7 million, compared with a 2015 net loss of $297.5 million. (Additional reporting by Polina Devitt in Moscow and Carolyn Cohn, Maiya Keidan and Dasha Afanasieva in London; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petropavlovsk-agm-idUSL8N1J3536'|'2017-06-08T20:49:00.000+03:00'|4926.0|''|-1.0|'' +4926|'29140a2602e9e466dbacd80915ae2154d93299b2'|'Petropavlovsk boss Peter Hambro battles ''stealth takeover'''|'Market News - Thu Jun 8, 2017 - 8:49am EDT Petropavlovsk boss Peter Hambro battles ''stealth takeover'' * Chairman of Chelsea soccer club among nominated directors * Hambro says proposals against interests of most investors * Company returned to profit in 2016 By Barbara Lewis LONDON, June 8 Peter Hambro, who has headed Russian-focused gold miner Petropavlovsk for decades, is seeking to fend off a shareholder revolt led by Russian billionaire Viktor Vekselberg, whom Hambro accuses of pursuing "a takeover by stealth". After nearly a quarter of a century at the helm of a company he founded in 1994, Hambro says he has begun addressing the succession issue and would consider selling at the right price. His objection is to what he terms a "takeover by stealth" of the London-listed company and a proposed change of the board, which would replace four of six board members - just when Petropavlovsk has returned to profit. One of the nominees is Bruce Buck, chairman of Chelsea Football Club, which had no immediate comment. "It is my belief that replacing the non-executive directors and myself on the board with their own nominees, is not in the interests of shareholders as a whole," Hambro said of the plans of Vekselberg and other stakeholders. Hambro said he expected a ruling from London''s takeover watchdog, which said it never comments on specific cases. Its rules on whether a formal takeover offer is necessary provide for examining whether shareholders are acting in concert, whether they have "a significant relationship" with nominees and when they crossed a threshold of 30 percent or more voting rights. Hambro is calling on an annual general meeting (AGM) in London on June 22 to vote against resolutions put forward by shareholders with a more than 30 percent stake in total. They are Vekselberg''s conglomerate Renova, Sothic Capital Management and M&G. All declined to comment. In separate resolutions, they call for new appointments to replace Hambro and non-executive directors Robert Jenkins, Alexander Green and Andrew Vickerman. In their place, in addition to Buck, they are nominating Vladislav Egorov, who works for the Renova group, Garrett Soden, who has worked for the Lundin mining companies for a decade, and Ian Ashby as chairman. Ashby headed BHP''s iron ore division from 2006 to 2012 and was named in May as a non-executive director at Anglo American, which declined to comment. Petropavlovsk in May announced Vickerman would become interim non-executive chairman after the June AGM. It has appointed recruitment specialists to find a permanent replacement for Hambro, who has agreed to stand down as chairman and become an executive director. Petropavlovsk returned to profitability in 2016 after restructuring to tackle its debts. Its share price has recovered to above eight pence from a low around 5 pence in early 2016. Following higher gold prices and lower costs, 2016 net profit stood at $31.7 million, compared with a 2015 net loss of $297.5 million. (Additional reporting by Polina Devitt in Moscow and Carolyn Cohn, Maiya Keidan and Dasha Afanasieva in London; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petropavlovsk-agm-idUSL8N1J3536'|'2017-06-08T20:49:00.000+03:00'|4926.0|13.0|2.0|'' 4927|'9c98090e02558a4b0f84e36f578c8a5f6325a75f'|'Nikkei falls in choppy trade after weak U.S. data overshadows Fed hike'|'* Exporters, banks weak after Fed raises rates* Exporters mostly weak as yen strengthens* Nintendo jumps 3.5 pct to best level since Jan 2009By Ayai TomisawaTOKYO, June 15 Japan''s Nikkei share average fell in choppy trade on Thursday, after weak U.S. inflation data overshadowed an interest hike by the Federal Reserve.Also souring sentiment was a Washington Post report that U.S. President Donald Trump is being investigated by a special counsel for possible obstruction of justice.By midmorning, the Nikkei was down 0.6 percent at 19,762.71, after briefly flirting with positive territory earlier.The U.S. central bank raised interest rates to a range of 1.00 to 1.25 percent as expected, and gave its first clear outline on its plan to reduce its $4.2-trillion bond portfolio. Fed policy makers also signalled they were likely to raise rates once more this year.But the rate hike was overshadowed by poor inflation and retail sales data."The market is relieved that the big event has passed. But the result left the market with lots of questions after weak U.S. economic data," said Takuya Takahashi, a strategist at Daiwa Securities.Consumer prices unexpectedly fell on month in May and the annual increase in core CPI slipped to 1.7 percent, the smallest rise since May 2015, after advancing 1.9 percent in April.Retail sales fell 0.3 percent last month - the largest fall since January 2016 and way below economists'' expectations for a 0.1 percent gain."It is difficult for investors to imagine that the U.S. economy will recover from the first quarter and inflation will rise anytime soon," Daiwa''s Takahashi said.Exporters were mostly weak after the dollar dropped to an eight-week low of 108.81 yen overnight before recovering to trade at 109.56 yen.Toyota Motor Corp dropped 1.0 percent, while Honda Motor Co shed 0.5 percent.Shares of banks, which hunt for higher yielding products, also lost ground after U.S. yields fell. Mitsubishi UFJ Financial Group and Mizuho Financial Group both declined 1.4 percent.Bucking the trend was Nintendo Co, soaring 3.5 percent to 35,980, a level not seen since January 2009, extending its gains after it announced on Twitter the previous day that it would release Super Mario Odyssey for Switch on Oct. 27.The broader Topix dropped 0.5 percent to 1,583.42. (Editing by Jacqueline Wong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL3N1JC1FZ'|'2017-06-15T00:44:00.000+03:00'|4927.0|''|-1.0|'' -4928|'7938232c9a961d8e753ced551cbb68711e352aea'|'Energen sticks to business plan as Corvex raises stake'|'Activist investor Corvex Management LP reported a 7.6 percent stake in oil and gas producer Energen Corp ( EGN.N ) on Wednesday and expressed "disappointment" with the company''s decision to stick to its business plan.Corvex, run by Carl Icahn protege Keith Meister, said Energen''s decision was made without consulting shareholders on potential strategic alternatives for the company. ( bit.ly/2tlmPV8 )However, Energen said on Wednesday it conducted a review of its business with the help of two financial advisers and input from shareholders and concluded that its best option was to continue with its present business execution.Corvex last month disclosed a 5.5 percent stake in Energen and urged the company to explore a sale. The 7.6 percent stake revealed on Wednesday will make it Energen''s fifth-largest shareholder, according to Thomson Reuters calculation.Energen has a large concentration of assets in the Permian Basin which has become a hotbed of M&A activity in the energy industry as a recovery in oil prices spurs firms to make strategic investments.Birmingham, Alabama-based Energen''s shares were up 2.5 percent at $49.15, giving the company a market value of about $4.80 billion.(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-energen-corvex-idUSKBN19J2L0'|'2017-06-28T21:26:00.000+03:00'|4928.0|''|-1.0|'' +4928|'7938232c9a961d8e753ced551cbb68711e352aea'|'Energen sticks to business plan as Corvex raises stake'|'Activist investor Corvex Management LP reported a 7.6 percent stake in oil and gas producer Energen Corp ( EGN.N ) on Wednesday and expressed "disappointment" with the company''s decision to stick to its business plan.Corvex, run by Carl Icahn protege Keith Meister, said Energen''s decision was made without consulting shareholders on potential strategic alternatives for the company. ( bit.ly/2tlmPV8 )However, Energen said on Wednesday it conducted a review of its business with the help of two financial advisers and input from shareholders and concluded that its best option was to continue with its present business execution.Corvex last month disclosed a 5.5 percent stake in Energen and urged the company to explore a sale. The 7.6 percent stake revealed on Wednesday will make it Energen''s fifth-largest shareholder, according to Thomson Reuters calculation.Energen has a large concentration of assets in the Permian Basin which has become a hotbed of M&A activity in the energy industry as a recovery in oil prices spurs firms to make strategic investments.Birmingham, Alabama-based Energen''s shares were up 2.5 percent at $49.15, giving the company a market value of about $4.80 billion.(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-energen-corvex-idUSKBN19J2L0'|'2017-06-28T21:26:00.000+03:00'|4928.0|12.0|0.0|'' 4929|'f8f8f75d133ca838507cf5e3da18b6dc088afbd7'|'UK will pay for Roche breast cancer drug at centre of price row'|'Health 1:47pm BST UK will pay for Roche breast cancer drug at center of price row FILE PHOTO: Roche tablets are seen positioned in front of a displayed Roche logo in this picture illustration, January 22, 2016. REUTERS/Dado Ruvic/Illustration/File Photo LONDON A Roche breast cancer drug at the center of a prolonged pricing row in Britain will now be paid for routinely, following a discount deal between the company and the National Health Service, the country''s cost watchdog said on Thursday. Kadcyla, which can prolong the lives of some women with advanced disease, has been a battle-ground for campaigners wanting better access to modern cancer drugs, with 115,000 people signing a petition demanding its availability. The National Institute for Health and Care Excellence (NICE) said it could now recommend funding for Kadcyla, following the new commercial access arrangement with Roche. Details of the discount offer were not disclosed. At its full list price, Kadcyla costs about 90,000 pounds ($115,000) per patient, according to NICE, although Roche says this figure is exaggerated because the drug is typically given for shorter periods than NICE assumes. Until now, the drug has only been covered by the Cancer Drugs Fund, which finances drugs not routinely paid for on the NHS. With the medicine moving to routine use, NICE estimates around 1,200 women could now be eligible to receive it. Roche, the world''s biggest supplier of cancer medicines, has expressed frustration in the past at the rigid system used in Britain to determine value for money in cancer care, with CEO Severin Schwan describing the system as "stupid" in 2015. Industry critics, however, argue that medicine prices are rising far faster than inflation, especially in cancer treatment, and returns demanded by the industry on newly launched products are unsustainable. (Reporting by Ben Hirschler; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-roche-britain-cancer-idUKKBN1961L1'|'2017-06-15T20:47:00.000+03:00'|4929.0|''|-1.0|'' 4930|'73e38128e70c072c566d0285272eecdd807b61d9'|'UPDATE 1-Brazil''s Petrobras says political turmoil unlikely to affect asset sales'|'(Adds details from presser, context)By Daniel FlynnRIO DE JANEIRO, June 1 Brazil''s state-controlled oil company Petroleo Brasileiro SA does not expect political turmoil caused by a massive corruption investigation to affect its asset sales and debt reduction program, Chief Executive Officer Pedro Parente said on Thursday.The Petrobras CEO also said the company will not stop deleveraging once the target of debt at 2.5 times EBITDA is reached. He said a level of 1.5 times EBITDA, or earnings before interest, tax, depreciation and amortization, is more appropriate."We don''t see the country''s current condition as altering our plans to reduce debt," he said, referring to the sweeping "Car Wash" graft probe that centers on political kickbacks on Petrobras contracts and has now led to the investigation of President Michel Temer, among scores of other lawmakers.Parente, speaking to a small group of foreign journalists, did say that some developments, such as Moody''s changing its outlooks to negative from stable for several major Brazilian firms on Wednesday, along with the political turbulence, did have some consequences for Petrobras."Our outlook for a new upgrade to our credit rating is now more complicated, but that has nothing to do with the operations of the company," Parente said.Parente''s remarks underscore the challenges still faced by the company.During the course of the "Car Wash" probe, federal judge Sergio Moro has put dozens of Petrobras industry and engineering firm executives behind bars in the investigation into political kickbacks on contracts at state companies.Oil prices near decade lows and losses incurred over many years because of government-mandated fuel subsidies also pose challenges to Petrobras.Petrobras'' aggressive turnaround helped the firm post a record operating profit in the first quarter and move ahead of schedule in reducing a debt burden that is the largest of any major oil firm. (Reporting by Daniel Flynn; Writing by Ana Mano; Editing by Alistair Bell)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-outlook-idUSL1N1IY0U6'|'2017-06-01T23:03:00.000+03:00'|4930.0|''|-1.0|'' 4931|'77f4b6df58805ab13866dc06d8e08c22ddae9d12'|'Irish services sector growth slips back from 10-month high - PMI'|'Business 08am BST Irish services sector growth slips back from 10-month high - PMI Musicians play Irish traditional music in a pub in central Dublin November 21, 2010. REUTERS/Cathal McNaughton DUBLIN, June 6 Ireland''s services sector growth slipped back from a 10-month high in May but remained strong thanks to a steady flow of new orders fuelling optimism about the future, a survey showed on Tuesday. The Investec Services Purchasing Managers'' Index (PMI) slipped to 59.5 in May from 61.1 in April. Services have not fallen below the 50 mark that separates growth from contraction since June 2012, when Ireland was halfway through a three-year international bailout. Ireland was the best performing economy in the EU for the third year in a row last year despite concerns that it is the country most exposed to the fallout from neighbouring Britain''s vote last year to leave the bloc. The manufacturing PMI for May, released last week, indicated that Ireland''s manufacturing sector was growing at its fastest pace in almost two years. Thirty-two percent of the services sector managers questioned reported a rise in activity in May while just 14 percent reported a fall, the survey''s authors said. And 55 percent of respondents forecast an increase in business activity over the next 12 months compared to 6 percent forecasting a decrease. "Such optimism appears well-founded given the improving international backdrop," Investec Ireland chief economist Philip O''Sullivan said. (Reporting by Conor Humphries; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-pmi-idUKKBN18X0D0'|'2017-06-06T13:08:00.000+03:00'|4931.0|''|-1.0|'' @@ -4936,7 +4936,7 @@ 4934|'425039c802773a04e5d3e940af62ba1733393f92'|'Live Q&A: What is the best model to bring healthcare to all? - Global Development Professionals Network'|'More than 400 million people around the world do not have access to health services, the World Health Organisation announced in 2015 in a report released shortly before the signing of the UNs sustainable development goals (SDGs). And the punitive cost of accessing treatment is one of the biggest barriers: 6% of people are even driven further into poverty by health spending.Global health leaders clearly have a momentous challenge on their hands if they want to deliver on their promise of achieving universal health coverage, including financial risk protection, access to quality essential health-care services and access to safe, effective, quality and affordable essential medicines and vaccines for all by 2030 one of the 169 targets that make up the SDGs.So, what needs to change to bridge this gap? Which affordable healthcare models are most effective and could they be scaled up? And how much influence should the private sector have in delivering universal health coverage?Join an expert panel on Thursday 29 June from 3-4.30pm BST, to discuss these questions and more.The live chat is not video or audio-enabled but will take place in the comments section (below). Want to recommend someone for the panel or ask a question in advance? Get in touch via globaldevpros@theguardian.com or @GuardianGDP on Twitter. Follow the discussion using the hashtag #globaldevlive .Panel to be confirmed.Topics Global development professionals network Healthcare industry Global health Live Q&As'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jun/23/live-qa-what-is-the-best-model-to-bring-healthcare-to-all'|'2017-06-23T22:19:00.000+03:00'|4934.0|''|-1.0|'' 4935|'85c209c567cbf85ba255d7ef3033d3f8d83f9ece'|'France starts judicial inquiry into LafargeHolcim''s Syrian activities - source'|'Top 8:03am BST France starts judicial inquiry into LafargeHolcim''s Syrian activities - source FILE PHOTO: The logo of LafargeHolcim is seen at its headquarters in Zurich, Switzerland, March 2, 2017. REUTERS/Arnd Wiegmann/File Photo PARIS France has launched a judicial inquiry into the Syrian activities of cement and construction group LafargeHolcim, a judicial source said on Tuesday, with the probe looking into the "financing of terrorist enterprise" and endangering lives. The source said one judge dealing with anti-terrorism matters and two financial judges were handling the matter. A spokeswoman for the company said LafargeHolcim had no immediate comment on the subject. In April, LafargeHolcim said its chief executive Eric Olsen was leaving after the company admitted it had paid armed groups to keep a factory operating in war-ravaged Syria. An independent internal inquiry found protection payments made to intermediaries to keep open the Jalabiya plant in northern Syria were not in line with its policies. (Reporting by Emmanuel Jarry; Writing by Sudip Kar-Gupta; Editing by Jean-Michel Belot and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lafargeholcim-syria-idUKKBN1940Q5'|'2017-06-13T15:03:00.000+03:00'|4935.0|''|-1.0|'' 4936|'ee34f26cfd1f549f201ece9aebcb8c6938606c5b'|'BRIEF-Sarepta, Genethon announce research collaboration for DMD treatment'|' 18am EDT BRIEF-Sarepta, Genethon announce research collaboration for DMD treatment June 21 Sarepta Therapeutics Inc: * Sarepta Therapeutics and Genethon announce a gene therapy research collaboration for the treatment of Duchenne Muscular Dystrophy * Sarepta Therapeutics Inc - financial terms of collaboration have not been disclosed * Sarepta Therapeutics Inc - Sarepta has option to co-develop Genethon''s micro-dystrophin program, which includes exclusive U.S. commercial rights * Sarepta Therapeutics Inc - under terms of collaboration, Genethon will be responsible for early development work '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sarepta-genethon-announce-research-idUSFWN1JI0FU'|'2017-06-21T19:18:00.000+03:00'|4936.0|''|-1.0|'' -4937|'e5010f8cf23affea2aab532a74e2803b4d7aa9ba'|'Sycamore Partners close to deal to acquire Staples - sources'|'By Greg Roumeliotis and Lauren Hirsch Private equity firm Sycamore Partners is in advanced talks to acquire Staples Inc following an auction for the U.S. office supplies retailer, people familiar with the matter said on Wednesday, in a deal that could top $6 billion.The acquisition would come a year after a U.S. federal judge thwarted a merger between Staples and peer Office Depot Inc on antitrust grounds.It would represent a bet by Sycamore that Staples could more quickly shift its business model from serving consumers to catering to companies if it were to go private.Sycamore is in the process of finalizing a debt financing package for its bid for Staples after it prevailed over another private equity firm, Cerberus Capital Management, three sources said.An agreement could be announced as early as next week, though negotiations between Sycamore and Staples are continuing and there is still a possibility that deal discussions could fall apart, the sources added.The sources asked not to be identified because the negotiations are confidential. Framingham, Massachusetts-based Staples and New York-based Sycamore declined to comment. Cerberus, which is also based in New York, did not immediately respond to a request for comment.Staples, which made its name selling paper, pens and other supplies in retail stores, reported a smaller-than-expected fall in first-quarter comparable sales last month, while its profit met analyst estimates, helped by a growth in demand for facilities, breakroom supplies and technology solutions.Staples has 1,255 stores in the United States and 304 in Canada. It has the largest market share of office supply stores in the United States at 48 percent, and its share has increased since 2011, according to Euromonitor.Private-equity acquisitions of retailers have become increasingly rare, as the investment firms worry about increasing headwinds facing the industry and their portfolio companies struggle with the debt burden left behind from leveraged buyouts. Retail deals comprised the smallest share of mergers and acquisitions in the first quarter of the year, according to Thomson Reuters data.A number of private equity-backed retailers, from Sports Authority Inc to Payless ShoeSource Inc, have filed for bankruptcy in the last two years.Sycamore, however, specializes in retail investments and has been more bullish on the sector. Its previous investments include regional department store operator Belk Inc, discount general merchandise retailer Dollar Express and mall and web-based specialty retailer Hot Topic.(Reporting by Greg Roumeliotis and Lauren Hirsch in New York; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/staples-m-a-sycamorepartners-idINKBN19D07M'|'2017-06-22T01:05:00.000+03:00'|4937.0|''|-1.0|'' +4937|'e5010f8cf23affea2aab532a74e2803b4d7aa9ba'|'Sycamore Partners close to deal to acquire Staples - sources'|'By Greg Roumeliotis and Lauren Hirsch Private equity firm Sycamore Partners is in advanced talks to acquire Staples Inc following an auction for the U.S. office supplies retailer, people familiar with the matter said on Wednesday, in a deal that could top $6 billion.The acquisition would come a year after a U.S. federal judge thwarted a merger between Staples and peer Office Depot Inc on antitrust grounds.It would represent a bet by Sycamore that Staples could more quickly shift its business model from serving consumers to catering to companies if it were to go private.Sycamore is in the process of finalizing a debt financing package for its bid for Staples after it prevailed over another private equity firm, Cerberus Capital Management, three sources said.An agreement could be announced as early as next week, though negotiations between Sycamore and Staples are continuing and there is still a possibility that deal discussions could fall apart, the sources added.The sources asked not to be identified because the negotiations are confidential. Framingham, Massachusetts-based Staples and New York-based Sycamore declined to comment. Cerberus, which is also based in New York, did not immediately respond to a request for comment.Staples, which made its name selling paper, pens and other supplies in retail stores, reported a smaller-than-expected fall in first-quarter comparable sales last month, while its profit met analyst estimates, helped by a growth in demand for facilities, breakroom supplies and technology solutions.Staples has 1,255 stores in the United States and 304 in Canada. It has the largest market share of office supply stores in the United States at 48 percent, and its share has increased since 2011, according to Euromonitor.Private-equity acquisitions of retailers have become increasingly rare, as the investment firms worry about increasing headwinds facing the industry and their portfolio companies struggle with the debt burden left behind from leveraged buyouts. Retail deals comprised the smallest share of mergers and acquisitions in the first quarter of the year, according to Thomson Reuters data.A number of private equity-backed retailers, from Sports Authority Inc to Payless ShoeSource Inc, have filed for bankruptcy in the last two years.Sycamore, however, specializes in retail investments and has been more bullish on the sector. Its previous investments include regional department store operator Belk Inc, discount general merchandise retailer Dollar Express and mall and web-based specialty retailer Hot Topic.(Reporting by Greg Roumeliotis and Lauren Hirsch in New York; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/staples-m-a-sycamorepartners-idINKBN19D07M'|'2017-06-22T01:05:00.000+03:00'|4937.0|5.0|2.0|'' 4938|'7a29087f494bbe5836ca44c6e59c6310132a5eb3'|'INVESTMENT FOCUS-Stocks flying, oil crying as 2017 hits halfway point'|'Market News - Fri Jun 23, 2017 - 11:34am EDT INVESTMENT FOCUS-Stocks flying, oil crying as 2017 hits halfway point By Marc Jones - LONDON, June 23 LONDON, June 23 World stocks could be about to record their best start to a year since 1998, when global markets were recovering from the Asian crisis, while oil and the dollar are facing their worst first-half in years. It has been a six months marked, first, by the crumbling of so-called Trump trades that were premised on U.S. President Donald Trump''s pledges of multi-trillion dollar spending. The second feature has been a political and growth outlook shift in Europe which has lured investors back to the continent. As this graphic shows reut.rs/2sxO66c 16-17 percent gains in emerging markets and Europe on a dollar-adjusted basis have boosted world stocks around 10 percent so far this year. Oil on the other hand is 2017''s worst performer, despite almost 2 million barrels-per-day of OPEC supply cuts. Undercut by high output from shale and some producers such as Nigeria, Brent crude futures have slumped 20 percent in their biggest first-half drop since 1997. The price moves have rekindled memories of the 50 percent rout seen in the second half of 2014. But equities have held up well despite a hefty tech share selloff earlier in June and a run of softer U.S. economic data which hint at slowing price growth and a major setback for the "Trumpflation" trades in vogue at the start of 2017. Despite two Federal Reserve rate hikes already this year, the dollar has fallen 4.5 percent against the world''s other top currencies -- its worst start to a year since 2006. "From a global perspective it is increasing the appetite for risky assets," said ABN Amro''s chief investment officer Didier Duret. Duret also noted the defeat for far-right, anti-establishment parties in French and Dutch elections, as well as a synchronised recovery in world growth. The euro zone is seen growing 2 percent this year, its best run in a decade, while latest data shows consumer confidence at a 16-year high. In Brexit-bound Britain, which has just been through a messy election, the pound has dropped 3 percent against the euro, whereas UK government bonds and the FTSE 100 have risen 2.4 and 6.4 percent respectively. Emerging markets too have enjoyed a trade and growth bounce. "There is a growing recognition we are seeing accumulative stability, with lower volatility and lower correlation between assets and this is constructive for creating momentum for equities," Duret said. While U.S. stocks have returned almost 10 percent year-to-date, many investors reckon European stocks offer better value - funds polled by Reuters every month have just upped euro zone equity exposure to a nine-month high. "Previously there were lots of reasons not to invest in Europe. Now Europe is growing faster than the U.S.," said Pictet Asset Management''s chief strategist Luca Paolini, who prefers European and emerging stocks. The past week has seen biggest U.S. equity outflows in five weeks. PERFECT LANDING Emerging markets have shrugged off the U.S. rate rises and the oil and tech tumbles. While emerging equities are the top performers, bonds in emerging market currencies have returned almost 10 percent in dollar terms, while hard currency sovereign debt is up 6 percent. "At the end of last year, everyone was long dollar but suddenly people realised the dollar was getting weaker. Usually when that happens it''s very good for EM assets," said Francois Savary, CIO of Swiss investment manager Prime Partners. There is likely room for more gains in the coming year, given the sector has underperformed for five years, he added. But within emerging markets there are losers as well as winners: tmsnrt.rs/2dZbdP5 Russian equities, heavily oil-reliant and a star of late 2016, have lost 17 percent but energy importer Turkey''s stock index has risen 30 percent, despite inflation, domestic political risks and policy wobbles. The Mexican peso is the world''s top performing currency, up 14 percent on the dollar, as faith wanes in Trump''s ability to implement anti-trade and anti-immigration pledges. Perhaps the biggest surprise has been Poland''s zloty which has surged more than 10 percent against the dollar, outstripping the euro''s 5.8 percent rise. Brazil''s real has been one of the worst-performing currencies, down 5 percent in 2017 due to fresh corruption scandals that have hit the country. "The question for the next six months is how far the positive European momentum should go," said ABN''s Duret. "And can China control its slowdown. Can it continue to achieve a perfect soft landing?" (Additional reporting by Sujata Rao and Dhara Ranasinghe in London; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-2017-graphic-idUSL8N1JK2J1'|'2017-06-23T23:34:00.000+03:00'|4938.0|''|-1.0|'' 4939|'4bad0f7e095384f23bd582c6ebe51cde62a7cc9d'|'Service with a smile: how to keep customers coming back - Guardian Small Business Network'|'L oyal customers are hard won, and easily lost. But there are simple and effective ways to encourage repeat custom. Staff training, loyalty schemes and customer reviews were some points for discussion in our live Q&A on the secrets to customer loyalty.First up were loyalty schemes, with a few questions from reader Oliver King. He asked if loyalty schemes are effective, whether customers have become less keen on them, and what they might look like in the future.Naomi Timperley, honorary industry fellow at Salford Business School, co-founder, Tech North Advocates and chair, Capital Pilot, said: I think it depends on what the customer gets. Jo Densley, founder of Relish Food Marketing , agreed with this. She said: Customers are becoming more savvy and comparing one loyalty card against another to see if they are getting good valueAsk the experts: the secrets to customer loyalty as it happened Read moreMeanwhile, Joanna Causon, chief executive of The Institute of Customer Service , added that the future of consumer buying is characterised by personalisation, so building trust is important. If I dont trust an organisation, I dont share my data, which means they cannot personalise, she said. Points based-loyalty programmes have their place, but what we need to consider is whether they are sufficiently personalised and relevant to the customers needs.Simon Wadsworth, managing director of Igniyte , added: Offering a simple, clear system of rewards is more readily seen as a win-win for current customers, giving them a more positive image of your company, which can give you an edge on the competition.Next the panel discussed staff training: how important are the staff if your aim is keeping customers on side? And what type of training works best? Calum Brannan, CEO and co-founder, No Agent , made a good point: [Staff] who deal with customer service issues need to have a good deal of emotional intelligence and a can-do attitude.According to Causon, many service staff lack this Institute of Customer Service research revealed 84% of UK customers dont think UK customer-facing staff have appropriate levels of training. The skills most important to customers revolve around competence, behaviour and attitude. Training should always have a practical element to it for those involved, making it relevant and real and not overly theoretical, she added. Causon also pointed to research suggesting that for every 1% increase in employee engagement there is around a 0.5% increase in customer satisfaction.Stephen Dorman, general manager customer quality, Kia Motors (UK) , explained that businesses should always know what they want staff training to achieve and how they will measure its success. Ensure follow-ups take place with employees, he added. This will help you see what theyve learned and to plan the next steps in their development.Small businesses can have an advantage over big players when it comes to service many know their customers personally. Armed with this knowledge, they can use simple, low-cost ways to make their customers feel valued. Densley said she often sees this approach among small food and drinks producers. Small acts such as adding a handwritten card or free sample to a customers package can encourage them to talk about your brand to their friends and family, she explained.Aine Breen, owner of Liwu Jewellery , said: If you are asking them for email addresses, etcetera, be sure to say what is in it from them ie discounts, notifications of new product or invitations to events.For the owner of a jewellery business, such as Breen, branding is important to stand out in a crowded market. But, one reader asked, what part does branding play in customer loyalty? How should small businesses start with branding, and what should they prioritise?Breen shared some practical advice: Branding should help your business be identifiable. I started with a great graphic designer (a freelancer) and we came up with a logo and colours and fonts that embodied my business. I use them consistently.Wadsworth said that where to spend on branding depends on where your customers are most likely to find you be that word-of-mouth, or a Google search, for example. He added: Its important to ensure that, when a potential customer Googles the name of your firm, theyre seeing the kind of positive content that will give them confidence in the brands integrity and trustworthiness.Asked for his top piece of advice for building loyalty, Wadsworth said businesses should respond to all customer reviews, including the positive ones. Its easy to focus attention on addressing negative feedback, but its also important to give a thumbs up to customers whove taken the time out of their day to highlight a great experience.Densley offered a valuable final point: For small brands its often all about the story if they can differentiate themselves from the big faceless brands out there and connect with consumers on an emotional, more personal, level.Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.Topics Accessing expertise How to ... Small business Entrepreneurs Consumer affairs features Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jun/02/service-smile-experts-expert-tips-keep-customers-coming-back'|'2017-06-02T15:00:00.000+03:00'|4939.0|''|-1.0|'' 4940|'7ace37011cf2a55decc58a566881c3217a2c015c'|'Ryanair in talks with Boeing over new 737 model - sources'|'Tue Jun 13, 2017 - 5:38pm BST Ryanair in talks with Boeing over new 737 model: sources FILE PHOTO: A Ryanair aircraft lands at Ciampino Airport in Rome, Italy December 24, 2016. REUTERS/Tony Gentile/File Photo PARIS/DUBLIN Irish budget carrier Ryanair ( RYA.I ) is in talks with Boeing ( BA.N ) about placing an order for its proposed new 737 MAX 10 jetliner, two people familiar with the matter said on Tuesday. Boeing is expected to launch what would become the largest version of its 737 MAX medium-haul family at the opening of the Paris air show next week. A Boeing spokesman for the region declined to comment. A Ryanair spokesman said: "We do not comment upon rumor or speculation". (Reporting by Tim Hepher, Conor Humphries, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ryanair-boeing-idUKKBN1942B5'|'2017-06-14T00:36:00.000+03:00'|4940.0|''|-1.0|'' @@ -4957,7 +4957,7 @@ 4955|'94c179c01f7379699413c82f2e25464a3c1fd97f'|'China stocks regulator approves six IPOs to raise $499 million'|'Business News - Sat Jun 17, 2017 - 7:12am BST China stocks regulator approves six IPOs to raise $499 million SHANGHAI China''s securities regulator has said it has approved six initial public offerings (IPOs) that aim to raise a combined total of up to 3.4 billion yuan ($499.29 million). Three of the approved IPOs are on the Shanghai bourse, one on the Shenzhen small and medium enterprise (SME) board, and two on the start-up ChiNext board, the China Securities Regulatory Commission said in a statement on its official microblog on Friday. ($1 = 6.8845 Chinese yuan) Amazon to buy Whole Foods for $13.7 billion, wielding online might in brick-and-mortar world Amazon.com Inc said on Friday it would buy Whole Foods Market Inc for $13.7 billion (10.72 billion pounds), in an embrace of brick-and-mortar stores that could turn the high-end grocer into a mass-market merchant and upend the already struggling U.S. retail industry. LONDON Tesco , Britain''s biggest retailer, reported its strongest quarterly sales growth in seven years on Friday but its stellar performance was overshadowed by news of Amazon''s $14 billion takeover of Whole Foods Market . MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-ipo-idUKKBN198066'|'2017-06-17T14:12:00.000+03:00'|4955.0|''|-1.0|'' 4956|'daa1c4c17e4c48c9ed546558f08a6dc771082c0b'|'Deals of the day-Mergers and acquisitions'|'June 23 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Friday:** A Chinese consortium and two private equity firms are likely to submit bids next week to buy Singapore-listed warehouse operator Global Logistics Properties Ltd, people with direct knowledge of the matter said.** Spanish builder OHL said it was looking to sell between 25 percent and 40 percent of its concessions affiliate in an effort to find the unit a partner by the end of the year.** Creditor banks to India''s Essar Oil approved the acquisition of the company by a group including Russia''s Rosneft , two sources familiar with the matter said, removing a key hurdle to the $12.9 billion deal that has been in the works for two years.** Toshiba Corp said it was open to talks with Western Digital Corp in their dispute over the sale of the Japanese conglomerate''s prized chip unit - an apparent olive branch after it chose another suitor as preferred bidder.** Ireland raised 3 billion euros ($3.4 billion) by selling a quarter of Allied Irish Banks in a remarkable turnaround for a company at the forefront of reckless lending during the "Celtic Tiger" boom. (Compiled by John Benny in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1JK3DB'|'2017-06-23T08:09:00.000+03:00'|4956.0|''|-1.0|'' 4957|'e0d21ae994f1b9eb9f9104df52362e1525766d0a'|'PRESS DIGEST-Canada - June 14'|'June 14 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.THE GLOBE AND MAIL** Property developers in Ontario are calling for changes to rent-control measures announced by the province in April, saying they are too harsh and are already causing builders to cancel apartment construction projects. tgam.ca/2s9G5Cj** Days before the end of his term, the chairman of Canada''s telecom regulator, Jean-Pierre Blais, is warning that his successor may need to intervene directly in the wireless market to deliver more competition and lower prices for consumers. tgam.ca/2s9IsFeNATIONAL POST** Retailer Sears Canada Inc, whose sales have been on a steady downward trajectory, issued the direst warning yet about its future and said it is exploring strategic alternatives, including a possible sale of the business. bit.ly/2s9nkz5** Canadian natural gas producers have been forced to shut in their production after Alliance Pipeline LP, a joint venture between Enbridge Inc and Veresen Inc, declared a force majeur Tuesday on its export pipeline to Chicago, which analysts say will hurt gas prices. bit.ly/2s9t3Fe** Shaw Communications Inc announced two deals on Tuesday: it sold ViaWest, its data centre business, for C$2.3 billion ($1.7 billion) to Peak 10 Holding Corp, and announced a C$430 million deal with Quebecor Inc to buy low-band spectrum licences in Alberta, British Columbia and Ontario. bit.ly/2s9I21V ($1 = 1.3191 Canadian dollars) (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-canada-idINL3N1JB3UV'|'2017-06-14T08:42:00.000+03:00'|4957.0|''|-1.0|'' -4958|'05559378064f442e5c2498935762589a38a8005a'|'United Launch Alliance beats SpaceX to win Air Force launch'|'Science 4:28pm BST United Launch Alliance beats SpaceX to win Air Force launch By Irene Klotz CAPE CANAVERAL, Fla () Reuters - United Launch Alliance, a partnership of Lockheed Martin Corp and Boeing Co , for the first time beat Elon Musk''s SpaceX in competition for an Air Force satellite launch, both launch companies said on Friday. The contact covers launch services for multiple satellites aboard an Atlas 5 rocket in June 2019. The contract value is $191,141,581, the Air Force said. United Launch Alliance, which previously had a monopoly on launches, has not won a competition with SpaceX since the company won a contract for an Air Force launch business with a contract award in 2016. A SpaceX official told Reuters it did not expect to win this bidding competition because the mission required a heavy-lift launcher and its Falcon Heavy booster has not yet flown. The mission performance required that we bid Falcon Heavy, SpaceX spokesman John Taylor wrote in a email to Reuters. We did submit a bid, but with the knowledge that our first Falcon Heavy flight might occur after the time of the award. Given we have not flown Falcon Heavy, we did not anticipate winning this mission, he said. SpaceXs Falcon Heavy is expected to debut this year. (Reporting By Irene Klotz. Editing by Joseph White and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-space-airforce-idUKKBN19L293'|'2017-06-30T18:20:00.000+03:00'|4958.0|''|-1.0|'' +4958|'05559378064f442e5c2498935762589a38a8005a'|'United Launch Alliance beats SpaceX to win Air Force launch'|'Science 4:28pm BST United Launch Alliance beats SpaceX to win Air Force launch By Irene Klotz CAPE CANAVERAL, Fla () Reuters - United Launch Alliance, a partnership of Lockheed Martin Corp and Boeing Co , for the first time beat Elon Musk''s SpaceX in competition for an Air Force satellite launch, both launch companies said on Friday. The contact covers launch services for multiple satellites aboard an Atlas 5 rocket in June 2019. The contract value is $191,141,581, the Air Force said. United Launch Alliance, which previously had a monopoly on launches, has not won a competition with SpaceX since the company won a contract for an Air Force launch business with a contract award in 2016. A SpaceX official told Reuters it did not expect to win this bidding competition because the mission required a heavy-lift launcher and its Falcon Heavy booster has not yet flown. The mission performance required that we bid Falcon Heavy, SpaceX spokesman John Taylor wrote in a email to Reuters. We did submit a bid, but with the knowledge that our first Falcon Heavy flight might occur after the time of the award. Given we have not flown Falcon Heavy, we did not anticipate winning this mission, he said. SpaceXs Falcon Heavy is expected to debut this year. (Reporting By Irene Klotz. Editing by Joseph White and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-space-airforce-idUKKBN19L293'|'2017-06-30T18:20:00.000+03:00'|4958.0|11.0|0.0|'' 4959|'18d22b7eb3466575aa5bb626e8981d69518603e1'|'Brazil watchdog wants out of Oi reorganization, paper says'|'SAO PAULO, June 14 Brazil telecommunications industry watchdog Anatel has asked a bankruptcy court to exclude the 11 billion reais ($3.3 billion) in debt it is owed by phone carrier Oi SA from the purview of the carrier''s in-court reorganization plan, O Estado de S. Paulo said on Wednesday. Anatel President Juarez Quadros told Estado that the request had been presented to the judge in charge of Oi''s bankruptcy protection case last Friday. The debt corresponds to back fines and levies that Oi failed to honor before filing for creditor protection on June 20 last year.According to Estado, Quadros said excluding the Anatel debt from the Oi process will prevent the agency from accepting losses that often go north of 70 percent in similar cases.Oi Chief Executive Officer Marco Schroeder told Reuters on June 9 that he will present an amended restructuring plan this month and put it to vote at an assembly of creditors by around September.Anatel did not immediately confirm Quadros'' comments.Oi''s reorganization process, which began almost a year ago and remains Brazil''s largest bankruptcy protection case to date, has been marked by a series of disputes between creditors and shareholders over the fate of Brazil''s No. 4 wireless carrier.Anatel has repeatedly threatened to take the carrier''s licenses over should Oi stakeholders fail to reach an agreement.($1 = 3.3157 reais) (Reporting by Guillermo Parra-Bernal; Editing by W Simon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-restructuring-idINL1N1JB0GJ'|'2017-06-14T10:55:00.000+03:00'|4959.0|''|-1.0|'' 4960|'1e3261cfefd2145a02a898ce622fa81f94e88ee6'|'UK earnings after inflation shrink at fastest pace since 2014'|'Top News 10:55am BST UK earnings after inflation shrink at fastest pace since 2014 A municipal worker sweeps the street outside the cabinet office in Westminster, central London, Britain, June 9, 2017. REUTERS/Clodagh Kilcoyne By Andy Bruce and William Schomberg - LONDON LONDON British workers'' earnings after inflation are shrinking at the fastest pace since 2014, underscoring the economic challenge facing a weakened Prime Minister Theresa May as the squeeze on consumers tightens faster than expected, data showed. While a joint record-high proportion of Britons are in work, the fall in real-terms wage growth pointed to tougher times ahead for consumers, the main drivers of economic growth. Inflation hit an almost four-year high of 2.9 percent in May, fuelled by the fall in the pound since last year''s Brexit vote and adding to the strain on household budgets, according to data published on Tuesday. Wednesday''s wage figures suggest there will no let-up soon. Workers'' total earnings including bonuses after taking inflation into account fell by an annual 0.4 percent in the three months to April after edging up 0.1 percent in the first quarter. That marked the biggest real-terms drop since the three months to September 2014, potentially adding to speculation that the government might loosen its grip on public spending to help steer Britain''s economy away from a slowdown. The squeeze on earnings is also likely to add to the view among the majority of Bank of England officials to leave interest rates on hold when they announce their latest policy statement on Thursday. Sterling hit a day''s low against the dollar after the data, while British government bond prices rallied. "Unless the government gets its act together, we''ll soon be in the middle of another cost of living crisis," said Frances O''Grady, general secretary of the Trades Union Congress. May is still trying to strike a deal with a small Northern Irish party that will give her enough votes in parliament to allow her government to pass legislation, after losing her majority in a botched national election last week. MIXED SIGNALS FROM JOBS MARKET Britain''s economy has been resilient to political uncertainty since last June''s Brexit vote. But growth slowed sharply at the start of this year as the rise in inflation driven by the post-referendum fall in the pound began to bite . The Office for National Statistics said the unemployment rate in the period between February and April held steady at a more than four-decade low of 4.6 percent, in line with the median forecast in a Reuters poll of economists. In nominal terms, wages grew at the slowest pace since February 2016, rising an annual 2.1 percent in the three months to April and slowing from 2.3 percent in the first quarter. Economists taking part in a Reuters poll had expected wage growth of 2.4 percent. "The wage figures are astonishingly weak," said Samuel Tombs, economist at consultancy Pantheon Macroeconomics. The wage numbers jarred with the picture of strong jobs growth but appeared consistent with signs of rising underemployment, Tombs said. The ONS revised its data for wages to improve methodology for earnings from small businesses, resulting in lower estimates for wage levels but little change overall to growth rates. Excluding bonuses, nominal earnings rose by 1.7 percent year-on-year, the weakest increase since January 2015 and against expectations for a 2.0 percent rise. The Bank of England is watching wage growth closely as it gauges whether the increase in inflation is creating longer-lasting pressure on prices. It expects wages to rise by 2 percent this year before picking up in 2018 and 2019. The central bank is widely expected to keep interest rates at their record low of 0.25 percent on Thursday. The number of people in work increased by 109,000 in the three months to April, taking the employment rate to 74.8 percent, a joint record high, the ONS said. (Editing by Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-jobs-idUKKBN1950V1'|'2017-06-14T16:36:00.000+03:00'|4960.0|''|-1.0|'' 4961|'aee41c9f8ad3fa457e493983d17fcc8be849ac53'|'Time Inc to cut 300 positions, or 4 percent of workforce -memo'|'Business News - Tue Jun 13, 2017 - 9:07pm BST Time Inc to cut 300 positions, or 4 percent of workforce -memo German Chancellor Angela Merkel appears on the cover of Time Magazine''s Person of the Year issue in this undated handout photo obtained by Reuters December 9, 2015. Mandatory credit REUTERS/Time Inc./Handout via Reuters NEW YORK Time Inc ( TIME.N ) said on Tuesday it is eliminating 300 positions, or 4 percent of its workforce, through layoffs and buyouts, according to an internal memo reviewed by Reuters. The cuts were being made as the New York-based media company, which publishes dozens of magazines including Time, Sports Illustrated and Fortune magazines, is looking to cut costs and reinvest in growth areas, according to the memo from Time Inc Chief Executive Officer Rich Battista to employees. Time Inc, like its peers in the publishing industry, has been struggling as print circulations shrink and advertisers shift to digital platforms. Time Inc replaced its chief executive officer and evaluated a sale earlier this year after activist hedge fund Jana Partners LLC unveiled a stake in the company. Meredith Corp ( MDP.N ) made a preliminary offer to buy Time Inc in April, but the bid fell short of price expectations and ultimately the deal failed. In May, Jana disclosed it had sold its stake in Time Inc. (Reporting by Jessica Toonkel; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-time-layoffs-idUKKBN1942PN'|'2017-06-14T04:07:00.000+03:00'|4961.0|''|-1.0|'' @@ -5007,15 +5007,15 @@ 5005|'baafd2f100168619ff1d627164f53e34b4bfaff1'|'China says U.S. talks covered joint efforts on excess steel capacity'|'July 20, 2017 / 11:14 PM / 2 hours ago China says U.S. talks covered joint efforts on excess steel capacity David Lawder 4 Min Read FILE PHOTO: Employees work in a Hangzhou Iron and Steel Group Company workshop in Hangzhou, Zhejiang province August 4, 2009. Steven Shi/File Photo WASHINGTON (Reuters) - Seeking a more positive spin on U.S.-China economic talks viewed as ending in discord, China said on Thursday that the two sides agreed to "active and effective measures" to reduce global excess steel production capacity. The statement issued a day after the talks by the Chinese embassy in Washington did not elaborate on the measures discussed by U.S. Commerce Secretary Wilbur Ross and Chinese Commerce Minister Zhong Shan on Wednesday. "In this breakout session, the two sides focused their discussion on steel, aluminum and high-tech trade," the embassy said in a statement. "The two sides had in-depth discussion on cutting excess steel production capacity in the world and agreed to active and effective measures to jointly address this global issue." A U.S. Commerce Department spokesman declined comment on the Chinese statement and referred Reuters to a joint statement from Ross and U.S. Treasury Secretary Steven Mnuchin. Their statement did not mention steel and cited only one point of consensus, a "shared objective" to work toward reducing the U.S. trade deficit with China. Late on Wednesday, a Trump administration official told Reuters that China had refused to agree to U.S. demands that it eliminate excess steel capacity and take other steps to open its economy for foreign firms. The first annual economic summit between the Trump administration and their Chinese counterparts ended with canceled news conferences, no joint statement and no new transaction announcements. The Chinese embassy statement also said China agreed to "deepen its cooperation" with the United States on expanding trade in services. The two sides also will start work on a one-year economic cooperation plan, determining an "early harvest" as soon as possible. Before the latest Chinese statement, U.S. Agriculture Secretary Sonny Perdue announced that China would allow imports of U.S. rice for the first time, agreeing to phytosanitary protocols. Tougher Stances The rocky dialogue session in Washington was a sharp contrast to U.S. President Donald Trump''s rosy first meeting with Chinese President Xi Jinping at Trump''s Mar-A-Lago, Florida estate in April. Both sides found each other harder to deal with than expected, China trade experts said. The Trump team''s expectations that Beijing would agree to quick, substantial reforms to shrink the U.S. trade deficit and eliminate excess steelmaking capacity were dashed, while China found that further minor steps and vague action plans would no longer placate the U.S. side. "There was a misalignment of expectations. The Americans pushed for deliverables, and the Chinese said no, everything is fine," said Scott Miller, an Asia trade expert at the Center for Strategic and Economic Studies in Washington. "These are difficult issues that don''t lend themselves toward easy boxes to check." Domestic politics contributed to both sides taking a tougher stance, said Eswar Prasad, a trade policy professor at Cornell University and former China division chief at the International Monetary Fund. China faces a once-in-five-years Communist Party congress to set new leadership this autumn, while Trump is keen to hold to campaign promises to help ailing U.S. steel and coal industries and grow U.S. manufacturing jobs. Prasad said that China found that the Trump administration is "no pushover" on trade and may need to offer bigger concessions to keep its relationship with its biggest trading partner on an even keel. "The administration seems unwilling to settle for further symbolic, cosmetic victories in terms of access to Chinas markets and is pressing for more specific and time-bound commitments from China about opening up its markets to U.S. exporters and investors," he added. Additional reporting by Lesley Wroughton in Washington and Michael Hirtzer in Chicago; Editing by James Dalgleish 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-china-trade-idINKBN1A531M'|'2017-07-21T02:11:00.000+03:00'|5005.0|''|-1.0|'' 5006|'8c11c29f13e66566241dae006cdaa8c5e55bb994'|'Summer sunshine spurs sales surge for Sainsbury''s - Business'|'Demand for fresh fruit and veg and a dash for paddling pools, summer clothes and fans helped Sainsburys deliver its strongest sales growth in more than four years. Sales at stores open more than a year, excluding fuel, rose by 2.3% in the 16 weeks to 1 July, up from 0.3% in the previous three months partly thanks to the warm start to the summer. It was the strongest pace of growth since March 2013.Mike Coupe, the Sainsburys group chief executive, said: We have delivered a strong performance, driven by our differentiated strategy, offering customers quality, value and choice across food, general merchandise, clothing and financial services.The group, which also owns Argos, was partly helped by the timing of Easter and Mothers Day, which it said had contributed about 0.3 percentage points of the growth. Excluding that factor, the pace was still slightly ahead of City expectations of 1.9% growth.Coupe said shoppers were snapping up Sainsburys own-label products after it had implemented hundreds of quality improvements and held prices on basics including milk, chicken breast and eggs.He said inflation, which is now running at more than 2.5% according to the CPI index, had started to hit towards the end of the period but Sainsburys had managed to keep a control over prices and the impact on customers. Fresh produce performed particularly well, outperforming the market with volume growth of 1% as Sainsburys cut the price of summer favourites including Jersey Royal potatoes and British strawberries. That helped boost total grocery sales by 3% compared to 0.3% growth in the previous three months. Coupe played down the impact of the weather. He said that the number of warm days over the whole period was not far off the same as last year. He pointed to Sainsburys improvement in price position relative to its competitors for the groups step up in performance. Coupe also said there were signs that shoppers were choosing to eat at home rather than go out for meals as disposable income came under pressure from rising inflation.But he said: We are not seeing a massive change in consumer behaviour.Online grocery sales rose by 8%, Sainsburys convenience store sales were up by 10% and clothing sales rose by 7.2%.All the supermarkets have been lifted by a combination of a warm start to the summer and rising inflation .Sainsburys said the number of transactions carried out in its stores rose by 2%.Coupe said that Sainsburys general merchandise and clothing ranges, including Argos, outperformed the market, as its fast track delivery and collect-from-store services recorded a stellar performance during the quarter, particularly during the warm weather when customers wanted items such as paddling pools and electric fans on the day.Total sales rose 1% despite the closure of dozens of Argos and Habitat outlets in Homebase stores after the takeover of the DIY chain buy Australian firm Bunnings.Sainsburys said it had opened 10 convenience stores in the period but made no mention of Nisa, the wholesale buying group with which it is understood to be in exclusive talks .Coupe said: Lots of conversations are had and there is lots of speculation but lots of things dont come off.The supermarket is thought to be considering a 130m takeover of Nisa, which supplies and provides marketing support to thousands of small independent stores.Nisas 1,400 members, which include the McColls convenience store chain, operate 2,500 shops. They would have to approve any takeover and many are fiercely protective of their independence.Laith Khalaf, a senior analyst at Hargreaves Lansdown, said the bigger picture remained challenging for UK supermarkets: Weaker sterling is pushing up food prices and putting a dent in consumers purses, while the trading environment remains as competitive as ever. Indeed the turf war the big supermarkets have been fighting against the discounters may start to look like a schoolyard skirmish if Amazon decides it wants a piece of the UK grocery market. David Alexander, the lead analyst at GlobalData, said: With Sainsburys receiving a significant helping hand from the upturn in fortunes for the wider grocery sector, it is too soon to judge whether this quarter represents a more positive new chapter for the grocer. That said, the change in tone is promising.Topics J Sainsbury Retail industry Supermarkets Weather news'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/jul/04/summer-sunshine-spurs-sales-surge-for-sainsburys'|'2017-07-04T14:53:00.000+03:00'|5006.0|''|-1.0|'' 5007|'d48f1ed80186dcffd4cfdb5bed76933ad8a4369b'|'Canpotex signs China potash supply contracts at higher price'|'July 21, 2017 / 3:18 PM / 3 minutes ago Canpotex signs China potash supply contracts at higher price 1 Min Read WINNIPEG, Manitoba, July 21 (Reuters) - Canpotex Ltd, the offshore sales agency for North America''s biggest producers of potash fertilizer, said on Friday that it signed supply contracts with Chinese customers for shipments of 1.4 million tonnes through 2017. Canpotex, owned by Potash Corp of Saskatchewan, Mosaic Co and Agrium Inc, said the deals represent a price increase of $11 per tonne from last year''s agreement. (Reporting by Rod Nickel in Winnipeg, Manitoba) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canpotex-potash-china-idUSL1N1KC0OZ'|'2017-07-21T18:16:00.000+03:00'|5007.0|''|-1.0|'' -5008|'1f98a087265e2bf04e3c9e100d9dd3262d23f3f6'|'Financial watchdog says firms must have choice of location after Brexit'|'Top 6:20pm BST Finance firms need freedom to choose location after Brexit left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 1/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 2/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 3/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 4/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, poses for a photo as he arrives at the Reuters offices for an interview in London, Britain, July 6, 2017. REUTERS/Hannah McKay 5/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, poses for a photo as he arrives at the Reuters offices for an interview in London, Britain, July 6, 2017. REUTERS/Hannah McKay 6/6 By Huw Jones - LONDON LONDON Finance firms should not be forced by regulators to change location after Britain leaves the European Union in 2019, Andrew Bailey, chief executive of the UK''s Financial Conduct Authority told a Reuters Newsmaker event on Thursday. Banks, insurers and asset managers based in Britain are already making contingency plans to shift some operations to continental Europe after Brexit takes effect in case access to the EU single market is closed off. But Bailey said Britain and the EU are in a position to preserve free trade for financial services, meaning such moves need not happen. "Firms should be able to take their own decisions on where they locate, subject to appropriate regulatory arrangements being in place which preserve the public interest," Bailey said, in his first major speech on Brexit since Britain triggered the formal EU divorce proceedings in March. "Authorities should not dictate the location of firms," he told an audience in Canary Wharf, home to some of the world''s biggest banks. Future financial sector relations between Britain and the EU should be based on "mutual recognition" or regulatory cooperation "but not exact mirroring" of rules, Bailey said. Frankfurt, Paris, Amsterdam, Luxembourg and Dublin are all vying for a slice of Britain''s financial services industry after Brexit. Bailey said such competition was good. But he also said Brexit should not be used as an excuse to restrict the ability to have open markets and freedom of location. "The roots exist to come out with sensible outcomes on this." Some companies have already announced plans to move people to continental European locations to retain access to the EU single market. Bailey said a transition period based on current trading arrangements was needed this year. This would avoid a "regrettable" situation whereby firms had to "press the button" on moves to the EU before they know what the outcome of Britain''s negotiations with the bloc will be. "It needs to be a sensible period," Bailey said. Bailey questioned whether restricting trade in this way was an inevitable or necessary response to Brexit. "When I hear people say firms need to re-locate in order to continue to benefit from access to EU financial markets, I start to seriously wonder." NO LOCATION POLICIES France and other EU countries, for example, want the clearing of euro denominated derivatives, which London dominates, "located" within the EU after Brexit. "It does not require a location policy," Bailey said. Joint oversight with the EU of clearing houses in London is "something that is very clearly preferable to the cost and risk that is introduced by a location based policy." Such joint oversight was already working well between the UK and United States regulators in clearing, he said. He dismissed talk in the EU that given the dominance of Britain''s financial services sector, the largest in Europe, there should be specific rules for the UK, rather than the existing general regime for recognising non-EU financial firms. "I do not accept that," Bailey said. Non-EU financial firms from the United States, Singapore and elsewhere can currently offer their services in the EU if their home regulation is deemed by Brussels to be "equivalent" or as tough as the bloc''s own rules. This regime should be applied to Britain in the same way. "It would not be the best outcome to adopt a special treatment for the oversight of outsourced service provision arrangements involving the UK and EU when there are already arrangements in place which can form the basis of an equivalence arrangement," Bailey said. NO RACE TO THE BOTTOM Britain was not interested in a "race to the bottom" in regulation after Brexit, he said. Britain has worked hard over the years to build up relations with EU and national regulators across the bloc, he said, though he conceded that he was already being locked out of EU regulatory discussions about Brexit. "It''s perfectly reasonable ... It does not concern me." There are already fears that asset managers in Britain will be prevented from managing funds based in the EU after Brexit, but Bailey said this longstanding cross-border "delegation" should continue. "It works well today. There is no reason to disrupt that model," Bailey said. Critics of Brexit have said that Britain will end up being a "rule taker", meaning it will have to copy and paste the bloc''s rules into UK law if it wants to maintain access in financial services. "I don''t want to be in a situation where we become a pure rule taker," Bailey said. For live link to Newsmaker click on reut.rs/2thSd4S (Reporting by Huw Jones; editing by Jason Neely and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-regulation-bailey-idUKKBN19R0OW'|'2017-07-06T10:43:00.000+03:00'|5008.0|''|-1.0|'' +5008|'1f98a087265e2bf04e3c9e100d9dd3262d23f3f6'|'Financial watchdog says firms must have choice of location after Brexit'|'Top 6:20pm BST Finance firms need freedom to choose location after Brexit left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 1/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 2/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 3/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 4/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, poses for a photo as he arrives at the Reuters offices for an interview in London, Britain, July 6, 2017. REUTERS/Hannah McKay 5/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, poses for a photo as he arrives at the Reuters offices for an interview in London, Britain, July 6, 2017. REUTERS/Hannah McKay 6/6 By Huw Jones - LONDON LONDON Finance firms should not be forced by regulators to change location after Britain leaves the European Union in 2019, Andrew Bailey, chief executive of the UK''s Financial Conduct Authority told a Reuters Newsmaker event on Thursday. Banks, insurers and asset managers based in Britain are already making contingency plans to shift some operations to continental Europe after Brexit takes effect in case access to the EU single market is closed off. But Bailey said Britain and the EU are in a position to preserve free trade for financial services, meaning such moves need not happen. "Firms should be able to take their own decisions on where they locate, subject to appropriate regulatory arrangements being in place which preserve the public interest," Bailey said, in his first major speech on Brexit since Britain triggered the formal EU divorce proceedings in March. "Authorities should not dictate the location of firms," he told an audience in Canary Wharf, home to some of the world''s biggest banks. Future financial sector relations between Britain and the EU should be based on "mutual recognition" or regulatory cooperation "but not exact mirroring" of rules, Bailey said. Frankfurt, Paris, Amsterdam, Luxembourg and Dublin are all vying for a slice of Britain''s financial services industry after Brexit. Bailey said such competition was good. But he also said Brexit should not be used as an excuse to restrict the ability to have open markets and freedom of location. "The roots exist to come out with sensible outcomes on this." Some companies have already announced plans to move people to continental European locations to retain access to the EU single market. Bailey said a transition period based on current trading arrangements was needed this year. This would avoid a "regrettable" situation whereby firms had to "press the button" on moves to the EU before they know what the outcome of Britain''s negotiations with the bloc will be. "It needs to be a sensible period," Bailey said. Bailey questioned whether restricting trade in this way was an inevitable or necessary response to Brexit. "When I hear people say firms need to re-locate in order to continue to benefit from access to EU financial markets, I start to seriously wonder." NO LOCATION POLICIES France and other EU countries, for example, want the clearing of euro denominated derivatives, which London dominates, "located" within the EU after Brexit. "It does not require a location policy," Bailey said. Joint oversight with the EU of clearing houses in London is "something that is very clearly preferable to the cost and risk that is introduced by a location based policy." Such joint oversight was already working well between the UK and United States regulators in clearing, he said. He dismissed talk in the EU that given the dominance of Britain''s financial services sector, the largest in Europe, there should be specific rules for the UK, rather than the existing general regime for recognising non-EU financial firms. "I do not accept that," Bailey said. Non-EU financial firms from the United States, Singapore and elsewhere can currently offer their services in the EU if their home regulation is deemed by Brussels to be "equivalent" or as tough as the bloc''s own rules. This regime should be applied to Britain in the same way. "It would not be the best outcome to adopt a special treatment for the oversight of outsourced service provision arrangements involving the UK and EU when there are already arrangements in place which can form the basis of an equivalence arrangement," Bailey said. NO RACE TO THE BOTTOM Britain was not interested in a "race to the bottom" in regulation after Brexit, he said. Britain has worked hard over the years to build up relations with EU and national regulators across the bloc, he said, though he conceded that he was already being locked out of EU regulatory discussions about Brexit. "It''s perfectly reasonable ... It does not concern me." There are already fears that asset managers in Britain will be prevented from managing funds based in the EU after Brexit, but Bailey said this longstanding cross-border "delegation" should continue. "It works well today. There is no reason to disrupt that model," Bailey said. Critics of Brexit have said that Britain will end up being a "rule taker", meaning it will have to copy and paste the bloc''s rules into UK law if it wants to maintain access in financial services. "I don''t want to be in a situation where we become a pure rule taker," Bailey said. For live link to Newsmaker click on reut.rs/2thSd4S (Reporting by Huw Jones; editing by Jason Neely and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-regulation-bailey-idUKKBN19R0OW'|'2017-07-06T10:43:00.000+03:00'|5008.0|10.0|0.0|'' 5009|'324e92e25b744df333ba32dbecb1f717ba24ba50'|'Abercrombie & Fitch ends talks with potential buyers'|'Deals - Mon Jul 10, 2017 - 1:32pm BST Abercrombie & Fitch ends talks with potential buyers A person carries a bag from the Abercrombie & Fitch store on Fifth Avenue in Manhattan, New York City, U.S., February 27, 2017. REUTERS/Andrew Kelly Abercrombie & Fitch Co ( ANF.N ) said on Monday that it terminated discussions about a potential deal following a review. The company had said earlier this year that it was in talks with a number of bidders regarding a potential sale. The teen apparel retailer''s shares plummeted 16 percent to $10.21 in premarket trading. (Reporting by Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-abercrombie-m-a-idUKKBN19V1FN'|'2017-07-10T15:30:00.000+03:00'|5009.0|''|-1.0|'' 5010|'0a16e37a3e0d1f5bdea0da52e0aff515a48971a3'|'Exclusive: MSCI warns Chinese companies about suspending trading of shares'|'July 31, 2017 / 4:22 AM / 2 hours ago Exclusive: MSCI warns Chinese companies about suspending trading of shares 5 Min Read The MSCI logo is seen in this June 20, 2017 illustration photo. Thomas White/Illustration/Files SHANGHAI (Reuters) - Barely a month after approving the inclusion of Chinese shares in its benchmark emerging market index, MSCI is warning that companies in China that suspend trading in their shares for too long risk being dropped. MSCI''s head of research for Asia Pacific, Chin Ping Chia, said China was an outlier in global markets with too many suspensions in stock trading. He said the U.S. index provider was closely monitoring the 222 China-listed A-shares that will be added to its Emerging Markets Index next year. "If we find a company suspends for a long time, over 50 days, we will remove it from the index, and we will not bring it back to the index again for at least another 12 months," Chia said. The 12-month removal rule would be limited to Chinese companies. Companies from other markets who are removed from the index due to a long suspension of trading would be able to start a review process for reinclusion once they resumed trading. MSCI''s comments come as the number of suspended stocks in China is at its highest level in a year after volatility in smaller companies prompted many to halt share trading in order to avert a crash in prices. Suspensions have also increased among companies with larger capitalisations as Beijing steps up consolidation of state-owned enterprises. An average of 265, or one in every 13, listed companies in China suspended trade in July, according to data provided last Wednesday by the fund consultancy Z-Ben Advisors. The consultancy said the number had risen every month this year and was now up 30 percent from an average of 202 in January. Last year, MSCI cited arbitrary and long suspensions as a reason for vetoing the inclusion of shares listed on the mainland in its benchmark indices. However, MSCI said in June this year that it would add 222 A-shares to the index in May and August next year, which could trigger billions of dollars of passive investment inflows into China. "This suspension issue in China is highly unique, both in the number and frequency," Chia said. He said that failure to address the issue could discourage MSCI from adding China stocks to its indexes in the future. Investors have long worried about a tendency by Chinese companies to suspend trading in their shares. At the height of the 2015 stock market crash, over half of China''s 3,000-plus listed companies halted trading. In May last year, both the Shanghai and Shenzhen stock exchanges tightened rules on share suspensions by listed companies, requiring them to disclose more details and to shorten the length of suspensions. These measures, however, have had limited effect. A spokesman for the China Securities Regulatory Commission said at a press conference on Friday that Chinese regulators would work to improve suspension rules. Outlier Essence Securities, a Chinese brokerage, estimates that 8 percent of Chinese stocks could not be traded in May due to suspensions, compared with less than 1 percent in Hong Kong and roughly 4 percent on the Nasdaq. MSCI''s Chia said that suspensions last for a day at most in most global markets, whereas in China, suspensions can go on for months. In an extreme case, trading in shares of Xinjiang Yilu Wanyuan Industrial Investment, a loss-making ceramic products maker, has been suspended for about 20 months. "The issue is that in a freely accessible market, investors want to be able to get in and get out. If a market falls, they still want to be able to get out," said Chia. "But if you suspend, investors cannot get out, that will be a problem." Seasoned foreign investors in China''s A-share market concur. "You can tolerate losing money, but you cannot tolerate not being able to trade," said Anthony Cragg, a senior portfolio manager at Wells Fargo Asset Management who manages $2.2 billion in several funds - including one dedicated to China. Exploiting Loopholes The rules announced last year specify that in the case of a private share placement, suspension time on the Shanghai stock exchange cannot exceed one month. The Shenzhen stock exchange stipulates a maximum of six months for a trading suspension in the event of a company restructuring. Yet, plenty of companies, particularly smaller companies, are able to exploit these relatively loose suspension rules. This month, when China''s start-up board ChiNext tumbled to 2-1/2-year lows, companies listed there - including H and R Century Union Corp, Xinlong Holding Group Co and Galaxy Biomedical Investment - quickly suspended share trading, citing various reasons, ranging from margin calls to restructuring, or waiting for the release of price-sensitive information. Xu Caiyuan, a prominent activist investor, said many Chinese companies were "playing dead" to avoid price falls, so that major shareholders facing margin calls could maintain control by "trapping small investors." Editing by Vidya Ranganathan and Philip McClellan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-stocks-msci-idINKBN1AG0CY'|'2017-07-31T07:21:00.000+03:00'|5010.0|''|-1.0|'' 5011|'6214f1f91af7fbb7349a89a90693744b2d1882a7'|'Takata''s bankruptcy to pit automakers against air bag victims'|'Edition United States July 17, 2017 / 5:03 AM / an hour ago Takata''s bankruptcy to pit automakers against air bag victims Tom Hals and Tina Bellon 5 Min Read FILE PHOTO: A woman stands next to a logo of Takata Corp at a showroom for vehicles in Tokyo, Japan, November 6, 2015. Toru Hanai/File Photo WILMINGTON, Del./NEW YORK (Reuters) - The global recall of Takata Corp''s defective air bags widened last week and the number of confirmed deaths rose, but legal experts said the bigger worry for car companies caught in the fallout is playing out in a Delaware bankruptcy courtroom. Earlier this month, people injured by the air bags, which degrade over time and can inflate with excessive force, were appointed to their own official committee in the Japanese company''s U.S. bankruptcy, giving them a powerful voice in the proceedings. This unusual committee, which includes people whose cars lost value due to the recall, will be pitted against Honda Motor Co, Toyota Motor Corp , and other automakers. The car companies have been trying to use the bankruptcy to limit their liability for installing the faulty air bags, said Kevin Dean, a Motley Rice attorney who represents injured drivers on the committee. Because the committee has official status, Takata must provide it with funds which can be used to investigate the automakers'' liability or to challenge financial assumptions. Without a committee, plaintiffs'' lawyers would typically have to pay for that themselves. If I were a plaintiffs lawyer, this would be a golden goose for me, said John Pottow, a professor at the University of Michigan Law School, of the appointment of the special committee. Takata, Honda, Toyota and General Motors Co declined to comment. Other carmakers did not return requests for comment. Bankruptcies typically only have one official creditors committee. In the Takata case, the committee of injured drivers will sit alongside another made up of suppliers and vendors, who are likely more interested in the future of the business than compensation disputes, according to bankruptcy attorneys who are not involved in the case. Both committees were appointed by the U.S. Trustee''s Office, the arm of the U.S. Department of Justice that acts as a bankruptcy watchdog. Seventeen fatalities, including one confirmed last week, and at least 180 injuries have been tied to Takata''s air bags since at least 2009. Last week, the National Highway Traffic Safety Administration widened a global recall of the airbags, which regulators expect to ultimately cover 69 million cars and 125 million inflators. Most defective air bags have not been replaced. In January, Takata entered a settlement with the U.S. Department of Justice, setting aside $125 million to compensate consumers and $850 million in restitution for automakers. Compensation Fund Facing up to $50 billion in liability, Takata filed for bankruptcy in June in Japan and the United States with a plan to sell its non-air bag operations for $1.6 billion to Key Safety Systems, which is owned by China''s Ningbo Joyson Electronic Corp. Its air bag business would continue to make replacements for the 125 million recalled inflators. Takata said in its Chapter 11 filings that it will create a fund to compensate future injuries stemming from the air bags. Companies that wind up bankrupt due to faulty products often set up such funds, and gather contributions from insurers and other potentially liable parties, who in return get shielded from ongoing litigation. Similar funds were set up in and the 1985 bankruptcy of A.H. Robins Co, which sold Dalkon Shield contraceptive devices and the 1995 bankruptcy of Dow Corning, the maker of silicone breast implants. A $161 million fund in the 2012 bankruptcy of Blitz U.S.A. Inc, which made red plastic gas containers, included $23 million from Wal-Mart Stores Inc. In return, the retailer was protected from lawsuits that alleged it knowingly sold defective gas cans. Automakers would likely demand similar legal protections in return for contributing to a Takata fund, and the committee will likely hire experts to challenge those proposals, bankruptcy experts said. The committee''s lawyers will probably also want to investigate what car companies knew about the air bags to help determine their liability and their contributions, the experts said. If I were an injured person, I wouldnt want Takata or the carmakers to decide on the size of the fund, said Steven Todd Brown, a professor at the University at Buffalo School of Law who specializes in compensation funds. Some experts said they expected the parties to avoid protracted legal battles which have marred other product liability bankruptcies like those involving asbestos. Pottow, at the University of Michigan Law School, cautioned that may not be so simple. Were in pretty novel terrain here, given the amount of parties and the recall involved. Reporting by Tom Hals in Wilmington, Delaware and Tina Bellon in New York; Editing by Noeleen Walder and Lisa Shumaker 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-takata-bankruptcy-usa-plaintiffs-idUKKBN1A20BA'|'2017-07-17T08:01:00.000+03:00'|5011.0|''|-1.0|'' 5012|'cd557b4546ab01bed74eb140f3258fd4b6fb599c'|'Shire gets injunction against Roche over haemophilia drug'|'Health News - Sun Jul 9, 2017 - 4:34pm BST Shire gets injunction against Roche over hemophilia drug CEO of Shire, Dr Flemming Ornskov, poses for a photograph in London, Britain, July 3, 2017. REUTERS/Peter Nicholls - RTS19MDH ZURICH Pharmaceutical group Shire ( SHP.L ) said on Sunday it had obtained a preliminary injunction in a Hamburg court against rival Roche ( ROG.S ) over its hemophilia drug emicizumab, alleging incomplete and misleading statements surrounding the treatment. Swiss drugmaker Roche is hoping to win a slice of the $11 billion-a-year hemophilia drug market with emicizumab, also known as ACE910 and designed to compete with more traditional treatments from Novo Nordisk ( NOVOb.CO ) and Shire. "Shire''s goal with this action is to ensure the hemophilia community receives sufficient, accurate information from Roche about the reported serious adverse events (SAEs) in the Phase 3 emicizumab trial, enabling physicians and their patients to make properly informed decisions about patient care." Roche said in an emailed statement it would not comment on Shire''s statement but said it stood behind emicizumab data and its clinical trial protocol. "Our decisions and actions are always based on doing what is right for patients," Roche said. Last month, Roche said emicizumab cut the bleed rate by 87 percent in patients with resistance to standard therapy compared with those who received another treatment. At the time, analysts cited adverse events in Roche''s studies including thrombotic microangiopathy -- damage to blood vessels in vital organs -- that accompanied repeated high doses of bypassing agents given to counter bleeds that occurred despite emicizumab treatment. Shire said in a statement the injunction sought to "prevent further dissemination of the inaccurate and misleading characterization of the serious adverse events that occurred in the HAVEN 1 Phase 3 trial of emicizumab." "The injunction also seeks to correct promotion of the primary data results relative to ''treated bleeds'' (a secondary endpoint) as compared to the primary endpoint of ''number of bleeds over time'' established at the outset of the trial," Shire said. The preliminary injunction is an interim measure and Roche can appeal it, Shire also said. (Reporting by Joshua Franklin. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-roche-emicizumab-shire-idUKKBN19U0QW'|'2017-07-09T18:33:00.000+03:00'|5012.0|''|-1.0|'' 5013|'4cbbcdf7782f05231ad6db3d1e291eedfee383d1'|'Trump seeks crackdown on ''Made in America'' fakes'|'July 18, 2017 / 11:44 PM / 10 hours ago Trump seeks crackdown on ''Made in America'' fakes 2 Min Read FILE PHOTO: U.S. President-elect Donald Trump addresses the "Make America Great Again! Welcome Celebration" at the Lincoln Memorial in Washington, U.S., January 19, 2017. Mike Segar/File Photo WASHINGTON (Reuters) - U.S. President Donald Trump is looking for ways to defend American-made products by certifying legitimate U.S. goods and aggressively going after imported products unfairly sporting the "Made in America" label, the White House said on Tuesday. Trump, who campaigned on reviving the U.S. manufacturing sector, vowed on Monday that his administration would crack down on "predatory online sales of foreign goods" hurting U.S. retailers. On Wednesday, Trump will discuss with small- and medium-sized manufacturers how to certify their products and keep out foreign counterfeits, a senior administration official told reporters. Their products include gutter filters, flags and pillows. "There''s just too many examples of foreigners slapping on ''Made in America'' labels to products and the worst insult is when they do it after they have actually stolen the product design," the official said. The United States loses about $300 billion a year to theft of intellectual property ranging from semiconductors to jeans, the official said. In March, Trump signed an executive order that gave customs officials more authority to stop pirated and counterfeit items, the official told reporters. The White House plans to work with the private sector on the new certification and verification system rather than create new regulations or spend taxpayer money, the official said, citing as a model the LEED system used to rate the environmental sustainability of building projects. Reporting by Roberta Rampton and Ayesha Rascoe; Editing by Howard Goller 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-trade-counterfeit-idINKBN1A32LF'|'2017-07-19T02:39:00.000+03:00'|5013.0|''|-1.0|'' -5014|'d1b9cbdeef1d51ed136afc6ae1a1e44e3ff901e7'|'PRESS DIGEST- New York Times business news - July 28'|'July 28, 2017 / 5:18 AM / 7 minutes ago PRESS DIGEST- New York Times business news - July 28 2 Min Read July 28 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Meg Whitman, chief executive of Hewlett Packard Enterprise , said she would not become the next chief of Uber , amid a flurry of reports about who might assume leadership of the troubled ride-hailing company. nyti.ms/2h7G3sT - More than 800,000 people who took out car loans from Wells Fargo were charged for auto insurance they did not need, and some of them are still paying for it, according to an internal report prepared for the bank''s executives. nyti.ms/2tIdyUE - Rocket maker SpaceX founded by billionaire Elon Musk, has raised up to $350 million in new financing and is now valued at around $21 billion, making it one of the most valuable privately held companies in the world. nyti.ms/2uHLVwd - Discovery Communications is in advanced talks to buy Scripps Networks Interactive now that Viacom is out of the competition. Discovery is closing in on a bid of around $90 per share, or about 34 percent higher than where Scripps''s stock was trading before reports about a potential sale emerged. (Compiled by Bengaluru newsroom) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1KJ24X'|'2017-07-28T08:17:00.000+03:00'|5014.0|''|-1.0|'' +5014|'d1b9cbdeef1d51ed136afc6ae1a1e44e3ff901e7'|'PRESS DIGEST- New York Times business news - July 28'|'July 28, 2017 / 5:18 AM / 7 minutes ago PRESS DIGEST- New York Times business news - July 28 2 Min Read July 28 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Meg Whitman, chief executive of Hewlett Packard Enterprise , said she would not become the next chief of Uber , amid a flurry of reports about who might assume leadership of the troubled ride-hailing company. nyti.ms/2h7G3sT - More than 800,000 people who took out car loans from Wells Fargo were charged for auto insurance they did not need, and some of them are still paying for it, according to an internal report prepared for the bank''s executives. nyti.ms/2tIdyUE - Rocket maker SpaceX founded by billionaire Elon Musk, has raised up to $350 million in new financing and is now valued at around $21 billion, making it one of the most valuable privately held companies in the world. nyti.ms/2uHLVwd - Discovery Communications is in advanced talks to buy Scripps Networks Interactive now that Viacom is out of the competition. Discovery is closing in on a bid of around $90 per share, or about 34 percent higher than where Scripps''s stock was trading before reports about a potential sale emerged. (Compiled by Bengaluru newsroom) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1KJ24X'|'2017-07-28T08:17:00.000+03:00'|5014.0|6.0|0.0|'' 5015|'c691087b8a38c7faf924e7327714c0ed84b33cc4'|'City regulator plans rule change to allow Aramco flotation in London - Business'|'The City regulator is proposing to water down stock market rules in a move regarded as an attempt to attract the worlds biggest ever flotation of Saudi Aramco , the Gulf kingdoms state oil company to London.The proposals by the Financial Conduct Authority come as Aramco weighs up which financial centre to pick for the sale of 5% of its shares. The company could be valued at $2tn a huge price tag that would also generate hundreds of millions of dollars in fees for investment bankers, lawyers and other professional firms involved in stock market flotations.However, investors immediately warned that the FCAs proposal to create a new category for firms controlled by a shareholder that is a sovereign country could damage Londons reputation for protecting shareholders in companies that have dominant owners.While its consultation document did not name any companies, the FCAs proposal was widely regarded as being framed to address some of problems that Saudi Aramco faces in seeking a listing on the London Stock Exchange.The UK is keen to lure the Saudi company. The prime minister, Theresa May, and Xavier Rolet, the head of the LSE, v isited Riyadh in April to meet Aramcos chief executive Khalid al-Falih, who is also the kingdoms energy minister.The FCAs proposals would allow state-owned companies to qualify for a premium listing which has more onerous corporate governance rules without having to meet two criteria. One relates to how the company and the controlling shareholder conduct deals with each other, and the second allows investors a vote on independent directors.Chris Cummings, the chief executive of the Investment Association, which represents the Citys biggest fund managers, said: Investors believe a premium listed segment without these investor protections is not a premium segment and will not provide the protections that investors expect.But Andrew Bailey, the chief executive of the FCA, justified the changes on the basis that sovereign owners behave differently to other sorts of companies. Sovereign owners are different from private sector individuals or companies both in their motivations and in their nature. Investors have long recognised this and capital markets are well adapted to assess the treatment of other investors by sovereign countries, Bailey said.This explanation did not convince everyone. Nicholas Holmes, the equity capital markets partner at law firm Ashurst , said that while sovereign owners may have different motivations, this is did not reduce the need for proper scrutiny. The risk is a dilution of the premium listing brand, said Holmes.Ashley Hamilton Claxton, the corporate governance manager at Royal London Asset Management, said: If the proposals in this consultation document are implemented, it will be bad news for London and will reverse the progress we have made in recent years to uphold strong governance and protect minority shareholders, she added.The proposals are being made at a time when London is keen to promote its status as a leading financial centre in the wake of the Brexit vote. Miles Celic, the chief executive of lobby group TheCityUK, said: It is positive that our regulator takes an open-minded approach to regulatory change. This will become ever more critical as we come closer to Brexit and beyond.A spokesperson for LSE also welcomed the changes: We support initiatives that enable UK markets to function well and in an orderly and internationally competitive manner, with a high level of investor protection, meeting the demands of both issuers and global investors for a range of options to realise their capital raising and investment needs.Despite its size, Saudi Aramco would not quality for an entry in the FTSE 100 stock market index, which would require major City investors to buy the shares to enable them to run their tracker funds.Chris Woods, a managing director at FTSE Russell, said: The index ground rules include the requirement to have a premium listing in London, an assigned nationality of UK, and minimum free floats of 25% for UK incorporated companies and 50% for non-UK incorporated companies. All these requirements will remain unchanged.Topics Aramco Energy industry Oil Commodities Saudi Arabia Middle East and North Africa'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/13/city-regulator-plans-rule-change-to-allow-aramco-flotation-in-london'|'2017-07-14T01:45:00.000+03:00'|5015.0|''|-1.0|'' -5016|'4e36cd2be7f91effe38fcf02f41bbad4309c51bd'|'Whole Foods sought $45 per share offer from Amazon'|' 3:04pm BST Whole Foods sought $45 per share offer from Amazon left right FILE PHOTO: An Amazon.com Inc driver stands next to an Amazon delivery truck in Los Angeles, California, U.S. on May 21, 2016. REUTERS/Lucy Nicholson/File Photo 1/2 left right FILE PHOTO: A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri/File Photo 2/2 Whole Foods Market Inc ( WFM.O ) said it had sought $45 (34.91 pounds) per share from Amazon.com Inc ( AMZN.O ) but settled for $42 per share, which the ecommerce giant called its "best and final offer". Amazon had initially offered $41 in May, Whole Foods said in a regulatory filing on Friday. ( bit.ly/2tPEsgy ) Amazon told Whole Foods it was considering other opportunities in case the final offer was turned down, the upmarket grocery chain said. Whole Foods also said it had received interest from two other companies and four private equity firms before agreeing to engage with Amazon. One of the companies, which Whole Foods did not name, had proposed a merger of equals that valued the grocery chain at $35 to $40 per share. Whole Foods'' management decided not to solicit proposals from private equity firms as the price proposed by Amazon.com likely exceeded the price a private equity buyer could be expected to pay. Amazon asked Whole Foods not to approach other potential bidders while they were engaged in talks and warned that it would call off the discussions in the event of a rumour or leak of a potential transaction. Amazon said in June it would buy Whole Foods for $13.7 billion, in a deal that could turn the high-end grocer into a mass-market merchant and upend the already struggling U.S. retail industry. Amazon''s shares were up almost 1 percent at $973.88 in early trading on Friday, while Whole Foods shares were marginally down at $41.98. (Reporting by Sruthi Ramakrishnan in Bengaluru: Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-whole-foods-m-a-amazon-com-idUKKBN19S1YG'|'2017-07-07T16:37:00.000+03:00'|5016.0|''|-1.0|'' +5016|'4e36cd2be7f91effe38fcf02f41bbad4309c51bd'|'Whole Foods sought $45 per share offer from Amazon'|' 3:04pm BST Whole Foods sought $45 per share offer from Amazon left right FILE PHOTO: An Amazon.com Inc driver stands next to an Amazon delivery truck in Los Angeles, California, U.S. on May 21, 2016. REUTERS/Lucy Nicholson/File Photo 1/2 left right FILE PHOTO: A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri/File Photo 2/2 Whole Foods Market Inc ( WFM.O ) said it had sought $45 (34.91 pounds) per share from Amazon.com Inc ( AMZN.O ) but settled for $42 per share, which the ecommerce giant called its "best and final offer". Amazon had initially offered $41 in May, Whole Foods said in a regulatory filing on Friday. ( bit.ly/2tPEsgy ) Amazon told Whole Foods it was considering other opportunities in case the final offer was turned down, the upmarket grocery chain said. Whole Foods also said it had received interest from two other companies and four private equity firms before agreeing to engage with Amazon. One of the companies, which Whole Foods did not name, had proposed a merger of equals that valued the grocery chain at $35 to $40 per share. Whole Foods'' management decided not to solicit proposals from private equity firms as the price proposed by Amazon.com likely exceeded the price a private equity buyer could be expected to pay. Amazon asked Whole Foods not to approach other potential bidders while they were engaged in talks and warned that it would call off the discussions in the event of a rumour or leak of a potential transaction. Amazon said in June it would buy Whole Foods for $13.7 billion, in a deal that could turn the high-end grocer into a mass-market merchant and upend the already struggling U.S. retail industry. Amazon''s shares were up almost 1 percent at $973.88 in early trading on Friday, while Whole Foods shares were marginally down at $41.98. (Reporting by Sruthi Ramakrishnan in Bengaluru: Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-whole-foods-m-a-amazon-com-idUKKBN19S1YG'|'2017-07-07T16:37:00.000+03:00'|5016.0|7.0|2.0|'' 5017|'26dfe9f84a4ea58cbfb1fb1dfb66c9e757fc0ce2'|'Wells Fargo ordered to pay $575,000, reinstate whistleblower'|'July 21, 2017 / 8:34 PM / 7 minutes ago Wells Fargo ordered to pay $575,000, reinstate whistleblower 2 Min Read A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith (Reuters) - The U.S. Department of Labor on Friday ordered Wells Fargo & Co ( WFC.N ) to pay $575,000 (442,512 pounds) and to rehire a whistleblower the bank had dismissed in September 2011 after the former employee raised concerns over the opening of customer accounts without their knowledge, the agency said in a statement. The name of the whistleblower was not disclosed. "We take seriously the concerns of current and former team members," wrote Wells Fargo spokeswoman Richele Messick in an emailed statement to Reuters. "This decision is a preliminary order and to date there has been no hearing on the merits of this case. We disagree with the findings and will be requesting a full hearing of the matter." Wells Fargo was fined last year for opening up to 2.1 million customer accounts without their knowledge over several years to meet aggressive sales targets. The revelation damaged the bank''s reputation, spurred investors to sell its shares for several weeks and led to the resignation of its chief executive last year. Despite news reports and lawsuits claiming the bank had retaliated against whistleblowers, an investigative report by the bank''s board of directors released on April 10 said "based on a limited review completed to date," outside law firm Shearman & Sterling had "not identified a pattern of retaliation" against employees in Wells Fargo''s branch banking unit who complained about sales pressure or practices. In a different case, the Department of Labor in April ordered Wells Fargo to reinstate a whistleblower, though that former staffer''s concerns related to bank, mail and wire fraud -things that were not at issue in the sales practices scandal. Wells Fargo still faces probes from federal, state and local government agencies including the U.S. Department of Justice, as well as a number of private lawsuits, according to its quarterly securities filing in May. Reporting by Dan Freed in New York; Editing by Bernadette Baum and Matthew Lewis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-wells-fargo-accounts-whistleblower-idUKKBN1A62MJ'|'2017-07-21T23:34:00.000+03:00'|5017.0|''|-1.0|'' 5018|'0188081d6bba08db4138a4a59e941cd85dd24552'|'US STOCKS-Wall St rises on Yellen''s dovish rate hike view'|'July 12, 2017 / 3:17 PM / 4 hours ago US STOCKS-Wall St rises on Yellen''s dovish rate hike view 3 Min Read * Rates won''t have to rise too much to reach neutral level - Yellen * Temporary factors appear to be holding down inflation - Yellen * Fed to release Beige Book at 2 p.m. ET * Indexes up: Dow 0.69 pct, S&P 0.67 pct, Nasdaq 0.83 pct (Adds details, changes comment, updates prices) By Sweta Singh and Tanya Agrawal July 12 (Reuters) - U.S. stocks were higher in late morning trading on Wednesday, with the Dow hitting a record, after Federal Reserve Chair Janet Yellen said interest rates hikes would be gradual and will not have to rise much further to reach the neutral rate. Yellen, in a prepared testimony delivered to Congress, said the economy is healthy enough to absorb further gradual rate increases and the slow wind down of the Fed''s massive bond portfolio. The testimony depicted an economy that, while growing slowly, continued to add jobs, benefited from steady household consumption and a recent jump in business investment. Investors and some Fed officials, concerned with the recent dip in inflation, have been wanting to see a surer progress toward the central bank''s goal of 2 percent inflation. Yellen said some temporary factors appear to be at work in holding down inflation but the Fed was focused on achieving the target. "It was a little bit more dovish than most had thought," said Richard Scalone, co-head of foreign exchange at TJM Brokerage in Chicago. "She said rates won''t have to rise much further to get to neutral, I thought that was key. She said inflation response to economy is a key uncertainty, alluding to the inflation again, part of the dovishness." The U.S. central bank will also issue its Beige Book at 2 p.m. ET, a compendium of anecdotes on the health of the economy. The Fed''s next policy meeting is on July 25-26. At 10:47 a.m. ET (1447 GMT), the Dow Jones Industrial Average was up 146.9 points, or 0.69 percent, at 21,555.97. It had hit a record of 21580.79. The S&P 500 was up 16.48 points, or 0.67 percent, at 2,442.01 and the Nasdaq Composite was up 51.59 points, or 0.83 percent, at 6,244.89. All 11 major S&P 500 sectors were higher, with the defensive utilities index''s 0.91 percent rise leading the advancers. The financial index, which is sensitive to rate hikes, pared early losses to trade little changed. Chances of an interest rate hike at the Fed''s December meeting fell to 53 percent from 60 percent after the release of Yellen''s testimony, according to CME Group''s FedWatch tool. Investors will be keeping an eye on second-quarter earnings reports on Friday from big U.S. banks including JPMorgan Chase , Wells Fargo and Citigroup. Stocks of Amazon.com edged up 0.7 percent after the online retailer said its Prime Day sale was the biggest shopping event by sales in its history. The stock was among the biggest boosts on the Nasdaq. Advancing issues outnumbered decliners on the NYSE by 2,416 to 376. On the Nasdaq, 2,088 issues rose and 565 fell. (Reporting by Sweta Singh and Tanya Agrawal in Bengaluru, Additional reporting by Sinead Carew in New York; Editing by Arun Koyyur) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1K34K7'|'2017-07-12T18:15:00.000+03:00'|5018.0|''|-1.0|'' 5019|'1bc28d9544efb0fc4243885de87762d84234bd33'|'Dutch watchdog says Suzuki Vitara, Jeep Grand Cherokee may have violated emissions rules'|'ZOETERMEER, Netherlands Dutch prosecutors said on Monday they will investigate possible misuse of vehicle emissions software by Suzuki ( 7269.T ) and Fiat Chrysler''s ( FCHA.MI ) Jeep.They were responding after the Dutch road authority (RDW) found that the Jeep Grand Cherokee and Suzuki Vitara models produced unacceptably high levels of toxic emissions during road tests. The RDW said in a statement that its tests of more than a dozen car makers in the wake of the Volkswagen emissions scandal had singled out Jeep and Suzuki. It added that other manufacturers were not found to have violated regulations.The Dutch agency has been investigating what it called "impermissible defeat devices" for the past year, following the disclosure in the United States in 2015 that Volkswagen had used software to alter its emissions during testing.The RDW''s investigation was centered on nitrogen oxide emission levels in diesel cars that appeared much higher than legally allowed during road driving rather than under laboratory test conditions.The agency said that in all cases carmakers argued that the reason for the discrepancy was software intended to protect the motor from harm under certain conditions.Such software is permissible under current European law and the agency no longer refers to it as a "defeat device" but uses the term "impermissible software" for when the pollution seems out of proportion with any need to protect the engine."For the 14 other carmakers we were able to get to the core of the matter and ask all the questions that we wanted and got satisfactory answers," said Maarten Balk, Manager for Licensing and Supervision at the RDW. "But not for these two, up to the present." The RDW said Suzuki Vitaras appeared to emit much more nitrogen oxide after a short time on the road. The company has offered a fix and is currently rolling it out for the roughly 8,000 Vitara models on Dutch roads.The Jeep Grand Cherokee appeared to emit higher levels of pollutants when its engine was hot, the RDW said. There are very few of them in the Netherlands, and the model is no longer in production. Jeep has proposed a software fix for the Cherokees this month, but the RDW hasn''t had a chance to evaluate it yet.RDW Director Paul Dietz said that this is the first time his agency has taken such an action. He said the agency has no power to levy fines, that will be up to prosecutors. The RDW will continue to pressure the two firms to offer remedies and follow up to make sure the offending models are retrofitted.European cars in the future will have to comply with a road test, rather than a laboratory test, he said, removing the motive for installing software that tries to beat the test.(Reporting by Toby Steling; additional reporting by Bart Meijer.; Writing by Anthony Deutsch; Editing by Louise Heavens/Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-volkswagen-emissions-netherlands-idUSKBN19V1EL'|'2017-07-10T15:16:00.000+03:00'|5019.0|''|-1.0|'' @@ -5036,7 +5036,7 @@ 5034|'6af1c16bb5c8ed6566a23459be96ed42a7d74fb4'|'Western Digital says it matched rivals'' bids for Toshiba chip unit'|'July 11, 2017 / 12:28 AM / in 7 hours Western Digital says it matched rivals'' bids for Toshiba chip unit Stephen Nellis 3 Min Read FILE PHOTO: A Western Digital office building under construction is shown in Irvine, California, U.S., January 24, 2017. Mike Blake/File Photo (Reuters) - Western Digital Corp ( WDC.O ) said it matched rival bidders'' offers to acquire Japanese conglomerate Toshiba Corp''s ( 6502.T ) flash memory unit ahead of a court hearing on Friday over whether to halt the auction process. Western Digital, in court documents filed July 7, said it has made six proposals since February, including a proposal on June 27 matching the best offer. On June 21, Toshiba said its preferred bidder was a consortium of Bain Capital and Japanese government investors offering $18 billion. Since February, Toshiba has been scrambling to sell its memory chip business, the second largest in the industry after Samsung Electronics Co Ltd ( 005930.KS ), to cover losses from its ailing nuclear reactor division. But suitor Western Digital sued Toshiba in San Francisco County Superior Court for an injunction to stop the sale, arguing that a joint-venture it has with Toshiba at a plant in Japan means the chipmaker cannot sell without its consent. In a filing on July 7, Mark Long, the chief financial officer of Western Digital, said the company''s most recent offer on June 27, made with private equity firm KKR, "is in line with the highest competing bids for (Toshiba''s chip unit) that have been reported in the press." The actual dollar figure of Western Digital''s offer is redacted from the document. Western Digital declined to comment. Toshiba did not immediately respond to a request for comment. Toshiba has asked the court in San Francisco to dismiss Western Digital''s attempt to stop the sale, arguing that the U.S. court does not have proper jurisdiction over a business that is based primarily in Japan and that an injunction would cause it irreparable harm. A hearing is scheduled for Friday. Aaron Rakers, a managing director with Stifel, said in a note to clients on Sunday that the new filings suggest the two parties could reach a deal before the court hearing. "Given that some negotiations between (Western Digital) and Toshiba on proposed acquisition terms started over the past month, we think a resolution could be possible prior to the (July 14) hearing," Rakers wrote. Reporting by Stephen Nellis in San Francisco; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-western-digital-toshiba-idINKBN19W01B'|'2017-07-11T03:23:00.000+03:00'|5034.0|''|-1.0|'' 5035|'43558a0296873a12baf5be4179f55280965de7b5'|'Oil jumps nearly 1.5 percent; big U.S. inventory draws surprise'|'July 19, 2017 / 1:37 AM / 5 minutes ago Oil jumps nearly 1.5 percent; big U.S. inventory draws surprise Scott DiSavino 2 Min Read FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. Ernest Scheyder/File Photo NEW YORK (Reuters) - Oil prices jumped almost 1.5 percent on Wednesday, extending gains after a U.S. government report showed a bigger weekly draw than forecast in crude and gasoline stocks along with a surprise drop in distillate inventories. The Energy Information Administration (EIA) said U.S. crude stocks fell 4.7 million barrels during the week ended July 14. ENERGYUSA, exceeding estimates for a 3.2 million draw in crude stocks in a Reuters poll. A day earlier, preliminary data from the American Petroleum Institute showed a 1.6 million barrel increase. Brent LCOc1 futures for September delivery were up 69 cents, or 1.4 percent, at $49.53 a barrel by 11:09 a.m. EDT (1509 GMT). U.S. West Texas Intermediate crude CLc1 for August rose 64 cents, or 1.4 percent, to $47.04 on its second to last day as the U.S. front month. Before the EIA report, U.S. and Brent futures were up about 0.6 percent, supported by strong demand for gasoline. "The report was more good news for the oil industry as inventories declined across the board for crude and products by over 10 million barrels," Andrew Lipow, president of Lipow Oil Associates in Houston said. "Gasoline inventories are now nearly 5 percent lower than this time last year. That is a reflection of good consumer demand," Lipow said. EIA said distillate stocks decreased 2.1 million barrels and gasoline stocks declined 4.4 million barrels. Analysts polled by Reuters had forecast a 1.2 million barrel build in distillates and a 0.7 million barrel draw in gasoline. U.S. gasoline RBc1 and distillates futures were both up almost 2 percent after the data, boosting the products crack spread CL321-1=R, a measure of refinery margins, to its highest since November 2016. Additional reporting by Ahmad Ghaddar in London and Henning Gloystein in Singapore; Editing by Dale Hudson and David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN1A4042'|'2017-07-19T18:27:00.000+03:00'|5035.0|''|-1.0|'' 5036|'6617772f57e379c6680d7782c72b023789ac8543'|'UPDATE 2-Celgene beats profit estimates, raises 2017 forecast'|'Edition United States July 27, 2017 / 11:46 AM / 3 hours ago Revlimid drives Celgene profit beat; raises EPS forecast Bill Berkrot 3 Min Read (Reuters) - Celgene Corp rode its flagship multiple myeloma drug Revlimid and a rebound in sales of Otezla for psoriasis to a modestly higher-than-expected second-quarter profit and raised its full-year earnings forecast on Thursday. But the solid results failed to impress investors and Celgene shares, which are up about 17 percent for the year, slipped 1 percent to $136.40 after touching a two-year high of $139. Analysts said the results may have come up short of investors'' lofty expectations for Celgene. Revlimid sales rose 19.6 percent to $2.03 billion on increases in duration of use and new reimbursement agreements in Europe. Celgene said duration of Revlimid use was now well beyond 20 months in the United States and expects duration in Europe to become similar. It added that it has not yet seen the full sales impact of longer Revlimid use by patients. "Revlimid looks to have a bright future, including much remaining patent exclusivity and the opportunity to grow penetration in U.S. and ex-U.S. markets based upon recent label expansions," Cowen and Co analyst Eric Schmidt said. Sales of Otezla, which had investors nervous after a surprisingly weak first quarter, bounced back, rising 48.5 percent to $358 million, exceeding Wall Street estimates of $345 million. However Celgene head of inflammation and immunology, Terrie Curran, cautioned that full-year Otezla sales would likely come in at the low end of its $1.5 billion to $1.7 billion forecast. Celgene provided updates on its large portfolio of pipeline opportunities it believes can drive growth through 2030. The company expects U.S. approval of the leukemia drug Idhifa, developed with Agios Pharmaceuticals, by late August, and plans to file for approval of ozanimod for multiple sclerosis by year end. Celgene forecast eventual ozanimod annual sales for MS and ulcerative colitis to climb as high as $6 billion. It is also developing a wide variety of treatments for blood cancers and solid tumor cancers. Excluding items, Celgene earned $1.82 per share in the quarter, beating average analysts'' expectations by 4 cents, according to Thomson Reuters I/B/E/S. Celgene raised its 2017 adjusted earnings forecast and now expects $7.25 to $7.35 per share, up from its prior view of $7.15 to $7.30 per share. Analysts were estimating $7.28 per share. Revenue rose 18.7 percent to $3.27 billion, above average analysts estimate of $3.23 billion The company said volume was the prime driver of product sales growth with a modest contribution from price increases. Reporting by Bill Berkrot in New York and Manas Mishra in Bengaluru; Editing by Arun Koyyur and James Dalgleish 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-celgene-results-idUSKBN1AC1RB'|'2017-07-27T16:41:00.000+03:00'|5036.0|''|-1.0|'' -5037|'b6045983d72be286653af775b0a5cf95f7204615'|'Exclusive: Spirit Realty explores Shopko stores spin-off - sources'|'(Reuters) - Spirit Realty Capital Inc ( SRC.N ), a U.S. real estate investment trust (REIT), is considering spinning off some of its real estate, including its Shopko store properties, as part of its strategic review, according to people familiar with the matter.The deliberations highlight how landlords are adapting to a wave of bankruptcies and store closings in the retail sector, as online shopping disrupts long-established brick-and-mortar shops and weighs on retailers'' ability to pay rent.Spirit is considering placing some of its retail properties, including those they lease to Shopko, into a new REIT that would then be spun off, potentially at a valuation of more than $1 billion, the sources said on Thursday.Spirit would manage the new REIT to help hold down administrative costs, the people added.The discussions are still in early stages, and Spirit may decide against pursuing the spin, the people said, asking not to be identified because the deliberations are private.Spirit and Shopko did not respond to requests for comment.Earlier this year, Spirit said it was reviewing strategic alternatives after reporting disappointing earnings, largely the result of its retail tenants failing to pay rents. Shopko is Spirit''s largest tenant as a percentage of rental revenue, according to Spirit''s financial statements."The dramatic and swift moving changes to the retail landscape in reaction to changing consumer behavior has been well documented," said Thomas Nolan, who stepped down as Spirit chief executive in May."I will say the impacts are profound, and they do impact Spirit Realty."Jackson Hsieh, Spirit''s former president and chief operating officer, replaced Nolan. Hsieh remains president.Retail bankruptcies have shaken landlords, who face a growing number of empty storefronts and declining rents in their malls and strip centers. Payless ShoeSource, children''s clothier Gymboree and teen retailers Wet Seal and American Apparel are among the chains that have shuttered hundreds of stores as part of their bankruptcies.Shopko operates over 380 stores in 26 states throughout the Central, Western and Pacific Northwest regions. It is owned by private equity firm Sun Capital Partners Inc.REITs frequently spin off properties to streamline their portfolios and increase their appeal to investors, who often prefer a REIT to focus on a single type of real estate.Earlier this week, office and retail REIT Vornado Realty Trust ( VNO.N ) completed a spin-off of its Washington D.C.-based real estate into a separately traded REIT called JBG Smith Properties ( JBGS.N ).Last year, healthcare REIT HCP Inc ( HCP.N ) completed a spin off of its skilled nursing and assisted living properties into a separate REIT, Quality Care Properties Inc ( QCP.N ).Reporting by Carl O''Donnell and Jessica DiNapoli in New York '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-spirit-realty-spinoff-idUSKBN1A52RT'|'2017-07-21T04:42:00.000+03:00'|5037.0|''|-1.0|'' +5037|'b6045983d72be286653af775b0a5cf95f7204615'|'Exclusive: Spirit Realty explores Shopko stores spin-off - sources'|'(Reuters) - Spirit Realty Capital Inc ( SRC.N ), a U.S. real estate investment trust (REIT), is considering spinning off some of its real estate, including its Shopko store properties, as part of its strategic review, according to people familiar with the matter.The deliberations highlight how landlords are adapting to a wave of bankruptcies and store closings in the retail sector, as online shopping disrupts long-established brick-and-mortar shops and weighs on retailers'' ability to pay rent.Spirit is considering placing some of its retail properties, including those they lease to Shopko, into a new REIT that would then be spun off, potentially at a valuation of more than $1 billion, the sources said on Thursday.Spirit would manage the new REIT to help hold down administrative costs, the people added.The discussions are still in early stages, and Spirit may decide against pursuing the spin, the people said, asking not to be identified because the deliberations are private.Spirit and Shopko did not respond to requests for comment.Earlier this year, Spirit said it was reviewing strategic alternatives after reporting disappointing earnings, largely the result of its retail tenants failing to pay rents. Shopko is Spirit''s largest tenant as a percentage of rental revenue, according to Spirit''s financial statements."The dramatic and swift moving changes to the retail landscape in reaction to changing consumer behavior has been well documented," said Thomas Nolan, who stepped down as Spirit chief executive in May."I will say the impacts are profound, and they do impact Spirit Realty."Jackson Hsieh, Spirit''s former president and chief operating officer, replaced Nolan. Hsieh remains president.Retail bankruptcies have shaken landlords, who face a growing number of empty storefronts and declining rents in their malls and strip centers. Payless ShoeSource, children''s clothier Gymboree and teen retailers Wet Seal and American Apparel are among the chains that have shuttered hundreds of stores as part of their bankruptcies.Shopko operates over 380 stores in 26 states throughout the Central, Western and Pacific Northwest regions. It is owned by private equity firm Sun Capital Partners Inc.REITs frequently spin off properties to streamline their portfolios and increase their appeal to investors, who often prefer a REIT to focus on a single type of real estate.Earlier this week, office and retail REIT Vornado Realty Trust ( VNO.N ) completed a spin-off of its Washington D.C.-based real estate into a separately traded REIT called JBG Smith Properties ( JBGS.N ).Last year, healthcare REIT HCP Inc ( HCP.N ) completed a spin off of its skilled nursing and assisted living properties into a separate REIT, Quality Care Properties Inc ( QCP.N ).Reporting by Carl O''Donnell and Jessica DiNapoli in New York '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-spirit-realty-spinoff-idUSKBN1A52RT'|'2017-07-21T04:42:00.000+03:00'|5037.0|12.0|4.0|'' 5038|'d6812b774b41126b1eaca978edac7254b53eaaad'|'UK mortgage approvals edge lower in June - UK Finance'|'July 26, 2017 / 8:35 AM / in 19 minutes UK mortgage approvals edge lower in June - UK Finance Reuters Staff 2 Min Read Rows of houses are seen in North Kensington, London, Britain June 29, 2017. Hannah McKay LONDON (Reuters) - British banks approved the fewest mortgages for house purchase since September 2016 last month, though the total sum lent was the highest since March 2016, industry figures showed on Wednesday. Banks approved 40,200 mortgages for house purchase in June, down from 40,287 in May but barely changed from June 2016, trade association UK Finance said. "June saw consumer borrowing from high street banks... maintain its slower pace as rising inflation put pressure on household incomes. Housing activity remained relatively stable," said UK Finance executive Eric Leenders. The data were previously produced by the British Bankers'' Association, which joined the newly formed UK Finance lobby group at the start of July. Net credit card lending rose by 276 million pounds in June after a 114 million pound increase in May. A year earlier, lending increased by 265 million pounds. On Monday the Bank of England reiterated concerns about rapid growth in unsecured borrowing and warned that several years of solid economic growth could lead banks to lower their guard and relax lending standards excessively. The UK Finance data cover most British banks, but do not include building societies, which account for a big chunk of mortgage lending. The Bank of England will release more comprehensive data on July 31. Reporting by David Milliken and Emma Rumney 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-lending-idUKKBN1AB0YU'|'2017-07-26T11:35:00.000+03:00'|5038.0|''|-1.0|'' 5039|'5b4f39e2eda7c169a6369160b52e895f1e9c3484'|'Benetton family in shortlist to buy Ducati - source'|'Edition United States July 29, 2017 / 4:19 PM / in 2 hours Benetton family in shortlist to buy Ducati: source Reuters Staff 2 Min Read The logo of Italian motorcycle manufacturer Ducati is seen in Dietlikon, Switzerland October 11, 2016. Arnd Wiegmann MILAN (Reuters) - Italy''s Benetton family is among five bidders shortlisted to buy Italian motorcycle brand Ducati, which is being sold by Germany''s Volkswagen ( VOWG_p.DE ), a source close to the matter said on Saturday. The finalists will be given access to the company''s books after the summer, the source said, adding that the offers received valued Ducati at 1.3 billion-1.5 billion euros ($1.5 billion-$1.8 billion). Volkswagen''s luxury brand Audi, which is the owner of Ducati, declined to comment. Earlier on Saturday, two Italian newspapers said that besides the Benetton family''s investment vehicle, Edizione Holding, the shortlist included U.S. automotive firm Polaris Industries ( PII.N ) and private equity funds such as Ducati''s previous owner Investindustrial, France''s PAI and Bain Capital. Investindustrial declined to comment. Polaris, PAI and Bain could not immediately be reached for comment. The list of initial bidders for Ducati also included two Indian motorbike firms, Eicher Motors ( EICH.NS ) and Bajaj Auto ( BAJA.NS ), as well as private equity funds CVC Capital Parners and Advent, sources have previously said. Volkswagen, Europe''s largest carmaker, is reviewing several assets in a bid to move beyond the emissions scandal that has left it facing billions of dollars in fines and settlements. A successful deal for Ducati, which had revenue of 731 million euros last year, would show that Volkswagen boss Matthias Mueller is serious about reversing its quest for size. ($1 = 0.8512 euros) Reporting by Paola Arosio in Milan; additional reporting by Andreas Cremer in Berlin and Massimo Gaia in Milan; writing by Agnieszka Flak; editing by David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-ducati-sale-idUKKBN1AE0LX'|'2017-07-29T19:13:00.000+03:00'|5039.0|''|-1.0|'' 5040|'2e03777ac4154846d64e2e8e07d80832345c8cdd'|'Unilever lifts margin target as industry pressure mounts'|'July 20, 2017 / 6:16 AM / 9 minutes ago Unilever lifts margin target as industry pressure mounts Martinne Geller 4 Min Read LONDON (Reuters) - Unilever lifted its annual profitability target on Thursday after cost cuts led to a big improvement in the first half of the year, showing it can boost returns after rebuffing a $143 billion takeover bid. The savings at Unilever come as the packaged goods industry''s biggest names, including Nestle and Procter & Gamble, are being targeted by shareholder activists pushing for better returns. Unilever, whose own margins came under scrutiny in the wake of February''s shock takeover bid from Kraft Heinz, said on Thursday that such investor pressure was becoming the norm. "It''s something that we keep on our radar screens here ourselves," Chief Financial Officer Graeme Pitkethly said. "We all have to deal with it and we''re realistic about that." The Anglo-Dutch conglomerate, whose products range from Hellmann''s mayonnaise to Dove soap, stepped up its savings. It now expects its underlying operating margin to grow by at least 100 basis points this year, up from the target of at least 80 basis points given in April when it announced the results of a review sparked by the Kraft bid. Unilever shares were up 1.2 percent at 1430 GMT. They remain roughly 30 percent higher than before the bid on expectations of more aggressive earnings growth. Some analysts speculate that Kraft could return with another bid, once the six-month cooling off period required by the UK takeover panel expires next month. "Unilever know they cannot relax and investors expect them to raise their game," said Steve Clayton, fund manager at Hargreaves Lansdown Select, whose funds are 5 percent invested in Unilever. Marketing and Margins Unilever''s underlying operating margin improved 180 basis points to 17.8 percent in the last six months, helped by an acceleration of cost-savings programmes, and a 130 basis point drop in brand and marketing spending. Its goal is to reach 20 percent by 2020. Analysts welcomed the margin improvement, but voiced concern that it was driven by reduced marketing, which can hit sales. The logo of the Unilever group is seen at the Miko factory in Saint-Dizier, France, May 4, 2016. Philippe Wojazer/Files "Quantity good ... quality less so," RBC Capital Markets analysts wrote. Unilever said marketing spending would rise in the second half, as new product launches were skewed to that period, adding that full-year spend should match the previous year. Unilever saved more than 1 billion euros in the first half of the year, bringing it closer to its target for 6 billion euros in three years. Cuts include reducing the number of laundry powder formulations by 65 percent, reducing employee airline flights by 30 percent and lowering middle and senior management headcount by 13 percent. No Volume Growth Underlying sales rose 3 percent in both the second quarter and the first half, excluding currency fluctuations and acquisitions. That was slightly below analysts'' average expectations for growth of 3.2 percent for the quarter and 3.1 percent for the half, according to a company-supplied consensus. Growth for the six months was due entirely to pricing, as volume was flat. But volume should accelerate in the back half of the year, Unilever said, helped by new products. The company stood by its full-year forecast for growth in the 3 to 5 percent range. Underlying earnings per share rose 14.4 percent to 1.13 euros per share. Regarding the sale of its margarine and spreads business, CFO Pitkethly said Unilever planned to distribute details by the end of autumn. The firm is carving out the whole business, which operates in some 60 countries, but could sell it in pieces. Pitkethly said industry players might be able to add value to the emerging market business, while developed markets might be more interesting to private equity players. "We don''t have to sell it in one block and will only do that if it''s a superior value solution," Pitkethly told Reuters. Reporting by Martinne Geller; Editing by Edmund Blair and Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-unilever-nv-results-idUKKBN1A50I9'|'2017-07-20T17:46:00.000+03:00'|5040.0|''|-1.0|'' @@ -5066,7 +5066,7 @@ 5064|'00fe81d278268782e55eeb0bece373351047f406'|'Smith & Nephew buoyed by double-digit emerging markets growth'|'July 27, 2017 / 7:13 AM / 9 minutes ago Smith & Nephew buoyed by double-digit emerging markets growth Reuters Staff 1 Min Read LONDON (Reuters) - Artificial hip and knee maker Smith & Nephew ( SN.L ) reported a 3 percent rise in underlying revenue growth in the second quarter, in line with its 3-4 percent forecast for the year, helped by 13 percent growth in emerging markets. Chief Executive Olivier Bohuon said on Thursday the company was seeing good momentum, keeping it on track to deliver on full year revenue and trading margin guidance. Trading profit for the half year was $493 million, against the $488 million forecast by analysts, according to a company-compiled consensus. Smith & Nephew, which competes against larger U.S. rivals in the orthopaedic replacement market, is battling to bring new technology on-stream to help it win business, with robotics a key area of innovation. Reporting by Ben Hirschler; Editing by Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-smith-nephew-results-idUKKBN1AC0TG'|'2017-07-27T10:13:00.000+03:00'|5064.0|''|-1.0|'' 5065|'b3a7bce42b33b9292b440a413b2a56a13250e5a1'|'Fiat Chrysler recalls 1.33 million vehicles over fire, air bag risks'|'July 14, 2017 / 9:17 AM / in an hour Fiat Chrysler recalls 1.33 million vehicles over fire, air bag risks David Shepardson 2 Min Read A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. Brendan McDermid WASHINGTON (Reuters) - Fiat Chrysler Automobiles NV ( FCHA.MI ) said on Friday it is recalling 1.33 million vehicles worldwide in two separate campaigns for potential fire risks and inadvertent airbag deployments. The Italian-American automaker said it is recalling about 770,000 sport utility vehicles because of a wiring issue that may lead to inadvertent deployment of the driver-side air bag and is linked to reports of five related minor injuries, but no crashes. The company said wiring could chafe against pieces of steering-wheel trim, potentially causing a short-circuit and ultimately leading to an inadvertent air bag deployment. The issue could also cause unintended windshield wiper operation or inoperable switches. The recall covers 538,000 2011-2015 Dodge Journey vehicles in North America and 233,000 2011-2015 Fiat Freemont crossovers sold elsewhere. Dealers will inspect and replace the wiring, as needed and equip it with additional protective covering. The automaker is also recalling 565,000 vehicles to replace their alternators because of fire risks. The company said hot ambient temperatures could lead to premature diode wear, may result in a burning odor or smoke, could impact the anti-lock braking system or lead to engine stalls. The company said it is aware of two potentially related accidents but no injuries. The recall covers 2011-2014 model year Chrysler 300, Dodge Charger and Dodge Challenger cars and Dodge Durango SUVs and 2012-2014 Jeep Grand Cherokee SUVs. In October, Fiat Chrysler recalled about 86,000 Ram 2500 and 3500 pickup trucks, 3500, 4500 and 5500 chassis cabs from the 2007-2013 model years and 2011-2014 Dodge Charger Pursuit sedans for the same alternator issue. Fiat Chrysler said at the time one minor injury was related to the recall. Dealers will replace the alternators. Reporting by David Shepardson; Editing by Lisa Shumaker 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-fiat-chrysler-recall-idUSKBN19Z0U7'|'2017-07-14T12:17:00.000+03:00'|5065.0|''|-1.0|'' 5066|'71a7a3d53539535ab8921e74172b1d92d958cc4c'|'China bank watchdog to tighten risk control amid regulatory shake-up'|'July 18, 2017 / 12:35 AM / 11 minutes ago China bank watchdog to tighten risk control amid regulatory shake-up 3 Min Read SHANGHAI (Reuters) - China''s banking regulator will tighten control over risks in the financial markets, work more closely with the central bank and other regulators, and "resolutely follow" the leadership of a newly-formed financial stability committee, it said late on Monday. The China Banking Regulatory Commission''s comments come after President Xi Jinping said on Saturday that the central bank would take a bigger role with a Financial Stability and Development Committee to be set up under the State Council. Beijing sees financial security as a vital part of national security and has been looking to crack down on risky behaviour in the financial markets, such as insurers selling high-risk products and companies taking on excessive debt. The China Banking Regulatory Commission (CBRC) said in the statement on its website it would strengthen controls to avoid financial risks, including those related to liquidity, credit and shadow banking. It said there was a "step-by-step" plan to reduce "chaos" in the market, without giving details. The regulator will also boost cooperation with other bodies, something Beijing sees as key to cutting risks. Regulators now oversee different parts of a complex financial sector, but no single watchdog has a complete picture of the overall system. "CBRC will resolutely follow the leadership of the Financial Stability and Development Committee, actively coordinate with the People''s Bank of China to fulfil macroprudential management duties, and strengthen cooperation with other financial regulators, ministries and local government," it said. The two other main financial regulators are the China Securities Regulatory Commission and the China Insurance Regulatory Commission. The banking watchdog added failure to catch, flag and deal with financial risks in a timely manner would be treated as a dereliction of duty, parroting comments made by Xi at the once-in-five-years government work conference that ended on Saturday. In 2015, a poorly coordinated response to a stock market crash in China led to scrutiny of the government''s response, with Premier Li Keqiang openly criticising financial regulators'' performance. The CBRC will also convene a meeting in the near future with banking regulators from around the country to discuss how to implement measures decided at the work conference. Reporting by Adam Jourdan; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-banking-regulator-idINKBN1A3023'|'2017-07-18T03:31:00.000+03:00'|5066.0|''|-1.0|'' -5067|'de4fc033174c5bef79092fcca012b6dd56575202'|'Australian state picks Tesla to provide grid-scale battery'|'Business News - Fri Jul 7, 2017 - 11:15am BST Tesla wins giant battery contract in Australia, has 100-day deadline left right Tesla Chief Executive Officer Elon Musk speaks during an official ceremony in Adelaide, Australia, July 7, 2017 to announce that Tesla will install the world''s largest grid-scale battery in the South Australian state. AAP/Ben Macmahon/via REUTERS 1/6 left right South Australian Premier Jay Weatherill (R) listens to Tesla Chief Executive Officer Elon Musk speak during an official ceremony in Adelaide, Australia, July 7, 2017 to announce that Tesla will install the world''s largest grid-scale battery in the South Australian state. AAP/Ben Macmahon/via REUTERS 2/6 left right FILE PHOTO - A Tesla representative (R) demonstrates the Tesla Powerwall battery storage device to potential customers at the Tesla store in Sydney, Australia, March 13, 2017. REUTERS/Jason Reed/File photo 3/6 left right FILE PHOTO - Tesla Model X cars are charged by superchargers at a Tesla electric car dealership in Sydney, Australia, May 31, 2017. REUTERS/Jason Reed/File photo 4/6 left right FILE PHOTO - A Tesla representative demonstrates the Tesla Powerwall battery storage device to potential customers at the Tesla store in Sydney, Australia, March 13, 2017. REUTERS/Jason Reed/File photo 5/6 left right Tesla Chief Executive Officer Elon Musk arrives for an official ceremony in Adelaide, Australia, July 7, 2017 to announce that Tesla will install the world''s largest grid-scale battery in the South Australian state. AAP/Ben Macmahon/via REUTERS 6/6 By Colin Packham and James Regan - SYDNEY SYDNEY Tesla Inc has won an Australian contract to install the world''s biggest grid-scale battery, in what experts say will be a litmus test for the reliability of large-scale renewable energy. Tesla''s CEO Elon Musk, known for his bold approach to cars, clean energy and space exploration, trumped dozens of competing proposals to build the gigantic lithium-ion battery that will serve as emergency back-up power for South Australia - a state racked by outages. But under the agreement, Tesla must deliver the 100-MW battery within 100 days of the contract being signed or it will be free - a commitment Musk made in a Tweet in March. "There will be a lot of people that will look at this -''Did they get it done within 100 days? Did it work?''" Musk told reporters in South Australia''s capital city of Adelaide. "We are going to make sure it does." The battery, designed to light up 30,000 homes if there is a blackout, will be built on a wind farm operated by France''s Neoen - parts of which are still under construction. Musk said failing to deliver the project in time would cost his company "$50 million or more", without elaborating. It will be the largest lithium-ion battery storage project in the world, overtaking an 80 megawatt-hour facility in California, also built using Tesla batteries. Over the last three years, South Australia has decided to shut down its coal-fired power stations and instead rely on wind, solar and gas. In particular it has raced ahead of the rest of the country in turning to wind power, which supplies 40 percent of its energy. The move has been applauded by environmentalists but left the state prone to outages as there is no way to store enough energy when the wind doesn''t blow. In September, South Australia''s 1.7 million residents were left without power, some of them for up to two weeks, when the grid overloaded and collapsed. The battery is aimed at getting around the problem of inadequate storage. "Cost-effective storage of electrical energy is the only problem holding us back from getting all of our power from wind and solar," said Ian Lowe a professor of science at Australia''s Griffith University. "This project is a significant innovation to demonstrate the feasibility of large-scale storage." LITHIUM AMBITIONS Dozens of companies from 10 countries, including privately owned Lyon Group, working with U.S. power company AES Corp, expressed interest in the project. Now the sector is waiting to see if Musk can make good on his promise. "Tesla has been telling the world that it can and will finish the project within three months, said a source at a Korean competitor to Tesla, declining to be identified due to the sensitivity of the matter. "It seems that confidence helped Tesla win, but typically this kind of project takes six months so we have to wait and see whether or not Tesla can do it," the source said. Lithium-ion batteries have been in widespread use since about 1991, but mostly on a small scale, such as in laptops and cell phones. A typical lithium-ion battery can store 150 watt-hours of electricity in 1 kilogram of battery, representing more than double the capacity of nickel batteries. For their proponents who have long been pushing for grander use, the success of Musk''s big South Australian experiment will be key to greater acceptance. "For lithium technology to take off on a global scale, they clearly need the storage capacity to make sure renewables can deliver 24 hours a day, seven days a week," said Adrian Griffin, a geologist who specialises in lithium extraction. (Reporting by Colin Packham and James Regan in SYDNEY. Additional reporting by Sonali Paul in MELBOURNE. Writing by Jonathan Barrett. Editing by Bill Tarrant and Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australia-power-tesla-idUKKBN19S0ER'|'2017-07-07T07:28:00.000+03:00'|5067.0|''|-1.0|'' +5067|'de4fc033174c5bef79092fcca012b6dd56575202'|'Australian state picks Tesla to provide grid-scale battery'|'Business News - Fri Jul 7, 2017 - 11:15am BST Tesla wins giant battery contract in Australia, has 100-day deadline left right Tesla Chief Executive Officer Elon Musk speaks during an official ceremony in Adelaide, Australia, July 7, 2017 to announce that Tesla will install the world''s largest grid-scale battery in the South Australian state. AAP/Ben Macmahon/via REUTERS 1/6 left right South Australian Premier Jay Weatherill (R) listens to Tesla Chief Executive Officer Elon Musk speak during an official ceremony in Adelaide, Australia, July 7, 2017 to announce that Tesla will install the world''s largest grid-scale battery in the South Australian state. AAP/Ben Macmahon/via REUTERS 2/6 left right FILE PHOTO - A Tesla representative (R) demonstrates the Tesla Powerwall battery storage device to potential customers at the Tesla store in Sydney, Australia, March 13, 2017. REUTERS/Jason Reed/File photo 3/6 left right FILE PHOTO - Tesla Model X cars are charged by superchargers at a Tesla electric car dealership in Sydney, Australia, May 31, 2017. REUTERS/Jason Reed/File photo 4/6 left right FILE PHOTO - A Tesla representative demonstrates the Tesla Powerwall battery storage device to potential customers at the Tesla store in Sydney, Australia, March 13, 2017. REUTERS/Jason Reed/File photo 5/6 left right Tesla Chief Executive Officer Elon Musk arrives for an official ceremony in Adelaide, Australia, July 7, 2017 to announce that Tesla will install the world''s largest grid-scale battery in the South Australian state. AAP/Ben Macmahon/via REUTERS 6/6 By Colin Packham and James Regan - SYDNEY SYDNEY Tesla Inc has won an Australian contract to install the world''s biggest grid-scale battery, in what experts say will be a litmus test for the reliability of large-scale renewable energy. Tesla''s CEO Elon Musk, known for his bold approach to cars, clean energy and space exploration, trumped dozens of competing proposals to build the gigantic lithium-ion battery that will serve as emergency back-up power for South Australia - a state racked by outages. But under the agreement, Tesla must deliver the 100-MW battery within 100 days of the contract being signed or it will be free - a commitment Musk made in a Tweet in March. "There will be a lot of people that will look at this -''Did they get it done within 100 days? Did it work?''" Musk told reporters in South Australia''s capital city of Adelaide. "We are going to make sure it does." The battery, designed to light up 30,000 homes if there is a blackout, will be built on a wind farm operated by France''s Neoen - parts of which are still under construction. Musk said failing to deliver the project in time would cost his company "$50 million or more", without elaborating. It will be the largest lithium-ion battery storage project in the world, overtaking an 80 megawatt-hour facility in California, also built using Tesla batteries. Over the last three years, South Australia has decided to shut down its coal-fired power stations and instead rely on wind, solar and gas. In particular it has raced ahead of the rest of the country in turning to wind power, which supplies 40 percent of its energy. The move has been applauded by environmentalists but left the state prone to outages as there is no way to store enough energy when the wind doesn''t blow. In September, South Australia''s 1.7 million residents were left without power, some of them for up to two weeks, when the grid overloaded and collapsed. The battery is aimed at getting around the problem of inadequate storage. "Cost-effective storage of electrical energy is the only problem holding us back from getting all of our power from wind and solar," said Ian Lowe a professor of science at Australia''s Griffith University. "This project is a significant innovation to demonstrate the feasibility of large-scale storage." LITHIUM AMBITIONS Dozens of companies from 10 countries, including privately owned Lyon Group, working with U.S. power company AES Corp, expressed interest in the project. Now the sector is waiting to see if Musk can make good on his promise. "Tesla has been telling the world that it can and will finish the project within three months, said a source at a Korean competitor to Tesla, declining to be identified due to the sensitivity of the matter. "It seems that confidence helped Tesla win, but typically this kind of project takes six months so we have to wait and see whether or not Tesla can do it," the source said. Lithium-ion batteries have been in widespread use since about 1991, but mostly on a small scale, such as in laptops and cell phones. A typical lithium-ion battery can store 150 watt-hours of electricity in 1 kilogram of battery, representing more than double the capacity of nickel batteries. For their proponents who have long been pushing for grander use, the success of Musk''s big South Australian experiment will be key to greater acceptance. "For lithium technology to take off on a global scale, they clearly need the storage capacity to make sure renewables can deliver 24 hours a day, seven days a week," said Adrian Griffin, a geologist who specialises in lithium extraction. (Reporting by Colin Packham and James Regan in SYDNEY. Additional reporting by Sonali Paul in MELBOURNE. Writing by Jonathan Barrett. Editing by Bill Tarrant and Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australia-power-tesla-idUKKBN19S0ER'|'2017-07-07T07:28:00.000+03:00'|5067.0|8.0|0.0|'' 5068|'2b4eb68b8e3efae6826c0e74b5d58b18a5c028a5'|'UK to crack down on ''rip off'' card fees'|'July 18, 2017 / 11:07 PM / 3 hours ago UK to crack down on ''rip off'' card fees 2 Min Read MasterCard, VISA and Maestro credit cards are seen in this picture illustration taken June 9, 2016. Maxim Zmeyev/Illustration LONDON (Reuters) - Britain will stop companies ranging from takeaway food apps to airlines from charging an extra fee to consumers who want to use credit cards and other payment services, the finance ministry said on Wednesday. The total value of surcharges for the use of debit and credit cards, which have also included fees from government departments, was estimated at 473 million pounds ($617 million)in 2010, the ministry said. "Rip-off charges have no place in a modern Britain and that''s why card-charging in Britain is about to come to an end," Stephen Barclay, economic secretary to the Treasury, said in a statement. Shares in take-away food app Just Eat ( JE.L ) dropped by 6 percent on the news, one of Europe''s biggest share price falls on Wednesday, while shares in airlines EasyJet EZY.L and the owner of British Airways, IAG ( ICAG.L ), also weakened. British Prime Minister Theresa May has said she wants her government to do more for "just managing" households who face wage increases that are lagging behind inflation. Under the changes due to be introduced on January 2018, surcharge fees will be eliminated for payments including those made on American Express ( AXP.N ) credit cards, Paypal ( PYPL.O ) and Apple Pay ( AAPL.O ). This goes further than a European Union requirement to scrap fees for consumers using Visa ( V.N ) and Mastercard ( MA.N ) cards, the ministry said. In December 2015 Britain capped the transaction fees that banks can charge companies at 0.3 percent for credit card payments and 0.2 percent for debit cards as part of European Union-wide limits. Additional reporting by Helen Reid; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-payments-idUKKBN1A32JJ'|'2017-07-19T02:31:00.000+03:00'|5068.0|''|-1.0|'' 5069|'363b330a0cfd16cea51f259d2b5de56543bb52b6'|'Round Two: Elliott Advisors, Akzo Nobel resume combat in Dutch court'|'July 27, 2017 / 8:14 AM / a few seconds ago Round Two: Elliott Advisors, Akzo Nobel resume combat in Dutch court 3 Min Read FILE PHOTO: Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM (Reuters) - Activist hedge fund Elliott Advisors on Thursday pressed ahead with a second lawsuit seeking to oust the chairman of Dutch paints group Akzo Nobel over his rejection of a 26.3 billion euro ($30 billion) takeover proposal from U.S. group PPG Industries. Elliott, the largest Akzo investor with a 9.5 percent stake, was pursuing the case even after Akzo said on Tuesday that 70-year old Chairman Antony Burgmans would step down when his term expires next April. That will be too late for Elliott which is engaged in an increasingly bitter fight against Burgmans. Akzo and Pittsburgh-based PPG are in a six-month compulsory cooling off period which expires in December. Some analysts believe the departure of the two leading opponents of a deal, after Chief Executive Ton Buechner announced his immediate resignation on July 19 due to health reasons, could open the door for talks. In a preliminary ruling in May, Amsterdam''s Enterprise Chamber rejected Elliott''s bid to compel Akzo to convene an extraordinary meeting of shareholders to vote on dismissing Burgmans, saying it was an attempt to wrest control of the company''s strategic direction from the board. Buechner''s sudden departure left his successor, relatively new chemicals division chief Thierry Vanlancker, to deliver higher sales and margins promised when the Dutch paintmaker fended off PPG''s takeover attempt. Akzo''s second quarter results, announced on Tuesday, missed expectations. The company''s shares traded at 75.57 euros on Thursday morning, far below PPG''s final cash and share proposal of around 95 euros made in April. Akzo said that shareholders would have their say at an extraordinary meeting on Sept. 8, but Elliott responded furiously, saying Akzo had chosen "yet again to flout fundamental shareholder rights" by not allowing a vote on Burgmans too. On Thursday, the court will hear arguments by Elliott and York Capital Management, which is supporting the suit. They are seeking a summary ruling by the judges to call an extraordinary shareholders meeting to vote on Burgmans'' position. Akzo would present counter arguments and a ruling was expected within two weeks. Editing by Keith Weir'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-akzo-nobel-shareholders-activism-idUKKBN1AC11X'|'2017-07-27T11:04:00.000+03:00'|5069.0|''|-1.0|'' 5070|'58f918ffbfee78e1928879be8b4e889018e199a7'|'British ministers want post-Brexit drug regulation deal with EU'|'Business News - Mon Jul 3, 2017 - 8:20pm BST British ministers want post-Brexit drug regulation deal with EU Flags are arranged at the EU headquarters as Britain and the EU launch Brexit talks in Brussels, June 19, 2017. REUTERS/Francois Lenoir LONDON The British government sought to reassure drug companies and biotech firms on Monday by calling for continued co-operation with the European Union over drug regulation after Brexit. Drugmakers, which overwhelmingly favored remaining in the EU, account for 25 percent of all UK business research spending and companies have warned that Brexit threatens uncertainty, added complexity and potential drug approval delays. Jeremy Hunt, the health minister, and Greg Clark, the business minister, wrote a letter to the Financial Times outlining how Britain and the EU could work together. The letter said the government''s priority was to protect patient safety, maintain Britain''s role as a center for research and promote public health globally. The ministers said there were numerous examples where the partnership between Britain and the EU had helped patients, including the licensing of 130 products for rare diseases. "We will look to continue to work closely with the European Medicines Agency (EMA)," they said. "Our overall aim is to ensure that patients in the UK and across the EU continue to be able to access the best and most innovative medicines." The London-based EMA currently acts as a one-stop-shop for approving and monitoring the safety of drugs across the EU, but Britain is expected to leave its oversight after Brexit. The agency itself is due to relocate to another city inside the EU. In a bid to limit disruption, drugmakers have been pushing for some kind of partnership deal with the EMA after Brexit, potentially allowing for mutual recognition of medicine approvals. EMA Executive Director Guido Rasi said in April this kind of arrangement was theoretically possible but it would be up to EU governments to decide whether to offer such a deal, since Britain will be outside the single market governing free movement of goods, capital, services and people. Being isolated from the EU system could put British patients at the back of the line for new drugs if companies decide to prioritize Europe, a market of 500 million people, over the UK, where commercial opportunities are far smaller. Shire ( SHP.L ) CEO Flemming Ornskov said on Monday that the future of the EMA was his principal Brexit concern. "What is going to happen with the European Medicines Agency? I have 20 projects in late-stage clinical development, so clarity is important," he told Reuters in an interview. Although the impact of Brexit on global companies like GlaxoSmithKline ( GSK.L ) and AstraZeneca ( AZN.L ) is likely to be limited, the UK pharmaceuticals trade association has warned that having Britain outside the EU could undermine future investment, research and jobs in the country. Mike Thompson, CEO of the Association of the British Pharmaceutical Industry, said the ministers'' letter was "a welcome recognition that the future of medicines regulation is a key priority for the government". (Reporting by Andrew MacAskill and Ben Hirschler; editing by Alexander Smith and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-science-idUKKBN19O238'|'2017-07-03T22:14:00.000+03:00'|5070.0|''|-1.0|'' @@ -5077,7 +5077,7 @@ 5075|'5cd9afad68717f150dc9e112571f855bc41b3a67'|'Austria wants to end Eurofighter programme early amid row with Airbus'|'Fri Jul 7, 2017 - 9:11am BST Austria wants to end Eurofighter program early amid row with Airbus The first Austrian military jet fighter ''''Eurofighter Typhoon'''' lands on the military airport in the small Styrian village of Zeltweg July 12, 2007. REUTERS/Leonhard Foeger VIENNA Austria wants to end its Eurofighter jet program early and replace it with a cheaper alternative fleet of aircraft leased from another government, its defense minister said on Friday, amid a legal battle over the jets with Airbus. Austria sued Airbus and the Eurofighter consortium, including Britain''s BAE Systems and Italy''s Leonardo, in February, alleging deception and fraud linked to a near 2 billion euro ($2.3 billion) jet order in 2003. Airbus and the consortium have denied the accusations. The charges were the latest in a series of rows between Austria and the consortium, which have sparked two parliamentary inquiries and resulted in Airbus boss Tom Enders being investigated by Vienna prosecutors. The defense ministry said in a statement that Austria''s 15 Eurofighter jets could be phased out from 2020. The continued use of the Eurofighter planes for 30 years - the normal life span of such jets - would cost up to 5 billion euros. Buying and operating a new fleet comprised of 15 single-seater and three twin-seater supersonic jets over the same period could be 2 billion euros cheaper than continuing its current program, the ministry said. "It is necessary to get a grip on the overflowing costs of the Eurofighter," Defence Minister Hans Peter Doskozil said. The ministry said it had already been in touch with other governments, air forces and aircraft producers. Austria prefers a government-to-government deal that would see Vienna lease the aircraft from another country, rather than organizing a tender that would take much longer and might jeopardize the 2020-2023 timeframe for the change of fleet. Such a government-to-government deal could involve the other country buying the jets from one of its national producers whose planes have self-defense systems, radar-guided missiles and can operate at night and at supersonic speed. The tranche 1 type of the Eurofighter jets which Austria uses is also in operation in Britain, Germany, Italy and Spain. (Reporting by Shadia Nasralla; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-austria-eurofighter-idUKKBN19S0ZN'|'2017-07-07T11:07:00.000+03:00'|5075.0|''|-1.0|'' 5076|'ac08edbe85f12655b4bd1ede90dac71713964775'|'Electric vehicles could lift UK peak power demand by 3.5 GW by 2030 - National Grid'|'July 12, 2017 / 11:31 PM / 18 hours ago Electric vehicles could lift UK peak power demand by 3.5 GW by 2030 - National Grid Reuters Staff 3 Min Read Workers paint an electricity pylon near Lymm, northern England February 18, 2015. Phil Noble LONDON (Reuters) - The growing use of electric vehicles could increase electricity peak demand by 3.5 gigawatts (GW) in Britain by 2030, National Grid said on Thursday. In its annual Future Energy Scenarios report, the grid operator said it saw a sharp rise in the number of electric vehicles, with sales expected to be more than 90 percent of all cars by mid-century. READ MORE: Platinum demand faces massive impact from electric car growth - IPMI As a result, electricity demand will increase, driven initially by electric vehicles and later on by heat demand as the pace picks up to decarbonise the heating sector. Peak electricity demand could even rise by as much as 8 GW by 2030 without "smart charging" during off-peak hours and 18 GW by 2050, National Grid said. Peak electricity demand in Britain is currently around 50-55 GW in winter. The 18 GW increase in peak demand would happen in a world which is quite wealthy, where consumers would charge their vehicles at peak times, ignoring electricity tariffs that are cheaper during off-peak hours. In a world where cutting greenhouse gas emissions is a top priority, shared driverless vehicles could potentially make up 50 percent of electric vehicles, National Grid said. READ MORE: After dieselgate, VW loosens reins on carmaking empire With vehicle sharing and off-peak charging patterns, demand might only rise by 6 GW by 2050, it added. "The scenarios are not predictions but they aim to be a catalyst for debate, decision making and change, and provide transparency to the wider industry," said Marcus Stewart, head of energy insights at National Grid. "This new era of network operation is exciting and manageable, but it''s important there is investment in smart technologies and electricity infrastructure and a coordinated approach across the whole electricity system," he added. Reporting by Nina Chestney; Editing by Mark Potter 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nationalgrid-energy-idUKKBN19X33X'|'2017-07-13T02:30:00.000+03:00'|5076.0|''|-1.0|'' 5077|'61926d92e8843da2dcbd98f0aa81af107759aede'|'Idea Cellular posts third straight quarterly loss amid price war'|'July 27, 2017 / 11:24 AM / in 4 hours Idea Cellular posts third straight loss amid price war 2 Min Read FILE PHOTO: A man speaks on his mobile phone as he sits in front of a shop displaying the Idea Cellular Ltd''s logo on its shutter in Mumbai, India, April 28, 2014. Danish Siddiqui/File Photo (Reuters) - Idea Cellular Ltd, India''s No. 3 telecoms firm, reported a third straight quarterly loss on Thursday, reeling in the wake of a price war wrought by upstart entrant Reliance Jio. The company reported a net loss of 8.15 billion rupees ($127.13 million) for the three months ended June 30 after posting a profit of 2.20 billion a year earlier. ( bit.ly/2u1iLpF ) Analysts on average estimated a loss of 6.71 billion rupees, Thomson Reuters I/B/E/S data showed. Idea''s capital expenditure guidance for full year 2018 is 60 billion rupees, it said. Reliance Industries, led by India''s wealthiest man Mukesh Ambani, entered India''s telecoms industry last year, spending more than $30 billion on Jio and upending the sector with its low-cost data plans. The ensuing price war has triggered consolidation in the world''s second biggest mobile phone market by users. Idea and Vodafone Group Plc''s have agreed to merge their Indian operations in a $23 billion deal that is expected to close in 2018. Bharti Airtel is taking over operations of Norway''s Telenor in six Indian states. This week, bigger rival Bharti Airtel reported its smallest profit in 18 quarters. Reporting by Arnab Paul in Bengaluru; editing by Edwina Gibbs and Jason Neely 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/idea-cellular-results-idINKBN1AC1P8'|'2017-07-27T14:23:00.000+03:00'|5077.0|''|-1.0|'' -5078|'67741a3de3b2db61e7a22ada2a2121634aec3550'|'MIDEAST STOCKS-Region mixed; Dubai tests chart barrier, poor earnings hit Oman'|'July 16, 2017 / 2:25 PM / 4 hours ago MIDEAST STOCKS-Region mixed; Dubai tests chart barrier, poor earnings hit Oman 3 Min Read * Dubai index closes on April peak * Abu Dhabi''s Ajman Bank rises after Q2 earnings * Qatar National Bank pulls back after last week''s surge * Foreigners'' buying and selling almost balanced in Qatar * Omantel, Bank Dhofar among Omani losers after earnings By Andrew Torchia DUBAI, July 16 (Reuters) - Stock markets in the Gulf were mixed on Sunday with the global uptrend in equities pushing Dubai''s index up to test technical resistance but weak corporate earnings hurting Oman. The Dubai index gained 1.0 percent in modest trading volume to close on its April peak of 3,573 points. Eight of the 10 most heavily traded stocks rose, with the most active, Union Properties, edging up 0.3 percent. Abu Dhabi added 0.2 percent as Ajman Bank gained 2.6 percent despite reporting a moderate fall in second-quarter net profit. Its operating income actually rose slightly. The Saudi index climbed 0.5 percent in a broad-based rally. Banque Saudi Fransi added 1.4 percent and a few second- and third-tier stocks surged in unusually heavy trade; Saudi Printing and Packaging soared 8.5 percent. Qatar''s index fell 1.3 percent with Qatar National Bank, the biggest lender, falling by the same margin. The bank had surged 4.2 percent on Thursday after it reported a 3.6 percent increase in its second-quarter profits earlier in the week. Exchange data showed foreign investors'' buying and selling of Qatari stocks roughly balanced on Sunday while non-Qatari Gulf investors were almost inactive, though they were sellers on a net basis. Some Gulf funds fear sanctions imposed by neighbouring Arab states could eventually force them to pull out of the country entirely. Oman dropped 1.1 percent as a string of weak earnings showed the strain that low oil prices and government austerity measures have placed on the economy. Raysut Cement slipped 0.8 percent after reporting that first-half net profit shrank by nearly two-thirds from a year earlier, with turnover also dropping. Oman Telecommunications sank 3.3 percent after reporting a 39 percent fall in first-half profit, with revenue stagnant. Bank Dhofar lost 3.2 percent after first-half consolidated net profit shrank 13 percent, and National Gas plunged 8.0 percent in very thin trade after it said first-half profit more than halved. Highlights * The index gained 0.5 percent to 7,349 points. Dubai * The index rose 1.0 percent to 3,573 points. Abu Dhabi * The index edged up 0.1 percent to 4,524 points. Qatar * The index dropped 1.3 percent to 9,344 points. Egypt * The index edged down 0.05 percent to 13,816 points. Kuwait * The index rose 0.3 percent to 6,809 points. Bahrain * The index fell 0.3 percent to 1,314 points. Oman * The index dropped 1.1 percent to 5,064 points. (Reporting by Andrew Torchia; editing by Susan Thomas) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1K708L'|'2017-07-16T17:22:00.000+03:00'|5078.0|''|-1.0|'' +5078|'67741a3de3b2db61e7a22ada2a2121634aec3550'|'MIDEAST STOCKS-Region mixed; Dubai tests chart barrier, poor earnings hit Oman'|'July 16, 2017 / 2:25 PM / 4 hours ago MIDEAST STOCKS-Region mixed; Dubai tests chart barrier, poor earnings hit Oman 3 Min Read * Dubai index closes on April peak * Abu Dhabi''s Ajman Bank rises after Q2 earnings * Qatar National Bank pulls back after last week''s surge * Foreigners'' buying and selling almost balanced in Qatar * Omantel, Bank Dhofar among Omani losers after earnings By Andrew Torchia DUBAI, July 16 (Reuters) - Stock markets in the Gulf were mixed on Sunday with the global uptrend in equities pushing Dubai''s index up to test technical resistance but weak corporate earnings hurting Oman. The Dubai index gained 1.0 percent in modest trading volume to close on its April peak of 3,573 points. Eight of the 10 most heavily traded stocks rose, with the most active, Union Properties, edging up 0.3 percent. Abu Dhabi added 0.2 percent as Ajman Bank gained 2.6 percent despite reporting a moderate fall in second-quarter net profit. Its operating income actually rose slightly. The Saudi index climbed 0.5 percent in a broad-based rally. Banque Saudi Fransi added 1.4 percent and a few second- and third-tier stocks surged in unusually heavy trade; Saudi Printing and Packaging soared 8.5 percent. Qatar''s index fell 1.3 percent with Qatar National Bank, the biggest lender, falling by the same margin. The bank had surged 4.2 percent on Thursday after it reported a 3.6 percent increase in its second-quarter profits earlier in the week. Exchange data showed foreign investors'' buying and selling of Qatari stocks roughly balanced on Sunday while non-Qatari Gulf investors were almost inactive, though they were sellers on a net basis. Some Gulf funds fear sanctions imposed by neighbouring Arab states could eventually force them to pull out of the country entirely. Oman dropped 1.1 percent as a string of weak earnings showed the strain that low oil prices and government austerity measures have placed on the economy. Raysut Cement slipped 0.8 percent after reporting that first-half net profit shrank by nearly two-thirds from a year earlier, with turnover also dropping. Oman Telecommunications sank 3.3 percent after reporting a 39 percent fall in first-half profit, with revenue stagnant. Bank Dhofar lost 3.2 percent after first-half consolidated net profit shrank 13 percent, and National Gas plunged 8.0 percent in very thin trade after it said first-half profit more than halved. Highlights * The index gained 0.5 percent to 7,349 points. Dubai * The index rose 1.0 percent to 3,573 points. Abu Dhabi * The index edged up 0.1 percent to 4,524 points. Qatar * The index dropped 1.3 percent to 9,344 points. Egypt * The index edged down 0.05 percent to 13,816 points. Kuwait * The index rose 0.3 percent to 6,809 points. Bahrain * The index fell 0.3 percent to 1,314 points. Oman * The index dropped 1.1 percent to 5,064 points. (Reporting by Andrew Torchia; editing by Susan Thomas) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1K708L'|'2017-07-16T17:22:00.000+03:00'|5078.0|6.0|0.0|'' 5079|'110fac5b6ede87a1cb46382ece4ebe7970b5e5c4'|'Samsung on track to take Intel''s chip crown with record second-quarter earnings'|'Top 43am BST Samsung on track to take Intel''s chip crown with record second-quarter earnings The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, July 4, 2017. REUTERS/Kim Hong-Ji By Joyce Lee - SEOUL SEOUL Samsung Electronics Co Ltd ( 005930.KS ) is expected to report its best-ever quarterly profit in the second quarter, with soaring memory chip sales pushing it past Intel Corp ( INTC.O ) as the biggest semiconductor maker by revenue for the first time. The world''s largest memory chip maker is the among the biggest beneficiaries of soaring demand for processing firepower on smartphones and servers, which has fuelled an industry super-cycle amid limited supply growth. Underscoring its dominant position, Samsung said on Tuesday it plans to invest some $18.6 billion (14.3 billion) in South Korea as it seeks to extend its lead in memory chips and next-generation displays for smartphones. The South Korean tech giant, Asia''s third-largest company by market capitalisation, is now poised to knock Intel off the top of the global semiconductor market-share rankings for the first time since 1991. "From the second quarter, Samsung will become No. 1 in market share due to the recent increase in data centres and demand for solid-state drives," NH Investment & Securities analyst Peter Lee wrote in a note to clients. Samsung''s April-June operating profit is expected to leap 67 percent from a year earlier to 13.1 trillion won (8.8 billion), a new high, according to the average forecast from a Thomson Reuters survey of 18 analysts. The same survey expects July-September profit to be even higher at 13.8 trillion won. Solid sales of the Galaxy S8 smartphone launched in April likely provided an additional boost, keeping the firm ahead of rival Apple Inc ( AAPL.O ) as the world''s top smartphone maker. The S8''s performance has reassured investors whose nerves were shaken last year by the costly withdrawal of Samsung''s premium Galaxy Note 7 due to fire-prone batteries. Samsung shares are trading at a near-record high of 2.35 million won each as of Tuesday. They have gained 30 percent so far this year on top of a 43 percent surge in 2016. IN THE PIPELINE "The Galaxy S8 series has been out for more than 2 months now and we see similar traction as the Galaxy S7 series," Counterpoint analyst Tom Kang said. Samsung would sell about 49 million S8s by the end of its first full-year release, in line with first-year sales of the Galaxy S7, he said. Samsung is also preparing to unveil the Galaxy Note 8 in August, a source told Reuters, restoring the company''s schedule of market-moving gadget releases after the interruption of the Note 7 debacle. The company will issue earnings guidance early on Friday but will not disclose details on its performance until late July. Nomura has predicted DRAM chip prices will continue to rise in the second half of 2017 due to limited supply and strong demand driven by servers. Demand for solid-state drives (SSD) and smartphones would maintain profits for producers of NAND semiconductors, despite an easing of a production bottleneck, it said. Memory industry forecasts - tmsnrt.rs/2k8LOqk'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-samsung-elec-results-preview-idUKKBN19P2LX'|'2017-07-05T02:12:00.000+03:00'|5079.0|''|-1.0|'' 5080|'24eb00b7c870eebd81bd3017badf8423fabfcab8'|'Austrian ''bad bank'' Heta suspends some compliance staff'|'July 28, 2017 / 12:29 PM / 24 minutes ago Austrian ''bad bank'' Heta suspends some compliance staff Reuters Staff 1 Min Read VIENNA (Reuters) - Austrian ''bad bank'' Heta [HAABI.UL] said it had suspended several members of its compliance team while it investigates alleged weaknesses brought to its attention by a whistleblower. Heta said on Friday it had asked unnamed "independent experts" to look into the issue and report back by the end of August as well as take over compliance work in the interim. Austria''s Heta was formed from Hypo Alpe Adria which became the country''s worst financial disaster since World War Two, costing taxpayers billions of euros, when it was nationalised in 2009. "The management board of Heta ... were given a piece of information which can be classified as whistleblowing about some procedural weaknesses in the sectors compliance and revision," Heta said in a statement. "The supervisory board currently has no evidence that the accusations are true or that Heta might have incurred damage from these alleged procedural weaknesses," it added. Reporting by Shadia Nasralla; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-austria-heta-badbank-compliance-idUKKBN1AD1IM'|'2017-07-28T15:28:00.000+03:00'|5080.0|''|-1.0|'' 5081|'fd37dc2f62abe7853b03b361b562943405fb9949'|'Heading to Germany because of Brexit? Call this free tax hotline'|'July 26, 2017 / 11:05 AM / in 3 hours Heading to Germany because of Brexit? Call this free tax hotline Reuters Staff 2 Min Read The European Union and German nation flags are pictured before a debate on the consequences of the Brexit vote at the lower house of parliament Bundestag in Berlin, Germany, June 28, 2016. Fabrizio Bensch FRANKFURT (Reuters) - The western German state of Hesse, home to Frankfurt, has set up a toll-free hotline and website - both in English - aimed at handling tax queries from finance professionals considering a move in the age of Brexit. "Do you have any initial questions regarding your income tax matters - and in English? Then you have come to the right place!" the website, gofrankfurttax.com, welcomes visitors on its homepage, which is illustrated with a banner of the Frankfurt skyline. The English-language hotline is free for anyone calling from Germany or Britain. Hesse''s Finance Minister Thomas Schaefer also invites prospective migrants for face-to-face conversations with his tax experts. The state has been working hard to market itself as a home to the financial industry following Britain''s exit from the European Union. Wall Street banks Morgan Stanley ( MS.N ) and Citigroup ( C.N ) both said last week they were going to establish their EU trading headquarters in Frankfurt to ensure they could still serve customers in the bloc after Brexit. "German tax law is a challenge even for Germans," said Bernadette Weyland, state secretary in the Hesse finance ministry. "Those who come from another country are sure to have even more questions." International banks that have said they would set up subsidiaries in Frankfurt include Mizuho Financial Group ( 8411.T ), Nomura ( 8604.T ), Daiwa Securities ( 8601.T ), Sumitomo Mitsui Financial Group ( 8316.T ), and British lender Standard Chartered STAN.L. Reporting by Tom Sims; Editing by Alison Williams 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-germany-idUKKBN1AB1G8'|'2017-07-26T14:05:00.000+03:00'|5081.0|''|-1.0|'' @@ -5118,7 +5118,7 @@ 5116|'4616322a7095c0017bbacf40812bec9c993adf3c'|'An action plan for Ubers next chief executive'|'IT IS said that Travis Kalanick, who resigned as Ubers boss last month, has been reading Shakespeares Henry V. Prince Hals transformation, from wastrel prince to sober monarch, is doubtless one he would like to emulate. But as a guide to the ride-hailing firms financial dilemma, Macbeth is the best play. This line especially resonates: I am in blood steppd in so far that, should I wade no more, returning were as tedious as go oer.Uber has bled money for years in an attempt to become the absolute ruler of its industry. Once Mr Kalanicks replacement is found, voices will whisper that the firm, like Macbeth himself, is in too deep to alter course. But the new boss must change Uber from a company that sacrifices anything for its ambitions, to one which has a realistic valuation and uses resources efficiently.Latest updates In America, you are what you eat Graphic detail 14 hours ago The Supreme Court says grandparents are exempt from the travel ban Democracy in America 16 hours ago City of Ghosts is an extraordinary look at journalism in Raqqa Prospero 16 hours ago A papal confidant triggers a furore among American Catholics Erasmus 20 hours ago Retail sales, producer prices, wages and exchange rates a day ago Foreign reserves a day ago See all updates Its product is elegantly simple. Uber makes a market between drivers and passengers and takes a cut of about a fifth of the fare. The more people use its service, the better it functions, with lower waiting periods for passengers, and better use of drivers time. Some 55m people in 574 cities use it every month. Underlying sales were $4bn in 2016, over double what they were the year before (all figures exclude Ubers Chinese arm, which it sold to a local rival, Didi Chuxing, last year). Ubers main trouble is high expectations. Its supporters think it will become the next Alphabet or Facebook. At its last funding round in 2016 (it is private), investors valued it at a whopping $68bn.But the next boss will have to deal with an income statement that is scarier than the Thane of Cawdor. Underlying pre-tax losses were $3bn-3.5bn last year and about $800m in the most recent quarter. Some $1bn-2bn of last years red ink was because of subsidies that Uber paid to drivers and passengers to draw them to its platform. At least another $1bn went on overheads and on developing driverless cars; money is also being splashed on a new food-delivery venture and a plan to build flying cars.To put its 2016 loss in perspective, that number was larger than the cumulative loss made by Silicon Valleys least profit-conscious big companyAmazonin 1995-2002. Measured by sales, Uber is the worlds 1,158th-biggest firm. Judged by cash losses, it ranks in the top 20. It is now eight years old, but still probably years away from being stable enough to make an initial public offering of shares. In contrast, Amazon went public at the age of three, Alphabet at six and Facebook at eight.Investors rationalise its valuation by assuming that in the long run it will be highly profitable, with a dominant share of a large market. In 2014 Bill Gurley, a well-known tech investor who was then an Uber director, estimated that the pool of consumer spending that it could try and capture might be over $1trn, with ride-hailing and ride-sharing replacing car ownership. Today many Silicon Valley types think that estimate is too conservative.But a discounted cashflow model gives a sense of the leap of faith that Ubers valuation requires. After adjusting for its net cash of $5bn and for its stake in Didi, worth $6bn, you have to believe that its sales will increase tenfold by 2026. Operating margins would have to rise to 25%, from about -80% today.That is a huge stretch. Admittedly, Amazon and Alphabet, two of historys most successful firms, both grew their sales at least that quickly in the decade after they reached Ubers level, and Facebook is likely to as well. But over the same periods these firms operating margins show an total average rise of only one percentage point. Put simply, Uber finds it desperately hard to make money. It is not clear that it breaks even reliably across the group of cities where it has been active for longest.So the new chief executive will have to deliver a bleak message; that ride-hailing is locked in a vicious circle. Low prices and high subsidies lead to losses, so firms must raise capital continually, requiring them to exhibit rising valuations. To justify these they must frequently enter new cities and dream up new products. Even more speculative capital is then drawn in by the paper gains seemingly on offer. In the past year, ten of Ubers competitors, such as Lyft in America and Grab in South-East Asia, have together raised or are raising, roughly $11bn. That will be used to finance still more price wars to win market share.Double, double toil and troubleUber is on course to use up its existing cash and credit lines in three years. Its next boss must break the cycle before then by cutting subsidies and talking down its valuation. It could lose market share and may need to exit scores of cities. On July 13th it said that it will merge its operations in Russia with a competitor. Similar deals need to follow. Although Uber should continue to invest in driverless cars, some of its more experimental moon shot projects will probably be for the chop. Its investors, including Goldman Sachs, Saudi Arabias government and Jay-Z, a rapper, could face paper losses. Staff paid in stock will be furious.Yet over time the aim should be a firm with a lower market share of a more stable industry. Successful, dominant firms, such as Google and AT&T, dont seek absolute monopolies by killing off weaker rivals. They allow them enough space to plod on. That lowers the risk of antitrust problems and deters new entrants. By signalling that Ubers valuation is too high its new boss would knock valuations across the ride-hailing industry and slow the flood of speculative capitalin the end, a good thing.Once the losses abate, the priority should be to create a more capital light model. Perhaps Uber could license its brand and technology to local partners in some markets. It could concentrate subsidies on customers who sign up to long-term contracts. The biggest impediment may be Mr Kalanick. With allies, he still controls a significant share, probably a majority, of the companys voting rights. Anyone taking on techs toughest job must have the inner steel to confront him. They should remember another Quote: from the bard; I must be cruel only to be kind. "Reinventing Uber"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725301-ride-hailing-firm-needs-rescuing-vicious-cycle-action-plan-ubers-next-chief?fsrc=rss%7Cbus'|'2017-07-20T22:44:00.000+03:00'|5116.0|''|-1.0|'' 5117|'6a0b29895e162fd2fce233557ff4db12d20dfc24'|'Gucci revamp, YSL strength help Kering beat forecasts'|'Edition United States July 27, 2017 / 4:19 PM / in 37 minutes Gucci revamp, YSL strength help Kering beat forecasts Dominique Vidalon 4 Min Read FILE PHOTO: The logo of Kering is seen during the company''s 2015 annual results presentation in Paris, France, February 19, 2016. Charles Platiau/File Photo PARIS (Reuters) - French luxury group Kering ( PRTP.PA ) delivered a forecast-beating rise in first-half operating profit on Thursday after a successful revival of its biggest brand, Italy''s Gucci, and a strong showing by fashion house Yves Saint Laurent. Kering, whose results were further evidence of a recovery in the wider luxury sector, cautioned it would face tougher comparables in the second half while a higher euro currency could impact consumer trends and tourism flows. The group nevertheless said its "excellent" first-half performance raised confidence in its capaciy to achieve another year of sales growth and improved operating performance. Deputy CEO Jean-Francois Palus said on a call with analysts that Kering was not considering any acquisitions short-term. Finance chief Jean-Marc Duplaix said the group will continue to reinvest in the Gucci brand to boost its communication and marketing as well as to further revamp stores. First-half recurring operating profit rose 57.1 percent to 1.274 billion euros ($1.49 billion), with an operating margin at Gucci reaching a record 32 percent of sales. Analysts polled by Inquiry Financial for Reuters predicted operating profit of 1.232 billion euros. Gucci, under the leadership of designer Alessandro Michele and Chief Executive Marco Bizzarri since early 2015, has revamped its stores and adopted a new luxury aesthetic that has proved popular with customers, notably millenials. Second quarter comparable sales at Gucci, which makes over 60 percent of Kering''s profit and whose products are endorsed by celebrities such as singer Rihanna, rose 39.3 percent, beating analysts''expectations of 32 percent growth. This compared with already spectacular growth of 48.3 percent achieved in the first quarter. "The enthusiasm for the brand is quite intense," said Duplaix, who added 32 percent looked like a good estimate for Gucci''s margin in 2017. Gucci''s stellar performance was backed by all product categories with strong demand in all regions, notably in western Europe with the return of tourists and in China. Yves Saint Laurent, which accounts for over 10 percent of Kering''s luxury sales, posted comparable sales growth of 23.7 percent in the second quarter, with new designer Anthony Vaccarello at the helm since April 2016. Sales at Bottega Veneta rose 1.7 percent, pursing a rebound started in the first quarter thanks to improving tourism spending in Europe and also stronger demand in Asia. Last week Kering''s German sportwear firm Puma ( PUMG.DE ) hiked its outlook for 2017 sales and operating profit as it announced strong second quarter results. Rival LVMH ( LVMH.PA ) posted a 23 percent profit rise on Thursday while Burberry ( BRBY.L ) and Hermes ( HRMS.PA ) also signaled better demand in mainland China and improving tourist spending in Europe. Reporting by Dominique Vidalon; Editing by Andrew Callus and Elaine Hardcastle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-kering-results-idUKKBN1AC2LE'|'2017-07-27T22:04:00.000+03:00'|5117.0|''|-1.0|'' 5118|'ecb394e94689133390f84ff4cd69a9d8242d9ba4'|'Japan''s Mitsui to sell stake in UK''s First Hydro'|'July 21, 2017 / 2:50 AM / in 3 hours Japan''s Mitsui to sell stake in UK''s First Hydro Reuters Staff 1 Min Read The logo of the Japanese trading company Mitsui & Co. is seen in Tokyo, Japan, February 8, 2017. Toru Hanai TOKYO (Reuters) - Japanese trading house Mitsui & Co ( 8031.T ) said on Friday it has agreed to sell its entire 25 percent stake in UK hydro power firm First Hydro to Brookfield Renewable Partners L.P. ( BEP_u.TO ) for more than 5 billion yen (34.73 million pounds). First Hydro operates two pumped storage hydro power plants with total capacity of 2,088 megawatts. The other 75 percent stake is owned by France''s Engie ( ENGIE.PA ). The sale is in line with Mitsui''s plans to implement steady, strategic asset recycling over the coming three years, the Tokyo-based firm said in a statement. Some of the expected capital gain from the sale has been already incorporated in the current business year ending next March, it added. Reporting by Osamu Tsukimori; Editing by Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hydro-mitsui-co-idUKKBN1A6077'|'2017-07-21T05:50:00.000+03:00'|5118.0|''|-1.0|'' -5119|'6849c8fd09a9ef132a9dce3e469db39d2b183fd7'|'Brisk trade marks start of China, Hong Kong Bond Connect scheme'|'July 3, 2017 / 5:02 AM / 19 minutes ago Brisk trade marks start of China, Hong Kong Bond Connect scheme By Umesh Desai and Andrew Galbraith 5 Min Read The title of Bond Connect is seen during a launching ceremony at Hong Kong Exchanges in Hong Kong, China July 3, 2017. Bobby Yip HONG KONG/SHANGHAI (Reuters) - China and Hong Kong launched a long-awaited Bond Connect scheme on Monday that links China''s $9 trillion bond market with overseas investors, the latest step in Beijing''s efforts to liberalise and strengthen the country''s capital markets. Global investors were active, purchasing 4.9 billion yuan ($721.4 million) of bonds through the programme on Monday. But traders and foreign investors warned against reading too much into first-day trading numbers. "Chinese institutions will have to meet their ''supportive obligations''," to ensure the successful launch of the programme, said a Shanghai-based trader. "Let''s wait to see one-week or one-month volume." Monday''s aggregate trading volume was 7.05 billion yuan, the China Foreign Exchange Trade System said on its website. HSBC Holdings and an asset management unit of Bank of China were the among the first to complete trades using the scheme. The launch of the connection was timed to coincide with the 20th anniversary of Hong Kong''s handover to Chinese rule and initial trading will only be "northbound", meaning foreign investors will be able to buy and sell Chinese bonds. No launch date has been set for the southbound channel. Demand for such a channel was limited, Hong Kong Exchanges and Clearing Ltd (HKEx) chief executive Charles Li said. Credit Suisse Private Banking reiterated on Monday that it is negative on onshore bonds and expects yields to rise further this year. In line with broader foreign access rules, overseas investors including pension funds, central banks and sovereign wealth funds will be eligible to trade sovereign and local government bonds, policy bank bonds and corporate debt on the Bond Connect. The connection will increase the supply of yuan-denominated assets that can be held by global investors as Beijing steps up the internationalisation of its currency. In a note on Monday, Goldman Sachs said it holds the view that more than $1 trillion of global fixed income investments could be allocated to domestic Chinese bonds in the next decade. Such inflows could help to support the yuan''s value in the long run. Internationalisation Concerns However, some market watchers said a strong launch could hamper the currency''s internationalisation. "A successful Bond Connect operation will actually be counterproductive to renminbi internationalisation in the short-term. This is because it will lead to more renminbi flowing back to China and, thus, further erode the CNH pool," said Chi Lo, senior economist at BNP Paribas Asset Management. Chinese regulators formally approved the Bond Connect scheme in May. International investors have been allowed direct access to China''s interbank bond market since last year and some market participants have questioned the need for an additional trading scheme. Reluctance by overseas investors to enter the market amid fears over the stability of the Chinese yuan, and over potential delays to Beijing''s reforms of the capital markets has kept overseas holdings to less than 2 percent. This is below the international norm of about 10 percent, BNP Paribas said. Media reports said 20 market makers for the Bond Connect scheme had been approved, including 14 Chinese and six overseas institutions. BNP Paribas said it had received approval as a market maker and had also executed its first trade under the scheme. Citigroup and Standard Chartered also confirmed to Reuters that they had been approved as official dealers. The scheme will also see deals coming through the primary market. China Development Bank said it planned to issue up to 20 billion yuan ($2.95 billion) of one-year, three-year and 10-year fixed-rate bonds for tender on Monday. HSBC said it is one of the underwriters. Hong Kong''s new leader, Carrie Lam, attended the debut ceremony and said the connect scheme marked "another new chapter in the development of mutual capital markets access between the mainland and Hong Kong." The bond programme follows the launch of the Hong Kong and Shanghai Stock Connect scheme in November 2014 and the Hong Kong and Shenzhen stock programme in December 2016. Those two schemes allow both northbound and southbound trade. ($1 = 6.7925 Chinese yuan) Reporting by Umesh Desai, Donny Kwok and Andrew Galbraith; Editing by Anne Marie Roantree and Richard Borsuk 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hongkong-china-bondconnect-idINKBN19O0CN'|'2017-07-03T16:50:00.000+03:00'|5119.0|''|-1.0|'' +5119|'6849c8fd09a9ef132a9dce3e469db39d2b183fd7'|'Brisk trade marks start of China, Hong Kong Bond Connect scheme'|'July 3, 2017 / 5:02 AM / 19 minutes ago Brisk trade marks start of China, Hong Kong Bond Connect scheme By Umesh Desai and Andrew Galbraith 5 Min Read The title of Bond Connect is seen during a launching ceremony at Hong Kong Exchanges in Hong Kong, China July 3, 2017. Bobby Yip HONG KONG/SHANGHAI (Reuters) - China and Hong Kong launched a long-awaited Bond Connect scheme on Monday that links China''s $9 trillion bond market with overseas investors, the latest step in Beijing''s efforts to liberalise and strengthen the country''s capital markets. Global investors were active, purchasing 4.9 billion yuan ($721.4 million) of bonds through the programme on Monday. But traders and foreign investors warned against reading too much into first-day trading numbers. "Chinese institutions will have to meet their ''supportive obligations''," to ensure the successful launch of the programme, said a Shanghai-based trader. "Let''s wait to see one-week or one-month volume." Monday''s aggregate trading volume was 7.05 billion yuan, the China Foreign Exchange Trade System said on its website. HSBC Holdings and an asset management unit of Bank of China were the among the first to complete trades using the scheme. The launch of the connection was timed to coincide with the 20th anniversary of Hong Kong''s handover to Chinese rule and initial trading will only be "northbound", meaning foreign investors will be able to buy and sell Chinese bonds. No launch date has been set for the southbound channel. Demand for such a channel was limited, Hong Kong Exchanges and Clearing Ltd (HKEx) chief executive Charles Li said. Credit Suisse Private Banking reiterated on Monday that it is negative on onshore bonds and expects yields to rise further this year. In line with broader foreign access rules, overseas investors including pension funds, central banks and sovereign wealth funds will be eligible to trade sovereign and local government bonds, policy bank bonds and corporate debt on the Bond Connect. The connection will increase the supply of yuan-denominated assets that can be held by global investors as Beijing steps up the internationalisation of its currency. In a note on Monday, Goldman Sachs said it holds the view that more than $1 trillion of global fixed income investments could be allocated to domestic Chinese bonds in the next decade. Such inflows could help to support the yuan''s value in the long run. Internationalisation Concerns However, some market watchers said a strong launch could hamper the currency''s internationalisation. "A successful Bond Connect operation will actually be counterproductive to renminbi internationalisation in the short-term. This is because it will lead to more renminbi flowing back to China and, thus, further erode the CNH pool," said Chi Lo, senior economist at BNP Paribas Asset Management. Chinese regulators formally approved the Bond Connect scheme in May. International investors have been allowed direct access to China''s interbank bond market since last year and some market participants have questioned the need for an additional trading scheme. Reluctance by overseas investors to enter the market amid fears over the stability of the Chinese yuan, and over potential delays to Beijing''s reforms of the capital markets has kept overseas holdings to less than 2 percent. This is below the international norm of about 10 percent, BNP Paribas said. Media reports said 20 market makers for the Bond Connect scheme had been approved, including 14 Chinese and six overseas institutions. BNP Paribas said it had received approval as a market maker and had also executed its first trade under the scheme. Citigroup and Standard Chartered also confirmed to Reuters that they had been approved as official dealers. The scheme will also see deals coming through the primary market. China Development Bank said it planned to issue up to 20 billion yuan ($2.95 billion) of one-year, three-year and 10-year fixed-rate bonds for tender on Monday. HSBC said it is one of the underwriters. Hong Kong''s new leader, Carrie Lam, attended the debut ceremony and said the connect scheme marked "another new chapter in the development of mutual capital markets access between the mainland and Hong Kong." The bond programme follows the launch of the Hong Kong and Shanghai Stock Connect scheme in November 2014 and the Hong Kong and Shenzhen stock programme in December 2016. Those two schemes allow both northbound and southbound trade. ($1 = 6.7925 Chinese yuan) Reporting by Umesh Desai, Donny Kwok and Andrew Galbraith; Editing by Anne Marie Roantree and Richard Borsuk 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hongkong-china-bondconnect-idINKBN19O0CN'|'2017-07-03T16:50:00.000+03:00'|5119.0|14.0|0.0|'' 5120|'b8100026d3da43df759918f1822489a3328e6994'|'UPDATE 1-Australian regulator investigating Takata airbag recall after death'|'July 23, 2017 / 10:07 PM / 11 minutes ago UPDATE 1-Australian regulator investigating Takata airbag recall after death 3 Min Read (Updates with more detail, quote from chairman) July 24 (Reuters) - Australia''s consumer watchdog said on Monday it was investigating the recall of Takata Corp vehicle airbags, a day after police said a man''s death in a Sydney car crash could be linked to the faulty safety equipment. The Australian Competition and Consumer Commission (ACCC) said it was seeking information from both the government department responsible for vehicle safety and car manufacturers on what information was being given to consumers about the recall. Police said over the weekend that the death of the man in Sydney earlier this month may be the 18th death related to faulty airbags by the Japanese auto parts maker. The ACCC referred to another incident in April in which a woman in the Northern Territory suffered severe injuries from her airbag after a crash. ACCC Chairman Rod Sims noted that the Takata airbags degrade over time and can become lethal by misdeploying and firing metal shards at a car''s occupants. He warned, however, that some vehicles'' airbags were being replaced with airbags that may in turn need to be replaced again in six years'' time because they were treated with a water-absorbing chemical designed to address the problem that can also degrade over time. More than 2.3 million vehicles in Australia have been targeted in a recall since 2009, the ACCC said. The airbags are in 60 makes of cars sold in Australia, including Honda and Toyota. "We would have very serious concerns if manufacturers were found to be misleading consumers about their car''s safety in breach of their obligations under consumer law," Sims said in a statement. "Our advice to consumers is not to panic, but to visit the Product Safety Australia website to see if their car is affected by the recall and if it is, to contact their cars manufacturer immediately." Takata has filed for bankruptcy protection in the United States and Japan, and said last month it had agreed to be largely acquired for $1.6 billion by the Chinese-owned U.S.-based Key Safety Systems. Reporting by Susan Mathew in Bengaluru; Editing by Jane Wardell and Peter Cooney 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-takata-idUSL3N1KE0AU'|'2017-07-24T01:07:00.000+03:00'|5120.0|''|-1.0|'' 5121|'55532ef2ebfb82edccc70a3c18a91244edfd3fba'|'Valeo profit up 20 percent on LED lights, thermal systems'|'July 20, 2017 / 5:29 PM / 2 hours ago Valeo profit up 20 percent on LED lights, thermal systems Reuters Staff 2 Min Read FILE PHOTO: The company logo of auto parts maker Valeo is pictured on an electric supercharger before the company''s 2015 annual results presentation in Paris, France, February 19, 2016. Benoit Tessier/File Photo PARIS (Reuters) - French car parts maker Valeo ( VLOF.PA ) said first-half profit rose 20 percent as demand for LED lighting and fuel-efficient engine systems helped sales to outpace global auto markets. Net income rose to 506 million euros (453 million pounds) from 422 million a year earlier, the company said in a statement on Thursday. Revenue increased 16 percent to 9.464 billion euros, shy of the 9.558 billion expected by analysts, based on the median of nine estimates in an Inquiry Financial poll for Reuters. Stripping out the effects of acquisitions and currency fluctuations, the like-for-like sales gain was 9 percent, six percentage points ahead of global auto market growth. The results "confirm the growth and profitability potential of our innovations portfolio", Valeo Chief Executive Jacques Aschenbroich said in the statement. Under Aschenbroich, Paris-based Valeo is positioned to benefit from a widespread regulatory emissions crackdown thanks to its push into electric-car and other fuel-saving technologies. It has also become a major supplier of autonomous driving systems in partnership with Israel''s Mobileye ( MBLY.N ). Lighting and thermal systems both recorded 11 percent sales growth in like-for-like terms. Comfort and driving assistance posted 7 percent sales growth, with powertrain up 6 percent. Order intake - which drives future sales - rose 16 percent to 14.9 billion euros, the company said. That excludes 3 billion euros already booked by its new eAutomotive electric-car venture with Germany''s Siemens ( SIEGn.DE ), created last December. Valeo reiterated full-year goals, including sales exceeding global auto demand growth by five percentage points and a slight increase in the group''s operating margin. Reporting by Laurence Frost; Editing by Maya Nikolaeva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-valeo-results-idUKKBN1A52E2'|'2017-07-20T20:28:00.000+03:00'|5121.0|''|-1.0|'' 5122|'e7f7a6951b01df33087f1bf0e7d2727f5dd2e090'|'UPDATE 2-U.S. appeals court blocks release of HSBC money laundering report'|'July 12, 2017 / 2:32 PM / 4 hours ago CORRECTED-UPDATE 2-U.S. appeals court blocks release of HSBC money laundering report 3 Min Read (Corrects judge''s first name in paragraph 10 to Robert from John) By Jonathan Stempel NEW YORK, July 12 (Reuters) - A U.S. appeals court on Wednesday blocked the release of a report discussing HSBC Holdings Plc''s progress in improving its controls against money laundering, reversing a judge''s order that the report be made public. By a 3-0 vote, the 2nd U.S. Circuit Court of Appeals in Manhattan said U.S. District Judge John Gleeson abused his discretion in finding that the public had a constitutional right of access to the report under the First Amendment. HSBC agreed to a monitor in December 2012, when it accepted a $1.92 billion fine and five-year deferred prosecution agreement (DPA) to resolve a U.S. Department of Justice probe. The department said HSBC had become a preferred bank for Mexican drug cartels and other money launderers, and conducted transactions in several countries barred by U.S. sanctions. Wednesday''s decision was a victory for HSBC and the Justice Department, which have said releasing the report could compromise efforts to fight money laundering, including for terrorism, and discourage cooperation with law enforcement. It was a defeat for Hubert Dean Moore, a Pennsylvania man who was an HSBC mortgage customer before filing for bankruptcy, and sought the report''s release to identify whether there remained problems in HSBC''s business practices. The report was kept under seal during the appeal. HSBC, the Justice Department, Moore and Moore''s lawyer did not immediately respond to requests for comment. In a January 2016 ruling, Gleeson said the HSBC report by Michael Cherkasky, a former New York prosecutor and now executive chairman of compliance company Exiger, implicated "matters of great public concern" and justified its release. But in Wednesday''s decision, Chief Judge Robert Katzmann said it is the Justice Department''s responsibility to oversee how DPAs are implemented, while judges lack "freestanding supervisory power" to do so even if they suspect problems. "In resting its exercise of supervisory authority on hypothesized scenarios of egregious misconduct, the district court turned this presumption on its head," Katzmann wrote. The court concluded that Cherkasky''s report was not a "judicial document" deserving of public access. Gleeson, who sat in Brooklyn and is now a partner at law firm Debevoise & Plimpton, had no immediate comment. Twenty-five media outlets also urged the release of the HSBC report. They said the release of such documents, especially if fraud or executive branch conduct are at issue, helps the public hold the government accountable and understand how courts work. The case is U.S. et al v. Moore, 2nd U.S. Circuit Court of Appeals, No. 16-308. (Reporting by Jonathan Stempel in New York; Editing by Bernadette Baum and Jonathan Oatis) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hsbc-moneylaundering-idUSL1N1K30QR'|'2017-07-12T18:27:00.000+03:00'|5122.0|''|-1.0|'' @@ -5137,7 +5137,7 @@ 5135|'6b64f30e4ed6a84ffb4c8760c3c629b89b982a73'|'Europe seeks to set global trade rules after Trump steps back'|'July 27, 2017 / 6:09 AM / 2 hours ago Europe seeks to set global trade rules after Trump steps back Robin Emmott and Philip Blenkinsop 9 Min Read BRUSSELS (Reuters) - If Donald Trump''s ditching of a U.S.-led trade alliance with Pacific Rim nations wasn''t a gift to the European Union, then it must be the next best thing. The president''s decision on his first day in office effectively pulled the United States out of the race to frame global trade rules. With Washington preoccupied by an attempt to renegotiate its existing NAFTA treaty with Canada and Mexico, the EU has an opportunity to become the top setter of common business standards in a series of new deals. Still the world''s biggest trading bloc, the EU is recovering its self-confidence after a long economic crisis and Britain''s vote to leave the union. Now it has much of Asia and Latin America in its sights for trade treaties, while a far-reaching pact with Canada will already enter force in September. Japan turned to the Brussels this month to seal a deal on creating the world''s biggest open economic area, after being dumped by Trump''s scrapping of the 12-nation Trans-Pacific Partnership (TPP) free-trade accord in January. EU trade chief Cecilia Malmstrom - who until Trump''s election had been struggling to persuade Tokyo to agree tough trade-offs - acknowledges the change of fortunes. "I do not regard President Trump as a gift maybe, but it is true that many countries have started to look around more broadly," she told Reuters. "Other countries feel that they need to look out for new friends and other allies, so yes, it has increased interest in cooperation with Europe and with others." Import tariffs are already low between developed economies, so negotiations now focus more on agreeing common standards. The aim is to make it easier and cheaper for firms to do business in differing markets, avoiding the need to tailor-make products to meet varying local rules, be they for cars or cheese. For a graphic on EU trade deals, click tmsnrt.rs/2q71iyk While China is seeking greater influence, the battle has largely been between U.S. and EU standards as a template for deals governing how goods and services are bought and sold. Beijing may yet rival Europe provided it embraces a rules-based global trade order in the years to come, economists say. But in the meantime, the EU is pushing to conclude deals this year not only with Japan, but also Mexico and the Mercosur group led by Brazil and Argentina, while pressing ahead with Australia, New Zealand and Asian countries including Malaysia - also left high and dry by the TPP collapse - and Indonesia. Europe is still struggling with low economic growth and high unemployment, and the EU''s share of global trade in goods and services has fallen to 16.8 percent in 2016 from 18.8 percent a decade earlier, according to EU data. Unless the EU can reverse the trend, it risks losing its top spot when Britain - the world''s fifth biggest economy - departs in 2019. The U.S. share of global trade was 15.0 percent last year and China''s was 13.4 percent. So Brussels is pinning its hopes on a boost from new treaties, even though these take time to negotiate and win legislative approval - especially in a bloc which will still have at least 27 member states after Brexit. If all goes well, the EU''s existing and planned pacts will link markets of more than two billion people producing nearly half of global economic output. This excludes stalled negotiations with the United States and India. The United States'' existing trade treaties encompass a third of world output and fewer than 700 million people, with no new deals near completion - although Trump says he wants to clinch one with Britain when it leaves the EU. Remarkable Deal In trade talks, the biggest economies largely get their way in setting common standards, so a string of new agreements could make EU rules the benchmark for everything from selling farm products to running tenders for public works contracts. That would benefit EU firms, which already comply with the bloc''s rules, while those from other countries would have to adjust to new sets of regulations. FILE PHOTO: European Trade Commissioner Cecilia Malmstrom speaks during an interview with Reuters at the EU Commission headquarters in Brussels, Belgium, July 20, 2017. Francois Lenoir /File Photo Even Japan has agreed to align its standards for cars and parts produced by its motor industry with those used by the EU. Brussels has also secured better access for its companies to public tenders in Japan right down to a local level, such as for railway equipment, hospitals or electricity distribution. That means, for instance, a French or Spanish firm could sell high-speed "bullet trains" to the country that pioneered the idea. While Japan is the world''s number three economy, its share of global trade is 4.9 percent, less than a third of the EU''s. The deal also gives the EU the upper hand in its promotion of "geographical indications" to guarantee, for example, what is labeled as feta cheese comes only from Greece and as champagne only from France. This contrasts to the U.S. approach where producers anywhere can seek a trademark for what they sell. It still needs to be formally signed and ratified but the EU has scored a notable success, according to Hosuk Lee-Makiyama, director of the Brussels-based think-tank ECIPE. "If you consider the concessions the Japanese have made on cars and on public procurement, it''s quite remarkable," he said. u.s. "Own Goal" Trump said this month that the United States had made "some of worst trade deals in world history", arguing they have been bad for American workers. Still, the Pacific Rim TPP deal would have bound the 12 signatory nations to rules set along U.S. lines, most likely favoring American businesses. Pulling out of the TPP was "the biggest own goal of the new U.S. administration", Lee-Makiyama said. "The United States was the station manager of the international trading system and it has abdicated in a rather flamboyant way." A bilateral U.S.-Japan free trade deal was now off the table too because Tokyo could not offer agricultural concessions to Washington after yielding to EU farming demands, he added. Even Britain will probably have to agree to rules forged by negotiators in Brussels when it strikes bilateral deals after Brexit, as the EU''s main trade partners adopt the bloc''s norms. These will include systems to govern legal disputes among investors and food safety rules. Chinese Challenge? Washington could still change tack and embrace open markets. Commerce Secretary Wilbur Ross said in May it made sense to revive stalled free-trade talks with the EU, albeit towards a deal cutting the U.S. trade deficit with Europe. Senior diplomats from some EU allies including New Zealand and Canada have expressed frustration at the slow bureaucracy in the EU, whose accords have be translated into 24 languages and ratified by more than 30 national and regional parliaments. Europe''s opportunity could also be squandered if it allows internal squabbling between free trading and more protectionist member states to undermine its credibility. But with Trump focused on renegotiating the North American Free Trade Agreement with Canada and Mexico, "the United States is out of the picture for the next three and a half years", said Jeffrey Bergstrand at the University of Notre Dame in Indiana. China, which overtook Germany as the world''s biggest exporter in 2009, also has ambitions to dominate global trade, and wants to break Europe''s hold on the container shipping industry and deepen its ownership of international ports. President Xi Jinping also seeks to link Asia, Africa and Europe with billions of dollars of infrastructure investment to extend Beijing''s reach under his "Belt and Road Initiative". But Western officials, investors and economists say China''s opaque governance, regular changes to legislation and curbs on foreign investment limit its ability to emerge as a champion of the rules-based order underpinning trade deals. Capital controls imposed since November make it harder for individuals and companies to move money out of China. "Until, or unless, China transitions to a rules-based liberal political and economic regime, I have serious doubts that they can lead the world," said Erik Nielsen, chief economist at UniCredit Bank. Additional reporting by Alastair Macdonald in Brussels, Leslie Wroughton in Washington; editing by David Stamp 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-eu-trade-idUSKBN1AC0KK'|'2017-07-27T09:08:00.000+03:00'|5135.0|''|-1.0|'' 5136|'f50ae654269166c6c9b3d482a4763c978b47d85e'|'Air India break-up an option as Modi pushes for quick sale'|'July 9, 2017 / 3:51 PM / 4 hours ago Air India break-up an option as Modi pushes for quick sale Rupam Jain and Tommy Wilkes 5 Min Read An Air India aircraft takes off from the Sardar Vallabhbhai Patel International Airport in Ahmedabad, India, July 7, 2017. Amit Dave NEW DELHI (Reuters) - India is considering selling state-owned Air India in parts to make it attractive to potential buyers, as it reviews options to divest the loss-making flagship carrier, several government officials familiar with the situation said. Prime Minister Narendra Modi''s cabinet gave the go-ahead last month for the government to try to sell the airline, after successive governments spent billions of dollars in recent years to keep the airline going. Air India - founded in the 1930s and known to generations of Indians for its Maharajah mascot - is saddled with a debt burden of $8.5 billion and a bloated cost structure. The government has injected $3.6 billion since 2012 to bail out the airline. Once the nation''s largest carrier, its market share in the booming domestic market has slumped to 13 percent as private carriers such as InterGlobe Aviation''s IndiGo and Jet Airways have grown. Previous attempts to offload the airline have been unsuccessful. If Modi can pull this off, it will buttress his credentials as a reformer brave enough to wade into some of the country''s most intractable problems. His office has set a deadline of early next year to get the sale process underway, the officials said, declining to be named as they were not authorized to speak publicly about the plans. The timeline is ambitious and the process fraught, with opinion divided on the best way forward: should the government retain a stake or exit completely, and should it risk being left with the unprofitable pieces while buyers pick off the better businesses, officials said. Already, a labour union that represents 2,500 of the airline''s 40,000 employees has opposed the idea of a sale even though it is ideologically aligned to Modi''s Bharatiya Janata Party. Officials who have to make it happen are grappling with the sheer scale of the exercise. Air India has six subsidiaries three of which are loss-making with assets worth about $4.6 billion. It has an estimated $1.24 billion worth of real estate, including two hotels, where ownership is split among various government entities. No one has properly valued the company''s various businesses and assets before, two officials with direct knowledge of the process said. Earlier this month, about $30 million worth of art, including paintings by artist M. F. Husain, went missing from its Mumbai offices, chairman Ashwani Lohani said. "The exercise is complex and there is no easy way out," said Jitendra Bhargava, operational head of Air India in 1997-2010. "At this juncture, selling even part of Air India is far from certain." Lohani declined to comment on the sale process. The prime minister''s office and the civil aviation ministry also declined to comment. The Air India logo is seen on the facade of its office building in Mumbai, India, July 7, 2017. Danish Siddiqui Back to Tata? A committee of five senior federal ministers, led by Finance Minister Arun Jaitley, is expected to meet this month and begin ironing out the finer details of the plan. Besides deciding about the size of the stake sale, the panel will set the bidding norms. It will also take a call on the carrier''s debt, demerger and divestment of its three profit-making subsidiaries. Modi''s office has said the government has no business being in hospitality and travel, suggesting the prime minister wants to sell as much of Air India as possible, the officials said. Analysts say the government may prefer to keep the airline in Indian hands. At least two potential Indian suitors the Tata Sons conglomerate and IndiGo - have shown early interest. The Air India logo is seen on top of its office building in Mumbai, India, July 7, 2017. Danish Siddiqui In recent weeks, officials in Modi''s office and from the civil aviation ministry met Ratan Tata, the patriarch of the $100 billion-a-year Tata Sons, to gauge the companys interest in a deal, a close aide to Modi said. Tata would be an attractive buyer for the government. The company founded and operated Air India before it was nationalised in 1953. "Seems like Tata will come forward and make the best offer," the aide said, adding the government would be keen to see that jobs are not lost. Tata, however, already has two other airline joint ventures in India, and it''s not clear what parts of Air India it would be interested in. A Tata spokeswoman declined to comment. IndiGo said on Thursday it was interested in the international operations and in Air India Express, a low-cost carrier. Modi''s office has told officials to work out exactly how much each of Air India''s subsidiaries are worth to make it easier to break up the carrier if needed, two of the officials said. The government is expected to appoint outside consultants to help with the exercise. Anshuman Deb, aviation analyst at ICICI Securities, said splitting the airline will maximize value for the government. "Let us be realistic. It''s very clear that a single buyer cannot buy an entire state-owned company," said a senior aviation ministry official involved in the process. Reporting by Rupam Jain and Tommy Wilkes, with additional reporting by Manoj Kumar, Aditi Shah and Nidhi Verma; Editing by Paritosh Bansal and Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/air-india-privatisation-idINKBN19U0RH'|'2017-07-09T06:29:00.000+03:00'|5136.0|''|-1.0|'' 5137|'5d1a26de6a687b8df66b92c90ef600e510332c49'|'HSBC says first-half profit rose 5 percent, announces up to $2 billion share buyback'|'July 31, 2017 / 4:37 AM / in an hour HSBC says first-half profit rose 5 percent, announces up to $2 billion share buyback 3 Min Read FILE PHOTO: The HSBC headquarters building is seen in the Canary Wharf financial district in London, Britain, March 7, 2011. Toby Melville/Files HONG KONG/LONDON (Reuters) - HSBC Holdings PLC on Monday said profit rose 5 percent in the first half of the year, beating analyst estimates, and announced its third share buyback in the past year on the back of a growing capital base. Pretax profit reached $10.2 billion in the six months through June, from $9.7 billion in the same period a year earlier, HSBC said in a statement. The result compared with the $9.5 billion average estimate of analysts polled by the bank. HSBC also announced an up to $2 billion share buyback, as it uses excess capital to offset the dilutive effect of shares paid out as dividends. It completed a previously announced $1 billion buyback in April. Europe''s biggest bank said it expects to commence the latest buyback shortly for completion in the second half of 2017. The announcement takes the total of HSBC share buybacks since the second half of 2016 to $5.5 billion. HSBC, like many global banks, spent the years up to the 2008 financial crisis building its empire. Recent years have seen it cut jobs and sell assets worldwide to shrink the group back to profitability and maintain dividend payouts in an era of stricter banking regulations. "In the past 12 months we have paid more in dividends than any other European or American bank and returned $3.5 billion to shareholders through share buy-backs," Chief Executive Officer Stuart Gulliver said in HSBC''s earnings statement. "We have done this while strengthening one of the most resilient capital ratios in the industry." The bank said its common equity tier 1 ratio - a measure of financial strength - was 14.7 percent at the end of June, from 14.3 percent three months prior, and 12.1 percent in the year-earlier period. The ratio is set to increase further as the bank repatriates some $8 billion stuck at its U.S. subsidiary, following approval last year from the U.S. Federal Reserve. HSBC has kept its dividend payout ratio higher than many peers in recent years, including last year when a slowdown in banks'' earnings growth prompted rivals such as Standard Chartered PLC to withhold payments. HSBC''s dividends totalled $10.1 billion in 2016, $10 billion in 2015 and $9.6 billion in 2014. Reporting by Sumeet Chatterjee and Lawrence White; Editing by Christopher Cushing 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hsbc-results-idINKBN1AG0DQ'|'2017-07-31T07:36:00.000+03:00'|5137.0|''|-1.0|'' -5138|'0a4b769722b1796d2c596381be745650e17f3f39'|'German stocks - Factors to watch on July 31'|'July 31, 2017 / 5:16 AM / 4 hours ago German stocks - Factors to watch on July 31 5 Min Read FRANKFURT/BERLIN, July 31 (Reuters) - The DAX top-30 index looked set to open 0.2 percent lower on Monday, according to premarket data from brokerage Lang & Schwarz at 0612 GMT. The following are some of the factors that may move German stocks: Autos BMW indicated 0.8 percent lower Daimler indicated 0.6 percent lower VW indicated 0.7 percent lower The German environment ministry has rejected calls from two of the country''s states for tax incentives to promote the sale of low-emission modern diesels and electric cars. Auto supplier Robert Bosch plans to decide by the end of the year or early next year whether it will start producing battery cells for electric cars, Chief Executive Volkmar Denner told Welt am Sonntag. Tesla Chief Executive Officer Elon Musk said late on Friday the Model 3 had over half a million advance reservations as he handed over the first 30 to employee buyers, as the company aims to become a profitable, mass market electric car maker. Commerzbank Indicated 0.1 percent lower Commerzbank''s new investor, U.S. buyout fund Cerberus, plans to claim a seat on the lender''s supervisory board, Sueddeutsche Zeitung reported, citing sources on the controlling panel. Commerzbank declined comment. Daimler Indicated 0.6 percent lower The carmaker''s finance arm said on Sunday it was heading for another record year after signing nearly one million new leasing and finance contracts between January and June. Deutsche Bank Indicated 0.3 percent higher A U.S. judge on Friday said investors may pursue part of their nationwide antitrust lawsuit accusing 12 of the world''s biggest banks of conspiring to rig the $275 trillion market for interest rate swaps. Deutsche Boerse Indicated 0.1 percent lower Executive Carsten Kengeter, who is under investigation for insider trading, frequently met and spoke by telephone with his London Stock Exchange counterpart in the months before they announced official merger talks, Der Spiegel magazine reported on Friday. Deutsche Telekom Indicated 0.2 percent higher Sprint Corp has proposed a merger with Charter Communications Inc as the wireless carrier seeks an alternative to a deal with T-Mobile US Inc that has so far not come to fruition, according to sources familiar with the matter. Munich Re Indicated unchanged Chief executive Joachim Wenning expects loss-making unit Ergo to deliver on cost cuts and to seek no parent funding, Sueddeutsche Zeitung reported on Sunday, citing an interview. Volkswagen Indicated 0.8 percent lower VW''s planned sale of motorcycle brand Ducati and transmissions maker Renk has currently no majority backing on the carmaker''s supervisory board, with opponents to asset sales feeling invigorated by the group''s strong results. Italy''s Benetton family is among five bidders short-listed to buy Italian motorcycle brand Ducati, which is being sold by the German carmaker, a source close to the matter said on Saturday. Audi aims to cut costs by 10 billion euros ($11.7 billion) by 2022 to help fund a shift to electric cars as it seeks to move on after the emissions scandal, sources close to the carmaker said. Schaeffler No indication available The automotive supplier plans to invest 500 million euros ($587 million) in electric mobility by 2020 and hire another 1,200 workers, monthly magazine Automobil Produktion reported on Saturday, citing an interview. Evotec The biotech firm plans to buy U.S. pharmaceutical company Aptuit for about 256 million euros. Rib Software No indication available The software group''s Q2 operating EBITDA increases 43.1 percent to 9.3 million euros on 10.6 percent higher sales. Bet-at-home.com '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/germany-stocks-factors-idUSL5N1KJ1ZI'|'2017-07-31T08:16:00.000+03:00'|5138.0|''|-1.0|'' +5138|'0a4b769722b1796d2c596381be745650e17f3f39'|'German stocks - Factors to watch on July 31'|'July 31, 2017 / 5:16 AM / 4 hours ago German stocks - Factors to watch on July 31 5 Min Read FRANKFURT/BERLIN, July 31 (Reuters) - The DAX top-30 index looked set to open 0.2 percent lower on Monday, according to premarket data from brokerage Lang & Schwarz at 0612 GMT. The following are some of the factors that may move German stocks: Autos BMW indicated 0.8 percent lower Daimler indicated 0.6 percent lower VW indicated 0.7 percent lower The German environment ministry has rejected calls from two of the country''s states for tax incentives to promote the sale of low-emission modern diesels and electric cars. Auto supplier Robert Bosch plans to decide by the end of the year or early next year whether it will start producing battery cells for electric cars, Chief Executive Volkmar Denner told Welt am Sonntag. Tesla Chief Executive Officer Elon Musk said late on Friday the Model 3 had over half a million advance reservations as he handed over the first 30 to employee buyers, as the company aims to become a profitable, mass market electric car maker. Commerzbank Indicated 0.1 percent lower Commerzbank''s new investor, U.S. buyout fund Cerberus, plans to claim a seat on the lender''s supervisory board, Sueddeutsche Zeitung reported, citing sources on the controlling panel. Commerzbank declined comment. Daimler Indicated 0.6 percent lower The carmaker''s finance arm said on Sunday it was heading for another record year after signing nearly one million new leasing and finance contracts between January and June. Deutsche Bank Indicated 0.3 percent higher A U.S. judge on Friday said investors may pursue part of their nationwide antitrust lawsuit accusing 12 of the world''s biggest banks of conspiring to rig the $275 trillion market for interest rate swaps. Deutsche Boerse Indicated 0.1 percent lower Executive Carsten Kengeter, who is under investigation for insider trading, frequently met and spoke by telephone with his London Stock Exchange counterpart in the months before they announced official merger talks, Der Spiegel magazine reported on Friday. Deutsche Telekom Indicated 0.2 percent higher Sprint Corp has proposed a merger with Charter Communications Inc as the wireless carrier seeks an alternative to a deal with T-Mobile US Inc that has so far not come to fruition, according to sources familiar with the matter. Munich Re Indicated unchanged Chief executive Joachim Wenning expects loss-making unit Ergo to deliver on cost cuts and to seek no parent funding, Sueddeutsche Zeitung reported on Sunday, citing an interview. Volkswagen Indicated 0.8 percent lower VW''s planned sale of motorcycle brand Ducati and transmissions maker Renk has currently no majority backing on the carmaker''s supervisory board, with opponents to asset sales feeling invigorated by the group''s strong results. Italy''s Benetton family is among five bidders short-listed to buy Italian motorcycle brand Ducati, which is being sold by the German carmaker, a source close to the matter said on Saturday. Audi aims to cut costs by 10 billion euros ($11.7 billion) by 2022 to help fund a shift to electric cars as it seeks to move on after the emissions scandal, sources close to the carmaker said. Schaeffler No indication available The automotive supplier plans to invest 500 million euros ($587 million) in electric mobility by 2020 and hire another 1,200 workers, monthly magazine Automobil Produktion reported on Saturday, citing an interview. Evotec The biotech firm plans to buy U.S. pharmaceutical company Aptuit for about 256 million euros. Rib Software No indication available The software group''s Q2 operating EBITDA increases 43.1 percent to 9.3 million euros on 10.6 percent higher sales. Bet-at-home.com '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/germany-stocks-factors-idUSL5N1KJ1ZI'|'2017-07-31T08:16:00.000+03:00'|5138.0|4.0|0.0|'' 5139|'5d644bd65d69ab907c152cbb9ee29027d0ba457a'|'Oil prices firm on signs of U.S. production slowdown'|'July 17, 2017 / 1:43 AM / 2 hours ago Oil edges up toward $49, U.S. drilling slowdown supports Alex Lawler 3 Min Read FILE PHOTO: A man pumps petrol for his car at a petrol station in Hanoi, Vietnam December 20, 2016. Kham/File Photo LONDON (Reuters) - Oil edged up to about $49 a barrel on Monday after fewer drilling rigs were added in the United States last week, helping ease concerns that surging shale supplies will undermine OPEC-led production cuts. U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes ( BHGE.N ) said on Friday. RIG-OL-USA-BHI Rig additions over the past four weeks averaged five, the slowest pace of growth since November. A sharp drop in U.S. crude inventories in the week to July 7 supported prices last week. But crude stocks in industrialized nations remained high, putting a brake on the oil price rally. "The market is not doing too much today - it feels like wait and see," said Olivier Jakob of oil analyst Petromatrix. "There is some rebalancing in products, but overall the layers of stocks are still very large." Brent crude LCOc1, the global benchmark, was up 8 cents at $48.99 a barrel by 1341 GMT. U.S. crude CLc1 traded at $46.57, up 3 cents. Oil prices are less than half their mid-2014 level because of a persistent glut, even after the Organization of the Petroleum Exporting Countries with Russia and other non-OPEC producers cut supplies since January. While OPEC-led cuts have offered prices some support, rising supplies from Nigeria and Libya, two OPEC states exempt from the pact, and increasing U.S. production have weighed on the market. Kuwait said on Friday the market was on a recovery track due to rising demand and said it was premature to cap Nigerian and Libyan output. An OPEC and non-OPEC committee meets in Russia on July 24 to discuss the impact of the deal. In a sign of strong demand, data on Monday showed refineries in China increased crude throughput in June to the second highest on record. OPEC is hoping higher demand in the second half will get rid of excess inventories. "There is almost an agreement that the second half of the year should be tighter than the first half due to significant jumps in demand forecasts," oil broker PVM said. "The net result is a rise in the demand for OPEC oil." Additional reporting by Henning Gloystein; editing by Edmund Blair and David Clarke 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN1A202Z'|'2017-07-17T04:40:00.000+03:00'|5139.0|''|-1.0|'' 5140|'4f66d33b0700d9709fe1a081d3b9dcf6012250cf'|'Euro zone core inflation rises, unemployment drops'|'July 31, 2017 / 9:06 AM / 2 hours ago Euro zone core inflation unexpectedly picks up in July Francesco Guarascio and Francesco Canepa 3 Min Read BRUSSELS/FRANKFURT (Reuters) - A key measure of euro zone inflation accelerated to a four-year high this month and euro zone unemployment fell to its lowest since 2009 in June, data showed on Monday, in two encouraging signs for the European Central Bank as it considers reducing its monetary stimulus. The ECB is due to decide by the autumn whether and how to extend its 2.3 trillion euros (2.05 trillion pounds) quantitative easing programme into 2018 and President Mario Draghi has cited sluggish core inflation and wage growth as reasons to be cautious. Likely giving heart to ECB policymakers, core inflation, which excludes volatile food and energy prices, accelerated to 1.3 percent from 1.2 percent in June, Eurostat''s flash estimate showed. It was its highest level since August 2013 and confounded market expectations for a slowdown. "Today''s upside surprise in core inflation is likely to give the ECB some comfort, even though its level remains low," Morgan Stanley economist Daniele Antonucci said. "We expect a QE tapering announcement this autumn." The European Union''s statistics office estimated that headline growth in consumer prices in the euro zone was stable at 1.3 percent year-on-year in July, still far from the ECB''s objective of just under 2 percent. FILE PHOTO: An employee sews while working in a factory in the city of Blagoevgrad, Bulgaria July 2, 2015. Stoyan Nenov/File Photo In a separate release, Eurostat said unemployment in the 19-country currency bloc dropped to its lowest level since 2009 at 9.1 percent, confirming a robust recovery in the currency bloc. The jobless rate also went down in Italy and Spain, the two eurozone countries with the highest rates, excluding Greece for which fresh data were not available. In Italy unemployment dropped to 11.1 percent in June from 11.3 percent in May, meaning that nearly 60,000 were added to the Italian workforce. In Spain, the rate fell to 17.1 percent from 17.3 percent. One of the ECB''s dilemmas is that a steady decline in unemployment is not translating into higher wages, a key driver of inflation. In Germany, the largest economy of the bloc, unemployment fell to 3.8 percent in June from 3.9 percent the previous month, raising expectations of bigger wage rises that could strengthen growth in the euro zone a whole. ($1 = 0.8521 euros) Reporting by Francesco Guarascio in Brussels and Francesco Canepa in Frankfurt @fraguarascio @FranCanJourno, editing by Alister Doyle 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-inflation-idUKKBN1AG0XT'|'2017-07-31T12:14:00.000+03:00'|5140.0|''|-1.0|'' 5141|'c6461970e5063fe3b6c7026cd98c35e5b105a852'|'U.S. lawmaker calls for hearing on Amazon purchase of Whole Foods'|'July 14, 2017 / 2:22 PM / an hour ago U.S. lawmaker calls for hearing on Amazon''s Whole Foods deal 4 Min Read A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. Carlo Allegri WASHINGTON/NEW YORK (Reuters) - The top Democrat on the U.S. House of Representatives'' antitrust subcommittee has voiced concerns about Amazon.com Inc''s ( AMZN.O ) $13.7 billion plan to buy Whole Foods Market Inc ( WFM.O ) and is pushing for a hearing to look into the deal''s potential impact on consumers. The deal announced in June marks the biggest acquisition for the worlds largest online retailer. Amazon has not said what it will do with Whole Foods'' stores and other assets, but analysts and investors worry the move could upend the landscape for grocers, food delivery services and meal-kit companies. U.S. Representative David Cicilline requested the hearing on Thursday in a letter to the chair of the House Judiciary Committee and the subcommittee chairman. Shares of Amazon were up 0.3 percent in mid-morning trading on Friday. "Amazons proposed purchase of Whole Foods could impact neighborhood grocery stores and hardworking consumers across America," Cicilline said in a statement. "Congress has a responsibility to fully scrutinize this merger before it goes ahead." The deal must be approved by U.S. antitrust enforcers, in this case most likely the Federal Trade Commission. Congress plays no formal role in that process but hearings are often used to highlight the possible impact of deals on consumers. The hearing is unlikely to happen without Republican support. Amazon and Whole Foods declined to comment. Also this week, hedge fund manager Douglas Kass from Seabreeze Partners Management Inc said he was shorting shares of the retailer because of concern about Amazon in Washington. Amazon.com''s logo is seen at Amazon Japan''s office building in Tokyo, Japan, August 8, 2016. Kim Kyung-Hoon/File Photo Kass said he had heard rumblings on Capitol Hill regarding concern about Amazon''s size and clout but did not specify what the concerns were. "I am shorting Amazon today because I have learned that there are currently early discussions and due diligence being considered in the legislative chambers in Washington, D.C.," he wrote in a note to investors late on Wednesday. "If I am correct, word of this could lower Amazon''s shares by 10 percent overnight." Kass said in emailed comments to Reuters on Friday that he has what he called a core short position in Amazon, meaning a sizeable bet based on a long-term outlook. "This has the potential of being the biggest business news story of year, he said. Kass declined to comment when asked for more details about pressure from Capitol Hill. Kass is followed for his bets on declines in companies'' share prices. He shorted Marvel Entertainment in 1992 when its shares were in the high $60s, and the company went bankrupt 1-1/2 years later. He also bet against big U.S. banks leading into the 2007-2009 financial crisis, shorting Bank of America, MGIC, Citigroup and several other financials that ultimately averaged a 98 percent price decline by the time they bottomed in 2009. While antitrust experts have said they expect Amazon''s bid to win regulatory approval, some critics argue the deal should be blocked because it gives the retailer a big head start towards domination of online grocery delivery. They argue the Whole Foods acquisition will give Amazon an unfair advantage over traditional grocers and new players that might emerge in the market, potentially grounds for the deal to be blocked for antitrust reasons. Reporting by Diane Bartz and Jennifer Ablan; Editing by Meredith Mazzilli and Chris Sanders 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-wholefoods-m-a-amazon-com-idUSKBN19Z1LI'|'2017-07-14T17:26:00.000+03:00'|5141.0|''|-1.0|'' @@ -5172,7 +5172,7 @@ 5170|'b5a6f6985952d8625aefc4c40970064a115d1a10'|'U.S. upgrades probe into 1.33 million Ford Explorers over exhaust odours'|'July 28, 2017 / 2:03 AM / in 28 minutes U.S. upgrades probe into 1.33 million Ford Explorers over exhaust odours David Shepardson 3 Min Read FILE PHOTO: The 2016 Ford Explorer is shown during the model''s world debut at the Los Angeles Auto Show in Los Angeles, California November 19, 2014. Lucy Nicholson WASHINGTON (Reuters) - The U.S. National Highway Traffic Safety Administration is upgrading and expanding a probe into 1.33 million Ford Explorer SUVs over reports of exhaust odours in vehicle compartments and exposure to carbon monoxide that may be linked to crashes and injuries. The auto safety agency said in a statement on Thursday it was aware of more than 2,700 complaints and three crashes that may be linked to exposure to carbon monoxide and 41 injuries among police and civilian vehicles in the probe covering 2011-2017 model year Ford Explorer sport utility vehicles. Ford has issued multiple technical service bulletins related to the exhaust odour issue to address complaints from police fleets and other owners, NHTSA said. Ford said in a statement a dedicated company team is working with police, NHTSA and others "to investigate reported issues and solve them." The probe was opened in 2016 into 638,000 vehicles and upgraded on Thursday to an engineering analysis, a step before the agency can formally demand an automaker conduct a recall if it believes vehicles pose an unreasonable risk to safety. NHTSA said it "is actively working with law enforcement agencies that use these vehicles to determine if this issue is related to a potential safety defect." The agency said it had "no substantive data or actual evidence," such as a blood test "supporting a claim that any of the alleged injury or crash allegations were the result of carbon monoxide poisoning." But NHTSA has obtained preliminary testing that suggests carbon monoxide levels may be elevated in certain driving scenarios, "although the significance and effect of those levels remains under evaluation." The agency said it was examining vehicles used by the Austin, Texas, police department and "using professional grade detectors to monitors carbon monoxide under different driving scenarios." KXAN-TV in Austin reported this month that Austin police had pulled 40 Explorers from service and more than a half dozen officers became ill after reporting exposure to carbon monoxide. NHTSA has conducted field inspections of vehicles and crashes involving police units that occurred while the officers were on duty. NHTSA also said it recently learnt that the Police Interceptor version of the Ford Explorer was experiencing exhaust manifold cracks, "which appear to present a low level of detectability, and may explain the exhaust odour." The agency said the reported injuries include "loss of consciousness, with the majority indicating nausea, headaches, or light-headedness." Police have reported two crashes that may be linked to carbon monoxide exposure, including a rollover incident, and a third incident involving injuries related to carbon monoxide exposure. Reporting by David Shepardson; Editing by Peter Cooney and Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ford-safety-idUKKBN1AD079'|'2017-07-28T05:02:00.000+03:00'|5170.0|''|-1.0|'' 5171|'f78a565f9deecc2e190d1ac64562332156b50fd2'|'Boeing raises 2017 earnings forecast'|'July 26, 2017 / 11:46 AM / 32 minutes ago Boeing raises 2017 earnings forecast Reuters Staff 1 Min Read FILE PHOTO: The Boeing logo is seen at their headquarters in Chicago, April 24, 2013. Jim Young/File Photo (Reuters) - Boeing Co ( BA.N ) reported a quarterly profit compared with a loss a year ago when it booked a charge, and raised its full-year core profit forecast. The world''s biggest maker of jetliners said it expects 2017 core earnings per share in a range of $9.80 to $10.00, up from its previous forecast of $9.20 to $9.40. Boeing earned $1.76 billion (1.34 billion pounds), or $2.89 per share, in the second quarter ended June 30, compared with a loss of $234 million, or 37 cents per share, a year earlier. Last year''s results included more than $2 billion in charges related to the 787, 747 and KC-46 tanker aircraft programs. The company''s core earnings, which excluded some pension and other costs, were $2.55 per share in the quarter. Revenue fell 8.1 percent to $22.74 billion. Commercial aircraft deliveries fell to 183 from 199. Boeing said it continues to expect to deliver 760-765 commercial aircraft in 2017. Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boeing-results-idUKKBN1AB1L7'|'2017-07-26T14:46:00.000+03:00'|5171.0|''|-1.0|'' 5172|'f39ca8c481a766cae6e1cdfbdf72828830be0e68'|'Exclusive - Dropbox seeks to hire IPO underwriters: sources'|'Business News - Sat Jul 1, 2017 - 3:39am BST Exclusive - Dropbox seeks to hire IPO underwriters: sources By Liana B. Baker and Lauren Hirsch Data-sharing business Dropbox Inc is seeking to hire underwriters for an that could come later this year, which would make it the biggest U.S. technology company to go public since Snap Inc ( SNAP.N ), people familiar with the matter said on Friday. The IPO will be a key test of Dropbox''s worth after it was valued at almost $10 billion in a in 2014. Dropbox will begin interviewing investment banks in the coming weeks, the sources said, asking not to be named because the deliberations are private. Dropbox declined to comment. Several big U.S. technology companies such as Uber Technologies Inc and Airbnb Inc have resisted going public in recent months, concerned that stock market investors, who focus more on profitability than do private investors, would assign lower valuations to them. Snap, owner of the popular messaging app Snapchat, was forced to lower its IPO valuation expectations earlier this year amid investor concern over its unproven business model. Its shares have since lingered just above the IPO price, with investors troubled by widening losses and missed analyst estimates. It has a market capitalisation of $21 billion. Still, for many private companies, there is increasing pressure to go pubic as investors look to cash out. Proceeds from technology IPOs slumped to $6.7 billion in2015 from $34 billion in 2014, and shrunk further to $2.9 billion in 2016, according to Thomson Reuters data. Dropbox''s main competitor, Box Inc ( BOX.N ), was valued at roughly $1.67 billion in its IPO in 2015, less than the $2.4 billion it had been valued at in previous s. San Francisco-based Dropbox, which was founded in 2007 by Massachusetts Institute of Technology graduates Drew Houston and Arash Ferdowsi, counts Sequoia Capital, T. Rowe Price and Greylock Partners as investors. Dropbox started as a free service for consumers to share and store photos, music and other large files. That business became commoditised though, as Alphabet Inc''s ( GOOGL.O ) Google, Microsoft Corp ( MSFT.O ) and Amazon.com Inc ( AMZN.O ) started offering storage for free. Dropbox has since pivoted to focus on winning business clients, and Houston, the company''s CEO, has said that Dropbox is on track to generate more than $1 billion in revenue this year. The company has expanded its Dropbox Business that requires companies to pay a fee based on the number of employees who use it. The service in January began offering Smart Sync, which allows users to see and access all of their files, whether stored in the cloud or on a local hard drive, from their desktop. (Additional reporting by Heather Somerville, Salvador Rodriguez and Stephen Nellis Leslie Adler and Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dropbox-ipo-exclusive-idUKKBN19M32W'|'2017-07-01T05:39:00.000+03:00'|5172.0|''|-1.0|'' -5173|'01e4344a3752d915c1a3b82b5c9a5f6ce6314642'|'MIDEAST STOCKS-Poor Q2 results dampen Saudi, bluechips buoy Dubai'|'July 31, 2017 / 8:00 AM / in 2 hours MIDEAST STOCKS-Poor Q2 results dampen Saudi, bluechips buoy Dubai 2 Min Read DUBAI, July 31 (Reuters) - Poor second quarter corporate earnings were a drag on Riyadh''s index in early trade on Monday in a generally weaker Gulf market, though Dubai bucked that trend as bluechips rose. Shares of Saudi builder Khodari fell 1.1 percent after the company reported a second-quarter net loss of 25.02 million riyals ($6.7 million), wider than EFG Hermes'' estimate of 14.40 million riyals. Quarterly revenue was half of that in the year-earlier quarter, the company said. Milk and yoghurt maker Saudi Dairy Foodstuff Co fell 0.8 percent after it reported a 5.2 percent year-on-year drop in second quarter net profit. Saudi Re for Cooperative Reinsurance jumped 3.7 percent after its net income in the second quarter expanded 50.6 percent. Saudi Paper Manufacturing was up 0.3 percent after it reported a narrower loss. The Saudi index edged down 0.3 percent. Qatar''s index, which lost 1.0 percent on Sunday, was little changed as nine on the 20 most valuable companies declined and six rose. In Dubai, Dubai Investments lost 0.8 percent after reporting a 12.6 percent drop in second quarter net profit. Other companies were more upbeat, with the largest listed developer Emaar Properties up 1.1 percent, helping take the index 0.6 percent higher. $1 = 3.7500 riyals Reporting by Celine Aswad; Editing by John Stonestreet 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1KM1JC'|'2017-07-31T10:59:00.000+03:00'|5173.0|''|-1.0|'' +5173|'01e4344a3752d915c1a3b82b5c9a5f6ce6314642'|'MIDEAST STOCKS-Poor Q2 results dampen Saudi, bluechips buoy Dubai'|'July 31, 2017 / 8:00 AM / in 2 hours MIDEAST STOCKS-Poor Q2 results dampen Saudi, bluechips buoy Dubai 2 Min Read DUBAI, July 31 (Reuters) - Poor second quarter corporate earnings were a drag on Riyadh''s index in early trade on Monday in a generally weaker Gulf market, though Dubai bucked that trend as bluechips rose. Shares of Saudi builder Khodari fell 1.1 percent after the company reported a second-quarter net loss of 25.02 million riyals ($6.7 million), wider than EFG Hermes'' estimate of 14.40 million riyals. Quarterly revenue was half of that in the year-earlier quarter, the company said. Milk and yoghurt maker Saudi Dairy Foodstuff Co fell 0.8 percent after it reported a 5.2 percent year-on-year drop in second quarter net profit. Saudi Re for Cooperative Reinsurance jumped 3.7 percent after its net income in the second quarter expanded 50.6 percent. Saudi Paper Manufacturing was up 0.3 percent after it reported a narrower loss. The Saudi index edged down 0.3 percent. Qatar''s index, which lost 1.0 percent on Sunday, was little changed as nine on the 20 most valuable companies declined and six rose. In Dubai, Dubai Investments lost 0.8 percent after reporting a 12.6 percent drop in second quarter net profit. Other companies were more upbeat, with the largest listed developer Emaar Properties up 1.1 percent, helping take the index 0.6 percent higher. $1 = 3.7500 riyals Reporting by Celine Aswad; Editing by John Stonestreet 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1KM1JC'|'2017-07-31T10:59:00.000+03:00'|5173.0|6.0|0.0|'' 5174|'7b894db5395c10215b2c71d4de1ff3a6a19294ea'|'Credit market a bigger systemic risk than during 2008 crisis - BoE'|'July 12, 2017 / 2:55 PM / 5 hours ago Credit market a bigger systemic risk than during 2008 crisis: Bank of England Simon Jessop 3 Min Read A general view shows the Bank of England in the City of London, Britain April 19, 2017. Hannah McKay LONDON (Reuters) - European corporate bond markets could prove a bigger source of market instability during the next big shock than during the 2008 financial crisis, a study by the Bank of England showed. The study is the first to try to model how non-bank lenders would react in a stressed market environment, with the BoE particularly concerned about the effect on corporate funding rates and their impact on the real economy. The need to model the risk has arisen because capital markets have provided a bigger slice of corporate funding since the financial crisis and many of the often-illiquid bonds are held in mutual funds offering daily exits to investors. With dealers at banks making markets in bonds operating under tougher capital rules and therefore more sensitive to risk than before the crisis, the Bank of England is concerned that they may not be able to absorb panic-selling by investors. The study found that weekly mutual fund redemptions of 1 percent of assets under management -- a level seen during the 2008 crisis -- could increase corporate bond interest rates for companies with high credit ratings by about 40 basis points. But the ability of dealers to absorb those sales could be tested if redemptions are only a third higher, in what the study described as "an unlikely, but not impossible, event". "It is a first -- pilot -- step and so is an incomplete exercise, focusing on one type of stress scenario, one market and simple models of the behavior of important parts of the system," the central bank said in the report. "Nevertheless, it has allowed a scenario to be explored in which large-scale redemptions from open-ended investment funds trigger sales by those funds, with resulting spillover effects to dealers and hedge funds." The Bank said it would follow up by examining the role played by pension funds and insurance companies, and would feed into work carried out by peers globally. The results could inform future policy action, though none was recommended. Asset management companies have long argued that they are safe individually and not in need of stress tests such as those in the banking sector because the risk of losses is contained within a fund and borne by investors alone. The Bank of England agreed with that assessment but said the study showed how changes in market structure, coupled with investors'' tendency to sell into a falling market, could create a feedback loop between individually safe parts of the market that amplified the shock. Reporting by Simon Jessop and David Milliken; Editing by David Goodman 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-boe-financial-stability-idUKKBN19X20G'|'2017-07-12T17:46:00.000+03:00'|5174.0|''|-1.0|'' 5175|'4cf7e48633658800a529af5fe2e32eaf1aacf205'|'That was fun; now comes the slowdown'|'July 24, 2017 / 8:39 AM / an hour ago That was fun; now comes the slowdown Jeremy Gaunt 5 Min Read FILE PHOTO: A sign for Fletcher Building Ltd, New Zealand''s biggest builder, adorns a crane at a construction site in the New Zealand city of Auckland, June 25, 2017. David Gray /File Photo LONDON (Reuters) - For all the talk of world economies rising in sync, there does not seem to be an abundance of optimism about how long it will last. Tucked away in Reuters latest quarterly economic poll series is a projection that growth rates in nearly all of the world''s largest economies will fall over the next two years. Inflation, meanwhile, will remain benign and in some cases below target. Both findings would suggest that the current caution of central bankers is warranted. As the European Central Bank''s Mario Draghi said in the past week: "We aren''t there yet." The Reuters polls of economists around the world -- looking at 46 economies -- have been prescient in past years. If they prove right again, it means the United States, euro zone, Japan, Germany, France and China will all grow more slowly in 2019 than at present. Britain will be growing at this year''s rate -- but only after a 2018 Brexit-related hammering. James Knightley, chief international economist at ING, reckons the projected growth slowdown is a natural maturing of the economic cycle, exacerbated by the gradual tightening of monetary policy measures adopted following the financial crisis. "Consumers are getting to the point now when debt levels are starting to rise, and with central banks increasingly moving in the direction ... of tightening, then that could start to act as a brake on economic activity," he said. There will be growth. But it will be fairly humdrum. Consider the euro zone, currently running at a projected 1.9 percent growth rate. That will drop to 1.5 percent in 2019, according to the economists. Japan will see its 1.4 percent growth rate today halve to 0.7 percent. The U.S. economy will be down slightly, to 2.1 percent from 2.2 percent, way below the historical trend of above 3 percent. Did You Feel It? It may come as a surprise to the average person in many of these economies that the growth cycle is maturing. In many cases it has been a very mild rebound from the Great Recession triggered by the financial crisis a decade ago. FILE PHOTO: Painted wheelbarrow buckets arrive at the end of the assembly line at the AMES Companies factory, the largest wheelbarrow factory in the world, in Harrisburg, Pennsylvania, U.S. on June 29, 2017. Tim Aepp/File Photo As Stephen King, senior economic adviser at HSBC, noted this month: "Economic records are there to be broken. The U.S. is on the cusp of breaking two simultaneously. Within weeks, the U.S. may have delivered both the longest and the weakest economic upswing in post-war history." The new normal -- post-crisis and with big emerging economies having matured themselves -- may well be for less robust growth, although the Reuters polls project the world economy to grow at around 3.5 percent annually over the next three years. That is pretty much the average since 1961, according to World Bank statistics, although that of course is dragged down by the Great Recession and the big slump around 1980. This all goes some way to explaining the extreme caution of central banks in rolling back their unprecedented monetary stimulus. They do not, as the ECB''s Draghi admitted openly this past week, want to commit a policy error. FILE PHOTO: Equipment for rent outside of the United Rentals store in Denver, Colorado July 19, 2017. Rick Wilking /File Photo Their dilemma is that they want to normalise monetary policy as much as possible without killing what growth trillions of dollars of stimulus have helped achieve. So data releases are even more crucial to policymakers than usual. The coming week will give them a snapshot of monthly business activity, culminating in the first real look at what happened in the second quarter. Flash purchasing managers'' indexes for Japan, Germany, France and the euro zone have already been released. All remained in expansion territory, but for the most part fell from the previous month. The United States PMI is released later. Britain announces its preliminary second quarter growth figures on Wednesday. There is a strong consensus that it will tick up to 0.3 percent from 0.2 percent quarter-on-quarter, but slip to 1.7 percent from 2.0 percent year against year. Arguably the biggest data release comes on Friday with advance U.S. GDP numbers. An annualised rate -- that is, roughly speaking the quarterly number times four -- is seen at 2.7 percent, a large jump from the previous 1.4 percent. Reporting by Jeremy Gaunt; Additional reporting by Jonathan Cable; Editing by Catherine Evans, Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-economy-outlook-idUKKBN1A90VB'|'2017-07-24T11:38:00.000+03:00'|5175.0|''|-1.0|'' 5176|'52e7a6ac4c1bd5b4643e3d1779252e33a247f00a'|'Google to power Dutch data centre with solar energy'|'Environment - Fri Jul 7, 2017 - 8:22am EDT Google to power Dutch data center with solar energy The sign marking the Google offices is lit up in Cambridge, Massachusetts, U.S., June 27, 2017. REUTERS/Brian Snyder AMSTERDAM Google will purchase all the electricity generated by the largest solar park in the Netherlands over the next decade to power a recently opened data center housing thousands of servers, the U.S. internet company and energy provider Eneco said on Friday. It is part of Google''s ambition to switch its data centers and offices entirely to renewable energy this year, helped by the steep fall in prices for wind and solar energy. The contract with Eneco, for which no financial details were disclosed, will supply renewable energy for "many months to come, maybe even years", Google''s European energy manager Marc Oman said. The agreement comes as the Netherlands makes a push to boost its renewable energy production and is investing 12 billion euros in 2017 in offshore wind farms. The Eemshaven data center, which cost roughly 600 million euros and opened in 2016, is one of four Google operates in Europe. (Reporting by Bart Meijer) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-netherlands-energy-google-idUSKBN19S1QZ'|'2017-07-07T15:18:00.000+03:00'|5176.0|''|-1.0|'' @@ -5189,7 +5189,7 @@ 5187|'cbf85a011a84d97dd4765e0e72ee8aad2cb20338'|'Tesla drops after Musk warns of ''manufacturing hell'''|'July 31, 2017 / 6:21 PM / in 19 minutes Tesla drops after Musk warns of ''manufacturing hell'' Noel Randewich 3 Min Read FILE PHOTO - A Tesla wall connector for charging the company''s vehicles at customers homes is pictured at a Tesla electric car dealership in Sydney, Australia, May 31, 2017. Jason Reed SAN FRANCISCO (Reuters) - Shares of Tesla dropped 3.5 percent on Monday after Chief Executive Elon Musk warned that the electric carmaker would face "manufacturing hell" as it ramps up production of its new mass-market Model 3 sedan. At a launch event on Friday, Musk said customers had made over half a million advance reservations for the Model 3 as he handed over the first 30 cars to employee buyers, setting the stage for a major test of Tesla''s strategy to become a profitable electric car maker. Tesla is counting on the Model 3 to help turn the cash-losing company into a profitable one and transform it from a niche player to a heavyweight in the automobile industry. Investors already sceptical of Tesla''s aggressive growth targets focussed on a warning by Musk that early production would be challenging. "We''re going to go through at least six months of manufacturing hell," Musk told journalists ahead of the event. He later made similar comments on stage. Investors may get an idea of how "manufacturing hell" will affect Tesla''s rate of cash burn when the company posts its quarterly results on Wednesday. The Palo Alto, California company has spent over $2 billion in cash so far this year ahead of the launch. Also on Monday, a group of workers at the Fremont, California factory where the Model 3 is made sent an open letter to the independent members Tesla''s board. The employees, who are trying to start a union, requested access to company safety plans and information on compensation. Tesla''s stock has gained 53 percent in 2017, although it is down from a record high in June. The $35,000 Model 3 is designed for easy production, with output targeted to reach 20,000 per month by December. Tesla''s last launch was the luxury Model X SUV in 2015 which had several production problems and a price tag starting around $80,000. Tesla has promised to boost total car production to 500,000 vehicles next year, close to six times its 2016 output, a target that many auto industry experts believe is unrealistic. It sold 76,230 cars last year. At the event, Musk said the price of a Model 3 with all of available options could reach $59,000. That level could scare off potential Tesla customers, wrote Barclays analyst Brian Johnson in a note to clients. Tesla''s stock was down $11.85 at $323.21 at mid-afternoon. Reporting by Noel Randewich; Editing by Richard Chang 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tesla-stock-idUKKBN1AG27O'|'2017-07-31T21:21:00.000+03:00'|5187.0|''|-1.0|'' 5188|'7020a6166e44b04b095c646da3090252f8ec4895'|'''Ditch plastic straws'' experts and campaigners on how to cut plastic waste - Guardian Sustainable Business'|'Marks & Spencer has redesigned and repackaged more than 140 best-selling products to cut plastic use, saving 75 tonnes of packaging a year in the process.But are retailers and manufacturers doing enough? What more could and should they be doing? We asked a range of packaging experts and campaigners. Heres what they said.Lily Cole: Ditch single-use plastic water bottles Facebook Twitter Pinterest Companies should be proactively designing solutions to reduce plastic waste. Single-use plastic water bottles are perhaps the most damning culprit when there are so many alternatives readily available. I recently supported Britas #SwapForGood campaign, committing to avoiding single-use plastic water bottles and carrying around a reusable bottle instead.Facebook Twitter Pinterest Britas #swapforgood campaign with Lily Cole and Henry Holland. In researching the SwapForGood campaign, Brita found that 71% of people in the UK felt embarrassed asking for tap water when not buying something else. In order for us to create a real cultural shift, we need to lose the stigma around asking for tap water, and we need companies (cafes, restaurants and even shops) to proactively welcome people to use their tap water sources for free, just as we might use their toilets. Lily Cole is an actor, co-founder of Impossible.com and patron of the Environmental Justice Foundation. Dame Ellen MacArthur: C hange the way we make and use plastic Facebook Twitter Pinterest Demand for plastics is expected to double in the next 20 years, yet our plastics system is not fit for purpose. Most plastic packaging items are used only once before being discarded, and globally only 14% of plastic packaging is collected for recycling. The remainder gets incinerated, landfilled or worse, with more than 30% leaking out into the environment. If nothing changes, there could be more plastic than fish in the ocean by 2050. Facebook Twitter Pinterest A turtle suffocates on an ingested plastic bag in Hawaii. Photograph: FLPA/Rex This problem cannot be fixed in isolation. It is only through systemic change bringing together the entire industry to fundamentally rethink the way we make and use plastics that we can prevent plastic from becoming waste in the first place.The $2m New Plastics Economy Innovation Prize aims to accelerate innovations that keep plastics in the economy but out of the ocean. The prize is made up of two challenges: the Circular Design Challenge looks at how to get products to people without generating plastic waste tackling small items such as shampoo sachets, straws or coffee cup lids while the Circular Materials Challenge addresses how to make all plastic packaging material recyclable. Dame Ellen MacArthur is founder of the Ellen MacArthur Foundation. Hannah Lownsbrough: McDonalds must take the lead on straws When did plastic straws become ubiquitous? Far too often, before youve said: No straw please, there it is, already on its way to becoming waste usually completely unnecessarily.Its estimated Americans alone use 500m plastic straws every day. Used for a few minutes then discarded, once in the environment plastic never degrades but breaks into ever smaller pieces. Straws are a particular hazard. Small and light, they can end up lodged in the nostrils of sea turtles and perforating the stomachs of penguins .Simply telling consumers to carry reusable straws around is not the answer. Its up to corporations to take responsibility and reduce the plastic waste they create. They have a variety of options at their disposal, including only handing out straws on request, moving to drink-through lids, or using a sustainable, recyclable alternative.Thats why were asking McDonalds, which hands out free plastic straws to many of the 3.5 million people who visit its UK restaurants each day, to take the lead and ditch them . A giant like McDonalds has the resources to create a shift in the fast food industrys obsession with plastic straws, before its too late .Hannah Lownsbrough is executive director of SumOfUs, a global consumer group. Ilana Taub: Take the risk of trying a new material Facebook Twitter Pinterest One pence. Thats the difference in pricing between a traditional plastic bag and a genuinely compostable one. Do we really care so little about our planet that were not willing to encourage our manufacturers to pay an extra 0.01, or pass on the cost to us?Were starting to see alternatives, like the compostable film we use to pack our snacks, but few companies are willing to take on the risk of trying a new material and the associated cost, even if the difference is miniscule.Facebook Twitter Pinterest Snacts compostable packaging. Photograph: PR Packaging manufacturers are slow to develop alternative materials that can genuinely compete with traditional plastics because theres no real market for it. And theres no market for it because there is not enough demand from consumers. Its mind-blowing that as a society involving people, government and businesses were not able to solve a problem that involves an additional few pence.Ilana Taub is the co-founder of Snact , which creates snacks from surplus fruit and uses home compostable packaging to reduce plastic waste. Hugo Tagholm: We need a nationwide deposit return system Its vital that manufacturers support much more effective recycling solutions for the packaging they produce. We use a staggering 38.5m plastic bottles in the UK every day and only manage to recycle just over half of these.A nationwide deposit return system would be a brilliant next step in stopping plastic bottle pollution on our beaches and help manufacturers get much higher quality recyclate to enable the production of new bottles, creating a more circular economy. Just as weve seen the small charge on plastic bags have a big impact , with billions fewer given out, evidence shows a deposit-return scheme could dramatically reduce the number of plastic bottles littering our streets and marine environments.Hugo Tagholm is the CEO of Surfers Against Sewage . Madeleine Berg: Stop selling plastic cotton bud sticks Facebook Twitter Pinterest In 2016, cotton bud sticks were the sixth most common item of marine litter found on UK beaches. These buds are the epitome of single use applied and immediately discarded. Worse still, consumers often litter unwittingly by flushing buds down the toilet, where our sewage system is unable to prevent them from ending up at sea.Facebook Twitter Pinterest Plastic cotton bud sticks: Sadly a familiar sight on beaches. Photograph: David Jones Retailers and manufacturers can take immediate action to reduce this source of marine litter by replacing plastic stems with fully biodegradable alternatives like rolled paper. Though they should still never be flushed, paper buds are likely to disintegrate and settle out in sewage, never reaching the sea. Last year, a number of companies including the UKs two largest supermarket chains, Tesco and Sainsburys, committed to ban the sale of plastic-stemmed cotton buds by the end of 2017. In doing so, they joined front-runners such as Marks & Spencer and The Body Shop, which have been selling paper-stemmed buds for a number of years.However, we are yet to see an industry-wide shift. France will be banning plastic stems by 2020 is this the only way to completely prevent this source of plastic pollution?Dr Madeleine Berg manages The Cotton Bud Project at Fidra, an environmental charity based in Scotland .Liz zie Carr: Boycott single-use plastic Facebook Twitter Pinterest A lot of companies are doing very little to challenge the culture of throwaway single-use plastic and consumers are often left with next to no alternative than buying products wrapped unnecessarily in plastic packaging. Coca-Colas recent pledge that all its UK bottles will be made from 50% recycled plastic by 2020 is a positive step and my hope is other big players will follow suit, but theres a long way to go. Most manufacturers are still largely irresponsible, both in terms of volume of plastic placed in products and the recycling process.As consumers we have power to drive meaningful change. Phasing out single-use plastics where possible in our day-to-day lives by taking a zero-tolerance approach to items such as plastic bottles, straws and bags is a simple first step. Every individual effort to boycott single-use plastic is a small victory but, collectively, we have an opportunity to create friction that will ultimately force companies to adapt and provide more environmentally friendly alternatives.Lizzie Carr (@LizzieOutside) I went on #PlasticPatrol across our canals, collecting 1000 plastic bottles in just 7 hours. This needs to STOP. https://t.co/2K28QOcnc4 pic.twitter.com/Ijz4kh9aix January 28, 2017 Liz zie Carr is an adventurer, environmentalist and founder of #PlasticPatrol , a UK-wide campaign to rid waterways of plastic pollution. Topics Guardian sustainable business rethinking business Recycling Ethical and green living Waste Pollution Lily Cole blogposts '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/sustainable-business/2017/jul/30/retailers-manufacturers-reduce-plastic-use-waste-lily-cole-ellen-macarthur'|'2017-07-30T03:00:00.000+03:00'|5188.0|''|-1.0|'' 5189|'75b8ef18f4f5eccab22a1edef796179d0454ff60'|'Exclusive: China Construction Bank nominates Bank of China boss to be its next chairman - sources'|'July 31, 2017 / 11:37 AM / in an hour Exclusive: China Construction Bank nominates Bank of China boss to be its next chairman - sources 3 Min Read A customer waits at a counter of a branch of China Construction Bank Corp (CCB) at its headquarters in Beijing, China, March 31, 2016. Kim Kyung-Hoon/File Photo BEIJING/HONG KONG (Reuters) - China Construction Bank Corp (CCB), the country''s second-biggest bank, has nominated Tian Guoli, the boss of the smaller Bank of China Ltd, to be its next chairman, three sources with knowledge of the matter said. In a closed-door meeting on Monday, the Communist Party''s powerful organisation department, which oversees personnel decisions, told senior CCB executives that Tian, 57, has been named the bank''s party secretary, the sources told Reuters. Top personnel changes at the big four state-controlled banks normally requires the blessings of the party''s Standing Committee - the pinnacle of power in China. An announcement about Tian''s party secretary role and nomination to be CCB''s chairman could come as early as later on Monday, one of the sources said. CCB and BOC declined to comment. CCB''s current chairman, Wang Hongzhang, 63, has reached retirement age. The former central bank official has been heading the bank since late 2011. Tian''s move from BOC to CCB is "unusual", as top bosses at China''s powerful big four state banks normally get promoted to high-ranking positions at China''s financial regulatory bodies, said a source familiar with the matter. Tian was previously widely regarded in the industry as a candidate for a top job at a financial regulator, the source added. Two sources with knowledge of the matter said Chen Siqing, president of state-controlled Bank of China (BOC), the country''s fourth-largest lender, is likely to be promoted to Tian''s chairman position. Tian and Chen''s moves need to be approved by the respective boards of the banks, both of which are listed in Shanghai and Hong Kong. Tian, after graduating with a bachelor''s degree in economics, started his banking career at a local CCB branch in 1983 and climbed to a senior role as assistant governor during his 16 years of service at the bank. Tian worked under China''s current anti-corruption chief, Wang Qishan, when Wang was running CCB in the 1990s. In 1999, Tian left CCB to help establish China Cinda Asset Management Co, one of the country''s Big Four state-owned bad debt managers created to take over distressed assets from big state banks. In 2013, Tian moved to BOC to head China''s fourth-largest lender. Reporting by Shu Zhang in BEIJING, Kane Wu and Julie Zhu in HONG KONG; Editing by Himani Sarkar and Neil Fullick 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ccb-chairman-bank-of-china-idINKBN1AG1AR'|'2017-07-31T14:36:00.000+03:00'|5189.0|''|-1.0|'' -5190|'fbd4dcab1e017ff55aeaf38a65bcc014d918b0d3'|'BRIEF-Delcath Systems says on June 29, board authorized establishment of new series of preferred stock designated as Series A preferred stock'|'United States 13am EDT BRIEF-Delcath Systems says on June 29, board authorized establishment of new series of preferred stock designated as Series A preferred stock July 3 Delcath Systems Inc * Delcath Systems - On June 29, board authorized establishment of new series of preferred stock designated as Series A preferred stock, $0.01 par value Source text: [ bit.ly/2sEN30W ] * Toyota Motor North America reports U.S. sales for June 2017 and first half MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-delcath-systems-says-on-june-29-bo-idUSFWN1JU0GS'|'2017-07-03T16:13:00.000+03:00'|5190.0|''|-1.0|'' +5190|'fbd4dcab1e017ff55aeaf38a65bcc014d918b0d3'|'BRIEF-Delcath Systems says on June 29, board authorized establishment of new series of preferred stock designated as Series A preferred stock'|'United States 13am EDT BRIEF-Delcath Systems says on June 29, board authorized establishment of new series of preferred stock designated as Series A preferred stock July 3 Delcath Systems Inc * Delcath Systems - On June 29, board authorized establishment of new series of preferred stock designated as Series A preferred stock, $0.01 par value Source text: [ bit.ly/2sEN30W ] * Toyota Motor North America reports U.S. sales for June 2017 and first half MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-delcath-systems-says-on-june-29-bo-idUSFWN1JU0GS'|'2017-07-03T16:13:00.000+03:00'|5190.0|7.0|0.0|'' 5191|'80f8b14e90dbca2d17cc493f4ebd0e62e90adf07'|'Bank of America picks Dublin as EU hub post Brexit'|'July 21, 2017 / 1:27 PM / in an hour Bank of America picks Dublin as EU base after Brexit Anjuli Davies and Conor Humphries 3 Min Read FILE PHOTO: A Bank of America logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith/File Photo LONDON/DUBLIN (Reuters) - Bank of America ( BAC.N ) on Friday became the first Wall Street lender to pick Dublin as its new base for its European Union operations as Britain prepares to leave the bloc. International banks are planning to set up subsidiaries in the EU to ensure they can continue to serve clients if their London operations lose the ability to operate across the bloc once Britain leaves in March 2019. Frankfurt and Dublin are emerging as early winners for banks'' post-Brexit operations. "Bank of America has operated in Ireland and engaged in the local community for almost 50 years," said Brian Moynihan, chairman and CEO of Bank of America. The bank did not say how many roles would be moved or created in the Irish capital, where it currently has over 700 staff and a fully licensed entity, but said that some roles would also move to other EU locations. The Irish government, which has been keen to attract investment banks to Dublin, welcomed the news. "This announcement...is a strong endorsement of Ireland''s attractiveness as a location for investment, and of the government''s approach to securing Brexit-related activities," Irish Prime Minister Leo Varadkar said following the announcement and a meeting with Moynihan in Dublin on Friday. Details of banks'' Brexit arrangements are starting to emerge following a July 14 deadline for them to submit details of their contingency plans to the Bank of England. Wall Street''s Citigroup Inc. ( C.N ) and Morgan Stanley ( MS.N ) have both picked Frankfurt as bases for their EU hubs, whilst Barclays ( BARC.L ) has said it is talking with regulators about extending its activities in Dublin. Morgan Stanley is likely to spread some of its operations across the EU, with its asset management business expected to go to Dublin as well, a source familiar with the matter told Reuters on July 19. Bank of America is extending its existing lease on its building in Leopardstown, Dublin, according to the Irish Times. The newspaper also reported the bank was in talks on two other office spaces in the city that would be able to accommodate up to 1,000 employees, giving it the flexibility to add up to 300 additional staff. Reporting By Anjuli Davies; Editing by Rachel Armstrong/Keith Weir 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-bank-of-america-idUKKBN1A61NW'|'2017-07-21T16:26:00.000+03:00'|5191.0|''|-1.0|'' 5192|'6d408500f0db791ffa5fb8874cbafa9e6de778d0'|'Trump administration''s NAFTA demands make sense - Union Pacific CEO'|'July 20, 2017 / 7:10 PM / 44 minutes ago Trump administration''s NAFTA demands make sense - Union Pacific CEO Nick Carey 3 Min Read FILE PHOTO - Robert Lighthizer speaks after he was sworn as U.S. Trade Representative during a ceremony at the White House in Washington, U.S. on May 15, 2017. Kevin Lamarque/File Photo DETROIT (Reuters) - The list of priorities U.S. Trade Representative Robert Lighthizer released this week for the renegotiation of NAFTA with Mexico and Canada is reasonable and in line with what the Trump administration has promised to focus on, the head of America''s largest railroad said on Thursday. "It was a very reasonable document," Union Pacific Corp ( UNP.N ) Chief Executive Lance Fritz said in an interview about a list of priorities released this week by Lighthizer. "From our perspective, he (Lighthizer) hit all of the elements that weve heard from the administration and they make sense." Republican U.S. President Donald Trump has threatened to exit the North American Free Trade Agreement if it is not renegotiated in favour of the United States. Talks with Mexico and Canada on revisions to the treaty, which came into effect in 1994, are due to start in mid-August. The top priority for the talks listed by Lighthizer''s office was shrinking the U.S. trade deficit with Canada and Mexico. Union Pacific''s Fritz said that Lighthizer''s focus on intellectual property, labour laws and dispute resolution mechanisms all make sense. "What makes most sense to us is elements (of Lighthizer''s priorities) focusing on the streamlining of freight across the border," he added. About 40 percent of Union Pacific''s freight volume is based on international trade and about 12 percent is based on cross-border trade with Mexico. Fritz said that Mexico should continue to be a "good driver" for Union Pacific''s growth. The CEO spoke to Reuters after Union Pacific posted a better-than-expected second-quarter profit that was lifted in part by a 25-percent jump in coal revenue. Major U.S. railroads have seen a resurgence in coal volumes this year, following two years of precipitous declines as many utilities switched to burning cheaper natural gas and as unseasonable weather resulted in large stockpiles of unburned coal. Union Pacific said on Thursday that coal volumes in the third quarter should be relatively flat versus the same period in 2016. "We expect coal to be a bit more stable moving forward and that''s dependent on natural gas pricing and to some degree weather," Fritz said. "The large inventory overhang has largely been consumed and that''s the good news." Reporting By Nick Carey; Editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-union-pacific-nafta-idUKKBN1A52LD'|'2017-07-20T22:10:00.000+03:00'|5192.0|''|-1.0|'' 5193|'95401edc52bb66cc5c1623564842ce5c601526b7'|'Cinema chain AMC says deals not funded by Chinese parent Wanda'|'July 18, 2017 / 11:29 PM / 4 hours ago Cinema chain AMC says deals not funded by Chinese parent Wanda Reuters Staff 3 Min Read FILE PHOTO: Dalian Wanda Group''s Wanda Plaza building is pictured in Beijing, China, May 17, 2016. Kim Kyung-Hoon/File Photo SHANGHAI (Reuters) - China''s Dalian Wanda Group did not fund a spate of deals made by AMC Entertainment Holdings Inc ( AMC.N ), the U.S. cinema chain majority owned by Wanda said late on Tuesday, after reports that Beijing was cracking down on the Chinese firm''s overseas deals. AMC''s shares dived over 10 percent on Monday after sources said regulators in China had told banks to stop providing funding for several of Dalian Wanda''s overseas acquisitions amid broader curbs on companies moving funds overseas. The curbs on Wanda, announced at a meeting in June, focused on six overseas deals, four of which have already been completed, an internal bank document seen by Reuters showed. AMC said deals for Starplex Cinemas, Odeon & UCI Cinemas, Nordic Cinema Group and Carmike Cinemas Inc completed between 2015 and earlier this year were fully funded by the firm''s own funds and loans from U.S.-based banks. "At no time was Wanda ever a source of funding for any of these acquisitions or individual theatre purchases," AMC said in a statement. Wanda bought AMC for $2.6 billion in 2012, part of a broader push by the Chinese company firm into cinemas. The cinema chain added it had also never "never received committed financing from any bank headquartered in mainland China for any purpose, including for acquisitions". The most recent four deals were funded by loans from syndicates of U.S. banks taken out by AMC and from AMC''s own cash reserves. Beijing is on a major drive to control risks in its financial system, including firms taking on excessive levels of debt to fund overseas deals. Chinese authorities clamped down on capital outflows and overseas acquisitions last year. Rooted in property, Wanda is one of a handful of Chinese conglomerates that have expanded aggressively abroad over the past few years, into areas beyond their original business. It is controlled by one of China''s richest men, Wang Jianlin. AMC''s chief executive Adam Aron said in the statement that Wanda "does not actively participate in the day-to-day running of AMC" beyond its three seats on the company''s board. "AMC is an American company run from its Leawood, Kansas, headquarters by our management teams located in the U.S. and Europe," he said.AMC is the top cinema chain in the United States, and has around 1,000 theatres around the world. Reporting by Adam Jourdan; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-wanda-amc-idUKKBN1A32L0'|'2017-07-19T02:29:00.000+03:00'|5193.0|''|-1.0|'' @@ -5198,7 +5198,7 @@ 5196|'b7b5096516713a9cd3770533438b400c80a95f82'|'BOJ''s Nakaso: companies avoiding higher labour costs by reducing hours'|'July 26, 2017 / 2:07 AM / in an hour Japanese firms avoiding price hikes now but sentiment is changing: BOJ''s Nakaso Stanley White 3 Min Read Bank of Japan Deputy Governor Hiroshi Nakaso speaks during an interview with Reuters at the BOJ headquarters in Tokyo April 9, 2015. Yuya Shino HIROSHIMA, Japan (Reuters) - Bank of Japan Deputy Governor Hiroshi Nakaso said the services sector has streamlined operations to avoid passing labor costs on to consumers, but there are signs that companies will raise prices in the future. Nakaso, in a speech to business leaders in Hiroshima, western Japan, also expressed confidence that inflation will reach the BOJ''s 2 percent price target around fiscal 2019 and said the BOJ should stick with its quantitative easing program. A pickup in consumer spending, rising exports, and an improving output gap are all reasons to be positive about the outlook, but many economists still argue that the BOJ''s inflation forecasts are overly optimistic. The BOJ last week kept monetary policy steady but once again pushed back the timing for achieving its elusive inflation target, reinforcing views it will lag well behind other major central banks in scaling back its massive stimulus program. "Companies are trying to absorb higher labor costs by revising their business processes," Nakaso said on Wednesday. "The BOJ doesn''t expect this to continue for ever. The output gap is clearly improving, so companies will become more aggressive in setting wages and prices." Nakaso gave a few examples of corporate streamlining: some companies in retail and dining have responded to a labor shortage by shortening their business hours instead of raising wages to attract workers. Some companies are also investing in labor-saving technology, such as self-checkout tills, which allows companies to maintain their current level of service with less workers. Such behavior has allowed companies to avoid passing higher costs on to consumers, but there are signs that sentiment is turning, Nakaso said. The BOJ''s tankan survey for June shows shipping, wholesale, retail, and hospitality firms are considering raising prices in the future. Despite the short-term negative impact on wages and prices, investment in labor-saving technology should be welcomed because it raises productivity in the long term, Nakaso said. It also important to put structural policies in place to make the labor market more fluid, Nakaso said. The BOJ has now postponed the inflation target timeframe six times since Governor Haruhiko Kuroda launched his huge asset-buying program in 2013. Japan''s core consumer prices rose just 0.4 percent in May Reporting by Stanley White; Editing by Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-economy-boj-idUKKBN1AB073'|'2017-07-26T05:05:00.000+03:00'|5196.0|''|-1.0|'' 5197|'aa4c941a8860415724207e7d9827799307d7386a'|'France to ban sales of petrol and diesel cars by 2040'|'France will end sales of petrol and diesel vehicles by 2040 as part of an ambitious plan to meet its targets under the Paris climate accord, Emmanuel Macrons government has announced.The announcement comes a day after Volvo said it would only make fully electric or hybrid cars from 2019 onwards , a decision hailed as the beginning of the end for the internal combustion engines dominance of motor transport after more than a century.Nicolas Hulot, the countrys new ecology minister, said: We are announcing an end to the sale of petrol and diesel cars by 2040. Hulot added that the move was a veritable revolution.All Volvo cars to be electric or hybrid from 2019 Read more He said it would be a tough objective for carmakers but Frances industry was well equipped to make the switch. Our [car]makers have enough ideas in the drawer to nurture and bring about this promise ... which is also a public health issue.Hulot insisted that the decision was a question of public health policy and a way to fight against air pollution. The veteran environmental campaigner was among several political newcomers to whom Macron gave top jobs in his government.Pascal Canfin, the head of WWF France and a former Green politician who served in Franois Hollandes government, said the new policy platform to counter climate change went further than previous administrations in France. It places France among the leaders of climate action in the world, he told France Inter radio.Prof David Bailey, an automotive industry expert at Aston University, said: The timescale involved here is sufficiently long term to be taken seriously. If enacted it would send a very clear signal to manufacturers and consumers of the direction of travel and may accelerate a transition to electric cars.Norway, which has the highest penetration of electric cars in the world, has set a target of only allowing sales of 100% electric or plug-in hybrid cars by 2025.Other countries have floated the idea of banning cars powered by an internal combustion engine to meet air quality and climate change goals, but have not yet passed concrete targets. The Netherlands has mooted a 2025 ban for diesel and petrol cars , and some federal states in Germany are keen on a 2030 phase-out .India, where scores of cities are blighted by dangerous air pollution, is mulling the idea of no longer selling petrol or diesel cars by 2030 , and said it wants to introduce electric cars in a very big way.The UK has an aspiration of all new cars being electric or ultra low emission by 2040, but has been criticised by campaigners and politicans for being slow to act on air pollution.Sadiq Khan, the mayor of London, said: I welcome the strong leadership the French government has shown by making the decision to end the sale of petrol and diesel cars by 2040. This radical step shames the timid and insufficient response of our own government to the health threat posed by poor air quality.Frances announcement came as Bloomberg New Energy Finance predicted electric cars would come to dominate the automotive market more quickly and dramatically than previously thought. Electric vehicles will make up 54% of all light-duty vehicle sales by 2040, up from the 35% share Bloomberg was forecasting just last year, according to a new report by the research group . Bloomberg said such a widespread uptake of electric vehicles would globally reduce oil demand by 8m barrels a day and increase electricity consumption by 5% to charge all the new cars. But Tony Seba, a Stanford University economist who has published research predicting electric cars will even more rapidly take over from conventional cars , said of Frances plan: Banning sales of diesel and gasoline vehicles by 2040 is a bit like banning sales of horses for road transportation by 2040: there wont be any to ban.French car manufacturers Peugeot, Citron and Renault ranked first, second and third on a 2016 list of large car manufacturers with the lowest carbon emissions, the European Environment Agency said.Just 0.6% of new car registrations across the EU last year were for pure electric vehicles , compared with 1.1% of new cars sold in France. French-Japanese carmaker Renault-Nissan has been an enthusiastic early advocate for the vehicles, taking 14.6% of the EU market share for battery-powered vehicles. The firm has built 425,000 of the more than 2m electric cars sold globally .Frances reliance on nuclear power stations for 80% of its electricity supply means that a shift to electric vehicles rather than oil-powered ones would dramatically cut its remaining carbon emissions.Topics Automotive industry Electric, hybrid and low-emission cars Travel and transport Motoring France Europe news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/06/france-ban-petrol-diesel-cars-2040-emmanuel-macron-volvo'|'2017-07-06T21:20:00.000+03:00'|5197.0|''|-1.0|'' 5198|'38255e553c64900bfd8759a42b59edf40c0c4932'|'German food-processing machinery maker GEA cuts 2017 profit guidance'|'July 15, 2017 / 11:59 AM / in 19 minutes German food-processing machinery maker GEA cuts 2017 profit guidance Reuters Staff 1 Min Read FRANKFURT (Reuters) - German food-processing machinery maker GEA ( G1AG.DE ) cut its 2017 profit guidance following a weak second quarter with depressed sales volumes and margins, as well as costs related to a bottling product line it has already stopped making. GEA said on Saturday it now targets 2017 earnings before interest, tax, depreciation and amortisation of 600-640 million euros, compared to an earlier guidance of 620-670 million. The company confirmed its 2017 revenue target of moderate growth. In the second quarter, GEA''s operating EBITDA decreased to 122 million, from 145 million euros in the year-earlier period, while order intake was flat at 1.2 billion euros. Full second quarter results are due on July 26. Reporting by Arno Schuetze; Editing by Andrew Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gea-group-results-idUKKBN1A00CV'|'2017-07-15T14:59:00.000+03:00'|5198.0|''|-1.0|'' -5199|'f33e65732d9996e844fbd0cab7cdcdec79af2409'|'Qatar market tumbles after Gulf states cut ties, as UK services sector growth slows -'|' markets eurozone economics banking retail home Stock markets Business live Qatar market tumbles after Gulf states cut ties, as UK services sector growth slows - as it happenedShares in Qatar plunge 8% amid diplomatic crisis, as UK service companies report that new business growth weakened last monthUS service sector survey disappoints Shares slide in Qatar Qatar crisis: Four neighbours cut ties over terrorism linksUK services sector slows as general election hits demand.......but eurozone growth sticks at six-year high UpdatedTraders monitoring screens displaying stock information at Qatar Stock Exchange in Doha today. Photograph: Naseem Zeitoon/Reuters (until 2.15) and Nick FletcherMonday 5 June 2017 17.43 BST First published on Monday 5 June 2017 07.51 BSTKey events Show 5.43pm BST 17:43 European markets close lower 3.08pm BST 15:08 US service sector comes in below forecasts 2.34pm BST 14:34 Wall Street edges lower 12.26pm BST 12:26 Business Today: sign up for a morning shot of financial news 10.32am BST 10:32 MUFG: Why Qatar crisis matters 9.46am BST 09:46 UK services sector hit by election worries and inflation 9.07am BST 09:07 Eurozone private sector growth at six-year high Live feed Show 5.43pm BST 17:43European markets close lower Stock markets made a downbeat start to an important week, which sees the UK election, the latest meeting of the European Central Bank, and the testimony of former FBI director James Comey on Donald Trumps alleged links with Russia.Markets were also unsettled by volatility in sterling, reacting to the latest opinion polls, as well as the terror attack in London. And the diplomatic crisis in the Gulf, which sparked a rise then fall in the oil price, added to the uncertainty. Jasper Lawler, senior market analyst at London Capital Group, said:Markets softened at the beginning of what could be a game-changer of a week in politics and monetary policy. Last weeks soft US jobs report, another terror attack in London in the run up to the UK election and volatile oil prices all played a role in the downbeat tone.The final scores showed:The FTSE 100 finished down 21.87 points or 0.29% at 7525.76 German market shut for public holiday Frances CAC closed 0.66% lower at 5307.89 Italys FTSE MIB fell 0.99% to 20,721.04 Spains Ibex ended down 0.19% at 10,884.7 In Greece, the Athens market added 0.6% to 786.57 On Wall Street, the Dow Jones Industrial Average is currently up just 2 points or 0.01%.On that note, its time to close for the day. Thanks for all your comments, and well be back tomorrow. 5.16pm BST 17:16Ahead of next weeks eurogroup meeting over Greece, some positive noises from the IMF. A report in Germanys Handelsblatt () says:The managing director of the International Monetary Fund, Christine Lagarde, is willing to participate in a Greek bailout and give European creditors more time to settle an ongoing dispute over debt relief, she told Handelsblatt in an exclusive interview.If the creditors are not yet at that stage where they can agree on and respect our assumptions, if it takes them more time to get there, we can acknowledge that and give them a bit more time, she said.Greek prime minister Alexis Tsipras and Christine Lagarde at Davos in January. Photograph: Jean-Christophe Bott/EPA Updated at 5.16pm 4.37pm BST 16:37Kareem ShaheenHeres our report on how the diplomatic crisis in the Gulf is affecting Qatar . Kareem Shaheen writes:The tiny Gulf state of Qatar has been literally and figuratively isolated by the escalating row with its Arab neighbours, with land, sea and air routes closed off in an unprecedented crisis in the Arabian peninsula that threatens longstanding trade deals.The closure of the only land route into Qatar as well as the airspaces of Saudi Arabia , the United Arab Emirates and Bahrain in effect established a blockade on Doha, which relies almost entirely on imports to feed its population.It will damage the prospects of a recovery for Dohas national carrier, Qatar Airways, amid a slowdown caused by the US administrations ban on electronic devices in the cabins of aircraft flying from the Middle East, and will raise questions about the future of al-Jazeera, the flagship television network established by the Gulf kingdom and which has been at the centre of diplomatic rows with the rest of the region.Along with the block on re-exports from Dubai to Qatar, together the measures could even affect the monarchys preparations for the football World Cup it is due to host in 2022.The full story is here:Qatar blockade could hit state airline, al-Jazeera and World Cup Read more 3.54pm BST 15:54The pound is continuing its recent volatility, something which is likely to continue this week in the run up to the UK election as various polls emerge but with little in the way of consistency.Sterling is currently up 0.3% against the dollar at $1.2929 and 0.6% against the euro at 1.1491. Connor Campbell, financial analyst at Spreadex, said:The pound remained the days main mover, seemingly still dining out on this mornings Guardian/ICM poll.Sterling gradually widened its growth, taking 0.3% off the dollar and pushing 0.6% higher against the euro; in reality, however, this has done little to change the currencys standing. Cable still has a bit to go before it has clawed back all of the losses it suffered this time last week, while the pound has barely escaped its 7 week lows against the euro....Todays rather dreary, pound-heavy trading is likely the template for the rest of the week, as there is nothing in the run-up to the election that can topple it from its dominant perch. In fact, all of the weeks points of interest come on Thursday: alongside the UK vote there is the months ECB press conference and, perhaps most excitingly, the reappearance of former FBI chief James Comey for his testimony in front of the Senate intelligence committee.Michael Hewson, chief market analyst at CMC Markets UK, said:Despite a weakening in [the UK] services PMI for May to 53.8 from 55.8 in April the pound has held up rather well in the wake of the weekend terror attacks. If financial markets are nervous about Thursdays election and a weakening of economic activity they dont appear to be showing it, with opinion polls still showing divergent results.YouGov appear to be doubling down on their recent survey by suggesting that the Conservatives will fall short of a majority by 21 seats, while the latest ICM poll shows a lead of 11 points. Markets appear to be taking the view that the YouGov poll is an outlier and unreliable which when you look at the margin for error on it, and the balance of probabilities right now, seems a sensible conclusion. 3.20pm BST 15:20And heres more detail from the survey itself:Non manufacturing survey Photograph: Institute for Supply Management 3.17pm BST 15:17Here are some of the comments from the respondents to the ISM survey:Lumber tariff effects are beginning to show up. (Construction) Business is progressing steadily. No real issues or adjustments to affect annual goals/efforts. (Finance & Insurance) General feeling is caution. Too much uncertainty. (Health Care & Social Assistance) Seeing an uptick in the overall activity within the oil and gas sector, which typically will cause a trickle-down effect on the majority of businesses. (Mining) Typical transition month in terms of fresh produce and other food related categories. End of spring items and beginning of summer. Gapping of some items. Beef is increasing in price, especially grilling meat cuts. I anticipate this to increase to over $1 per pound on some items as we approach the 4th of July holiday. (Accommodation & Food Services) Continuing to feel [the] effect of overheated commercial construction market few bidders, higher prices. Scarce construction labor seems to be the driver. (Public Administration) Business outlook continues to be steady and meeting original projects, but some ups and downs in successive months. (Professional, Scientific & Technical Services) Overall, business conditions the past month were flat as compared with several months of growth. While levels havent decreased, it may be that overall conditions have reached a high watermark. (Retail Trade) Strong market conditions bring a renewed confidence. (Transportation & Warehousing) Updated at 3.17pm 3.08pm BST 15:08US service sector comes in below forecasts The second service sector survey is not only lower than expected, but also lower than the previous months figure.The ISM non-manufacturing PMI fell from 57.5 in April to 56.9 last month, just below the expected level of 57.Meanwhile US factory orders fell for the first time in five months, down 0.2% in April compared to a 1% rise in March. The March figure was revised up from the previous 0.5% increase.Updated at 3.20pm 2.56pm BST 14:56The surveys show that the US economy is enjoying steady if unspectacular growth, said Chris Williamson, chief business economist at IHS Markit:Although service sector business activity picked up in May, the PMI surveys for manufacturing and services collectively indicate only a modest pace of economic growth so far in the second quarter.Historical comparisons with GDP indicate the PMI is signalling second quarter GDP growth of just over 2%, suggesting there may be some downside risks to IHS Markits current forecast of a GDP growth rebound to just over 3% in the second quarter.However, the key message from the PMI is that the economy is enjoying steady, albeit unspectacular, growth, and that the pace of expansion has been slowly lifting higher in recent months.Hiring meanwhile remains on a firm footing, with the surveys employment indicators running at levels consistent with around 160,000 jobs added to the economy in May.In another sign of the economys underlying steady expansion, average prices charged for goods and services is running at the second highest in almost two years, indicating that rising demand is helping restore some pricing power.US PMI and GDP Photograph: IHS Markit 2.50pm BST 14:50The first of the days two US economic surveys has shown a month on month improvement in the service sector, albeit not as much as earlier expected.The final Markit services PMI reading for May came in at 53.6, up from 53.1 in April but lower than the initial estimate of 54. It was still the highest level since February.It was a similar picture for the composite index - services and manufacturing together - which rose from 53.2 in April to 53.6, lower than the first reading of 53.9. 2.34pm BST 14:34Wall Street edges lower Ahead of the latest service sector surveys (from Markit and ISM), US markets have indeed slipped back at the open.After hitting another record high on Friday, the Dow Jones Industrial Average is currently down 17 points of 0.08%. while the S&P 500 opened down a similar amount and the Nasdaq Composite dipped 0.01%. 2.27pm BST 14:27Wall Street is about to open and the forecast is for a slight fall in initial trading:MarketWatch (@MarketWatch) Futures point to a slight dip to start the week https://t.co/ryRkqjH3d3 pic.twitter.com/uWVz5kUqDRJune 5, 2.17pm BST 14:17Meanwhile the oil price has lost its early gains, which were made on the back of the Qatar news. Strength in the dollar - which makes oil less affordable for international buyers - seems to be outweighing the prospect of supply shortages following the Gulf dispute. In any case, Qatar is not a major producer of oil, rather it specialises in liquefied natural gas (LNG). Clement Thibault, senior market analyst at Investing.com, said:According to the latest data, five of the top 10 oil producers in the world are Gulf countries (Saudi Arabia, Iraq, Iran, UAE, Kuwait). Together, they are responsible for over 24 million barrels of crude a day, or over two and a half times the USs crude production.However, Qatar is a minor player among the OPEC big boys. Its strength is aligned with LNG. Indeed, its the worlds largest LNG producer, supplying almost 30% of global production. By land, Qatar is completely blocked by Saudi Arabia. By sea, its exporting tankers have to pass through the Strait of Hormuz, situated between Iran and the UAE, putting it in a precarious situation any way it turns. Asian customers such as Japan, India, and South Korea would be the most affected by a disruption in NG service, since they are the major importers of Qatari gas...Though we arent raising any alarms yet, we believe this is a situation worth monitoring carefully. The Middle East is after all an energy powerhouse, but also rather notorious for a lack of political stability. Any geo political incident coming out of this region could have worldwide energy implications.Despite Qatars minor role in oil, the dispute has raised new fears that the recent Opec deal to cut production could run into trouble.Brent crude is currently down 1% at $49.44 a barrel while West Texas Intermediate is 0.9% lower at $47.23.Updated at 2.42pm 1.51pm BST 13:51After a rough session of heavy losses, the Qatar stock market has closed down 7.27% .Anca I. Cighi (@anca_cighi) The Qatar Stock Exchange has closed down 7.27 per cent. All 44 stocks were in the red. https://t.co/G2UqSz5VDPJune 5, 1.41pm BST 13:41After a fairly quiet morning in London, the FTSE 100 has dropped by 22 points to 0.3% to 7525.Mining stocks such as Antofagasta (-2.7%) and BHP Billiton (-1.8%) are among the fallers, tracking a 1% drop in the copper price.The slowdown in UK service sector growth last month hasnt spooked the markets, though, as the pound is still back above $1.29 today.Connor Campbell of SpreadEx says:The pounds gains also ignored an unexpectedly weak services PMI. The figure fell from 55.8 to 53.8 month-on-month, the slowdown due to the dual pressures of rising inflation and pre-election jitters.The FTSE ended up bearing the brunt of the bad news, falling 0.3%; the index wasnt helped by its mining stocks, which dropped between 1.5% and 2.5% thanks to coppers own 1% decline.Theres not much action in Europe, where some markets are closed for the Whit Monday holidays. So City traders are getting on with business, putting last weekends terrorist attacks at London Bridge (south of the Square Mile) behind them.Yesterday, it emerged that Sunday Express business editor Geoff Ho has been injured after stepping in after a bouncer was attacked during Saturday nights atrocities.Sunday Express editor Martin Townsend summed up the mood, saying:Geoff Ho is an absolutely first class reporter and a fine and decent man and our thoughts are with him and his family at this time.We are all hoping and praying for a speedy recovery.And the good news is that Geoff has been tweeting from his hospital bed today.Geoff Ho (@FinanceHog) Thank you every one for the best wishes. I got out of surgery yesterday and am on the mend.June 5, 2017 Press Gazette (@pressgazette) Sunday Express business editor Geoff Ho injured after confronting London Bridge attacker https://t.co/ki2rTkCX4t pic.twitter.com/ZkQ3W70XXtJune 5, 2017 Suzie Neuwirth (@Suzie_Neuwirth) So upset to find out this morning that Geoff Ho @FinanceHog was caught up in last nights attacks. Praying for speedy recovery #LondonBridgeJune 4, 2017 Andrew Clark (@clarkaw) Wishing a full and speedy recovery to Geoff Ho aka @FinanceHog - a top business hack, always a pleasure to deal with https://t.co/K2tmovmZroJune 4, 12.49pm BST 12:49Reuters is reporting that some Egyptian banks have suspended links with their counterparts in Qatar:Nour E. Al-Hammoury (@NourHammoury) SOME EGYPTIAN BANKS HALT DEALINGS WITH QATARI BANKS AFTER CAIRO CUTS TIES WITH QATAR - BANKERSJune 5, 2017 Nour E. Al-Hammoury (@NourHammoury) RTRS - UAE CENTRAL BANK HAS NOT SO FAR ISSUED ANY GUIDELINES TO BANKS ON DEALING WITH QATAR -SOURCE FAMILAR WITH THE MATTERJune 5, 12.26pm BST 12:26Business Today: sign up for a morning shot of financial news Get set for the working day - well guide you to the all the business stories you need to read in one really useful email. Click here to sign up. 11.39am BST 11:39Some photos from todays Qatar stock market have arrived, showing the scene of the biggest selloff since the financial crisis.A trader uses his smartphone to keep up with events at the Qatar Stock Exchange in Doha today. Photograph: Naseem Zeitoon/ReutersScreens displaying stock information at the Qatar Exchange. Photograph: Naseem Zeitoon/Reuters Updated at 11.47am 11.26am BST 11:26Every blue-chip share on the Qatar stock market has fallen sharply this morning.Many stocks - including property and energy companies - have slumped by 10%, which is the maximum daily move allowed by regulators.Even the best-performing stock on the QSI index is down 6%, as investors are spooked by the sudden freeze in relations with other Gulf states.The main movers on the Qatar stock market today Photograph: Thomson ReutersThe Qatar index is currently down by 7.5%, hitting its worst level since early 2016.Qatars stock market Photograph: Thomson Reuters Updated at 11.52am 1 of 3 Newest Newer Older Oldest Topics Stock markets Business live Sterling Economics Currencies Services sector Qatar'|'theguardian.com'|'http://www.theguardian.com/business/oil/rss'|'https://www.theguardian.com/business/live/2017/jun/05/oil-jumps-after-gulf-states-cut-qatar-ties-as-chinese-services-surges-business-live'|'2017-06-06T00:43:00.000+03:00'|5199.0|''|-1.0|'' +5199|'f33e65732d9996e844fbd0cab7cdcdec79af2409'|'Qatar market tumbles after Gulf states cut ties, as UK services sector growth slows -'|' markets eurozone economics banking retail home Stock markets Business live Qatar market tumbles after Gulf states cut ties, as UK services sector growth slows - as it happenedShares in Qatar plunge 8% amid diplomatic crisis, as UK service companies report that new business growth weakened last monthUS service sector survey disappoints Shares slide in Qatar Qatar crisis: Four neighbours cut ties over terrorism linksUK services sector slows as general election hits demand.......but eurozone growth sticks at six-year high UpdatedTraders monitoring screens displaying stock information at Qatar Stock Exchange in Doha today. Photograph: Naseem Zeitoon/Reuters (until 2.15) and Nick FletcherMonday 5 June 2017 17.43 BST First published on Monday 5 June 2017 07.51 BSTKey events Show 5.43pm BST 17:43 European markets close lower 3.08pm BST 15:08 US service sector comes in below forecasts 2.34pm BST 14:34 Wall Street edges lower 12.26pm BST 12:26 Business Today: sign up for a morning shot of financial news 10.32am BST 10:32 MUFG: Why Qatar crisis matters 9.46am BST 09:46 UK services sector hit by election worries and inflation 9.07am BST 09:07 Eurozone private sector growth at six-year high Live feed Show 5.43pm BST 17:43European markets close lower Stock markets made a downbeat start to an important week, which sees the UK election, the latest meeting of the European Central Bank, and the testimony of former FBI director James Comey on Donald Trumps alleged links with Russia.Markets were also unsettled by volatility in sterling, reacting to the latest opinion polls, as well as the terror attack in London. And the diplomatic crisis in the Gulf, which sparked a rise then fall in the oil price, added to the uncertainty. Jasper Lawler, senior market analyst at London Capital Group, said:Markets softened at the beginning of what could be a game-changer of a week in politics and monetary policy. Last weeks soft US jobs report, another terror attack in London in the run up to the UK election and volatile oil prices all played a role in the downbeat tone.The final scores showed:The FTSE 100 finished down 21.87 points or 0.29% at 7525.76 German market shut for public holiday Frances CAC closed 0.66% lower at 5307.89 Italys FTSE MIB fell 0.99% to 20,721.04 Spains Ibex ended down 0.19% at 10,884.7 In Greece, the Athens market added 0.6% to 786.57 On Wall Street, the Dow Jones Industrial Average is currently up just 2 points or 0.01%.On that note, its time to close for the day. Thanks for all your comments, and well be back tomorrow. 5.16pm BST 17:16Ahead of next weeks eurogroup meeting over Greece, some positive noises from the IMF. A report in Germanys Handelsblatt () says:The managing director of the International Monetary Fund, Christine Lagarde, is willing to participate in a Greek bailout and give European creditors more time to settle an ongoing dispute over debt relief, she told Handelsblatt in an exclusive interview.If the creditors are not yet at that stage where they can agree on and respect our assumptions, if it takes them more time to get there, we can acknowledge that and give them a bit more time, she said.Greek prime minister Alexis Tsipras and Christine Lagarde at Davos in January. Photograph: Jean-Christophe Bott/EPA Updated at 5.16pm 4.37pm BST 16:37Kareem ShaheenHeres our report on how the diplomatic crisis in the Gulf is affecting Qatar . Kareem Shaheen writes:The tiny Gulf state of Qatar has been literally and figuratively isolated by the escalating row with its Arab neighbours, with land, sea and air routes closed off in an unprecedented crisis in the Arabian peninsula that threatens longstanding trade deals.The closure of the only land route into Qatar as well as the airspaces of Saudi Arabia , the United Arab Emirates and Bahrain in effect established a blockade on Doha, which relies almost entirely on imports to feed its population.It will damage the prospects of a recovery for Dohas national carrier, Qatar Airways, amid a slowdown caused by the US administrations ban on electronic devices in the cabins of aircraft flying from the Middle East, and will raise questions about the future of al-Jazeera, the flagship television network established by the Gulf kingdom and which has been at the centre of diplomatic rows with the rest of the region.Along with the block on re-exports from Dubai to Qatar, together the measures could even affect the monarchys preparations for the football World Cup it is due to host in 2022.The full story is here:Qatar blockade could hit state airline, al-Jazeera and World Cup Read more 3.54pm BST 15:54The pound is continuing its recent volatility, something which is likely to continue this week in the run up to the UK election as various polls emerge but with little in the way of consistency.Sterling is currently up 0.3% against the dollar at $1.2929 and 0.6% against the euro at 1.1491. Connor Campbell, financial analyst at Spreadex, said:The pound remained the days main mover, seemingly still dining out on this mornings Guardian/ICM poll.Sterling gradually widened its growth, taking 0.3% off the dollar and pushing 0.6% higher against the euro; in reality, however, this has done little to change the currencys standing. Cable still has a bit to go before it has clawed back all of the losses it suffered this time last week, while the pound has barely escaped its 7 week lows against the euro....Todays rather dreary, pound-heavy trading is likely the template for the rest of the week, as there is nothing in the run-up to the election that can topple it from its dominant perch. In fact, all of the weeks points of interest come on Thursday: alongside the UK vote there is the months ECB press conference and, perhaps most excitingly, the reappearance of former FBI chief James Comey for his testimony in front of the Senate intelligence committee.Michael Hewson, chief market analyst at CMC Markets UK, said:Despite a weakening in [the UK] services PMI for May to 53.8 from 55.8 in April the pound has held up rather well in the wake of the weekend terror attacks. If financial markets are nervous about Thursdays election and a weakening of economic activity they dont appear to be showing it, with opinion polls still showing divergent results.YouGov appear to be doubling down on their recent survey by suggesting that the Conservatives will fall short of a majority by 21 seats, while the latest ICM poll shows a lead of 11 points. Markets appear to be taking the view that the YouGov poll is an outlier and unreliable which when you look at the margin for error on it, and the balance of probabilities right now, seems a sensible conclusion. 3.20pm BST 15:20And heres more detail from the survey itself:Non manufacturing survey Photograph: Institute for Supply Management 3.17pm BST 15:17Here are some of the comments from the respondents to the ISM survey:Lumber tariff effects are beginning to show up. (Construction) Business is progressing steadily. No real issues or adjustments to affect annual goals/efforts. (Finance & Insurance) General feeling is caution. Too much uncertainty. (Health Care & Social Assistance) Seeing an uptick in the overall activity within the oil and gas sector, which typically will cause a trickle-down effect on the majority of businesses. (Mining) Typical transition month in terms of fresh produce and other food related categories. End of spring items and beginning of summer. Gapping of some items. Beef is increasing in price, especially grilling meat cuts. I anticipate this to increase to over $1 per pound on some items as we approach the 4th of July holiday. (Accommodation & Food Services) Continuing to feel [the] effect of overheated commercial construction market few bidders, higher prices. Scarce construction labor seems to be the driver. (Public Administration) Business outlook continues to be steady and meeting original projects, but some ups and downs in successive months. (Professional, Scientific & Technical Services) Overall, business conditions the past month were flat as compared with several months of growth. While levels havent decreased, it may be that overall conditions have reached a high watermark. (Retail Trade) Strong market conditions bring a renewed confidence. (Transportation & Warehousing) Updated at 3.17pm 3.08pm BST 15:08US service sector comes in below forecasts The second service sector survey is not only lower than expected, but also lower than the previous months figure.The ISM non-manufacturing PMI fell from 57.5 in April to 56.9 last month, just below the expected level of 57.Meanwhile US factory orders fell for the first time in five months, down 0.2% in April compared to a 1% rise in March. The March figure was revised up from the previous 0.5% increase.Updated at 3.20pm 2.56pm BST 14:56The surveys show that the US economy is enjoying steady if unspectacular growth, said Chris Williamson, chief business economist at IHS Markit:Although service sector business activity picked up in May, the PMI surveys for manufacturing and services collectively indicate only a modest pace of economic growth so far in the second quarter.Historical comparisons with GDP indicate the PMI is signalling second quarter GDP growth of just over 2%, suggesting there may be some downside risks to IHS Markits current forecast of a GDP growth rebound to just over 3% in the second quarter.However, the key message from the PMI is that the economy is enjoying steady, albeit unspectacular, growth, and that the pace of expansion has been slowly lifting higher in recent months.Hiring meanwhile remains on a firm footing, with the surveys employment indicators running at levels consistent with around 160,000 jobs added to the economy in May.In another sign of the economys underlying steady expansion, average prices charged for goods and services is running at the second highest in almost two years, indicating that rising demand is helping restore some pricing power.US PMI and GDP Photograph: IHS Markit 2.50pm BST 14:50The first of the days two US economic surveys has shown a month on month improvement in the service sector, albeit not as much as earlier expected.The final Markit services PMI reading for May came in at 53.6, up from 53.1 in April but lower than the initial estimate of 54. It was still the highest level since February.It was a similar picture for the composite index - services and manufacturing together - which rose from 53.2 in April to 53.6, lower than the first reading of 53.9. 2.34pm BST 14:34Wall Street edges lower Ahead of the latest service sector surveys (from Markit and ISM), US markets have indeed slipped back at the open.After hitting another record high on Friday, the Dow Jones Industrial Average is currently down 17 points of 0.08%. while the S&P 500 opened down a similar amount and the Nasdaq Composite dipped 0.01%. 2.27pm BST 14:27Wall Street is about to open and the forecast is for a slight fall in initial trading:MarketWatch (@MarketWatch) Futures point to a slight dip to start the week https://t.co/ryRkqjH3d3 pic.twitter.com/uWVz5kUqDRJune 5, 2.17pm BST 14:17Meanwhile the oil price has lost its early gains, which were made on the back of the Qatar news. Strength in the dollar - which makes oil less affordable for international buyers - seems to be outweighing the prospect of supply shortages following the Gulf dispute. In any case, Qatar is not a major producer of oil, rather it specialises in liquefied natural gas (LNG). Clement Thibault, senior market analyst at Investing.com, said:According to the latest data, five of the top 10 oil producers in the world are Gulf countries (Saudi Arabia, Iraq, Iran, UAE, Kuwait). Together, they are responsible for over 24 million barrels of crude a day, or over two and a half times the USs crude production.However, Qatar is a minor player among the OPEC big boys. Its strength is aligned with LNG. Indeed, its the worlds largest LNG producer, supplying almost 30% of global production. By land, Qatar is completely blocked by Saudi Arabia. By sea, its exporting tankers have to pass through the Strait of Hormuz, situated between Iran and the UAE, putting it in a precarious situation any way it turns. Asian customers such as Japan, India, and South Korea would be the most affected by a disruption in NG service, since they are the major importers of Qatari gas...Though we arent raising any alarms yet, we believe this is a situation worth monitoring carefully. The Middle East is after all an energy powerhouse, but also rather notorious for a lack of political stability. Any geo political incident coming out of this region could have worldwide energy implications.Despite Qatars minor role in oil, the dispute has raised new fears that the recent Opec deal to cut production could run into trouble.Brent crude is currently down 1% at $49.44 a barrel while West Texas Intermediate is 0.9% lower at $47.23.Updated at 2.42pm 1.51pm BST 13:51After a rough session of heavy losses, the Qatar stock market has closed down 7.27% .Anca I. Cighi (@anca_cighi) The Qatar Stock Exchange has closed down 7.27 per cent. All 44 stocks were in the red. https://t.co/G2UqSz5VDPJune 5, 1.41pm BST 13:41After a fairly quiet morning in London, the FTSE 100 has dropped by 22 points to 0.3% to 7525.Mining stocks such as Antofagasta (-2.7%) and BHP Billiton (-1.8%) are among the fallers, tracking a 1% drop in the copper price.The slowdown in UK service sector growth last month hasnt spooked the markets, though, as the pound is still back above $1.29 today.Connor Campbell of SpreadEx says:The pounds gains also ignored an unexpectedly weak services PMI. The figure fell from 55.8 to 53.8 month-on-month, the slowdown due to the dual pressures of rising inflation and pre-election jitters.The FTSE ended up bearing the brunt of the bad news, falling 0.3%; the index wasnt helped by its mining stocks, which dropped between 1.5% and 2.5% thanks to coppers own 1% decline.Theres not much action in Europe, where some markets are closed for the Whit Monday holidays. So City traders are getting on with business, putting last weekends terrorist attacks at London Bridge (south of the Square Mile) behind them.Yesterday, it emerged that Sunday Express business editor Geoff Ho has been injured after stepping in after a bouncer was attacked during Saturday nights atrocities.Sunday Express editor Martin Townsend summed up the mood, saying:Geoff Ho is an absolutely first class reporter and a fine and decent man and our thoughts are with him and his family at this time.We are all hoping and praying for a speedy recovery.And the good news is that Geoff has been tweeting from his hospital bed today.Geoff Ho (@FinanceHog) Thank you every one for the best wishes. I got out of surgery yesterday and am on the mend.June 5, 2017 Press Gazette (@pressgazette) Sunday Express business editor Geoff Ho injured after confronting London Bridge attacker https://t.co/ki2rTkCX4t pic.twitter.com/ZkQ3W70XXtJune 5, 2017 Suzie Neuwirth (@Suzie_Neuwirth) So upset to find out this morning that Geoff Ho @FinanceHog was caught up in last nights attacks. Praying for speedy recovery #LondonBridgeJune 4, 2017 Andrew Clark (@clarkaw) Wishing a full and speedy recovery to Geoff Ho aka @FinanceHog - a top business hack, always a pleasure to deal with https://t.co/K2tmovmZroJune 4, 12.49pm BST 12:49Reuters is reporting that some Egyptian banks have suspended links with their counterparts in Qatar:Nour E. Al-Hammoury (@NourHammoury) SOME EGYPTIAN BANKS HALT DEALINGS WITH QATARI BANKS AFTER CAIRO CUTS TIES WITH QATAR - BANKERSJune 5, 2017 Nour E. Al-Hammoury (@NourHammoury) RTRS - UAE CENTRAL BANK HAS NOT SO FAR ISSUED ANY GUIDELINES TO BANKS ON DEALING WITH QATAR -SOURCE FAMILAR WITH THE MATTERJune 5, 12.26pm BST 12:26Business Today: sign up for a morning shot of financial news Get set for the working day - well guide you to the all the business stories you need to read in one really useful email. Click here to sign up. 11.39am BST 11:39Some photos from todays Qatar stock market have arrived, showing the scene of the biggest selloff since the financial crisis.A trader uses his smartphone to keep up with events at the Qatar Stock Exchange in Doha today. Photograph: Naseem Zeitoon/ReutersScreens displaying stock information at the Qatar Exchange. Photograph: Naseem Zeitoon/Reuters Updated at 11.47am 11.26am BST 11:26Every blue-chip share on the Qatar stock market has fallen sharply this morning.Many stocks - including property and energy companies - have slumped by 10%, which is the maximum daily move allowed by regulators.Even the best-performing stock on the QSI index is down 6%, as investors are spooked by the sudden freeze in relations with other Gulf states.The main movers on the Qatar stock market today Photograph: Thomson ReutersThe Qatar index is currently down by 7.5%, hitting its worst level since early 2016.Qatars stock market Photograph: Thomson Reuters Updated at 11.52am 1 of 3 Newest Newer Older Oldest Topics Stock markets Business live Sterling Economics Currencies Services sector Qatar'|'theguardian.com'|'http://www.theguardian.com/business/oil/rss'|'https://www.theguardian.com/business/live/2017/jun/05/oil-jumps-after-gulf-states-cut-qatar-ties-as-chinese-services-surges-business-live'|'2017-06-06T00:43:00.000+03:00'|5199.0|11.0|0.0|'' 5200|'e23805693be9fc6044d78ae6dc196360bced2dc3'|'US STOCKS SNAPSHOT-Wall St opens higher on Yellen''s rate comments'|'July 12, 2017 / 1:37 PM / 3 hours ago US STOCKS SNAPSHOT-Wall St opens higher on Yellen''s rate comments 1 Min Read July 12 (Reuters) - Wall Street opened higher on Wednesday after Federal Reserve Chair Janet Yellen said rates hikes would be gradual and will not have to rise all that much further to reach neutral level. The Dow Jones Industrial Average rose 106.47 points, or 0.5 percent, to 21,515.54. The S&P 500 gained 12.81 points, or 0.52 percent, to 2,438.34. The Nasdaq Composite added 46.80 points, or 0.76 percent, to 6,240.11. Reporting by Tanya Agrawal; Editing by Arun Koyyur 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1K34BY'|'2017-07-12T16:36:00.000+03:00'|5200.0|''|-1.0|'' 5201|'8fc856cce1c88fc18908b06fd8dc98d8dd18bf84'|'Cash no longer king as contactless payments soar in UK stores - Money - The Guardian'|'Contactless payments Cash no longer king as contactless payments soar in UK stores Landmark moment as cards now account for more than half of all purchases, according to British Retail Consortium The end for cash? There are more than 108m contactless cards in issue in the UK. Photograph: Bloomberg via Getty Images Contactless payments Cash no longer king as contactless payments soar in UK stores Landmark moment as cards now account for more than half of all purchases, according to British Retail Consortium View more sharing options Rupert Jones 06.01 BST Is this the tipping point that signals the beginning of the end for cash? For the first time, notes and coins have been toppled from their position as the UKs number one payment method. Cards now account for more than half of all retail purchases, according to the main body representing shops. The new figures from the British Retail Consortium show that 10 years after their introduction in the UK, and following an initially lukewarm reaction, contactless payment cards have finally won over the British public. Contactless cards also known as wave and pay and tap and go now account for about a third of all card purchases, up from 10% as recently at October 2015. But perhaps shops have good reason to be crowing about how Brits are embracing the contactless revolution, if you subscribe to the theory that these cards make it too easy to spend money. M&S investors spooked by slowdown in food sales Read more A London Business School professor, Niro Sivanathan, recently claimed that parting with cash is psychologically painful , but that paying for items with a contactless card anaesthetises the psychological pain that accompanies payment, seducing us into splashing out. And the Bank of England last month suggested that the popularity of contactless cards was helping to fuel the rapid growth in consumer debt . In its latest annual payments survey, the BRC said debit, credit and charge cards had firmly established their place as the dominant payment method in retail, and were increasingly displacing cash for lower-value payments. For years, cards have accounted for the majority of retail spending by value, but 2016 was the first year they also accounted for more than 50% of all transactions. It is also the first time that debit cards have overtaken cash. They now account for 42.6% of all transactions, putting them a whisker ahead of notes and coins, which fell almost five percentage points to 42.3%. One of the biggest drivers has been the increasing use of contactless payments, said the BRC. More than two-thirds of staffed payment terminals in shops are now able to accept contactless cards, up from less than half a year ago. Contactless cards were introduced in the UK in 2007, and initially the public was slow to embrace the technology. In the early days this payment revolution was largely confined to coffee shops and sandwich chains, but recently the number of wave and pay outlets has mushroomed. The technology has reached into almost every aspect of our lives. Music fans attending this months British Summer Time concerts in Londons Hyde Park were able to pay for a pint with a tap of their plastic, while the Church of England is trialling electronic collection plates in about 40 churches that will have handheld terminals to swipe for donations. There are more than 108m contactless cards in issue in the UK , and the maximum limit for a single transaction is 30 a figure that has not changed since autumn 2015 . So could the UK end up going cash-free? Perhaps, but Sweden is expected to become the worlds first truly cashless society. A study by Stockholms KTH Royal Institute of Technology has predicted cash could be history there by 2030. Victoria Cleland, chief cashier and director of notes at the Bank of England,reckons the folding stuff and loose change will be around in the UK for some time yet. Cash is very much alive and kicking, she said in a speech last month . The value of Bank of England notes in circulation peaked in the run-up to Christmas 2016, reaching more than 70bn for the first time. Topics'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/jul/12/cash-contactless-payments-uk-stores-cards-british-retail-consortium'|'2017-07-12T03:00:00.000+03:00'|5201.0|''|-1.0|'' 5202|'1a2d676eb17b21dbbe4168994f1d8efbe4fb7a5a'|'How Donald Trump is monetising his presidency'|'PRETTY close to a laughing stock. That is Walter Shaubs verdict on Americas standing in the world, at least from an ethics point of view, under President Donald Trump. Mr Shaubs view counts: he stepped down this week as head of the Office of Government Ethics, a federal watchdog.He is leaving his job six months early, frustrated at the presidents failure to separate himself from his businesses, at White House foot-dragging on disclosing ethics waivers for staff, at its failure to admonish a Trump adviser who plugged the familys products in an interview, and more. Its hard for the United States to pursue international anticorruption and ethics initiatives when were not even keeping our own side of the street clean, Mr Shaub told the New York Times . 18 No American leader has ever entered office with such wide business interests as Mr Trump. In the context of the countrys corporate landscape, his group is small, mostly domestic and rather mediocre, but encompasses hundreds of firms that run hotels, golf courses, licensing agreements, merchandise deals and more, in over two dozen countries. Keeping tabs on the potential for self-dealing is a monumental task, says Kathleen Clark, an ethics expert at Washington University. In some areas, particularly abroad, increased scrutiny appears to be making deals harder to pull off. But in others, such as his American hotels and golf clubs, Mr Trump already appears to be monetising the presidency.On becoming president, Mr Trump put his businesses in a trust. But it is run by two of his sons, Eric and Donald junior, and it is revocable, meaning its provisions can be changed at any time. Eric has since said he will update his father with profit reports, even though Mr Trump pledged not to talk business with his children while in office. Mr Trump, the Trump Organisation and his daughter, Ivanka, who owns a fashion business and is a White House adviser, have all hired ethics advisers to review deals for potential problems. But how the process works is opaque.Mr Shaub was unimpressed by Mr Trumps appearances at his own for-profit properties, which he has visited more than 40 times as presidentmost recently to attend the US Womens Open, held this month at one of his golf clubs, in New Jersey. The visits serve as a form of marketing, and his firm has not been shy about cashing in. Mar-a-Lago, a Trump resort in Florida where the president hosts other world leaders, doubled its initial fee for new members to $200,000 after the election. The club made a profit of $37m in the latest reporting period (January 2016-spring 2017), compared with $15.5m in 2014-15.When Eric Trump opened a golf course at Turnberry in Scotland in June, he said his family had made Turnberry great again. Staff wore Make Turnberry great again hatsa reference to Mr Trumps campaign slogan and, critics say, an attempt to cash in on his political power. Eric recently said: Our brand is the hottest it has ever beenthe stars have all aligned.American golf courses have benefited from at least one of Mr Trumps policy decisions: his move to scrap a proposed environmental rule crafted to protect drinking-water supplies. The national golf-course association had long lobbied to have the regulation ditched, arguing it could have a devastating economic impact.With some Trump projects, the benefits could flow the other way, from business to politics. Take a network of budget hotels, branded American Idea, dreamed up by the Trump sons on the campaign trail last year. They have signed letters of intent with developers in numerous cities, including four in Mississippi. Bringing jobs to Republican-leaning states that are struggling economically could further boost support for the president in such places.Mr Trumps appointments also cause concern. He has picked Lynne Patton, a former event-planner for the family, to run the Department of Housing and Urban Developments regional office covering New York. In that role Ms Patton will oversee Starrett City, a housing development that is part-owned by the Trump Organisation and that receives federal subsidies.Foreign deals are no less troubling. The ethics plan laid out by Mr Trump in January promised no new foreign contracts during his presidency. But his company will press ahead with projects already in the works. There are many: an estimated 159 of the 565 Trump firms do business abroad. Some license the Trump name for skyscrapers and hotels, often to politically connected local partners.An example of how such deals raise questions about Mr Trumps motives is the current Gulf spat over Qatars alleged support for terrorists. Mr Trump has firmly backed Saudi Arabia, the United Arab Emirates and others in their boycott of their neighbour. It is reasonable to ask if it is a coincidence that he has strong business ties with the Saudis and Emiratis but few with Qatar. Saudis are big buyers of Trump apartments, and the kingdom is investing $20bn in an American infrastructure fund. A Trump-branded golf course in the UAE made Mr Trump as much as $10m in 2015-16. By contrast, Mr Trumps past efforts to break into Qatar have failed.Tracking such business relationships is not easy because of the opacity of Mr Trumps holdings. He makes liberal use of LLCsanonymous shell companies that do not have to publish financial informationoften in complex combinations with regular corporations. He has refused to publish his tax returns.A fog surrounds those doing business with the Trumps, too. Many have grown less transparent of late. An investigation by USA Today found that the percentage of buyers of Trump condos structuring their purchases through LLCs has jumped from single digits to two-thirds. Suppliers are scuttling into the shadows, too. Those shipping goods to Ivankas businesses in America typically identified themselves on bills of lading before the Trump presidency. Now they usually do not.The Trumps fallback position is that, legally speaking, it is impossible for the president to be conflicted because he is exempt from ethics laws. The thinking when Congress blessed this exemption, in the 1980s, was that the presidents remit is so broad that any policy decision could pose a potential conflict. Nevertheless, some see avenues of attack. Several lawsuits, including one from Democratic lawmakers, accuse Mr Trump of causing harm by violating the constitutions Emoluments Clause, which forbids American officeholders from accepting money from foreign governments. One way he allegedly does so is by accepting payments from diplomats at his hotels.The lawsuits particularly focus on the newly refurbished Trump International Hotel in Washington, DC. Owned by the federal government, the hotels lease agreement includes a provision barring elected officials from holding an interest. But the General Services Administration, which manages federal property, ruled in March that Mr Trumps 60-year lease on the hotel did not breach that requirement since the property had been placed in a trust (as long as he received no proceeds while president). Having initially said it would donate all hotel profits from foreign officials to the Treasury, the Trump Organisation now says requiring such guests to identify themselves would be impractical and diminish the guest experience.UnpresidentedIt remains unclear whether controversial transactions such as these will add greatly to the Trump empires profits. Deals are often smaller than you might imagine: the developer behind Trump Tower in Mumbai, founded by a member of Indias ruling party, paid just $5m for the licence. Some deals are being scrapped under scrutinyas was the case, in January, with a tower in the Black Sea resort of Batumi.Moreover, forces beyond Mr Trumps control are likely to have a bigger impact on his businesses profits than conflicted dealmaking. A recent analysis of his properties by Bloomberg found that his three flagship office blocks in ManhattanTrump Tower, 40 Wall Street and 1290 Avenue of the Americasare making less money than envisaged when loans were issued, because of the softening of the New York office market. The combined present value of the three blocks has fallen by an estimated $380m over the past year.Mr Shaub believes that Mr Trump has rejected ethical norms embraced by all other administrations since the 1970s. He recommends several changes to federal law, including greater powers for the oversight office and stricter disclosure rules. Rightly so. Whether or not Mr Trumps group benefits materially from his spell in office, any doubt over whether policies are crafted with the American people in mind or his own bottom line is corrosive. Business "Not one to avoid a conflict"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21725303-six-months-mr-trumps-conflicts-interest-look-even-worse-how-donald-trump-monetising?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'|5202.0|''|-1.0|'' @@ -5331,16 +5331,16 @@ 5329|'d528abe1e576470b557db01b502c629db7cdfe3c'|'Ford''s "golden noses" seek edge in slowing China car market'|'July 19, 2017 / 11:14 PM / 16 minutes ago Ford''s ''golden noses'' seek edge in slowing China car market Adam Jourdan 4 Min Read An employee conducts an "odor test" at the Polymer Laboratory at Ford''s research and development center in Nanjing, China July 12, 2017. Picture taken July 12, 2017. Aly Song NANJING, China (Reuters) - While Western drivers like the ''new car'' smell fresh off the production line, Chinese would rather their cars didn''t smell of anything - a cultural divide that''s testing car makers seeking an edge to revive sales in the world''s biggest auto market. At Ford Motor Co ( F.N ), for example, 18 smell assessors - dubbed "golden noses" - at its research plant outside the eastern city of Nanjing test the smell of each material that goes inside a Ford car to be sold in China and around Asia. The China smell test isn''t unique, but illustrates the lengths automakers go to to attract buyers in markets where consumer attitudes vary widely. "In North America, people want a new car smell and will even buy a ''new car'' spray to make older cars feel new and fresh. In China it''s the opposite," says Andy Pan, supervisor for material engineering at the Ford facility, which employs around 2,300 people. The smell of a new car in China can have an outsized effect. A J.D. Power report last year showed that unpleasant car smells were the top concern for Chinese drivers, ahead of engine issues, road noise or fuel consumption. The smell assessors at Ford, whose China sales are down 7 percent this year, carry out 300 tests a year, a third more than their counterparts in Europe. They rate the odor of all materials used in a car from "not perceptible" to "extremely disturbing". Pungent materials - from carpets to seat covers and steering wheels - are noted as smelling of anything from "burnt tire" and "bad meat" to "moth balls" or "dirty socks". Some are sent back to the supplier. Seats for Ford cars in China are stored in perforated cloth bags to keep them ventilated before being installed, as opposed to plastic wrapping in the U.S. market where consumers are less concerned about chemical smells. "The smell inside the car can often be pretty pungent," said Tom Lin, a 24-year-old high-school teacher in Zhejiang province, who bought a local Roewe brand car last October. He said there was still a bit of an odor six months later. An employee conducts an "odor test" at the Polymer Laboratory at Ford''s research and development center in Nanjing, China July 12, 2017. Picture taken July 12, 2017. Aly Song "With the next car I buy, I''m going to take more care to check out any odd smells," he said. Extra Edge To be sure, smell is just one factor for automakers to get right in China, where picky buyers are always looking for fresh car models and Beijing is making a big drive towards new energy vehicles. Slideshow (4 Images) In a slower market - consultancy IHS forecasts vehicle sales will slip slightly this year - firms are looking for an extra edge to appeal to consumers, beyond price discounts, says IHS analyst James Chao. Local rivals Geely Automobile ( 0175.HK ) and BYD Co Ltd ( 002594.SZ ) tout their in-car air filters to protect drivers from China''s harmful air pollution, and BMW ( BMWG.DE ) says it is adding larger touch screens and tweaking colors to appeal to Chinese buyers. Smell is key though, reflecting a wider concern in China about chemicals and pollution. "When I lived in the United States I might look at the suspension or the engine," said Don Yu, China general manager at CGT, which makes materials to cover car seats and dashboards for General Motors ( GM.N ), Volkswagen ( VOWG_p.DE ) and Ford. "In China, though, people open the car and sit inside, if the smell isn''t good enough they think it will jeopardize their health." For Ford''s "golden noses" that means a strict routine. Testers undergo a tough selection process, proving themselves on blind smell tests before being chosen. "We have to have very healthy habits; we can''t smoke, we can''t drink," says one of the team, 33-year-old Amy Han, adding she avoids spicy food and doesn''t wear nail polish, strong perfume or even a leather jacket to keep her smell sense sharp. Reporting by Adam Jourdan, with additional reporting by Norihiko Shirouzu and SHANGHAI newsroom; Editing by Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ford-china-smell-idUKKBN1A42PO'|'2017-07-20T02:08:00.000+03:00'|5329.0|''|-1.0|'' 5330|'4e3b91450a1b27fee3469662abd35776a8a6e3ab'|'After Andrew Tyrie: the race to become the Commons new inquisitor general'|'A hotly contested race for one of Westminsters most coveted jobs enters its final stages this weekend as six Conservatives battle to run the powerful Treasury select committee.Once seen as a consolation prize for MPs passed over for a cabinet seat, since the financial crisis of 2008 the occupant has become better known and arguably more influential than many ministers.The last chairman, Andrew Tyrie, won a reputation as Westminsters inquisitor general after his relentless grillings of Mark Carney, Philip Hammond, government officials and countless bank bosses.Tyrie would have been a shoo-in had he not quit as an MP at the election. His retirement created an unexpected vacancy for a battle that ahead of a ballot in which all MPs can vote looks too hard to call.Tyrie held memorable sessions that forced Paul Flowers , the drug-taking former chairman of Co-op Bank, to admit he didnt know the size of the banks balance sheet and prompted Charlotte Hogg to resign as deputy governor of the Bank of England for failing to disclose her brothers senior role at Barclays.The prestigious nature of the job is illustrated by the list of candidates such as Nicky Morgan, sacked as education secretary by Theresa May, and two MPs who sat on the committee under Tyries chairmanship.Morgan is hoping to win the backing of Labour, Liberal Democrat and SNP members for her soft Brexit approach.Another high-profile contender is Jacob Rees-Mogg, who has sought to reach out to opposition MPs by saying he would not use the chair as a megaphone for his pro-Brexit views.The ballot is on Wednesday and the winner should be announced that evening or the following day. Here are their pitches and the issues they say are their main concerns.NICKY MORGANFacebook Twitter Pinterest Nicky Morgan.The only candidate with cabinet experience and a former City solicitor, Morgan says she has proved her independence since losing her job as education secretary, especially over Brexit. One Labour MP said Morgan would get support from opposition parties. She would be the first woman in the post.Main concerns Ensuring full parliamentary scrutiny of Brexit. Public sector pay. A focus on the wider economy and not just the City.Job prospects Seen as one of the frontrunners.JACOB REES-MOGGFacebook Twitter Pinterest Jacob Rees-Mogg.In terms of high public profile, Rees-Mogg rivals Morgan. The tussles between him and Carney were among the highlights of the committees proceedings in the last parliament, with the Somerset MP accusing the Bank governor of political partisanship because of his dire warnings over Brexit. But Rees-Mogg who is still working in City fund management insists that he would not use the chair for anti-Europe sermonising, leaving that to the Brexit committee. His aim, he says, would be to achieve consensus and balance.Main concerns Holding Hammond and Carney to account. Brexit in a non-partisan way. The failings of the banks, particularly in customer service.Job prospects Another frontrunner, but he will need to win some opposition support.JOHN PENROSEFacebook Twitter Pinterest John Penrose.The MP for Weston-super-Mare has already had one of his ideas the creation of a UK sovereign wealth fund included in the Conservative manifesto. The Treasury committee, he says, should be at the centre of the new and changing debate about the kind of post-Brexit economy we want to have. Married to Dido Harding the former chief executive of TalkTalk who sits on the court of the Bank of England he has pledged to show there is no conflict of interest.Main concerns Moving the economic debate on from Brexit. Looking at the new divides in Britain: between those who own assets and those who dont, and between the young and the old.Job prospects Dark horse.CHARLIE ELPHICKECharlie Elphicke.A former tax lawyer, Elphicke would like the committee to conduct a root-and-branch investigation of the tax system. It makes people rightly angry when large businesses pay less in tax than the person cleaning their offices, he says. He is also eager to make sure that poorer people can have access to local banks.Main concerns Cracking down on tax avoidance by multinationals. Ensuring growth is spread more evenly across the country. Getting young people on the housing ladder. Brexit preparations for the Treasury.Job prospects Will hope his views on tax and fairness will win the support of opposition MPs.RICHARD BACONFacebook Twitter Pinterest Richard Bacon.One of the less well-known candidates, Bacon has been MP for South Norfolk since 2001. He is playing up his credentials as an experienced committee hand, and has the backing of some high-profile Labour MPs. I would adopt a collegiate approach, taking account of the interests of all committee members, he says.Main concerns Public finances, ensuring growth is better balanced, and the UKs productivity puzzle.Job prospects Although he is a trained economist with cross-party support, he would be a surprise winner.STEPHEN HAMMONDFacebook Twitter Pinterest Stephen Hammond. Photograph: Julian Makey / Rex FeaturesAnother experienced contender, Hammond has been the MP for Wimbledon for 12 years. A member of the committee in the last parliament, Hammond had previously worked in the City for 20 years. As a former transport minister, he would want to see the governments proposed increased spending on infrastructure benefiting all parts of the country.Main concerns Scrutinising Brexit. The lack of competition in personal banking. Opening up the committee so that any MP can suggest subjects for investigation.Job prospects A quietly effective member in the last parliament, Hammond may lack cross-party support.Topics Economics The Observer Bank of England Financial sector EU referendum and Brexit features'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/08/after-andrew-tyrie-race-next-commons-inquisitor-general-treasury-select-committee'|'2017-07-08T03:00:00.000+03:00'|5330.0|''|-1.0|'' 5331|'0b10b3de494219126a497f7b045e573818037326'|'Another note of caution on European stocks as Credit Suisse says euro strength could bite'|'The signature of the President of the European Central Bank (ECB), Mario Draghi, is seen on the new 50 euro banknote during a presentation by the German Central Bank (Bundesbank) at its headquarters in Frankfurt, Germany, March 16, 2017. Kai Pfaffenbach LONDON (Reuters) - Credit Suisse''s global strategists slightly rolled back their "overweight" stance on euro zone stocks on Wednesday as a surging euro and the potential for the brisk pace of inflows to ease forces a rethink on one of the year''s most popular trades.Credit Suisse is the latest big broker to sound a note of caution on European stocks. Europe remains an "overweight" at the firm and is their most preferred region globally after emerging markets.However, the euro''s 10.5 percent rally this year has raised worries about the impact on profits for exporters, such as Europe''s auto makers, who have long benefited from a weaker currency and account for a large portion of the region''s profit pool.Those concerns come just as a brighter macroeconomic backdrop, easing political concerns and robust earnings have seen foreign investors, particularly from the U.S., return in numbers to European stocks and take valuations back above long-term averages.Credit Suisse estimated that a 10 percent rise in the euro would take around 6 percentage points off earnings growth. Economists at the firm see the euro rising to $1.22 against the dollar over the next year.Roughly half of continental European corporate profits are generated outside the euro zone, according to Credit Suisse, and the impact of the currency is an area of focus in the ongoing second-quarter earnings season.Credit Suisse pointed out that while Europe may be a consensus trade on a three or 12-month view, long-term investors are still skeptical as only 9 percent have chosen Europe as their "top long" on a five-year time horizon. index has gained around 6 percent so for this year, as has the blue chip euro zone-focused index, for which Credit Suisse cut its year-end target to 3,650 from 3,800.They also reduced their rating on French equities back to benchmark on concerns around euro strength, valuations and the economy, and also trimmed their "overweight" in Spanish equities.The broker remains "underweight" Italian stocks.Credit Suisse said it favored European stocks most geared to the domestic recovery and named "outperform" rated Deutsche Wohnen, Telenet, Aena, Cellnex, Credit Agricole, Enel, Bouygues among their picks.Reporting by Kit Rees, Editing by Vikram Subhedar '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-europe-stocks-euro-idUSKBN1AB14U'|'2017-07-26T12:19:00.000+03:00'|5331.0|''|-1.0|'' -5332|'0eaa3c2e2389f0ad8522ed12d043a7217a165176'|'Creditors seek to overturn Dana Gas sukuk injunction in UK court'|'Market News - Wed Jul 5, 2017 - 7:03am EDT Creditors seek to overturn Dana Gas sukuk injunction in UK court DUBAI, July 5 The owners of Islamic bonds issued by Abu Dhabi-listed Dana Gas have gone to London''s High Court of Justice to try to overturn an injunction that prevents them from forcing repayment of the $700 million of sukuk. Analysts say the case could have ramifications across the Islamic finance industry, with any decision against the creditors potentially undermining confidence in Islamic bonds. Dana Gas argues that because of changes in Islamic financial instruments and how they are interpreted, its sukuk are no longer sharia-compliant, and have become unlawful and unenforceable in the United Arab Emirates. The company says it is therefore halting payments on the mudaraba-style sukuk and proposing its creditors exchange them for new Islamic bonds with lower profit distributions. In mid-June, Dana Gas said it had obtained an interim injunction from London''s High Court blocking holders of the sukuk, which are due to mature in October, from enforcing claims against the company related to the bonds. Deutsche Bank, representing the sukuk holders, told the High Court on Tuesday the injunction should be set aside, according to legal documents presented to the court and seen by Reuters. Deutsche Bank told the court Dana''s case was "hopeless as a matter of law," arguing that asserting the sukuk were illegal was an "event of default" allowing the sukuk holders to demand repayment, the documents show. Dana''s actions "have sent shockwaves around the market for Islamic bonds" because they could erode trust in other sukuk issues, Deutsche Bank said. The judge did not reach a conclusion on Tuesday, and has asked Dana and the other parties to return to the court on Wednesday, a source familiar with the situation told Reuters. (Reporting by Davide Barbuscia; Editing by Andrew Torchia and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dana-gas-sukuk-court-idUSL8N1JW1SM'|'2017-07-05T14:03:00.000+03:00'|5332.0|''|-1.0|'' +5332|'0eaa3c2e2389f0ad8522ed12d043a7217a165176'|'Creditors seek to overturn Dana Gas sukuk injunction in UK court'|'Market News - Wed Jul 5, 2017 - 7:03am EDT Creditors seek to overturn Dana Gas sukuk injunction in UK court DUBAI, July 5 The owners of Islamic bonds issued by Abu Dhabi-listed Dana Gas have gone to London''s High Court of Justice to try to overturn an injunction that prevents them from forcing repayment of the $700 million of sukuk. Analysts say the case could have ramifications across the Islamic finance industry, with any decision against the creditors potentially undermining confidence in Islamic bonds. Dana Gas argues that because of changes in Islamic financial instruments and how they are interpreted, its sukuk are no longer sharia-compliant, and have become unlawful and unenforceable in the United Arab Emirates. The company says it is therefore halting payments on the mudaraba-style sukuk and proposing its creditors exchange them for new Islamic bonds with lower profit distributions. In mid-June, Dana Gas said it had obtained an interim injunction from London''s High Court blocking holders of the sukuk, which are due to mature in October, from enforcing claims against the company related to the bonds. Deutsche Bank, representing the sukuk holders, told the High Court on Tuesday the injunction should be set aside, according to legal documents presented to the court and seen by Reuters. Deutsche Bank told the court Dana''s case was "hopeless as a matter of law," arguing that asserting the sukuk were illegal was an "event of default" allowing the sukuk holders to demand repayment, the documents show. Dana''s actions "have sent shockwaves around the market for Islamic bonds" because they could erode trust in other sukuk issues, Deutsche Bank said. The judge did not reach a conclusion on Tuesday, and has asked Dana and the other parties to return to the court on Wednesday, a source familiar with the situation told Reuters. (Reporting by Davide Barbuscia; Editing by Andrew Torchia and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dana-gas-sukuk-court-idUSL8N1JW1SM'|'2017-07-05T14:03:00.000+03:00'|5332.0|16.0|0.0|'' 5333|'2725ef4b20edeed23e05d81fe07bdcf48ba539fa'|'Wal-Mart shuffles U.S. leadership teams in food, merchandising'|'July 31, 2017 / 5:14 PM / 3 hours ago Wal-Mart shuffles U.S. leadership teams in food, merchandising 3 Min Read FILE PHOTO: A general view shows a Wal-Mart store in Monterrey, Mexico, August 10, 2016. Daniel Becerril/File Photo CHICAGO (Reuters) - Wal-Mart Stores Inc ( WMT.N ) has announced changes to its food leadership team in an internal memo, as it prepares for increased competition with grocery rivals and remains caught in a price war. Charles Redfield, executive vice-president for food at Wal-Mart U.S., unveiled the changes in the memo dated Friday and seen by Reuters. He said Wal-Mart is positioning leaders from the company in new roles so it can deliver and win at a time when retail is constantly changing. A Wal-Mart spokesman did not immediately respond to a request for comment. The changes come at a time when the world''s largest retailer has been conducting price tests across several U.S. states and pushing vendors to undercut rivals. The recent entry of German grocery chain Lidl and expansion by another German rival, Aldi [ALDIEI.UL], has raised the stakes for American grocery chain operators. Some of Wal-Mart''s key changes include one for Shawn Baldwin, senior vice-president and general merchandise manager for produce and global food sourcing, who will focus on a new initiative for Hispanic customers. The memo did not elaborate on the initiative. Martin Mundo, who has worked in Argentina and other countries for Wal-Mart, will replace Baldwin. Earlier this month, Target Corp ( TGT.N ) Chief Executive Brian Cornell said at a conference that Hispanic consumers are shopping less often. Target has experienced this behavioral shift this year, especially in "border towns," Cornell said at the conference, according to media reports. Wal-Mart will also split leadership in its bakery and deli departments, the memo said. Kerry Robinson will be responsible for the bakery business but will no longer oversee the deli business. Tyler Lehr will be responsible for deli services. Wal-Mart also announced leadership changes in its merchandising operations in a separate memo sent on Friday and seen by Reuters. Deanah Baker will lead all of apparel, shoes and accessories. Scott McCall will oversee the entertainment, toys and seasonal product categories as a general merchandise manager and Jeff Evans will be general merchandise manager for products under the home category. The company also named Greg Hall as senior vice-president of merchandise operation for food among several other moves in the merchandising team. Wal-Mart shares were up 0.4 percent at $80.16 at midday on Monday. Editing by Matthew Lewis '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-walmart-moves-idUSKBN1AG23T'|'2017-07-31T20:13:00.000+03:00'|5333.0|''|-1.0|'' 5334|'bd83bc84312ab2afbfae94f4984f853d269cad75'|'Insight: GM''s judgment day - How two Venezuelan car dealers seized an auto factory'|'July 12, 2017 / 5:25 AM / in 25 minutes Insight: GM''s judgment day - How two Venezuelan car dealers seized an auto factory Brian Ellsworth 8 The GM logo is seen at the General Motors Assembly Plant in Valencia, April 21, 2017. Marco Bello/File Photo CARACAS (Reuters) - Venezuela''s government has seized assets from dozens of foreign corporations in nationalizations by the late President Hugo Chavez and the embattled current government of Nicolas Maduro. The man behind the confiscation of General Motors Cos $100 million assembly plant in April is a much more obscure figure: Kaled Kansao, the owner of two long-defunct GM dealerships. Kansao convinced a court to seize the plant as the remedy for a relatively small-time business dispute - over GM''s termination of his franchises - that mushroomed into a 17-year court battle. The legal fight that pushed GM out of Venezuela offers a unique case study in the struggles of foreign corporations to keep operations afloat - much less turn a profit - amid the OPEC nation''s economic and political chaos. The seizure stands out because it stems from a dispute with private citizens rather than the government, highlighting yet another risk of doing business in Venezuela the specter of debilitating legal judgments, said Francisco Martinez, president of Venezuela''s main business organization, Fedecamaras. "It would be impossible to say that the legal proceedings against General Motors had any legal logic," Martinez said. "Venezuela does not provide even the most minimal guarantees with respect to investment or private property." The Venezuelan government''s Information Ministry did not respond to a request for comment. Venezuela ranked 187 out of 190 countries in the World Bank''s 2017 Ease of Doing Business report, which evaluates countries'' regulatory systems. Only Eritrea, Libya and Somalia scored worse. Under Chavez, the socialist firebrand who died in 2013, some asset seizures featured gun-wielding soldiers and live television broadcasts. The GM case had its own less publicized drama, including dueling allegations of courthouse misdeeds; recusals by judges citing security concerns; a dispute over 158 vehicles that GM says "vanished"; and mysterious damage calculations awarding the dealers thousands of cars. GM stopped producing vehicles here in 2015 amid a lack of access to supplies. But the judgment appears to have doused any remaining hopes that it will produce cars again in Venezuela anytime soon. The company terminated the plant''s 2,700 workers after the decision. In its initial announcement in April, GM did not connect the plant seizure to the dealers'' lawsuit, saying only that the facility was "unexpectedly" seized by "public authorities." In response to inquiries from Reuters, the company provided a detailed history of its frustrations with the proceedings, which it called "absurd" and rife with "irregularities." In the end, a civil court in the western state of Zulia granted the dealers'' request to attach GM assets worth up to about $115 million. Venezuelan law requires the court to auction off the factory to satisfy the judgment. In the meantime, it ordered GM to pay the dealers to pay an "occupation fee" that at the time equated to about $36,000 a month - in effect, rent on its own plant. "The illegal and outrageous seizure was the final act of a series of unfortunate events beyond GMV''s control," GM told Reuters, referring to its Venezuela subsidiary. GM did not respond to questions about whether it had any intention of paying the court judgments or trying to regain control of the factory. In a May press statement, Kansao and his business partner, Elena Rodriguez, accused GM of perjury, influence trafficking, and violation of the United States Foreign Corrupt Practices Act, without offering evidence. GM has ignored court rulings because it believes "might is right as a law," Kansao told Reuters. Idled Workers Collect Salaries Back in 2000, Kansao and Rodriguez operated two GM dealerships that had originally been founded by Kansao''s father. In an interview, Kansao said GM arbitrarily stripped him of his franchise, which he said brought "tragedy and calamity" on his family. FILE PHOTO: The GM logo is seen at the General Motors Assembly Plant in Valencia, Venezuela April 21, 2017. Marco Bello/File Photo GM said it terminated the agreement for a range of reasons, including the dealers'' failure to meet a minimum monthly sales average of 25 vehicles. Nearly two decades later, the dealers'' hopes of collecting on the judgment now hinge on whether a court-ordered auction attracts a buyer - an unlikely prospect in a nation where the auto industry has all but collapsed. Chronic shortages of hard currency have left automakers unable to import parts, while triple digit inflation has left would-be customers struggling to buy basics like food and medicine. In 2016, output at Venezuela''s seven biggest auto plants had dropped below 3,000 cars, down from a peak of 172,000 vehicles in 2007 79,000 of those from GM, according to auto industry group Cavenez. Labor laws dictate that the dealers would also have to wait behind GM workers - who contend they are owed severance payments - to collect any proceeds from a factory auction. GM did not respond to questions about workers'' severance. The automaker had agreed with union leaders to continue paying workers after the plant stopped making cars, said Adan Tortolero, one of several union leaders at the defunct plant. The GM logo is seen at the General Motors Assembly Plant in Valencia, April 21, 2017. Marco Bello GM tried to shed that obligation last year by offering buyouts of about $3,500 per worker, Tortolero said, but workers spurned the offer because it seemed small in comparison to the pay and benefits the workers had previously enjoyed. One lucrative perk was the right to buy two factory cars every year at government-regulated prices that were well below their actual market value. The regulated prices were theoretically available to anyone, but because demand for cars far outstripped supply, most buyers had to get waiting lists which usually required large under-the-table payments. GM employees had been among the first in line to buy the cars at regulated prices, which allowed them to sell the vehicles at a steep premium. 9,725 Cars In 2007, the Zulia court ordered the automaker to compensate the plaintiffs with 9,725 vehicles, according to the decision, which offered no explanation for that number of cars. It did require the plaintiffs to pay GM for the vehicles, but only after they were sold. Asked to provide evidence that the proceedings had been corrupted, GM pointed out that six judges and two court employees had recused themselves, with most citing "threats and personal security concerns." It also said that the court failed to enforce an order preventing the dealers from selling 158 cars that they seized during the dispute. GM said those vehicles later "vanished," and the dealers never paid for them. Kansao and Rodriguez did not respond to questions about the 158 cars. The case bounced through different courts for the next decade until April 4 of this year, when the Zulia court authorized the plaintiffs to encumber GM assets worth up to 477 billion bolivars - at the time worht about $115 million - as leverage to collect a cash judgment of half that amount. The court based the compensation on the full value of the 9,725 cars - rather than the much smaller profit the dealers would have made selling them, GM said. But the legal victory may have little payoff in reality, just as GM''s losses may be largely symbolic - given that it hasn''t produced or sold cars in Venezuela since 2015. Asked what sort of buyer the factory might attract in a government auction, Kansao responded: "Only God knows that." Additional by Eyanir Chinea and Corina Pons in Caracas; Editing by Brian Thevenot 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/gm-venezuela-idINKBN19X0FY'|'2017-07-12T08:23:00.000+03:00'|5334.0|''|-1.0|'' 5335|'e39f174763b3b108466e8092a1126ec414469916'|'Deutsche Boerse''s Kengeter in close contact with LSE in run-up to merger talks: Der Spiegel'|'FILE PHOTO: Carsten Kengeter, CEO of Deutsche Boerse in Frankfurt, Germany March 1, 2017. Ralph Orlowski/File Photo FRANKFURT (Reuters) - Deutsche Boerse''s ( DB1Gn.DE ) Chief Executive Carsten Kengeter, who is under investigation for insider trading, frequently met and spoke by telephone with his London Stock Exchange counterpart in the months before they announced official merger talks, Der Spiegel magazine reported on Friday.Frankfurt''s public prosecutor has been investigating Kengeter for possible insider trading for the purchase in December 2015 of 4.5 million euros ($5.3 mln) in Deutsche Boerse shares, two months before the two exchange operators announced merger negotiations.Kengeter has denied all allegations of wrongdoing, saying the shares he purchased were part of an official Deutsche Boerse compensation plan. "Insider trading goes against everything I stand for," he told shareholders in May.Der Spiegel said that Kengeter and LSE ( LSE.L ) CEO Xavier Rolet met or telephoned almost weekly in the second half of 2015, from the moment that Kengeter assumed the helm of Deutsche Boerse in June 2015.A report from German market watchdog BaFin shows that between June 2015 and January 2016 Rolet''s calendar showed the two had 15 conversations, while Deutsche Boerse disclosed four appointments between the two, Der Spiegel said.The BaFin report of the 15 meetings came from information it received from the British market watchdog, which had access to Rolet''s calendar, according to Der Spiegel.Representatives for BaFin and its British counterpart FCA declined to comment.A spokesman for Deutsche Boerse said, "From the beginning of the investigation, we said we were cooperating with the authorities."A spokesman for LSE declined to comment immediately.($1 = 0.8508 euros)Reporting by Tom Sims and Alexander Huebner in Frankfurt and Huw Jones in London; Editing by Susan Fenton '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-deutscheboerse-investigation-ceo-idUSKBN1AD23G'|'2017-07-28T19:03:00.000+03:00'|5335.0|''|-1.0|'' 5336|'2d0af2bf8ce56e79ed51196e4a0d2615a5008003'|'Tesla steps up auto service as Model 3 debut nears'|'Edition United States July 11, 2017 / 1:13 PM / 5 minutes ago Tesla steps up auto service as Model 3 debut nears 3 Min Read A Tesla car showroom is seen in west London, Britain, March 21, 2017. Toby Melville SAN FRANCISCO (Reuters) - Tesla Inc ( TSLA.O ) said it is expanding its auto service centers and adding 350 mobile service vans as it gears up to support its Model 3 sedan, a mass-market car that is expected to drive a 500 percent increase in the electric car company''s sales. A senior executive speaking on behalf of the company told Reuters that Tesla would be able to triple its global service capacity by increasing efficiency, adding to mobile service, and adding 100 service centers to its current total of more than 150. Tesla is adding 1,400 technicians this year, and the company plans to continue expanding mobile and service center capacity at a similar pace over then next few years. Tesla needs to expand service quickly to be able to handle the increase in sales and as the electric car company transforms itself from a luxury vehicle maker into a competitor with mainstream cars. Expectations for a smooth roll out are particularly high among investors. Tesla has been challenging General Motors ( GM.N ) for the title of biggest U.S. automaker by market capitalization, even though its output is a fraction of GM''s. The $35,000 Model 3 is designed for easy production, creating lower service needs, the executive said. Tesla''s last launch was the Model X SUV in 2015, which had a number of production issues. Model 3 production began in the last few days and is expected to reach 20,000 per month in December. The first deliveries are expected on July 28. Tesla had fielded 373,000 Model 3 reservations as of April 2016, the latest date at which it announced a figure. The company has learned from previous problems including issues with seatbelt latches, seats and a 53,000-vehicle parking break recall earlier this year, the executive said. Tesla said it has improved service time by automating paperwork, using cars'' wireless connections to diagnose problems, and expanding mobile support. Tesla deployed mobile vans to company charging stations to fix the seatbelt latch and cut the procedure to less than 20 minutes. About 80 percent of fixes on its vehicles do not require a lift and can be done by one of its mobile technicians, which frequently can handle an appointment in less than an hour. Reporting By Marc Vartabedian Editing by Peter Henderson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tesla-service-idUKKBN19W1GS'|'2017-07-11T16:02:00.000+03:00'|5336.0|''|-1.0|'' 5337|'a309ac11cfa40e475f3bc5fa18431c3a821b03c8'|'Court blocks $18 bln British class action against MasterCard'|'July 21, 2017 / 12:02 PM / 23 minutes ago Court blocks $18 bln British class action against MasterCard 4 Min Read A logo of Mastercard is seen at the Mastercard Centre in Beijing, October 30, 2014. Jason Lee/Files LONDON (Reuters) - A 14 billion pound ($18 billion) class action lawsuit against MasterCard for allegedly overcharging more than 45 million people in Britain over a 16-year period was blocked by a British court on Friday. The Competition Appeal Tribunal (CAT), a newly-empowered court that oversees Britain''s fledgling class action regime, ruled that it would not grant the necessary collective proceedings order for the case to proceed to trial. Had it been allowed to proceed, the case would have been the largest and most complex in British legal history and would have tested the limits of the new Consumer Rights Act, which introduced U.S.-style "opt-out" collective class actions for breaches of UK or European Union competition law in 2015. MasterCard ( MA.N ) welcomed the judgment, saying the claim was "completely unsuitable" to be brought under the collective action regime. Law firm Quinn Emanuel Urquhart & Sullivan launched the case on behalf of adults in Britain after MasterCard lost a drawn-out appeal against a 2007 European Commission decision that ruled its fees were anti-competitive. The case centred on so-called interchange fees, the charges levied by credit and debit card companies such as Mastercard on merchants'' banks, which card companies say cover the costs of operating card services, security and innovation. It alleged these fees were a significant cost for retailers and were passed on through increased prices of goods and services to all UK consumers, including those who paid in cash and not just MasterCard holders. London-based Walter Merricks, a lawyer who once led the Financial Ombudsman Service group that handles consumer disputes with banks and who is the representative named on the proposed action, said he was considering an appeal with his advisers. "The new collective action regime was introduced by the Consumer Rights Act to overcome the difficulty for consumers seeking to recover losses from competition law infringements," he said. "I am concerned that this new regime, designed to benefit consumers, may never get off the ground." He added that concerns cited by the tribunal, which included the difficulties in providing evidence that MasterCard fees were passed on to consumers and in precisely calculating individual losses for so many consumers, could have been overcome. The planned lawsuit had been dubbed by one lawyer the "perfect exam question" for Britain''s CAT, nominated in 2015 to oversees the country''s maiden "opt-out" class action lawsuits in antitrust cases. Under the regime, UK-based members of a defined group are automatically bound into legal action unless they opt out. Critics say such regimes encourage claims without merit. But others argue they are designed to offer a more effective and economic route to compensation for UK-based consumers and businesses who fall victim to anti-competitive conduct and saves on hefty advertising costs to rally a large group together. London''s High Court ruled in January that MasterCard had charged interchange fees at a lawful level and without restricting competition in a similar dispute with retailers. ($1 = 0.7695 pounds) Reporting by Kirstin Ridley; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/mastercard-court-fees-idINKBN1A61EW'|'2017-07-21T19:06:00.000+03:00'|5337.0|''|-1.0|'' 5338|'5bf9f860d70d01cd273e559d778b247ae4e06905'|'BoE says more defences may be needed against consumer credit'|'FILE PHOTO: A sign is displayed outside the Bank of England in London, Britain August 4, 2016. Neil Hall/File Photo LONDON (Reuters) - The Bank of England said on Monday it could force banks to hold more capital as an "insurance policy" to protect the wider economy in case the rapid growth in consumer credit turns sour.Alex Brazier, the BoE''s executive director for financial stability, said that while lending overall has grown in line with the British economy, outstanding car loans, credit card balances and personal loans have risen by 10 percent, far outpacing rises in income.In a period of good economic performance, banks think they can reduce prices and loosen lending criteria, he said."The spiral continues and borrowers rack up more and more debt," Brazier said in a speech in Liverpool."Lending standards can go from responsible to reckless very quickly... Lenders have not entered, but they may be dicing with, the spiral of complacency."It is the latest warning on consumer credit from the BoE, which has already responded by introducing three "defense lines", including closer supervision of banks and tightening mortgage lending standards to stop "boundaries" being pushed, such as a rise in lending at higher loan-to-income multiples.The third "defense line" involves stress testing lenders to check whether they hold enough capital to deal with losses."And to make sure this defense line is kept robust in the face of rapid consumer credit growth, we are accelerating this year''s test of banks'' consumer credit loans," Brazier said."By September we will have assessed whether the rapid growth has created any small gap in the line. If it has, we''ll plug it."Brazier highlighted car loans, saying so-called personal contract purchase or PCP from the finance arms of automakers now finance almost four in five new car purchases.Even if a borrower makes all the monthly payments on a PCP contract, the lender can still lose money if used car prices fall."The finance company is left with a car that has depreciated by more than they''ve been paid," Brazier said.However, the defense lines may now be starting to kick in, he said, with consumer credit showing signs of slowing and new car registrations falling.The aim is to stop the economy having to suffer endless repeats of the "Debt Strikes Back" movie, he added."For now, settle back with your popcorn and watch the, oddly, not yet highly grossing, new blockbuster, the Return of the Regulator."Reporting by Huw Jones; Editing by Gareth Jones '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-boe-banks-regulator-idUSKBN1A9228'|'2017-07-24T19:00:00.000+03:00'|5338.0|''|-1.0|'' -5339|'6ff2b5c4f04c74ee5a8c539d18c1fc36898f0da9'|'Euro nears two-year high as ECB flags autumn tightening talk'|'July 20, 2017 / 4:24 PM / 2 hours ago Euro nears two-year high as ECB flags autumn tightening talk Patrick Graham and John Geddie 3 Min Read FILE PHOTO: 10 Euro banknotes are pictured under ultraviolet light at the headquarters of Bundesbank in Frankfurt, Germany, May 7, 2014. Ralph Orlowski/File Photo LONDON (Reuters) - The euro jetted to an almost two-year high on Thursday after European Central Bank chief Mario Draghi said officials would discuss possible changes to its bond-buying scheme this autumn. Though Draghi set no date for changes to the scheme and said rate-setters had been unanimous in their decision not to change their guidance on monetary policy, investors reckoned the discussions would lead to monetary tightening next year. That drove an initial rise for the euro to around $1.1570 EUR= , a move analysts said was fuelled by the fact that Draghi did not dwell on the currency''s strength. "In all probability tapering will occur as we head into 2018 and we have seen no substantive challenge to that expectation in today''s meeting. Hence the currency has received some support," Richard McGuire, a senior strategist at Rabobank, said. He added that the euro was also rising probably due to the fact that Draghi noted the single currencys appreciation had received attention but "provided no pushback to this strengthening despite having the perfect opportunity to do so". The euro gained almost another cent against the dollar in the hour that followed the meeting - helped by a report of a widening inquiry into President Donald Trump''s business affairs - taking it to its highest since August 2015 at $1.1659. "The first leg was about Draghi but the second leg up in the euro has been U.S.-related, given that we''ve had reports of more probes into Trump," said Lisa Scott-Smith, co-head of portfolio management with currency fund Millennium Global in London. Against sterling, the euro climbed 1.4 percent to an eight-month high of 89.76 pence EURGBP=D3. Germany''s 10-year bond yield - the bloc''s benchmark - climbed 2 basis points to a day''s high of 0.56 percent after Draghi''s comments but by 1530 GMT was flat at 0.54 percent. Euro zone stocks were a touch lower on the day .STOXXE "I think a positive outlook of the economy and expectations of stimulus withdrawal in the autumn, and perhaps confirmation of the fact that we will have more explicit tightening then, is driving the euro and bond yields higher," said Alexandra Russell-Oliver, an FX strategist at Caxton FX in London. Markets still expect the ECB to raise rates next year, though they now bet that a hike could come later than initially anticipated. Euro zone money markets price in roughly a 70 percent chance of a 10-basis-point hike in rates by next July, having fully priced in a move a week ago. A rise by October is fully priced in by markets ECBWATCH. Reporting by Jemima Kelly, Patrick Graham, John Geddie and Abhinav Ramnarayan; editing by Mark Heinrich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-markets-ecb-idUKKBN1A528D'|'2017-07-20T19:24:00.000+03:00'|5339.0|''|-1.0|'' +5339|'6ff2b5c4f04c74ee5a8c539d18c1fc36898f0da9'|'Euro nears two-year high as ECB flags autumn tightening talk'|'July 20, 2017 / 4:24 PM / 2 hours ago Euro nears two-year high as ECB flags autumn tightening talk Patrick Graham and John Geddie 3 Min Read FILE PHOTO: 10 Euro banknotes are pictured under ultraviolet light at the headquarters of Bundesbank in Frankfurt, Germany, May 7, 2014. Ralph Orlowski/File Photo LONDON (Reuters) - The euro jetted to an almost two-year high on Thursday after European Central Bank chief Mario Draghi said officials would discuss possible changes to its bond-buying scheme this autumn. Though Draghi set no date for changes to the scheme and said rate-setters had been unanimous in their decision not to change their guidance on monetary policy, investors reckoned the discussions would lead to monetary tightening next year. That drove an initial rise for the euro to around $1.1570 EUR= , a move analysts said was fuelled by the fact that Draghi did not dwell on the currency''s strength. "In all probability tapering will occur as we head into 2018 and we have seen no substantive challenge to that expectation in today''s meeting. Hence the currency has received some support," Richard McGuire, a senior strategist at Rabobank, said. He added that the euro was also rising probably due to the fact that Draghi noted the single currencys appreciation had received attention but "provided no pushback to this strengthening despite having the perfect opportunity to do so". The euro gained almost another cent against the dollar in the hour that followed the meeting - helped by a report of a widening inquiry into President Donald Trump''s business affairs - taking it to its highest since August 2015 at $1.1659. "The first leg was about Draghi but the second leg up in the euro has been U.S.-related, given that we''ve had reports of more probes into Trump," said Lisa Scott-Smith, co-head of portfolio management with currency fund Millennium Global in London. Against sterling, the euro climbed 1.4 percent to an eight-month high of 89.76 pence EURGBP=D3. Germany''s 10-year bond yield - the bloc''s benchmark - climbed 2 basis points to a day''s high of 0.56 percent after Draghi''s comments but by 1530 GMT was flat at 0.54 percent. Euro zone stocks were a touch lower on the day .STOXXE "I think a positive outlook of the economy and expectations of stimulus withdrawal in the autumn, and perhaps confirmation of the fact that we will have more explicit tightening then, is driving the euro and bond yields higher," said Alexandra Russell-Oliver, an FX strategist at Caxton FX in London. Markets still expect the ECB to raise rates next year, though they now bet that a hike could come later than initially anticipated. Euro zone money markets price in roughly a 70 percent chance of a 10-basis-point hike in rates by next July, having fully priced in a move a week ago. A rise by October is fully priced in by markets ECBWATCH. Reporting by Jemima Kelly, Patrick Graham, John Geddie and Abhinav Ramnarayan; editing by Mark Heinrich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-markets-ecb-idUKKBN1A528D'|'2017-07-20T19:24:00.000+03:00'|5339.0|10.0|0.0|'' 5340|'0bef66b5789d9f6890011414ec629f1b43236bbf'|'Booming Business for Recruiters in Tight U.S. Job Market'|'Booming Business for Recruiters in Tight U.S. Job Market Workers are the new hot commodity By @PattyLaya More stories by Patricia Laya Its one of the best and busiest times to be a recruiter in the U.S. From headhunters engaged in searches for corporate executives to temporary staffing agencies, the industry is benefiting from unemployment at a 16-year low and a record-high number of job openings that are turning workers across all sorts of industries -- from construction to trucking to software engineering -- into hot commodities. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-06/booming-business-for-recruiters-in-tight-u-s-job-market'|'2017-07-06T20:40:00.000+03:00'|5340.0|''|-1.0|'' -5341|'f5c1a42391ca97c7d105b974cb229444a1ab2e82'|'Options traders bet on U.S. steel stocks ahead of tariffs decision'|'Market News 04pm EDT Options traders bet on U.S. steel stocks ahead of tariffs decision By Saqib Iqbal Ahmed - NEW YORK, July 7 NEW YORK, July 7 Traders in the options market are betting that shares of U.S. steel makers will get a boost when the U.S. Commerce Department unveils findings from its investigation into cheap steel imports, according to data and analysts on Friday. The investigation was ordered by President Donald Trump in April under the rarely used section 232 of the Trade Expansion Act of 1962 and could clear the way for restrictions on steel imports. U.S. Secretary of Commerce Wilbur Ross is expected to announce the outcome of the steel inquiry after Trump has spoken with G20 leaders at the July 7-8 summit in Germany. A decision that results in a material reduction in the current level of domestic steel imports could provide a near-term boost to shares of U.S. steel companies, according to Wall Street analysts. Recent trading data in options on top steel companies, including United States Steel Corp, Nucor Corp and AK Steel Holding Corp show traders are counting on some good news. "Everything looks pretty bullish. Every factor you would look at is sort of aligned in the same direction," said Jim Strugger, MKM Partners derivatives strategist. Traders have shown a marked preference for loading up on call options. Calls convey the right to buy shares at a fixed price in the future and usually are used to place bets on shares rising, while put options convey the right to sell shares at a certain price in the future. For U.S. Steel Corp, there are 1.1 calls open for each open put contract, close to the most in more than five years, according to options analytics firm Trade Alert data. Other steel stocks also exhibit similarly elevated positioning in call contracts. "They are not trying to pick a winner within the industry. It seems like it is more of a sector bet," said Steve Claussen, vice president of trade strategy at E-Trade Financial in Chicago. Much of the bullish positioning is concentrated in contracts set to expire over the next two weeks. "The implied expectation is that you are expecting a short-term move very quickly. These are definitely event-driven trades in my opinion," Claussen said. Several of these steel companies are set to report quarterly results before the end of July. Trump''s election initially boosted steel stocks, with the S&P 1500 steel index surging 36 percent in the month after the Nov. 8 vote. The index has given up most of those gains and is up 10 percent since the election. (Reporting by Saqib Iqbal Ahmed; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trade-steel-stocks-idUSL4N1JX27J'|'2017-07-07T19:04:00.000+03:00'|5341.0|''|-1.0|'' +5341|'f5c1a42391ca97c7d105b974cb229444a1ab2e82'|'Options traders bet on U.S. steel stocks ahead of tariffs decision'|'Market News 04pm EDT Options traders bet on U.S. steel stocks ahead of tariffs decision By Saqib Iqbal Ahmed - NEW YORK, July 7 NEW YORK, July 7 Traders in the options market are betting that shares of U.S. steel makers will get a boost when the U.S. Commerce Department unveils findings from its investigation into cheap steel imports, according to data and analysts on Friday. The investigation was ordered by President Donald Trump in April under the rarely used section 232 of the Trade Expansion Act of 1962 and could clear the way for restrictions on steel imports. U.S. Secretary of Commerce Wilbur Ross is expected to announce the outcome of the steel inquiry after Trump has spoken with G20 leaders at the July 7-8 summit in Germany. A decision that results in a material reduction in the current level of domestic steel imports could provide a near-term boost to shares of U.S. steel companies, according to Wall Street analysts. Recent trading data in options on top steel companies, including United States Steel Corp, Nucor Corp and AK Steel Holding Corp show traders are counting on some good news. "Everything looks pretty bullish. Every factor you would look at is sort of aligned in the same direction," said Jim Strugger, MKM Partners derivatives strategist. Traders have shown a marked preference for loading up on call options. Calls convey the right to buy shares at a fixed price in the future and usually are used to place bets on shares rising, while put options convey the right to sell shares at a certain price in the future. For U.S. Steel Corp, there are 1.1 calls open for each open put contract, close to the most in more than five years, according to options analytics firm Trade Alert data. Other steel stocks also exhibit similarly elevated positioning in call contracts. "They are not trying to pick a winner within the industry. It seems like it is more of a sector bet," said Steve Claussen, vice president of trade strategy at E-Trade Financial in Chicago. Much of the bullish positioning is concentrated in contracts set to expire over the next two weeks. "The implied expectation is that you are expecting a short-term move very quickly. These are definitely event-driven trades in my opinion," Claussen said. Several of these steel companies are set to report quarterly results before the end of July. Trump''s election initially boosted steel stocks, with the S&P 1500 steel index surging 36 percent in the month after the Nov. 8 vote. The index has given up most of those gains and is up 10 percent since the election. (Reporting by Saqib Iqbal Ahmed; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trade-steel-stocks-idUSL4N1JX27J'|'2017-07-07T19:04:00.000+03:00'|5341.0|12.0|0.0|'' 5342|'ae7f770d0de6ebc5a6f3547a2a72d23965e99931'|'U.S. weekly jobless claims fall to near five-month low'|'July 20, 2017 / 12:35 PM / 23 minutes ago U.S. weekly jobless claims fall to near five-month low Lucia Mutikani 3 Min Read FILE PHOTO: Leaflets lie on a table at a booth at a military veterans'' job fair in Carson, California October 3, 2014. Lucy Nicholson/File Photo WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell more than expected last week, touching its lowest level in nearly five months, suggesting strong job gains that should continue to underpin economic growth. Sustained labor market strength likely keeps the Federal Reserve on track to raise interest rates for a third time this year and announce a plan to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities, despite a recent ebb in inflation pressures. Initial claims for state unemployment benefits dropped 15,000 to a seasonally adjusted 233,000 for the week ended July 15, the Labor Department said on Thursday. That was the lowest level since February, when claims fell to 227,000, which was the best reading since March 1973. Economists polled by Reuters had forecast claims falling to 245,000. It was the 124th straight week that claims remained below 300,000, a threshold associated with a robust labor market. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is near full employment, with the jobless rate at 4.4 percent. Last week''s drop in claims unwound the recent increase which economists had attributed to volatility associated with different timings of automobile plant shutdowns for annual retooling. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 2,250 to 243,750 last week. Prices for U.S. government bonds pared earlier gains following the data, while the dollar was little changed against a basket of currencies. Last week''s claims data covered the survey period for July''s non-farm payrolls. The four-week average of claims fell 1,250 between the June and July survey periods, suggesting strong job gains in July. The economy created 222,000 jobs last month, the second biggest payrolls increase this year. Other data on Thursday showed a moderation in manufacturing activity in the mid-Atlantic region in July amid a tepid increase in orders received by factories. The Philadelphia Fed said its current business conditions index fell to a reading of 19.5 this month, the lowest since November, from 27.6 in June. Thirty-seven percent of the firms surveyed reported increases in activity in July, down from 42 percent last month. The survey''s new orders index fell 24 points as nearly 31 percent of factories reported a rise in new orders, down from 45 percent in June. While manufacturers reported overall increases in factory employment this month, the current employment index fell five points. The index has been positive for eight consecutive months. Seventeen percent of manufacturers reported an increase in employment this month, while 6 percent reported a decrease. Reporting by Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-economy-unemployment-idUKKBN1A51K2'|'2017-07-20T16:12:00.000+03:00'|5342.0|''|-1.0|'' 5343|'5524d5b004ca8f903d447374f1ce0a80d2c72a22'|'Hoteliers welcome Paris decision forcing Airbnb hosts to register rentals'|'Technology News - Wed Jul 5, 2017 - 12:20pm EDT Hoteliers welcome Paris decision forcing Airbnb hosts to register rentals A woman talks on the phone at the Airbnb office headquarters in the SOMA district of San Francisco, California, U.S., August 2, 2016. REUTERS/Gabrielle Lurie By Dominique Vidalon - PARIS PARIS French hoteliers cheered on Wednesday a Paris City Council decision making it mandatory from December for people renting their apartments on short-term rental websites such as Airbnb to register their property with the town hall. The ruling comes as Airbnb, much like its ride-hailing peer Uber, is facing a growing crackdown from legislators worldwide triggered in part by lobbying from the hotel industry, who see the rental service as unfair competition. Airbnb and other rental platforms have also been criticized for driving up property prices and contributing to a housing shortage in some cities such as Paris or Berlin. With 350,000 listings, France is Airbnb''s second-largest market after the United States, and Paris, the most visited city in the world, is its biggest single market, with 65,000 homes. On Tuesday the Paris City Council voted to make it mandatory from Dec. 1 to obtain a registration number from the town hall before posting an advertisement for a short-term rental on a website. The ruling thus makes it harder for those renting out property to exceed the 120 days a year legal rental limit for a main residence, and makes it easier for authorities to track which properties are rented out, and also to collect local taxes. "This is a strong signal sent out to other municipalities. Local collectivities now have a tool to monitor the tourist offers and control the collection of tourist taxes," Roland Heguy, the head of French hotel federation UMIH said in a statement. An Airbnb spokesman said the rental website would comply with the new rules and ensure its clients knew about it. Like a lot of big cities Paris is cracking down on illegal tourist rentals and trying to regulate and limit the legal element of the phenomenon. The French capital lost at least 20,000 rental properties from the market over the last five years, and in the central and western part of Paris tourist rentals now make up to 20 percent of the global rental offer, the City Council said in its ruling. Due to pressure from hoteliers and officials Airbnb has agreed to charge visitors the traditional French "tourist tax". It began collecting the tax from guests in Paris in 2015 and now collects it in 50 French cities. It paid back to French authorities 7.3 million euros ($8.3 million) in tourist taxes in 2016. (Reporting by Dominique Vidalon; Editing by Andrew Callus and Susan Thomas) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-france-airbnb-idUSKBN19Q1YW'|'2017-07-05T17:26:00.000+03:00'|5343.0|''|-1.0|'' 5344|'4bac88294a1b81eaac9a1676dc48d5fd07c2972b'|'UK regulator proposes new listing rules for sovereign state companies'|'July 13, 2017 / 9:08 AM / 33 minutes ago UK regulator proposes new listing rules for sovereign state companies Clara Denina 2 Min Read The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. Chris Helgren LONDON (Reuters) - Britain''s financial watchdog is proposing new rules that will create a new listing category for companies controlled by sovereign states on the country''s stock markets. The proposals come just as exchanges around the world are trying to win the listing of state-controlled oil giant Saudi Aramco, which is expected to be the largest initial public offering (IPO) in history. Reuters reported in May that the London Stock Exchange was working on a new type of listing structure that would make it more attractive for Aramco to join the bourse. The Financial Conduct Authority (FCA) said on Thursday that currently there is a gap in the Britain''s listing rules for companies controlled by sovereign companies. It said it is proposing a new "premium" stock market listing category that will exempt companies controlled by sovereign states from certain requirements. Under the FCA''s proposals, sovereign-controlled companies will be able to obtain a "premium" listing on the London Stock Exchange without complying with certain rules on related party transactions and controlling shareholders. Currently companies which do not meet Britain''s "premium" listing requirements have to take a standard listing. These are seen as less attractive for investors and companies as they have lower corporate governance requirements, do not qualify for entry into most stock indices and have connotations of being second best. Reporting by Clara Denina; Editing by Rachel Armstrong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-regulation-ipos-idUKKBN19Y0VX'|'2017-07-13T12:08:00.000+03:00'|5344.0|''|-1.0|'' @@ -5436,7 +5436,7 @@ 5434|'8f270829b7632b204c7e78e768dbf53e358d4fbd'|'EU, Britain to present post-Brexit plan to split WTO membership'|'July 17, 2017 / 1:09 PM / 4 hours ago EU and Britain to present post-Brexit plan on WTO membership Tom Miles 3 Min Read Flags are seen at the EU Commission headquarters ahead of a first full round of talks on Brexit, Britain''s divorce terms from the European Union, in Brussels, Belgium July 17, 2017. Yves Herman GENEVA (Reuters) - The European Union and Britain plan to put forward a joint proposal for reform of the terms of their World Trade Organization (WTO) membership in September or October, an EU source said on Monday, as London negotiates to leave the EU. The two sides are also discussing sharing liabilities from trade disputes including WTO litigation over Airbus ( AIR.PA ) subsidies in a long-running case with the United States, the EU source said. Currently we are in talks with the United Kingdom to come to a joint approach on the matter, on all the aspects of the divorce, with regard to the WTO. And I would think that, come the month of September/October, we will be able to come jointly to the rest of the (WTO) membership, the EU source said, speaking on condition of anonymity. The joint approach would address aspects of the EU''s WTO membership terms, known as its WTO "schedules", that are not easily split between Britain and the other 27 EU members: agricultural tariff quotas, agricultural subsidies and commitments on services trade. The plan is (that) we would explain together how we would see the disentanglement of the United Kingdom from the EU commitments and schedules, the source said. The joint approach would also deal with Britain''s wish to join the WTO''s Government Procurement Agreement, which liberalises access to procurement markets between signatories. The EU is a member of the agreement but Britain is not. Asked how important it was to finalize revision of the WTO terms of membership before the EU and Britain formally divorce, the source said: I have the impression that the United Kingdom believes that is important. Britain''s Brexit minister, David Davis, pledged to "get down to work" as he kicked off a first full round of negotiations in Brussels on Monday but, a year after Britons voted to leave the EU, their government seemed at war with itself over the divorce terms. Britain also faces a multi-billion euro bill as it leaves the EU, to cover ongoing commitments. One of those costs may be a provision to cover damages that could be awarded to the United States in the world''s largest trade dispute, the 13-year-old battle over allegedly illegal subsidies to plane giants Airbus and Seattle-based Boeing ( BA.N ). "I think that is also part of the discussion," the EU source said, without giving any details. "I''m not sure that will be clarified already. I think we''re now working first and foremost on schedules." Reporting by Tom Miles; writing by Stephanie Nebehay; Editing by Kevin Liffey 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-eu-wto-idUSKBN1A21AF'|'2017-07-17T15:59:00.000+03:00'|5434.0|''|-1.0|'' 5435|'cb5f1ff784b08f9eea488e703245dcc2be91b18a'|'Japan''s June export growth points to sustained economy recovery'|'July 20, 2017 / 12:28 AM / 15 minutes ago Japan''s June export growth points to sustained economy recovery 3 Min Read A laborer works in a container area at a port in Tokyo, Japan July 19, 2017. Toru Hanai TOKYO (Reuters) - Japan''s exports rose for a seventh straight month in June led by shipments of cars and electronics, an indication external demand continues to support a gradual economic recovery and backing the central bank''s upbeat economic view. Ministry of Finance (MOF) data showed on Thursday that exports grew 9.7 percent year-on-year in June, versus a 9.5 percent annual gain expected by economists in a Reuters poll. It followed a 14.9 percent year-on-year rise in the previous month. The data comes hours before the Bank of Japan ends a two-day rate review, at which it is expected to raise its growth forecasts as robust exports and private consumption heighten prospects of a moderate economic recovery. However, the central bank is also likely to cut its price forecasts and hold off from expanding stimulus, highlighting a gap between strong growth and weak inflation. Some analysts say net exports - or exports minus imports - may have trimmed gross domestic product growth in the April-June period as the pace of export growth likely slowed from the previous quarter while imports surged. Japan''s economy grew at an annualised 1.0 percent at the start of this year, posting a fifth straight quarter of growth. Whether it can extend gains depends on the strength of domestic demand, which has been a soft spot in the world''s third largest economy, they say. "The economy likely expanded for a sixth straight quarter in April-June as private consumption and pubic investment probably turned out strong," said Masaki Kuwahara, senior economist at Nomura Securities. By destination, Japan''s exports to the United States rose 7.1 percent in June from a year ago, posting a fifth straight month of gains, due to increased shipments of cars. The trade surplus with the United States fell 4.9 percent to 587.4 billion yen ($5.25 billion) due as imports jumped 19.3 percent in the year to June, led by crude oil and coal. Japan''s trade surplus has been a target of criticism by U.S. President Donald Trump''s administration, which has called for cutting U.S. trade deficit and boosting exports under his "America First" protectionist policies. Exports to China, Japan''s biggest trading partner, increased 19.5 percent year-on-year in June, led by shipments of car parts and semiconductor production equipment. In terms of volume, Japan''s overall exports rose 4.0 percent, up for a fifth consecutive month. Japan''s imports rose 15.5 percent in the year to June, versus the median estimate for a 14.6 percent annual gain, led by coal and liquefied natural gas, bringing the trade balance in a surplus of 439.9 billion yen. Reporting by Tetsushi Kajimoto; Editing by Sam Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-trade-idUKKBN1A502H'|'2017-07-20T03:27:00.000+03:00'|5435.0|''|-1.0|'' 5436|'9d1dc86d95ce1ce1fde12b88cfa466b483e078d0'|'Deutsche Bank posts unexpectedly sharp rise in second-quarter profit'|'July 27, 2017 / 5:32 AM / 29 minutes ago Deutsche Bank sees lower 2017 revenues after mixed second quarter Tom Sims and Arno Schuetze 3 Min Read FILE PHOTO: A vintage clock with the logo of Deutsche Bank is pictured outside the bank''s branch in Wiesbaden, Germany, January 28, 2015. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - Deutsche Bank ( DBKGn.DE ) forecast lower full-year revenues and only a modest improvement in earnings on Thursday, after second-quarter sales were hit by a drop in capital markets trading. Germany''s biggest lender beat forecasts with a jump in quarterly net profit to 466 million euros ($547 million) from just 20 million a year earlier, helped by cost cutting. Analysts had forecast a profit of 273 million. However, total revenues were down 10 percent in the quarter to 6.6 billion euros, and Deutsche said it expected revenues of its operating businesses to be lower in 2017 than last year - compared with its previous guidance for a broadly flat outcome. Its shares were indicated 2.4 percent lower in pre-market trade. Related Coverage Deutsche Bank to recover $47 million in bonuses from former executives - sources "This reflects our expectation that market volatility and related client activity remain muted, whereas our macro outlook remains broadly positive," Deutsche said, referring to its full-year guidance. It added credit loss provisions were likely to increase in the second half after an unusually low first half. The bank''s post-tax return on average tangible equity for the full year will improve moderately, it added. Chief Executive John Cryan said the group''s second-quarter profitability fell short of its longer-term goals. "Revenues were not as universally strong as we would have liked, in large measure because of muted client activity in many of the capital markets," he said in a statement. Revenues at Deutsche''s cash-cow bond-trading division were down 12 percent in the quarter as lower market volatility led to less client trading of interest rate and foreign exchange products, while sales were down 28 percent in equity trading. The dip in debt trading compares with a 40 percent drop at Goldman Sachs ( GS.N ) and declines of 4 percent to 19 percent at Morgan Stanley ( MS.N ), Citigroup ( C.N ), Bank of America ( BAC.N ) and JPMorgan ( JPM.N ). The second-quarter slowdown has been blamed on a lack of events to spark a surge in trading, especially compared with a year ago, when Britain voted in June 2016 to leave the European Union. Low interest rates and a more guarded view on when rates will rise have added to that. Provisions for possible future legal action fell to 2.5 billion in the quarter, after the bank settled cases such as over the sale of toxic mortgages and sham Russian trades, leaving a probe into sanctions violations as the only large remaining litigation issue. Contingent liabilities were down to 1.8 billion. "Although in the first half of 2017 we recorded virtually no litigation expense we anticipate these expenses to be higher in the second half of 2017," Deutsche said. Reporting by Tom Sims and Arno Schuetze; Editing by Maria Sheahan and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-results-idUKKBN1AC0H6'|'2017-07-27T08:32:00.000+03:00'|5436.0|''|-1.0|'' -5437|'32ba40ea196920f2a00079ffc741466850037263'|'Muted inflation, wages keep Fed policymakers cautious'|'July 11, 2017 / 9:30 PM / 9 minutes ago Muted inflation, wages keep Fed policymakers cautious 3 Min Read The Federal Reserve building in Washington September 1, 2015. Kevin Lamarque (Reuters) - A day ahead of Federal Reserve Chair Janet Yellen''s testimony to Congress on the state of the U.S. economy, two of her colleagues cited low wage growth and muted inflation as reasons for caution on further interest rate increases. In recent months U.S. inflation has moved further below the Fed''s 2 percent target even as the labour market, as measured by a 4.4 percent unemployment rate, has strengthened. That disconnect has vexed policymakers, but Yellen has said the retreat in price pressures is likely temporary and signalled she is prepared to continue with rate hikes and a plan to start trimming the Fed''s $4.5 trillion balance sheet later this year. The Fed raised rates last month to a range of 1 percent to 1.25 percent. Fed Governor Lael Brainard supported the June rate rise and on Tuesday embraced the plan to reduce the balance sheet "soon," but suggested her support for any future rate increases will depend in part on how inflation shapes up. "I will want to monitor inflation developments carefully, and to move cautiously on further increases in the federal funds rate, so as to help guide inflation back up around our symmetric target," Brainard said, adding that she believes rates may need to top out near 2 percent, which would give the Fed little room to raise them further. At a separate event on Tuesday, Minneapolis Federal Reserve Bank President Neel Kashkari said he finds it hard to believe that the U.S. economy is in danger of overheating when wage growth is so low. FILE PHOTO - Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S. on March 1, 2017. Brian Snyder/File Photo Government data on Friday showed wage growth of just 2.5 percent annually in June. "I am looking for that wage growth as an indicator that, okay, maybe the economys overheating, maybe now we are going to start seeing inflation, maybe thats going to lead us to need to raise interest rates," Kashkari told the Minnesota Women''s Economic Roundtable. Kashkari this year voted against each of the Fed''s rate hikes. "It cant be that bad to find workers because if you really were having to compete with other companies to find the scarce talent, we would see wages climbing, and we are not seeing wages climbing very quickly," he said. Kashkari said that when businesses tell him they cannot find skilled workers, he tells them to provide training and to pay more. "The bottom line from my perspective is if there are good opportunities for your business, you will raise wages you will attract workers and you will grow your company," he said. The Fed''s next policy meeting is on July 25-26. Reporting by Lindsay Dunsmuir and Richard Leong; Editing by Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-brainard-idUKKBN19W2OJ'|'2017-07-12T00:29:00.000+03:00'|5437.0|''|-1.0|'' +5437|'32ba40ea196920f2a00079ffc741466850037263'|'Muted inflation, wages keep Fed policymakers cautious'|'July 11, 2017 / 9:30 PM / 9 minutes ago Muted inflation, wages keep Fed policymakers cautious 3 Min Read The Federal Reserve building in Washington September 1, 2015. Kevin Lamarque (Reuters) - A day ahead of Federal Reserve Chair Janet Yellen''s testimony to Congress on the state of the U.S. economy, two of her colleagues cited low wage growth and muted inflation as reasons for caution on further interest rate increases. In recent months U.S. inflation has moved further below the Fed''s 2 percent target even as the labour market, as measured by a 4.4 percent unemployment rate, has strengthened. That disconnect has vexed policymakers, but Yellen has said the retreat in price pressures is likely temporary and signalled she is prepared to continue with rate hikes and a plan to start trimming the Fed''s $4.5 trillion balance sheet later this year. The Fed raised rates last month to a range of 1 percent to 1.25 percent. Fed Governor Lael Brainard supported the June rate rise and on Tuesday embraced the plan to reduce the balance sheet "soon," but suggested her support for any future rate increases will depend in part on how inflation shapes up. "I will want to monitor inflation developments carefully, and to move cautiously on further increases in the federal funds rate, so as to help guide inflation back up around our symmetric target," Brainard said, adding that she believes rates may need to top out near 2 percent, which would give the Fed little room to raise them further. At a separate event on Tuesday, Minneapolis Federal Reserve Bank President Neel Kashkari said he finds it hard to believe that the U.S. economy is in danger of overheating when wage growth is so low. FILE PHOTO - Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S. on March 1, 2017. Brian Snyder/File Photo Government data on Friday showed wage growth of just 2.5 percent annually in June. "I am looking for that wage growth as an indicator that, okay, maybe the economys overheating, maybe now we are going to start seeing inflation, maybe thats going to lead us to need to raise interest rates," Kashkari told the Minnesota Women''s Economic Roundtable. Kashkari this year voted against each of the Fed''s rate hikes. "It cant be that bad to find workers because if you really were having to compete with other companies to find the scarce talent, we would see wages climbing, and we are not seeing wages climbing very quickly," he said. Kashkari said that when businesses tell him they cannot find skilled workers, he tells them to provide training and to pay more. "The bottom line from my perspective is if there are good opportunities for your business, you will raise wages you will attract workers and you will grow your company," he said. The Fed''s next policy meeting is on July 25-26. Reporting by Lindsay Dunsmuir and Richard Leong; Editing by Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-brainard-idUKKBN19W2OJ'|'2017-07-12T00:29:00.000+03:00'|5437.0|5.0|0.0|'' 5438|'a96984e7873b4eaf9fbd26c3c2cac9a796525d30'|'Deutsche Bank CEO says he has no plans step down: Die Zeit'|'FRANKFURT Deutsche Bank ( DBKGn.DE ) Chief Executive John Cryan has no plans to step down from running Germany''s biggest lender, he told German weekly Die Zeit in an interview.Cryan made the comments when asked whether the appointment of Christian Sewing and Markus Schenck as co-deputy CEOs earlier this year was meant to lay the groundwork for succession plans."You can be sure: I have no plans to go elsewhere, not for a long time," Cryan, who has been in the top job since 2015, told the paper.Cryan said he did not expect Deutsche Bank to make a loss this year. Analysts on average see Deutsche Bank posting a 2017 net profit of 2.29 billion euros ($2.59 billion), according to Thomson Reuters data.Cryan, who is British, also called for a quick end to a pay dispute between the supervisory board and former top executives.At issue is a move by the supervisory board to ensure former board members contribute to the costs of the bank''s past misconduct. Chairman Paul Achleitner told shareholders in May that an agreement would come soon, but discussions have dragged on."The earlier the topic is clarified, the better," Cryan told Die Zeit.He was also asked by the paper about one of his most prominent clients, U.S. President Donald Trump, who still owes the lender at least $130 million in loans for his real-estate ventures, according to an ethics disclosure last month.A small group of U.S. Democrats have been demanding that Deutsche Bank come forward with information on Trump as a client, but the bank has refused."Donald Trump himself revealed that he is among our customers, but we can''t say anything because of bank confidentiality laws," Cryan said."What gets lost in the debate is that at the time that Donald Trump received loans, he was a real-estate entrepreneur and not president," he added.(Reporting by Maria Sheahan; Editing by Balazs Koranyi/Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-bank-ceo-idUSKBN19Q1CP'|'2017-07-05T14:21:00.000+03:00'|5438.0|''|-1.0|'' 5439|'97f55976de5b09d9e6f9f42a2c9bc54b1720bfec'|'UPDATE 1-BNP Paribas posts smaller-than-expected fall in Q2 profit'|'Edition United States July 28, 2017 / 5:24 AM / in 12 hours BNP Paribas posts smaller-than-expected fall in second quarter profit 3 Min Read FILE PHOTO: The logo of BNP Paribas bank is pictured on an office building in Nantes, France, July 21, 2017. Stephane Mahe/File Photo PARIS (Reuters) - BNP Paribas, France''s biggest listed bank, posted a smaller than expected drop in second-quarter net income on Friday, as it benefited from cost cuts and stronger revenue in its investment banking division. BNP Paribas is overhauling business and chopping costs, as it invests to digitize more functions and to diversify activities even more into consumer finance or asset management to protect profits from a low interest rate environment. "CIB (corporate and institutional bank) had very good quarter," BNP Paribas said in a statement after it reported a 6.4 percent drop in net income to 2.396 billion euros, beating by far the average estimate of 1.91 billion in a Reuters poll of five analysts. CIB revenue rose 4.6 percent, as a 25.8 percent rise in equity trading and prime dealing services helped cushion a 15.9 percent fall in fixed income trading revenue. This compares with 1 percent rise for equities trading among five U.S. biggest banks on average and a 17 percent dip in fixed income trading. BNP has chosen to develop a strategy for corporate clients in Europe, called "One Bank", which focuses on cross-selling between divisions and aims at offering a wide range of products in order to win loyalty of companies. Its corporate banking revenue rose 13.5 percent, boosted by growth in cash management and trade finance. CIB expenses were down by 6.0 percent due to cost savings measures implemented as part of the banks transformation plan launched in the beginning of 2016, aimed at improving the pre-tax return on equity for the business to 19 percent in 2020 from 13.3 percent in 2016. Overall, revenue decreased to 10.94 billion euros from 11.32 billion a year earlier when it reported an exceptional capital gain of 597 million from the sale of a stake Visa Europe. Revenues also came in above the 10.84 billion euros expected by analysts, as stronger earnings in corporate and institutional banking, international financial services helped to offset a slight decline in European retail banking markets revenue. Reporting by Maya Nikolaeva and Julien Ponthus; Editing by Sudip Kar-Gupta and Leigh Thomas 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bnp-paribas-results-idUSKBN1AD0HZ'|'2017-07-28T08:39:00.000+03:00'|5439.0|''|-1.0|'' 5440|'cd2b69b6a18f0ebac4410906733fde1972df3953'|'Thousands of drivers suffer loss of power following VW emissions ''fix'' - Money - The Guardian'|'Motoring Thousands of drivers suffer loss of power following VW emissions ''fix'' 41,000 owners are bringing a class action against the manufacturer citing poor performance, worse fuel consumption and no compensation A Volkswagen is tested for diesel emissions but the fix appears to have made matters worse for many. Photograph: Patrick Pleul/AFP/Getty Images Motoring Thousands of drivers suffer loss of power following VW emissions ''fix'' 41,000 owners are bringing a class action against the manufacturer citing poor performance, worse fuel consumption and no compensation View more sharing options 16.02 BST Last modified on 18.32 BST More than half of VW, Audi and Skoda owners who had their cars fixed following the diesel-gate emissions scandal have subsequently suffered poor performance and worse fuel consumption, according to a legal firm behind a class action against VW. Up in smoke: the VW emissions fix has left our car undriveable Read more Around 41,000 owners have so far joined the action by Harcus Sinclair UK. VW has recalled 1.2m cars in the UK after it was caught cheating emissions tests two years ago , but growing numbers of owners are refusing to have the free work done because of the alleged post-fix problems. Harcus Sinclair says its survey found that 53%, or 2,706 drivers, had reported reduced fuel efficiency following the fix. More than 40% suffered reduced power and acceleration, while 739 reported a sudden loss of power as the car went into limp home mode. VW has so far refused to compensate those affected in the UK and has vowed to fight the legal action. Last month it also faced fresh allegations that the the fix for affected cars may not make a difference in the real world, following a leak of internal documents in German media. Damon Parker, head of litigation at Harcus Sinclair UK, said: These results show that the fix intended to reduce NOx emissions may, in fact, have a detrimental impact on the cars performance and running costs. It has been almost two years since the scandal was exposed and the only thing that UK consumers have been offered is a so-called fix. A survey of our clients suggests it has caused other mechanical problems, leading to greater inconvenience, anxiety over their cars safety and additional cost to them. Affected cars include VW, Audi, SEAT and koda with 1.2, 1.6 and 2.0 EA 189 diesel engines manufactured between 2009 and 2015. Most require a simple software upgrade, but some those with the 1.6 litre diesel engine have needed major work. Parker says the legal case will likely focus on whether the cars should have been certified as fit for sale as they allegedly produced higher emissions of NOx than the rules allowed due to their engines being fitted with a defeat device. The UK government has supported the fix which, for most vehicles, has been approved by German regulators. Transport minister, John Hayes, said in April that he was calling on VW to offer a compensation package to UK consumers. The Department for Environment, Food & Rural Affairs has said NOx emissions cause 23,000 premature deaths in the UK each year. In March, the Guardian featured the case of James Harrison who claimed that the fix had ruined his familys 2010 Golf 1.6 diesel. Following the work the car began to stall and was difficult to restart. Other VW owners have reported that components from the exhaust gas recirculation system and the diesel particulate filter are commonly in need of being replaced after the fix is applied. In some cases VW has paid for the work, but in others it has left the owner with large 1,000+ bills. A spokesman for VW said: This survey has been designed by a law firm to support the claim it is bringing for compensation against Volkswagen. We have serious misgivings about its impartiality and methodology. It is limited to the law firms clients who are likely to have different characteristics from the population of affected vehicle owners in the UK as a whole. Even among that interested group the survey response rate was less than 25%, and only half the respondents reported any problem. In stark contrast, in the UK Volkswagen has implemented the technical measures in over 720,000 vehicles and in over 5m vehicles across Europe. There is no systemic problem. The overwhelming majority of our customers have been fully satisfied. Put another way, around 5m customers have not reported any problems with the technical measures. He added: We also want to stress that the technical measures do not affect the performance or safety of a vehicle. Implementation of the technical measures does not cause limp home mode to engage nor does it increase the incidence of limp home mode occurring. An investigation by the BBCs Watchdog programme into cars losing power is on BBC 1 tonight at 8pm. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jul/12/drivers-loss-of-power-vw-emissions-fix-class-action'|'2017-07-12T23:02:00.000+03:00'|5440.0|''|-1.0|'' @@ -5474,7 +5474,7 @@ 5472|'87fb9c3abbdc0c2ca938e6c2d2cffd4c30053e7c'|'DX Group top bosses to go as business separates into two units'|'July 14, 2017 / 7:09 AM / 2 minutes ago DX Group top bosses to go as business separates into two units Reuters Staff 2 Min Read (Reuters) - British mail delivery company DX Group ( DXDX.L ) said on Friday its chief executive and finance director will step down with immediate effect and it will separate its operations into courier and freight divisions. The reorganisation follows DX''s agreement in June to acquire John Menzies'' ( MNZS.L ) distribution arm via a reverse takeover. DX said it would split its business into DX Express and DX Freight and the reorganisation would give greater flexibility in managing costs. Nick Cullen, its current chief operations officer will head DX Express and Stuart Godman, currently chief commercial officer, will be head of DX Freight, it said. Chief Executive Officer Petar Cvetkovic and Finance Director Daljit Basi will step down from the board On July 7 the group said it had made changes to internal businesses processes at its collection and delivery service DX Exchange, after a preliminary police investigation last month which was later dropped. "The changes we are making both to the board of directors and to the group''s operational structure are aimed at supporting business transformation," Chairman Bob Holt said in a statement. DX Express will comprise the DX Exchange, DX Secure, the courier operations and mail activities while DX Freight will comprise Logistics, DX 1-Man, and DX 2-Man, the company said. DX is preparing to buy Menzies'' distribution arm in a deal aimed at bolstering DX after a February profit warning that cited a challenging courier market and margin pressure in its freight business. DX is one of several big operators in the crowded parcels market, where DHL-owner Deutsche Post ( DPWGn.DE ) has bulked up by buying UK Mail UKM.L and Amazon ( AMZN.O ) has started its own deliveries. Reporting by Rahul B in Bengaluru; Editing by Susan Fenton and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dx-restructuring-idUKKBN19Z0KF'|'2017-07-14T10:08:00.000+03:00'|5472.0|''|-1.0|'' 5473|'939285d97f8b1ac820d3aa6c357fdd32d4c23b45'|'Daimler to spend $255 million updating diesel cars'|'The Mercedes-Benz logo is seen before the company''s annual news conference in Stuttgart, Germany, February 4, 2016. Michaela Rehle/File Photo FRANKFURT (Reuters) - Daimler ( DAIGn.DE ) said its management board had approved measures to cut diesel pollution including an investment of 220 million euros ($255 million) to update over three million Mercedes-Benz diesel engine cars in Europe.The measures come after German lawmakers last week summoned Mercedes-Benz executives to question them about emissions. At the time the carmaker agreed with the Transport Ministry to undergo another round of emissions tests."The company is investing about 220 million euros. The service actions involve no costs for the customers," Daimler said in a statement on Tuesday, adding that the updates would commence in the coming weeks.Daimler further said it would roll out its new four-cylinder OM 654 diesel engine, first launched in the new E-Class in 2016, across its entire model portfolio.After Volkswagen ( VOWG_p.DE ) confessed to deliberate emissions cheating in 2015, the entire auto industry has come under scrutiny for producing nitrogen oxide emissions in diesel cars, which are blamed for causing respiratory disease.In May, 23 prosecutors and around 230 staff, including police and state criminal authorities, searched Daimler sites in Germany following allegations of false advertising and the possible manipulation of exhaust gas treatment systems in diesel cars.Daimler has said its vehicles are road legal but also warned investors in its quarterly report that steps by U.S. authorities to investigate "functionalities", including some which it said were common in diesel vehicles, could lead to significant penalties and vehicle recalls.Reporting by Edward Taylor; Editng by Victoria Bryan '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-daimler-emissions-mercedes-idUSKBN1A31T1'|'2017-07-18T18:51:00.000+03:00'|5473.0|''|-1.0|'' 5474|'d73cc377e83a87610964419964caa0f190642118'|'World stocks run win streak to nine days as earnings heat up'|'July 19, 2017 / 9:43 AM / 19 minutes ago World stocks run win streak to nine days as earnings heat up Lewis Krauskopf 4 Min Read An employee of Tokyo Stock Exchange dressed in ceremonial kimono works at the bourse after its New Year opening ceremony in Tokyo January 4, 2012. Kim Kyung-Hoon/Files NEW YORK (Reuters) - A gauge of global stocks climbed for a ninth straight session on Wednesday after a slew of corporate earnings reports in the United States and Europe, while the dollar bounced moderately off of 10-month lows. The S&P 500 and Nasdaq hit intraday record highs, picking up from strong performances by major European stock indexes. After decent gains in Asia on the back of positive signs from global economic powerhouse China, MSCI''s world stocks index looked set for a ninth day of gains which would mark its longest winning streak since October 2015. The global index gained 0.33 percent, setting a record high for a fifth straight session. In the U.S., the earnings season seems to be surprising a little bit on the upside," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland. "What we have seen recently in the economic reports suggests it should be even better overseas ... So we have come to the point where things looks pretty good in the U.S. and it looks even better in prospect overseas, so whats not to like about equities." The Dow Jones Industrial Average rose 25.24 points, or 0.12 percent, to 21,599.97, the S&P 500 gained 6.44 points, or 0.26 percent, to 2,467.05 and the Nasdaq Composite added 28.45 points, or 0.45 percent, to 6,372.76. Morgan Stanley shares climbed 2.4 pct after the bank''s profit report. Biotech Vertex soared 22.2 pct after stunning cystic fibrosis drug data. Not all was rosy in earnings season, as IBM shares dropped 3.8 pct after its report. About a week into the heart of second-quarter reporting season, S&P 500 earnings are now expected to rise 8.7 percent, up from an expectation of an 8-percent rise from the start of July, according to Thomson Reuters I/B/E/S. In Europe, the pan-European FTSEurofirst 300 index rose 0.67 percent. Dutch semiconductor equipment maker ASML''s shares gained 6.2 pct after the firm''s quarterly report, boosting the region''s tech sector. "We would like to see those stronger earnings coming through and Europe really turning a corner," said Dafydd Davies, partner at Charles Hanover Investments. The dollar edged higher against a basket of currencies a day after the greenback''s sharp decline sparked by a fresh setback to President Donald Trump''s domestic agenda. The dollar index rose 0.13 percent, with the euro down 0.24 percent to $1.1524. Investors remained wary of pushing the U.S. currency lower before meetings this week with the European Central Bank and the Bank of Japan. Market watchers will be looking to see if the recent strength of the euro and the yen influence their policy outlooks. U.S. Treasury yields were little changed on light trading volume with benchmark yields hitting their lowest levels in nearly three weeks in advance of Thursday''s ECB meeting. Benchmark 10-year notes last fell 1/32 in price to yield 2.2642 percent, from 2.263 percent late on Tuesday. Oil prices jumped, extending gains after a U.S. government report showed a bigger weekly draw than forecast in crude and gasoline stocks along with a surprise drop in distillate inventories. U.S. crude rose 1.31 percent to $47.01 per barrel and Brent was last at $49.50, up 1.35 percent on the day. Additional reporting by John Geddie and Kit Rees in London; editing by Alexander Smith and Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN1A40T6'|'2017-07-19T18:56:00.000+03:00'|5474.0|''|-1.0|'' -5475|'4f74421db38dc4983a639d1d9b7d41a348fc6a77'|'United Airlines is testing a novel way to bump passengers'|'IT IS a classic travellers dilemma: you are waiting in the boarding area for your flight, and an airline employee asks over the loudspeaker if anyone is willing to be bumped in exchange for a voucher. You like the idea of sacrificing the unimportant meeting you were scheduled to attend in return for a few hundred dollars of travel credit. Then again you do not fancy explaining this to your colleagues, or sitting about in an airport for three hours waiting for the next flight.Now imagine that instead of having to make this decision just before you board, you could do it do it several days in advance, in the comfort of your home. Changes the equation a bit, does it not? 31 United Airlines is contemplating a new scheme along these lines, called the Flex-Schedule Program. If a flight is overbooked, or looking like it might be, United will contact passengers who have signed up to the scheme up to five days ahead of departure. They will be given the option of switching to a less popular flight on the same day between the same airports, in exchange for a travel voucher worth as much as $250.The idea is good news for flyers with flexible travel schedules who prefer to avoid the stress of a last-minute flight change. But it was born of decidedly unhappy events for United and its flyers, most infamously the incident in April in which a passenger who refused to give up his seat to accommodate off-duty airline staff was dragged from the plane and bloodied. That PR disaster, which was compounded when Uniteds boss initially blamed the customer for his intransigence, forced it into damage-control mode. The carrier quickly made ten policy changes , including ending the practice of bumping passengers without their consent once they have boarded the plane, and increasing the compensation available to bumped flyers to $10,000. (Congress is now working to ban involuntary bumping altogether.)Evidently the airline has no desire to hand over $10,000 to customers, even though it likely that flyers will bite long before that figure is reached. But the new scheme is more than just a cure for involuntary bumping. It is also a way for United to boost its profits. Bloomberg spoke with Azim Barodawala, the chief executive of Volantio, which crafted the technology behind the Flex-Schedule Program. It pitched the scheme to United as a way to free up high-demand seats that could then be sold to people willing to pay more for them. According to Bloomberg , in a meeting between Mr Barodawala and United executives it was posited that the programme could increase profits by over $100m a year.For once, what is good for an airlines revenue does not seem to be bad for its passengers. United will remove a constraint on the seat-pricing processnamely, that once a person has bought a ticket, the price cannot be changedand open it up to something closer to the free market. For a leisure traveller who bought a ticket two months in advance, switching to a flight a few hours later might make no difference, other than the $250 voucher he can pocket. But for a business traveller buying a last-minute ticket in order to make an important meeting, getting on that specific flight can be a necessity, well worth paying hundreds of dollars extra for. The airline will not complain if, by playing middleman, it nets the difference between the additional amount the business flyer is willing to pay and the voucher the holidaymaker receives.If all goes as planned, United will not be the only airline to test the idea. According to Bloomberg , Australias Tiger Airways will unveil its own programme with Volantio next month, with Alaska Air joining in September and Qantas by October. And Mr Barodawala envisions a similar system for hotelspaying someone to move from one branch of a chain to another nearby, if the former is in high demand for a conference or other event.Generally, the trend toward more stratification in travel has been bad for travellers. (See economy, basic .) But for onceand even if it took a disastrous few months for United to adopt the ideathis move to separate flexible budget-conscious travellers from those with more resources seems like a winner.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/blogs/gulliver/2017/07/sleep-it?fsrc=rss'|'2017-07-18T19:31:00.000+03:00'|5475.0|''|-1.0|'' +5475|'4f74421db38dc4983a639d1d9b7d41a348fc6a77'|'United Airlines is testing a novel way to bump passengers'|'IT IS a classic travellers dilemma: you are waiting in the boarding area for your flight, and an airline employee asks over the loudspeaker if anyone is willing to be bumped in exchange for a voucher. You like the idea of sacrificing the unimportant meeting you were scheduled to attend in return for a few hundred dollars of travel credit. Then again you do not fancy explaining this to your colleagues, or sitting about in an airport for three hours waiting for the next flight.Now imagine that instead of having to make this decision just before you board, you could do it do it several days in advance, in the comfort of your home. Changes the equation a bit, does it not? 31 United Airlines is contemplating a new scheme along these lines, called the Flex-Schedule Program. If a flight is overbooked, or looking like it might be, United will contact passengers who have signed up to the scheme up to five days ahead of departure. They will be given the option of switching to a less popular flight on the same day between the same airports, in exchange for a travel voucher worth as much as $250.The idea is good news for flyers with flexible travel schedules who prefer to avoid the stress of a last-minute flight change. But it was born of decidedly unhappy events for United and its flyers, most infamously the incident in April in which a passenger who refused to give up his seat to accommodate off-duty airline staff was dragged from the plane and bloodied. That PR disaster, which was compounded when Uniteds boss initially blamed the customer for his intransigence, forced it into damage-control mode. The carrier quickly made ten policy changes , including ending the practice of bumping passengers without their consent once they have boarded the plane, and increasing the compensation available to bumped flyers to $10,000. (Congress is now working to ban involuntary bumping altogether.)Evidently the airline has no desire to hand over $10,000 to customers, even though it likely that flyers will bite long before that figure is reached. But the new scheme is more than just a cure for involuntary bumping. It is also a way for United to boost its profits. Bloomberg spoke with Azim Barodawala, the chief executive of Volantio, which crafted the technology behind the Flex-Schedule Program. It pitched the scheme to United as a way to free up high-demand seats that could then be sold to people willing to pay more for them. According to Bloomberg , in a meeting between Mr Barodawala and United executives it was posited that the programme could increase profits by over $100m a year.For once, what is good for an airlines revenue does not seem to be bad for its passengers. United will remove a constraint on the seat-pricing processnamely, that once a person has bought a ticket, the price cannot be changedand open it up to something closer to the free market. For a leisure traveller who bought a ticket two months in advance, switching to a flight a few hours later might make no difference, other than the $250 voucher he can pocket. But for a business traveller buying a last-minute ticket in order to make an important meeting, getting on that specific flight can be a necessity, well worth paying hundreds of dollars extra for. The airline will not complain if, by playing middleman, it nets the difference between the additional amount the business flyer is willing to pay and the voucher the holidaymaker receives.If all goes as planned, United will not be the only airline to test the idea. According to Bloomberg , Australias Tiger Airways will unveil its own programme with Volantio next month, with Alaska Air joining in September and Qantas by October. And Mr Barodawala envisions a similar system for hotelspaying someone to move from one branch of a chain to another nearby, if the former is in high demand for a conference or other event.Generally, the trend toward more stratification in travel has been bad for travellers. (See economy, basic .) But for onceand even if it took a disastrous few months for United to adopt the ideathis move to separate flexible budget-conscious travellers from those with more resources seems like a winner.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/blogs/gulliver/2017/07/sleep-it?fsrc=rss'|'2017-07-18T19:31:00.000+03:00'|5475.0|9.0|0.0|'' 5476|'8eeed9ffbba577934cc91e8dfd3621dff6c4466a'|'Amazon''s big profit miss spooks investors, but analysts'' stay bullish'|'July 28, 2017 / 1:41 PM / in 2 hours Amazon''s big profit miss spooks investors, but analysts stay bullish Sweta Singh and Ankur Banerjee 3 Min Read (Reuters) - A steeper-than-expected drop in quarterly profit rattled some Amazon.com ( AMZN.O ) investors, but Wall Street analysts remained largely bullish about the company''s aggressive spending plans. Shares of the e-commerce juggernaut, which have risen 40 percent this year, were down 4.3 percent at $1,001 in early trading on Friday, wiping out $21 billion from its market value. The stock touched a record high on Thursday, helping CEO Jeff Bezos briefly unseat Microsoft Inc ( MSFT.O ) co-founder Bill Gates as the world''s richest person. "The overall story coming out of Amazon''s second quarter print feels a lot like it did three months ago accelerating growth, stepped-up investments, lower near-term profitability," J.P. Morgan analyst Doug Anmuth said. "But will anyone care about profit when Amazon is taking bigger chunks of market share?" The world''s largest online retailer reported a better-than-expected rise in revenue, but operating profit came in well short of analysts'' estimate as the company continued to pump in money to expand in international markets such as India. The company also guided to a possible operating loss for the current quarter. Amazon, which started as an online bookseller, has forayed into areas that historically had barriers to e-commerce. The company''s recent $13.7 billion acquisition of Whole Foods Markets Inc ( WFM.O ) is testimony to Bezos'' far-reaching ambition. People pass a signage at Amazon''s Prime Now fulfillment centre in Singapore July 27, 2017. Edgar Su At least four brokerages, including J.P. Morgan, raised their price targets on the stock. Morgan Stanley, however, trimmed its price target by $50 to $1,150 based on valuation. The median price target is $1,150, indicating a 9.9 percent upside to Thursday''s close. Amazon currently trades 115.8 times its 12-months forward earnings. This compares with Microsoft''s 22.43 and Alphabet Inc''s ( GOOGL.O ) 26.45. The two compete with Amazon''s market leading cloud computing business, Amazon Web Services (AWS). PE is widely used on Wall Street to gauge the relative value of stocks although it is not the only such metric. AWS continued to be the company''s cash cow, bringing in $4.1 billion in sales, a 42 percent jump. Chief Financial Officer Brian Olsavsky said on a post-earnings call that the AWS unit would expand in France, Sweden and China in the near future. "We believe the company''s ongoing heavy investments in fulfillment capacity, video content, and AWS are to match with its substantial growth rates, and should not be viewed negatively," Needham & Co analyst Kerry Rice said, who views the pullback in the stock as a "buying opportunity." (This version of the story has been refiled to remove apostrophe from headline) Reporting by Sweta Singh and Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-amazon-com-results-research-idINKBN1AD1OM'|'2017-07-28T16:41:00.000+03:00'|5476.0|''|-1.0|'' 5477|'46f94b49840568804a01af375cf73b024650ea79'|'Oil climbs for sixth day, near eight-week highs on U.S. crude stock declines'|'July 28, 2017 / 1:06 AM / an hour ago Oil extends gains, on track for biggest weekly rise this year Devika Krishna Kumar 4 Min Read Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. Picture taken March 24, 2016. Nick Oxford NEW YORK (Reuters) - Oil prices edged up on Friday, reaching two-month highs and on track to post the strongest weekly percentage gains this year amid short covering and as investors digested signs of easing oversupply. U.S. crude and gasoline inventories fell much more steeply than expected this week and the world''s biggest oil exporter Saudi Arabia said it would further reduce oil output in August. Brent crude futures were up 86 cents at $52.35 a barrel at 11:35 a.m. EDT (1535 GMT) after reaching a two-month high of $52.68 a barrel. The front of the crude oil curve jumped into backwardation however, with the month-ahead trading above the subsequent month, showing investors are not expecting recent gains to last. Short covering in the September contract contributed to the rally in the front-month spread, traders said. Physical markets have firmed due in large part to very strong refining margins. Royal Dutch Shell Plc extended its force majeure on exports of Nigeria''s Bonny Light crude oil to cover the outage of the Trans Niger pipeline, a statement from the company said on Friday, providing further support to Brent crude. U.S. West Texas Intermediate (WTI) crude futures were up 57 cents at $49.61 a barrel, after also touching a two-month peak of $49.78 a barrel. Both Brent and WTI contracts are set to post their biggest weekly percentage gains this year with a rise of more than 8 percent. "Both markets are seeing a strong move in spreads through most of 2017 and 2018 due to shorts covering into heavy producer flow," said Scott Shelton, broker at ICAP in Durham, North Carolina. "Overall, I think the bullish demand story is taking the headlines away from the supply story as products are strong globally when refinery runs are maxed and that implies that current demand expectations could be significantly below reality." The gains in Brent pushed the difference between the two benchmarks to the widest in two months. "We also see tightness in August RBOB gasoline going into Monday''s contract expiration, with futures traders apparently caught short by the inventory data for last week," Tim Evans, Citi Futures'' energy futures specialist, said in a note. U.S. gasoline futures for delivery in August were up more than 1 percent at the highest since May 24. U.S. crude stocks fell sharply by 7.2 million barrels in the week to July 21 due to strong refining activity and an increase in exports, according to data from the Energy Information Administration (EIA). Gasoline stocks fell by 1 million barrels, compared with analyst expectations for a 614,000-barrel drop. [EIA/S] Brimming U.S. crude supplies have challenged production cuts to prop up prices led by the Organization of the Petroleum Exporting Countries, meaning weekly U.S. inventory data is closely watched. However, some analysts'' assessments of the oil market remained bearish. "We believe the latest price rise is on a fragile footing," analysts at Commerzbank said, adding OPEC production was likely to rise in the coming months as the group has not officially capped output from members Libya and Nigeria. Investors were eyeing an update on the U.S. rig count expected later on Friday to assess any signs of a slowing down in drilling activity. Additional reporting by Karolin Schaps in London, Jane Chung in Seoul; Editing by Adrian Croft and Chris Reese 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN1AD04I'|'2017-07-28T04:04:00.000+03:00'|5477.0|''|-1.0|'' 5478|'6b3c301b2d68bbca5b5724e814572cb519ac09ce'|'Kors needs to buckle down for Jimmy Choo deal to shine'|'July 28, 2017 / 3:57 PM / 23 minutes ago Kors needs to buckle down for Jimmy Choo deal to shine Gayathree Ganesan and Siddharth Cavale 4 Min Read The logo of Michael Kors is seen on an outlet store in Metzingen, Germany, June 16, 2017. Michaela Rehle (Reuters) - U.S. retailer Michael Kors ( KORS.N ) is betting that its acquisition of storied shoemaker Jimmy Choo will give sales a much-needed boost, but lingering problems at Kors'' core bag business could delay potential benefits. Kors said earlier this week it would buy Jimmy Choo for $1.2 billion and plans to expand the line by opening more stores, especially in Asia. Jimmy Choo, whose towering stilettos were made famous by characters in the popular TV series "Sex and the City," is synonymous with affluence, and somewhat at odds with Kors'' image of accessible luxury. It could be argued that Jimmy Choo will give Kors''s tumbling sales and stock a leg up, but experts said Kors'' expansion plans could dilute the shoemaker''s brandname. "Revenue expansion doesn''t come from opening stores today, but figuring out how to unlock the e-commerce component and (Kors) haven''t proven that they get that either," said Eric Schiffer, CEO of private equity firm Patriarch Organization. Kors has made this mistake before. Once a seller of popular Mercer and Hamilton handbags, Kors put its wares too quickly on too many shelves, making them ubiquitous. Since then, the company has struggled to come up with designs that have caught the fancy of the well-heeled buyer, who have gravitated toward bags offered by Coach Inc ( COH.N ) and Tory Burch. Kors'' has been trying to stem the sales declines by expanding into dresses, menswear and online, but has had little success. "If (Kors) had fixed their U.S. market, if they''d shown improvements there and then made this acquisition, people would be a lot more comfortable with it," said Gabriella Santaniello, analyst at A-Line partners. "For (Jimmy Choo), I could see them opening in another market but I think that is what makes everyone nervous. It is like: "Look what they did with the Michael Kors brand, are they going to do that to Jimmy Choo?" Products are displayed in the window of the Jimmy Choo store in New York City, U.S., April 24, 2017. Brendan McDermid Multibrand Strategy Kors'' rival Coach Inc ( COH.N ) faced similar problems not so long ago. But Coach responded quickly, by tightening supplies to department stores to regain its luxury cachet, before diversifying with the buyout of upscale shoemaker Stuart Weitzman in 2015. The company recently bought smaller rival Kate Spade, whose products are a hit with millennials. Both retailers seem to be looking to emulate the successful multibrand strategy employed by European companies LVMH ( LVMH.PA ) and Kering SA ( PRTP.PA ), where cash flows from one large brand are reinvested into smaller but faster growing ones. These two companies have grown into luxury powerhouses by buying multiple luxury brands such as Christian Dior, Tag Heuer, Gucci, and Alexander McQueen. Kors'' CEO John Idol said the company would look to grow by buying more globally recognized luxury brands like Jimmy Choo. "... we are really looking to build an international luxury company and less so brands that ... have a greater reliance on wholesale than its own retail strategy," he said on a conference call on Tuesday. Idol said Jimmy Choo would be run independently with minimal interference from Kors'' management and that he doesn''t want the two brands to be linked with each other. But analysts said while this could be the right approach for Coach, which has a creative, forward-thinking team, it could overwhelm Kors, at least initially. Kors will need to have a deep understanding of demand, it will have to innovate to drive excitement, maintain the trueness of the brands it acquires, and little or no overlap with other brands in its portfolio, said Jason Green, CEO of customer strategy firm Cambridge Group. For now at least, analysts said, Kors should be looking to walk before it runs. Reporting by Gayathree Ganesan and Siddharth Cavale in Bengaluru; Editing by Sayantani Ghosh 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-jimmy-choo-m-a-kors-strategy-idUKKBN1AD22S'|'2017-07-28T18:53:00.000+03:00'|5478.0|''|-1.0|'' @@ -5506,7 +5506,7 @@ 5504|'f3d9327b3cdddeadf57d54c06ef9d2f93484121d'|'Energy Future warns delay would kill Oncor sale to Buffett'|'July 26, 2017 / 7:21 PM / an hour ago Energy Future warns delay would kill Oncor sale to Buffett Jessica DiNapoli 2 Min Read FILE PHOTO: Berkshire Hathaway CEO Warren Buffett visits the BNSF booth before the Berkshire Hathaway annual meeting in Omaha, Nebraska, U.S. May 6, 2017. Rick Wilking/File Photo WILMINGTON, Del. (Reuters) - Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) will walk away from its $9 billion acquisition of Oncor Electric Delivery Co if the deal is delayed, an attorney for the parent company of Texas'' largest utility told a bankruptcy judge on Wednesday. Energy Future Holdings Corp, the bankrupt owner of Oncor, disclosed Berkshire Hathaway''s warning as the judge considers a request by the utility''s biggest creditor, hedge fund Elliott Management Corp, to hold up the deal with Buffett so it can put together its own $9.3 billion bid for Oncor. "(Berkshire Hathaway) may not go away forever, but they have told us and we have no reason to doubt them, that they will go away," Energy Future''s lawyer Chad Husnick told U.S. bankruptcy court Judge Christopher Sontchi at a hearing in Wilmington, Delaware. "They may come back but it''s ... going to be for a lower price," Husnick added. Berkshire Hathaway''s deal for Oncor is due to be approved by a bankruptcy court on Aug. 10, but Elliott is asking for a delay of 35 to 40 days so it can put together financing for its own bid for the utility. If Elliott''s request for a delay is granted, Berkshire has the right to end its deal, according to court papers. Energy Future filed bankruptcy three years ago, and two earlier deals for Oncor fell apart after facing regulatory hurdles. Reporting by Jessica DiNapoli in Wilmington, Delaware; Additional reporting by David French in New York; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-oncor-m-a-idUSKBN1AB2PK'|'2017-07-26T22:20:00.000+03:00'|5504.0|''|-1.0|'' 5505|'5173db40d58cce33ab54a5700413823f30d586f9'|'U.S. prosecutors ask judge to silence Shkreli during trial'|'Business News - Wed Jul 5, 2017 - 12:39am BST U.S. prosecutors ask judge to silence Shkreli during trial Martin Shkreli, former chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, departs after a hearing at U.S. Federal Court in Brooklyn, New York, U.S., June 26, 2017. REUTERS/Lucas Jackson By Jessica DiNapoli - NEW YORK NEW YORK Federal prosecutors on Monday asked a U.S. judge for a gag order muzzling former drug company executive Martin Shkreli, on trial for securities fraud charges, arguing that his statements to media could taint the jury and disrupt the case, court papers show. Shkreli''s attorney, Benjamin Brafman, asked the judge that day to reject the request on the grounds that his client had a First Amendment right to speak freely, according to the filings. Shkreli last week told reporters outside the court that an alleged victim of his was not actually a victim because she made money from his investments, attorneys for the U.S. government told U.S. Judge Kiyo Matsumoto in a letter on Monday. He also directly spoke on camera to a journalist and appeared to be commenting on the case on social media platform Twitter under the handle @BLMBro, they added. Brafman said Shkreli was in a delicate emotional state, and believed that the press focuses unfairly on some of his negative characteristics. "His comments are the somewhat natural, though unfortunate consequence of a young man with a demonstrated history of significant anxiety being at the centre of a supremely difficult time in his life," Brafman wrote in the filing. Dubbed the "pharma bro," Shkreli, 34, gained notoriety for raising the price of a life-saving drug by 5,000 percent. The charges he faces stem from his management of pharmaceutical company Retrophin Inc ( RTRX.O ) and the hedge fund MSMB Capital Management from 2009 to 2014. Prosecutors have claimed that Shkreli engaged in a Ponzi-like scheme in which he defrauded investors in MSMB and took $11 million (8.5 million) in assets from Retrophin to repay them. Shkreli has pleaded not guilty to charges that include securities fraud and conspiracy to commit wire fraud. Federal prosecutors have asked Judge Matsumoto sequester the jury in the event that the court does not issue the gag order. In their letter, federal prosecutors said Shkreli visited reporters in a court breakroom last week and remarked on the credibility of witnesses who testified. Prosecutors also wrote that Shkreli on YouTube had identified himself as BLMBro. The BLMBro Twitter account has posted stories critical of witnesses and evidence in the trial, they added. Shkreli in January was suspended from Twitter for harassing a female journalist. Brafman has argued that Shkreli is a misunderstood genius who earned his wealthy investors millions of dollars. (Reporting by Jessica DiNapoli in New York; Editing by Richard Chang) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-crime-shkreli-idUKKBN19P2MI'|'2017-07-05T02:28:00.000+03:00'|5505.0|''|-1.0|'' 5506|'a80114616812cc10c99f0c6e06d71b7bd1d0f54f'|'Qatar signals LNG price war for market share in Asia'|'Energy - Wed Jul 5, 2017 - 10:48am BST Qatar signals LNG price war for market share in Asia A man looks as the world''s biggest Liquefied Natural Gas (LNG) tanker DUHAIL as she crosses through the Suez Canal April 1, 2008. The Qatari tanker, which was built to transfer LNG from Qatar to Europe and the U.S., is on her first trip ever from Qatar to Spain. REUTERS/Stringer (EGYPT) - RTR1YZYN By Henning Gloystein and Mark Tay - SINGAPORE SINGAPORE Qatar''s plan to boost liquefied natural gas (LNG) output by 30 percent is the opening shot in a price war for customers in Asia pitting the Gulf state against competitors from the United States, Russia and Australia. Qatar, facing regional isolation in a diplomatic dispute with its Gulf neighbors, took energy markets by surprise on Tuesday when it said it would raise its LNG production to 100 million tonnes per year - equivalent to a third of current global supplies - within the next five to seven years. It suggests the wealthy kingdom is preparing for a lengthy battle with Saudi Arabia, Egypt, the United Arab Emirates and Bahrain, who were due to meet on Wednesday to decide whether to continue sanctions they imposed on Qatar over accusations it was aiding terrorism and courting regional rival Iran. Qatar''s move will add gas to an already oversupplied market in a thinly disguised challenge to other exporters who are also raising their output. With low production costs and infrastructure already in place, Qatar is well placed to come out on top, analysts say. Flooding the market with more LNG will help defend its place as the world''s top exporter, a position challenged by Australia. "Qatar is losing market share, so it could be about becoming number one again in LNG," said Neil Beveridge, senior oil and gas analyst at research and brokerage firm Sanford C. Bernstein. FOCUS ON ASIA LNG is super-cooled natural gas that is transported on tankers around the world. Long a niche product, it has become an industry darling as natural gas is a cleaner fossil fuel than oil or coal and is also versatile, with potential uses ranging from power generation to heating and as a transport fuel. For an interactive graphic on Qatar, click tmsnrt.rs/2sinDGg U.S. and European oil majors such as Royal Dutch Shell and Chevron have invested huge sums over the last decade - often more than they have spent on oil - in an attempt to dominate the LNG market, especially through mega-projects in Australia such as Chevron''s Gorgon or Shell''s Prelude. The main battleground for LNG market share is Asia, which consumes 70 percent of the fuel and where it is seen as a key fuel to meet soaring energy demand without the rampant pollution that comes with coal. The world''s biggest LNG buyers are utilities, especially from Japan and South Korea. Sources at these utilities said they were surprised by Qatar''s move. "We would have to figure out why Qatar is planning to boost its output.. We don''t have plans yet to import new LNG cargoes from Qatar," said Kim Young-ki, a spokesman at Korea Gas Corp. (KOGAS), one of the world''s biggest single LNG buyers. RAMPING UP PRODUCTION Qatar''s announcement came just a day after Iran signed its first deal with France''s Total and China''s state-owned oil company CNPC to produce gas from a field it shares with Qatar. Beveridge, at Sanford C. Bernstein, said Qatar''s move to raise output "could be a response to Total restarting development work" on Iran''s side of the gas reserves. Trying to cement its own market share, Russia''s Gazprom the world''s biggest single producer of natural gas, said late on Tuesday that it would start pumping gas to China through a new pipeline by late 2019, earlier than many expected. China is already the top consumer of most commodities, including oil and coal, and as part of a huge investment program to expand its LNG and pipeline infrastructure it is also on its way to become a top natural gas user. Australia has invested hundreds of billions of dollars in a bid to overtake Qatar as the world''s top LNG exporter by 2019, a challenge Qatar is now rising to. Qatar, whose state-owned Qatar Petroleum has partnered with U.S. oil giant Exxon Mobil to produce its LNG, has a strong interest in defending its position. LNG, as well as exports of condensate, a super-light form of crude oil that''s a byproduct of gas extraction, have made Qatar rich despite a 70 percent fall in LNG prices and a more than 50 percent drop in oil prices since 2014. Ramping up LNG exports to 100 million tonnes a year would, at current prices, reap revenues of around $30 billion, with another $6 billion coming from condensate. That equates to $120,000 per person, helping Qatar to become the world''s richest nation, according to the World Bank. STIFF COMPETITION The main producers challenged by Qatar''s move are those who have yet to attract a final investment decision, especially in the United States. So far only Cheniere exports U.S. LNG, but there are proposals with a total capacity of 150 million tonnes per year. Chong Zhi Xin, at energy consultancy Wood Mackenzie, said Qatar''s low cost LNG expansion "is pushing a lot of new projects out of the market". Flooding the market with more LNG at a time of oversupply and when buyers are reluctant to sign on new long-term contracts which have so far dominated supplies is expected to boost trading in Asia''s spot LNG market, which currently makes up just 15 percent of overall supplies, as more uncontracted supply gets exchanged according to short-term demand. The winners in this aggressive fight for market share are consumers. "Expansion of LNG capacity translates to lower for longer LNG prices," said Kerry Anne Shanks, head of Asia gas and LNG research at Wood Mackenzie. "That''s good news for gas buyers." (Reporting by Henning Gloystein and Mark Tay; Additional reporting by Aaron Sheldrick in TOKYO, Jane Chung in SEOUL; Writing by Henning Gloystein; Editing by Alex Richardson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-qatar-lng-idUKKBN19Q0YX'|'2017-07-05T12:33:00.000+03:00'|5506.0|''|-1.0|'' -5507|'6363521c02f6d1279ac3082c089726cd4d555570'|'Craft beer in America goes flat'|'JULY 4th is a day to celebrate American independence, first and foremost, but also to grill meat and swill beer. For American beer lovers in particular, the pint-glass runneth over in terms of choice. They had 5,000 breweries to pick from this year; 35 years ago there were under 100. Drinkers can enjoy time-honoured traditions, guzzling Budweiser to wash down all that sizzling beef, and newer ones such as sipping ale finished with fennel, liquorice and anise at Trst, a Brooklyn bar.For the producers of beer, the mood is darker. Though the number of brands has proliferated, the number of drinkers has not. Sales have been flat for a few years and 2017 has been especially slow so far. The volumes of beer sold at stores for the three months to June 17th were 1% lower than in the same period last year, according to Nielsen, a market-research firm. Brewers are now waiting with some anxiety for data about sales during the July 4th holiday. The start of the year has been as bad as I can remember, says Trevor Stirling of Sanford C. Bernstein, a research firm. The dip is the result of two problems, one old and one new. First, the consumption of wine and spirits is growing more quickly than that of beer, and has been for nearly 20 years. Women are drinking more booze but often prefer wine and spirits. Men are turning to a wider range of drinks, including whisky and wine.The second difficulty is that after years of effervescent growth, craft beer has gone flat. Volumes grew in 2016, but half as quickly as in 2015 (see chart). In the 13 weeks to June 17th craft-beer sales and volumes both dropped, by 0.7% and 1.5%, respectively. It may be that craft beer has reached its natural limit, both because there are only so many people who want to buy it and because there is only so much shelf-space that stores can provide.Olivier Nicolai of Morgan Stanley, a bank, notes that many distributors and retailers are weary of dealing with a jumble of brands, with some cases of beer going bad before they can be sold. It is hard for retailers to know which beers to stock because consumers, spoiled for choice, have proved fickle. Sales of Saison farmhouse beers, a spicy pale ale, for example, rose by 28% in 2015, according to Nielsen, only to fall in 2016.As the market loses its fizz, debates are intensifying about whether independent beer companies can thrive in the shadow of behemoths such as AB InBev, which controls about half the American beer market. Last year the group, which is backed by 3G Capital, a New York-based private-equity firm, bulked up further by buying Britains SABMiller. By some measures AB InBevs American division, Anheuser-Busch, looks less than intimidating. It is experiencing a much steeper drop in beer demand than craft brewers. In the four weeks to June 17th its Bud Light and Budweiser brands each saw volumes drop by more than 8%, declines not seen since 2009, in the depths of the financial crisis.But small brewers still fret about its scale. It has recently shown interest in buying small brands as well as big ones, downing nine American craft brewers in just the past three years. Some small brewers worry that AB InBevs craft brands will push aside their own. Bob Pease of the Brewers Association in Boulder, Colorado, which represents independent beer firms, argues that AB InBevs expanding portfolio of beer makers and its relationships with distributors may mean that few rivals make it onto delivery trucks. His group introduced a new seal in June to help consumers find properly independent brewers.Joo Castro Neves, head of AB InBevs American business, disputes the idea that his company has a stranglehold on the market. There is no way that Anheuser-Busch or anyone else can impose a beer on the consumer, he insists. Brewers both large and small may find that increasingly hard to contest.This article appeared in the Business section of the print edition under the headline "Half-empty"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21724864-slowing-beer-market-and-might-ab-inbev-has-small-brewers-worried-craft-beer-america?fsrc=rss%7Cbus'|'2017-07-06T22:49:00.000+03:00'|5507.0|''|-1.0|'' +5507|'6363521c02f6d1279ac3082c089726cd4d555570'|'Craft beer in America goes flat'|'JULY 4th is a day to celebrate American independence, first and foremost, but also to grill meat and swill beer. For American beer lovers in particular, the pint-glass runneth over in terms of choice. They had 5,000 breweries to pick from this year; 35 years ago there were under 100. Drinkers can enjoy time-honoured traditions, guzzling Budweiser to wash down all that sizzling beef, and newer ones such as sipping ale finished with fennel, liquorice and anise at Trst, a Brooklyn bar.For the producers of beer, the mood is darker. Though the number of brands has proliferated, the number of drinkers has not. Sales have been flat for a few years and 2017 has been especially slow so far. The volumes of beer sold at stores for the three months to June 17th were 1% lower than in the same period last year, according to Nielsen, a market-research firm. Brewers are now waiting with some anxiety for data about sales during the July 4th holiday. The start of the year has been as bad as I can remember, says Trevor Stirling of Sanford C. Bernstein, a research firm. The dip is the result of two problems, one old and one new. First, the consumption of wine and spirits is growing more quickly than that of beer, and has been for nearly 20 years. Women are drinking more booze but often prefer wine and spirits. Men are turning to a wider range of drinks, including whisky and wine.The second difficulty is that after years of effervescent growth, craft beer has gone flat. Volumes grew in 2016, but half as quickly as in 2015 (see chart). In the 13 weeks to June 17th craft-beer sales and volumes both dropped, by 0.7% and 1.5%, respectively. It may be that craft beer has reached its natural limit, both because there are only so many people who want to buy it and because there is only so much shelf-space that stores can provide.Olivier Nicolai of Morgan Stanley, a bank, notes that many distributors and retailers are weary of dealing with a jumble of brands, with some cases of beer going bad before they can be sold. It is hard for retailers to know which beers to stock because consumers, spoiled for choice, have proved fickle. Sales of Saison farmhouse beers, a spicy pale ale, for example, rose by 28% in 2015, according to Nielsen, only to fall in 2016.As the market loses its fizz, debates are intensifying about whether independent beer companies can thrive in the shadow of behemoths such as AB InBev, which controls about half the American beer market. Last year the group, which is backed by 3G Capital, a New York-based private-equity firm, bulked up further by buying Britains SABMiller. By some measures AB InBevs American division, Anheuser-Busch, looks less than intimidating. It is experiencing a much steeper drop in beer demand than craft brewers. In the four weeks to June 17th its Bud Light and Budweiser brands each saw volumes drop by more than 8%, declines not seen since 2009, in the depths of the financial crisis.But small brewers still fret about its scale. It has recently shown interest in buying small brands as well as big ones, downing nine American craft brewers in just the past three years. Some small brewers worry that AB InBevs craft brands will push aside their own. Bob Pease of the Brewers Association in Boulder, Colorado, which represents independent beer firms, argues that AB InBevs expanding portfolio of beer makers and its relationships with distributors may mean that few rivals make it onto delivery trucks. His group introduced a new seal in June to help consumers find properly independent brewers.Joo Castro Neves, head of AB InBevs American business, disputes the idea that his company has a stranglehold on the market. There is no way that Anheuser-Busch or anyone else can impose a beer on the consumer, he insists. Brewers both large and small may find that increasingly hard to contest.This article appeared in the Business section of the print edition under the headline "Half-empty"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21724864-slowing-beer-market-and-might-ab-inbev-has-small-brewers-worried-craft-beer-america?fsrc=rss%7Cbus'|'2017-07-06T22:49:00.000+03:00'|5507.0|13.0|0.0|'' 5508|'348cf240ca2a37e27923be41a92d9e21d4bbad8b'|'African Markets - Factors to watch on July 31'|'NAIROBI, July 31 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday. - - - - - EVENTS: *UGANDA and KENYA - Statistics offices expected to release July consumer price index data. GLOBAL MARKETS Asian shares turned positive after solid Chinese data on Monday following a lacklustre start, while the dollar edged up but remained capped by U.S. political uncertainty. GLOBAL OIL Oil prices hit a two-month high on Monday, lifted by a tightening U.S. crude market and the threat of sanctions against OPEC-member Venezuela. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s rand weakened on Friday, faltering in the face of technical barriers and political worries after an executive at the power utility Eskom was suspended pending an investigation into graft allegations. KENYA MARKETS The Kenyan shilling was broadly stable against the dollar on Friday but was expected to weaken due to a slight rise in demand from oil importers, traders said. KENYA VIOLENCE A gunman and a police officer were killed in an attack on the home of Kenya''s deputy president in the western town of Eldoret, a senior administrator said on Sunday, just over a week before a national election. NIGERIA INSURGENCY Nigeria has scaled up its military response to the Boko Haram insurgency and will secure the northeast, the acting president''s spokesman said on Sunday, adding that the search for oil workers abducted by suspected members of the jihadist group will go on. NIGERIA TELECOMS Nigeria''s Senate has withdrawn a report that largely exonerated South African mobile phone giant MTN of accusations of illegally repatriating $14 billion and that rebuked the Nigerian central bank for regulatory failures. TANZANIA MINING Tanzania is not targeting foreign employees of Acacia Mining Plc , the immigration department said, adding that the temporary detainment of one the London-listed miner''s senior staff was part of wider checks in an immigration crackdown. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/africa-factors-idUSL5N1KM0DC'|'2017-07-31T07:54:00.000+03:00'|5508.0|''|-1.0|'' 5509|'01964dbd99722e27f97eb850cdac354bbde97520'|'UPDATE 1-Engine delays hit Airbus profits, delivery targets fragile'|'Edition United States July 27, 2017 / 5:26 AM / 3 hours ago Pratt & Whitney in hot seat as Airbus profits fall Tim Hepher and Cyril Altmeyer 5 Min Read An Airbus A380, the world''s largest jetliner, takes part in flying display, during the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 25, 2017. Pascal Rossignol PARIS (Reuters) - Airbus turned up the heat on engine maker Pratt & Whitney over delays that have disrupted its biggest production line, after reporting a sharp drop in mid-year profits on Thursday. The European planemaker also said it would cut output of the A380, the world''s biggest jetliner, to just eight from 2019, putting on life support a project that has been undercut by a generation of nimbler, fuel-efficient long-haul planes. Airbus''s ( AIR.PA ) shares fell as much as 4.6 percent as investors contrasted its fortunes with those of U.S. arch-rival Boeing ( BA.N ), whose stock hit a record high on Wednesday after its quarterly profit and cashflow beat estimates. Airbus Chief Executive Tom Enders challenged Pratt & Whitney, whose fuel-saving Geared Turbofan (GTF) engine is tied to thousands of orders for small A320neo jetliners, to "work harder" to fix delays and reliability problems. In an unusual public split with a major supplier, he said the engine maker had failed to meet earlier commitments and took issue with confidence over deliveries voiced by Pratt parent United Technologies ( UTX.N ). "You can assume that Airbus is fully in the picture and knows what it is talking about," he told reporters, asked about the difference in tone accompanying their respective forecasts. "If there is a difference in messaging and perception, then there is a difference, but our picture is the picture we have at Airbus and ... the situation is unsatisfactory," he said. Pratt & Whitney had no immediate comment. United Technologies this week said it was "confident" about building a total of 350-400 GTFs this year. Airbus reiterated its own delivery goal but added a proviso, saying it depended on engine makers meeting commitments. Jefferies analyst Howard Rubel wrote that only 300 GTF engines may qualify as paid customer deliveries in 2017. Delays in A320neo deliveries helped slice a third off Airbus first-half profit on flat revenue. Its shares fell despite progress on the ramp-up of the wide-body A350 jet and confirmation of financial targets. United Technologies shares fell 1.3 percent. a380 Output Cut Enders confirmed Airbus had delivered "around 15" Pratt-powered A320neo twin-engined aircraft in the first half compared with around 100 planned for that variant in 2017. Asked how this squared with the 134 engines that Pratt says it delivered in the first half, Enders said deliveries of aircraft depended on customer acceptance. Industry sources say some airlines have been refusing to take Pratt-powered jets because of the lack of available spares. India, whose airlines have ordered hundreds of Pratt-powered A320neos, said Pratt had told its regulators it would address delays affecting GoAir and IndiGo. Air India has also had delays in getting jets with CFM engines, a minister said. The A320neo is one of several challenges as Airbus tries to accelerate output of new jetliners, fix glitches on its A400M military plane and squeeze costs out of the slow-selling A380. Airbus said it would cut output of the double-decker jet to eight in 2019, a move that insiders said was designed to stretch the dwindling order backlog into the next decade while Airbus tries to convince Emirates, IAG and others to place new orders. That compares with 15 this year and 12 in 2018 and means production will continue at what Airbus calls a marginal loss. Enders said Airbus was working on sales campaigns but the probability of immediate success was "not ... necessarily high". The second output cut in a year puts off any decision on whether to close the iconic A380, which would force the company to pay redundancies and writedowns but also ease some pressure on its balance sheet from project debts to European governments. Enders said Airbus was in "constructive talks" with Qatar Airways over a recent cancellation of four A350s, adding, "I think we will find a way out" of the issue. Airbus'' second quarter operating profit fell 27 percent to 859 million euros on revenues of 15.27 billion. That fell short of the 910 million euros on revenue of 15.82 billion expected by analysts polled by Reuters. Reporting by Tim Hepher, Cyril Altmeyer, Victoria Bryan, Aditi Shah; Editing by Mark Potter and Susan Fenton 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-airbus-results-idUSKBN1AC0GJ'|'2017-07-27T08:31:00.000+03:00'|5509.0|''|-1.0|'' 5510|'e0485b4581a1b0d5599561d54a65602ccc85fba2'|'Inflation elusive, but central bankers getting twitchy'|'Business 12:07pm BST Inflation elusive, but central bankers getting twitchy left right FILE PHOTO: Bank of Canada Governor Stephen Poloz (L) speaks with Bank of England governor Mark Carney as they gather for a family photo after a meeting of G-20 finance ministers and central bank governors during the IMF-World Bank annual meetings in Washington October 10, 2014. REUTERS/Jonathan Ernst/File Photo 1/3 left right FILE PHOTO: U.S. Federal Reserve Chair Janet Yellen (R) speaks with European Central Bank President Mario Draghi at the Jackson Hole Economic Policy Symposium in Jackson Hole, Wyoming August 22, 2014. REUTERS/David Stubbs/File Photo 2/3 left right People walk past a retail store in downtown Sao Paulo, Brazil, June 21, 2017. REUTERS/Paulo Whitaker 3/3 By Ross Finley - LONDON LONDON A significant pickup in inflation still remains tantalizingly out of reach in most developed economies -- aside from asset prices -- yet several central banks are leaning toward launching or stepping up efforts that could slow it down. What has shifted in recent months is an acceptance that fiscal policy, touted around the turn of the year as the essential comeback kid after the shock election of Donald Trump as U.S. president, has not yet come back. Much of this is because of a lack of progress on Trump''s tax cut agenda, dimming down what was called the "Trumpflation" trade in financial markets and now even calling into question a multi-year rally in the U.S. dollar. But what this does is thrust central bankers -- who only six months ago were said to be waning in influence -- back into the spotlight. Many seasoned central bank watchers say past experience shows that until inflation really accelerates convincingly, and for a sustained period for reasons other than a rise in the price of oil, the best monetary policy is to be doing nothing. The latest minutes from the Federal Open Market Committee''s policy discussions show a split over inflation, which is sure to cast unusually sharp focus on Fed Chair Janet Yellen''s testimony to both houses of Congress in the coming week. Indeed, with the exception of persistent four-decade-low first-time claims for jobless benefits, U.S. economic data has been undercutting relatively modest expectations for the past several months, particularly on measures of inflation. Wage inflation across most of the developed world, widely viewed by economists as the most compelling and potent driver of sustained overall price inflation, hasn''t picked up the way central bankers have predicted it would either. The Fed, however, remains set on further interest rate rises, and is now contemplating how and when to start reducing its $4.5 trillion balance sheet, bloated by years of mass asset purchases as stimulus once it had no interest rate left to cut. "Of course the evolution of the economic data over the next few months remains of critical importance," notes Investec''s chief economist Philip Shaw. "In particular, will the momentum of the economy be maintained and is the recent run of soft inflation idiosyncratic, as most senior Fed officials seem to believe?" WORTHWHILE CANADIAN INITIATIVE? It''s not only Yellen who might set the mood in the coming week. The Bank of Canada meets to set policy on July 12 following a run-up in the Canadian dollar, with markets leaning toward expecting the first rate rise in nearly seven years. The domestic debate is partly over whether a rate rise is now warranted in part to tamp down rampant urban housing markets -- particularly in Vancouver and Toronto -- as soaring real estate prices have pushed Canada''s household debt to income ratio to near the highest in the world. Like in other similar economies, Canada''s consumer price inflation on its own does not point convincingly to a need for the Bank of Canada to deliver higher interest rates. "Its decision one way or the other could have an effect on markets beyond its shores as it will be seen as a proxy for policy normalization over a wider jurisdiction," notes Shaw. For some, discussion of "normalization" appears eerily similar to 2011, when the European Central Bank, faced with a similarly shaky-looking inflation outlook, raised interest rates in what is now regarded as a mistake, arguing higher rates would be supportive of business confidence. A punishing sovereign debt crisis followed and a period of eye-wateringly high unemployment, ushering in an expansion of the central bank''s balance sheet by well over a trillion euros and counting, along with negative interest rate policy. For now, the ECB appears to be moving very gingerly toward unveiling how and when it will trim back its tens of billions worth of monthly bond purchases, but that date is approaching. Some of the Bank of England''s Monetary Policy Committee also now think that now is the time to raise rates -- despite the uncertainty of Britain starting to negotiate its way out of the European Union. They are prompted by a surge in inflation caused in large part from a plunge in sterling after the Brexit vote. For now, they remain in a minority, but the possibility has supported the pound and markets have been put on notice. But a change of mood appears to have taken place at the Bank of Japan, however, which is backing off initial attempts to signal an imminent shift away from its ultra-easy monetary policy. On Friday it launched a bond-buying bonanza, offering to snap up unlimited quantities in order to calm markets. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-economy-outlook-idUKKBN19S1HV'|'2017-07-07T13:53:00.000+03:00'|5510.0|''|-1.0|'' @@ -5535,7 +5535,7 @@ 5533|'d00df634475caf95cf41ac8d46e0719d67f468cf'|'China''s Jiangsu Shagang to be largest shareholder of Dongbei Special Steel'|'BEIJING, July 10 China''s Jiangsu Shagang Co Ltd said on Monday it is expected to be the biggest shareholder of debt-strapped Dongbei Special Steel Group after a bankruptcy restructuring process.Owned by the Liaoning provincial government in the country''s "rustbelt" northeast, Dongbei entered into the bankruptcy restructuring process in October aimed at recovering a reported $10 billion in debt, and said it faces "uncertainties" about paying interest on medium-term notes in April.Jiangsu Shagang, owner of China''s largest private-owned steel mill, said one of its subsidiary is expected to become the biggest shareholder of Dongbei once the bankruptcy restructuring process is completed.Jiangsu Shagang did not disclose further details of the investment.Meanwhile, Bengang Steel Plates Co Ltd said on Monday it plans to invest 1.04 billion yuan ($152.88 million) in Dongbei, and this would account for 10 percent of Dongbei''s registered assets after the restructuring process.Also owned by Liaoning provincial government, Benxi Iron & Steel Group, the parent company of Bengang Steel Plates, was reported to be part of a merger with local rival Anshan Iron and Steel. The merger has been getting postponed for years."The company will export enterprise management experiences to Dongbei and its subsidiaries to help them recovery soon," said Bengang Steel Plates in the statement.Dongbei''s restructuring plan has not been approved by the local court, and has not gone past an anti-trust investigation at the Commerce Ministry, said Bengang''s statement.($1 = 6.8025 Chinese yuan)(Reporting by Muyu Xu and Beijing Newsroom; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/dongbeispecialsteelgroup-js-sg-idUSL4N1K12R2'|'2017-07-10T12:47:00.000+03:00'|5533.0|''|-1.0|'' 5534|'1ddc7772ffd489462245575fa98150eedc77490b'|'EU clears Monte Paschi precautionary recapitalisation with overhaul'|' 7:12pm BST EU clears Italy''s $6 billion state bailout for Monte dei Paschi FILE PHOTO: The entrance of Monte dei Paschi bank headquarters is pictured in Siena, Italy, June 30, 2017. REUTERS/Stefano Rellandini - RTS19BD4/File Photo BRUSSELS/MILAN/ROME The European Union has approved a state bailout of Italy''s fourth-largest lender, Monte dei Paschi di Siena ( BMPS.MI ), taking the total amount of Italian taxpayer funds deployed to rescue banks over the past week to more than 20 billion euros ($23 billion). Outside Greece, Europe has not seen such big state bailouts since the aftermath of the global financial crisis, raising political concerns about the continued use of public funds to mop up losses at badly run banks despite the introduction of new EU rules designed to prevent this. In a statement on Tuesday, EU state aid regulators said Rome could inject 5.4 billion euros ($6 billion) into Monte dei Paschi after the bank agreed to a drastic overhaul, including the transfer of bad loans to a special vehicle and a salary cap for senior managers. The bank''s overall capital shortfall is 8.1 billion euros, an Italian Treasury official said, down from the 8.8 billion euros previously calculated by the European Central Bank. Monte dei Paschi, the world''s oldest bank, turned to the state for a bailout after failing to raise 5 billion euros on the market to shore up its capital. Barely a week ago Italy pledged up to 17 billion euros, mostly in guarantees, to prevent senior bondholders, depositors and staff from being hit by the winding up of two regional banks, Popolare di Vicenza and Veneto Banca. That deal also involved Italy''s biggest retail bank, Intesa Sanpaolo ( ISP.MI ), acquiring the two banks'' best assets for a token euro. The Italian government believes a profit can still be made from the bailouts. "I am confident state money will be recouped, perhaps at a premium," finance minister Pier Carlo Padoan said on Tuesday, referring to Monte dei Paschi. VIABLE Monte dei Paschi''s five-year restructuring plan, due to be presented on Wednesday, will ensure the Tuscan bank''s long-term viability, EU state aid regulators said on Tuesday. As part of the overhaul Monte Paschi will transfer 26.1 billion euros to a privately funded special vehicle on market terms, with the operation partially funded by Italian bank rescue fund Atlante II. It will also change its business model to focus on retail customers, and small- and medium-sized companies. Monte dei Paschi said late last year it would be seeking a "precautionary recapitalisation" under EU state-aid rules after its attempt to raise capital from private investors failed. According to Padoan the state will take a 70 percent stake in the Tuscan bank while the lender''s chairman said the state would exit in 2021. "This capital injection could only be approved after junior bondholders and shareholders have contributed to the costs of restructuring, in line with "burden-sharing" requirements under EU state aid rules," said EU Competition Commissioner Margrethe Vestager. Besides the state capital injection junior bondholders and shareholders will contribute 4.3 billion euros from the conversion of junior bonds into equity. At the same time Monte dei Paschi has earmarked 1.5 billion euros to compensate retail junior bondholders who are the victims of mis-selling, it added. Burdened by bad loans and a mismanagement scandal, Monte dei Paschi has been at the forefront of Italy''s slow-moving banking crisis. It emerged as Europe''s weakest lender in stress tests last July. ($1 = 0.8812 euros) (Reporting by Foo Yun Chee in Brussels , Stephen Jewkes in Milan and Antonella Cinelli in Rome; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-montepaschi-stateaid-idUKKBN19P1PQ'|'2017-07-04T16:39:00.000+03:00'|5534.0|''|-1.0|'' 5535|'73dac5b3302495fd63bc11c802c05d6c9dfa266b'|'Gold steady as cloudy U.S. rate hike outlook drags on dollar'|'July 18, 2017 / 1:00 AM / 3 hours ago Gold at 2-week high as cloudy U.S. rate hike outlook drags on dollar 3 Min Read An ounce of gold coin is pictured next to a 250g and a 500g ingots at Jolliet numismatic shop in Geneva November 19, 2014. Denis Balibouse BENGALURU (Reuters) - Gold prices rose to a two-week high on Tuesday as the dollar dipped to multi-month lows amid fading prospects of further rate hikes by the U.S. Federal Reserve this year and doubts whether President Donald Trump would be able to push through healthcare reforms. The U.S. dollar sank to a 10-month low against a basket of major currencies on Tuesday, hobbled by uncertainty over the pace of the Fed''s policy tightening and setbacks to the passage of a U.S. healthcare bill. "With the street repricing its U.S. interest rate outlook following soft data and a dovish Yellen, and with President Donald Trump''s reflationary reforms seemingly lost in the legislative Bermuda Triangle of Congress, a weaker U.S. dollar should continue to support gold," said Jeffrey Halley, a senior market analyst at OANDA. Republicans in the U.S. Congress were in chaos over healthcare legislation after a second attempt to pass a bill in the Senate collapsed late on Monday, with President Donald Trump calling for an outright repeal of Obamacare and others seeking a change in direction toward bipartisanship. Spot gold was up 0.3 percent to $1,237.66 per ounce at 0631 GMT, after touching $1,238.76, the highest since July 3, earlier in the session. U.S. gold futures for August delivery rose 0.3 percent to $1,236.80 per ounce. "At this moment, gold is likely to be in the trading range of $1,200-1,250," said Mark To, head of research at Hong Kong''s Wing Fung Financial Group. Prices of the metal are unlikely to significantly break above these levels since there are no other major drivers, including geopolitical factors, for gold as of now, he added. Spot gold faces a resistance at $1,239 per ounce, and may temporarily hover below this level or retrace towards a support at $1,226, according to Reuters technical analyst Wang Tao. Meanwhile, SPDR Gold Trust, the world''s largest gold-backed exchange-traded fund, said its holdings fell 0.21 percent to 827.07 tonnes on Monday from 828.84 tonnes on Friday. In other precious metals, silver rose 0.4 percent to $16.14 per ounce, after earlier touching its highest in just over two weeks at $16.23. Platinum rose 0.3 percent to $923.80 per ounce. It had touched an over one-month high of $934.40 in the previous session. Palladium was mostly unchanged at $864.98 per ounce. Reporting by Arpan Varghese in Bengaluru; Editing by Sunil Nair 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN1A303H'|'2017-07-18T04:00:00.000+03:00'|5535.0|''|-1.0|'' -5536|'273a7cef283432e8c645abf978a70cbf95839c80'|'Ecuador says clinches new payment deal with Schlumberger'|'July 28, 2017 / 12:15 AM / 18 hours ago Ecuador says clinches new payment deal with Schlumberger Alexandra Valencia 1 Min Read QUITO (Reuters) - Ecuador said on Thursday it had successfully negotiated a payment plan with Schlumberger, although it did not specify if the deal included reimbursement for roughly $850 million owed to the oil service company. Ecuador''s economy has struggled since the 2014 collapse of oil prices and a devastating earthquake last year that killed some 670 people and cost an estimated $3 billion. The smallest member of OPEC has built up debts for oilfield services that Schlumberger has described as causing "considerable financial stress." Schlumberger did not immediately respond to a request for comment. Ecuador said it had reached a deal to index contracts to international crude prices to better reflect market conditions and spur investments. "As part of the renegotiation, new investments from the contractor for $1.008 billion were also agreed on," the Hydrocarbons Ministry said in a statement. Ecuador said it had also reached a deal with Argentina''s Tecpetrol. Reporting by Alexandra Valencia; Writing by Alexandra Ulmer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ecuador-oil-idUSKBN1AD00J'|'2017-07-28T03:11:00.000+03:00'|5536.0|''|-1.0|'' +5536|'273a7cef283432e8c645abf978a70cbf95839c80'|'Ecuador says clinches new payment deal with Schlumberger'|'July 28, 2017 / 12:15 AM / 18 hours ago Ecuador says clinches new payment deal with Schlumberger Alexandra Valencia 1 Min Read QUITO (Reuters) - Ecuador said on Thursday it had successfully negotiated a payment plan with Schlumberger, although it did not specify if the deal included reimbursement for roughly $850 million owed to the oil service company. Ecuador''s economy has struggled since the 2014 collapse of oil prices and a devastating earthquake last year that killed some 670 people and cost an estimated $3 billion. The smallest member of OPEC has built up debts for oilfield services that Schlumberger has described as causing "considerable financial stress." Schlumberger did not immediately respond to a request for comment. Ecuador said it had reached a deal to index contracts to international crude prices to better reflect market conditions and spur investments. "As part of the renegotiation, new investments from the contractor for $1.008 billion were also agreed on," the Hydrocarbons Ministry said in a statement. Ecuador said it had also reached a deal with Argentina''s Tecpetrol. Reporting by Alexandra Valencia; Writing by Alexandra Ulmer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ecuador-oil-idUSKBN1AD00J'|'2017-07-28T03:11:00.000+03:00'|5536.0|6.0|0.0|'' 5537|'b1c88bbe7a8644cb8d63eec9864d11d624bf6dff'|'Spanish consumer group sues EU body over Banco Popular rescue'|'July 31, 2017 / 3:15 PM / 20 minutes ago Spanish consumer group sues EU body over Banco Popular rescue Reuters Staff 2 Min Read FILE PHOTO: A man uses a cash dispenser at a branch of Spain''s biggest bank Santander next to a Banco Popular branch in Madrid, Spain, June 7, 2017. Juan Medina/File Photo MADRID (Reuters) - A Spanish consumer group representing some of the small shareholders in failed Banco Popular said on Monday it had filed a lawsuit against the EU body which orchestrated the lender''s sale and rescue, demanding the operation be annulled. European authorities stepped in to arrange a swift rescue of Spain''s Banco Popular in early June, saying it was on the verge of collapse after a bank run. Popular was sold overnight to larger rival Santander ( SAN.MC ) for a nominal one euro, in a deal that caused losses for shareholders and was the first test of a new, tougher European Union regime to deal with troubled banks. Consumer group Adicae, which has led several legal battles in Spain against practices in the banking sector, said it had lodged a claim with the European Court of Justice against the EU''s Single Resolution Board (SRB) for triggering the rescue. Adicae said it considered the operation to be untransparent and arbitrary and added there was no clear public evidence that Popular was no longer viable. The SRB was not immediately available to comment. Santander declined to comment. Various investor groups have been trying to pursue former members of the bank''s management through the courts over Popular''s demise, though it is not yet clear how many lawsuits will prosper and what financial damages might be involved. Bondholders also suffered losses through the deal. The rescue was technically carried out in Spain by the country''s bailout fund, known as FROB, at the behest of the EU. Adicae - which says it is working with several thousand consumers affected by Popular''s rescue, including clients who owned some of the shares that were wiped out - said on Saturday that Spain''s High Court had accepted its claim against the FROB. Reporting by Sarah White, Additional reporting by Francesco Guarascio in Frankfurt, editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bancopopular-m-a-investors-idUKKBN1AG1UF'|'2017-07-31T18:15:00.000+03:00'|5537.0|''|-1.0|'' 5538|'562db74d92ccd89805b778d855d665282de41eb0'|'Aerosoles explores options including sale of shoe retailer -sources'|'(Reuters) - U.S. women''s shoe company Aerosoles Group is exploring several options including a debt restructuring or sale of the company, as it struggles to adapt to fast-changing consumer tastes, according to people familiar with the matter.Aerosoles, known for its affordable flats and wedges, has hired investment bank Piper Jaffray Companies ( PJC.N ) and financial advisory consultant Berkeley Research Group to carry out the strategic review, three sources said Thursday.The sources asked not to be identified because the deliberations are confidential.Aerosoles, Piper Jaffray and Berkeley Research Group did not respond to requests for comment. Palladin Consumer Retail Partners, the investment firm which acquired Aerosoles in 2014, also did not respond to a request for comment.Aerosoles has faced fierce competition from other shoe retailers. Once part of Kenneth Cole Productions Inc, Aerosoles has found it challenging to lure shoppers to its stores and website with unique products.The Edison, New Jersey-based company also faces the same headwinds as other brick-and-mortar retailers, as e-commerce companies such as Amazon.com Inc ( AMZN.O ) become more popular with shoppers looking for the cheapest price.The shoe company has about 80 stores in the United States and more than 300 around the world, including in China, India and Peru, and is also sold in stores including J C Penney Company Inc ( JCP.N ), Kohls Corp ( KSS.N ) and DSW Inc.Some of the shoeseller''s competitors, such as discounter Payless ShoeSource Inc and trendy label Nine West Holdings Inc, have also undergone debt restructurings.Payless filed for bankruptcy earlier this year with plans to close hundreds of stores, and Nine West hired an advisor to find ways to bolster its balance sheet. Nine West also sold its comfortable line that competes with Aerosoles, Easy Spirit, last year.Private equity firms acquired both Payless and Nine West in leveraged buyouts that burdened them with heavy debtloads. Aerosoles does not disclose its debt burden publicly.Aerosoles named Denise Incandela as its CEO in April, replacing R. Shawn Neville who became executive chairman of the company''s board. Incandela joined Aerosoles from Ralph Lauren Global Digital, and previously worked at Saks Fifth Avenue.Palladin''s other investments include women''s apparel line Nic+Zoe and sports medicine company KT Health LLC.Reporting by Jessica DiNapoli in New York; Additional reporting by Lauren Hirsch in New York; Editing by Lisa Shumaker '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-aerosoles-m-a-idUSKBN1AD03I'|'2017-07-28T03:51:00.000+03:00'|5538.0|''|-1.0|'' 5539|'60e6d2b74c67038fac458f64c7478e6c91cde940'|'Spain''s Popular seeks partners for 30 billion euro bad debt portfolio'|'Deals - Sat Jul 1, 2017 - 11:22am BST Spain''s Popular seeks partners for 30 billion euro bad debt portfolio People walk past a Banco Popular branch in Madrid, Spain, June 6, 2017. REUTERS/Juan Medina - RTX399G8 BARCELONA Spain''s Banco Popular will start looking for partners to buy some 30 billion euros ($34.29 billion) in repossessed assets and non-performing real estate loans as it strives to bolster its books following last month''s takeover by Santander ( SAN.MC ), it said late on Friday. Struggling under the weight of risky property assets, Popular was taken over by Spain''s largest bank for the symbolic price of one euro after European authorities stepped in to prevent its collapse. Following a review of the banks assets, the new chair of the board of directors Rodrigo Echenique said in a statement that Popular would seek partners for assets with a total gross book value of about 30 billion euros. He also announced plans to replace board members of companies in which Popular holds stakes. Meanwhile, Popular said it would buy back 51 percent of Aliseda Servicios, which carries out real estate servicing, from the funds Varde Partners and Kennedy Wilson by the third quarter of 2017. The agreed price for the stake was 180 million euros and will entail a capital consumption for Banco Popular of 302 million euros, the bank said. Morgan Stanley will advise Popular as new owner Santander attempts to meet its declared goal of reducing the volume of bad assets by half in 18 months and completely in three years. Popular said earlier on Friday that normal business operations have been restored in branches and other customer contact centers following last month''s takeover. (Reporting by Sam Edwards; Editing by Helen Popper)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-banco-popular-es-m-a-idUKKBN19M3BV'|'2017-07-01T13:05:00.000+03:00'|5539.0|''|-1.0|'' @@ -5544,7 +5544,7 @@ 5542|'edf286775d4d5d548fcb944a3c56e93f85b94231'|'Chinese courier ZTO sued for ''untrue statements'' in $1.4 billion U.S. IPO'|'Edition United States July 21, 2017 / 3:46 AM / in an hour Chinese courier ZTO sued for ''untrue statements'' in $1.4 billion U.S. IPO Reuters Staff 4 Min Read A logo of ZTO Express is seen at their branch in Beijing, China October 27, 2016. Jason Lee SHANGHAI (Reuters) - Chinese courier ZTO Express ( ZTO.N ) and the underwriters of its New York stock market listing have been sued by a U.S. pension fund that alleges the firm exaggerated its profit margins to lure investors into its $1.4 billion initial public offering. Morgan Stanley ( MS.N ) and Goldman Sachs Group Inc ( GS.N ), which spearheaded ZTO''s IPO, are named in the class-action suit filed in Alabama state court by the city of Birmingham''s pension fund which says that they failed to do adequate due diligence. ZTO''s listing was the largest U.S. listing in 2016 and was the biggest by a Chinese company since the $25 billion IPO of e-commerce giant Alibaba Group Holding Ltd ( BABA.N ) in 2014. Shares in Shanghai-based ZTO closed on Thursday at $15.68, about 20 percent below its IPO price of $19.50. "We believe the claims are without merit and intend to defend ourselves vigorously," a ZTO spokeswoman said in an e-mail to Reuters on Friday. In the lawsuit dated May 16, the Birmingham Retirement and Relief System said ZTO had issued "untrue statements" and omitted "crucial realities" in its registration statement. It also said ZTO inflated profit margins by keeping certain low-margin segments of its business out of its financial statements. "ZTO used a system of ''network partners'' to handle lower-margin pickup and delivery services, while maintaining ownership of core hub operations. By keeping the ''network partners'' businesses off its own books, the company was able to exaggerate its profit margins to investors," it said. Morgan Stanley declined to comment. Goldman did not immediately respond to Reuters'' requests for comment. In ZTO''s pre-IPO filings to the stock exchange it said it had achieved operating profit margins of 15.4 percent and 25.1 percent in 2014 and 2015, respectively. In unaudited results for the quarter ended March published on May 17, ZTO posted a 48 percent jump in net income from a year ago and a 34 percent spike in revenue. The lawsuit also names the ZTO IPO''s smaller underwriters China Renaissance Securities, Citigroup ( C.N ), Credit Suisse ( CSGN.S ) and J.P. Morgan ( JPM.N ). All the underwriters declined comment. Individual defendants, including ZTO''s chief executive officer and chief financial officer, were also named. The lawsuit against ZTO comes at a time when Alibaba-backed Chinese logistics company, Best Inc, is preparing to raise up to $750 million from an IPO in the United States. Reuters was not immediately able to reach Greg L. Davis, the lawyer who filed the lawsuit on behalf of the city of Birmingham pension fund, for comment outside usual office hours. According to an annual financial report published on the city of Birmingham website, the Birmingham Retirement and Relief System had assets of $1.05 billion at the end of June 2015. The case is City of Birmingham Retirement and Relief System v. ZTO Express (Cayman) Inc., 01-cv-2017-902004.00, Circuit Court of Jefferson County, Alabama (Birmingham). Reporting by Brenda Goh in SHANGHAI; Additional reporting by Julie Zhu and Elzio Barreto in HONG KONG; Editing by Clarence Fernandez and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-zto-ipo-lawsuit-idUKKBN1A609Z'|'2017-07-21T06:44:00.000+03:00'|5542.0|''|-1.0|'' 5543|'08d99c61ea4fe88275eefec8d2fdb960ae22c18d'|'Britains Economy Is Almost Flatlining'|'While the British economy performed better than many expected in the wake of last years Brexit vote, data on Wednesday are set to show U.K. growth hardly recovered in the second quarter. Economists surveyed by Bloomberg are forecasting an uptick to just 0.3 percent, from 0.2 percent three months ago. Accelerating inflation has started to crimp consumer spending, the main driver of momentum.The Bank of England announces its next policy decision on Aug. 3, and lackluster growth may weaken the case for a rate increase, even with inflation above target.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-24/britain-s-economy-is-almost-flatlining'|'2017-07-24T12:27:00.000+03:00'|5543.0|''|-1.0|'' 5544|'07224434f05d1147f64ec26925a550a39be239e5'|'UPDATE 1-UK Stocks-Factors to watch on July 24'|'(Adds company news items, futures)July 24 (Reuters) - Britain''s FTSE 100 index is seen opening down 11 points, according to financial bookmakers, with futures down 0.16 percent ahead of the cash market open.* RECKITT BENCKISER: British consumer goods maker Reckitt Benckiser Group reported second-quarter sales that fell 2 percent, after last month''s global cyber attack disrupted its operations.* CRANSWICK: British food products supplier Cranswick Plc reported a 27 percent jump in first-quarter revenue, helped by growth in sales volumes in its domestic market.GLENCORE: Glencore PlC has signed an agreement to invest up to 66 million reais ($21 million) into Brazilian copper producer Paranapanema SA, the Brazilian firm said in a securities filing.* BAKKAVOR: Bakkavor, one of the biggest suppliers of ready meals to Marks & Spencer and Waitrose, is exploring plans for a stock market float that could value it at up to 1.5 billion pounds, The Times reported on Sunday.( bit.ly/2gVBiTo )* B&M EUROPEAN VALUE RETAIL: Asda, the British supermarket arm of Wal-Mart Stores, is considering a 4.4 billion pounds ($5.7 billion) takeover of B&M European Value Retail, the discount retailer run by the billionaire Arora brothers, The Sunday Times reported.* AIM: Companies leaving London''s junior stock market because a broker or investment bank has quit as their adviser has hit a record this year, an accountancy firm specialising in the sector said.* BRITAIN ECONOMY: British households'' financial situation has deteriorated at the fastest rate in three years this month, as families increasingly shy away from big purchases like cars, holidays and household appliances, a survey showed on Monday.* LME COPPER: London Metal Exchange copper CMCU3 was trading up 0.1 percent at $6,013 a tonne by 0520 GMT, following a 0.8-percent gain in the previous session when prices reached their highest since March 1 at $6,051.* GOLD: Gold prices touched their highest in four weeks on Monday, supported by political uncertainty in the United States that pushed the dollar to its lowest in over a year. Spot gold was nearly flat at $1,254.31 per ounce at 0346 GMT. It earlier hit a 4-week high of $1,257.18 an ounce, having risen 2.1 percent last week.* OIL: Oil prices gained on Monday after a steep fall the session before, buoyed by expectations that a joint OPEC and non-OPEC meeting later in the day may address rising output in Nigeria and Libya, two OPEC members so far exempt from a push to cut production.* The UK blue chip FTSE 100 index was down 0.5 percent on Friday but had its strongest weekly gains in two months, sheltered from the battering European stocks experienced at the mercy of a strong euro, while mid-caps had their best week in nearly a year.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsToday''s Uk Papers > Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sunil Nair) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1KF2FT'|'2017-07-24T09:37:00.000+03:00'|5544.0|''|-1.0|'' -5545|'82499aca5d3284022591fcebb5afb3084fcdb21c'|'Delta proceeds with New York''s LaGuardia $4 billion project without Goldman'|'July 20, 2017 / 8:49 PM / 13 hours ago Delta proceeds with New York''s LaGuardia $4 billion project without Goldman Hilary Russ 3 Min Read Stranded travellers wait in a nearly empty Delta Airlines terminal at New York''s LaGuardia Airport during a powerful winter storm in New York City, U.S., February 9, 2017. Mike Segar NEW YORK (Reuters) - Transportation officials on Thursday approved a revised $4 billion plan from Delta Air Lines ( DAL.N ) to renovate its terminal at New York''s LaGuardia Airport after Goldman, Sachs & Co ( GS.N ), a financial partner in the project, exited the deal. Delta now plans to pay for nearly the entire project by itself, although the Port Authority of New York and New Jersey will still contribute up to $600 million as previously agreed. "Following a period of fiscal review, Delta has opted to directly fund and finance the costs of its LaGuardia redevelopment project, an arrangement that Delta and Goldman Sachs agree is in the best interest of both parties," Delta told Reuters in a statement. Representatives from Goldman Sachs did not reply to a request for comment. The Port Authority board signed off on the revised deal at a meeting on Thursday. The authority operates LaGuardia and other major New York City-area airports. The board had agreed in January to enter a 33-year lease for the terminal with an entity owned jointly by Delta and West Street Infrastructure Partners III, a fund managed by Goldman. The entity was to contribute $300 million in equity investments and $3.6 billion in debt financing for the design, construction and financing of a new 37-gate terminal. But without Goldman, the equity component is no longer necessary, said Huntley Lawrence, the authority''s aviation director. Delta will use a combination of direct investments and debt financing, he said. "It''s a beneficial change," Port Authority Board Chairman John Degnan said, noting that it would increase accountability. Delta alone will be responsible for any potential cost overruns. The project, expected to be substantially completed by 2026, will improve roadways, expand the East Parking Garage, connect to the central hall, build a new electrical substation and reconstruct taxi and for-hire vehicle areas. Delta''s redesigned terminal will come in addition to a separate $4 billion public-private partnership, currently under way, to rebuild the airport''s central terminal. Both are among a handful of projects that are helping the Port Authority shift construction risk - often a costly problem in big public works - to the private sector where appropriate, its executive director Pat Foye said. In total, the projects amount to "$12 billion of complicated transportation construction with risk born by the private sector and not the public," Foye said. Reporting by Hilary Russ; Editing by Daniel Bases and Phil Berlowitz 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-new-york-airport-delta-idUSKBN1A52SM'|'2017-07-20T23:48:00.000+03:00'|5545.0|''|-1.0|'' +5545|'82499aca5d3284022591fcebb5afb3084fcdb21c'|'Delta proceeds with New York''s LaGuardia $4 billion project without Goldman'|'July 20, 2017 / 8:49 PM / 13 hours ago Delta proceeds with New York''s LaGuardia $4 billion project without Goldman Hilary Russ 3 Min Read Stranded travellers wait in a nearly empty Delta Airlines terminal at New York''s LaGuardia Airport during a powerful winter storm in New York City, U.S., February 9, 2017. Mike Segar NEW YORK (Reuters) - Transportation officials on Thursday approved a revised $4 billion plan from Delta Air Lines ( DAL.N ) to renovate its terminal at New York''s LaGuardia Airport after Goldman, Sachs & Co ( GS.N ), a financial partner in the project, exited the deal. Delta now plans to pay for nearly the entire project by itself, although the Port Authority of New York and New Jersey will still contribute up to $600 million as previously agreed. "Following a period of fiscal review, Delta has opted to directly fund and finance the costs of its LaGuardia redevelopment project, an arrangement that Delta and Goldman Sachs agree is in the best interest of both parties," Delta told Reuters in a statement. Representatives from Goldman Sachs did not reply to a request for comment. The Port Authority board signed off on the revised deal at a meeting on Thursday. The authority operates LaGuardia and other major New York City-area airports. The board had agreed in January to enter a 33-year lease for the terminal with an entity owned jointly by Delta and West Street Infrastructure Partners III, a fund managed by Goldman. The entity was to contribute $300 million in equity investments and $3.6 billion in debt financing for the design, construction and financing of a new 37-gate terminal. But without Goldman, the equity component is no longer necessary, said Huntley Lawrence, the authority''s aviation director. Delta will use a combination of direct investments and debt financing, he said. "It''s a beneficial change," Port Authority Board Chairman John Degnan said, noting that it would increase accountability. Delta alone will be responsible for any potential cost overruns. The project, expected to be substantially completed by 2026, will improve roadways, expand the East Parking Garage, connect to the central hall, build a new electrical substation and reconstruct taxi and for-hire vehicle areas. Delta''s redesigned terminal will come in addition to a separate $4 billion public-private partnership, currently under way, to rebuild the airport''s central terminal. Both are among a handful of projects that are helping the Port Authority shift construction risk - often a costly problem in big public works - to the private sector where appropriate, its executive director Pat Foye said. In total, the projects amount to "$12 billion of complicated transportation construction with risk born by the private sector and not the public," Foye said. Reporting by Hilary Russ; Editing by Daniel Bases and Phil Berlowitz 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-new-york-airport-delta-idUSKBN1A52SM'|'2017-07-20T23:48:00.000+03:00'|5545.0|14.0|0.0|'' 5546|'e8de22fdff1a596c9058c2c3dca5eec5c50f4f77'|'Credit Suisse CEO flags start of work on 2018-2020 plan'|'Edition United States July 17, 2017 / 3:25 PM / in 16 minutes Credit Suisse CEO flags start of work on 2018-2020 plan Joshua Franklin 3 Min Read FILE PHOTO - CEO Tidjane Thiam (R) of Swiss bank Credit Suisse awaits a news conference to present the bank''s halfyear results in Zurich, Switzerland July 28, 2016. Arnd Wiegmann ZURICH (Reuters) - Credit Suisse begins work this month on planning for its strategic priorities beyond the Swiss bank''s current set of targets, Chief Executive Tidjane Thiam said in a memo to staff. Credit Suisse aims to achieve its current capital, cost and pre-tax income targets by 2018 but Thiam told staff preparation will start in July on its 2018-2020 plan. Thiam, who took over as CEO just over two years ago, sent the memo after a two-day annual strategy break at the end of June attended by the board of directors and executive board. "Looking beyond 2018, we agreed there would continue to be significant value creation opportunities available to a restructured Credit Suisse, and that would translate into a growing valuation of Credit Suisse as we continue to allocate more capital towards businesses that will generate higher returns and are more capital efficient," Thiam said in the memo which was sent to staff on Friday and seen by Reuters on Monday. "Over time, this will increase the size and proportion of our capital allocated to businesses which attract a higher market multiple, driving our valuation higher." Credit Suisse confirmed the memo, which was reported earlier by Bloomberg. Thiam said the board normally holds the strategy away day at the end of August but this year decided to hold it earlier "so that its conclusions could inform the preparation of the 2018-2020 plan, which kicks off in July". Since joining from UK insurer Prudential in mid-2015, Thiam has refocused Credit Suisse away from investment banking, and looked to make wealth management and private banking its core business. He has also cut costs by several billion dollars and raised around 10 billion Swiss francs ($10.4 billion) in fresh capital. "With the progress achieved to date, we believe we are on track to deliver on our strategic ambitions," Thiam said. Since Thiam laid out his strategy blue-print in October 2015, Credit Suisse''s share price is down by around a third with the bank posting a 2.7 billion franc loss last year. For the first quarter of 2017 Credit Suisse reported net profit of 596 million francs, its highest quarterly profit since the restructuring. Zurich-based Credit Suisse, Switzerland''s second-biggest bank after UBS, reports second-quarter results on July 28. Editing by Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-credit-suisse-gp-strategy-idUKKBN1A21ND'|'2017-07-17T18:19:00.000+03:00'|5546.0|''|-1.0|'' 5547|'11529b4fa49c60e2b5e3f6ff08c17181dfd3b569'|'Airbus signs deal to sell 140 planes to China'|' 2:15pm BST Airbus signs deal to sell 140 planes worth $23 billion to China The logo of Airbus Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau BERLIN Airbus ( AIR.PA ) has signed an agreement to sell 140 aircraft to China, it said on Wednesday, in a deal worth almost $23 billion at list prices. The agreement, signed during a visit by Chinese President Xi Jinping to Germany, is for 100 A320 family aircraft and 40 A350 planes, Airbus said. "It''s one of the biggest deals that we''ve signed in a long time," Airbus Group Chief Executive Tom Enders told journalists after signing the deal in Berlin. The planes will be purchased by state-owned China Aviation Supplies Holding Company, which will then allocate them to Chinese airlines. The A320 planes will be a mixture of the older CEO and the new NEO version with revamped engines, while the majority of the A350 orders are for the -900 model. The deal is flexible pending negotiations with the airlines. Enders said he expected up to 50 percent of the A320 family planes would come from the Airbus final assembly line in China. Enders was making his first public appearance since Airbus rolled out a new structure, completing a recent merger between its parent company and its dominant planemaking arm, changes which included a shift in the reporting line for its commercial sales team to Enders. Enders said the shift in reporting lines for the sales team reflected the fact that commercial aircraft head Fabrice Bregier had been given more tasks in his new role as group-wide chief operating officer. With orders slowing and the focus shifting to the backlog, Enders said the shake-up allows Bregier to concentrate on deliveries. "This is merely a burden sharing mechanism because the focus should be on execution and this is what it''s all about," Enders said. "We have plenty of challenges on the execution side, be it the transition to the NEO, the ramp-up of the A320 family, the 350 family, not to mention the A400M, which is not entirely solved," he said. Enders also said the group was in talks with the Chinese over the A380 superjumbo, which has suffered slow sales. "It won''t happen overnight. It has to be intensively discussed," he said. (Reporting by Victoria Bryan; editing by Maria Sheahan and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-airbus-china-idUKKBN19Q1A1'|'2017-07-05T13:57:00.000+03:00'|5547.0|''|-1.0|'' 5548|'3f3f19f6dfabad71ce0bb79d65b7406bfccc8525'|'Moscow, Beijing to inject additional $1 billion into Russia-China Investment Fund'|' Moscow, Beijing to inject additional $1 billion into Russia-China Investment Fund MOSCOW Russian and Chinese sovereign wealth funds, the Russian Direct Investment Fund (RDIF) and China Investment Corporation (CIC), will inject an additional $1 billion (773 million)into the capital of their joint fund, the Russia-China Investment Fund, RDIF said on Tuesday. RDIF added in a statement that another up to $2 billion could be provided by new investors which the fund did not name. In a separate statement, RDIF said it had agreed with China Development Bank to establish Russia-China Investment Cooperation Fund in yuan worth 68 billion yuan or $10 billion, for direct investments in national currencies both in Russia and China. (Reporting by Katya Golubkova; Editing by Dmitry Solovyov)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-china-funds-idUKKBN19P1QF'|'2017-07-04T16:43:00.000+03:00'|5548.0|''|-1.0|'' @@ -5559,7 +5559,7 @@ 5557|'ee073d932d2e095b573f60191c18d0db1f1a89a9'|'Kroger to make $1 bln contribution to its benefit plans'|'July 17, 2017 / 1:21 PM / 4 hours ago Kroger to make $1 billion contribution to its benefit plans 2 Min Read FILE PHOTO - A can of Kroger brand mushrooms is displayed in Golden, Colorado September 15, 2009. Rick Wilking (Reuters) - Kroger Co ( KR.N ), the biggest U.S. supermarket operator, said on Monday it would make a contribution of up to $1 billion to its under-funded benefit plans. The company will issue debt to pay for its pension liability, Kroger said in a regulatory filing, adding its overall balance sheet obligations will not change. ( bit.ly/2u0MKRP ) Kroger said contributions to the plan are "strategic opportunities" due to the current interest rate environment and potential changes to the U.S. tax code, among others. Certain benefit balances of the fund could be transferred to other retirement plan options or a lump sum payout. Kroger, which had total debt of $13.44 billion as of May 20, said it would incur a one-time expense following the settlement, but noted that the expense would not affect its 2017 earnings forecast. Last month, Kroger slashed its full-year earnings forecast as inventory accounting charges and labor costs rose amid an intensifying price war. The company, which has been looking for ways to cut costs as it selectively raises wages to retain workers, last month said talks with labor unions would be challenging as it aims to maintain "competitive cost structures". Shares of the grocer were flat in early trading on Monday. Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-kroger-debt-idUSKBN1A21B9'|'2017-07-17T16:11:00.000+03:00'|5557.0|''|-1.0|'' 5558|'41640e36ebca601365d438efc16f68f90ee56dcf'|'Germany to protect firms from foreign takeovers - report'|'July 11, 2017 / 10:15 PM / 28 minutes ago Germany to protect firms from foreign takeovers - report Reuters Staff 1 Min Read German Minister for Economic Affairs and Energy, Brigitte Zypries speaks during an interview with Reuters in Berlin, Germany June 16, 2017. Stefanie Loos BERLIN (Reuters) - The German cabinet is set to discuss plans on Wednesday that will make it easier to intervene to stop the sale of strategic firms to foreign investors, a newspaper reported. The Sueddeutsche Zeitung daily said it had obtained a copy of new regulations proposed by the economy ministry which will allow the government to block takeovers if they could endanger critical infrastructure. The move comes after the takeover of German robotics maker Kuka ( KU2G.DE ) by China''s Midea ( 000333.SZ ) sparked controversy, amid fears that China is taking control of key technologies while protecting its own companies against foreign takeovers. Earlier this year, the German economics ministry withdrew approval for Fujian Grand Chip Investment Fund (FGC) to buy chip equipment maker Aixtron ( AIXGn.DE ), citing security concerns. Reporting by Emma Thomasson; editing by Andrew Roche 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-m-a-idUKKBN19W2QX'|'2017-07-12T01:14:00.000+03:00'|5558.0|''|-1.0|'' 5559|'be126c812e17de300b7947f23a32f567c1f92344'|'Comcast results top estimates on film, theme parks growth'|'July 27, 2017 / 10:09 AM / 8 hours ago Comcast results top estimates on film, theme parks growth Anjali Athavaley 3 Min Read FILE PHOTO: The NBC and Comcast logo are displayed on top of 30 Rockefeller Plaza, formerly known as the GE building, in New York, New York, U.S. on July 1, 2015. Brendan McDermid/File Photo NEW YORK (Reuters) - Comcast Corp''s ( CMCSA.O ) quarterly results topped Wall Street analysts'' estimates on higher revenue in its filmed entertainment and theme parks businesses, even as the No. 1 U.S. cable operator lost video subscribers. Net income attributable to Comcast rose 23.9 percent to $2.51 billion, or 52 cents a share, during the company''s second quarter ended June 30, up from $2.03 billion, or 41 cents a share. Revenue rose 9.8 percent to $21.16 billion. Analysts had expected earnings of 48 cents per share and revenue of $20.85 billion, according to Thomson Reuters I/B/E/S. Comcast and other pay TV operators are facing pressure as younger viewers drop bigger cable bundles in favor of cheaper streaming options such as Netflix Inc ( NFLX.O ). The company has tried to make its X1 set top box a destination for a variety of content. Last year, Comcast made Netflix available through X1 and announced a similar deal with Alphabet Inc''s ( GOOGL.O ) YouTube in February.Still, it lost 34,000 video subscribers in the quarter, compared to 4,000 customers it lost in the year earlier period. Comcast also added 175,000 broadband subscribers, compared to additions of 220,000 a year ago. Filmed entertainment revenue rose 59.6 percent on the strength of movies such as "The Fate of the Furious" while theme parks revenue increased 15.6 percent. Comcast introduced a wireless service in May with the hopes of bundling more services together and increasing customer loyalty. The service, called Xfinity Mobile, launched on Verizon Communications Inc''s ( VZ.N ) airwaves as part of a 2011 agreement between the companies. Sources told Reuters in June that Comcast and cable operator Charter Communications Inc ( CHTR.O ) are in talks with Sprint Corp ( S.N ) to secure a similar agreement to use the wireless carrier''s network. Reporting by Anjali Athavaley; Editing by Phil Berlowitz 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-comcast-results-idUSKBN1AC1GY'|'2017-07-27T13:09:00.000+03:00'|5559.0|''|-1.0|'' -5560|'14ddd6055677c8d6a7190c6009badaa623d250b2'|'Thyssenkrupp CEO keen for Tata steel merger deal before end-September: sources'|'Heinrich Hiesinger, chief executive of ThyssenKrupp addresses the company''s annual shareholders meeting in Bochum, Germany, January 27, 2017. Thilo Schmuelgen LONDON/FRANKFURT (Reuters) - Thyssenkrupp''s ( TKAG.DE ) chief executive is pushing for a deal to fold its steel operations into a joint venture with India''s Tata Steel ( TISC.NS ) as early as September, after two years of talks, sources told Reuters.The talks are more advanced than previously thought, the sources said.With earnings from Thyssenkrupp''s industrials businesses sound and those at the steel unit weak due to structural overcapacity in the sector, Chief Executive Heinrich Hiesinger is facing pressure from investors to deliver the merger."The fiscal year will come to an end soon (in September) and Hiesinger wants to have a story for investors. If it would not come to a merger it would be a severe defeat for (him)," a German union source said.Hiesinger has staked his reputation on transforming Thyssenkrupp from a loss-making steelmaker into a diversified industrials group, with steel now contributing just under a quarter of the firm''s revenues.His ultimate aim is for Thyssenkrupp to exit the steel business altogether."He (Hiesinger) has invested too much time for it to now fail," a banking source familiar with the matter said.The biggest stumbling block in talks to merge the two firms'' European steel assets was largely resolved in May, when Tata said it had agreed the main terms of a deal with the British regulator to cut benefits for its 15 billion pound ($19.40 billion) UK pension scheme.With Thyssenkrupp said to be satisfied with the preliminary deal and German unions acknowledging behind the scenes that they cannot stop the merger, sources said the long-running talks should be formalized in the next couple of months.One source familiar with the matter said much still hinged on final clearance from the regulator for the Tata pensions deal and that both sides were unlikely to make any announcement before then. A pensions source, however, said regulatory clearance was pending."I would be surprised if it (clearance) didn''t happen by September," he said.Tata Steel and Thyssenkrupp declined to comment.With both companies having suffered heavy losses in steel in recent years, they are intent on a merger that would bring capacity cuts, consolidation, pricing power and synergy savings.While German unions are publicly against the venture, they privately acknowledge they cannot stop a deal even if all 10 union representatives on Thyssenkrupp''s supervisory board vote against it.They are concerned, however, that Thyssenkrupp is looking to take on a minority stake in the joint venture and is keen on handing over day to day management to Tata. Unions fear any future job cuts would fall disproportionately on them versus legacy Tata staff.It could take three to four years to integrate the two operations and deliver the sort of savings - 500 million euros a year by some estimates - that could help pave the way for an initial public offering that would see Thyssenkrupp finally exit the steel sector.The Tata pensions deal alone could take until early next year to implement even though it is due to be cleared shortly, pensions sources say.However, Martin Hunter, principal at consultants Punter Southall, said that to avoid delay, Tata and Thyssenkrupp could announce the deal but make a final tie-up contingent on the end shape of the Tata pension deal.Additional reporting by Arno Schuetze, Tom Kaeckenhoff, Alexander Huebner and Georgina Prodhan in Frankfurt; and Euan Rocha in Mumbai; Editing by Veronica Brown and Susan Thomas '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-tata-steel-m-a-thyssenkrupp-idUSKBN1AB2IU'|'2017-07-27T01:56:00.000+03:00'|5560.0|''|-1.0|'' +5560|'14ddd6055677c8d6a7190c6009badaa623d250b2'|'Thyssenkrupp CEO keen for Tata steel merger deal before end-September: sources'|'Heinrich Hiesinger, chief executive of ThyssenKrupp addresses the company''s annual shareholders meeting in Bochum, Germany, January 27, 2017. Thilo Schmuelgen LONDON/FRANKFURT (Reuters) - Thyssenkrupp''s ( TKAG.DE ) chief executive is pushing for a deal to fold its steel operations into a joint venture with India''s Tata Steel ( TISC.NS ) as early as September, after two years of talks, sources told Reuters.The talks are more advanced than previously thought, the sources said.With earnings from Thyssenkrupp''s industrials businesses sound and those at the steel unit weak due to structural overcapacity in the sector, Chief Executive Heinrich Hiesinger is facing pressure from investors to deliver the merger."The fiscal year will come to an end soon (in September) and Hiesinger wants to have a story for investors. If it would not come to a merger it would be a severe defeat for (him)," a German union source said.Hiesinger has staked his reputation on transforming Thyssenkrupp from a loss-making steelmaker into a diversified industrials group, with steel now contributing just under a quarter of the firm''s revenues.His ultimate aim is for Thyssenkrupp to exit the steel business altogether."He (Hiesinger) has invested too much time for it to now fail," a banking source familiar with the matter said.The biggest stumbling block in talks to merge the two firms'' European steel assets was largely resolved in May, when Tata said it had agreed the main terms of a deal with the British regulator to cut benefits for its 15 billion pound ($19.40 billion) UK pension scheme.With Thyssenkrupp said to be satisfied with the preliminary deal and German unions acknowledging behind the scenes that they cannot stop the merger, sources said the long-running talks should be formalized in the next couple of months.One source familiar with the matter said much still hinged on final clearance from the regulator for the Tata pensions deal and that both sides were unlikely to make any announcement before then. A pensions source, however, said regulatory clearance was pending."I would be surprised if it (clearance) didn''t happen by September," he said.Tata Steel and Thyssenkrupp declined to comment.With both companies having suffered heavy losses in steel in recent years, they are intent on a merger that would bring capacity cuts, consolidation, pricing power and synergy savings.While German unions are publicly against the venture, they privately acknowledge they cannot stop a deal even if all 10 union representatives on Thyssenkrupp''s supervisory board vote against it.They are concerned, however, that Thyssenkrupp is looking to take on a minority stake in the joint venture and is keen on handing over day to day management to Tata. Unions fear any future job cuts would fall disproportionately on them versus legacy Tata staff.It could take three to four years to integrate the two operations and deliver the sort of savings - 500 million euros a year by some estimates - that could help pave the way for an initial public offering that would see Thyssenkrupp finally exit the steel sector.The Tata pensions deal alone could take until early next year to implement even though it is due to be cleared shortly, pensions sources say.However, Martin Hunter, principal at consultants Punter Southall, said that to avoid delay, Tata and Thyssenkrupp could announce the deal but make a final tie-up contingent on the end shape of the Tata pension deal.Additional reporting by Arno Schuetze, Tom Kaeckenhoff, Alexander Huebner and Georgina Prodhan in Frankfurt; and Euan Rocha in Mumbai; Editing by Veronica Brown and Susan Thomas '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-tata-steel-m-a-thyssenkrupp-idUSKBN1AB2IU'|'2017-07-27T01:56:00.000+03:00'|5560.0|11.0|2.0|'' 5561|'6fd7029dcaec5915d2854ffeb5473d4e0dc50706'|'Wells Fargo cuts 69 executive jobs - spokesman'|'July 29, 2017 / 6:13 PM / 25 minutes ago Wells Fargo cuts 69 executive jobs - spokesman Reuters Staff 2 Min Read FILE PHOTO - A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S. on September 26, 2016. Mike Blake/File Photo (Reuters) - (This version of the July 28 story corrects paragraph 2 to say some executives are retiring with benefits instead of full benefits, corrects paragraph 5 to say 91 executives instead of 91 regional and area presidents) Wells Fargo & Co ( WFC.N ) said on Friday it is cutting 69 executive jobs at its retail unit, as part of a restructuring in the division. Some of the executives will retire with benefits while others may find positions elsewhere within the bank, said Wells Fargo spokesman Paul Gomez. Some of the executives may leave the bank, Gomez added. "We have just completed the process of consolidating the Regional President and Area President roles into a new position, Region Bank President," Mary Mack, senior executive vice president for community banking, said in an internal memo seen by Reuters. There will be 91 executives in the position that was newly created as part of the reorganization. News of the scandal-hit lender cutting senior executive jobs was earlier reported by Bloomberg. ( bloom.bg/2v59m5h ) Wells Fargo has been engulfed in scandal since September, when it reached a $190 million settlement with regulators over complaints that its retail banking staff had opened as many as 2.1 million unauthorized client accounts. Wells Fargo shares ended down 2.6 percent on Friday. Reporting by Akankshita Mukhopadhyay in Bengaluru and Dan Freed in New York; Editing by Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wells-fargo-jobs-idUKKBN1AE0MZ'|'2017-07-29T20:16:00.000+03:00'|5561.0|''|-1.0|'' 5562|'1fc7fb344937905ceb90a81cf87726196c4a61e5'|'Fashion M&A, like a crop top, is hard to pull off'|'July 10, 2017 / 11:03 PM / 4 hours ago Fashion M&A, like a crop top, is hard to pull off Lauren Hirsch 6 Min Read Signage is seen at the Abercrombie & Fitch store on Fifth Avenue in Manhattan, New York City, U.S., February 27, 2017. Andrew Kelly NEW YORK (Reuters) - Mergers and acquisitions for fashion retailers are like a crop top t-shirt: a risk best braved by a select few and avoided after a certain age. Abercrombie & Fitch Co ( ANF.N ), the teen brand with a 125-year heritage, became the latest to demonstrate that on Monday, ending talks about a potential sale after failing to agree terms with potential suitors. Successful deals in the mercurial world of U.S. fashion are rare, and now look even less likely to succeed as sales dip across the board. Cost savings can be counterproductive if it means squeezing money out of marketing and design, and buyers are taking a risk on a style that can easily go out of favor. As a result, established brands like Abercrombie are having problems finding a savior. "Often, as well as spending the money to buy the brand or business, you then have to spend more to do something strategic that will propel growth, and that means paying out twice before getting a return," said Neil Saunders, managing director of market research firm GlobalData Retail. Five of the 20 companies involved in the biggest private equity apparel deals of the last decade have been restructured or gone bankrupt. All struggled under the debt load of a leveraged buyout. The biggest acquisition, Apollo Global Management''s roughly $3.1 billion leveraged buyout of Claire''s Stores Inc, restructured in 2016. The second-largest acquisition, J. Crew Group Inc, which TPG Capital and Leonard Green & Partners bought for about $3 billion, is now being restructured. Gymboree Corp filed for bankruptcy last month, seven years after Bain Capital''s $1.8 billion purchase. Mounting Pressure Many U.S. fashion bosses are finding they have no option but to consider a sale as pressure mounts from more affordable fast-fashion chains from Europe such as Zara ( ITX.MC ) and H&M ( HMb.ST ), and customers abandon malls in favor of Amazon.com Inc ( AMZN.O ) and other online retailers. Outerwear brand Eddie Bauer, for example, is exploring a sale while also seeking relief from its debt load, sources have told Reuters. Teen brand American Apparel explored a sale last year before ultimately filing for bankruptcy. As Abercrombie''s experience shows, finding a willing buyer at the right price is difficult. "Public company board members are reticent about green-lighting large-scale mergers and acquisitions because it''s hard to find a good example of a business that has been rewarded by the equity market for doing so," said Rohit Singh, who specializes in retail at UBS Investment Bank, not speaking specifically about Abercrombie. Struggling retailers are a tough sell to potential acquirers. Merging with another company risks double the trouble more brands falling flat and more stores bereft of customers. Most fashion retailers are locked into store leases, and as landlords watch their malls empty out, they are increasingly unwilling to give their tenants and easy path out. "Perhaps the reason the Abercrombie deal didnt get done was that theyve got way too many stores in way too many malls that dont make any money, and the cost to unwind those pieces and get out of those stores is just too great to compensate for the upside," said Mark Belford, a retail specialist at KPMG Corporate Finance. After failing to strike a deal, Abercrombie now has no choice but to go it alone. On Monday, the New Albany, Ohio-based retailer said it will focus on its growing surf-wear brand Hollister and try to reposition its flagship brand, which has reported falling quarterly sales since 2014. Sinking Rocks The most successful acquisitions have been those of younger brands, which have room for growth and have yet to develop expensive supply chains and costly, little-used store bases. Gap Inc''s ( GPS.N ) $150 million purchase of athletic and yoga clothing line Athleta Inc in 2008, for example, gave it a foothold in a growing fashion trend. The acquisition helped save Gap when sales of its jeans slowed as shoppers shifted to leggings. Apparel retailers which bought rivals in the hope of finding growth or eliminating competition have found little payoff. Oftentimes, the companies themselves aren''t growing, so it doesn''t solve the underlying challenge," said Josh Chernoff, managing director, retail at consultant Parthenon-EY. "If you tie two rocks together, they sink just as fast or faster." The changing winds of fashion derailed Wolverine Worldwides $1.2 billion acquisition of boat shoe maker Sperry and other brands in 2012, several of which Wolverine tried to sell this year. Shoppers addiction to discounting crushed Men''s Wearhouse Inc''s $1.8 billion acquisition of rival Jos. A. Bank, the value of which was almost written off. The suit retailer''s sales plunged after it abandoned its famous "buy-one-get-three-free" specials in the wake of the 2014 merger. Ascena Retail Group Inc ( ASNA.O ), one of the few serial acquirers in U.S. apparel, has been laid low by its roughly $2.1 billion acquisition of Ann Inc, parent of work-wear line Ann Taylor. The 2015 acquisition was meant to give it a full portfolio of womenswear brands and enable it to cut $150 million over three years in costs as it centralized the different lines internet infrastructure, distribution and manufacturing. But sales for all its brands have dropped, most recently a combined 8 percent in the third quarter of 2017. Ascena''s market value is now $400 million, roughly 85 percent lower than before the deal. "Fashion is not something you can solve with math," said Belford. "Fashion you either get it or you dont, and it either sells or it sits on the shelf." Reporting by Lauren Hirsch in New York; Additional reporting by Richa Naidu in Chicago; Editing by Carmel Crimmins and Bill Rigby 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-m-a-fashion-idINKBN19V2SX'|'2017-07-11T01:59:00.000+03:00'|5562.0|''|-1.0|'' 5563|'ea290889efadef93cf1d8fd87e0e3731068c7c46'|'Insurance broker Jardine Lloyd Thompson posts higher pretax profit'|'July 27, 2017 / 6:56 AM / 8 minutes ago Insurance broker Jardine Lloyd Thompson posts higher pretax profit Reuters Staff 1 Min Read LONDON (Reuters) - Insurance broker Jardine Lloyd Thompson Group Plc ( JLT.L ) said on Thursday that its first-half underlying pretax profit rose 12 percent to 100.1 million pounds ($131.44 million), helped by the impact of foreign exchange movements. Pretax profit rose to 99.2 million pounds from 55.2 million pounds, driven by reduced exceptional items. Total revenue rose 11 percent to 689.9 million pounds. Reporting by Dasha Afanasieva in London and Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jardine-lloyd-results-idUKKBN1AC0RF'|'2017-07-27T09:56:00.000+03:00'|5563.0|''|-1.0|'' @@ -5568,9 +5568,9 @@ 5566|'22c2ab02fdf90eeb35960092d219e2c8a68abf2b'|'EU, Japan seal free trade in signal to Trump'|'Business News - Thu Jul 6, 2017 - 5:40pm BST EU, Japan seal free trade in signal to Trump left right Japan''s Prime Minister Shinzo Abe shakes hands with European Council President Donald Tusk at the end of a EU-JAPAN summit in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 1/6 left right Japan''s Prime Minister Shinzo Abe (C) is welcomed by European Council President Donald Tusk (L) and European Commission President Jean-Claude Juncker at the start of a European Union-Japan summit in Brussels, Belgium July 6, 2017. REUTERS/Francois Walschaerts/Pool 2/6 left right Japan''s Prime Minister Shinzo Abe (R) is welcomed by European Council President Donald Tusk at the start of a European Union-Japan summit in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 3/6 left right Japan''s Prime Minister Shinzo Abe (R) is welcomed by European Council President Donald Tusk at the start of a European Union-Japan summit in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 4/6 left right Japan''s Prime Minister Shinzo Abe (L) holds a news conference with European Council President Donald Tusk (C) and European Commission President Jean-Claude Juncker during a EU-Japan summit in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 5/6 left right Japan''s Prime Minister Shinzo Abe (L) shakes hands with European Commission President Jean-Claude Juncker at the end of a EU-JAPAN summit in Brussels, Belgium July 6, 2017. REUTERS/Yves Herman 6/6 By Alastair Macdonald and Robert-Jan Bartunek - BRUSSELS BRUSSELS Japan and the European Union agreed a free trade pact on Thursday to create the world''s biggest open economic area and signal resistance to what they see as U.S. President Donald Trump''s protectionist turn. Concluded in Brussels on the eve of meetings with Trump at a summit in Hamburg, the "political agreement" between two economies accounting for a third of global GDP is heavy with symbolism. It leaves some areas of negotiation still to be finished, although officials insist the key snags have been overcome. "Ahead of the G20 summit tomorrow, I believe Japan and the EU are demonstrating our strong political will to fly the flag for free trade against a shift toward protectionism," Japanese Prime Minister Shinzo Abe told a joint news conference with EU institutional chiefs Donald Tusk and Jean-Claude Juncker. The "win-win" deal was, Abe said, "a strong message to the world". In the works for four years, it has been pushed over the line towards a final treaty signature in the coming months by the election of Trump and his moves to ditch a Pacific trade pact that included Japan and leave talks with the EU in limbo. "Although some are saying that the time of isolationism and disintegration is coming again, we are demonstrating that this is not the case," European Council President Tusk said. Juncker, president of the executive European Commission, played down prospects of any further negotiating problems and said he hoped the treaty could go into effect early in 2019. ALARM OVER "AMERICA FIRST" Fears of cheaper import competition for European carmakers and Japanese dairy producers were among the thorniest issues, but officials said the two sides were driven by a shared alarm at Trump''s apparent shift away from multilateral open trading systems towards an aggressive "America First" policy. Tariffs on much of their bilateral trade -- which Abe noted accounts for some 40 percent of total international commerce -- will be phased out over some years, and other economic areas, such as Japan''s public tender system, will be opened up. European farm lobby Copa-Cogeca called it "good news". Wine exporters alone should save 134 million euros a year in duty and no longer be a big disadvantage to U.S. and Australian wineries. The Japan Business Council in Europe, representing Japanese firms in the EU, said it would create "mutual prosperity". The Japan Automobile Manufacturers Association also welcomed it. Both the EU and Japan, which are also forging a parallel cooperation pact on broader political issues such as security, crisis aid and climate change, forecast that the trade deal will boost economic growth and employment in Japan and in Europe. One detail to be ironed out is how complaints from business over how authorities apply the treaty will be dealt with. That is a touchy subject in Europe due to concerns that trade pacts give too much power to big multinationals. European parliaments nearly blocked a deal with Canada last year over such issues. Juncker stressed the EU would not accept "private tribunals" ruling between business and states. But Greens in the European Parliament, which must ratify the treaty, were not impressed, complaining of a "rushed procedure" that was "not serious". Much remained unclear or unresolved, their leader Ska Keller said, calling also for it to do more to stop Japanese whaling. CARS, CHEESE AND BREXIT EU tariffs of up to 10 percent on Japanese cars will be phased out over seven years. Most EU food exports, including chocolate and biscuits, will see tariffs end over time. Duty of up to 29 percent on hard cheeses like Parmesan will fall to zero over 15 years. Quotas on soft cheeses like feta and mozzarella will still protect Japan''s culturally sensitive dairy sector. Japan will respect over 200 EU geographic protections on product names, like Parma ham or Polish wodka. Scotch whisky might not benefit, however, as Britain leaves the EU in 2019. Tusk took the opportunity to scoff at arguments in Britain for Brexit on the grounds that London could cut itself better trade deals without the EU''s economic weight behind it. In an ironic nod to Brexit supporters'' rallying cry of "Global Britain", Tusk, a former Polish premier, signed off a tweet confirming the Japan deal with the words "Global Europe!" (Additional reporting by Elizabeth Miles and Foo Yun Chee in Brussels and Kaori Kaneko in Tokyo; Editing by Gareth Jones) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-eu-trade-idUKKBN19R17U'|'2017-07-06T19:40:00.000+03:00'|5566.0|''|-1.0|'' 5567|'bb26c49689fa021335aef0c21ddee740ed4b4a55'|'Altice complies fully with French VAT rules - CEO'|'July 28, 2017 / 3:17 PM / 3 hours ago Altice complies fully with French VAT rules - CEO 1 Min Read PARIS, July 28 (Reuters) - Altice complies fully with French value-added tax rules, Chief Executive Michel Combes said in response to media reports on Friday that its French mobile company SFR Group benefits from lower rates because it owns newspapers. "We are in full compliance with all tax legislation and we have made significant investments in press and media assets in France and will continue to do so," Combes said during a conference call with analysts. "The estimated claims in the press are ludicrously high." (Reporting by Mathieu Rosemain; editing by David Clarke) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/altice-tax-idUSP6N1I5012'|'2017-07-28T18:17:00.000+03:00'|5567.0|''|-1.0|'' 5568|'93a2f9830ef7ddf9c59a20a8beb2e0288cd7bafa'|'Daimler sues SKF in wake of EU competition settlement'|'Autos 33am BST Daimler sues SKF in wake of EU competition settlement Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo STOCKHOLM Sweden''s SKF ( SKFb.ST ) said on Tuesday it was being sued by German automaker Daimler AG ( DAIGn.DE ) in the wake of a 2014 EU settlement for violations of competition rules in the European bearings industry. European Union antitrust regulators in March 2014 fined SKF and several other suppliers a total of 953 million euros ($1.08 billion) for taking part in a ball bearings cartel. The settlement left European carmakers eyeing possible legal action. In November last year, SKF said German automaker BMW ( BMWG.DE ) had opened a lawsuit against the Swedish company and other bearings makers. "Daimler requests payment from SKF in the amount of at least EUR 59 million plus interest and reimbursement of costs," SKF said in a statement. "SKF strongly believes that the activities sanctioned by the European Commission have not caused any damage to its business partners." SKF, whose shares eased 0.9 percent versus a 0.5 percent decline in the Stockholm bourse''s blue chip index .OMXS30 , said Daimler had filed the lawsuit with Landgericht Nurnberg-Furth in Germany. (Reporting by Niklas Pollard and Johan Ahlander, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-skf-daimler-idUKKBN19P0QT'|'2017-07-04T10:33:00.000+03:00'|5568.0|''|-1.0|'' -5569|'296e5ca7fc2ab224557cd2988944b206074b7511'|'U.S. housing starts jump to four-month high'|'July 19, 2017 / 12:38 PM / 36 minutes ago U.S. housing starts, permits rebound in June Reuters Staff 2 Min Read FILE PHOTO - A man works on a building site for a luxury apartment complex in downtown Los Angeles, California March 17, 2015. Lucy Nicholson WASHINGTON (Reuters) - U.S. homebuilding rebounded more than expected in June after declining for three straight months, but construction activity remains constrained by rising lumber prices, labor and land shortages. Housing starts jumped 8.3 percent to a seasonally adjusted annual rate of 1.22 million units, the highest level since February as both single-family and multi-family construction increased, the Commerce Department said on Wednesday. May''s sales pace was revised up to 1.12 million units from the previously reported 1.09 million units. Economists polled by Reuters had forecast groundbreaking activity rising to a rate of 1.16 million units last month. Homebuilding rose 2.1 percent on a year-on-year basis. FILE PHOTO - Men work on a construction site for a luxury apartment complex in downtown Los Angeles, California March 17, 2015. Lucy Nicholson Despite the bounceback, homebuilding has lost momentum after strong gains in both the fourth and first quarters. Economists blame the slowdown on supply bottlenecks. A survey on Tuesday showed confidence among homebuilders hit an eight-month low in July amid complaints about high lumber prices and shortages of building lots and labor. Lumber prices have surged after the government in April imposed anti-subsidy duties on imports of Canadian softwood lumber. Single-family homebuilding, which accounts for the largest share of the residential housing market, surged 6.3 percent to an 849,000 unit-pace last month, also the highest level since February. Single-family construction has lost ground since vaulting to a near 9-1/2-year high in February, despite strong demand for housing. Starts for the volatile multi-family housing segment increased 13.3 percent to a 366,000 unit-pace, after five straight months of declines. Construction had slowed amid a jump in multi-family homes coming on the market. Building permits last month shot up 7.4 percent to a 1.25 million-unit rate, the highest level since March. Single-family home permits rose 4.1 percent after three straight months of declines. Permits for the construction of multi-family homes surged 13.9 percent in June. Reporting By Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-economy-housingstarts-idUKKBN1A419M'|'2017-07-19T15:59:00.000+03:00'|5569.0|''|-1.0|'' +5569|'296e5ca7fc2ab224557cd2988944b206074b7511'|'U.S. housing starts jump to four-month high'|'July 19, 2017 / 12:38 PM / 36 minutes ago U.S. housing starts, permits rebound in June Reuters Staff 2 Min Read FILE PHOTO - A man works on a building site for a luxury apartment complex in downtown Los Angeles, California March 17, 2015. Lucy Nicholson WASHINGTON (Reuters) - U.S. homebuilding rebounded more than expected in June after declining for three straight months, but construction activity remains constrained by rising lumber prices, labor and land shortages. Housing starts jumped 8.3 percent to a seasonally adjusted annual rate of 1.22 million units, the highest level since February as both single-family and multi-family construction increased, the Commerce Department said on Wednesday. May''s sales pace was revised up to 1.12 million units from the previously reported 1.09 million units. Economists polled by Reuters had forecast groundbreaking activity rising to a rate of 1.16 million units last month. Homebuilding rose 2.1 percent on a year-on-year basis. FILE PHOTO - Men work on a construction site for a luxury apartment complex in downtown Los Angeles, California March 17, 2015. Lucy Nicholson Despite the bounceback, homebuilding has lost momentum after strong gains in both the fourth and first quarters. Economists blame the slowdown on supply bottlenecks. A survey on Tuesday showed confidence among homebuilders hit an eight-month low in July amid complaints about high lumber prices and shortages of building lots and labor. Lumber prices have surged after the government in April imposed anti-subsidy duties on imports of Canadian softwood lumber. Single-family homebuilding, which accounts for the largest share of the residential housing market, surged 6.3 percent to an 849,000 unit-pace last month, also the highest level since February. Single-family construction has lost ground since vaulting to a near 9-1/2-year high in February, despite strong demand for housing. Starts for the volatile multi-family housing segment increased 13.3 percent to a 366,000 unit-pace, after five straight months of declines. Construction had slowed amid a jump in multi-family homes coming on the market. Building permits last month shot up 7.4 percent to a 1.25 million-unit rate, the highest level since March. Single-family home permits rose 4.1 percent after three straight months of declines. Permits for the construction of multi-family homes surged 13.9 percent in June. Reporting By Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-economy-housingstarts-idUKKBN1A419M'|'2017-07-19T15:59:00.000+03:00'|5569.0|7.0|0.0|'' 5570|'7015cd52feae934ec554b38007bc7fe2723a79de'|'Black gold: Tax hike under GST could boost illegal bullion, jewellery sales'|'July 4, 2017 / 6:39 AM / 41 minutes ago Black gold: Tax hike under GST could boost illegal bullion, jewellery sales By Rajendra Jadhav 3 Min Read FILE PHOTO: A salesperson attends to a customer (not pictured) inside a jewellery showroom, during Akshaya Tritiya, a major gold-buying festival, in Mumbai, India April 28, 2017. Shailesh Andrade/File Photo MUMBAI (Reuters) - A hike in taxes on gold sales in India could stoke under-the-counter buying and drive up appetite for precious metal smuggled into the country, where millions of people store big chunks of their wealth in bullion and jewellery. As part of a new nationwide sales tax regime that kicked in on July 1, the Goods and Services Tax (GST) on gold has jumped to 3 percent from 1.2 percent previously, with traders and buyers saying the move will likely force more transactions into the black market. "Three percent is too much. I preferred to buy without receipts. The jeweller did not have any problem," said a middle-aged buyer, who declined to be identified after making purchases on Monday at the country''s biggest bullion market, Zaveri Bazaar in Mumbai. Smaller shops could be more inclined to sell without receipts, potentially hitting sales at big jewellers that keep to the rules, said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city Kolkata. "Just to save 1 percent, some customers were earlier buying gold without receipts. With the 3-percent GST, now many more will be tempted to make unofficial purchases from small jewellers," Ajmera said. The tax hike could also encourage more smuggling into the world''s second biggest gold consumer, which buys almost all its bullion abroad. Gold smuggling has been rife since India raised import duties on the metal to 10 percent in a series of hikes to August 2013, looking to curb demand to narrow a gaping current account deficit. The World Gold Council estimates smuggling networks imported up to 120 tonnes of gold into India in 2016. "The GST rate has increased the incentive to bring in smuggled gold. The government should reduce import duty and make smuggling unviable," said Aditya Pethe, a director at Waman Hari Pethe Jewellers in Mumbai. The country''s legal imports typically stand at around 800 tonnes a year, with the metal used in everything from investment to religious donations and wedding gifts. "A lower import duty would increase legal imports and ultimately legal sales. Tax revenue would go up instead of going down," said Daman Prakash Rathod, director at wholesaler MNC Bullion in the southern city of Chennai. Reporting by Rajendra Jadhav; Editing by Joseph Radford 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-gold-tax-idINKBN19P0M1'|'2017-07-04T09:38:00.000+03:00'|5570.0|''|-1.0|'' -5571|'9b3cb3b73f12f386578e457f5bb5425873683218'|'ECB keeps stimulus pledge despite stronger growth'|'July 20, 2017 / 11:55 AM / 7 hours ago ECB keeps stimulus pledge despite stronger growth Reuters Staff 2 Min Read FILE PHOTO: The European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. Ralph Orlowski/File Photo FRANKFURT (Reuters) - The European Central Bank reaffirmed its ultra-easy policy stance on Thursday and even kept the door open to boosting its bond purchases if needed, despite an upswing in the euro zone''s economy. The ECB kept rates at record low and confirmed its asset-buying programme would continue at 60 billion euros ($69.15 billion) per month at least until December and could be expanded or extended if deemed necessary. Investors have been looking for hints that the ECB may start reducing the scheme since President Mario Draghi said late last month that policy tweaks were possible to accompany the euro zone''s economic recovery. The ECB also kept its rate on bank overnight deposits, which is currently its primary interest rate tool, at -0.40 percent, as expected. The main refinancing rate, which determines the cost of credit in the economy, was unchanged at 0.00 percent while the rate on the marginal lending facility - or emergency overnight borrowing rate for banks - remains at 0.25 percent. Attention now turns to Draghi''s press conference, due to start at 1230 GMT. Reporting By Francesco Canepa Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-rates-idUKKBN1A51FN'|'2017-07-20T14:54:00.000+03:00'|5571.0|''|-1.0|'' +5571|'9b3cb3b73f12f386578e457f5bb5425873683218'|'ECB keeps stimulus pledge despite stronger growth'|'July 20, 2017 / 11:55 AM / 7 hours ago ECB keeps stimulus pledge despite stronger growth Reuters Staff 2 Min Read FILE PHOTO: The European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. Ralph Orlowski/File Photo FRANKFURT (Reuters) - The European Central Bank reaffirmed its ultra-easy policy stance on Thursday and even kept the door open to boosting its bond purchases if needed, despite an upswing in the euro zone''s economy. The ECB kept rates at record low and confirmed its asset-buying programme would continue at 60 billion euros ($69.15 billion) per month at least until December and could be expanded or extended if deemed necessary. Investors have been looking for hints that the ECB may start reducing the scheme since President Mario Draghi said late last month that policy tweaks were possible to accompany the euro zone''s economic recovery. The ECB also kept its rate on bank overnight deposits, which is currently its primary interest rate tool, at -0.40 percent, as expected. The main refinancing rate, which determines the cost of credit in the economy, was unchanged at 0.00 percent while the rate on the marginal lending facility - or emergency overnight borrowing rate for banks - remains at 0.25 percent. Attention now turns to Draghi''s press conference, due to start at 1230 GMT. Reporting By Francesco Canepa Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-rates-idUKKBN1A51FN'|'2017-07-20T14:54:00.000+03:00'|5571.0|10.0|0.0|'' 5572|'713465e7099c653306e80ab9f05e9cbcbb026848'|'PRECIOUS-Gold steady ahead of U.S. Independence day holiday'|'Market News - Sun Jul 2, 2017 - 9:00pm EDT PRECIOUS-Gold steady ahead of U.S. Independence day holiday BENGALURU, July 3 Gold held steady early Monday, ahead of the U.S. Independence day holiday, as the dollar hovered at near nine-month lows hit last week on signs of monetary tightening by global central banks. FUNDAMENTALS * Spot gold was nearly flat at $1,241.04 per ounce at 0043 GMT. It fell over 2 percent in the month of June, its first monthly decline this year. * U.S. gold futures for August delivery fell 0.1 percent to $1,240.80 per ounce. * The dollar edged off a nine-month low against a basket of currencies early on Monday, but it remained shaky as expectations of central banks in Europe moving away from accommodative monetary policies supported peers like the euro and sterling. * Holdings at the SPDR Gold Trust , the world''s largest gold-backed exchange-traded fund, fell 0.14 percent to 852.50 tonnes on Friday from 853.68 tonnes on Thursday. * Hedge funds and money managers reduced their net long positions in COMEX gold and silver for the third straight week in the week to June 27, U.S. Commodity Futures Trading Commission data showed on Friday. * U.S. Mint American Eagle gold coin sales in the first half of 2017 were the lowest for this period in a decade, while sales of silver in the period were the weakest since 2008, government data showed on Friday. * South African precious metals producer Sibanye Gold said on Friday it would resume production on Monday at its strike-hit Cooke mine, which has been incurring losses amid illegal mining and production interruptions. * The Federal Reserve on Friday awarded $398.88 billion in repurchase agreements at an interest rate of 1.00 percent to 79 bidders, which was the highest amount since $468.36 billion on Dec. 30, the New York Federal Reserve said. * U.S. consumer spending rose modestly in May and inflation cooled, pointing to a slow-but-steady economic expansion that could still lead the Federal Reserve to raise interest rates by the end of the year. * Hedge funds and money managers trimmed their bullish bets on U.S. crude oil to the lowest in more than nine months, data showed on Friday, as growing shale production kept inventories well above the five-year average. DATA AHEAD (GMT) 0145 China Caixin manufacturing PMI final June 0750 France Markit manufacturing PMI June 0755 Germany Markit/BME manufacturing PMI June 0800 Euro zone Markit manufacturing PMI final June 0900 Euro zone Unemployment rate May 1400 U.S. ISM manufacturing PMI June 1400 U.S. Construction spending May (Reporting by Nithin Prasad in Bengaluru; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1JU07A'|'2017-07-03T04:00:00.000+03:00'|5572.0|''|-1.0|'' 5573|'5327ab00dae9746ef839df3fbf5e74be2528a74a'|'Tech stocks lead European shares lower in busy earnings day'|'July 28, 2017 / 7:43 AM / 23 minutes ago Tech stocks lead European shares lower in busy earnings day Reuters Staff 2 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, July 27, 2017. Staff/Remote MILAN (Reuters) - European shares fell on Friday led by a slump in tech stocks which tracked losses among global peers following an earning miss at online giant Amazon ( AMZN.O ), while a flurry of earning updates failed to provide support. Europe''s tech index .SX8P, the best performer so far this year, was down 1.5 percent, helping drag the pan-European STOXX 600 index down 0.8 percent by 0717 GMT. UK''s FTSE .FTSE declined 0.4 percent. UBS ( UBSG.S ) fell 3.8 percent, making it the biggest drag to the STOXX. The Swiss bank kept a cautious outlook on the second half of 2017 after it reported an unexpected rise in second-quarter net profit. Among top fallers were shares in French car maker Renault ( RENA.PA ) and Proximus ( PROX.BR ), which also reported results. A bright spot was Adidas ( ADSGn.DE ), up 7.4 percent to a record high as the group raised its full-year outlook after improving margins helped the German sportswear maker to achieve an 18 percent jump in second-quarter operating profit. Reporting by Danilo Masoni, Editing by Vikram Subhedar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1AD0UT'|'2017-07-28T10:43:00.000+03:00'|5573.0|''|-1.0|'' 5574|'63d296edd844a518cf0ece0f4bf937ff3253983c'|'No model for sale of Cedae set with BNDES, Rio governor says'|'July 20, 2017 / 4:36 PM / 2 minutes ago No model for sale of Cedae set with BNDES, Rio governor says 1 Min Read SAO PAULO (Reuters) - There is no model for the sale of Rio de Janeiro state''s water and sewage utility Cia Estadual de guas e Esgotos SA defined with state development bank BNDES [BNDES.UL], Rio Governor Luiz Fernando Pezo said on Thursday. Reuters reported on Wednesday that BNDES would acquire the control of Cedae, as the utility is known, for 3 billion reais ($957 million) and then resell it. In a news conference, Pezo said the state government is discussing a loan of 3.5 billion reais with BNDES. Reporting by Bruno Federowski'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cedae-m-a-idUSKBN1A529I'|'2017-07-20T19:32:00.000+03:00'|5574.0|''|-1.0|'' @@ -5581,7 +5581,7 @@ 5579|'f45b0798ead2f303dc835dd7eeeef4b9e521e247'|'UPDATE 3-UK Stocks-Factors to watch on July 3'|'(Adds news item)July 3 Britain''s FTSE 100 index is seen opening up 16 points at 7,328 on Monday, according to financial bookmakers, with futures up 0.3 percent ahead of the cash market open.* BGEO: BGEO Group Plc, the holding company of JSC Bank of Georgia, said it intended to demerge into two London-listed firms - a banking business and an investment business.* SEVERN TRENT: British water utility Severn Trent Plc on Monday said it would sell its North American unit for $62 million to focus on its core UK business.* UK ENERGY REGULATOR: Britain''s energy regulator Ofgem could cap bills for some of the most vulnerable customers and make switching supplier easier, it said on Monday in response to a government request for it to set out plans to help customers on the poorest-value tariffs.* IAG: Some British Airways cabin crew began a two-week strike on Saturday in a prolonged pay dispute, risking further brand damage and travel disruption, although the airline said most passengers would be able to fly.* IAG: British authorities have given British Airways the go ahead to use Qatar Airways planes and staff during a planned two-week strike by members of its cabin crew, a spokesman for the Department for Transport said on Friday. BA, owned by IAG has committed to fly all its customers to their destinations during the strike.* GSK: The world''s leading drug companies are turning to artificial intelligence to improve the hit-and-miss business of finding new medicines, with GlaxoSmithKline unveiling a new $43 million deal in the field on Sunday.* BAE SYSTEMS: BAE Systems, the world''s third-largest defence contractor and the Ministry of Defence have signed a multi-billion pound deal to build the first three of eight new frigates for the Royal Navy, the Telegraph reported. bit.ly/2tAG11Q* TATA STEEL: The British government is said to be considering changes to its pension law law to help Tata Steel Ltd save jobs at its Port Talbot plant in south Wales, a media report claims, Mint reported citing PTI. bit.ly/2ufDlUC* UK TOBACCO: Cigarette maker Philip Morris International thinks its iQOS heated tobacco product can make Britain smoke-free in the coming years, an executive said on Friday. British American Tobacco and Japan Tobacco are also selling tobacco-based "vaping" devices.* BREXIT: Britain''s minister-in-charge of exiting the European Union will host a conference for business leaders on Friday as part of a government drive to give them a bigger say in the process.* BREXIT: British business leaders have been told to brace for the possibility that Prime Minister Theresa May''s government may walk out of Brexit talks this year, according to the Sunday Telegraph.* UK ECONOMY: Prime Minister Theresa May is under pressure from her ministers to end the government''s policy of economic austerity as a new poll shows her popularity has slumped, according to the Observer.* LONDON FIRE: The head of the local council in the London borough where at least 80 people died in a fire in a social housing tower block resigned on Friday after he was criticised for the organisation''s handling of the disaster.* UK HIGH-RISE BUILDINGS: Some 181 high-rise buildings have failed safety tests carried out after a fire that killed at least 80 people in London last month, the British government said on Sunday.* UK PUBLIC-SECTOR PAY: Britain could abandon an across-the-board cap on pay for public-sector workers such as teachers and nurses if review bodies said higher rises were needed to recruit and retain workers, Environment Secretary Michael Gove said on Sunday.* BOND SCHEME: China and Hong Kong launched a long-awaited "Bond Connect" programme on Monday that links China''s $9 trillion bond market with overseas investors, the latest step in Beijing''s efforts to liberalise and strengthen the country''s capital markets.* OIL: Oil prices rose on Monday, lifted by the first fall in U.S. drilling activity in months, although gains were capped by reports of rising OPEC output last month even as the group has pledged to cut supply.* COPPER: London copper was supported just below the $6,000 level on Monday, the first trading day of the second half, as brighter factory demand from China underpinned prices.* GOLD: Gold edged lower on Monday as investors shunned safe-haven assets for equities, with Asian stocks remaining near two-year highs, and as the dollar rose from a nine-month low, reducing the demand for bullion.* The UK blue chip index closed down 0.5 percent at 7,312.72 points on Friday, as a drop among oil stocks, miners and by United Utilities kept the UK''s top share index in negative territory after a choppy day. The heavy losses sent the index to its widest monthly loss since September 2015, sealing its first negative quarter in more than a year as a tumultuous first half drew to a close.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JU2KV'|'2017-07-03T09:53:00.000+03:00'|5579.0|''|-1.0|'' 5580|'122997875e065fbbc47b202b8b0e1ca0f7bc622b'|'Oil and banks stymie FTSE''s rise, WPP hit by broker downgrade'|' 10:19am BST Oil and banks stymie FTSE''s rise, WPP hit by broker downgrade People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Kit Rees - LONDON LONDON Falls in energy and bank stocks dampened an otherwise positive week for Britain''s top share index, while changes in broker recommendations prompted moves in easyJet, WPP and Royal Mail. Britain''s blue chip FTSE 100 .FTSE index was down 0.2 percent at 7,323.50 points at 0852 GMT (9.52 a.m. BST) on Friday, on track to post its first weekly gain since the end of May. The index pared losses after weak housing data drove sterling to a nine-day low. Oil & gas stocks dropped, taking around 8 points off the FTSE, after oil prices fell more than 1 percent following a rise in U.S. output, with Royal Dutch Shell Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JW2CL'|'2017-07-05T09:42:00.000+03:00'|5582.0|''|-1.0|'' +5582|'3390052283294e4ac70a72f97fff7216717cf939'|'UPDATE 1-UK Stocks-Factors to watch on July 5'|'Market News - Wed Jul 5, 2017 - 2:42am EDT UPDATE 1-UK Stocks-Factors to watch on July 5 (Adds company news, futures) July 5 Britain''s FTSE 100 futures were down 0.18 percent ahead of the cash market open. * OCADO: British online retailer Ocado said on Wednesday it expected the international deal it secured last month to be the first of many as it reported a 2.7 percent rise in first-half core earnings. * PERSIMMON: Britain''s second biggest housebuilder by volume Persimmon said first-half sales rose by 7 percent, with a national election, which can often dampen demand as buyers put off major purchases, not affecting the market. * BOOKER GROUP/TESCO: Booker Group, the wholesaler Tesco is trying to buy for 3.7 billion pounds ($4.8 billion), said like-for-like sales rose 4.2 percent in its first quarter, helped by favourable weather and the late Easter. * MAN GROUP: Man Group, the world''s biggest listed hedge fund, has closed down a quantitative trading division as it looks to focus on other strategies, Bloomberg reported citing a person with knowledge of the matter. ( bloom.bg/2sDAbNr ) * SHELL: Pakistan''s oil and gas regulator expects the first report this week on a road tanker explosion, involving a Shell Pakistan contractor, that killed 209 people, a spokesman for the regulatory authority said on Tuesday. Shell Pakistan Ltd, a subsidiary of energy giant Royal Dutch Shell, issued a statement shortly after the accident saying it would cooperate fully with all investigations. * WORLDPAY: Worldpay Group Plc, Britain''s largest payment processor, on Tuesday received rival bid approaches from U.S. credit card technology firm Vantiv Inc and JPMorgan Chase Bank, sending its shares up by more than 25 percent. * LSE: FTSE Russell is likely to restrict the inclusion of companies with unequal voting rights in some of its equity indexes, to address investor concerns over falling corporate governance standards, the CEO of the world''s largest index company, owned by the London Stock Exchange Group, said. * SPORTSDIRECT: Mike Ashley, the founder of British retailer Sports Direct , allegedly "secretly" paid the firm''s former CEO 1 million pounds a year as a bonus from his personal funds to allegedly keep down the pay of other staff, the Guardian reported. ( bit.ly/2tFS2Tv ) * NORTH KOREA: North Korea said on Wednesday its newly developed intercontinental ballistic missile (ICBM) can carry a large nuclear warhead, triggering a call by Washington for global action to hold it accountable for pursuing nuclear weapons. * QATAR: Qatar announced plans for a steep rise in Liquified Natural Gas (LNG) production capacity on Tuesday that suggested it was ready for a protracted dispute with Gulf neighbours, but Doha said it was doing all it could to reach agreement. * UK SHOP PRICES: Overall prices in British shops fell in June at the slowest annual pace since November 2013, the British Retail Consortium (BRC) said on Wednesday, adding it expects rising inflation pressure soon to prompt outright price increases. * UK HOUSEHOLDS: A Bank of England policymaker who last month voted to raise interest rates was quoted as saying on Tuesday that he was "reasonably confident" that investment and exports would compensate for a consumer slowdown. * OIL: Oil dipped on Wednesday, pulled down by another rise in OPEC supplies despite a pledge to cut production, but geopolitical tensions in the Korean peninsula and the Middle East put a floor under prices. * GOLD: Gold prices edged up on Wednesday as tensions on the Korean peninsula stoked safe-haven demand for the metal, while the release of minutes from the U.S. Federal Reserve''s last meeting was also in focus. * COPPER: London copper was treading water on Wednesday amid heightened risk aversion in Asia following a North Korean missile test, while strike threats at a South American copper mine lent support to prices. * The UK blue chip index ended down 0.3 percent at 7,357.23 points on Tuesday, as a rally in Worldpay shares to a record high was not enough to offset a broad-based decline among British shares, after a strong start to the second half for the UK''s top share index. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JW2CL'|'2017-07-05T09:42:00.000+03:00'|5582.0|7.0|0.0|'' 5583|'b9bb6c53dfabab6e8e821f36067689c2ee6059d2'|'UK financial watchdog to extend regulatory regime to 47,000 firms'|'A regulatory regime intended to crack down on the behaviour of bank bosses is to be extended to 47,000 firms including dentists, gyms and tool hire companies that offer credit to customers.The Financial Conduct Authority estimated that the new regime would cost firms 550m, with up to 190m of ongoing costs for the firms involved.It had been expected that the additional firms would be covered by the senior managers and certification regime (SMCR) from 2018, although the FCAs consultation document does not indicate if this is still the timetable.The SMCR came into force for almost 900 banks and building societies in March 2016 and was intended to tackle the fact that no bank bosses were held to account when their firms collapsed in 2008.It requires the responsibilities of top managers to be spelt out and for them to certify their key staff are suitable for their roles. This certification must now happen annually, whereas under the previous system the FCA approved individuals only once, unless they moved roles.The FCAs consultation paper sets out five conduct rules for firms: act with integrity; act with due care, skill and diligence; be open and cooperative with regulators; pay due regard to customer interests and treat them fairly; and observe proper standards of market conduct. The Treasury had called for the broadening of the new regime two years ago when it also dropped a plan to reverse the burden of proof for managers, which would have forced them to demonstrate they had done the right thing if wrongdoing emerged on their watch.Marian Bloodworth, an employment partner at law firm Kemp Little, said: The change will also mean the end of the FCA register for the majority of financial services employees ... This has been a cause for concern for those in the existing regime already, as it means there is no publicly available list of advisers for customers to review.The FCA warned that some cost increases on firms will pass through to consumers in the form of higher prices, while senior managers may demand bigger pay deals.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/26/uk-financial-watchdog-conduct-authority-extend-regulatory-regime-firms'|'2017-07-26T03:00:00.000+03:00'|5583.0|''|-1.0|'' 5584|'e4b1f0d84fb0766ae564707b0024a6ce86ea4c55'|'Fed minutes in view, stocks shift higher'|'July 5, 2017 / 12:41 PM / 24 minutes ago Fed minutes in view, stocks shift higher 4 Min Read Pound and Dollar banknotes are seen in this picture illustration taken June 13, 2017. Dado Ruvic/Illustration LONDON (Reuters) - Stock markets rode out the latest rise in tensions around North Korea on Wednesday, with the main markets in Europe, Asia and the United States all inching higher as attention moved to minutes from the U.S. Federal Reserve''s last meeting. MSCI''s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent, regaining half the losses it saw on Tuesday when North Korea fired a missile into Japanese waters. The organisation''s global shares index, however, reflected a relatively ambivalent global mood, rising less than 0.05 percent despite a handful of solid purchasing manager surveys in Europe. New York''s main indices were also set to open a touch higher after the July 54 break. "It has been a relatively light week in terms of economic data so far and investors are desperately looking for drivers," said Arnaud Masset, an analyst with Swissquote. "Given the recent weakness in inflation and lacklustre households consumption data, it is more likely that the minutes highlight the concerns of FOMC members (about growth)." A shift towards more hawkish language by several major central banks has dominated the past week. It has, for example, left markets unsure of how much longer emergency stimulus in Europe will continue to support asset prices. For now investors seem to be giving policymakers the benefit of the doubt that the global economy can take any tightening of monetary policy, although the latest data on Wednesday was mixed -- strong in Europe and weaker in China. [PMI-M] "North Korea has rattled markets but central bankers are more important," said Kathleen Brooks, research director at City Index in London. "While North Koreas military ambitions are a background threat for markets, we dont think that this particular geopolitical event is at the stage yet where it will cause a spike in volatility." South Korea''s main index rebounded by 0.36 percent and Japan''s Nikkei ended up 0.25 percent. Shanghai stocks rose more than 1 percent, despite a drop in the Caixin/Markit services purchasing managers'' index (PMI) to 51.6 in June, from 52.8 in May. IHS Markit''s final composite Purchasing Managers'' Index for the euro zone was 56.3 in June, down from May but comfortably beating a flash estimate, chalking up the best performance last quarter in over six years. Currency markets were in limbo, the euro trading around a cent below last week''s 14-month highs against the dollar, less than 0.2 percent lower on the day. The dollar and yen were the main victims of the shift in language last week, but many analysts wonder whether the European Central Bank will be able to rein in money-printing later this year if the euro keeps gaining. "I meet a lot of people while I talk to clients who think the ECB simply won''t be able to escape its current policy setting because a stronger currency is too damaging," said Societe Generale strategist Kit Juckes. "The thought the ECB will resist pressure...is still leading many ... to look for cheaper levels to buy euro." The dollar rose 0.2 percent higher against the basket of currencies used to measure its broader strength and slightly more against the yen to an almost two-month high of 113.69 yen. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets Editing by Richard Balmforth'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN19Q1KO'|'2017-07-05T15:38:00.000+03:00'|5584.0|''|-1.0|'' 5585|'0c49cb54f0f6fca1de6a1f293c5bdc1f5a2dc128'|'China securities regulator says will steadily expand opening of capital markets'|'July 26, 2017 / 3:22 AM / 4 hours ago China securities regulator says will steadily expand opening of capital markets 1 Min Read FILE PHOTO: Men look at an electronic board showing stock market information at a brokerage house in Beijing, China January 5, 2016. Kim Kyung-Hoon/File Photo BEIJING (Reuters) - China''s securities regulator said Wednesday it will regulate and expand access to capital markets for all types of investors, while also encouraging more long-term institutional participation. The China Securities Regulatory Commissions said in a post on its website that it will maintain "normalisation" of initial public offerings, improve the delisting mechanism and steadily expand the opening of China''s capital markets. Reporting by Stella Qiu and Elias Glenn; Editing by Eric Meijer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-finance-idINKBN1AB0AC'|'2017-07-26T06:19:00.000+03:00'|5585.0|''|-1.0|'' @@ -5632,7 +5632,7 @@ 5630|'336a77ba4d5b9f4d73e9db41ce9048f64f597533'|'Detroits car firms try to match Silicon Valley'|'IT IS fashionable to say that the city of Detroit is on the up after decades of decline. Amid the derelict buildings there are signs of revival; art shops and trendy food trucks abound. But for a truer augury of the citys possible future, consider the rock-bottom stockmarket valuations of Ford and General Motors (GM), Motor Citys two big domestic car firms. (A third, Chrysler, is owned by Fiat Chrysler Automobiles, whose chairman is a director of The Economist s parent company.) If you put the members of the S&P 500 index in order of their price-earnings ratios, Ford and GM are at the bottom, among the walking dead.For their investors, creditors and 426,000 staff, about 18% of whom are in Detroit, it is a terrifying signal. A low price-earnings ratio is the stockmarkets way of telling you that business as you know it is over. GM and Ford together made $18bn of underlying profit last year but have a market value of $98bn. That ratio implies that their profits will halve or worse, and quickly. Wall Street has got the hots for a younger crowd of firms that investors think will dominate the transport technologies of the 21st century; electric engines, ride-hailing, ride-sharing and driverless cars. 15 hours ago How Three Silicon Valley firmsUber, Tesla and Waymo (Alphabets driverless-car unit)are each reckoned to be worth more than GM or Ford. All lose money and bring in no more sales in a year than Ford or GM do in a fortnight. No matter. Expectations are sky high. Morgan Stanley, a bank, expects Waymos sales to exceed $200bn by 2030, making it roughly Americas fifth-largest firm. Not bad given it does not have any products for sale.For the people running GM and Ford it is hard to ignore such huge differences in valuation, even if they reflect bubbly thinking about Silicon Valley. Shareholders and directors are becoming restless, and talented staff demoralised. The pressure to act is intense. GM recently had to fend off an activist attack from a hedge fund. In May Ford fired its boss, Mark Fields, replacing him with Jim Hackett, whose experience as a car executive consists of 15 months running Fords tech incubator. Its chairman, Bill Ford, said new blood was needed to deal with technological change.Investors are making two mistakes, the car firms argue. First, they underestimate how hard it is to mass-produce cars, and second, they discount the possibility that hidden within them are Detroits equivalent of a Tesla, an Uber or a Waymo. Certainly, when you see the view from Fords headquarters, of miles of woods, test tracks and factories owned by the company or by the Ford family, it is easy to believe that there might be some buried treasure there.Take the point on mass production, first. Detroits experts sniff that Silicon Valley has no idea how to make millions of vehicles that adhere to the safety and reliability standards of the conventional car firms. Tesla produced the equivalent of 1% of GMs vehicle volumes last year. One Detroit executive reckons it is 10,000 times harder to build an autonomous vehicle that works on real roads rather than on a Californian test track.Yet he is no Luddite, and expects a revolution. Electric vehicles will be mainstream by 2020, he says. Driverless cars will slash the cost-per-mile of travelling, especially if you count the time saved by freeing people from the hours they waste clutching steering wheels. Ride-sharing will mean that the utilisation rate of cars will go up and therefore that fewer vehicles are sold. But that could be offset by new revenue from services such as charging passengers for rides or selling data that is gathered about them.The car firms try hard to draw attention to the businesses they own that will benefit from these trends. GM has a 9% stake in Lyft (a rival to Uber that is gaining market share), and in 2016 bought Cruise, an autonomous-vehicle firm based in San Francisco, for $600m. GMs subsidiary, OnStar, connects 7m drivers to various data services. Its electric-car model, the Chevrolet Bolt, is on the road. Ford owns Chariot, a crowdsourced shuttle service, and will have 13 models of electric car on the road by 2020. It is investing $1bn over the next five years in Argo, an artificial-intelligence firm that is developing software for autonomous vehicles.Investors do not seem to care. In the past few months they have begun to fret about a new risk, that American car sales may be at a cyclical peak. In previous downturns, profits have slumped. Both GM and Ford want to emphasise that their costs can be more easily cut than before the crisis in 2008-10, when GM went bust and Ford nearly did. They also want to show that they will not waste money abroad. In March GM sold its European arm to Frances PSA Group. Ford says that it is prepared to sell some emerging-market operations if they do not produce higher profits soon. But their price-earnings ratios have not budged.Wall Street: the worlds most demanding backseat driverIn their desperation, Ford and GM are toying with a new strategy: putting their tech assets into ring-fenced divisions that can be promoted as new Ford and new GM. These units accounts will not be pretty, with few sales, and combined investments of $3bn-4bn a year. But with a speck of the glitter that Teslas Elon Musk sprinkles on his loss-making firm, they might capture investors imaginations and resuscitate their parents share prices.But by re-engineering their structures, the car companies might start something uncontrollable. Wall Street could get excited and demand that they sell or spin-off the new divisions, robbing Detroit of its best assets. In the 1990s and early 2000s stodgy telecoms firms such as AT&T spun-off their mobile arms only to be reunited with them years later. Ford and GM may be goaded into unwisely blowing their $48bn of cash on tech acquisitions.The underlying shift in the car industry is real: the way in which cars are made and are used is changing. But it is surrounded by a swirl of hyperbole. Detroits firms face a classic incumbents dilemma. They must show they can dance with the cool kids, while not losing either their wallets or their dignity.This article appeared in the Business section of the print edition under the headline "My cars sexier than yours"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21724843-now-their-stockmarket-valuations-indicate-decline-detroits-car-firms-try-match?fsrc=rss'|'2017-07-08T08:00:00.000+03:00'|5630.0|''|-1.0|'' 5631|'29ed3c2a1ec61c556970c99946183c3409769e49'|'Glitch causes prices of Apple, Google, other stocks to appear off'|'Business News - Tue Jul 4, 2017 - 4:46am BST Glitch causes prices of Apple, Google, other stocks to appear off FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS/Shannon Stapleton/File Photo By John McCrank - NEW YORK NEW YORK The prices of several big-name Nasdaq-listed stocks appeared on some websites to either spike or plummet well after the closing bell on Monday, seemingly due to a glitch related to the market data that runs the largely automated markets. At around 6:30 p.m., the prices of Amazon Inc and Microsoft Corp stocks appeared to have lost more than half their value, while Apple Inc shares appeared to more than double. Google parent Alphabet Inc and eBay Inc shares were among others that all appeared to be priced at $123.47 on some financial news websites on Monday evening. The actual prices of the stocks were not affected and no trades were completed at that price, a Nasdaq spokesman confirmed. Nasdaq said in a statement it was investigating the improper use of test data distributed by third parties. Prices on Nasdaq''s website were not affected. Nasdaq and other U.S. stock exchanges closed early on Monday ahead of the U.S. Independence Day holiday on Tuesday. Testing of stock exchange software is mandated by the U.S. Securities and Exchange Commission and happens on a regular basis to help prevent electronic glitches, often using test symbols and historical data. (Reporting by John McCrank; Editing by Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-exchange-nasdaq-idUKKBN19P0BG'|'2017-07-04T06:46:00.000+03:00'|5631.0|''|-1.0|'' 5632|'1c5001e040f3813256c2c8f9b59137fa1ee9de8b'|'BOJ blames Japan''s unique labor practice for low wages, inflation'|'July 21, 2017 / 7:00 AM / in 42 minutes BOJ blames Japan''s unique labour practice for low wages, inflation Leika Kihara 3 Min Read FILE PHOTO: Office workers are reflected in a glass railing as they cross a street during lunch hour in Tokyo June 1, 2015. Thomas Peter/File Photo TOKYO (Reuters) - A gap in pay and working conditions between temporary and permanent employees is preventing a tightening job market from pushing up overall wages and inflation, the Bank of Japan said in a rare analysis of the country''s job market. Wages for temporary workers are "clearly on the rise" as companies struggle to lure employees, with the job market having tightened to levels not seen since Japan''s asset-inflated bubble era in the early 1990s, the BOJ said. But permanent workers'' pay remains stagnant because labour unions representing these employees, who enjoy better benefits than those on the temporary roll, tend to prioritise job security over higher pay, it said in a report on Friday. Japan''s unique pay scale, where salaries rise according to seniority, also discourages job hopping and prevents a tight job market from pushing up overall wages, the central bank said. The slow growth in permanent workers'' income, which makes up nearly 70 percent of total wage-earners'' income, partly explains why wage growth is subdued despite a strong economy, it said. "Companies are taking various steps to address a shortage of labour," such as introducing robots to automate operations and cutting back on extra services, the BOJ said. Restaurant chain operators like Royal Holdings, which used to open their outlets 24 hours, are shortening opening hours due to a paucity of staff. Such efforts will raise labour productivity and could weigh on inflation, though the downward pressure exerted on prices will be temporary as Japan''s potential growth heightens, it said. The disparity between strong growth and low inflation is a common puzzle for global central banks though the problem is more pronounced in Japan, where inflation remains ground to a halt despite four years of aggressive money printing. In a show of alarm over the problem, the BOJ included a rare analysis on wage and job growth in a full version of its quarterly report, which is issued a day after a summary of it that focuses on the long-term growth and price projections. At a two-day rate review that ended on Thursday, the BOJ kept monetary policy steady but once again pushed back the timing for achieving its ambitious inflation target, reinforcing views it will lag well behind other major central banks in scaling back its massive stimulus program. Japan''s jobless rate rose to 3.1 percent in May, while the availability of jobs rose for the third straight month to reach the highest since February 1974. But core consumer prices in May rose just 0.4 percent from a year earlier, well below the BOJ''s 2 percent target. Reporting by Leika Kihara; Editing by Shri Navaratnam 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN1A60LD'|'2017-07-21T10:00:00.000+03:00'|5632.0|''|-1.0|'' -5633|'1136628bc78008371fd787cb2624e856b5160978'|'Volkswagen to offer to refit four million diesel cars - CEO'|'Edition United States July 27, 2017 / 9:29 AM / 16 minutes ago VW to offer to refit 4 million diesel cars: CEO Reuters Staff 1 Min Read FILE PHOTO - A Volkswagen logo is pictured near Poznan, Poland September 9, 2016. Kacper Pempel/File Photo WOLFSBURG, Germany (Reuters) - Volkswagen plans to offer to refit 4 million diesel cars at a meeting with German government officials to discuss ways to avoid diesel bans in major cities, Chief Executive Matthias Mueller said on Thursday. Carmakers in Germany are pressed by regulators and politicians to clean up their diesel engines. Industry officials and government ministers will meet in Berlin on Aug. 2 to discuss ways to tackle diesel pollution. "The view that the relationship between the auto industry and politics may have been a bit too close cannot be wrong," German Environment Minister Barbara Hendricks said following talks with Mueller at VW''s Wolfsburg headquarters. Reporting by Markus Wacket; Writing by Andreas Cremer; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-idUKKBN1AC1BF'|'2017-07-27T12:25:00.000+03:00'|5633.0|''|-1.0|'' +5633|'1136628bc78008371fd787cb2624e856b5160978'|'Volkswagen to offer to refit four million diesel cars - CEO'|'Edition United States July 27, 2017 / 9:29 AM / 16 minutes ago VW to offer to refit 4 million diesel cars: CEO Reuters Staff 1 Min Read FILE PHOTO - A Volkswagen logo is pictured near Poznan, Poland September 9, 2016. Kacper Pempel/File Photo WOLFSBURG, Germany (Reuters) - Volkswagen plans to offer to refit 4 million diesel cars at a meeting with German government officials to discuss ways to avoid diesel bans in major cities, Chief Executive Matthias Mueller said on Thursday. Carmakers in Germany are pressed by regulators and politicians to clean up their diesel engines. Industry officials and government ministers will meet in Berlin on Aug. 2 to discuss ways to tackle diesel pollution. "The view that the relationship between the auto industry and politics may have been a bit too close cannot be wrong," German Environment Minister Barbara Hendricks said following talks with Mueller at VW''s Wolfsburg headquarters. Reporting by Markus Wacket; Writing by Andreas Cremer; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-idUKKBN1AC1BF'|'2017-07-27T12:25:00.000+03:00'|5633.0|8.0|0.0|'' 5634|'f828d40f8d97f94f1d6a909e483cc920db967c86'|'Shares in Slim''s America Movil shrug off Colombian order to pay $1 billion'|'July 27, 2017 / 1:58 AM / in 18 minutes Shares in Slim''s America Movil shrug off Colombian order to pay $1 billion Julia Love 3 Min Read The logo of America Movil is pictured on the wall of a reception area in the company''s corporate offices in Mexico City, Mexico, May 18, 2017. Edgard Garrido MEXICO CITY (Reuters) - America Movil ( AMXL.MX ), the telecommunications company of Mexican tycoon Carlos Slim, and Movistar, the Colombian unit of Spain''s Telefonica SA ( TEF.MC ), may not have to pay any compensation while legal action in Colombia is under review, a government minister said on Wednesday.Shares of America Movil closed down 0.32 percent and Telefonica shares closed up 1.38 percent after a Colombian arbitration panel on Tuesday ordered America Movil to pay $1 billion (762.78 million pounds) and told Movistar to pay $529 million. David Luna, Colombia''s minister for information technology and communications, said in a radio interview that the companies can request suspension of the payment while the case makes its way through Colombia''s Council of State, the highest judicial authority for rulings involving the government. "They have established rights and obviously it''s their choice whether or not they use them," Luna said. The panel said the two rivals failed to return installed telecommunication networks and infrastructure as part of agreements to provide cellular phone service more than a decade ago, the government''s legal defence agency said. Original contracts signed in 1994 agreed that networks would be returned to the state in 10 years. New contracts were later drawn up eliminating the return of the networks, but were overruled by another legal authority that argued that the original contract could not be modified. Telefonica and Movistar logos are seen on top of a Telefonica Mexico building in Mexico City, Mexico, April 15, 2016. Edgard Garrido Movistar could not be reached for comment. Slim''s company, Latin America''s largest telecoms firm by subscribers, said it would seek legal advice. America Movil said it rejected the change to the legal framework in Colombia, noting that it had made major investments under the existing one. "(These are) changes that affect elements as indispensable as the right to private property and the legal certainty necessary for encouraging investments in the country," the company said in a statement. A legal expert questioned whether the firms would end up having to pay those amounts. The proposed payment is "a mere formality of a legal process that isn''t over yet," said Ramiro Tovar Landa, a professor at the Autonomous Technological Institute of Mexico. The dispute is sensitive for America Movil as Colombia is one of its most important markets, Intercam Casa de Bolsa wrote in a note to investors. The operations in Colombia have shown improvement in the latest quarters, but the regulatory risk continues to be important in the country, Intercam wrote. Reporting by Julia Love, additional reporting by Sharay Angulo in Mexico City and Julia Symmes Cobb in Bogota; Editing by Grant McCool and Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-america-movil-fine-idUKKBN1AC06J'|'2017-07-27T04:58:00.000+03:00'|5634.0|''|-1.0|'' 5635|'c5abe1a2f9765f7118c79104aa75856a6681a3a0'|'Gold slips as dollar pares losses, stocks hold ground'|'July 3, 2017 / 5:17 AM / 2 hours ago Gold hits seven-week low as dollar climbs, U.S. yields rise By Jan Harvey 3 Min Read Gold bullion is displayed at Hatton Garden Metals precious metal dealers in London, Britain July 21, 2015. Neil Hall/File Photo LONDON (Reuters) - Gold slid to a seven-week low on Monday and headed for its biggest one-day loss in two months as the dollar rebounded and 10-year U.S. Treasury yields climbed, weighing on appetite for non-interest bearing bullion. Gold ended June with its first monthly loss of the year after the strength it saw in early 2017 ran out of steam in the second quarter, dampened by a rise in bond yields. Spot gold was down 1.3 percent at $1,225.27 an ounce at 1430 GMT, while U.S. gold futures for August delivery were down $17.10 an ounce at $1,225.20. The metal''s decline picked up speed after it broke chart support at $1,234, its 200-day moving average. It rallied $50 an ounce to a seven-month high in the three weeks after breaking above that level in May, but has since steadily fallen. Rising bond yields and soft physical demand are weighing on interest in gold, Commerzbank analyst Carsten Fritsch said. The link between gold and yields is currently stronger than the gold-U.S. dollar connection, he said. "This is due to the fact that the exit from ultra-loose monetary policy is not only related to the Fed anymore," he said. European shares began the new quarter with solid gains, while the dollar lifted from nine-month lows as U.S. Treasury yields hit their highest since mid-May. Germany''s 10-year government bond yield pulled back after last week''s sharp selloff, but held near 3-1/2 month highs. Gold failed to benefit from dollar weakness in the second quarter, as this was driven largely by expectations for tightening monetary policy outside the United States. "Higher global rates would weigh on gold as we have highlighted on several occasions, the potential for higher EUR rates and the upward pressure this might have globally is a key risk that we are watching," UBS said in a note. "Ahead today, U.S. inflation data comes into focus given the read-through to real rates." U.S. Mint sales of American Eagle gold coins totalled 6,000 ounces in June, down 92 percent from June 2016 and bringing the tally for the first half of the year to 192,500 ounces. The Perth Mint''s gold sales fell 39 percent year on year. Silver was down 2 percent at $16.24 an ounce. Silver was the worst performer of the major precious metals in the second quarter, ending the period down 9 percent. Palladium, the last quarter''s biggest riser with a near 6 percent gain, was up 0.3 percent at $843.60 an ounce, while platinum was 1.5 percent lower at $907.15 an ounce. Reporting by Jan Harvey; additional reporting by Nithin Prasad and Koustav Samanta in Bengaluru; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN19O0DV'|'2017-07-03T08:16:00.000+03:00'|5635.0|''|-1.0|'' 5636|'9c3b315ebc7134c83e8b37f3994bbd546c2d2d75'|'Companies have to open up about climate risks: Shell CEO'|'July 4, 2017 / 4:34 PM / 17 minutes ago Companies have to open up about climate risks: Shell CEO 2 Min Read Ben van Beurden, CEO of Royal Dutch Shell company, speaks during a meeting with Russian President Vladimir Putin in Moscow, Russia June 21, 2017. Sergei Karpukhin LONDON (Reuters) - Climate change poses one of the biggest long-term risks to the global economy and companies, including big oil and gas firms such as Shell, have to be open about how the risks will affect them, its chief executive said on Tuesday. Shell, one of the biggest oil and gas producing firms in the world, is under growing pressure from some shareholders to improve its carbon footprint and sustainability credentials. Shell said it assesses climate change risks internally but it has so far not disclosed in detail what financial impact climate-related risks could have. A think-tank estimated last month that energy companies could be wasting more than $2 trillion by 2025 on projects that will not be needed if governments'' carbon-reduction targets are met. "It is right that it should be transparent which companies are truly on firm foundations over the long-term," Shell CEO Ben van Beurden wrote in a post on social media platform LinkedIn. Shell''s press office confirmed its veracity. Last week, Shell signed up to a G20 task-force working on a framework to improve the ability to assess and price climate-related risks. Van Beurden said Shell will help the task-force determine a way to disclose commercially sensitive data. Reporting by Karolin Schaps, editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/shell-climatechange-idINKBN19P232'|'2017-07-04T19:33:00.000+03:00'|5636.0|''|-1.0|'' @@ -5641,7 +5641,7 @@ 5639|'a09451bd796c09806e0c9fedf7ad4a389c9b6b9c'|'Akzo Nobel faces dilemma over shareholder vote on new CEO'|'July 21, 2017 / 11:52 AM / 17 minutes ago Akzo Nobel faces dilemma over shareholder vote on new CEO Bart Meijer and Toby Sterling 3 Min Read FILE PHOTO: Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. Phil Noble/File Photo AMSTERDAM (Reuters) - The resignation of Akzo Nobel''s ( AKZO.AS ) CEO poses a dilemma for the Dutch paintmaker as a shareholders'' meeting to approve his replacement could open the way for a vote on chairman Antony Burgmans, who is under pressure for rejecting a takeover bid. Thierry Vanlancker was named new chief executive on Wednesday after his predecessor Ton Buechner quit abruptly for health reasons. Buechner''s departure puts the onus on Vanlancker to deliver the higher sales and margins promised when Akzo Nobel fended off a 26.3 billion euro ($30.62 billion) bid by U.S. rival PPG Industries ( PPG.N ).. Shareholders must eventually approve Vanlancker as CEO. But a meeting could give disgruntled shareholders an opportunity to push for a vote on the position of Burgmans -- which they have been demanding for months. Hedge fund Elliott Advisors, now Akzo''s largest shareholder with a 9.5 percent stake, filed a lawsuit in May seeking the ousting of Burgmans, who the hedge fund sees as the mastermind of Akzo''s refusal to talk to PPG, which dropped its attempt on June 1. In a preliminary ruling, Elliott''s request was rejected, though its legal efforts to remove Burgmans continue. [nL8N1JY1FN} Faced with the shareholders discontent, Akzo has yet to decide when it will ask shareholders to approve Vanlancker as new CEO. "We will go through the shareholder approval process in due course," Akzo Nobel spokesman Leslie McGibbon said on Friday. Vanlancker, 52, joined Akzo last year and only officially took up his position as head of Akzo''s specialty chemicals division in February, raising a technical problem: He is not yet a formal member of the management board. "But that doesn''t mean that he is not authorized" to take major decisions, McGibbon said. "In case a board member falls away, the supervisory board can appoint a temporary replacement ... Together with CFO Maelys Castella he can take any decision." Burgmans'' third term as a member of the supervisory board ends next year. It is unclear whether he might attempt to stay longer. McGibbon said he could not comment further but the company expects Vanlancker to field a wide range of questions when the company presents second-quarter earnings on July 25. Akzo rivals PPG and Sherwin-Williams ( SHW.N ) have both reported lackluster earnings for the quarter. PPG announced an acquisition on Thursday and CEO Michael McGarry told reporters that Akzo Nobel is now in the company''s "rear view mirror". Under Dutch market law, PPG cannot re-approach Akzo during a six-month cooldown period that ends in December. Akzo shares were down 2.3 percent on Friday at 75.99 euro. ($1 = 0.8590 euros) Reporting by Bart Meijer; Editing by Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-akzo-nobel-ceo-idUSKBN1A61DF'|'2017-07-21T14:45:00.000+03:00'|5639.0|''|-1.0|'' 5640|'eeed27944e68f5843d924adb9af12e8100f9a5bb'|'With new Takata air bag recalls, automakers may face more liabilities'|'FILE PHOTO: Visitors walk past a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan February 5, 2016. Toru Hanai/File Photo TOKYO (Reuters) - Takata Corp''s ( 7312.T ) bankruptcy filing last month was meant to draw a line under the auto industry''s biggest safety recall, but last week''s announcement of more air bag inflator recalls suggests automakers could face fresh liabilities in the future.(For a graphic on air bag inflators click tmsnrt.rs/1JDZ4vq ) In late-2015, U.S. regulators gave Takata until the end of 2019 to prove that its replacement air bag inflators - which add a drying agent to combat moisture that can set off the ammonium nitrate compound in an inflator, with potentially lethal results - are also safe. If Takata fails that test - and some industry consultants, explosives experts and former employees question whether the workaround guarantees safety over the long-term - the 100 million or so replacement inflators currently being installed may themselves need to be replaced. "Absent proof that the other desiccated inflators are safe, they will also be subject to recall," the U.S. National Highway Traffic Safety Administration (NHTSA) said in a statement last week. The agency declined to comment on the risk that additional inflators may be subject to recall. NHTSA announced last Tuesday that new testing at Takata prompted the Japanese parts firm to declare 2.7 million of the new air bag inflators defective, raising questions about the risk from replacement air bags as moisture can still seep into the propellant of some inflators. Takata''s automaker customers, which have so far borne much of the estimated $10 billion cost of replacing faulty bag inflators, could be on the hook for future liabilities in the event that Takata fails to prove that the desiccant workaround is sufficient. Last week''s recall is the first to involve Takata bag inflators that use a drying agent. Nearly 20 automakers have been affected by the air bag recalls, and some still use Takata inflators for replacements in the recalls. Automakers including Honda Motor Co ( 7267.T ), Toyota Motor Corp ( 7203.T ) and Nissan Motor Co ( 7201.T ) have said they will stop using Takata inflators for new contracts for future models. "If NHTSA in the future raises issues about the safety (of desiccated inflators) we will of course comply with their orders," Nissan''s chief sustainability officer Hitoshi Kawaguchi told Reuters. "At the moment, our focus is on getting replacement inflators to our customers." Toyota said it was "working closely with all stakeholders, including Takata, other suppliers and relevant agencies, to assess any potential impact and take action accordingly" on the recall issue. Honda, Takata''s biggest client, declined to comment. "The automakers... and Takata - they all know that this is a future issue," said Scott Upham, chief executive at Valient Market Research, whose clients include auto parts suppliers. "But I think everybody is concerned about the near-term issues, and the financial arrangements of the bankruptcy." Takata says it has produced around 100 million replacement inflators containing drying agents: the 2.7 million recalled last week used calcium sulfate, and the rest contain zeolite. "We still have to prove the safety of our desiccated inflators, but we believe those using zeolite are safer than those using calcium sulfate," said spokesman Toyohiro Hishikawa. The company has declined to comment further on the testing process or the NHTSA deadline. Takata is the only global air bag maker to use ammonium nitrate as a propellant in its inflators. The compound''s vulnerability to high temperature and moisture can trigger an explosion that can spew shrapnel inside a vehicle. The defect has been linked to at least 17 deaths, mostly in the United States. ''Lengthening the Fuse'' The new inflators with the added desiccant have not been linked to any deaths or injuries, but the problems with the original inflators typically took five years or more to emerge. Keiichi Hori, who oversees automotive safety components at the Japan Explosives Society, said adding a drying agent can reduce, but not eliminate, the risk of uncontrolled explosions. If the desiccant can prevent all moisture from reaching the inflator propellant, "then it would be possible that the inflators could be used safely," he said. "Otherwise, alternatives should be considered." But Upham, the industry consultant, predicts the recalled parts will themselves eventually be recalled - because ammonium nitrate is fundamentally too volatile - and Takata''s carmaker customers may again have to foot the bill given that Takata is unlikely to be able to cover the costs. "Automakers are hoping and praying that the desiccant solves the problem... (but) this might come back to bite them," Upham said. Former Takata employees involved in manufacturing inflators have said the desiccant may buy Takata time. One told Reuters last year that by adding the desiccant, "you''re just lengthening the fuse, not correcting the problems." Key Safety Systems, a U.S.-based components supplier owned by China''s Ningbo Joyson Electronic Corp ( 600699.SS ), has agreed to buy Takata''s good assets such as seat belts and steering wheels, for $1.6 billion. The plan is for Takata''s air bag business to be wound down by March 2020 after making replacement inflators for the ongoing recalls. Reporting by Naomi Tajitsu and Maki Shiraki in Tokyo; Additional reporting by Paul Lienert in Detroit and David Shepardson in Washington; Editing by Ian Geoghegan '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-takata-bankruptcy-analysis-idUSKBN1A40X5'|'2017-07-19T13:25:00.000+03:00'|5640.0|''|-1.0|'' 5641|'e810b553c535d98a64481f2937fb25028d25ffdd'|'TalkTalk adds 20,000 broadband customers in first quarter'|'July 19, 2017 / 6:16 AM / in 6 hours TalkTalk adds 20,000 broadband customers in first quarter 1 Min Read LONDON, July 19 (Reuters) - British broadband operator TalkTalk said on Wednesday it added 20,000 broadband customers on its network in its first quarter while churn fell to 1.2 percent, helped by take-up of its fixed low price plans. The company, under the new leadership team of executive chairman Charles Dunstone and chief executive Tristia Harrison, is returning to its roots as a low-cost challenger to BT, Sky and Virgin Media. It said it was sticking to its outlook for full-year earnings of 270 million - 300 million pounds ($352-391 million, a range it cut in May. ($1 = 0.7666 pounds) (Reporting by Paul Sandle, editing by James Davey) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/talktalk-tlcm-gp-outlook-idUSFWN1KA01L'|'2017-07-19T09:15:00.000+03:00'|5641.0|''|-1.0|'' -5642|'69830434632e6f0fbb930d83e22965fe41871148'|'Ford China sales post strongest growth of year in June'|'Autos - Thu Jul 6, 2017 - 2:06am EDT Ford''s China sales bounce back in June as tax impact fades FILE PHOTO: Ford Taurus cars are seen during a presentation at the 16th Shanghai International Automobile Industry Exhibition in Shanghai, April 21, 2015. REUTERS/Aly Song/File Photo By Jake Spring and Norihiko Shirouzu - BEIJING BEIJING Ford Motor Co said its China sales surged 15 percent in June, their strongest pace of the year, and it was optimistic about the outlook for the second half as the industry puts the phasing out of a tax cut behind it. Peter Fleet, Ford''s Asia-Pacific chief, said the first quarter had been difficult after a purchase tax on small-engine cars rose to 7.5 percent from 5 percent previously. Although Ford''s China sales declined 7 percent in the first-half from the same period a year ago, they were up 7 percent in the second quarter. Sales for June alone climbed to more than 100,000 vehicles with deliveries of sedans including the Escort and Mondeo, which were hurt by the tax increase, improving. "I would expect to see for the third quarter strong single digit percentage growth (for) the industry. That''s certainly how it looks to us based on the run rate and how the month of July has opened up," Fleet said in an interview. Ford''s level of discounting tracked an overall 4 percent price decline for the industry so far this year. "I''m not interested in driving our prices down to drive market share," Fleet said. Year-on-year comparisons will "get a bit tricky" in the fourth quarter because sales rose so fast at the end of 2016 as consumers rushed to buy cars before the purchase tax went up, he added. The purchase tax on small-engine cars is set for another increase back to its normal 10 percent rate in 2018. Ford aims to focus its efforts on the sport-utility vehicle market, the fastest growing segment in China, with plans to launch a new version of the EcoSport small SUV later this year. Outside of China, Ford continues to post positive sales growth in Southeast Asia, India and Australia, he said. (Reporting by Jake Spring and Norihiko Shirouzu; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-ford-china-idUSKBN19R09C'|'2017-07-06T07:11:00.000+03:00'|5642.0|''|-1.0|'' +5642|'69830434632e6f0fbb930d83e22965fe41871148'|'Ford China sales post strongest growth of year in June'|'Autos - Thu Jul 6, 2017 - 2:06am EDT Ford''s China sales bounce back in June as tax impact fades FILE PHOTO: Ford Taurus cars are seen during a presentation at the 16th Shanghai International Automobile Industry Exhibition in Shanghai, April 21, 2015. REUTERS/Aly Song/File Photo By Jake Spring and Norihiko Shirouzu - BEIJING BEIJING Ford Motor Co said its China sales surged 15 percent in June, their strongest pace of the year, and it was optimistic about the outlook for the second half as the industry puts the phasing out of a tax cut behind it. Peter Fleet, Ford''s Asia-Pacific chief, said the first quarter had been difficult after a purchase tax on small-engine cars rose to 7.5 percent from 5 percent previously. Although Ford''s China sales declined 7 percent in the first-half from the same period a year ago, they were up 7 percent in the second quarter. Sales for June alone climbed to more than 100,000 vehicles with deliveries of sedans including the Escort and Mondeo, which were hurt by the tax increase, improving. "I would expect to see for the third quarter strong single digit percentage growth (for) the industry. That''s certainly how it looks to us based on the run rate and how the month of July has opened up," Fleet said in an interview. Ford''s level of discounting tracked an overall 4 percent price decline for the industry so far this year. "I''m not interested in driving our prices down to drive market share," Fleet said. Year-on-year comparisons will "get a bit tricky" in the fourth quarter because sales rose so fast at the end of 2016 as consumers rushed to buy cars before the purchase tax went up, he added. The purchase tax on small-engine cars is set for another increase back to its normal 10 percent rate in 2018. Ford aims to focus its efforts on the sport-utility vehicle market, the fastest growing segment in China, with plans to launch a new version of the EcoSport small SUV later this year. Outside of China, Ford continues to post positive sales growth in Southeast Asia, India and Australia, he said. (Reporting by Jake Spring and Norihiko Shirouzu; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-ford-china-idUSKBN19R09C'|'2017-07-06T07:11:00.000+03:00'|5642.0|6.0|0.0|'' 5643|'18f1ce74a584a053c4e34d7c93ba09dc8ce05b78'|'Tyson Foods defeats Ball Park hot dog legal appeal'|' 46pm EDT Tyson Foods defeats Ball Park hot dog legal appeal By Jonathan Stempel - July 6 July 6 Tyson Foods Inc and its Hillshire Brands unit on Thursday defeated an appeal by the maker of Parks'' sausages challenging their use of "Park''s Finest" to describe a high-end line of their Ball Park hot dogs. The 3rd U.S. Circuit Court of Appeals in Philadelphia upheld a federal judge''s May 2016 dismissal of trademark infringement and false advertising claims by Parks LLC, which said many consumers would be fooled into thinking it made "Park''s Finest" frankfurters. Parks'' lawyers did not immediately respond to requests for comment. John Dabney, a lawyer for Tyson, declined to comment. The appeals court filed its decision under seal, and will likely release a version within a few weeks after both sides advise whether parts of it should remain confidential. Parks is based in Pittsburgh, and known for a long-running radio and television ad campaign in which a boy begs his mother for "more Parks'' sausages, Mom ... please." Its owners have included two former star football running backs, Hall of Famer Franco Harris from the Pittsburgh Steelers and Lydell Mitchell from the Baltimore Colts, who were also teammates at Pennsylvania State University. In the May 2016 ruling, U.S. District Judge Joseph Leeson in Allentown, Pennsylvania, said a reasonable jury could not find that Tyson''s and Hillshire''s use of "Park''s Finest" tended to deceive "a substantial portion of their intended audience." He also said "Park''s Finest," an all-beef line of hot dogs launched in 2014, served merely as a "reference" to the Ball Park brand, and confused only one in 200 people Tyson surveyed. Tyson is based in Springdale, Arkansas, and has a plant about 60 miles (100 km) southwest of Allentown. The case is Parks LLC v Tyson Foods Inc et al, 3rd U.S, Circuit Court of Appeals, No. 16-2768. (Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tyson-foods-parks-hotdogs-idUSL1N1JX145'|'2017-07-06T19:46:00.000+03:00'|5643.0|''|-1.0|'' 5644|'b1482d7996b709f3b6ae32ecb9f7e5631d4b60cc'|'Apple names new managing director for China amid localization drive'|'July 19, 2017 / 3:34 AM / 9 hours ago Apple names new managing director for China amid localization drive 2 Min Read FILEP PHOTO: The logo of Apple (AAPL) is seen in Los Angeles, California, United States, April 22, 2016. Lucy Nicholson/File Photo BEIJING (Reuters) - Apple Inc ( AAPL.O ) on Wednesday said it has appointed a managing director for Greater China - a newly created role - in its latest move to localize product features and comply with new cyber regulations in China governing foreign technology firms. Isabel Ge Mahe, who worked in wireless technology at Apple for over nine years, will coordinate teams across China, the U.S. company said in a statement. "Apple is strongly committed to invest and grow in China," Chief Executive Officer Tim Cook said in the statement. "We look forward to making even greater contributions under her leadership." The announcement comes as Apple works to meet compliance measures under a new law requiring foreign firms to store data locally in partnership with Chinese entities. Apple last week said it will invest in a $1 billion project in Guizhou province which will include a data center run with a local partner. It said none of its systems will have so-called backdoors that allow outside parties to access data. Ge Mahe''s previous projects include working with China''s state-backed telecom firms to develop country-specific functions including the ability to use local telephone numbers as Apple identification numbers, short message service (SMS) fraud detection, and support for quick response (QR) codes which are widely used in China for payments. "I am looking forward to deepening our team''s connections with customers, government and businesses in China to advance innovation and sustainability," said Ge Mahe in the statement. In the new role she will report directly to Cook and Chief Operating Officer Jim Williams, the company said. Reporting by Cate Cadell; Editing by Christopher Cushing 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-apple-china-moves-idUSKBN1A4078'|'2017-07-19T06:33:00.000+03:00'|5644.0|''|-1.0|'' 5645|'1ceef54ba595513e67c22286705724208dec2259'|'France to launch buy-out bid to delist Areva on Aug. 1'|'July 31, 2017 / 4:06 PM / in 20 minutes France to launch buy-out bid to delist Areva on Aug. 1 Reuters Staff 1 Min Read A logo is seen on the Areva Tower, the headquarters of the French nuclear reactor maker Areva, by architects Roger Saubot et Francois Jullien at La Defense business and financial district in Courbevoie near Paris, France, June 1, 2017. Charles Platiau PARIS (Reuters) - French stock market regulator AMF said on Friday Franco-German bank Oddo BHF, acting on behalf of the French government, would launch a buyout offer for shares in Areva ( AREVA.PA ), with the aim of delisting the nuclear power engineering company from the Paris stock exchange. The buyout will take place from Aug.1 to Aug. 14. The French government, which owns more than 92 percent of Areva''s capital following a restructuring of the former Areva group, said earlier that it would buy up the remaining shares at 4.5 euros per share and then delist the company. Reporting by Maya Nikolaeva; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-areva-restructuring-idUKKBN1AG1YM'|'2017-07-31T19:06:00.000+03:00'|5645.0|''|-1.0|'' @@ -5661,7 +5661,7 @@ 5659|'06569809dbc38ac748eff5ab7faf068dab0f591d'|'Homebuilder Galliford sees full-year profit at top end of forecast'|'July 11, 2017 / 7:12 AM / 7 hours ago Homebuilder Galliford sees full-year profit at top end of forecast Reuters Staff 1 Min Read A builder assembles scaffolding as he works on new homes, in south London June 3, 2014. Andrew Winning/Files (Reuters) - British housebuilder Galliford Try, which pulled out of a 1.2 billion pound attempt to buy rival Bovis in April, said it expects full-year profit to come in at the top end of analysts'' forecasts. Galliford said that it saw a strong performance across all of its businesses, with revenue growth accelerating in the second half at its Linden Homes division. It said it was sticking to its forecasts for 2018. Analysts forecast profit before tax for the year ending June 30 to be 46 million pounds to 59 million pounds, the company said. "As we enter the new financial year, we are cautious about the impact of the current political uncertainty following the general election and the medium-term outlook for the macro economy," Galliford cautioned. Shares in the company were up 3.5 percent at 1,212.8 pence at 0705 GMT (8.05 a.m. BST), placing them second on the FTSE Mid Cap index gainers list. Reporting by Rahul B in Bengaluru 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-galliford-outlook-idUKKBN19W0J3'|'2017-07-11T10:19:00.000+03:00'|5659.0|''|-1.0|'' 5660|'36e1db12eb80f686d67f8bbf1c41dd5f6f246776'|'Discovery and Scripps in merger talks - sources'|'July 19, 2017 / 1:05 AM / 4 hours ago Discovery and Scripps in merger talks - sources Jessica Toonkel 2 Min Read The Discovery Communications logo is seen at their office in Manhattan, New York, U.S., August 1, 2016. Andrew Kelly (Reuters) - Discovery Communications ( DISCA.O ) and Scripps Networks Interactive Inc ( SNI.O ) are in merger talks, revisiting a deal that was scrapped three years ago, two people familiar with the matter told Reuters on Tuesday. Scripps, whose channels include HGTV, Travel Channel and a majority stake in Food Network, is looking for a buyer at a time when it and other smaller media companies are under pressure to grow to give them negotiating power with cable and satellite companies. Viacom Inc ( VIAB.O ) also has held talks to acquire Scripps, the sources said. Discovery, Scripps and Viacom declined to comment. Scripps has long been considered a takeover target since the Scripps family trust that controlled the company ended five years ago. This is at least the third time that Discovery, whose shareholders include cable magnate John Malone, has held talks to buy Scripps, according to the sources. A deal between Discovery and Scripps would create a $19 billion cable network that specializes in non-scripted shows. Discovery Communications is up 9.8 percent at $28.61 and Scripps Networks is up 13.4 percent at $76.02 in after market trading. Reporting by Gaurika Juneja in Bengaluru; editing by Diane Craft 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-scripps-net-int-m-a-discovery-commns-idUKKBN1A402X'|'2017-07-19T04:04:00.000+03:00'|5660.0|''|-1.0|'' 5661|'6aed7f65598344ca471913631f32e39916959559'|'U.S. trade deficit narrows as exports hit two-year high'|'July 6, 2017 / 12:40 PM / in 16 minutes U.S. trade deficit narrows as exports hit two-year high 3 Min Read FILE PHOTO: Shipping containers are seen at the Port Newark Container Terminal in Newark, New Jersey, U.S. on July 2, 2009. Mike Segar/File Photo WASHINGTON, (Reuters) - The U.S. trade deficit fell in May as exports increased to their highest level in just over two years, but trade could still weigh on economic growth in the second quarter. The Commerce Department said on Thursday the trade gap decreased 2.3 percent to $46.5 billion. April''s trade deficit was unrevised at $47.6 billion. Economists polled by Reuters had forecast the trade gap falling to $46.2 billion in May. When adjusted for inflation, the trade deficit narrowed to $62.8 billion from $63.8 billion in April. Real goods exports surged to an all-time high in May, propelled by record high petroleum exports. Still, the real trade deficit averaged $63.3 billion in April and May, above the first quarter''s average of $62.2 billion. That suggests trade will be a drag on gross domestic product in the second quarter after contributing 0.23 percentage point to the economy''s 1.4 percent annualized growth pace in the first three months of the year. The Atlanta Federal Reserve is forecasting GDP rising at a 3.0 percent rate in the second quarter. In May, exports of goods and services rose 0.4 percent to $192.0 billion, the highest level since April 2015, lifted by a surge in exports of consumer goods such as cell phones and other household goods. There were also increases in exports of motor vehicles and parts. Food exports, however, fell by $0.7 billion amid a $0.6 billion drop in soybean shipments. Exports to China increased 3.6 percent. The value of goods shipped to Mexico and Canada rose 5.4 percent and 9.6 percent, respectively. Exports to Germany gained 7.4 percent. Imports of goods and services dipped 0.1 percent to $238.5 billion in May. Cell phone and other household goods imports fell $0.9 billion, accounting for the bulk of the $1.5 billion decrease in consumer goods imports. There were also declines in imports of motor vehicles and parts. However, imports of capital goods increase $1.3 billion. The country imported 265 million barrels of oil in May, the most since August 2012. Imports of goods from China increased 11.6 percent. The politically sensitive U.S.-China trade deficit increased 14.4 percent to $31.6 billion in May. The trade gap with Mexico surged 15.8 percent to $7.3 billion, the highest since October 2007. Reporting by Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-economy-trade-idINKBN19R1P6'|'2017-07-06T15:55:00.000+03:00'|5661.0|''|-1.0|'' -5662|'e5c8f049579a03224540689b0bd823f65be1f6a4'|'U.S. to drop criminal charges in ''London Whale'' case'|'July 21, 2017 / 9:09 PM / 14 hours ago U.S. to drop criminal charges in ''London Whale'' case Jonathan Stempel 3 Min Read FILE PHOTO - Former JPMorgan employee Javier Martin-Artajo, indicted by a U.S. grand jury in relation to the bank''s "London Whale" trading scandal, leaves Spain''s High Court in Madrid March 5, 2015. Susana Vera NEW YORK (Reuters) - U.S. prosecutors have decided to drop criminal charges against two former JPMorgan Chase & Co ( JPM.N ) derivatives traders implicated in the "London Whale" trading scandal that caused $6.2 billion (5 billion pounds) of losses in 2012. In seeking the dismissal of charges against Javier Martin-Artajo and Julien Grout, the Department of Justice said it "no longer believes that it can rely on the testimony" of Bruno Iksil, a cooperating witness who had been dubbed the London Whale, based on recent statements he made that hurt the case. Prosecutors also said efforts to extradite Martin-Artajo and Grout, respectively citizens of Spain and France, to face the charges have been "unsuccessful or deemed futile." Acting U.S. Attorney Joon Kim in Manhattan asked a federal judge for permission to drop charges that included securities fraud, wire fraud and falsifying records. Martin-Artajo and Grout were indicted in September 2013. "After four long years of protracted litigation, we are very pleased that the government has decided to do the right thing, and dismiss the criminal case," Grout''s lawyer, Edward Little, said. Lawyers for Martin-Artajo did not immediately respond to requests for comment. The dismissal request marks a fresh setback in U.S. efforts to prosecute individuals for financial crimes. This has included the undoing of several insider trading convictions and pleas that had been won by Kim''s predecessor Preet Bharara. It has also included this week''s overturning of the convictions of two former Rabobank NA [RABO.UL] traders for rigging the Libor interest rate benchmark. Martin-Artajo and Grout were accused of hiding hundreds of millions of dollars of losses within JPMorgan''s chief investment office (CIO) in London by marking positions in a credit derivatives portfolio at inflated prices. These losses were part of the $6.2 billion loss centred on Iksil, who Martin-Artajo supervised and Grout worked for. The scandal briefly hurt the reputation of JPMorgan Chief Executive Jamie Dimon, who initially called it a "tempest in a teapot." JPMorgan ultimately paid more than $1 billion and admitted wrongdoing to settle related U.S. and British probes. Ina Drew, who led the CIO, retired soon after the losses surfaced. Iksil has chafed at the London Whale moniker and being portrayed as solely at fault for the losses. In a February 2016 letter released to the media, Iksil, a French national, said he had been "instructed repeatedly" by senior management in the CIO to execute the trading strategy that caused the losses. Martin-Artajo and Grout still face U.S. Securities and Exchange Commission civil charges. Iksil''s lawyer and JPMorgan did not immediately respond to requests for comment. The cases are U.S. v. Martin-Artajo et al, U.S. District Court, Southern District of New York, No. 13-cr-00707; and SEC v Martin-Artajo et al in the same court, No. 13-05677. Reporting by Jonathan Stempel; Editing by Sandra Maler and Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jpmorgan-londonwhale-idUKKBN1A62OG'|'2017-07-22T00:09:00.000+03:00'|5662.0|''|-1.0|'' +5662|'e5c8f049579a03224540689b0bd823f65be1f6a4'|'U.S. to drop criminal charges in ''London Whale'' case'|'July 21, 2017 / 9:09 PM / 14 hours ago U.S. to drop criminal charges in ''London Whale'' case Jonathan Stempel 3 Min Read FILE PHOTO - Former JPMorgan employee Javier Martin-Artajo, indicted by a U.S. grand jury in relation to the bank''s "London Whale" trading scandal, leaves Spain''s High Court in Madrid March 5, 2015. Susana Vera NEW YORK (Reuters) - U.S. prosecutors have decided to drop criminal charges against two former JPMorgan Chase & Co ( JPM.N ) derivatives traders implicated in the "London Whale" trading scandal that caused $6.2 billion (5 billion pounds) of losses in 2012. In seeking the dismissal of charges against Javier Martin-Artajo and Julien Grout, the Department of Justice said it "no longer believes that it can rely on the testimony" of Bruno Iksil, a cooperating witness who had been dubbed the London Whale, based on recent statements he made that hurt the case. Prosecutors also said efforts to extradite Martin-Artajo and Grout, respectively citizens of Spain and France, to face the charges have been "unsuccessful or deemed futile." Acting U.S. Attorney Joon Kim in Manhattan asked a federal judge for permission to drop charges that included securities fraud, wire fraud and falsifying records. Martin-Artajo and Grout were indicted in September 2013. "After four long years of protracted litigation, we are very pleased that the government has decided to do the right thing, and dismiss the criminal case," Grout''s lawyer, Edward Little, said. Lawyers for Martin-Artajo did not immediately respond to requests for comment. The dismissal request marks a fresh setback in U.S. efforts to prosecute individuals for financial crimes. This has included the undoing of several insider trading convictions and pleas that had been won by Kim''s predecessor Preet Bharara. It has also included this week''s overturning of the convictions of two former Rabobank NA [RABO.UL] traders for rigging the Libor interest rate benchmark. Martin-Artajo and Grout were accused of hiding hundreds of millions of dollars of losses within JPMorgan''s chief investment office (CIO) in London by marking positions in a credit derivatives portfolio at inflated prices. These losses were part of the $6.2 billion loss centred on Iksil, who Martin-Artajo supervised and Grout worked for. The scandal briefly hurt the reputation of JPMorgan Chief Executive Jamie Dimon, who initially called it a "tempest in a teapot." JPMorgan ultimately paid more than $1 billion and admitted wrongdoing to settle related U.S. and British probes. Ina Drew, who led the CIO, retired soon after the losses surfaced. Iksil has chafed at the London Whale moniker and being portrayed as solely at fault for the losses. In a February 2016 letter released to the media, Iksil, a French national, said he had been "instructed repeatedly" by senior management in the CIO to execute the trading strategy that caused the losses. Martin-Artajo and Grout still face U.S. Securities and Exchange Commission civil charges. Iksil''s lawyer and JPMorgan did not immediately respond to requests for comment. The cases are U.S. v. Martin-Artajo et al, U.S. District Court, Southern District of New York, No. 13-cr-00707; and SEC v Martin-Artajo et al in the same court, No. 13-05677. Reporting by Jonathan Stempel; Editing by Sandra Maler and Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jpmorgan-londonwhale-idUKKBN1A62OG'|'2017-07-22T00:09:00.000+03:00'|5662.0|10.0|0.0|'' 5663|'b0e75efb9f0e983740e143426adea15ebe634e0b'|'An overhaul of Brazilian labour law should spur job creation'|'IN THE litany of bosses gripes about Brazils inclement business climate, rigid labour laws vie for pride of place with its convoluted tax laws and its licensing rules (on everything from health and safety to protection of cultural heritage). No wonder: Brazil ranks a miserable 117th out of 138 countries on labour-market efficiency, according to the World Economic Forum. Its rigid labour law was transplanted from Benito Mussolinis Italy in 1943. Employers find it thoroughly unsuited to a modern economy and cheered on July 13th, when the president, Michel Temer, signed into law the biggest overhaul of the unwieldy statute in 50 years.The reform is a big victory for the unpopular Mr Temer, who is under investigation in a corruption scandal (he denies wrongdoing). It introduces more flexible working hours, eases restrictions on part-time work, relaxes how workers can divvy up their holidays and cuts the statutory lunch hour to 30 minutes. It also scraps dues that all employees must pay to their companys designated union, regardless of whether or not they are members. Just as important, collective agreements between employers and workers will overrule many of the labour codes provisions. Once the new rules take effect in four months time, they will be valid for existing employment contracts, not just new ones. Mr Temer hopes they will dent Brazils unemployment rate, stuck above 13% after a three-year recession.Bosses are ecstatic about the changes. The National Confederation of Industry said that the reform represents longed-for progress. Banco Santander, a Spanish-owned bank, said it reckons the reform could eventually lead to the creation of 2.3m new jobs.Small firms also have much to gain. The new rules formalise what we now do informally, enthuses a So Paulo caterer. The bank of actual hours worked by her cooks and waiters, necessary in a business where inflexible nine-to-five contracts make little sense, will now be legal. An executive at a European multinational says that an unofficial spreadsheet that keeps track of his employees real time off, which he confesses to maintaining alongside an official tally of employees annual 30 vacation days, can also be consigned to the dustbin. (The old law said that leave had to be split into at most two segments, with one holiday lasting at least 20 days.)Such ruses have been common in Brazilian workplaces, but are risky. Employees who leave or are laid off regularly sue employers over the slightest of transgressions of the labour code, spurred on by litigious lawyers. Last year Brazils labour courts heard nearly 4m cases (see chart), mostly brought by aggrieved workers. Fines levied on firms totalled 24bn reais ($7bn).The reform ought to reduce such legal risks, which can afflict firms whether they observe the rules or not. Gabriel Margulies, whose company, UnderMe, produces 50,000 pairs of undergarments a month, says he will at last be able to grant requests to staff who would prefer, say, to go home early in exchange for a shorter lunch break. Until now he has declined for fear of losing in court. That has not stopped former employees from suing in the hope that Brazils famously worker-friendly judges side with them. Even unsuccessful suits are an unwelcome distraction from running a business, Mr Margulies laments.Maurcio Guidi of Pinheiro Neto, a firm of lawyers, observes that the reform might even change this confrontational workplace culture into a more consensual one. But it remains to be seen how the labour unions will react, notes Marcelo Silva, vice-chairman of Magazine Luiza, a big retailer. The main union confederations have condemned the reform. They fume about the loss of revenue from dues. To placate them, Mr Temer has hinted he may amend the reform by decree, which is subject to a simple up-or-down vote in Congress, in order to phase out the obligatory dues gradually (and possibly water down some other provisions). But he cannot go too far. The only way for the scandal-hit president to keep his job may be to help some of his 13.8m unemployed compatriots find work.This article appeared in the Business section of the print edition under the headline "Bye-bye, Benito"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21725321-michel-temers-reform-has-teeth-overhaul-brazilian-labour-law-should-spur-job-creation?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'|5663.0|''|-1.0|'' 5664|'2fbf0d4475e8a65ff11d2bc22f7797778f3bd702'|'Motor insurer St Julians plans to move to Gibraltar from Malta'|' 9:59am BST Motor insurer St Julians plans to move to Gibraltar from Malta LONDON UK-focused motor insurer St Julians, owned by Markerstudy, is considering moving to Gibraltar from Malta as a result of Britain''s vote to leave the European Union, Markerstudy said on Friday. "An application to re-domicile St Julians has been submitted to the Malta Financial Services Authority in order to protect the business and enable the insurer to continue trading with the UK," Markerstudy said in a statement. "The favoured proposal is to move the operation to Gibraltar." Markerstudy already has two insurance firms in Gibraltar focusing on UK business, Markerstudy Insurance and Zenith Insurance. (Reporting by Carolyn Cohn; editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-st-julians-idUKKBN19S157'|'2017-07-07T11:59:00.000+03:00'|5664.0|''|-1.0|'' 5665|'8b936fbd50b36778e2c45c640e406d47134632ed'|'Exclusive - Germany wants more EU sanctions on Russia over Siemens Crimea turbines: sources'|'July 24, 2017 / 10:20 AM / an hour ago Exclusive - Germany wants more EU sanctions on Russia over Siemens Crimea turbines: sources Gabriela Baczynska 3 Min Read FILE PHOTO: FILE PHOTO: The Siemens AG headquarters is seen in Munich, Germany, June 14, 2016. Michaela Rehle/File Photo BRUSSELS (Reuters) - Germany is urging the European Union to add up to four more Russian nationals and companies to the bloc''s sanctions blacklist over Siemens ( SIEGn.DE ) gas turbines delivered to Moscow-annexed Crimea, two sources in Brussels said. The EU has barred its firms from doing business with Crimea since the 2014 annexation, imposed sanctions on Russian individuals and entities, and curbed cooperation with Russia in energy, arms and finance over its role in the crisis in Ukraine. After it annexed Crimea from Kiev, Moscow threw its support behind a separatist rebellion in eastern Ukraine, which has killed more than 10,000 people and is still simmering. The EU''s blacklist comprises 150 people and 37 entities subject to an asset freeze and a travel ban. The restrictions are in place until Sept. 15. "The regular review would normally be the moment to look at who is on the list. In the past, when there were good grounds, we''ve added entries to the list," an EU official said. Related Coverage Siemens, trying to distance itself from the scandal, last week said it was halting deliveries of power equipment to Russian state-controlled customers and reviewing supply deals. Russia''s Energy Minister Alexander Novak played down the potential consequences of a halt. "What Siemens supplies can be delivered by other companies," Novak told reporters in St Petersburg. "As for electricity generation, we ... have now learnt to produce the necessary equipment," he said, without referring to the prospect of additional sanctions. FILE PHOTO: A still image taken from video footage shows blue tarpaulins covering equipment at the port of Feodosia, Crimea July 11, 2017. Video footage taken July 11, 2017. Staff/File Photo Sanctions Regime Siemens says it has evidence that all four turbines it delivered for a project in southern Russia had been illegally moved to Crimea. German government spokeswoman Ulrike Demmer said on Monday the turbines were delivered to Crimea against the terms of the contract and despite high-ranking assurances from Russian officials that this would not happen. Berlin was consulting on what consequences this "unacceptable" operation might have, she said, adding, however, that the onus was on companies to ensure they did not violate the sanctions regime. The proposed additions to the blacklist could include Russian Energy Ministry officials and the Russian company that moved the turbines to the Black Sea peninsula, one senior diplomatic source in Brussels said. Another source said representatives of all 28 EU member states could discuss the matter for the first time in Brussels as soon as Wednesday. The EU needs unanimity to impose or extend any sanctions. Hungary, Bulgaria, Italy and Cyprus are among EU states which are usually sceptical of Russia sanctions. They take the line that punitive measures have failed to force a change of course by Moscow while hurting European business. Reuters first reported a year ago on the Siemens case, which has exposed the difficulties of imposing EU sanctions. Additional reporting by Vladimir Soldatkin in St Petersburg, Gernot Heller in Berlin; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ukraine-crisis-crimea-siemens-eu-idUKKBN1A914I'|'2017-07-24T13:20:00.000+03:00'|5665.0|''|-1.0|'' @@ -5698,7 +5698,7 @@ 5696|'231efb39ffab7891cf153f15546157e4249bcd6e'|'British MPs seek way for banks to keep EU access after Brexit'|'July 24, 2017 / 12:18 PM / 31 minutes ago British MPs seek way for banks to keep EU access after Brexit Reuters Staff 2 Min Read Storm clouds are seen above the Canary Wharf financial district in London, Britain, August 3, 2010. Greg Bos/File Photo LONDON (Reuters) - British members of parliament launched an inquiry on Monday into how banks and insurers could maintain access to the European Union market after Britain leaves the bloc in 2019. The House of Lords financial affairs committee said it will examine how regulation and supervision can evolve to ensure financial stability and potentially to maintain some form of close regulatory relationship to preserve market access. The committee''s chairwoman, Kishwer Falkner, said there will need to be cooperation between British and EU supervisors and Britain will need to maintain its influence in global standard-setting to maintain market access. "We would like to explore the options for such engagement," she said in a statement. Banks and insurers are already announcing plans to open new subsidiaries in the EU to ensure they can continue serving customers there after March 2019. With the shape of Britain''s future trading terms with the EU unclear, the sector is focussing on persuading the government to negotiate a transition period to have more time to complete moves to Europe smoothly. The inquiry will examine the scope for Britain to adopt its own financial rules, after backers of Brexit have said that the UK can write its own rules and ditch EU "red tape". Britain''s Financial Conduct Authority has warned against a "bonfire of regulations" after Brexit. The committee will also examine if the EU''s "equivalence" regime is the best way for financial firms in Britain to access clients in the EU after Brexit. This refers to Britain applying financial rules that are similar to those in the EU in return for access, a regime critics say is too unpredictable. The committee will start public hearings in September. The government will respond to the committee''s findings. Reporting by Huw Jones; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-regulations-idUKKBN1A91HZ'|'2017-07-24T15:18:00.000+03:00'|5696.0|''|-1.0|'' 5697|'93ccf46e21b997ef59c341230de26c3c747d1a2b'|'Air France-KLM upbeat on pricing as bookings improve'|'July 28, 2017 / 5:18 AM / 12 hours ago Air France-KLM upbeat on pricing as bookings improve 1 Min Read BERLIN, July 28 (Reuters) - Air France-KLM offered more optimism than rivals on pricing for the rest of the year, after good travel demand resulted in better than expected second-quarter profits. The Franco-Dutch carrier said unit revenues had risen 1.5 percent in the second quarter after falling 0.5 percent in the first quarter. "We believe we will see slightly positive unit revenues throughout the whole of second half, but some of our rivals are more cautious," Chief Financial officer Frederic Gagey told journalists. The results come a day after the carrier announced a new transatlantic joint venture with Delta Air Lines and Virgin Atlantic, and deals for Delta and China Eastern to enter its share capital. Air France-KLM reported second-quarter operating profit of 496 million euros ($579.63 million), against a forecast in a Reuters poll for 473 million. $1 = 0.8557 euros Reporting by Victoria Bryan and Cyril Altmeyer; Editing by Sudip Kar-Gupta 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/air-france-klm-results-idUSB4N0ZH04M'|'2017-07-28T08:18:00.000+03:00'|5697.0|''|-1.0|'' 5698|'96e67a9e814db1ff2550aa6740cb3baf0aef8149'|'EMERGING MARKETS-Brazil markets down on political woes; power utilities soar'|' 58am EDT EMERGING MARKETS-Brazil markets down on political woes; power utilities soar By Bruno Federowski SAO PAULO, July 6 Brazil''s stocks and currency slipped on Thursday on lingering concerns over a political crisis, but shares of power utilities rallied due to a planned regulatory overhaul of the sector. Demand for Brazilian assets has fizzled in recent months as traders feared a corruption scandal could delay the implementation of President Michel Temer''s ambitious agenda, which is seen as critical to fuel long-term economic growth. The Brazilian real weakened 0.4 percent, the biggest decliner among Latin American currencies, which were mostly flat. The Colombian peso, however, strengthened 0.3 percent, tracking rising crude oil futures. Brazil''s benchmark Bovespa stock index fell 0.7 percent, weighed down by blue-chips such as lender Ita Unibanco Holding SA and beverage producer Ambev SA. Shares of miner Vale SA also fell on the back of lower iron ore prices. Still, the index''s losses were limited by a rally in shares of power utilities after the government announced that plans to overhaul power sector rules could lead to higher rates and lower taxes. Shares of state-controlled utility Centrais Eltricas Brasileiras SA, or Eletrobras, which would benefit directly from the revamp, soared as much as 15 percent, their biggest daily increase in four years. Wider emerging markets mostly weakened, extending Wednesday''s selloff triggered by proposals to nationalize South Africa''s central bank. The South African rand held near seven-week lows even as the central bank tried to calm investors'' nerves by stressing its independence was enshrined by the constitution regardless of ownership. Key Latin American stock indexes and currencies at 1535 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1006.66 -0.32 17.12 MSCI LatAm 2539.50 -0.29 8.81 Brazil Bovespa 62706.88 -0.71 4.12 Mexico S&P/BVM IPC 50063.88 -0.47 9.69 Chile IPSA 4820.42 -0.58 16.12 Chile IGPA 24116.97 -0.51 16.32 Argentina MerVal 22487.48 0.24 32.92 Colombia IGBC 11024.10 0.06 8.85 Venezuela IBC 122973.02 -0.54 287.86 Currencies daily % YTD % change change Latest Brazil real 3.3063 -0.44 -1.73 Mexico peso 18.3280 -0.13 13.18 Chile peso 665.8 -0.02 0.74 Colombia peso 3074.6 0.27 -2.38 Peru sol 3.255 0.06 4.88 Argentina peso (interbank) 17.1000 0.29 -7.16 Argentina peso (parallel) 17.26 -0.29 -2.55 (Reporting by Bruno Federowski; Editing by Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1JX12Z'|'2017-07-06T18:58:00.000+03:00'|5698.0|''|-1.0|'' -5699|'633b8df7595ef2d65d63f2842875a72a83de565a'|'China industrial profits jump 19.1 percent, weather higher financing costs'|'July 27, 2017 / 5:16 AM / an hour ago China industrial profits jump 19.1 percent, weather higher financing costs 4 Min Read FILE PHOTO: A general view of a shopping mall under construction in Chongqing, China July 13, 2017. Stringer/File Photo BEIJING (Reuters) - Earnings for China''s industrial firms surged 19.1 percent in June from a year earlier, accelerating from May in a sign economic momentum remains solid even as rising borrowing costs have raised concerns about pressure on margins. Profits in June rose to 727.78 billion yuan ($107.83 billion), the National Bureau of Statistics (NBS) said on its website on Thursday. For the first half of the year, the firms notched up profits of 3.63 trillion yuan, a 22.0 percent jump from the same period of last year and just a touch slower from the 22.7 percent annual growth in the January-May period. The robust growth of industrial earnings in June was in part driven by continued appetite for iron ore and other commodities, whose prices have recovered modestly after taking a hit since March. Statistics bureau official He Ping said in a statement accompanying the data that accelerated profits growth in steel, auto and electronics sectors helped to boost overall earnings. "Another issue that requires close monitoring is the rising financing costs for companies," He added. Chinese policymakers launched a flurry of regulatory measures early this year to tackle financial risks from a rapid build-up in debt. That has raised borrowing rates, a headwind for businesses, particularly those struggling to reduce their debt servicing costs. With recent data showing the economy holding up better than expected, most analysts expect the regulatory restrictions to remain in place through this year, but do not see fresh tightening until after a critical leadership reshuffle in autumn. Chinese policymakers have leaned on property investment and infrastructure spending, including their plan to build a modern "Silk Road" trading route, helping fuel a building boom that has boosted demand and prices for materials from steel to cement. China''s June producer price inflation remained well off highs seen earlier this year, amid lingering oversupply issues in the steel sector. With producer price inflation having peaked, profitability and new investment are seen tapering off this year, although strong exports and investment returns have helped industrial firms to weather a tightening in monetary conditions. China''s economy grew a faster-than-expected 6.9 percent in the second quarter, matching the first quarter''s pace, thanks to solid exports, industrial production and consumption. However, some moderation in growth is expected later this year as policymakers'' efforts to rein in property and debt risks weigh on activity. The relatively solid economic growth is no doubt welcome news for President Xi Jinping ahead the major political leadership reshuffle in autumn, with authorities keen to ensure a smooth run-up to the meeting. Any sharp drop in industrial profits, a low-risk at this stage, will be a concern for policymakers as it risks rippling across the broader economy. Industrial companies'' liabilities rose 6.4 percent year-on-year as of end-June, the statistics bureau said. Profits at China''s state-owned firms were up 45.8 percent at 805.5 billion yuan in January-June, compared with a 53.3 percent rise in the first five months. The data includes companies with annual operating revenue of more than 20 million yuan from their main operations. ($1 = 6.7491 Chinese yuan renminbi) Reporting by Lusha Zhang and Ryan Woo; Editing by Shri Navaratnam 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-industrial-profits-idINKBN1AC0FJ'|'2017-07-27T08:14:00.000+03:00'|5699.0|''|-1.0|'' +5699|'633b8df7595ef2d65d63f2842875a72a83de565a'|'China industrial profits jump 19.1 percent, weather higher financing costs'|'July 27, 2017 / 5:16 AM / an hour ago China industrial profits jump 19.1 percent, weather higher financing costs 4 Min Read FILE PHOTO: A general view of a shopping mall under construction in Chongqing, China July 13, 2017. Stringer/File Photo BEIJING (Reuters) - Earnings for China''s industrial firms surged 19.1 percent in June from a year earlier, accelerating from May in a sign economic momentum remains solid even as rising borrowing costs have raised concerns about pressure on margins. Profits in June rose to 727.78 billion yuan ($107.83 billion), the National Bureau of Statistics (NBS) said on its website on Thursday. For the first half of the year, the firms notched up profits of 3.63 trillion yuan, a 22.0 percent jump from the same period of last year and just a touch slower from the 22.7 percent annual growth in the January-May period. The robust growth of industrial earnings in June was in part driven by continued appetite for iron ore and other commodities, whose prices have recovered modestly after taking a hit since March. Statistics bureau official He Ping said in a statement accompanying the data that accelerated profits growth in steel, auto and electronics sectors helped to boost overall earnings. "Another issue that requires close monitoring is the rising financing costs for companies," He added. Chinese policymakers launched a flurry of regulatory measures early this year to tackle financial risks from a rapid build-up in debt. That has raised borrowing rates, a headwind for businesses, particularly those struggling to reduce their debt servicing costs. With recent data showing the economy holding up better than expected, most analysts expect the regulatory restrictions to remain in place through this year, but do not see fresh tightening until after a critical leadership reshuffle in autumn. Chinese policymakers have leaned on property investment and infrastructure spending, including their plan to build a modern "Silk Road" trading route, helping fuel a building boom that has boosted demand and prices for materials from steel to cement. China''s June producer price inflation remained well off highs seen earlier this year, amid lingering oversupply issues in the steel sector. With producer price inflation having peaked, profitability and new investment are seen tapering off this year, although strong exports and investment returns have helped industrial firms to weather a tightening in monetary conditions. China''s economy grew a faster-than-expected 6.9 percent in the second quarter, matching the first quarter''s pace, thanks to solid exports, industrial production and consumption. However, some moderation in growth is expected later this year as policymakers'' efforts to rein in property and debt risks weigh on activity. The relatively solid economic growth is no doubt welcome news for President Xi Jinping ahead the major political leadership reshuffle in autumn, with authorities keen to ensure a smooth run-up to the meeting. Any sharp drop in industrial profits, a low-risk at this stage, will be a concern for policymakers as it risks rippling across the broader economy. Industrial companies'' liabilities rose 6.4 percent year-on-year as of end-June, the statistics bureau said. Profits at China''s state-owned firms were up 45.8 percent at 805.5 billion yuan in January-June, compared with a 53.3 percent rise in the first five months. The data includes companies with annual operating revenue of more than 20 million yuan from their main operations. ($1 = 6.7491 Chinese yuan renminbi) Reporting by Lusha Zhang and Ryan Woo; Editing by Shri Navaratnam 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-industrial-profits-idINKBN1AC0FJ'|'2017-07-27T08:14:00.000+03:00'|5699.0|10.0|0.0|'' 5700|'06e813c820940234888c3da21a46ccdc27fcc0df'|'Tesla''s Musk hands over first Model 3 electric cars to early buyers'|'July 29, 2017 / 4:13 AM / in an hour Tesla''s Musk hands over first Model 3 electric cars to early buyers Alexandria Sage 4 Min Read FREMONT, Calif. (Reuters) - Tesla Chief Executive Officer Elon Musk said on Friday the Model 3 had over half a million advance reservations as he handed over the first 30 to employee buyers, setting the stage for the biggest test yet of the company''s strategy to become a profitable, mass market electric car maker. Outside Tesla''s Fremont, California factory, Musk showed off the $35,000 base vehicle with a range of 220 miles (350 km) on a charge that marks a departure from the company''s earlier luxury electric cars. Musk took to the stage driving a red Model 3, and said Tesla has produced 50 of the vehicles so far, including 20 for testing purposes. Hours before the event, Musk acknowledged it would be "quite a challenge" to build the car during the early days of production. "We''re going to go through at least six months of manufacturing hell," Musk told journalists. The over half a million reservations are up from about 373,000 disclosed in April 2016. Customers pay $1,000 refundable deposits for the car, which is eligible for tax credits. Any new buyers would likely not receive their car until the end of 2018, Musk said. A longer-range version of the car is priced at $44,000 and will drive 310 miles (500 km) on a single charge. The cars feature a streamlined dashboard devoid of buttons or knobs, with a 15-inch touchstream display to the right of the driver. Tesla faces major hurdles living up to the Model 3 hype. The 500,000 vehicles Tesla vows to produce next year are nearly six times its 2016 production. Customer employees receive some of the first Model 3 cars off the Fremont factory''s production line during an event at the company''s facilities in Fremont, California, U.S., July 28, 2017. Alexandria Sage Were Tesla to produce and sell 500,000 cars per year, the company would likely outsell the BMW, Mercedes, or Lexus brands in the United States. Production delays and quality issues marred the launches of Tesla''s Model S and Model X vehicles, and the company blamed production problems for a shortfall during the second quarter of this year. Musk has said a simpler Model 3 design will greatly reduce potential assembly-line problems. Slideshow (12 Images) Tesla has burned through over $2 billion in cash so far this year ahead of the launch. A troubled Model 3 launch could heighten the risks for the company, while a steady delivery of Model 3s could generate a stream of cash that would allow Tesla to avoid going again to the capital markets to fund its operations. Tesla''s share price has surged 54 percent since January in anticipation of the Model 3 launch, and Tesla''s pricey valuation now exceeds that of traditional rivals like General Motors Co and Ford Motor Co. Until now, Tesla has operated as a niche producer of luxury electric vehicles, with a charismatic, showman CEO who regularly interacts with fans on his Twitter account. Now loss-making Tesla is trying to move into a different league, building vehicles in high volume for customers able to pay only a few thousand dollars more than the average price of a conventional car or truck sold in the United States. The Model 3 is part of Musk''s broader plan to build a clean energy and transportation company that offers electric semi-trailer trucks, rooftop solar energy systems and large-scale battery storage systems. Reporting by Alexandria Sage; Editing by Joe White, Lisa Shumaker and Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tesla-model-idUKKBN1AE04G'|'2017-07-29T07:10:00.000+03:00'|5700.0|''|-1.0|'' 5701|'cf57a59715597637774963e15f625dd5676cf24c'|'With new Takata air bag recalls, automakers may face more liabilities'|'July 19, 2017 / 10:14 AM / 2 minutes ago With new Takata air bag recalls, automakers may face more liabilities Naomi Tajitsu and Maki Shiraki 6 Min Read FILE PHOTO: Visitors walk past a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan February 5, 2016. Toru Hanai/File Photo TOKYO (Reuters) - Takata Corp''s ( 7312.T ) bankruptcy filing last month was meant to draw a line under the auto industry''s biggest safety recall, but last week''s announcement of more air bag inflator recalls suggests automakers could face fresh liabilities in the future. In late-2015, U.S. regulators gave Takata until the end of 2019 to prove that its replacement air bag inflators - which add a drying agent to combat moisture that can set off the ammonium nitrate compound in an inflator, with potentially lethal results - are also safe. If Takata fails that test - and some industry consultants, explosives experts and former employees question whether the workaround guarantees safety over the long-term - the 100 million or so replacement inflators currently being installed may themselves need to be replaced. "Absent proof that the other desiccated inflators are safe, they will also be subject to recall," the U.S. National Highway Traffic Safety Administration (NHTSA) said in a statement last week. The agency declined to comment on the risk that additional inflators may be subject to recall. (Graphics on ''Airbag deployment - tmsnrt.rs/2teGovm ) NHTSA announced last Tuesday that new testing at Takata prompted the Japanese parts firm to declare 2.7 million of the new air bag inflators defective, raising questions about the risk from replacement air bags as moisture can still seep into the propellant of some inflators. Takata''s automaker customers, which have so far borne much of the estimated $10 billion cost of replacing faulty bag inflators, could be on the hook for future liabilities in the event that Takata fails to prove that the desiccant workaround is sufficient. Last week''s recall is the first to involve Takata bag inflators that use a drying agent. Nearly 20 automakers have been affected by the air bag recalls, and some still use Takata inflators for replacements in the recalls. Automakers including Honda Motor Co ( 7267.T ), Toyota Motor Corp ( 7203.T ) and Nissan Motor Co ( 7201.T ) have said they will stop using Takata inflators for new contracts for future models. "If NHTSA in the future raises issues about the safety (of desiccated inflators) we will of course comply with their orders," Nissan''s chief sustainability officer Hitoshi Kawaguchi told Reuters. "At the moment, our focus is on getting replacement inflators to our customers." Toyota said it was "working closely with all stakeholders, including Takata, other suppliers and relevant agencies, to assess any potential impact and take action accordingly" on the recall issue. Honda, Takata''s biggest client, declined to comment. "The automakers... and Takata - they all know that this is a future issue," said Scott Upham, chief executive at Valient Market Research, whose clients include auto parts suppliers. "But I think everybody is concerned about the near-term issues, and the financial arrangements of the bankruptcy." FILE PHOTO: A woman stands next to a logo of Takata Corp at a showroom for vehicles in Tokyo, Japan, November 6, 2015. Toru Hanai/File Photo Takata says it has produced around 100 million replacement inflators containing drying agents: the 2.7 million recalled last week used calcium sulfate, and the rest contain zeolite. "We still have to prove the safety of our desiccated inflators, but we believe those using zeolite are safer than those using calcium sulfate," said spokesman Toyohiro Hishikawa. The company has declined to comment further on the testing process or the NHTSA deadline. Takata is the only global air bag maker to use ammonium nitrate as a propellant in its inflators. The compound''s vulnerability to high temperature and moisture can trigger an explosion that can spew shrapnel inside a vehicle. The defect has been linked to at least 17 deaths, mostly in the United States. ''Lengthening the Fuse'' The new inflators with the added desiccant have not been linked to any deaths or injuries, but the problems with the original inflators typically took five years or more to emerge. Keiichi Hori, who oversees automotive safety components at the Japan Explosives Society, said adding a drying agent can reduce, but not eliminate, the risk of uncontrolled explosions. If the desiccant can prevent all moisture from reaching the inflator propellant, "then it would be possible that the inflators could be used safely," he said. "Otherwise, alternatives should be considered." But Upham, the industry consultant, predicts the recalled parts will themselves eventually be recalled - because ammonium nitrate is fundamentally too volatile - and Takata''s carmaker customers may again have to foot the bill given that Takata is unlikely to be able to cover the costs. "Automakers are hoping and praying that the desiccant solves the problem... (but) this might come back to bite them," Upham said. Former Takata employees involved in manufacturing inflators have said the desiccant may buy Takata time. One told Reuters last year that by adding the desiccant, "you''re just lengthening the fuse, not correcting the problems." Key Safety Systems, a U.S.-based components supplier owned by China''s Ningbo Joyson Electronic Corp ( 600699.SS ), has agreed to buy Takata''s good assets such as seat belts and steering wheels, for $1.6 billion. The plan is for Takata''s air bag business to be wound down by March 2020 after making replacement inflators for the ongoing recalls. Reporting by Naomi Tajitsu and Maki Shiraki in Tokyo; Additional reporting by Paul Lienert in Detroit and David Shepardson in Washington; Editing by Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-takata-bankruptcy-analysis-idUKKBN1A40VX'|'2017-07-19T13:14:00.000+03:00'|5701.0|''|-1.0|'' 5702|'151eee393b3b06e6e57266f2d5ecc1b38669f305'|'MOVES-RBC unit names Singapore country head'|'Market News 48am EDT MOVES-RBC unit names Singapore country head July 6 RBC Investor & Treasury Services, a unit of the Royal Bank of Canada, named Hong Paterson to lead its investor and treasury services business in Singapore. Paterson joins RBC from JPMorgan Commercial Banking in Singapore, where she was an executive director responsible for multi-national clients. (Reporting by Gayathree Ganesan in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/rbofc-moves-idUSL4N1JX0P1'|'2017-07-06T14:48:00.000+03:00'|5702.0|''|-1.0|'' @@ -5729,12 +5729,12 @@ 5727|'b82d71aed6ec638a4f8571ec45e0e240ae5a5735'|'Investor says Martin Shkreli reminded him of ''Rain Man'''|' 35am BST Investor says Martin Shkreli reminded him of ''Rain Man'' FILE PHOTO: Martin Shkreli, former chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, departs after a hearing at U.S. Federal Court in Brooklyn, New York, U.S., June 26, 2017. REUTERS/Lucas Jackson/File Photo By Brendan Pierson An investor in Martin Shkreli''s hedge fund testified on Monday that the former drug company executive, now on trial for securities fraud in federal court in New York, reminded him of Dustin Hoffman''s autistic character in the movie "Rain Man." Schuyler Marshall, chairman of the board of the real estate company Rosewood Corp, said under cross-examination by Shkreli''s lawyer, Benjamin Brafman, that he was not claiming Shkreli was autistic. "The reference here was that this was just an intensely focused, bright guy who knew his stuff," Marshall told jurors. Hoffman''s character in the 1988 film is an autistic savant with exceptional mental abilities but difficulty relating to other people. Shkreli, 34, gained notoriety in 2015 when he raised the price of a life-saving drug by 5,000 percent as the chief executive officer of Turing Pharmaceuticals, sparking outrage among patients and U.S. lawmakers and earning him the nickname "pharma bro." The charges he is on trial for stem not from his time at Turing, but from his management of hedge fund MSMB Capital Management, another fund called MSMB Healthcare and drug company Retrophin between 2009 and 2014. Prosecutors say he deceived investors in the funds and eventually repaid them with money stolen from Retrophin, which Shkreli founded in 2011 but was ousted from as CEO in 2014. Marshall''s testimony fit into the picture that Brafman painted in his fiery opening argument of Shkreli as a socially awkward "nerd" who was bullied and manipulated by others. Like other investors who have testified in the trial, Marshall, who invested more than $200,000 in MSMB Capital, said that while Shkreli misled him about the fund''s operations, he did not lose money. At one point, Marshall testified, he even used the phrase "no harm, no foul" in a communication with Shkreli. "He paid back my investment and then some," Marshall said. The trial, now in its seventh day, is expected to last up to six weeks. (Reporting By Brendan Pierson in New York; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-crime-shkreli-idUKKBN19W01V'|'2017-07-11T03:35:00.000+03:00'|5727.0|''|-1.0|'' 5728|'2247227e33586e55a957154f594b201ed1d5dbfd'|'Some Chinese electric car makers mull alliance to save money, time'|'July 26, 2017 / 11:13 PM / in 20 minutes Some Chinese electric car makers mull alliance to save money, time Norihiko Shirouzu 5 Min Read FILE PHOTO: A Singulato iS6 is displayed at Shanghai Auto Show, during its media day, in Shanghai, China April 19, 2017. Aly Song/File Photo BEIJING (Reuters) - A handful of China''s many electric vehicle (EV) start-ups are considering setting up an alliance to pool resources, develop joint technology and bring cars more quickly to the world''s biggest autos market. In a sign that the country''s fledgling EV industry is already consolidating as rules get tougher and competition fiercer, Shen Haiyin, co-founder and CEO of Singulato Motors, said his company and four others - CHJ Automotive, Hongxing Automobile Manufacturing Co, AIWAYS and WM Motor - have discussed an alliance for months. Keen to push for cleaner energy cars, in part to combat air pollution and a dependence on imported oil, Beijing wants 8 percent of automakers'' sales to be so-called new energy vehicles (NEVs) - battery electric or plug-in hybrids - by next year, rising to 12 percent in 2020, according to latest draft proposals released last month. Sales of NEVs this year are forecast by the China Association of Automobile Manufacturers at around 700,000, roughly 3 percent of the overall Chinese autos market. Shen, known as Tiger Shen, told Reuters the start-ups aim to finalise the move by end-September with the aim to start developing a common EV platform by the end of this year. As the industry shifts towards smart, internet-connected, battery cars, with electrified powertrains, it''s increasingly hard for automakers to differentiate, he said. "Just like smartphones, whose gut is the same Android operating system across many brands, smart EVs should compete more on ownership experience and services," Shen told Reuters. The move to pool resources and know-how highlights how Chinese start-ups are scrambling to save time and money in developing products as they face increased pressure from established global automakers shifting into a new market, so far led by Tesla Inc ( TSLA.O ). Also, Chinese policymakers have put on hold approving new EV ventures because of concern that some start-ups have cut corners on technology or have set up just to access attractive subsidies. Regulators are reviewing licensing procedures and may bring in tougher technical requirements early next year, three EV start-up founders and executives told Reuters. Freeman Shen, co-founder and CEO of WM Motor, reckons the prospect of tougher new technical requirements is a big factor spurring start-ups to consider an alliance to develop basic vehicle technology. "The government worries about some new start-ups, thinking some of them actually don''t have the technology and management expertise to be a legitimate player," he told Reuters. "This shows start-ups need to work together to face competition from traditional automakers." FILE PHOTO - Singulato''s co-founder and CEO Shen Haiyin attends the launch ceremony of an electric SUV Singulato iS6 in Beijing, China April 13, 2017. Jason Lee/File Photo David Jin, spokesman for AIWAYS, said the Shanghai-based start-up "welcomes cooperation within the industry permitted (under) Chinese law and anti-monopoly law and technical exchanges. We need to make a decision after we get further information." The company''s CEO Fu Qiang declined to comment on any alliance talks, referring questions to Jin. A spokeswoman for CHJ Automotive and an official at Hongxing Automobile declined to comment. Shared Parts Slideshow (2 Images) Despite years of effort to reduce costs for traditional gasoline-fuelled cars through common vehicle platform technologies, these are still often designed separately for different car models. "Gasoline car platforms are often over-designed," said Singulato''s Shen. "Who needs cars with platforms that allow you to do a high-speed U-turn or slalom? While we want to design an advanced platform for plug-in battery cars, we don''t want to make platforms excessively over-spec''d." WM Motor''s Shen said he supports the idea of an alliance, but is unlikely to be part of it, for now, as his company''s first vehicles are to be based on vehicle architecture it has already developed itself. Singulato''s Shen said combining resources would allow alliance members to develop a far more advanced vehicle technology, and for less money. "Let''s say each player planned to spend 200 million yuan (22 million pounds) to develop a next-generation platform; if four players each threw in 100 million yuan, we''d all save money but end up with a 400 million yuan platform rather than a 200 million yuan platform," he said, "the benefits are clear." He said that if the alliance does take shape, it would set up a separate company to oversee platform development, and ask independent automotive engineering companies around the world to bid for a contract to help in advanced vehicle technologies that could be shared among alliance partners. Alliance partners would also share, and possibly jointly procure from outside suppliers, basic car platform parts like axles and suspension. "We plan to ask component suppliers to join the joint venture, too," Tiger Shen said. Reporting by Norihiko Shirouzu, with additional reporting by BEIJING NEWSROOM; Editing by Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-autos-china-ev-idUKKBN1AB32G'|'2017-07-27T02:13:00.000+03:00'|5728.0|''|-1.0|'' 5729|'0c3ad06988a4d9a61f7b6b51cc87aa4d6cebda5a'|'Dollar pressured by Trump Jr. emails, focus on Yellen testimony'|'July 12, 2017 / 1:00 AM / 10 minutes ago Dollar pressured by Trump Jr. emails, focus on Yellen testimony Lisa Twaronite 4 Min Read FILE PHOTO: A U.S. five dollar note is seen in this illustration photo June 1, 2017. Thomas White/Illustration/File Photo TOKYO (Reuters) - The dollar wobbled in early Asian trading on Wednesday as investors, already wary ahead Federal Reserve Chair Janet Yellen''s testimony, digested emails released by President Donald Trump''s eldest son suggesting he welcomed Russia''s help in last year''s election campaign. Yellen will give her semi-annual monetary policy testimony before Congress later on Wednesday and on Thursday, and investors will be parsing it for or clues on when the Fed will start reducing its massive balance sheet. The dollar index, which measures the U.S. currency against a basket of six major rivals, was slightly lower on the day at 95.641 .DXY. Against its Japanese counterpart, the dollar slipped 0.2 percent to 113.675 yen JPY= , moving away from a four-month high of 114.495 yen marked on Tuesday. Emails released by Donald Trump Jr. on Tuesday showed he agreed last year to meet a woman he was told was a Russian government lawyer who might have damaging information about Democratic White House rival Hillary Clinton as part of Moscow''s official support for his father. Investors'' mood turned more hopeful later in the session after U.S. Senate Republican leader Mitch McConnell announced a two-week delay in the Senate''s August recess to provide more time to work on legislation and approve nominees, which could lead to progress on tax reform and fiscal stimulus. Even after the news of the longer session, "the U.S. dollar did not return to beginning-of-the-day levels," said Bill Northey, chief investment officer at U.S. Bancorp Wealth Management in Helena, Montana. While the dollar was buffeted by the political headlines on Tuesday, it remains underpinned against the yen by divergent monetary policy expectations for the Federal Reserve and the Bank of Japan, he said. "Central banks around the globe seem to be either removing their accommodation or talking about removing their accommodation, except for the BOJ," said Northey. Ahead of Yellen''s remarks, Fed Governor Lael Brainard said the central bank should soon begin reducing its balance sheet, as long as economic data on U.S. jobs and growth holds up. But she wasn''t as hawkish as some investors hoped, saying that once balance sheet reduction is under way, she will assess inflation before deciding on further interest rate increases. Philadelphia Fed President Patrick Harker, a voter on the Federal Open Market Committee, said in an interview with the Wall Street Journal on Tuesday that if inflation did not move toward the Fed''s 2 percent target, then this would be a reason to hold off raising rates. The euro added 0.1 percent to $1.1473 EUR= , within sight of the previous session''s 14-month high of $1.1480. The Canadian dollar CAD= was slightly higher against its U.S. counterpart as investors awaited a Bank of Canada interest rate decision later on Wednesday. While forecasters remain divided on whether the central bank will raise rates, data from the overnight index swaps market showed that money markets have priced in a hike, as well as a second hike before the end of the year. Editing by Sam Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-forex-idINKBN19X03Y'|'2017-07-12T03:58:00.000+03:00'|5729.0|''|-1.0|'' -5730|'1fd7332086d0e7beb60f21db4802e30c0c79c274'|'Ground rents: aristocrats shell firms among those making millions'|'Aristocratic landowners with connections to the family of former prime minister David Cameron, mysterious Dublin-based shell companies that pay no tax, and groups based in the Channel Islands are among the freehold owners that appear to have made millions from spiralling ground rents.When Guardian Money attempted to trace the ultimate ownership of the five-bed detached home bought by Jo Darbyshire in Bolton, we uncovered the pass-the-parcel world of freehold speculation . Quick Guide Leasehold houses and ground rent Show Hide What are leasehold houses? Britain has had leasehold homes for hundreds of years, but only in the past few months has the ground rent scandal exploded. Now the government is proposing a complete ban on new houses sold as leasehold , and reducing ground rents to zero. Traditionally, houses have been sold as freehold, and the buyer has complete control over their property. When a house is sold as leasehold , the buyer is effectively only a tenant with a very long term rental, with the ground the home is built on remaining in the hands of the freeholder. The home buyer has to pay an annual ground rent to the freeholder, and has to ask the freeholder for consent if they want to make any changes to the property, such as building a conservatory or changing the windows.Why have they suddenly become such a problem? In the past, leasehold property owners were generally charged just a peppercorn ground rent, sometimes as little as 1 a year, and many freeholders did not bother to collect it. But the picture changed earlier this century, when developers started to insert clauses into leasehold contracts where the ground rent was set at 200-400 a year, doubling every ten years . Direct Line estimates the typical ground rent to be currently 371. Although unsuspecting first-time buyers were frequently told that 999-year leases were virtually freehold, the clauses meant that the ground rent would soon spiral to absurd levels. The government quotes a family house where the ground rent is expected to hit 10,000 a year by 2060.How many people are affected? The Leasehold Knowledge Partnership , which has vigorously campaigned on this issue, estimates that around 100,000 homebuyers are trapped in contracts with spiralling ground rents. There are many more people in leasehold flats, some of which also have doubling ground rents.Is it just the ground rent that is the issue? No. Freeholders are able to extract other sums out of their leaseholders in a variety of ways. Homebuyers report being charged 100 even to have a letter answered by the freeholder, and as much as 2,500 for permission to build a conservatory . These are charges that are on top of obtaining planning permission.Was this helpful? Thank you for your feedback. Darbyshire, 46, and her husband Mark, 47, bought their home from Taylor Wimpey in 2010, and are among thousands of leaseholders on doubling ground rent contracts, meaning the sum paid doubles every 10 years.Two years after the Darbyshires completed their purchase, Taylor Wimpey sold their freehold to a company called Adriatic Land 2 (GR2). It is not known how much Taylor Wimpey earned from the deal.In January 2017, that freehold ownership was transferred to Adriatic Land 1 (GR3), while some of Darbyshires neighbours have seen their freeholds transferred from Adriatic Land 2 (GR2) to Abacus Land Ltd. You have no idea who owns the land under your feet, said Darbyshire. Your dream house is traded from one offshore company to another for tax reasons, or who knows what else?Victims of ground rent scandal demand action on existing abuses Read more Adriatic Land 1 (GR3) is registered at Companies House with an address at Palmer Street in the heart of Westminster, London. The documents show that one of its directors until late 2013 was the Honourable William Waldorf Astor, the half- brother of David Camerons wife, Samantha. Astor runs the fund manager Long Harbour, which invests in residential freeholds, and is also director of HomeGround, which administers freeholds on behalf of various landlords, including the Adriatic Land vehicles.The website for the Long Harbour ground rent fund boasts: Since closing our first transaction in 2010, Long Harbour has acquired over 160,000 residential units comprising approximately 1.4bn of assets to date. It says many of the investors in its fund are pension groups looking for a secure long-term income.A Long Harbour spokesman said it met all of its tax obligations, adding that investors in its unit trusts and limited partnerships are responsible for payment of any of their own taxes. He added: The investment funds in the Long Harbour ground rent fund are UK-based pension and life assurance funds seeking a long-term inflation-proof income and as such are tax exempt.Since 2013, Darbyshires freeholder, Adriatic Land 1 (GR3), has listed its directors as individuals based in Dublin, and says its ultimate controlling party is Jetty Finance DAC, registered in Dublin. Its last reported accounts show the company had 19m in property assets and earned an income of 1.9m, on which it made a profit of 1.3m. In the year to March 2016 it paid zero corporation tax; there is no suggestion of any wrongdoing.There are numerous other Adriatic Land companies registered at Companies House. Adriatic Land 4 (GR1), for example, has interests in 27m worth of property, with its immediate parent company listed in Guernsey in the Channel Islands.Leasehold houses and the ground rent scandal: all you need to know Read more E&J Estates is another major buyer of freeholds from developers. Lindsay Lloyd in Ellesmere Port, Cheshire, bought her three-bed semi from Taylor Wimpey in 2009, but as a 22-year-old with little spare cash and told by her solicitor that the ground rent would not be a burden decided against paying 2,625 for the freehold. A few years later the 999-year freehold was sold to E&J. When she approached the company to buy her freehold, she was initially rebuffed. After pressing for a quote, she says she was asked for 32,000. I just thought they were having a laugh. The property only cost us 155,000. Lloyd, who works in a creche, said she was unable to afford the 32,000. Meanwhile, her ground rent doubled from 175 a year to 350 a year on 1 July, despite promises by the developer, Taylor Wimpey, to help out buyers with a 130m assistance scheme .'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jul/26/ground-rents-aristocrats-shell-firms-among-those-making-millions'|'2017-07-26T13:00:00.000+03:00'|5730.0|''|-1.0|'' +5730|'1fd7332086d0e7beb60f21db4802e30c0c79c274'|'Ground rents: aristocrats shell firms among those making millions'|'Aristocratic landowners with connections to the family of former prime minister David Cameron, mysterious Dublin-based shell companies that pay no tax, and groups based in the Channel Islands are among the freehold owners that appear to have made millions from spiralling ground rents.When Guardian Money attempted to trace the ultimate ownership of the five-bed detached home bought by Jo Darbyshire in Bolton, we uncovered the pass-the-parcel world of freehold speculation . Quick Guide Leasehold houses and ground rent Show Hide What are leasehold houses? Britain has had leasehold homes for hundreds of years, but only in the past few months has the ground rent scandal exploded. Now the government is proposing a complete ban on new houses sold as leasehold , and reducing ground rents to zero. Traditionally, houses have been sold as freehold, and the buyer has complete control over their property. When a house is sold as leasehold , the buyer is effectively only a tenant with a very long term rental, with the ground the home is built on remaining in the hands of the freeholder. The home buyer has to pay an annual ground rent to the freeholder, and has to ask the freeholder for consent if they want to make any changes to the property, such as building a conservatory or changing the windows.Why have they suddenly become such a problem? In the past, leasehold property owners were generally charged just a peppercorn ground rent, sometimes as little as 1 a year, and many freeholders did not bother to collect it. But the picture changed earlier this century, when developers started to insert clauses into leasehold contracts where the ground rent was set at 200-400 a year, doubling every ten years . Direct Line estimates the typical ground rent to be currently 371. Although unsuspecting first-time buyers were frequently told that 999-year leases were virtually freehold, the clauses meant that the ground rent would soon spiral to absurd levels. The government quotes a family house where the ground rent is expected to hit 10,000 a year by 2060.How many people are affected? The Leasehold Knowledge Partnership , which has vigorously campaigned on this issue, estimates that around 100,000 homebuyers are trapped in contracts with spiralling ground rents. There are many more people in leasehold flats, some of which also have doubling ground rents.Is it just the ground rent that is the issue? No. Freeholders are able to extract other sums out of their leaseholders in a variety of ways. Homebuyers report being charged 100 even to have a letter answered by the freeholder, and as much as 2,500 for permission to build a conservatory . These are charges that are on top of obtaining planning permission.Was this helpful? Thank you for your feedback. Darbyshire, 46, and her husband Mark, 47, bought their home from Taylor Wimpey in 2010, and are among thousands of leaseholders on doubling ground rent contracts, meaning the sum paid doubles every 10 years.Two years after the Darbyshires completed their purchase, Taylor Wimpey sold their freehold to a company called Adriatic Land 2 (GR2). It is not known how much Taylor Wimpey earned from the deal.In January 2017, that freehold ownership was transferred to Adriatic Land 1 (GR3), while some of Darbyshires neighbours have seen their freeholds transferred from Adriatic Land 2 (GR2) to Abacus Land Ltd. You have no idea who owns the land under your feet, said Darbyshire. Your dream house is traded from one offshore company to another for tax reasons, or who knows what else?Victims of ground rent scandal demand action on existing abuses Read more Adriatic Land 1 (GR3) is registered at Companies House with an address at Palmer Street in the heart of Westminster, London. The documents show that one of its directors until late 2013 was the Honourable William Waldorf Astor, the half- brother of David Camerons wife, Samantha. Astor runs the fund manager Long Harbour, which invests in residential freeholds, and is also director of HomeGround, which administers freeholds on behalf of various landlords, including the Adriatic Land vehicles.The website for the Long Harbour ground rent fund boasts: Since closing our first transaction in 2010, Long Harbour has acquired over 160,000 residential units comprising approximately 1.4bn of assets to date. It says many of the investors in its fund are pension groups looking for a secure long-term income.A Long Harbour spokesman said it met all of its tax obligations, adding that investors in its unit trusts and limited partnerships are responsible for payment of any of their own taxes. He added: The investment funds in the Long Harbour ground rent fund are UK-based pension and life assurance funds seeking a long-term inflation-proof income and as such are tax exempt.Since 2013, Darbyshires freeholder, Adriatic Land 1 (GR3), has listed its directors as individuals based in Dublin, and says its ultimate controlling party is Jetty Finance DAC, registered in Dublin. Its last reported accounts show the company had 19m in property assets and earned an income of 1.9m, on which it made a profit of 1.3m. In the year to March 2016 it paid zero corporation tax; there is no suggestion of any wrongdoing.There are numerous other Adriatic Land companies registered at Companies House. Adriatic Land 4 (GR1), for example, has interests in 27m worth of property, with its immediate parent company listed in Guernsey in the Channel Islands.Leasehold houses and the ground rent scandal: all you need to know Read more E&J Estates is another major buyer of freeholds from developers. Lindsay Lloyd in Ellesmere Port, Cheshire, bought her three-bed semi from Taylor Wimpey in 2009, but as a 22-year-old with little spare cash and told by her solicitor that the ground rent would not be a burden decided against paying 2,625 for the freehold. A few years later the 999-year freehold was sold to E&J. When she approached the company to buy her freehold, she was initially rebuffed. After pressing for a quote, she says she was asked for 32,000. I just thought they were having a laugh. The property only cost us 155,000. Lloyd, who works in a creche, said she was unable to afford the 32,000. Meanwhile, her ground rent doubled from 175 a year to 350 a year on 1 July, despite promises by the developer, Taylor Wimpey, to help out buyers with a 130m assistance scheme .'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jul/26/ground-rents-aristocrats-shell-firms-among-those-making-millions'|'2017-07-26T13:00:00.000+03:00'|5730.0|13.0|0.0|'' 5731|'bfe21c19a865f0e9847dc324ff1322301df8d8d6'|'Boeing''s new avionics group aims to cut costs, boost quality'|'July 31, 2017 / 5:19 PM / 31 minutes ago Boeing''s new avionics group aims to cut costs, boost quality 3 Min Read FILE PHOTO: The Boeing logo is seen at their headquarters in Chicago, April 24, 2013. Jim Young/File Photo Boeing Co ( BA.N ) said on Monday it has set up an avionics group to make flight controls and other electronics currently made by outside suppliers for its commercial and military aircraft, aiming to bring the products into service after 2020. The move by the world''s largest plane maker appeared to be a direct attack on suppliers such as Rockwell Collins Inc ( COL.N ), United Technologies Corp ( UTX.N ) and Honeywell International Inc ( HON.N ). The three companies, which make electronics used on current Boeing jets, did not immediately respond to requests for comment. In recent years, Boeing has brought propulsion, carbon fibre manufacturing and other key capabilities in-house to better control both technology and intellectual property. That strategy followed outsourcing of major systems to suppliers for the 787 Dreamliner that led to billions of dollars in cost overruns. Boeing said it has already started developing systems that would be lower cost, higher quality alternatives to existing products made by suppliers, and would deliver more services revenue to Boeing after a plane is sold. Boeing aims to "further drive cost down and value up for our customers, in all phases of a product''s life cycle," Boeing Chief Executive Dennis Muilenburg said in an internal statement to employees that was seen by Reuters. While Boeing owns some intellectual property on electronic systems in its jet cockpits, current contracts with suppliers likely would not let Boeing take aftermarket business away on those planes, said analyst Robert Stallard. However, suppliers could lose significant business on future aircraft, Stallard said. Boeing is talking about creating a new mid-sized aircraft that would enter service around 2025, and would need to create a successor to its best-selling 737 model after that. Boeing shares were up 1 percent at $243.72 in midday trading. Reporting by Alwyn Scott; Editing by Meredith Mazzilli and Diane Craft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boeing-avionics-idUKKBN1AG245'|'2017-07-31T20:19:00.000+03:00'|5731.0|''|-1.0|'' 5732|'2b6357a2213ad9b6aeb0223e75905c30e54e423e'|'Markets worry about central banks'|'IN JANE AUSTENS novel, Sense and Sensibility, Henry Dashwoods death plunges his wife and two daughters, Elinor and Marianne, into financial distress, because his heir grants them only a meagre allowance. Bond-market investors have started to worry that something similar is about to happen to them.Since 2009 central banks have been incredibly supportive of the financial marketskeeping short-term interest rates at historic lows and buying trillions of dollars worth of bonds. But in recent weeks, several of them have been hinting at reducing their largesse. 15 hours ago How The Federal Reserve has been slowly pushing up interest rates and has talked about reducing the size of its balance-sheet, by not reinvesting the proceeds of bonds when they mature. There have been suggestions that the Bank of Canada might push up rates when it meets on July 12th. Both Mark Carney, the governor of the Bank of England and Andrew Haldane, its chief economist, have hinted that a rate rise may be on their agenda.But the biggest shock to markets came on June 27th, when Mario Draghi, the head of the European Central Bank, remarked that deflationary forces have been replaced by reflationary ones. The result was a sudden rise in bond yields (see chart). Super Mario carries great weight with investors; he was widely credited with halting the euro crisis back in 2012 with his vow to do whatever it took to save the single currency.The ECB tried to calm investor nerves in the aftermath of the statement. Mansoor Mohi-uddin, a strategist at Royal Bank of Scotland, thinks the markets overreacted to Mr Draghis words. The ECB is not about to stop its stimulus. He thinks that, in September, the bank will merely indicate that it will be reducing its monthly rate of purchases from 60bn ($68bn) to 40bn at the start of 2018. Mr Draghi is just preparing the ground.There was some speculation that central banks had deliberately co-ordinated their comments. But the simpler explanation is that they were reacting to similar factors. First, global growth seems have picked up in the second half of 2016, allowing banks to withdraw some stimulus. Second, Fed tightening gives other central banks cover; any bank tightening on its own would probably see its currency strengthen strongly, risking overkill.Caution is essential in calling the turn in the bond market, an event that has been predicted many times before. Bond yields have merely reversed some of the declines seen earlier in the year. Inflation in most economies remains subdued; Britain is an exception because of the decline in the pound following the Brexit referendum. British bonds may also be less attractive to international investors because of signs that the budget deficit will widen under the current Conservative government, and even more so if the Labour opposition takes power.There are also signs that the global recovery may not be that robust. Commodity prices, an indicator of global demand, have fallen since the start of the year. Chinas economy is showing signs of a loss of momentum, according to Capital Economics, a consultancy. David Owen of Jefferies, an investment bank, says that global trade and industrial production are both growing at an annualised rate of less than 2%, based on the past three months. This is not consistent with a strong recovery in investment, he adds.Central banks will have to tread very carefully. Global debt is higher as a proportion of GDP than it was before the financial crisis started in 2007. Ultra-low interest rates have made borrowing sustainable but have also encouraged companies and consumers to take on more debt. The annual report of the Bank for International Settlements, released on June 25th, warned of elevated credit risks in a number of emerging economies and smaller developed economies. Financial-cycle downturns could weaken demand and growth, not least by dampening consumption and investment, the report said. The BIS also worries that a return of trade protectionism could sap the global economys strength.It is a lot easier to begin monetary stimulus than to end it. More than a quarter of a century has passed since the Japanese bubble burst in 1990, and the Bank of Japan is still pumping money into the economy and trying to keep ten-year bond yields close to zero. By the end of the novel, Elinor (sense) and Marianne (sensibility) find contentment with a vicar and a retired colonel respectively. Unlike Austen, central banks cannot always arrange a happy ending.Economist.com/blogs/buttonwood This article appeared in the Finance and economics section of the print edition under the headline "Cutting off their allowance"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21724812-will-there-be-sudden-tightening-policy-markets-worry-about-central-banks?fsrc=rss'|'2017-07-08T08:00:00.000+03:00'|5732.0|''|-1.0|'' 5733|'a387ce5eaf6860666180a126b44d2d90c01fb60e'|'German economy to grow by around 0.6 percent in second quarter - finance minister'|'July 19, 2017 / 10:22 PM / 5 minutes ago German economy to grow by around 0.6 percent in second quarter - finance minister Reuters Staff 2 Min Read FILE PHOTO: The skyline of the banking district in Frankfurt, Germany, September 18, 2014. Kai Pfaffenbach/File Photo BERLIN (Reuters) - The German economy is humming and set for solid growth despite external risks such as the unknown outcome of Brexit negotiations and U.S. President Donald Trump''s future trade policies, the German Finance Ministry said on Thursday. "The current picture of economic indicators suggests that the economic upswing continued vigorously in the second quarter," the ministry said in its monthly report, pointing to rising industrial output and buoyant business morale. German gross domestic product (GDP) likely expanded in the second quarter by a similar rate as in the previous three months when the economy grew by 0.6 percent on the quarter, it said. "However, risks arising from the Brexit negotiations and from the future U.S. trade policy remain," the ministry added. The Federal Statistics Office will publish preliminary second quarter GDP growth figures in mid-August. The International Monetary Fund (IMF) has raised its growth forecast for the German economy. It now expects it to expand by 1.8 percent in 2017 and by 1.6 percent in 2018 in real terms. The German government remains more cautious and so far has stuck to its estimates of 1.5 percent for 2017 and 1.6 percent for 2018, non-adjusted for workdays. This would be below the 1.9 percent in 2016, which was the strongest rate in five years. Reporting by Michael Nienaber; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-idUKKBN1A42MP'|'2017-07-20T01:21:00.000+03:00'|5733.0|''|-1.0|'' 5734|'016ba2b7afa9ece91ee5a567b329868d6fa0194d'|'Easing inflation boosts FTSE, Carillion climbs again'|'July 18, 2017 / 9:07 AM / 10 minutes ago FTSE edges lower, IG soars after results Helen Reid 4 Min Read FILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. Toby Melville/File Photo LONDON (Reuters) - British shares edged down on Tuesday after falls in financial stocks outweighed the effect of easing inflation and positive earnings updates from Royal Mail and British Land. The FTSE 100 ended down 0.2 percent but outperformed heavy losses among European stocks thanks to a weaker pound, which benefits major exporting companies. Sterling dropped as investors adjusted interest rate expectations after inflation unexpectedly eased in June for the first time since October, surprising the market and adding to the likelihood the Bank of England will keep interest rates on hold in August. "The Bank of England''s rhetoric has taken an increasingly hawkish tone in recent weeks," Hargreaves Lansdown senior economist Ben Brettell said. "However if today''s pullback in inflation marks the start of a sustained decline, the pressure on the Bank to raise rates will ease." Mid-cap IG Group soared more than 16 percent and was the top European gainer after the online spreadbetting company reported a growing client base and rising profit despite quiet markets. "We regard these as very solid results in a year where market volatility has been at a multi-year low," Shore Capital analysts said. Greater market volatility tends to bolster trading companies'' profits as investors turn investment portfolios around more frequently. Britain''s second-largest listed property developer British Land was a top blue-chip performer after it announced a 300 million pound share buyback plan, providing more evidence of a pick-up in share buybacks among European corporates. Morgan Stanley analysts last week predicted this trend would accelerate. "Given the significant discount to net asset value (NAV) at which the shares are trading, this would be NAV accretive with the scale of enhancement subject to the amount of share bought and at what price," analysts at Stifel said. A flurry of mail activity around the British election helped Royal Mail to perform more strongly in its first quarter, sending its shares up 3.1 percent to join the FTSE 100 index''s top gainers. On the downside, Barclays led banks lower after Goldman Sachs reported a 40 percent fall in fixed-income trading, weighing on sentiment about the British bank, a major player in the bond market. Data services firm Experian, down 2 percent, was the biggest faller among the FTSE''s blue-chips after its first-quarter update. "Revenue growth in line with expectations, but no indication yet of recovery in Consumer Services revenue in the U.S., and as expected under pressure in the UK," Stifel analysts said in a note. Mid-caps held on to solid gains, up 0.5 percent thanks to strong progress by IG Group and Carillion. Crisis-hit British construction company Carillion jumped 5.5 percent after its joint venture won two further contracts, worth 158 million pounds, to supply services for British military sites. The stock is up 50 percent from last week''s lows. Defence contractor G4S rose to the top of the FTSE 100 as investors read across from Carillion''s gains. Reporting by Helen Reid; Editing by Keith Weir and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1A30RJ'|'2017-07-18T12:08:00.000+03:00'|5734.0|''|-1.0|'' -5735|'9e371d08a00af50e4010c00ad1858a7d4b2bb828'|'Japan industrial output increase hints at more stable growth'|'July 31, 2017 / 4:16 AM / 2 hours ago Japan industrial output increase hints at more stable growth 3 Min Read A cargo ship is pictured at an industrial port in Tokyo, Japan, August 18, 2016. Kim Kyung-Hoon/Files TOKYO (Reuters) - Japan''s factory output rebounded in June from a decline in May as production of cars and industrial chemicals increased, suggesting economic expansion may be on a more stable footing. Industrial output rose 1.6 percent in June from the previous month, just below the median estimate for a 1.7 percent increase and following a 3.6 percent decline in May. Manufacturers forecast a steady increase in output in coming months, offering further evidence that firm overseas demand and gains in consumer spending could support overall growth in Japan''s economy. "Overall, the trend looks healthy due to domestic demand and demand from emerging markets, said Norio Miyagawa, senior economist at Mizuho Securities. "It''s safe to say the economy continued its expansion in April-June and the forecasts point to further growth in output." Transport sector output rose 4.2 percent in June, rebounding from a 13.0 percent tumble in the previous month, as output of passenger cars and automobile engines recovered. Output of chemicals rose 3.4 percent in June, also a rebound from a 2.2 percent decline in May. A laborer works in a container area at a port in Tokyo, Japan July 19, 2017. Toru Hanai/Files Inventories across all industries fell 2.2 percent in June, the biggest decline in more than six years, as inventories of cars, steel, and electronic equipment were reduced. Some economists were concerned that inventories in the past few months were too high, and that companies would have to cut output. However, the decline in inventories in June shows that companies still have room to expand output, said Mizuho Securities'' Miyagawa. Manufacturers surveyed by the ministry expect output to rise 0.8 percent in July and 3.6 percent in August, which also shows that gains in output are likely to be maintained. Industrial output rose 1.9 percent in the April-June quarter, handily exceeding the 0.2 percent increase seen in January-March. Given the close correlation between industrial output and gross domestic product this suggests the overall economy accelerated in April-June. The positive output reading follows data last week showing the biggest increase in household spending in almost two years and an increasingly tight labour market, building optimism that the economy will maintain its upward momentum. Reporting by Stanley White; Editing by Eric Meijer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-output-idINKBN1AG0CO'|'2017-07-31T07:15:00.000+03:00'|5735.0|''|-1.0|'' +5735|'9e371d08a00af50e4010c00ad1858a7d4b2bb828'|'Japan industrial output increase hints at more stable growth'|'July 31, 2017 / 4:16 AM / 2 hours ago Japan industrial output increase hints at more stable growth 3 Min Read A cargo ship is pictured at an industrial port in Tokyo, Japan, August 18, 2016. Kim Kyung-Hoon/Files TOKYO (Reuters) - Japan''s factory output rebounded in June from a decline in May as production of cars and industrial chemicals increased, suggesting economic expansion may be on a more stable footing. Industrial output rose 1.6 percent in June from the previous month, just below the median estimate for a 1.7 percent increase and following a 3.6 percent decline in May. Manufacturers forecast a steady increase in output in coming months, offering further evidence that firm overseas demand and gains in consumer spending could support overall growth in Japan''s economy. "Overall, the trend looks healthy due to domestic demand and demand from emerging markets, said Norio Miyagawa, senior economist at Mizuho Securities. "It''s safe to say the economy continued its expansion in April-June and the forecasts point to further growth in output." Transport sector output rose 4.2 percent in June, rebounding from a 13.0 percent tumble in the previous month, as output of passenger cars and automobile engines recovered. Output of chemicals rose 3.4 percent in June, also a rebound from a 2.2 percent decline in May. A laborer works in a container area at a port in Tokyo, Japan July 19, 2017. Toru Hanai/Files Inventories across all industries fell 2.2 percent in June, the biggest decline in more than six years, as inventories of cars, steel, and electronic equipment were reduced. Some economists were concerned that inventories in the past few months were too high, and that companies would have to cut output. However, the decline in inventories in June shows that companies still have room to expand output, said Mizuho Securities'' Miyagawa. Manufacturers surveyed by the ministry expect output to rise 0.8 percent in July and 3.6 percent in August, which also shows that gains in output are likely to be maintained. Industrial output rose 1.9 percent in the April-June quarter, handily exceeding the 0.2 percent increase seen in January-March. Given the close correlation between industrial output and gross domestic product this suggests the overall economy accelerated in April-June. The positive output reading follows data last week showing the biggest increase in household spending in almost two years and an increasingly tight labour market, building optimism that the economy will maintain its upward momentum. Reporting by Stanley White; Editing by Eric Meijer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-output-idINKBN1AG0CO'|'2017-07-31T07:15:00.000+03:00'|5735.0|11.0|0.0|'' 5736|'127497c01ec6c444059d9cbea8549d02a5b6407e'|'COLUMN-Global investors turn to stocks - canny bet or market top?: James Saft'|'July 21, 2017 / 9:30 PM / 10 hours ago Global investors turn to stocks - canny bet or market top?: James Saft James Saft 5 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. May 18, 2017. Brendan McDermid (Reuters) - (The opinions expressed here are those of the author, a columnist for Reuters) With equity indexes at all-time highs, global mutual fund and ETF investors may be choosing now as the time to reverse a long-running move into bonds and out of equities. Thats either in harmony with retail investors legendary ability to pick the top or a canny bet on global reflation. Since the great financial crisis the broad global trend has been for mutual and exchange-traded fund investors to load up on bonds while trimming equities. Globally, funds held in equities vehicles went from above 90 percent of the whole in 2007 to about 70 percent now. And while that figure for U.S. funds bottomed at about 60 percent in 2010 and is now at 67 percent, equity funds have suffered net outflows for the majority of the last few years, except for a spike in inflows after the 2016 U.S. election. This ''de-equitisation,'' driven partly by battle-scarred individuals and partly by a large move into long-term debt by pension funds seeking to hedge long-term obligations, has been expensive. Over the past five years, the S&P 500 has returned 13.4 percent per annum, against just 2.3 percent for 10-year Treasuries. But now, what started as a mild trend in the U.S. of upping equity exposure seems to be going global, perhaps as the last bears capitulate in the face of a low-volatility march higher in equity markets. There is also the fact that major central banks are signaling they may at last start to run down their own multi-trillion-dollar portfolios of bonds. We find increasing evidence that the de-equitisation process, by which the weight of equity holdings in portfolios diminishes over time and is substituted by debt, has finally come to an end, Alain Bokobza of Societe Generale wrote in a note to clients. The main driver for re-equitisation could be gradually rising bond yields (Make reflation great again). Rising bond yields imply losses on existing bond portfolios (underweight bonds) and, when bond yields move higher, the risk budget of investors tends to increase (overweight equity)." In Europe, as bond yields bottomed, the equity share of fund holdings has crept higher this year, from a low below 60 percent in mid-2016 to about 65 percent now. Net flows to European equity funds have turned positive and assets, which decreased for about 18 months to January, have grown rapidly, indeed at a rate not seen since the bottoming of equity markets in 2009. Canny Bet or History Repeats? There is no question that a return to equity fund flows over bonds would have a significant market impact. A 10-percentage-point re-weighting into equities implies a global flow of $2.3 trillion. That compares with a cumulative net inflow into bond funds of almost $1.8 trillion since 2007. That inflow, notably, happened alongside massive official buying of bonds by central banks seeking to engineer a reflation. Those same central banks now seem ready to reverse course. The ECB is expected to announce its plans for tapering its bond portfolio sometime in the next several months, though it is currently committed to buying 60 billion euros a month until at least December. The Federal Reserve too is widely expected to start to allow its $4.5 trillion stock of bonds to dwindle, perhaps by the end of the year if not sooner. If that comes to pass it will surely change the relative attractions of stock and bonds. Longer-term Treasuries have already become more volatile than the almost comatose S&P 500. But though central banks say they want to taper, the facts on inflation are a bit more stubborn. U.S. inflation is heading further below the Feds 2 percent goal, and in the euro zone core inflation remains stuck at about only 1 percent. That does not sound like an equity-friendly reflation. There is also the possibility that equity market volatility follows bond market volatility higher as central banks sell bonds, especially if tapering comes alongside mixed economic news, as it is very likely to do. And while funds, especially ETFs, are widely held by institutions, it is a lot easier to see the intuitive sense of selling bonds with rates this low than buying stocks with prices this high. In the run-up to both the dotcom bust and the great financial crisis retail investors did what they do best: buy what has just gone up in price. A rebalancing of fund portfolios towards stocks may just happen, but it may, once again, prove a reliable sell signal. (At the time of publication James Saft did not own any direct investments in securities mentioned in this article. He may be an owner indirectly as an investor in a fund. You can email him at jamessaft@jamessaft.com and find more columns at blogs.reuters.com/james-saft ) Editing by James Dalgleish '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-markets-saft-idUSKBN1A62P6'|'2017-07-22T00:17:00.000+03:00'|5736.0|''|-1.0|'' 5737|'d5e620ad6c2e686d55a3332c1eab739067645f29'|'Samsung Electronics expects continued chip boom after record second quarter profit'|'July 27, 2017 / 12:17 AM / 5 hours ago Samsung Electronics expects continued chip boom after record second quarter profit Joyce Lee 4 Min Read FILE PHOTO - The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, July 4, 2017. Kim Hong-Ji SEOUL (Reuters) - Samsung Electronics Co Ltd ( 005930.KS ) on Thursday said it expected the memory chip boom to continue in the current quarter, after reporting a record operating profit for the three months through June. The world''s biggest maker of memory chips, smartphones and television sets is widely expected to break profit records for the full year, as better-than-forecast performance in its mobile business lifted quarterly operating profit slightly above its early-July guidance, analysts said. The company on Thursday also announced its third share buyback of the year, at 1.7 trillion won ($1.53 billion) worth of common shares, as part of the 9.3 trillion won annual total that Samsung promised in January. It also announced the cancellation of 2 trillion won worth of its own shares. "Looking ahead to the third quarter, the company expects favourable semiconductor conditions to continue, although overall earnings may slightly decline quarter-on-quarter as earnings weaken for the display panel and mobile businesses," Asia''s third most-valuable company by market value said in a statement. Analysts nevertheless forecast third-quarter earnings to exceed the second quarter on the strength of the so-called memory chip super-cycle. "We think more than 15 trillion won (in third-quarter profit) is more than possible," said analyst Greg Roh at HMC Investment & Securities. "The mobile business might be slightly weaker in the third quarter because the second quarter was so strong, but the expected sales from OLED (organic light-emitting diode) display supply to Apple Inc ( AAPL.O ) is seen to be reflected in earnings starting in the third quarter." FILE PHOTO: A man looks at his Samsung cell phone in a park in Los Angeles, California, U.S. July 6, 2017. Lucy Nicholson/File Photo Operating profit rose 72.7 percent in the second quarter from the same period a year earlier, to 14.1 trillion won, Samsung said in a regulatory filing. That compared with 14 trillion won estimated in July. Revenue rose 19.8 percent to 61 trillion won, also in line with its earlier estimate. The chip business was Samsung''s top earner as profit rose to a record 8 trillion won from 2.6 trillion won in the second quarter of 2016. Client demand for more powerful devices and supply constraints are pushing up prices of both DRAM and NAND memory chips, widening profit margins. The mobile division, which competes with Apple Inc ( AAPL.O ), reported a profit of 4.1 trillion won, a decline from 4.3 trillion won a year prior. Some analysts and fund managers said sales of Samsung''s new flagship Galaxy S8 smartphone have not exceeded those of the S7 by as much as the market had expected. But Koh Dong-jin, head of the firm''s mobile communications business, has said cumulative sales of the S8 and S8+ handsets from April is 15 percent higher than those of its predecessor. The record earnings come as the firm''s Vice Chairman Jay Y. Lee is in detention while on trial for his alleged role in a corruption scandal involving former president Park Geun-hye. He has denied wrongdoing. The lower court ruling is widely expected to come before Lee''s current detention period ends on August 27, a Seoul court spokesman said. Samsung Electronics shares were up 0.9 percent as of 0055 GMT, while the Kospi benchmark share price index .KS11 was up 0.2 percent. Reporting by Joyce Lee; Editing by Christopher Cushing 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-samsung-elec-results-idUKKBN1AC00P'|'2017-07-27T03:20:00.000+03:00'|5737.0|''|-1.0|'' 5738|'a0379ffe2eade5b322cf6d4402332ed01d56715e'|'German cartel authorities receive more documents from VW - Der Spiegel'|'July 28, 2017 / 1:08 PM / 23 minutes ago German cartel authorities receive more documents from VW - Der Spiegel Reuters Staff 2 Min Read The new Volkswagen Polo car is seen during the World premiere of Volkswagen''s new Polo in Berlin, Germany June 16, 2017. Stefanie Loos FRANKFURT (Reuters) - German cartel authorities received documents from Volkswagen ( VOWG_p.DE ), citing examples of possible collusion between Germany''s top carmakers and auto supplier Bosch, German magazine Der Spiegel said in its online edition. European Union and German antitrust regulators are investigating whether VW ( VOWG_p.DE ), Porsche, Audi ( NSUG.DE ). BMW ( BMWG.DE ) and Mercedes-Benz owner Daimler ( DAIGn.DE ) held meetings to discuss suppliers, prices and standards to the disadvantage of foreign carmakers. The documents, received this week, are the seventh submission of documents about alleged anti-competitive behaviour received by antitrust authorities since June 2016, Der Spiegel said. Bosch is alleged to have helped carmakers to devise a "dosage" strategy to help carmakers limit the consumption of AdBlue diesel emissions filtering fluid, Der Spiegel said on its web site on Friday. Auto supplier Bosch said: "All we know about this matter so far is what we have read or heard in the media. We have had no inquiries relating to it whatsoever from German or European antitrust authorities. As we have no details about the matters under investigation, we cannot comment on them." Discussions between suppliers and carmakers about how to implement new technologies or anti-pollution measures are not unusual or illegal, unless such discussions take place with the purpose of putting competitors at a disadvantage. A person familiar with the matter told Reuters on Tuesday that Daimler first raised the issue of collusion with cartel authorities, a move that could earn it immunity. Volkswagen was not immediately available for comment. Reporting by Jan Schwartz; Writing by Edward Taylor; Editing by Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-emissions-cartel-idUKKBN1AD1LX'|'2017-07-28T16:08:00.000+03:00'|5738.0|''|-1.0|'' @@ -5751,7 +5751,7 @@ 5749|'cfe6f4de5bc49fd2f65241b6d13620219f39fbc4'|'Geely''s Volvo to go all electric with new models from 2019'|'Technology News - Wed Jul 5, 2017 - 12:40pm EDT Geely''s Volvo to go all electric with new models from 2019 left right Volvo Cars'' CEO Hakan Samuelsson speaks during an interview at the Volvo Cars Showroom in Stockholm, Sweden July 5, 2017. TT News Agency/Jonas Ekstromer/via REUTERS 1/2 left right FILE PHOTO: A Volvo logo is pictured on the stand during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Denis Balibouse/File Photo 2/2 By Niklas Pollard - STOCKHOLM STOCKHOLM All Volvo car models launched after 2019 will be electric or hybrids, the Chinese-owned company said on Wednesday, making it the first major traditional automaker to set a date for phasing out vehicles powered solely by the internal combustion engine. The Sweden-based company will continue to produce pure combustion-engine Volvos from models launched before that date, but its move signals the eventual end of nearly a century of Volvos powered solely that way. While electric and hybrid vehicles are still only a small fraction of new cars sales, they are gaining ground at the premium end of the market, where Volvo operates and where Elon Musk''s Tesla Motors has been a pure-play battery carmaker from day one. As technology improves and prices fall, many in the industry expect mass-market adoption to follow. "This announcement marks the end of the solely combustion engine-powered car," Volvo Cars CEO Hakan Samuelsson said. The company, owned by Zhejiang Geely Holding Group, said five new models set to be launched in 2019 through 2021 - three of them Volvos and two Polestar-branded - would all be fully electric. "These five cars will be supplemented by a range of petrol and diesel plug in hybrid and mild hybrid 48-volt options on all models," Volvo said. "This means that there will in future be no Volvo cars without an electric motor." The electric models will be produced at Volvo plants world-wide - it has factories in Europe and China and is building one in the United States - while development costs will be met from within its existing budget, Samuelsson told Reuters. "This also means we won''t be doing other things. We of course will not be developing completely new generations of combustion engines," he said about future investment needs. Volvo has invested heavily in new models and plants since being bought by Geely from Ford in 2010, establishing a niche in a premium auto market dominated by larger rivals such as Daimler''s Mercedes-Benz and BMW. Part of its strategy has also been to embrace emerging technologies that allow higher performance electric vehicles as well as, eventually, self-driving cars. Only last month, Volvo said it would reshape its Polestar business into a standalone brand, focused on high-performance electric cars aimed at competing with Tesla and the Mercedes AMG division. Volvo has also said it will build its first fully electric car in China based on its architecture for smaller cars which will be available for sale in 2019 and exported globally. Still, Volvo is not alone among traditional carmakers in pushing strongly into electrics and plug-ins or among premium brands in resorting to 48V mild hybrid systems to lower fuel consumption and CO2 emissions from their combustion-engine cars. Among them, BMW plans to introduce an electric version of its popular 3 series in September to meet the challenge from Tesla, Handelsblatt reported last month. Volvo has also taken steps towards an eventual listing, raising 5 billion crowns from Swedish institutional investors through the sale of newly issued preference shares last year, though the company has said no decision on an IPO has been made. "It is still an option and a question for our owner," Samuelsson said. (Additional reporting by Laurence Frost; Editing by David Evans and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volvocars-geely-electric-idUSKBN19Q0BJ'|'2017-07-05T07:00:00.000+03:00'|5749.0|''|-1.0|'' 5750|'8c66d69995636f5269087a0b08446fdca5da08c8'|'Oil majors face downgrades if crude prices don''t pick up - S'|'July 12, 2017 / 2:14 PM / 2 minutes ago Oil majors face downgrades if crude prices don''t pick up - S&P FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. Toru Hanai LONDON (Reuters) - Big oil firms would face increased credit rating downgrade pressures if crude prices stayed below $50 a barrel on average until the end of 2018 and they did not compensate by cutting costs, S&P Global said on Wednesday. S&P currently has downgrade warnings - or negative outlooks in rating agency parlance - on ExxonMobil XOM.n, Chevron Corp ( CVX.N ) and Total ( TOTF.PA ), while the other so-called ''majors'' include Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ). Slideshow (2 Images) "If oil prices persistently trend below our price assumptions ($50/bbl on average until the end of 2018), downgrade pressure for many ratings would increase without material and sufficient further cost and capex efficiencies, disposals, or other countermeasures against weak credit metrics for a sustained period," S&P said in a report. It added that moderately higher oil prices would help credit metrics, but that for most of the big firms -with the exception of Shell- it "remains to be seen" whether they could see upgrades without a strong and sustained rebound in crude prices. Brent oil was trading at $48.34 a barrel on Wednesday. Oil majors'' debt levels have ballooned with aggregate debt reaching nearly $300 billion in 2014, up from just under $200 billion in 2009 according to S&P''s estimates. Reporting by Marc Jones; editing by Yumna Mohamed 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ratings-oil-majors-s-p-idUKKBN19X1VY'|'2017-07-12T17:13:00.000+03:00'|5750.0|''|-1.0|'' 5751|'7d2e1c0830df401f77ebe690b82c2b53088f9f4c'|'Public sector pay: why workers are squeezed more than private sector'|'Monday 3 July 2017 18.54 BST Last modified on Monday 3 July 2017 21.42 BST When Theresa May took the stage at the Conservative party conference last autumn she reprised her pledge for a fairer economy. Specifically, she homed in on pay growth, or the lack of it. Our economy should work for everyone, but if your pay has stagnated for several years in a row and fixed items of spending keep going up, it doesnt feel like its working for you, the prime minister declared. Fast-forward to this summer and the one in six workers who ply their trade in the public sector will know exactly what she is talking about. Living costs are rising at an increasingly rapid pace and, thanks to a cap imposed by Mays government, public sector pay is falling behind. Under the Conservatives austerity drive, a large part of the pain has been borne by public sector workers a broad cohort ranging from low-paid NHS workers to high-paid civil servants. Their pay was frozen in the financial years 2011-12 and 2012-13 except for the lowest earners. Rises were then limited to an average of 1% from 2013-14 to 2015-16, and then capped at 1% again for the next four years. It remains to be seen if May and her cabinet colleagues, weakened by last months election shock, will soften that stance. The current squeeze on public sector workers is in stark contrast to the years of the global financial crisis. Their pay was relatively protected after the crash while earnings in the private sector fell. Average weekly earnings for the public sector were 479 in 2011, up 9% from 439 in 2008. In the private sector, average weekly earnings were up just 3% over the same period to 448 in 2011, and that was before taking into account inflation. But thanks to government-set pay restraint, public sector workers have missed out on the recovery in wage growth in recent years. Average weekly earnings Now that the pounds sharp drop since the Brexit vote is pushing up import costs and stoking inflation, that pay restraint is being felt even more acutely. Wages are falling in real terms for many public sector workers or, in other words, the cost of many goods and services is rising faster than their pay packets. That is also the case for private sector workers , but their real wages are falling at a slower pace. As the Resolution Foundation thinktank recently noted : The scale of the current public sector pay squeeze is much tighter than in the private sector, and will continue for some time too. While real growth up to the end of 2016 was 1.6% for the private sector, it had fallen to 0.3% for the public sector. Official figures for April , when inflation was 2.7% , showed that average weekly earnings were rising 1.2% on a year ago in the private sector and just 0.8% in the public sector. For public sector employers that squeeze is causing serious problems when it comes to recruiting and retaining workers, as shown by the news that more nurses and midwives are now leaving the profession than joining it . That has knock-on costs for the public sector when hospitals and other places of work are forced to rely on agency staff to fill the gaps. Looking into what is pushing people to leave the public sector, the TUC says many workers cannot make ends meet any more. It points to polling of 21,000 health service members last year by the public sector union Unison , which found that one in 10 had pawned possessions to ease their cashflow problems, and a similar proportion had used payday loans. The TUCs own analysis suggests there is worse to come. It calculated that nurses, firefighters and border guards will all see their real pay drop by more than 2,500 by 2020 if the government sticks to its 1% cap. It is worth noting that going by simple sector-wide averages, those employed by the state are still earning more than those in the private sector. Public sector workers earn about 25,000 a year on average and for the private sector it is 22,500, says Jonathan Cribb at the Institute for Fiscal Studies thinktank. But once you control for education, age, where people live and their experience, the difference is quite small, he adds. Furthermore, the gap is narrowing. Based on current plans and on forecasts from the Office for Budget Responsibility, the governments independent economic forecaster, the IFS says private sector pay will rise six percentage points faster than public sector pay between 2016-17 and 2020-21. That would reduce the average difference between public and private sector pay to a level not seen in at least the last 20 years and to one that is well below the level seen in the early 2000s when there were shortages of nurses, notes Cribb. But the government will be wary of rushing into any big policy changes to fix its recruitment troubles. John Hawksworth, the chief economist of accountancy group PwC, says the public sector pay bill was about 180bn last year. So if you were to raise the public sector pay rise to 3% for the next three years it would cost you an extra 10bn by 2020 compared with current plans, he adds. So I guess theres a clear case for doing it in terms of recruitment and retention and fairness but on the other hand it is a significant amount and has to be weighed in the overall fiscal balance against other priorities. Topics '|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/society/2017/jul/03/public-sector-pay-workers-conservatives-cap-inflation'|'2017-07-03T20:54:00.000+03:00'|5751.0|''|-1.0|'' -5752|'cd2f84d87250768c74481dff64e699ce3be0d6f8'|'Battered Carillion appoints HSBC as financial adviser, broker'|'July 14, 2017 / 7:00 AM / 8 hours ago Battered Carillion turns to HSBC amid rights issue talk Reuters Staff 2 Min Read A Carillion sign can be seen on a van in Manchester, Britain July 13, 2017. Phil Noble (Reuters) - Crisis-hit Carillion ( CLLN.L ) hired HSBC ( HSBA.L ) as joint financial adviser and joint corporate broker on Friday, fuelling speculation that the construction and support services company was preparing a rights issue. Carillion, which had seen 70 percent wiped off its market value this week, is reviewing "all options" after it booked a 845 million pound writedown on Monday against customer payments it no longer expected to be able to collect. Analysts believe Carillion might have to raise at least 500 million pounds via a share sale or that a debt-for-equity swap could be on the cards to shore up the balance sheet. Its average net borrowing in the first half of the year rose to 695 million pounds from 586.5 million over 2016. Shares bounced 9 percent to 60.65 pence by 0735 GMT, valuing the company at only about 250 million pounds. Carillion shares have been in freefall following the profit warning and exit of its chief executive at the start of the week. Its bondholders have braced for "painful" talks as a pile-up of receivables and debt spooked investors. HSBC, which has been part of Carillion''s banking group in the past, joins Morgan Stanley and Stifel as Carillion''s existing corporate brokers and Lazard as its financial adviser. A source said HSBC would complement Carillion''s existing advisor line up. "With (HSBC) having a long-standing relationship with Carillion, they''re quite supportive at this time," the source said. HSBC, which was Carillion''s adviser on its failed attempt to take over peer Balfour Beatty ( BALF.L ), relaunched its corporate broking in January 2013, and has since been targetting more mandates. Carillion was demerged from the Tarmac group in 1999 and went on to buy construction firm Alfred McAlpine. The company has worked on projects ranging from London''s Tate Modern gallery to the Twickenham rugby stadium. Reporting by Esha Vaish in Bengaluru; editing by Jason Neely/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-carillion-broker-idUKKBN19Z0K9'|'2017-07-14T09:59:00.000+03:00'|5752.0|''|-1.0|'' +5752|'cd2f84d87250768c74481dff64e699ce3be0d6f8'|'Battered Carillion appoints HSBC as financial adviser, broker'|'July 14, 2017 / 7:00 AM / 8 hours ago Battered Carillion turns to HSBC amid rights issue talk Reuters Staff 2 Min Read A Carillion sign can be seen on a van in Manchester, Britain July 13, 2017. Phil Noble (Reuters) - Crisis-hit Carillion ( CLLN.L ) hired HSBC ( HSBA.L ) as joint financial adviser and joint corporate broker on Friday, fuelling speculation that the construction and support services company was preparing a rights issue. Carillion, which had seen 70 percent wiped off its market value this week, is reviewing "all options" after it booked a 845 million pound writedown on Monday against customer payments it no longer expected to be able to collect. Analysts believe Carillion might have to raise at least 500 million pounds via a share sale or that a debt-for-equity swap could be on the cards to shore up the balance sheet. Its average net borrowing in the first half of the year rose to 695 million pounds from 586.5 million over 2016. Shares bounced 9 percent to 60.65 pence by 0735 GMT, valuing the company at only about 250 million pounds. Carillion shares have been in freefall following the profit warning and exit of its chief executive at the start of the week. Its bondholders have braced for "painful" talks as a pile-up of receivables and debt spooked investors. HSBC, which has been part of Carillion''s banking group in the past, joins Morgan Stanley and Stifel as Carillion''s existing corporate brokers and Lazard as its financial adviser. A source said HSBC would complement Carillion''s existing advisor line up. "With (HSBC) having a long-standing relationship with Carillion, they''re quite supportive at this time," the source said. HSBC, which was Carillion''s adviser on its failed attempt to take over peer Balfour Beatty ( BALF.L ), relaunched its corporate broking in January 2013, and has since been targetting more mandates. Carillion was demerged from the Tarmac group in 1999 and went on to buy construction firm Alfred McAlpine. The company has worked on projects ranging from London''s Tate Modern gallery to the Twickenham rugby stadium. Reporting by Esha Vaish in Bengaluru; editing by Jason Neely/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-carillion-broker-idUKKBN19Z0K9'|'2017-07-14T09:59:00.000+03:00'|5752.0|15.0|0.0|'' 5753|'bd9930104e7ce83a8d673ca46522b74094b8cdca'|'Vanguard CIO Buckley to take over as CEO from McNabb Jan. 1'|'July 13, 2017 / 8:47 PM / 6 hours ago Vanguard CIO Buckley to take over as CEO from McNabb on January 1 Ross Kerber 4 Min Read FILE PHOTO - Bill McNabb is pictured in the board room at the Vanguard Headquarters in Valley Forge, Pennsylvania, December 2, 2010. Tim Shaffer BOSTON (Reuters) - Vanguard Group, the world''s largest mutual fund manager, said on Thursday Chief Executive Bill McNabb will step down at year end and be replaced by Chief Investment Officer Tim Buckley, betting on the internal successor to oversee rapid growth. McNabb, 60, who took the CEO job in 2008, will remain chairman of the Pennsylvania company where he oversaw massive inflows to its low-cost products, including index funds, after steering the company through the financial crisis. Vanguard now manages about $4 trillion, up from about $1.25 trillion at the start of McNabb''s reign and far eclipsing rivals like Fidelity Investments and T. Rowe Price Group ( TROW.O ) that are better known for their actively managed mutual funds. Vanguard has also suffered a string of technical glitches since last year and responded by adding staff. Software engineers make up about a quarter of its workforce of about 15,000 people. "The goal is that we not only lead on investment returns, we lead on our level of service to clients," Buckley, 48, said in an interview. Buckley also aims to continue Vanguard''s overseas expansion. Another concern has been that index funds could lose their appeal in a market downturn, which could favour some active fund managers. While Vanguard also offers active funds, Buckley said the concern is misplaced. "There''s no good environment for high costs," he said. "Markets will humble you, and volatility will return. You''ve got to stay disciplined," he said. McNabb said the timing seemed right to step back from the top job, and that there were no other internal or external candidates to succeed him after working closely with Buckley on Vanguard''s executive committee more than 16 years. Buckley will become the fourth CEO of privately held Vanguard, which began operations in 1975 under founder John C. Bogle, who remains affiliated with the company but is no longer in senior leadership. Buckley joined Vanguard in 1991 as an assistant to Bogle. He later headed Vanguard''s information technology division and its retail investor group. Buckley was also named president and a director of Vanguard. Greg Davis, 46, head of fixed income, will take over as chief investment officer. Vanguard named two other new directors, Sarah Bloom Raskin, a former U.S. Treasury official, and Deanna Mulligan, CEO of The Guardian Life Insurance Co of America. Industry observers noted that these director appointments and that of Davis, an African-American, diversify Vanguard''s leadership. They "make Vanguard look more like its client base," said Dan Wiener, who edits a newsletter for Vanguard investors. Although Vanguard''s structure makes operations more opaque than those at some publicly traded rivals, it will seek investor approval of these appointments. At a meeting set for Nov. 15 in Scottsdale, Arizona, according to a securities filing, Vanguard will ask investors to elect Buckley, Raskin and Mulligan and other nominees to a board that oversees its mutual funds. It will also seek approval for other changes, including giving funds the ability to hire external managers without shareholder permission, and to change investment objectives of two index funds. Vanguard also faces shareholder proposals including one seeking review of its tendency not to support proxy measures related to climate change. According to a securities filing, Vanguard recommends investors vote against this proposal, saying it uses behind-the-scenes talks to influence company executives on climate issues. Reporting by Ross Kerber; Editing by Richard Chang and David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vanguard-buckley-idUKKBN19Y2R7'|'2017-07-13T23:47:00.000+03:00'|5753.0|''|-1.0|'' 5754|'00a3320775e0b3574be36d7c046d7fe436aa7cff'|'LeEco''s listed company names investor Sunac''s Sun chairman'|'July 21, 2017 / 9:08 AM / 14 minutes ago LeEco''s listed company names investor Sunac''s Sun chairman Sijia Jiang 2 Min Read Chairman of Sunac China Holdings Ltd. Sun Hongbin speaks during a strategic cooperation signing ceremony with Dalian Wanda Group and R&F Properties in Beijing, China July 19, 2017. Jason Lee HONG KONG (Reuters) - Leshi Internet Information & Technology, embattled Chinese tech group LeEco''s main listed entity, said Sun Hongbin from investor Sunac China would take over as chairman from founder Jia Yueting. A frenetic pace of growth over 13 years, from a Netflix-like video website to a business empire spanning consumer electronics to cars, has left a gaping hole in LeEco''s finances. Jia, who has described the cash crunch as "far worse than expected", stepped down from all posts at Leshi earlier this month to focus on LeEco''s electric car business and repay debts. Sun''s appointment to Leshi board chairmanship means he now controls what are widely considered to be LeEco''s healthier businesses, while Jia focuses on an expensive ambition to rival Elon Musk''s Tesla Motors in making electric vehicles via U.S. subsidiary Faraday Future. Sun is the chairman of property developer Sunac, which invested 15 billion yuan(1.70 billion pounds) in LeEco earlier this year, including taking an 8.61 percent stake in Leshi for 6.04 billion yuan. Sunac''s investment in LeEco also included a 33.5 percent stake in smart TV manufacturer Leshi Zhixin and a 15 percent stake in LeEco''s film production company, Le Vision Picutres. Leshi said earlier this month that it expected to log a net loss between 636.7 million yuan ($94 million) and 641.7 million yuan for the first half of this year. In its statement to the Shenzen stock exchange on Friday, Leshi said CEO Liang Jun had been named the company''s legal representative. Reporting by Sijia Jiang; Editing by Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-leeco-management-idUKKBN1A60XZ'|'2017-07-21T12:10:00.000+03:00'|5754.0|''|-1.0|'' 5755|'508913e6839c6ade705e87a4ce581cd3afc684df'|'BRIEF-Kala Pharma sees IPO of 6 mln shares priced between $14-$16/shr'|' 02am EDT BRIEF-Kala Pharma sees IPO of 6 mln shares priced between $14-$16/shr July 10 Kala Pharmaceuticals Inc: * Kala Pharmaceuticals sees IPO of 6 million shares of co''s common stock priced between $14.00 and $16.00 per share Source text: ( bit.ly/2tFlt5R ) RPT-Big financial woes linger in Illinois'' new budget CHICAGO, July 10 Illinois'' first budget after two years is filled with partial outlines to address its debt-ridden pension system and unpaid bill backlog -- signs that political fighting and the fiscal mess in the nation''s fifth-largest state are far from over. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-kala-pharma-sees-ipo-of-6-mln-shar-idUSFWN1K10BC'|'2017-07-10T14:02:00.000+03:00'|5755.0|''|-1.0|'' @@ -5759,7 +5759,7 @@ 5757|'35ed199eddc5b2dcdd917c29b3414cead1a655f6'|'Analysis: Singapore penthouse on sale for over $72 million, a test for luxury market''s recovery'|'July 13, 2017 / 8:13 AM / 30 minutes ago Analysis: Singapore penthouse on sale for over $72 million, a test for luxury market''s recovery Aradhana Aravindan and Masayuki Kitano 6 Min Read GuocoLand Ltd''s mixed-use Tanjong Pagar Centre (R), soon to be the tallest building in the city-state, towers over other buildings in the central business district of Singapore February 29, 2016. Edgar Su/File Photo SINGAPORE (Reuters) - The asking price for a new three-storey Singapore penthouse, complete with a private pool on the 64th floor, has reached a dizzying S$100 million ($72.6 million). Due to be formally unveiled later this year, Wallich Residence''s penthouse is in the tallest building in Singapore, the island of well-heeled stability that attracts the super-rich from its less-developed Southeast Asian neighbours, as well as multi-millionaires from mainland China. The ''bungalow in the sky'' penthouse in the GuocoLand-developed Tanjong Pagar Centre, is likely to become Singapore''s most expensive apartment. It will test the endurance of demand for luxury property in the city-state the part of the market that has taken the biggest hit from measures aimed at cooling down property prices in recent years. Prices for luxury homes in Singapore have fallen 15-20 percent from a 2013 peak, according to JLL consultancy, part of the Jones Lang LaSalle global property services group. But JLL is now starting to see the prospects of a turnaround at least at the top end of the market and is forecasting a 3-5 percent increase in luxury prices this year, citing demand from both locals and foreigners who feel the market is bottoming out. JLL said the volume of transactions in the first four months of the year in Singapore''s core central region, which is popular among wealthy foreigners and includes the Orchard Road shopping area and Sentosa island, was 35 percent higher than in the same period last year. "A lot of people think Singapore is value for money because it''s been downhill all the way - such a long winter," said Chandran VR, managing director at a real estate agency specialising in high-end homes. "Now they feel it is the right time to come in," he said. By contrast, he noted that Hong Kong apartment prices have been soaring, adding that "sensible investors will come here," instead. GuocoLand Singapore Group Managing Director Cheng Hsing Yao said buying by foreigners has picked up since the start of the year at the developer''s high-end Leedon Residence project, near the 150-year-old Singapore Botanic Gardens. GuocoLand is part of Malaysian conglomerate Hong Leong Group, headed by billionaire Quek Leng Chan. "In absolute numbers, it may not be that huge, but the ticket sizes are actually quite significant for some of them," Cheng said. Some foreigners were buying homes worth S$8-12 million in the project, he said. The recent tightening of property market controls elsewhere, such as in Hong Kong and Australia, has played a part in attracting foreign demand to Singapore''s luxury property this year, Cheng said. City Developments Ltd (CDL), one of the largest Singapore developers, also said the average sales price at its high-end Gramercy Park project has risen to more than S$2,800 per square feet in recent months, up 8 percent from a year ago, and foreign buyers accounted for three-quarters of the project so far. CDL''s billionaire Chairman Kwek Leng Beng is a cousin of the Malaysian developer Quek. Plenty of Tools Still, Singapore''s broader residential market remains subdued, having fallen for 15 straight quarters to log its longest losing streak since official records began in 1975. "We are forecasting for prices to come down between 1 to 5 percent this year before reaching an inflection point in 2018," said Eli Lee, an analyst for OCBC Investment Research. While prices in Hong Kong tripled and Sydney''s doubled over the past decade, Singapore prices rose just 29 percent. Singapore introduced property price cooling measures to curb speculation as did many other "hot property" cities in the region. While some measures were relaxed slightly this year, the authorities warned last month there would be no more rolling back for now. Singapore is not short of policy tools to ward off speculators. Most of the island''s apartment blocks were built and then managed by the government, though the vast majority of the units have been sold to citizens. This allows it to keep control of some speculative activity, and therefore prices. Initial buyers of government apartments, for example, are largely prevented from flipping a property through a fast resale. The high home ownership rate, at about 90 percent, also makes it easier for policymakers to craft measures targeting speculative demand when the market is overheated. All home buyers have to pay a stamp duty at a progressive rate of up to 3 percent, but foreigners have to pay an additional 15 percent for their purchases. Singaporeans also have to pay an extra stamp duty of 7-10 percent when they make second and subsequent purchases. "With tightening measures taken in other countries, that could lead investors to shift funds back here. So we just have to watch that very closely," Ravi Menon, managing director ofthe Monetary Authority of Singapore, said last month. New home sales more than doubled in March from a year earlier, reaching their highest level in nearly four years. And developers, led by Chinese companies, are paying record sums to secure land. Shenzhen-based developer Logan Property and its partner Nanshan Group recently paid a record S$1 billion at a government land auction. That was almost 50 percent more than the previous record set in 1997. "The strong winning bid...signals developers'' strong confidence in the Singapore residential market and their belief that prices could return to growth soon," said Christine Li, research director at Cushman and Wakefield in Singapore. Editing by Miyoung Kim and Martin Howell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/singapore-property-luxury-idINKBN19Y0Q4'|'2017-07-13T11:09:00.000+03:00'|5757.0|''|-1.0|'' 5758|'2002b3281f8f40378921cdb87a009c88c97adf54'|'VW to start importing cars to Iran in August with partner Mammut Khodro'|'Tue Jul 4, 2017 - 12:18pm BST VW to start importing cars to Iran in August with partner Mammut Khodro FILE PHOTO - A Volkswagen logo is pictured near Poznan, Poland September 9, 2016. REUTERS/Kacper Pempel/File Photo BERLIN Volkswagen ( VOWG_p.DE ) will start importing cars to Iran next month, returning to the resurgent Middle Eastern market after 17 years in a move that may help the German group trim reliance on volatile overseas markets such as China and Brazil. Volkswagen (VW) has signed an agreement with Iran''s Mammut Khodro to import VW brand models Tiguan and Passat via eight dealerships, focusing on the greater Tehran area, VW said on Tuesday. (Reporting by Andreas Cremer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-iran-idUKKBN19P1C7'|'2017-07-04T14:14:00.000+03:00'|5758.0|''|-1.0|'' 5759|'c35976b948c6f7391bc489922569126a523dcfc3'|'Apple challenges Imagination Technologies'' disclosure timing'|'Technology 9:20pm BST Apple challenges Imagination Technologies'' disclosure timing FILE PHOTO: The Apple logo is seen on the facade of the new Apple Store in Paris, France, January 5, 2017. REUTERS/Charles Platiau/File Photo By Stephen Nellis Apple Inc ( AAPL.O ) on Friday disputed the timeline of events leading up the disclosure by Imagination Technologies Group Plc ( IMG.L ) that Apple plans to drop the graphics chip supplier, a loss of the UK company''s largest customer that sent shares plummeting. Imagination Chief Executive Officer Andrew Heath said Apple told Imagination "at the end of March" that it would no longer need its technology, according to an investor call on Tuesday. But Apple said it told Imagination about its plans on Feb. 9. Imagination ultimately notified shareholders of Apple''s decision on April 3, which sent its shares down 70 percent and eventually forced it to put itself up for sale. Apple''s claims that Imagination sat on the news for weeks without telling shareholders heaps more trouble on the company and could spur regulators to examine whether Imagination improperly withheld information from shareholders, according to one legal expert. Imagination''s Heath told investors that Apple told Imagination at the end of March that Apple''s new products "at some point in 2018 or early 2019 would not contain our IP and therefore, they were not required to pay us royalties on it." Apple contested that timeline and said it warned Imagination that it would "stop accepting new IP from them" as early as 2015 and gave a final warning a month before Imagination''s CEO claims. "After lengthy discussions, we advised them on February 9 that we expected to wind down our licensing agreement since we need unique and differentiating IP for our products," Apple said in the statement. Imagination did not immediately respond to a request for comment outside of normal UK business hours. Heath has said he does not believe Apple can replace Imagination''s technology without using some of Imagination''s patents that would require royalties. Jonathan Parry, an attorney with UK law firm White & Case who is not involved in the dispute, said European financial regulators were likely to examine the timing of Apple''s discussions with Imagination to see whether Imagination''s leaders failed to disclose material information to shareholders. Regulators would likely focus on when Imagination''s leaders decided it was "likely" that Apple would draw down its business with the company, which Imagination would then be required to disclose to shareholders. The legal bar for "likely" is different from the word''s common usage, he said. "The wording used in judgments is ''a realistic prospect'' that something might happen," Parry said. "The judge did not assign a percentage, but he made it clear that something doesn''t have to be ''more likely than not''" to trigger public disclosure requirements. (Adds missing word "to" in paragraph 4) (Reporting by Stephen Nellis; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-apple-imagntn-tchnlgs-idUKKBN19S2TW'|'2017-07-07T23:13:00.000+03:00'|5759.0|''|-1.0|'' -5760|'72b8fb5a647eaed5eaf25b651945ffcaa21957f9'|'Italy''s Generali to strengthen its presence in France - CEO tells paper'|'July 24, 2017 / 5:58 AM / 21 minutes ago Italy''s Generali to strengthen its presence in France - CEO tells paper Reuters Staff 1 Min Read The Assicurazioni Generali logo is seen in downtown Milan, Italy, February 8, 2016. Stefano Rellandini/File Photo MILAN (Reuters) - Assicurazioni Generali ( GASI.MI ) plans to boost its French business while it is weighing various options in Germany where it wants to manage more actively its life business, the CEO of Italy''s biggest insurer told Corriere della Sera on Monday. Philippe Donnet also said that the insurer was not asked to convert into equity some subordinated debt it owns in struggling lender Banca Carige ( CRGI.MI ). Reporting by Francesca Landini; Editing by Biju Dwarakanath 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-generali-ceo-report-idUKKBN1A90FH'|'2017-07-24T08:57:00.000+03:00'|5760.0|''|-1.0|'' +5760|'72b8fb5a647eaed5eaf25b651945ffcaa21957f9'|'Italy''s Generali to strengthen its presence in France - CEO tells paper'|'July 24, 2017 / 5:58 AM / 21 minutes ago Italy''s Generali to strengthen its presence in France - CEO tells paper Reuters Staff 1 Min Read The Assicurazioni Generali logo is seen in downtown Milan, Italy, February 8, 2016. Stefano Rellandini/File Photo MILAN (Reuters) - Assicurazioni Generali ( GASI.MI ) plans to boost its French business while it is weighing various options in Germany where it wants to manage more actively its life business, the CEO of Italy''s biggest insurer told Corriere della Sera on Monday. Philippe Donnet also said that the insurer was not asked to convert into equity some subordinated debt it owns in struggling lender Banca Carige ( CRGI.MI ). Reporting by Francesca Landini; Editing by Biju Dwarakanath 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-generali-ceo-report-idUKKBN1A90FH'|'2017-07-24T08:57:00.000+03:00'|5760.0|12.0|0.0|'' 5761|'835596d953185b9c49fa82a106641323c0c80e4d'|'VW profit jumps as core brand pushes cost cuts, models'|'July 27, 2017 / 7:07 AM / 6 minutes ago Volkswagen profit jumps as core brand pushes cost cuts, models Reuters Staff 1 Min Read FILE PHOTO: VW Golfs are loaded in a delivery tower at the plant of German carmaker Volkswagen in Wolfsburg, Germany, March 14, 2017. Fabian Bimmer/File Photo BERLIN (Reuters) - Volkswagen ( VOWG_p.DE ) said group operating profit more than doubled in the second quarter, helped by cost cuts and higher-margin new models at its core namesake brand. Earnings before interest and tax jumped to 4.55 billion euros ($5.34 billion) from 1.90 billion a year earlier, VW said on Thursday, beating a 4.49-billion-euro consensus forecast in a Reuters poll of analysts. First-half earnings at the core namesake brand doubled to 1.8 billion euros, VW said, citing cost cuts and higher volume sales. The group stuck to its guidance for return on sales for 2017 of between 6 and 7 percent, after reaching 6.7 percent in 2016. It said it now expects 2017 group revenue to exceed last year''s record 217 billion euros by more than 4 percent. It also affirmed an aim for a moderate rise in full-year deliveries. (This story has been corrected to read more than 4 percent, paragraph 4.) Reporting by Andreas Cremer; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-results-idUKKBN1AC0RT'|'2017-07-27T10:07:00.000+03:00'|5761.0|''|-1.0|'' 5762|'d5ecaaaa9fcbf237cdadb05a7e1f47f7c66ead64'|'With new Takata air bag recalls, automakers may face more liabilities'|'Edition United States July 19, 2017 / 10:27 AM / a minute ago With new Takata air bag recalls, automakers may face more liabilities Naomi Tajitsu and Maki Shiraki 6 Min Read FILE PHOTO: Visitors walk past a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan February 5, 2016. Toru Hanai/File Photo TOKYO (Reuters) - Takata Corp''s ( 7312.T ) bankruptcy filing last month was meant to draw a line under the auto industry''s biggest safety recall, but last week''s announcement of more air bag inflator recalls suggests automakers could face fresh liabilities in the future.(For a graphic on air bag inflators click tmsnrt.rs/1JDZ4vq ) In late-2015, U.S. regulators gave Takata until the end of 2019 to prove that its replacement air bag inflators - which add a drying agent to combat moisture that can set off the ammonium nitrate compound in an inflator, with potentially lethal results - are also safe. If Takata fails that test - and some industry consultants, explosives experts and former employees question whether the workaround guarantees safety over the long-term - the 100 million or so replacement inflators currently being installed may themselves need to be replaced. "Absent proof that the other desiccated inflators are safe, they will also be subject to recall," the U.S. National Highway Traffic Safety Administration (NHTSA) said in a statement last week. The agency declined to comment on the risk that additional inflators may be subject to recall. NHTSA announced last Tuesday that new testing at Takata prompted the Japanese parts firm to declare 2.7 million of the new air bag inflators defective, raising questions about the risk from replacement air bags as moisture can still seep into the propellant of some inflators. Takata''s automaker customers, which have so far borne much of the estimated $10 billion cost of replacing faulty bag inflators, could be on the hook for future liabilities in the event that Takata fails to prove that the desiccant workaround is sufficient. Last week''s recall is the first to involve Takata bag inflators that use a drying agent. Nearly 20 automakers have been affected by the air bag recalls, and some still use Takata inflators for replacements in the recalls. Automakers including Honda Motor Co ( 7267.T ), Toyota Motor Corp ( 7203.T ) and Nissan Motor Co ( 7201.T ) have said they will stop using Takata inflators for new contracts for future models. "If NHTSA in the future raises issues about the safety (of desiccated inflators) we will of course comply with their orders," Nissan''s chief sustainability officer Hitoshi Kawaguchi told Reuters. "At the moment, our focus is on getting replacement inflators to our customers." Toyota said it was "working closely with all stakeholders, including Takata, other suppliers and relevant agencies, to assess any potential impact and take action accordingly" on the recall issue. Honda, Takata''s biggest client, declined to comment. "The automakers... and Takata - they all know that this is a future issue," said Scott Upham, chief executive at Valient Market Research, whose clients include auto parts suppliers. "But I think everybody is concerned about the near-term issues, and the financial arrangements of the bankruptcy." Takata says it has produced around 100 million replacement inflators containing drying agents: the 2.7 million recalled last week used calcium sulfate, and the rest contain zeolite. "We still have to prove the safety of our desiccated inflators, but we believe those using zeolite are safer than those using calcium sulfate," said spokesman Toyohiro Hishikawa. The company has declined to comment further on the testing process or the NHTSA deadline. Takata is the only global air bag maker to use ammonium nitrate as a propellant in its inflators. The compound''s vulnerability to high temperature and moisture can trigger an explosion that can spew shrapnel inside a vehicle. The defect has been linked to at least 17 deaths, mostly in the United States. ''Lengthening the Fuse'' The new inflators with the added desiccant have not been linked to any deaths or injuries, but the problems with the original inflators typically took five years or more to emerge. Keiichi Hori, who oversees automotive safety components at the Japan Explosives Society, said adding a drying agent can reduce, but not eliminate, the risk of uncontrolled explosions. If the desiccant can prevent all moisture from reaching the inflator propellant, "then it would be possible that the inflators could be used safely," he said. "Otherwise, alternatives should be considered." But Upham, the industry consultant, predicts the recalled parts will themselves eventually be recalled - because ammonium nitrate is fundamentally too volatile - and Takata''s carmaker customers may again have to foot the bill given that Takata is unlikely to be able to cover the costs. "Automakers are hoping and praying that the desiccant solves the problem... (but) this might come back to bite them," Upham said. Former Takata employees involved in manufacturing inflators have said the desiccant may buy Takata time. One told Reuters last year that by adding the desiccant, "you''re just lengthening the fuse, not correcting the problems." Key Safety Systems, a U.S.-based components supplier owned by China''s Ningbo Joyson Electronic Corp ( 600699.SS ), has agreed to buy Takata''s good assets such as seat belts and steering wheels, for $1.6 billion. The plan is for Takata''s air bag business to be wound down by March 2020 after making replacement inflators for the ongoing recalls. Reporting by Naomi Tajitsu and Maki Shiraki in Tokyo; Additional reporting by Paul Lienert in Detroit and David Shepardson in Washington; Editing by Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-takata-bankruptcy-analysis-idUKKBN1A40X5'|'2017-07-19T13:14:00.000+03:00'|5762.0|''|-1.0|'' 5763|'f941062f1f1a967a1fa5110b6b1f9ce69beda2b6'|'Investor settlement over Italian scandal hits BT profits'|'July 28, 2017 / 6:18 AM / in an hour Investor settlement over Italian scandal hits BT profits Reuters Staff 2 Min Read FILE PHOTO: A BT ompany logo is pictured on the side of a convention centre in Liverpool northern England, April 9, 2016. Phil Noble/File Photo LONDON (Reuters) - Britain''s BT ( BT.L ) posted a 42 percent drop in first-quarter pretax profit due to a settlement with investors Deutsche Telekom ( DTEGn.DE ) and Orange ( ORAN.PA ) over an Italian accounting scandal. BT, which reported a 530 million pound ($693 million) black hole in its Italian accounts in January, said it had settled a warranty claim with the two investors, with a charge of 225 million pounds. The German and French groups bought into BT when they sold their joint venture mobile operator EE to the company. BT said its first quarter pretax profit fell to 418 million pounds, below the consensus of 751 million pounds. On an adjusted basis it was down 1 percent. The settlement overshadowed an otherwise solid trading update for a group that has also been hurt by a slowdown in government work in its home market. The Italian scandal and poor UK trading wiped 8 billion pounds off the company''s value on the day they were announced. First-quarter revenue and core earnings were in line with forecasts and BT said it would continue its restructuring by merging its EE mobile business into the rest of its Consumer division. It will continue to operate three brands: BT, EE and Plusnet. It reiterated its full-year outlook due to solid demand for EE, with 210,000 net contract subscriber additions, and 170,000 net fibre additions in its broadband business. "BT has delivered an encouraging performance in the first quarter of the year," Chief Executive Gavin Patterson said. "Our businesses are leaders in their core segments and as we drive the business forward I am confident in the outlook." Reporting by Kate Holton; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bt-group-results-idUKKBN1AD0MA'|'2017-07-28T09:18:00.000+03:00'|5763.0|''|-1.0|'' @@ -5811,7 +5811,7 @@ 5809|'6e92fdcb9584e4915721d220070aeeea44d1ff06'|'Roche, Shire court fight underscores high stakes in hemophilia'|'ZURICH Swiss drugmaker Roche''s ( ROG.S ) bid to take a chunk of the $11 billion haemophilia drug market dominated by Shire ( SHP.L ) took another blow with the Irish company winning a preliminary injunction over its Swiss rival''s medication.Shire said its injunction in a court in Germany, where Roche presented data on its drug emicizumab on Monday, sought to remedy Roche''s "incomplete and misleading" statements about the role of Shire''s drug FEIBA in adverse events in Roche trials.The fight underscores the high stakes of emicizumab''s approaching arrival on the haemophilia A market, with some analysts estimating $5 billion in annual sales. That would poach business from Shire''s older drugs for the condition in which sufferers'' blood does not clot properly.Roche blamed several instances of thromboembolic events, including damage to blood vessels in vital organs, in haemophilia A patients on Shire''s bypassing agent. It recommended doctors avoid using FEIBA, if possible, to treat bleeds that developed in patients, despite getting emicizumab.Shire, which says Roche "unlawfully disparaged" FEIBA, said it aimed "to prevent further dissemination of the inaccurate and misleading characterisation of the serious adverse events" in the Roche trial.While Shire''s drug carries warnings for thromboembolic events, Juliana Dierks, its global haematology franchise head, said Roche has failed to provide adequate data to back up its claim."To imply a cause-and-effect of FEIBA having caused the severe adverse events is misleading," Dierks told Reuters. "We are looking forward to transparency. Give us the data, give us the facts."In the Hamburg court''s order, among other things, Roche was forbidden for now from making promotional statements describing emicizumab it as "well tolerated" or saying that adverse events occurred in four people when they received high doses of Shire''s drug concurrently with Roche''s medication.The court said it had jurisdiction because Roche was preparing to present information about emicizumab at the International Society on Thrombosis and Haemostasis congress this week in Berlin.The injunction is an interim measure and Roche can appeal it. Roche said it was reviewing it after being served on Monday.A spokeswoman said on Monday the Basel-based drugmaker stood "100 percent" behind its statements about emicizumab and guidance for doctors treating bleeds.Roche shares were up 0.5 percent at 1300 GMT, while Shire''s were down 1.6 percent.This is the latest legal battle involving Shire against Roche over emicizumab. Baxalta, which Shire bought in 2016, is suing the Swiss company over patent infringement.Bernstein has said Shire''s share in haemophilia A is expected to fall to 29 percent from 49 percent by 2021 on the combined effect of Roche''s drug and other new medicines.Roche, which has filed emicizumab for European and U.S. approval, said the drug cut the treated bleed rate by 79 percent compared with bypassing agents, according to its latest data.(Reporting by John Miller; editing by Jason Neely and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-roche-shire-haemophilia-idUSKBN19V0HX'|'2017-07-10T09:54:00.000+03:00'|5809.0|''|-1.0|'' 5810|'64777001df2b388af6c3a63c4af8c6db67b3e977'|'Clariant CEO: none of top 20 investors oppose Huntsman merger'|'July 27, 2017 / 8:49 AM / 10 hours ago Clariant CEO: none of top 20 investors oppose Huntsman merger 2 Min Read ZURICH, July 27 (Reuters) - Swiss chemicals maker Clariant''s 20 largest shareholders with the exception of activist investor White Tale Holdings do not oppose a planned $20 billion merger with peer Huntsman Corp, Chief Executive Hariolf Kottmann said on Thursday. "We''ve spoken to our top 20 investors - who represent more than 50 percent of our share capital - multiple times," Kottmann said in an interview with Reuters. "We didn''t experience a single investor who rejected the deal." Clariant earlier on Thursday said the merger was on track to close late this year or early next despite criticism from activist investor White Tale Holdings, which increased its stake to more than 10 percent in July. Kottmann also said Clariant could foresee divesting 25 percent of its portfolio including its Pigments and Masterbatches businesses following the merger. "We''ve always said that we could part from these items when the time is right," the chief executive added. The group expects the negative impact from raw materials costs to lessen in the second half of the year as price increases kick in, mitigating margin pressure from oil-derived inputs like ethylene and propylene, Chief Financial Officer Patrick Jany said. (Reporting by Brenna Hughes Neghaiwi and Oliver Hirt; Editing by Michael Shields) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/clariant-ma-huntsman-c-idUSZ8N1IS025'|'2017-07-27T11:49:00.000+03:00'|5810.0|''|-1.0|'' 5811|'1715110a7e8b88e83fbecbd25a49b6ef852a50c2'|'Exclusive: Ahead of privatisation, Air India eyes bumper staff buyout'|'July 18, 2017 / 10:11 AM / 3 hours ago Exclusive: Ahead of privatisation, Air India eyes bumper staff buyout Rupam Jain 5 Min Read FILE PHOTO: An Air India Airlines Boeing 787 dreamliner takes part in a flying display during the 50th Paris Air Show at the Le Bourget airport near Paris, June 14, 2013. Pascal Rossignol/File Photo NEW DELHI (Reuters) - Air India is drawing up a proposal to offer voluntary buyouts to just over a third of its 40,000 employees, a senior company official said, one of the largest such offers in India''s state sector, as the airline slashes costs ahead of a 2018 sale. The official, who could not be named as the plans are not public, said the state-owned airline had also put fleet expansion on hold, scrapping a proposal to lease eight Boeing 787 wide-body aircraft. Air India''s board approved the proposal in April but nothing further had been done. India''s flag carrier is on the block after Prime Minister Narendra Modi''s cabinet last month approved plans to privatise the loss-making airline by selling part or all of the company and ending decades of state support. Founded in the 1930s and known to generations of Indians for its Maharajah mascot, Air India has a complex fleet, too many staff relative to rivals and $8.5 billion in debt. Since 2012, New Delhi has injected $3.6 billion to keep it afloat. An official in Modi''s office said the prime minister, under pressure to cut spending and boost basic infrastructure such as ports and roads, was in "no mood" to provide fresh monetary assistance to any loss-making public sector company. The official said top bureaucrats in the civil aviation ministry and at Air India had been asked to present a report on how a Voluntary Retirement Scheme (VRS) could be offered to some 15,000 of Air India''s 40,000 staff, including contractors. "Nothing has been finalised but our aim is to make the strategic sale as simple as we can," said a second top official in New Delhi, who is involved in the airline''s daily operations, adding that any fresh investment would also be put on hold. Previous attempts to offload the airline have failed mainly because of the scale and complexity of Air India''s problems, as well as its influential unions. If Modi can pull the privatisation off it will buttress his credentials as a reformer brave enough to wade into some of the country''s most intractable problems. United Front In its heyday, Air India boasted a talent pool that newly founded airlines dipped into. The government will, however, need to convince seven trade unions to accept the plan to make the airline attractive to potential buyers, including buyouts and other efforts to slash costs. Their initial response was not positive. The Air India logo is seen on the facade of its office building in Mumbai, India, July 7, 2017. Danish Siddiqui/Files "The government will propose a VRS scheme and we will throw their proposal in the dustbin," said J.B. Kadian, leader of a union that represents 8,000 non-technical Air India staff. Kadian said a joint forum of unions representing Air India employees will launch an "agitation" in August if the government pursues its privatisation plans. On Tuesday, dozens of members of the Air Corporations Employees'' Union gathered near Delhi airport holding placards and shouting slogans opposing the privatisation and demanding the airline''s debt be written off, marking the first protest against the government''s plan. A committee of five senior federal ministers, led by Finance Minister Arun Jaitley, is expected to meet this month and begin ironing out the finer details of the privatisation plan. In the meantime, Civil Aviation Minister Ashok Gajapathi Raju said he wanted Air India to begin cutting at all levels. Earlier this month, the airline decided to stop serving non-vegetarian meals in economy class on domestic flights in a bid to save up to 100 million rupees ($1.6 million) over 10 months. The action provoked uproar on social media and was belittled by aviation experts, who argue that Air India''s management needs a massive structural overhaul, tackling thornier issues such as its fleet and staff, rather than meals. The airline is also working to reduce the time its planes spend on the ground and launching direct flights to new international destinations. In July, Air India started a direct flight to Washington and it will start flying to Stockholm, Copenhagen and Los Angeles later this year. "Keeping planes in the hangar makes no sense when Air India is trying to find new sources of income. We should optimize the use of all possible resources," Raju said. "The idea is to present a robust company to potential buyers." ($1 = 64.3400 Indian rupees) Additional reporting by Aditi Shah and Adnan Abidi; editing by Clara Ferreira Marques and Raju Gopalakrishnan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/air-india-privatisation-idINKBN1A30VY'|'2017-07-18T14:19:00.000+03:00'|5811.0|''|-1.0|'' -5812|'9d6a1325225539568c4405dafa76d83a56d8b347'|'Hyperoptic hopes to challenge giants with $130 million funding'|'July 27, 2017 / 11:04 PM / 6 hours ago Hyperoptic hopes to challenge giants with $130 million funding Emma Rumney 2 Min Read LONDON (Reuters) - Britain''s Hyperoptic, which delivers super-fast broadband via fibre optic cables, has borrowed 100 million pounds to increase the size of its network and take on industry giants like BT. Founded in 2011, Hyperoptic is currently available to 350,000 premises. It said on Friday it had secured a new round of funding from European banks BNP Paribas, ING, RBS and NIBC with a seven-year term. The firm said it will use the funds to increase the size of its network to reach two million premises by 2022, and to a further five million by 2025. "This investment will enable us to repeat the same fivefold increase in coverage that we have achieved over the last six years," said Hyperoptic Chairman Boris Ivanovic. Previous funding totalling 75 million pounds, including 21 million pounds from the European Investment Bank, have seen Hyperoptic''s coverage expand across 28 UK cities. In November 2016, the government dedicated 400 million pounds to ramping up the country''s fibre-to-home network, seen as the gold standard of broadband, to help boost the economy. The funding round focused on smaller emerging providers, to introduce more competition to the sector. Infrastructure like that used by Hyperoptic allows broadband speeds to surpass 1 gigabyte per second, compared to 76 megabytes per second on BT''s network. ($1 = 0.7658 pounds) Reporting by Emma Rumney; Editing by Elaine Hardcastle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-hyperoptic-idUKKBN1AC3EH'|'2017-07-28T02:04:00.000+03:00'|5812.0|''|-1.0|'' +5812|'9d6a1325225539568c4405dafa76d83a56d8b347'|'Hyperoptic hopes to challenge giants with $130 million funding'|'July 27, 2017 / 11:04 PM / 6 hours ago Hyperoptic hopes to challenge giants with $130 million funding Emma Rumney 2 Min Read LONDON (Reuters) - Britain''s Hyperoptic, which delivers super-fast broadband via fibre optic cables, has borrowed 100 million pounds to increase the size of its network and take on industry giants like BT. Founded in 2011, Hyperoptic is currently available to 350,000 premises. It said on Friday it had secured a new round of funding from European banks BNP Paribas, ING, RBS and NIBC with a seven-year term. The firm said it will use the funds to increase the size of its network to reach two million premises by 2022, and to a further five million by 2025. "This investment will enable us to repeat the same fivefold increase in coverage that we have achieved over the last six years," said Hyperoptic Chairman Boris Ivanovic. Previous funding totalling 75 million pounds, including 21 million pounds from the European Investment Bank, have seen Hyperoptic''s coverage expand across 28 UK cities. In November 2016, the government dedicated 400 million pounds to ramping up the country''s fibre-to-home network, seen as the gold standard of broadband, to help boost the economy. The funding round focused on smaller emerging providers, to introduce more competition to the sector. Infrastructure like that used by Hyperoptic allows broadband speeds to surpass 1 gigabyte per second, compared to 76 megabytes per second on BT''s network. ($1 = 0.7658 pounds) Reporting by Emma Rumney; Editing by Elaine Hardcastle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-hyperoptic-idUKKBN1AC3EH'|'2017-07-28T02:04:00.000+03:00'|5812.0|6.0|0.0|'' 5813|'9b87f181833e21e50500b6c9e5a0d6d93f96a3e6'|'Alphabet spins out geothermal startup Dandelion'|'Deals - Thu Jul 6, 2017 - 5:34pm EDT Alphabet spins out geothermal startup Dandelion Geothermal energy startup Dandelion has left Alphabet Inc''s ( GOOGL.O ) moonshot accelerator X to become an independent company, Dandelion CEO Kathy Hannun said in a blog post on Thursday. Alphabet''s X project confirmed the spin-off when contacted by Reuters and said Dandelion has successfully secured an initial $2 million round of seed funding to fast-track the expansion of their operations in northeastern United States. ( bit.ly/2tRMMw3 ) Dandelion will offer geothermal heating and cooling systems to homeowners, starting in the northeastern United States, according to the blog post. (Reporting by Bhanu Pratap in Bengaluru; Editing by Shounak Dasgupta) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-alphabet-spinoff-dandelion-idUSKBN19R32F'|'2017-07-07T00:31:00.000+03:00'|5813.0|''|-1.0|'' 5814|'024310cfb41864bfc35cd964be4cceddb44a0f39'|'Why record U.S. oil exports are poised for even more growth'|'July 27, 2017 / 9:15 AM / in 2 hours Why record U.S. oil exports are poised for even more growth Devika Krishna Kumar and Marianna Parraga 7 Min Read FILE PHOTO - A view of the Tesoro refinery in Martinez California, U.S. on February 2, 2015. Robert Galbraith/File Photo NEW YORK/HOUSTON (Reuters) - U.S. refineries are producing more fuel than ever as they seek to meet rising demand - from overseas, rather than the drivers on nearby roadways. Last year, the U.S. became the world''s top net exporter of fuel, an outgrowth of booming domestic production since the shale oil revolution started in 2010. That''s a fundamental shift from the traditional U.S. role in global markets as a top importer and consumer. Net exports are on track to hit another record in 2017, making foreign fuel markets increasingly important for the future growth prospects and profit margins of U.S. refiners. Shale oil producers have provided refiners with abundant and cheap domestic crude supplies, giving them the raw material they need to produce internationally competitive fuel. The nation set a record in 2016 by sending a net 2.5 million barrels per day (bpd) of petroleum products to foreign markets. That compares to net fuel imports of 2.3 million just a decade ago, according to U.S. government data. Booming exports have bolstered margins at the biggest U.S. refiners - including Marathon Petroleum and Valero - and compensated for lack of strong growth this year in U.S. fuel demand. Now, the government of U.S. President Donald Trump is seeking to deregulate oil and gas production to further leverage rising U.S. exports for international political gain - a policy Trump calls "energy dominance". Surging U.S. crude production has already complicated the ongoing effort by the Organization of the Petroleum Exporting Countries (OPEC) to tame a global glut that has halved oil prices since 2014. The United States remains a massive importer of crude oil - regularly trading the top spot with China - but American refineries now re-export much of that oil as jet fuel, diesel and gasoline. The U.S. has a growing role in satisfying demand for motor fuel in countries such as Mexico and Brazil, where the thirst for U.S. fuel is likely to accelerate amid refinery outages and high production costs. Refined U.S. exports are also going further afield to Asia, and diesel exports to Europe increased in June to levels not seen in nearly two years, traders have said. (See graphic: tmsnrt.rs/2sSqsRP ) Traditionally, oil traders, refiners and investors have considered U.S. fuel demand as one of the leading metrics for predicting international crude oil supply and price trends. Now, they are increasingly looking to foreign demand for U.S. fuel for guidance. "Globally, you''re going to have increased demand for all of our products, and so our focus will go beyond the U.S. borders," said Texas-based Valero''s Chief Executive, Joe Gorder. In contrast, he predicted a "slight decline" in U.S. gasoline demand over the next decade. U.S. gasoline demand hit a record in 2016, as low pump prices encouraged consumption, but has leveled off this year. Rising fuel efficiency in cars is expected to limit future domestic demand growth. Latin American Buyers FILE PHOTO - A view of the Exxonmobil Baton Rouge Chemical Plant in Baton Rouge, Louisiana, U.S. on November 6, 2015. Lee Celano/File Photo U.S. refined products are filling shortages in countries such as Mexico and Venezuela, where refineries have been running below capacity. U.S. exports have also made inroads into Brazil''s market by undercutting the price of locally produced fuel. Latin America''s imports of U.S. fuels reached almost 2.5 million bpd in the first quarter compared with 2.32 million bpd in 2016. The growth was fueled by Mexico, Brazil, Peru, Venezuela and Central America, according to the U.S. Energy Information Administration (EIA). Mexico - already the biggest export market for U.S. gasoline and diesel - is seeking higher-than-usual volumes in July and August to fill a void left by a fire at its biggest refinery last month. In recession-scarred Venezuela, the country''s largest refining complex has lowered operating rates this month to less than half of its 955,000-barrel-per-day capacity, a level that has required state-run oil company PDVSA to import more fuel to meet domestic demand. Between them, Mexico and Venezuela have recently said they want to buy extra volumes of almost 19 million barrels in the second half of the year - mostly from the United States - an amount suggesting that U.S. exports will grow again this year over last year''s record levels. Net U.S. exports of transport fuels could rise 8.8 percent this year, according to PIRA Energy, an analytics and forecasting unit of S&P Global Platts. In Brazil, fuel distributors have begun buying more U.S. imports because they are cheaper than fuel sold by state-run oil firm Petrobras. Petrobras had failed to align its wholesale prices with international markets, opening a window for importers to bring fuel into Brazil. Petrobras last month said it would peg its fuels more closely to international prices as it tried to slow the expansion of U.S. imports. Analysts said supply from U.S. refiners was unlikely to slow much. Beyond the Americas U.S. refiners have also boosted exports to Europe and Asia. In Europe, U.S. shipments of diesel rose to nearly 500,000 bpd in June, according to traders, well above flows that have rarely exceeded 370,000 bpd since July 2015. U.S. global distillate exports, including diesel, hit a record that month, said researcher ClipperData, which tracks global oil flows. Exports of refined products to several Asian countries, including India, Japan and South Korea, rose to record levels in 2016, and China took a record 303,000 bpd of U.S. produced fuels in February. U.S. refiners are likely to play in important role in meeting rising demand from Asia, said Nicole Leonard, senior project consultant at Platts Analytics Oil & Gas Consulting. Analysts and traders expect U.S. refined products exports to continue to grow, even with increased competition from large exporters in the Middle East, Europe and India. Demand for U.S. fuels is underpinned by refinery challenges in neighboring countries, said Sandy Fielden, director of oil and products research for Morningstar Commodities Research in Austin, Texas. "It doesn''t seem that these Latin American countries are going to cure their refining problems overnight," he said. Reporting by Devika Krishna Kumar in New York, Marianna Parraga in Houston; Additional reporting by Jarrett Renshaw 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-oil-exports-idINKBN1AC18X'|'2017-07-27T12:10:00.000+03:00'|5814.0|''|-1.0|'' 5815|'801fe7a2e6fed938eb91551b4d30b44ab4b999eb'|'Oil prices edge up on first drop in U.S. drilling in months'|'Market News - Sun Jul 2, 2017 - 9:38pm EDT Oil prices edge up on first drop in U.S. drilling in months * U.S. drillers cut rig count for first time in 23 weeks * But rising output from within OPEC weighs on market By Henning Gloystein SINGAPORE, July 3 Oil prices edged up on Monday, supported by the first fall in U.S. drilling activity in months, although rising output from OPEC despite a pledge to cut supplies capped gains. Brent crude futures added 6 cents or 0.1 percent to $48.83 per barrel by 0137 GMT, after jumping 5 percent last week for the first gain in six weeks. U.S. West Texas Intermediate (WTI) crude futures rose 15 cents, or 0.3 percent, to $46.19 per barrel after a more than 7 percent gain last week from depressed levels. Traders said U.S. prices were relatively stronger than Brent after U.S. drilling activity fell for the first time since January. Sentiment for the global Brent benchmark was more subdued due to rising output from within the the Organization of the Petroleum Exporting Countries (OPEC). "For the first time in 23 weeks, the number of drill rigs operating in the U.S. fell, down 2 to 756," ANZ bank said on Monday, but added that "this exuberance may be tempered by news over the weekend that Libya oil production hit another record." Despite the drop, the total rig count was still more than double the 341 rigs in the same week a year ago, according to energy services firm Baker Hughes Inc. The slight cut in U.S. drilling for new production was met by a rise in output from within OPEC in June, up by 280,000 barrels per day (bpd) to an estimated 2017 high of 32.72 million bpd despite the group''s pledge to hold back production in an effort to tighten the market. OPEC''s high output is largely down to rising production from members Nigeria and Libya, which were exempted from the output cuts, and whose surge in supplies has undermined efforts by other members like Saudi Arabia to restrict supplies. (Reporting by Henning Gloystein; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-oil-idUSL3N1JU16R'|'2017-07-03T04:38:00.000+03:00'|5815.0|''|-1.0|'' @@ -5821,12 +5821,12 @@ 5819|'313d856446325739ba8acc62f43d5810bca60dc8'|'Forget austerity, heres who is to blame for your empty pockets - Patrick Collinson'|'Its less to do with government cuts and more to do with profiteering by private companies View more sharing options Close Saturday 1 July 2017 07.00 BST T he mood of the country, we are told, is turning against years of government-imposed austerity. We are fed up with being squeezed by spending cuts; we are rebelling against 1% pay caps and we are absolutely right to do so. But the real reason the average household feels so badly off is less to do with government cuts and more to do with profiteering by private companies. Research this week by Santander blows the whistle on the ever-growing portion of our monthly pay that goes on largely unavoidable household bills. It looked at bills for gas, electricity, water, TV, phone and so on and found they have escalated in price far, far ahead of average wage rises. Since 2006, average pay packets in Britain have gone up by 19% in pounds and pence terms (in other words, not adjusting for inflation). Meanwhile, the average gas bill has gone up 73%, electricity 72%, and water 41%. SSE boss gets 72% pay rise weeks after arguing against cap on bills Read more These are extraordinarily large real rises, and all the grimmer for families and pensioners on very tight budgets. These are the bills that simply have to be paid, leaving families with harsh choices about what to cut elsewhere. For those on average incomes, it means the axe falls on the nicer things in life, such as the annual holiday or the occasional meal out. At the bottom of the income scale, already suffering from cuts to welfare benefits, the choice is not between an iPhone 5 or 6, but between shivering or eating. At the top of the utility companies the view is very different. Just weeks after arguing against consumers having their bills capped to save them 100 a year, the boss of one utility, SSE, was given a 72% pay rise to 2.92m after this robust performance. The reward comes after years of bumper dividend payouts which have doubled from 32.7p a share 10 years ago to 62.5p most recently. The water companies have also been fabulous performers for the stock market, not you. As a study by the University of Greenwich found last month, consumers are paying around 2.3bn more a year in water and sewerage bills to the privatised companies than if they had remained in state ownership. It found they have invested no significant new shareholder equity, but have managed to extract nearly all of their post-tax profit as dividends. The report calculated that every household is worse off by around 100 a year as a result. The Santander research into household costs found that it wasnt just the energy and water companies stiffing us with rising bills. Council tax has risen by 27% since 2006, while TV, phone and broadband prices are up 24%. Every bill that Santander looked at had risen faster than wages. Whats more, its research didnt include the biggest bill for most young adults the rent. These are extraordinarily large real rises, and all the grimmer for families and pensioners on very tight budgets Is the rise in bills a failure of privatisation? Mostly. But its also a failure of the sector regulators who are immersed in the neoliberal consensus that private markets and competition always provide the best outcomes for consumers. They can but very often do not. In my column last week I asked why Britains smart meter rollout was costing 11bn and Frances just 4bn. One industry insider contacted me to say that it was partly because Frances Linky programme is for electricity meters only, whereas the UKs is both electricity and gas. But its also because France does not have competition among utility providers, and we do. Here, each supplier has to install smart meters only for their own customers, which means they cant just go street to street they have to contact individual customers wherever they live, agree for them to allow access and organise engineers around that. The result is that we will be wasting billions in duplicated activity, with the bill passed on to consumers to satisfy the rules on competition and also ensuring shareholders continue to receive those dividends. Topics '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/blog/2017/jul/01/forget-austerity-government-cuts-profiteering-private-companies'|'2017-07-01T03:00:00.000+03:00'|5819.0|''|-1.0|'' 5820|'277b8bcb1f28894806de5022b0935660333b91ef'|'Daimler second-quarter EBIT lags despite record Mercedes-Benz sales'|'July 26, 2017 / 5:55 AM / 21 minutes ago Daimler second-quarter earnings lag as cartel allegations loom Reuters Staff 2 Min Read FILE PHOTO: The Mercedes-Benz logo is seen before the company''s annual news conference in Stuttgart, Germany, February 4, 2016. Michaela Rehle/File Photo FRANKFURT (Reuters) - Booming sales of new Mercedes-Benz cars pushed up quarterly operating profit at Germany''s Daimler ( DAIGn.DE ) by 15 percent, slightly below consensus and overshadowed by allegations that German carmakers were involved in anti-competitive behaviour. Daimler''s group earnings before interest and tax (EBIT) rose to 3.74 billion euros in the second quarter, below the average forecast for 3.81 billion euros in a Reuters poll. Mercedes-Benz Cars sold 595,200 automobiles thanks to a 28 percent rise in demand in China. Margins improved to 10.2 percent from 6.4 percent in the year-earlier period, mainly thanks to sales of a new E-Class limousine. The Stuttgart-based company lifted the outlook for its trucks and vans divisions, saying it now expected EBIT to reach prior-year levels for both businesses. But much focus is likely to be on an investigation by European Union and German antitrust regulators into whether Daimler, BMW ( BMWG.DE ), VW ( VOWG_p.DE ), Porsche and Audi ( NSUG.DE ) held meetings to discuss suppliers, prices and standards to the disadvantage of foreign carmakers. German magazine Der Spiegel reported on Friday that German carmakers colluded to fix the prices of diesel emissions treatment systems using industry committees. Companies found guilty of breaching EU cartel rules face fines of as much as 10 percent of their global revenue. The supervisory boards of both Daimler and Volkswagen are due to meet on Wednesday to discuss the matter. A person familiar with the matter told Reuters on Tuesday that Daimler first raised the issue of collusion with cartel authorities, a move that could earn it immunity. Related Coverage Reporting by Edward Taylor; Additional reporting by Maria Sheahan; Editing by Victoria Bryan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-daimler-results-q-idUKKBN1AB0HT'|'2017-07-26T08:54:00.000+03:00'|5820.0|''|-1.0|'' 5821|'cd31e5cfec1cc799daa2ab217b760ef8207305fe'|'VW recalls 385,000 cars in Germany for brake system update'|'Autos 18am EDT VW recalls 385,000 cars in Germany for brake system update A man uses phone under a Volkswagen logo at the Shanghai Auto Show, in Shanghai, China April 20, 2017. REUTERS/Aly Song FRANKFURT Volkswagen ( VOWG_p.DE ) is recalling 385,000 cars in Germany for a software update to their anti-lock brake systems, news agency DPA reported, citing a spokesman for the automaker. Volkswagen''s VW, Audi and Skoda brands were affected, it said. According to DPA, the braking control system may not function properly in certain driving conditions, such as when the driver over-steers, under-steers or slams on the brakes. Volkswagen had no immediate comment. (Reporting by Andreas Cremer; writing by Maria Sheahan; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-recall-idUSKBN19M3KV'|'2017-07-01T18:18:00.000+03:00'|5821.0|''|-1.0|'' -5822|'ecdcf90fc52aac9a1d5afbc2f621c784dd55d487'|'METALS-Copper steady after overnight exit on supply signs'|'SYDNEY, July 11 Copper held largely steady in Asia on Tuesday amid modest support from investors after losing ground overnight on fresh signs of oversupply."We are seeing little of the selling that occurred in London (on Monday)," a commodities trader in Perth said. "Steady, with a slant to the downside is the way I would phrase it."Stocks in LME warehouses rose by 4,900 tonnes to 319,975 on Monday and have ballooned 32 percent since June 28, showing supplies are adequate.FUNDAMENTALS* Three-month copper on the London Metal Exchange stood $1 lower at $5,823 a tonne by 0100 GMT, extending losses from the previous session.* The most-traded copper contract on the Shanghai Futures Exchange was down 0.09 percent to 46,820 yuan ($6,882.66) a tonne.* COPPER STRIKE: Workers at the Zaldivar copper mine in Chile, owned by Antofagasta and Barrick Gold Corp , voted to approve a strike on Monday after talks with the company failed.* NORSK HYDRO: Norwegian metals firm Norsk Hydro will take full ownership of aluminium products maker Sapa by buying a 50 percent stake from conglomerate Orkla* Steel related LME base metals nickel and zinc were each down about 0.03 percent, despite a China steel futures trading higher.* For the top stories in metals and other news, click orMARKETS NEWS* Asian shares and the dollar cautiously edged higher on Tuesday, as investors awaited testimony from Federal Reserve Chair Janet Yellen for clues on when the central bank would tighten U.S. monetary policy.DATA AHEAD (GMT)1000 U.S. Small business confidence index Jun1255 U.S. Job openings (JOLTS) May1400 U.S. Wholesale inventories MayPRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.8026 Chinese yuan)(Reporting by James Regan; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1K219E'|'2017-07-11T04:39:00.000+03:00'|5822.0|''|-1.0|'' +5822|'ecdcf90fc52aac9a1d5afbc2f621c784dd55d487'|'METALS-Copper steady after overnight exit on supply signs'|'SYDNEY, July 11 Copper held largely steady in Asia on Tuesday amid modest support from investors after losing ground overnight on fresh signs of oversupply."We are seeing little of the selling that occurred in London (on Monday)," a commodities trader in Perth said. "Steady, with a slant to the downside is the way I would phrase it."Stocks in LME warehouses rose by 4,900 tonnes to 319,975 on Monday and have ballooned 32 percent since June 28, showing supplies are adequate.FUNDAMENTALS* Three-month copper on the London Metal Exchange stood $1 lower at $5,823 a tonne by 0100 GMT, extending losses from the previous session.* The most-traded copper contract on the Shanghai Futures Exchange was down 0.09 percent to 46,820 yuan ($6,882.66) a tonne.* COPPER STRIKE: Workers at the Zaldivar copper mine in Chile, owned by Antofagasta and Barrick Gold Corp , voted to approve a strike on Monday after talks with the company failed.* NORSK HYDRO: Norwegian metals firm Norsk Hydro will take full ownership of aluminium products maker Sapa by buying a 50 percent stake from conglomerate Orkla* Steel related LME base metals nickel and zinc were each down about 0.03 percent, despite a China steel futures trading higher.* For the top stories in metals and other news, click orMARKETS NEWS* Asian shares and the dollar cautiously edged higher on Tuesday, as investors awaited testimony from Federal Reserve Chair Janet Yellen for clues on when the central bank would tighten U.S. monetary policy.DATA AHEAD (GMT)1000 U.S. Small business confidence index Jun1255 U.S. Job openings (JOLTS) May1400 U.S. Wholesale inventories MayPRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.8026 Chinese yuan)(Reporting by James Regan; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1K219E'|'2017-07-11T04:39:00.000+03:00'|5822.0|6.0|0.0|'' 5823|'f98fb66591cdc1f63598d8075032ebe62789166a'|'Hot and cold - Euro zone grows but inflation slows'|'July 31, 2017 / 6:22 AM / in 21 minutes Hot and cold - Euro zone grows but inflation slows Philip Blenkinsop 5 Min Read FILE PHOTO: Customers push shopping trolleys on an escalator at the Bercy shopping centre in Charenton Le Pont, near Paris, August 29, 2013. Charles Platiau BRUSSELS (Reuters) - Data in the coming week should confirm the euro zone economy is running hot, after the IMF upgraded growth forecasts and Greece returned to the debt market, although inflation figures could throw cold water on ECB plans to start tightening policy. Growth in the single currency area outstripped paltry expansion in the United States and Britain in the first quarter and the pace did not let up in the April-June period. The euro zone may not be growth champion in the second quarter, after the U.S. rebounded to an annualised 2.6 percent thanks to consumer spending and business equipment investment. But it should again fare better than Britain, whose economy failed to build momentum. A forecast expansion of 0.6 percent in the April-June period, equivalent to an annualised 2.4 percent, would be the third consecutive quarter in which the euro zone has grown at or above a half percentage point, for the first time since 2007-08. "The global economy has been a jumbo jet running on just one engine for the last five, six years, the U.S., but now it seems there''s more from the euro zone as well, with encouraging signs from Asia too," said James Knightley, chief international economist at ING. Data on Friday showed the euro zone''s second-largest economy, France, grew by 0.5 percent for a third successive quarter, while Spanish GDP returned to pre-crisis levels with 0.9 percent expansion. "Momentum is there. We''re getting a broadening out of countries in terms of economic performance. It''s not just the likes of Germany driving it all forward ... There does seem to be self-sustaining momentum," said Knightley. Euro zone economic sentiment, as compiled by the European Commission, grew for a third straight month in July to a new 10-year high due to a pick-up of the dominant services sector. And confidence levels in all sectors, as well as for consumers, are far above historical averages. The International Monetary Fund has hiked outlooks for China and the euro zone, while trimming those for the United States and Britain. The Fund said the euro zone''s recovery was firming and becoming broad-based, with stronger domestic demand, although it warned of downside risks. Stubborn Inflation, Euro Strength Political risks seen at the start of the year ahead of elections in France and the Netherlands have diminished, while Greece has returned to the bond market after a three-year exile. Five years ago, European Central Bank President Mario Draghi pledged to do "whatever it takes" to save the euro. His ultra-easy monetary policy is partly behind the robust economic recovery, showing more effect this year as growth in bank loans to the private sector hit a 10-year high in May. Now the question is when to taper. Strong economic growth should steer the ECB towards reining in asset purchases, but policymakers are still waiting on inflation. The flash estimate for July, due on Monday, is seen stable at 1.3 percent, well short of the ECB''s target of just below 2 percent. Perhaps more significantly, the core figure, without volatile energy and unprocessed food prices, is seen falling. "The economy is recovering and the labour market is doing quite well, but we think core inflation will be at 1 percent and below for the rest of 2017," said Marco Wagner, economist at Commerzbank. "Except Germany, if you look at France, Italy, Spain or Portugal there are still overcapacities, still relatively high unemployment." Among the clearest signs of a rebound has been the euro''s pick-up to around $1.17, from $1.05 at the start of the year. UniCredit on Thursday raised its forecast for the euro-dollar rate to $1.20 for the end of the year and an "equilibrium" rate of $1.25 for end-2018, from $1.14 and $1.18 respectively before. "The political risk factor has been taken out," said Vasileios Gkionakis, co-head of strategy research at UniCredit. "It would bring the rate in line with our estimate of fair value and in all likelihood the market will overshoot." Of course a stronger euro could dampen euro area growth and cap inflation, a further issue for ECB policymakers to consider. Outside Europe, U.S. monthly jobs data for July on Friday is likely to be the key figure for economists and the Federal Reserve, whose policy-setters next meet on Sept. 19-20. U.S. job creation surged by more than expected in June and is seen lower but still strong in July, a sign of labour market strength that could keep the Fed on course for a third interest rate hike this year. More significant may prove to be average wage growth, however. It is seen at 0.3 percent, the highest rate since February, after months of hovering between 0.1 and 0.2 percent. Reporting by Philip Blenkinsop; Editing by Catherine Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-economy-outlook-idUKKBN1AG0JM'|'2017-07-31T09:22:00.000+03:00'|5823.0|''|-1.0|'' 5824|'6b744fbf3d208cbe1505d1897f56deef0c5c4735'|'German discounter Aldi to create 4,000 jobs in Britain'|'July 11, 2017 / 9:17 AM / an hour ago German discounter Aldi to create 4,000 jobs in Britain Reuters Staff 2 Min Read A staff member stacks shelves at the Aldi store in Atherstone, Britain February 9, 2017. Darren Staples LONDON (Reuters) - German discount grocer Aldi [ALDIEI.UL] plans to create 4,000 jobs in Britain in its biggest ever recruitment drive, as it steps up its expansion plans in order to match rising sales, it said on Tuesday. Discounters Aldi and Lidl [LIDUK.UL] have grown rapidly in Britain in recent years, putting the squeeze on the major four supermarkets - market leader Tesco ( TSCO.L ), Sainsbury''s ( SBRY.L ), Asda ( WMT.N ) and Morrisons ( MRW.L ). Aldi currently has over 700 stores in Britain and said it remains on course to open 1,000 stores by 2022. The grocer said the jobs would be as store assistants and deputy store managers, and would help to meet an increase in sales after the group attracted nearly a million new customers in the last year. "The success of Aldi in the UK is due to the hard work and commitment of our employees, and they are crucial to our future expansion plans," said Matthew Barnes, Chief Executive Officer for Aldi UK and Ireland. Reporting by Alistair Smout, editing by James Davey 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aldi-jobs-britain-idUKKBN19W0SY'|'2017-07-11T12:17:00.000+03:00'|5824.0|''|-1.0|'' 5825|'d04131a30c3b51bd158db134241289045b3db5da'|'Deutsche Bank sees progress towards IPO of asset management arm - memo'|'Deals - Fri Jul 7, 2017 - 5:26pm BST Deutsche Bank sees progress toward IPO of asset management arm: memo left right A Deutsche Bank logo adorns a wall at the company''s headquarters in Frankfurt, Germany June 9, 2015. REUTERS/Ralph Orlowski/File Photo 1/2 left right The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski 2/2 ZURICH Deutsche Bank ( DBKGn.DE ) said that it is making progress in its planned partial initial public offering (IPO) of its asset management unit, according to a recent memo to staff. Germany''s largest lender announced its plans for a partial IPO of the unit in March as part of a broader restructuring of the bank reeling from law suits and trading scandals. Nicolas Moreau, a board member who oversees Deutsche Asset Management, said in an email to staff seen by Reuters, that Swiss regulator FINMA had approved the establishment of Deutsche Asset Management (Schweiz) AG. The new entity incorporates the existing Swiss asset management activities formerly part of Deutsche Bank (Suisse) S.A. "We continue to make excellent progress with our IPO preparations and achieve notable milestones in our preparations," Moreau said in the note. John Cryan, Deutsche''s CEO, has said the bank would maintain a "controlling and super-majority stake" in the business. The sale would take place at some point over the next two years, Deutsche said at the time, and could raise 2 billion euros ($2.3 billion). Deutsche hopes that by giving its asset management unit more operational independence the unit will be more attractive to talent. Deutsche Asset Management has more than 700 billion euros invested worldwide. (Reporting by Oliver Hirt; Writing by Tom Sims; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-bank-asset-management-idUKKBN19S2E1'|'2017-07-07T19:11:00.000+03:00'|5825.0|''|-1.0|'' 5826|'f5f4572355705d5310940a909e4580c2e5f20998'|'Hammond told Goldman Sachs he wants long Brexit transition - source'|'July 21, 2017 / 4:13 PM / 2 hours ago Hammond told Goldman Sachs he wants long Brexit transition - source Reuters Staff 3 Min Read Britain''s Chancellor of the Exchequer, Philip Hammond, leaves 11 Downing Street, in central London, Britain July 17, 2017. Tolga Akmen LONDON (Reuters) - British finance minister Philip Hammond told the board of U.S. investment bank Goldman Sachs that he was pushing for a lengthy transition period after Britain leaves the European Union, a source familiar with the talks said. The source said Hammond made a presentation to the Goldman Sachs board on June 29 when chief executive Lloyd Blankfein was in London for the annual board meeting. The source confirmed an earlier Sky News report which said Hammond had offered private reassurances that he wanted a long transition period to help banks prepare for Brexit and ease concerns of a "cliff-edge" exit from the bloc. The Sky report said Hammond did not offer Goldman assurances above or beyond his public attempts to reassure the business community that the government was aware of its concerns. Goldman Sachs declined to comment. Asked to confirm the Sky report and its contents, a Treasury spokesman said: "As you would expect, the chancellor (Hammond)regularly meets with businesses to hear their views, most recently participating in the prime minister''s business advisory group and hosting a roundtable with asset managers." Banks are keen to see transitional arrangements put in place to give them time to adapt to the huge legal and regulatory change Brexit is likely to bring. But while Prime Minister Theresa May has said she wants a "phased process of implementation" to smooth the country''s path out of the EU, many in her party fear a lengthy transition period could be used to water down or block Britain''s eventual exit. Hammond, who is seen as one of the most pro-European members of May''s cabinet, said on Sunday that the majority of senior ministers now agreed on the need for a transition period. Leading Brexiteer Michael Gove endorsed that view on Friday. However, in response to the uncertainty over what the transition will look like, international banks are planning to set up subsidiaries in the EU to ensure they can continue to serve clients if their London operations lose the ability to operate across the bloc once Britain leaves in March 2019. Bank of America on Friday became the first Wall Street lender to pick Dublin as its new base for its European Union operations. Goldman has not formally announced any similar plans but Blankfein has previously said he would like to see an implementation period of at least "a couple of years" once the British exit deal is agreed. He has said the bank has "contingency plans" to move people depending on the outcome of the negotiations. Reporting by Anjuli Davies and William James; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-transition-idUKKBN1A623S'|'2017-07-21T19:58:00.000+03:00'|5826.0|''|-1.0|'' -5827|'265394182f61d6d84d7aaee9d22d359d0735c3c7'|'"Hard works starts now": Brexit bargaining to begin'|'July 14, 2017 / 4:21 PM / 3 hours ago "Hard works starts now": Brexit bargaining to begin Alastair Macdonald 5 Min Read FILE PHOTO: Flags are arranged at the EU headquarters as Britain and the EU launch Brexit talks in Brussels, June 19, 2017. Francois Lenoir/File Photo BRUSSELS (Reuters) - EU officials hope the British government shows more sense of urgency about a Brexit deal when its negotiators come to Brussels on Monday for a first full round of talks aimed at smoothing Britain''s departure. "The hard work starts now," the European Union''s chief negotiator Michel Barnier said on Wednesday, again sounding a note of alarm that London has yet to provide detailed proposals on a range of key issues, with barely a year left for bargaining. A year after the referendum vote to leave the bloc propelled her to power, Prime Minister Theresa May still faces a complex task in finding consensus at home on what kind of Brexit Britain wants -- a job made all the harder by losing her parliamentary majority in an election last month. Her Brexit minister, veteran anti-EU campaigner David Davis, is expected to meet Barnier, a French former cabinet minister, at the European Commission''s Berlaymont headquarters on Monday morning. They and their teams will then spend up to four days in a mixture of smaller working groups and plenary sessions, with the priority being to identify areas of accord and discord on a set of issues agreed on during an initial day of talks on June 19. These issues, notably the rights of expatriate citizens, how much Britain may owe to the EU budget and how to manage the new EU-UK border, especially with Ireland, are ones both sides want to settle in a withdrawal treaty. Barnier says this must be ready by about October next year if it is to be ratified on both sides of the Channel before Britain leaves in March 2019. "The clock is ticking," he said on Wednesday, displaying a degree of impatience with British ministers who continue to dismiss EU demands that they first must agree in principle that London will owe the Union a hefty amount -- probably in the tens of billions of euros -- to cover its existing commitments. "The first serious test of the negotiations will be them agreeing to pay the bill," a senior EU official said, describing the coming week as a vital moment to establish rapport among the senior civil servants who will handle what is arguably the most convoluted and far-reaching diplomatic deal of modern times. Progress Required Without "significant progress" on all three priority areas of the divorce package, Barnier warns, EU leaders will not let Davis open talks on a free trade relationship, which May and much of British business want to have ready by the time Britain leaves. For now, the EU says May''s offer to guarantee the rights of 3 million Europeans in Britain falls short. It is also unhappy at Britain''s refusal to accept EU judges as the ultimate arbiters of disputes -- an issue that could get an early airing as London seeks a quick fix to prevent its withdrawal from the Euratom pact disrupting its nuclear industry and medical imaging. Committed to keep all 27 other EU governments informed and on board with a process in which all have differing interests, the Commission negotiators are insisting on publishing negotiating documents and holding regular news conferences -- a cause of some discomfort in London. EU officials expect Barnier and Davis to brief reporters again on Thursday, partly to nail down the week''s achievements. "It''s important to describe our progress," the senior EU official said, likening the Brexit process to trade negotiations that the Commission more typically runs with other governments. "If you don''t cash the week''s progress in public, by having both sides talk to the media, you never know if your partner will go back later on what they promised to agree." EU leaders hold a regular quarterly summit in mid-October and could use that moment to instruct Barnier to prepare trade negotiations; but that will require good progress next week and in three further week-long rounds of talks. On that timetable, Barnier reckons, a broad political deal on the outlines of a new, open trading relationship could be in place by late next year, allowing for a transitional phase of up to a few years after Brexit to negotiate all the details. Editing by Kevin Liffey '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-negotiations-idINKBN19Z1WY'|'2017-07-14T19:21:00.000+03:00'|5827.0|''|-1.0|'' +5827|'265394182f61d6d84d7aaee9d22d359d0735c3c7'|'"Hard works starts now": Brexit bargaining to begin'|'July 14, 2017 / 4:21 PM / 3 hours ago "Hard works starts now": Brexit bargaining to begin Alastair Macdonald 5 Min Read FILE PHOTO: Flags are arranged at the EU headquarters as Britain and the EU launch Brexit talks in Brussels, June 19, 2017. Francois Lenoir/File Photo BRUSSELS (Reuters) - EU officials hope the British government shows more sense of urgency about a Brexit deal when its negotiators come to Brussels on Monday for a first full round of talks aimed at smoothing Britain''s departure. "The hard work starts now," the European Union''s chief negotiator Michel Barnier said on Wednesday, again sounding a note of alarm that London has yet to provide detailed proposals on a range of key issues, with barely a year left for bargaining. A year after the referendum vote to leave the bloc propelled her to power, Prime Minister Theresa May still faces a complex task in finding consensus at home on what kind of Brexit Britain wants -- a job made all the harder by losing her parliamentary majority in an election last month. Her Brexit minister, veteran anti-EU campaigner David Davis, is expected to meet Barnier, a French former cabinet minister, at the European Commission''s Berlaymont headquarters on Monday morning. They and their teams will then spend up to four days in a mixture of smaller working groups and plenary sessions, with the priority being to identify areas of accord and discord on a set of issues agreed on during an initial day of talks on June 19. These issues, notably the rights of expatriate citizens, how much Britain may owe to the EU budget and how to manage the new EU-UK border, especially with Ireland, are ones both sides want to settle in a withdrawal treaty. Barnier says this must be ready by about October next year if it is to be ratified on both sides of the Channel before Britain leaves in March 2019. "The clock is ticking," he said on Wednesday, displaying a degree of impatience with British ministers who continue to dismiss EU demands that they first must agree in principle that London will owe the Union a hefty amount -- probably in the tens of billions of euros -- to cover its existing commitments. "The first serious test of the negotiations will be them agreeing to pay the bill," a senior EU official said, describing the coming week as a vital moment to establish rapport among the senior civil servants who will handle what is arguably the most convoluted and far-reaching diplomatic deal of modern times. Progress Required Without "significant progress" on all three priority areas of the divorce package, Barnier warns, EU leaders will not let Davis open talks on a free trade relationship, which May and much of British business want to have ready by the time Britain leaves. For now, the EU says May''s offer to guarantee the rights of 3 million Europeans in Britain falls short. It is also unhappy at Britain''s refusal to accept EU judges as the ultimate arbiters of disputes -- an issue that could get an early airing as London seeks a quick fix to prevent its withdrawal from the Euratom pact disrupting its nuclear industry and medical imaging. Committed to keep all 27 other EU governments informed and on board with a process in which all have differing interests, the Commission negotiators are insisting on publishing negotiating documents and holding regular news conferences -- a cause of some discomfort in London. EU officials expect Barnier and Davis to brief reporters again on Thursday, partly to nail down the week''s achievements. "It''s important to describe our progress," the senior EU official said, likening the Brexit process to trade negotiations that the Commission more typically runs with other governments. "If you don''t cash the week''s progress in public, by having both sides talk to the media, you never know if your partner will go back later on what they promised to agree." EU leaders hold a regular quarterly summit in mid-October and could use that moment to instruct Barnier to prepare trade negotiations; but that will require good progress next week and in three further week-long rounds of talks. On that timetable, Barnier reckons, a broad political deal on the outlines of a new, open trading relationship could be in place by late next year, allowing for a transitional phase of up to a few years after Brexit to negotiate all the details. Editing by Kevin Liffey '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-negotiations-idINKBN19Z1WY'|'2017-07-14T19:21:00.000+03:00'|5827.0|10.0|0.0|'' 5828|'b6cacb1da7ad0c459ccd7be8d10e4054a7bf08e6'|'UK employers call for bigger role in Brexit talks'|'July 20, 2017 / 4:06 PM / 20 minutes ago UK employers call for bigger role in Brexit talks Reuters Staff 2 Min Read FILE PHOTO: UK Secretary of State for Exiting the European Union David Davis (L) is welcomed by the European Commission''s Chief Brexit Negotiator Michel Barnier at the start of a first full round of talks on Britain''s divorce terms from the European Union, in Brussels, Belgium July 17, 2017. Yves Herman/File Photo LONDON (Reuters) - Britain''s Chambers of Commerce (BCC), an employers group, warned the government it needed to engage in "sustained and structured" discussions with business over Brexit and avoid an abrupt departure from the bloc. Prime Minister Theresa May chaired a discussion with the heads of several industry groups and chief executives on Thursday at the first meeting of a new business council designed to heal wounds after many felt they were being ignored. The BCC welcomed the move but said regular discussions were needed ahead of Britain''s departure from the European Union due by the end of March 2019. "High-level discussions with the prime minister and her cabinet must continue, but we also need to see sustained and structured discussion with business on the dozens of practical, real-world questions that firms face as a consequence of Brexit," BCC President Francis Martin said in a statement. "The prospect of multiple, costly, adjustments to trading conditions is a concern for many, so starting discussions on transition arrangements as soon as possible would go a long way to boost business confidence," he said. Reporting by Costas Pitas; Editing by William Schomberg 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-business-idUKKBN1A526F'|'2017-07-20T19:06:00.000+03:00'|5828.0|''|-1.0|'' 5829|'60fd6fc450834637a3006ce71a74fabfca15b84c'|'Roche''s Tecentriq receives positive opinion from EU medicines agency'|'July 22, 2017 / 10:54 AM / 4 hours ago Roche''s Tecentriq receives positive opinion from EU medicines agency 1 Min Read ZURICH (Reuters) - A European Medicines Agency (EMA) panel said on Friday it has recommended Roche''s immunotherapy Tecentriq as a treatment for advanced bladder and lung cancer, setting the stage for European Commission approval this year. Roche received a positive opinion for the treatment from the EMA''s Committee for Medicinal Products for Human Use (CHMP). Tecentriq, which Roche has designed to help the immune system find and kill tumours that otherwise may avoid detection, won approval in the United States this year as an initial treatment for bladder cancer. It has also been approved as a treatment for lung cancer. Reporting by Joshua Franklin and John Miller; Editing by Jason Neely 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/roche-hldg-tecentriq-eu-idINKBN1A70CN'|'2017-07-22T13:53:00.000+03:00'|5829.0|''|-1.0|'' 5830|'b6b0412fe0ebfec1d70688d6624db43fbb3f6726'|'Walmart Chile workers vote to go on strike'|'July 28, 2017 / 5:28 PM / 3 hours ago Walmart Chile workers vote to go on strike 2 Min Read Shopping carts are seen at a supermarket brand of Wal-Mart company, in Santiago, Chile March 22, 2017. Pablo Sanhueza SANTIAGO (Reuters) - The union representing workers at Lider, Wal-Mart Stores Inc''s ( WMT.N ) main supermarket chain in Chile, said on Friday they had voted to go on strike for higher pay. "We are awaiting the final result from the work directorate, but we can say that our union approves the strike with 9,850 votes, or 63.4 percent of the total," the union announced on its Facebook site. Walmart Chile said it did not have an immediate comment on the announcement. Either the union or the company may now request government-mediated talks that would last five days to try to reach an agreement and avert the strike. The union encompasses 16,500 workers, one of the South American country''s largest unions. Some workers have been demonstrating outside stores across the country in recent months as they have pushed their demands for better pay. Walmart Chile, the local unit of U.S. retailer Wal-Mart Stores Inc, is one of the leading supermarket operators in Chile, with 380 stores. Reporting by Rosalba O''Brien and Felipe Iturrieta; Editing by Matthew Lewis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-walmart-chile-idUSKBN1AD2AY'|'2017-07-28T20:23:00.000+03:00'|5830.0|''|-1.0|'' @@ -5841,7 +5841,7 @@ 5839|'f03a376ecc3ec674519090f03a8d11261a4b8833'|'Moody''s says G20 GDP growth to exceed three percent, warns of geopolitical risks'|'August 30, 2017 / 3:46 AM / 3 hours ago Moody''s says G20 GDP growth to exceed three percent, warns of geopolitical risks Reuters Staff 3 Min Read A Moody''s sign is displayed on 7 World Trade Center, the company''s corporate headquarters in New York, February 6, 2013. Brendan McDermid HONG KONG (Reuters) - Moody''s Investors Service kept its forecast for G20 economic growth at just over 3 percent for this year and next, but warned of geopolitical risks, U.S. protectionism and spillovers from global monetary tightening and China''s deleveraging measures. The ratings agency said surprisingly strong data in the first half of the year prompted it to raise 2017 growth forecasts for China to 6.8 percent from 6.6 percent, for South Korea to 2.8 percent from 2.5 percent, and for Japan to 1.5 percent from 1.1 percent. It also expected the euro zone to accelerate in the rest of the year as suggested by robust sentiment indicators and revised upwards its forecasts for Germany, France and Italy. The agency cut its forecast for the United States, however, to 2.2 percent in 2017 and 2.3 percent in 2018 from a previous 2.4 percent and 2.5 percent, respectively, citing its weaker-than-expected first half performance and expectations of more modest fiscal stimulus than previously assumed. "The balance of risks is more favourable than it was at the beginning of the year," Moody''s said. "However, we note event risks related to conflicts in the Korean Peninsula, the South China Sea, and the Middle East." "The test firing of missiles by North Korea, intensification of aggressive rhetoric on both sides, and a hardline stance from the Trump administration have raised the risk of a conflict in the Korean Peninsula." The agency also said there appeared to be "renewed momentum" to address bilateral trade issues that the Donald Trump administration deemed as unfair trade practices, which could hurt growth if wide-ranging measures were introduced. For markets, it warned of risks of increased volatility due to historically elevated asset prices and broad investor expectations that interest rates would remain low even as the Federal Reserve and the European Central Bank said they were preparing to start rolling back unconventional stimulus. While raising its China forecasts, the agency warned the economy has become increasingly reliant on new debt to foster growth. The agency downgraded China''s ratings by one notch to A1 in May, saying the financial strength of the economy would erode in coming years. The agency revised its India forecast slightly lower to 7.1 percent as the government''s demonetisation move last year led to several months of acute shortages for manufacturing and construction firms in particular, although it said it expected the impact to ease in coming months. Reporting by Marius Zaharia; Editing by Jacqueline Wong '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-moody-s-ratings-global-idUKKCN1BA0BC'|'2017-08-30T06:46:00.000+03:00'|5839.0|''|-1.0|'' 5840|'7a85316af501261fc47e24af0edf2386376264fe'|'China''s stable economic performance should continue in H2 - stats bureau'|'FILE PHOTO: A woman walks next to a McDonald''s restaurant and a Starbucks coffee store at a shopping mall in Shanghai, China July 28, 2014. Carlos Barria/File Photo BEIJING (Reuters) - China''s stable economic performance should continue in the second half of this year and the overheated property market has cooled somewhat, a spokesman of National Bureau of Statistics said on Monday.China created 8.55 million new jobs in the January-July period, and the July survey-based unemployment rate in major cities was under 5 percent, Mao Shengyong told a news conference.Reporting by Elias Glenn; Editing by Jacqueline Wong'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/china-economy-idINKCN1AU09L'|'2017-08-14T06:25:00.000+03:00'|5840.0|''|-1.0|'' 5841|'22cf1968f039c65fb1e3d94ba777408f6f54e1a6'|'UK watchdog appoints funds critic to come up with fee disclosure format'|'August 2, 2017 / 1:58 PM / 11 minutes ago UK watchdog appoints funds critic to come up with fee disclosure format Reuters Staff 2 Min Read The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. Chris Helgren LONDON (Reuters) - Britain''s markets watchdog has asked an academic who accused the funds industry of being in "collective denial" over fees to come up with a common format for asset managers to publish their charges. The Financial Conduct Authority (FCA) is scrutinising the 6 trillion pound sector to see how it can offer better value for money. Making it easier for investors to compare charges is one way of doing this. "We want to see more consistent and standardised disclosure of costs and charges to institutional investors," the FCA said on its website on Wednesday. The watchdog said it has appointed Chris Sier, a professor at Newcastle University Business School, to chair a working group of industry and investor representatives to agree a template for fund managers to disclose their costs and charges. "Dr Sier... is an expert in pension scheme costs and charges who has worked closely with the Local Government Pension Scheme (LGPS) in developing their template for institutional disclosure," the FCA said. Sier is also the government''s "fintech" envoy for the north of England. The new group will be assembled by Sier and will start meeting in September. It should agree on a template for "mainstream" asset managers by year end, the FCA said. Sier told Reuters last year that the funds sector was in "collective denial" over fees. "If the asset management industry thinks things are going to carry on the way they are, they are sad, they are wrong," he said at the time, adding he had previously been threatened with lawsuits and had his phone tapped by an asset manager upset with his work. Reporting by Huw Jones; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-funds-regulations-idUKKBN1AI1SH'|'2017-08-02T16:58:00.000+03:00'|5841.0|''|-1.0|'' -5842|'68ddad8bf0491e44feec5a937ee1227f3ceb889e'|'Solaris Oilfield Infrastructure posts Q2 earnings $0.01/ Class A share'|'Aug 14 (Reuters) - Solaris Oilfield Infrastructure Inc* Solaris Oilfield Infrastructure Inc announces second quarter 2017 results* Q2 revenue $13.4 million versus I/B/E/S view $12.3 million* Solaris Oilfield Infrastructure Inc qtrly earnings per share of Class A common stock $0.01* Solaris Oilfield Infrastructure Inc - expects to end year with a system count between 68 to 72 systems, up from previous outlook of 60 to 64 systems* Q2 earnings per share view $0.08 -- Thomson Reuters I/B/E/S '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-solaris-oilfield-infrastructure-po-idUSASB0BFJN'|'2017-08-14T20:29:00.000+03:00'|5842.0|''|-1.0|'' +5842|'68ddad8bf0491e44feec5a937ee1227f3ceb889e'|'Solaris Oilfield Infrastructure posts Q2 earnings $0.01/ Class A share'|'Aug 14 (Reuters) - Solaris Oilfield Infrastructure Inc* Solaris Oilfield Infrastructure Inc announces second quarter 2017 results* Q2 revenue $13.4 million versus I/B/E/S view $12.3 million* Solaris Oilfield Infrastructure Inc qtrly earnings per share of Class A common stock $0.01* Solaris Oilfield Infrastructure Inc - expects to end year with a system count between 68 to 72 systems, up from previous outlook of 60 to 64 systems* Q2 earnings per share view $0.08 -- Thomson Reuters I/B/E/S '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-solaris-oilfield-infrastructure-po-idUSASB0BFJN'|'2017-08-14T20:29:00.000+03:00'|5842.0|10.0|0.0|'' 5843|'83fc89b1408c73b9f6a7933fb555e99e0239743c'|'Swiss bank Julius Baer opens UK offices to seize on Brexit nerves'|'August 3, 2017 / 12:27 PM / 4 hours ago Swiss bank Julius Baer opens UK offices to seize on Brexit nerves Joshua Franklin 3 Min Read FILE PHOTO: Logo of Swiss private bank Julius Baer is seen at an office building in Zurich, Switzerland July 24, 2016. Arnd Wiegmann/File Photo ZURICH (Reuters) - Swiss private Julius Baer ( BAER.S ) is opening three new UK offices as it looks to bank for wealthy residents spooked by uncertainty over Britain''s planned exit from the European Union. The offices will be in Manchester, Leeds and Glasgow while Julius Baer will also establish a small team in Belfast, Northern Ireland, the Zurich-based bank said in a statement on Thursday. Julius Baer had a UK presence only in London so far. A person familiar with the plans said Julius Baer would likely staff the offices with around 30 employees. Speaking last week, Chief Executive Boris Collardi had highlighted Britain as "one of the biggest opportunities for Julius Baer" because of the wider uncertainties created by Brexit. "The typical high-net-worth individual in the UK is feeling very uncertain about the future in terms of assets, in terms of currency risk, in terms of diversification and in terms of how they should be positioning themselves in this market," he said. It bucks a trend set by many investment banks planning to reduce their UK presence in anticipation of Brexit, a process which could cost banks their ability to serve the EU from London - commonly referred to as passporting rights. However, passporting rights are of less significance in private banking, where stability is one of the main priorities. Britain is one of the most attractive markets for private banks with the world''s fourth-largest population of millionaire households behind the United Sates, China and Japan, according to Boston Consulting Group. Two-thirds of Britain''s wealth is held by individuals outside of London and the southeast, said Julius Baer, Switzerland''s third-biggest private bank behind UBS ( UBSG.S ) and Credit Suisse ( CSGN.S ). UBS has UK offices in London, Birmingham, Newcastle, Manchester, Edinburgh and Leeds. Credit Suisse serves the UK market through its London office. Reporting by Joshua Franklin; Editing by Michael Shields 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-julius-baer-britain-idUKKBN1AJ1RT'|'2017-08-03T15:27:00.000+03:00'|5843.0|''|-1.0|'' 5844|'6eedabaf42fba03dc5f1213eb283279c7bf73b12'|'Exclusive: Exxon mulls Beaumont refinery crude unit addition'|'The Exxon Mobil gas station in Denver, Colorado United States July 28, 2017. Rick Wilking HOUSTON (Reuters) - ExxonMobil Corp is considering expanding light crude processing capacity at its Beaumont, Texas, refinery with the addition of a third crude distillation unit, a company spokeswoman said on Thursday.If approved, construction could begin on Unit C in 2019 and be completed in 2022, said Exxon spokeswoman Charlotte Huffaker. She declined to disclose the contemplated capacity or possible cost of the Unit C expansion."These investments reflect the increased availability of abundant, affordable supplies of U.S. light crude," Huffaker said.The expansion would be part of the $20-billion ''Growing the Gulf'' project announced in March by Exxon Chairman and Chief Executive Darren Woods.While Exxon has mentioned potential expansion of light oil refining capacity at the Beaumont plant as part of that project, this is the first time the company has talked about Unit C and given a timeline for possible construction.Since at least 2014, Exxon has been considering the addition of a large distillation unit that would boost Beaumont''s crude oil refining capacity from 362,300 barrels per day (bpd) to between 700,000 and 850,000 bpd, sources told Reuters in 2014 and 2015.The contemplated crude capacity expansion was put on hold in early 2016 due to cuts in capital spending, sources said at the time.On Thursday night, sources familiar with Exxon''s plans said the company was now looking at adding a large crude distillation unit at the refinery.The two crude units currently at the Beaumont refinery are Units A and B.The last major expansion of a U.S. refinery was the 5-year, $10-billion addition of a crude distillation unit and other units at Motiva Enterprises Port Arthur, Texas, refinery which more than doubled its size to 603,000 bpd. The expansion was completed in 2012.The Motiva expansion was originally budgeted at $5 billion, but went through a year-long review in 2009.Last year, Exxon added 20,000 bpd in light crude refining capacity to Unit A at the Beaumont refinery, Huffaker said.Reporting by Erwin Seba; Editing by Subhranshu Sahu and Joseph Radford'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/refinery-operations-exxon-beaumont-idINKBN1AK0ME'|'2017-08-04T10:13:00.000+03:00'|5844.0|''|-1.0|'' 5845|'13d355af451fed4c903f74e1908756e82ffb8db7'|'Diverging paths: As China''s big banks improve, smaller lenders lag'|'FILE PHOTO: People walk past the headquarters of the ICBC bank in Beijing, China June 12, 2017. Thomas Peter/File Photo SHANGHAI/BEIJING (Reuters) - After a tough two years, China''s largest banks are reporting green shoots, with the top four turning in consensus-beating profits and promising an upbeat second half.But smaller, national and regional lenders - which control about a third of China''s banking assets - are still feeling the strain, hit by a regulatory crackdown on risky activity that has made it difficult to sell some products and access the capital on which they have often relied. Many have reported shrinking balance sheets after years of expansion.The result, analysts say, is likely to be a funding squeeze for China''s struggling firms, which have depended on these banks for life-or-death credit and could now be pushed to costlier borrowing or grey market offers."Small- and medium-sized companies would suffer along with smaller banks," said Du Yang, acting head of the asset management team at China Securities International.Lending may slow in any case into the second half, as some banks have exhausted most of their annual credit quota amid the push to bring shadow financing activities to the main loan book, raising the spectre of corporate defaults as financing costs climb in the world''s No.2 economy.And the pain, as ever, is likely to be concentrated in China''s rust-belt regions.Sophie Jiang, analyst at Nomura, however, believes smaller balance sheets at mid-tier and regional lenders will lead to better capital allocation, as inefficient firms are squeezed out. "We think this is good for the real economy."TWO HALVES For now, it is a tale of diverging paths."This year, there has been some differentiation among banks. Large banks have experienced relatively better stability in their operations," Fang Heying, the vice president of China CITIC Bank, told reporters last week.By contrast joint stock banks - smaller lenders that are not fully state-owned - have "generally seen a decline in revenue". Fang''s own bank saw operating income slip and assets shrink.At Shengjing Bank Co, a regional bank based in the northern province of Liaoning, first-half operating income fell almost 17 percent. Total assets, after increasing 29 percent in 2016, slowed to a more modest 3.7 percent growth.China Minsheng Bank, the nation''s biggest private lender, saw assets drop 2.18 percent in the first half, after increasing more than 30 percent in 2016. Deposits also fell."A lot of these small banks need to rely on the interbank market to seek their source of funding," said Ken Shih, a DBS analyst, adding that higher interest rates have also increased costs. Larger banks fare better.Indeed, most medium-sized listed banks reported contracting net interest margins (NIMs) - the difference between interest paid and earned, a key indicator of profitability.But recovery seems to have set in for the bigger players, such as Industrial and Commercial Bank of China Ltd (ICBC) and Bank of China Ltd (BoC), that saw NIMs widen for the first time in more than two years, following six benchmark interest rate cuts in 2014-15.GOOD NEWS AT THE TOP The emerging gulf in the sector comes as China''s financial watchdogs unleash a ''regulatory storm'' aimed at controlling risk, reckless loans and at improving supervision.The government has focused particularly on non-traditional interbank borrowing and financing, a key source of balance sheet expansion for many smaller national and regional banks.Xiao Yuanqi, head of the prudential regulation bureau of the China Banking Regulatory Committee, has said the crackdown, including efforts to tighten disclosure rules on off-balance sheet wealth management products - a key component of shadow banking credit - was working."Taking the ox by the nose, we grasped the three main problems of the banking sector: interbank, wealth management products and off-balance-sheet business," Xiao said.But for the top lenders, pushing into the consumer segment with a boost in personal loans, 2017 still looks good, with asset quality, even overdue loans, improving.Bankers at ICBC, BoC and Bank of Communications Co Ltd (BoCom) expect core lending business to improve during the rest of this year.At the world''s largest bank, ICBC, personal loans were up 9 percent at the end of June from end-2016, helped by a 11.6 percent rise in residential mortgages.For China Construction Bank Corp, personal consumer loans more than doubled over the same period.Investor confidence in the biggest five state-owned banks has soared and fuelled a share price rally, led by ICBC which has gained more than 30 percent in Shanghai so far this year.Reporting by Engen Tham and Matthew Miller; Additional reporting by Shu Zhang; Editing by Clara Ferreira Marques and Himani Sarkar '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/china-banks-idINKCN1BB17W'|'2017-08-31T08:29:00.000+03:00'|5845.0|''|-1.0|'' @@ -5858,7 +5858,7 @@ 5856|'630ca5f0a20e1aaf5ae3824374c408e734b85efd'|'British online betting company 888 fined $1 million for failing to protect customers'|' 36 PM / 21 minutes ago British online betting company 888 fined $1 million for failing to protect customers Reuters Staff 3 Min Read (Reuters) - British online betting company 888 Holdings was fined a record 7.8 million pounds ($10 million) on Thursday for failing to protect vulnerable customers from addictive gambling. Britain''s Gambling Commission said that a technical glitch in 888''s system allowed more than 7,000 customers between October 2015 and September 2016 to keep accessing one of 888''s platforms, and deposit 3.5 million pounds, even though they had chosen to be excluded from it. The issue went undetected for a "prolonged period of time" during which those customers were able to gamble 50.6 million pounds in total, using deposits and recycled winnings, the commission said. Its fine of 7.8 million pounds was the highest it has ever handed out to a company. 888 operates two separate technological platforms: one for casino, poker and sport and a separate one for bingo. However, the glitch meant people who excluded themselves from the casino, poker and sport platform still had access to these accounts on their bingo platform. In addition, the commission said that 888 also failed to recognise visible signs of problem gambling behaviour displayed by an individual customer, which was so significant that it resulted in criminal activity. The commission said that the particular individual customer staked over 1.3 million pounds -- 55,000 pounds stolen from an employer -- and gambled over three to four hours a day over a 13-month period. The fine of 7.8 million pounds includes repayment of the 3.5 million pounds of deposits made by the 7,000 customers affected and compensation of 62,000 pounds to the employer from whom money was stolen. 888 agreed to pay a further 4.25 million pounds to a socially responsible cause to invest in measures to tackle gambling-related harm. Sarah Harrison, chief executive at the Gambling Commission said, "safeguarding consumers is not optional" and said the fine will ensure that "lessons are learnt". 888 said in a statement that it accepted the conclusion of the review. Gambling companies in the UK made over 13 billion pound between October 2015 and September 2016, according to data from the commission. Charities have warned that fixed-odds betting machines are highly addictive and can enable gamblers to lose hundreds of pounds in less than a minute. Britain''s ministry for culture, media and sports, which regulates the gambling industry, launched a consultation last October into the maximum wagers that should be allowed on gambling machines, including those known as fixed-odds betting terminals. Reporting by Rahul B in Bengaluru; Editing by Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-888-holdings-fine-idUKKCN1BB21U'|'2017-08-31T17:36:00.000+03:00'|5856.0|''|-1.0|'' 5857|'6b0d4267a03d910700268c9fb8e58884b1923108'|'Britain to dodge recession but pay to keep getting squeezed'|'August 10, 2017 / 5:53 AM / 17 minutes ago Britain to dodge recession but pay to keep getting squeezed: Reuters poll 3 Min Read FILE PHOTO: The City of London is seen from Canary Wharf, Britain May 17, 2017. Stefan Wermuth/File Photo LONDON (Reuters) - Britain will avoid recession in the coming year but economic growth is expected to lag the euro zone, a Reuters poll showed on Thursday. Consumers will feel the pinch from wage increases failing to keep up with rising prices. It is just over a year since Britons voted to leave the European Union, a decision that has knocked around 13 percent from sterling''s value, in turn driving inflation well above the Bank of England''s 2 percent target as imports became more expensive. Inflation will peak at 2.9 percent in the last quarter of 2017, according to the poll of almost 70 economists taken this week, but that won''t push the central bank to tighten its ultra-loose monetary policy anytime soon. Bank Rate was cut to a record low 0.25 percent in the months after the Brexit referendum and won''t be lifted until 2019, the poll found. "UK monetary policy is likely to be (as it should be) ''data dependent''," said Simon Wells at HSBC. "The data are likely to stay fairly weak as consumers continue to face an income squeeze and firms wait for more clarity on the Brexit deal before growing investment rapidly." Consumers played a key role in driving economic growth last year but pay increases have been lagging inflation, something that is expected to continue. Wages will rise 2.2 percent this year and 2.5 percent next whereas inflation will average 2.7 percent in 2017 and 2.6 percent in 2018, according to medians. The BoE forecasts wages will rise 3.0 percent next year. BREXIT WOUND Reuters polls over the past few months have repeatedly said a disorderly Brexit, where no deal is reached when the two years of talks are due to conclude, would be the worst outcome for sterling and Britain''s economy. Negotiations over leaving the EU have not begun well due to disagreements among Prime Minister Theresa May''s team of ministers about the kind of deal they should be seeking, a former top British diplomat said this week. In the first full round of Brexit talks last month there was little compromise between the two sides on key disputes and the lack of clarity around how the divorce ends has stopped firms from investing. BoE Governor Mark Carney has said uncertainty about Brexit -- in particular, lower investment by companies -- meant the economy could not grow as fast as before without pushing up inflation. But the economy is still expected to grow, albeit slowly, and there is a median likelihood of a recession in the coming year of just 20 percent. Only two economists polled -- at Fathom Consulting and BayernLB -- gave a forecast above 50 percent. Britain''s economy -- one of the fastest growing among the Group of Seven rich nations last year but now one of the slowest -- will expand just 0.3 percent per quarter through to the middle of next year, the poll found. That compares with predicted 0.4 percent per quarter forecasts for the euro zone. Reporting by Jonathan Cable Polling by Sarmista Sen and Anisha Sheth; Editing by Ross Finley/Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-britain-economy-poll-idUKKBN1AQ0HL'|'2017-08-10T08:48:00.000+03:00'|5857.0|''|-1.0|'' 5858|'2f6bca7097d4f193e075b12ee717567e4ce877bc'|'Dollar, Asia shares find relief in U.S. economic rebound'|' 47 AM / 5 minutes ago U.S. data sends stocks higher; yields slip Saqib Iqbal Ahmed 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 31, 2017. Brendan McDermid NEW YORK (Reuters) - U.S. stocks rose and Treasury prices gained slightly on Thursday after data showed U.S. inflation increased at its slowest pace since late 2015, boosting expectations that the Federal Reserve will hold off from increasing interest rates again this year. The dollar gave up early gains against a basket of major currencies, and gold prices rose as simmering tensions on the Korean peninsula supported sentiment. U.S. consumer spending rose slightly less than expected in July and annual inflation increased at its slowest pace since late 2015. Investors'' focus will then turn to the monthly U.S. payrolls report, to be released on Friday. "The outlook for the U.S. and the global economy remains relatively positive and most investors do not see a recession ahead," said Michael Sheldon, chief investment officer of RDM Financial Group at HighTower. "Given that backdrop, equity markets are likely to grind higher over the next few quarters and pullbacks are likely to be bought by investors." U.S. stocks extended gains after U.S. Treasury Secretary Steven Mnuchin said President Donald Trump''s administration has a detailed plan on tax reform and is still on track to execute the agenda by the end of this year. "Even if investors aren''t taking him at his word they expect him to do all he can. This is a market that has heard tax reform so often. It wants to see if they can deliver," said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. MSCI''s world index .MIWD PUS, which tracks shares in 46 countries, was up 0.6 percent, and touched a three week high. The Dow Jones Industrial Average .DJI rose 59.76 points, or 0.27 percent, to 21,952.19, the S&P 500 .SPX gained 14.06 points, or 0.57 percent, to 2,471.65 and the Nasdaq Composite .IXIC added 57.33 points, or 0.9 percent, to 6,425.64. European stocks rallied after Reuters reported that the euro''s rapid gains are worrying a growing number of European Central Bank policymakers, raising the chance asset purchases will be phased out only slowly. The pan-European STOXX 600 closed up 0.77 percent. The euro EUR= , which hit a more than 2-1/2-year high against the dollar on Tuesday, slipped on the Reuters report, before recovering to trade up 0.18 percent at $1.1902. The dollar index .DXY, which measures the greenback against a basket of six major rivals, weakened after the U.S. inflation data. The index was 0.21 percent lower on the day at 92.686, having risen as high as 93.347. The weaker dollar and continued security concerns related to North Korea helped gold prices rise. Spot gold XAU= was up 0.83 percent at $1,319.22 an ounce. In the bond market, benchmark 10-year U.S. Treasury notes US10YT=RR were up 4/32 in price to yield 2.133 percent, down from 2.145 percent on Wednesday. Trading volumes were relatively low, however, with some investors reluctant to buy Treasuries given yields are near their lowest since November. Gasoline futures RBc1 surged 13.5 percent as almost a quarter of U.S. refining capacity remained offline due to Tropical Storm Harvey and traders scrambled to reroute millions of barrels of fuel. U.S. crude CLc1 settled up $1.27 or 2.76 percent, at $47.23 a barrel and Brent traded up $1.45 or 2.85 percent at $52.31 Reporting by Saqib Iqbal Ahmed; Additional reporting by Karen Brettell and Sam Forgione in New York and Sruthi Shankar and Tanya Agrawal in Bengaluru; Editing by James Dalgleish'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-markets-idUKKCN1BB02Y'|'2017-08-31T03:55:00.000+03:00'|5858.0|''|-1.0|'' -5859|'a6d913a3b9a3184df98c368e2fb7d344eec0a1b7'|'Toshiba auditor to split opinion on finances, governance - sources'|' 08 AM / 32 minutes ago Toshiba auditor to split opinion on finances, governance - sources Reuters Staff 1 logo of Toshiba Corp is seen at an electronics store in Yokohama, south of Tokyo, June 25, 2013. Toru Hanai/File Photo TOKYO (Reuters) - The auditor for Toshiba Corp ( 6502.T ) is likely to sign off on the conglomerate''s annual results while giving a thumbs down on the corporate governance behind a series of crises for the group, people with direct knowledge of the discussions said on Tuesday. PricewaterhouseCoopers Aarata LLC will give a "qualified opinion" endorsing Toshiba''s finances in the financial statement for the year ended in March, the two sources told Reuters. That will end a limbo in which the auditor withheld its opinion as it checked problems during the year, which bankrupted Toshiba''s U.S. nuclear unit in December. However, PwC will give an "adverse statement" on the company''s internal controls, they said. The auditor could not be reached for comment outside business hours. Reporting by Taro Fuse; Writing by William Mallard; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN1AO16D'|'2017-08-08T14:08:00.000+03:00'|5859.0|''|-1.0|'' +5859|'a6d913a3b9a3184df98c368e2fb7d344eec0a1b7'|'Toshiba auditor to split opinion on finances, governance - sources'|' 08 AM / 32 minutes ago Toshiba auditor to split opinion on finances, governance - sources Reuters Staff 1 logo of Toshiba Corp is seen at an electronics store in Yokohama, south of Tokyo, June 25, 2013. Toru Hanai/File Photo TOKYO (Reuters) - The auditor for Toshiba Corp ( 6502.T ) is likely to sign off on the conglomerate''s annual results while giving a thumbs down on the corporate governance behind a series of crises for the group, people with direct knowledge of the discussions said on Tuesday. PricewaterhouseCoopers Aarata LLC will give a "qualified opinion" endorsing Toshiba''s finances in the financial statement for the year ended in March, the two sources told Reuters. That will end a limbo in which the auditor withheld its opinion as it checked problems during the year, which bankrupted Toshiba''s U.S. nuclear unit in December. However, PwC will give an "adverse statement" on the company''s internal controls, they said. The auditor could not be reached for comment outside business hours. Reporting by Taro Fuse; Writing by William Mallard; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN1AO16D'|'2017-08-08T14:08:00.000+03:00'|5859.0|6.0|0.0|'' 5860|'8ac04863a0313070baf81fb7652a33e2f94e0a03'|'JGBs inch down, taking cue from Treasuries'|'TOKYO, Aug 7 (Reuters) - Japanese government bonds edged down on Monday, taking their lead from weaker U.S. Treasuries after last week''s strong employment data as investors awaited the next session''s 30-year JGB sale.U.S. yields rose on Friday after the July jobs reports showed that U.S. employers hired more workers than expected last month, and wage growth met economists'' expectations.The 10-year cash JGB yield rose half a basis point to 0.065 percent, while the September 10-year JGB futures contract finished 0.02 point lower at 150.24.In the superlong zone, the 20-year JGB yield inched up half a basis point to 0.575 percent, while the 30-year JGB yield added 1 basis point to 0.875 percent.The Ministry of Finance will auction 800 billion yen ($7.23 billion) of 30-year JGBs on Tuesday.The 5-year JGB yield added half a basis point to minus 0.060 percent. ($1 = 110.7000 yen) (Reporting by Tokyo markets team; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-bonds-idINL4N1KT2C3'|'2017-08-07T04:18:00.000+03:00'|5860.0|''|-1.0|'' 5861|'1159be742e7c2adb67874aab9b0e41900dadfc2b'|'UPDATE 1-Philadelphia refiner, grappling with debt, says operations uninterrupted -letter'|'(Adds company comment)By Jarrett RenshawNEW YORK, Aug 2 (Reuters) - Philadelphia Energy Solutions will continue to operate its refinery without interruption as it seeks ways to tackle its debt burden, the company''s chief executive officer told employees in a letter reviewed by Reuters.It followed a Reuters report on Tuesday which said that the company tapped investment bank PJT Partners Inc for advice on dealing with its near-term debt maturities, including a $550 million loan that comes due in 2018."PES is in the midst of an ongoing process to assess our capital structure with the goal of improving financial flexibility," CEO Greg Gatta told employees in the letter dated Aug. 1. "We have engaged financial and legal advisors and are working constructively with our lenders to find a solution that will support the business for years to come."Gatta cited the Reuters report as the impetus for the letter.The PES-owned refinery, located in South Philadelphia, is the largest on the East Coast. It has a capacity of 335,000 barrels per day.When asked about the letter, a PES spokeswoman said the company''s examining its debt amid industry challenges but does not expect operations to be disrupted.The latest developments come five years after private equity firm Carlyle Group LP and Energy Transfer Partners LP''s Sunoco Inc cut a deal, supported by tax breaks and grants, to rescue the refinery owner from bankruptcy.The company had success in the initial years but has been whipsawed by weakening discounts on Bakken crude, high regulatory costs associated with the U.S. renewable fuel standard program and an industry-wide downturn, Gatta said. (Reporting By Jarrett Renshaw; Editing by W Simon, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/philadelphia-energy-solutions-refinery-r-idINL1N1KO1FW'|'2017-08-02T16:24:00.000+03:00'|5861.0|''|-1.0|'' 5862|'f75ade088f5bb7a1cf32f7f5882aa9c2d587ffac'|'Codelco chairman says cautious about short-term copper price'|'August 29, 2017 / 1:51 PM / 7 minutes ago Codelco chairman says cautious about short-term copper price Reuters Staff 1 Min Read SANTIAGO, Aug 29 (Reuters) - The chairman of Chilean state-owned copper company Codelco said on Tuesday that he is cautious about a recent rally in copper prices , even as he is more optimistic in the medium- and long-term. "I''m a little skeptical...in the short-term," Oscar Landerretche said a mining conference in Chilean capital Santiago. "It''s true that all of the fundamentals are good in the medium- and long-term...but I would be very cautious." (Reporting by Fabian Cambero; Writing by Gram Slattery; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/codelco-copper-idUSC0N1IK01F'|'2017-08-29T16:47:00.000+03:00'|5862.0|''|-1.0|'' @@ -5914,9 +5914,9 @@ 5912|'93036e05986e5a33d30768cfc02133bdaa8f7029'|'Learndirect blames government cuts for damning Ofsted report - Education'|'Learndirect, the UKs largest adult training provider, has blamed the governments austerity programme for its failure to meet the education regulators minimum quality standards .The company, which was privatised by David Camerons coalition government in 2011, on Thursday complained that being forced to manage a reduction in central government funding was part of the reason why its standards had deteriorated so sharply that Ofsted declared it an inadequate provider. Following the official publication of Ofsteds damning report which Learndirect had asked the high court to suppress the company said it had to deal with a 50% dive in its government funding. Learndirect owners still winning government-approved contracts Read more Like all providers in the sector, weve had to manage a reduction in central government funding, a company spokesman said. For Learndirect Ltd this totals a 50% reduction in our adult skills funding over the last five years. These funding reductions were made at short notice and required significant changes to the business for it to remain viable.Our new senior management team, with the support of our stakeholders, has moved quickly to ensure the business responds to the challenges this poses. This includes diversifying our income streams and starting to address areas that require development.The Ofsted report, which was finally published on Thursday, said Learndirects directors and senior managers had failed to take swift and decisive action to stem the decline in performance over the past three years.Oftsed found that the company, which has paid out tens of millions of pounds to its owners and managers since privatisation, requires improvement or is inadequate in all seven areas of its inspection criteria. The inspectors listed 11 areas in which Learndirect was an inadequate provider and found just three strengths of the business.Until very recently, company directors and senior leaders presided over a sustained decline in performance across all programmes, Ofsted inspectors said in the report. The proportion of learners and apprentices achieving their qualifications and the quality of teaching, learning and assessment had deteriorated significantly. Leaders and managers at all levels of the organisation failed to oversee and challenge the particularly poor provision delivered by apprenticeship subcontractors.The report said Learndirects apprenticeship training was a particular concern. Too many apprentices receive insufficient training to develop new skills, and they do not receive enough off-the-job training, the report said. Too many 16- to 19-year-old learners on traineeships do not complete their programmes.Ofsted said the proportion of apprentices completing their training on time had declined significantly over the last three years to very low levels. It said 70% of apprentices failed to meet the minimum standards and six in 10 did not achieve their apprenticeship on time. The company, which is responsible for the training of almost 73,000 people, received 158m of Department for Education funding in the year to July 2017. The department has said it will not grant Learndirect any new contracts and will cease funding the company by July 2018. However, the owners of Learndirect are continuing to win government-approved apprenticeship contracts via a separate company Learndirect Apprenticeships that they set up last year . Learndirect had asked a high court judge to suppress the report , warning that its publication could lead to the catastrophic withdrawal of government funding and the possible collapse of the company.The company sought to reassure its trainees and employees that it is financially stable. The business is well-supported by our stakeholders and will continue to meet its contractual obligations and the needs of our learners as usual, a spokesman said. Our new senior management team, with the support of our stakeholders, has moved quickly to ensure the business responds to the challenges this poses.Learndirect is 65%-owned by Lloyds Development Capital, the private equity arm of Lloyds Bank.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/education/2017/aug/17/learndirect-government-ofsted-report-adult-training-rating'|'2017-08-17T17:24:00.000+03:00'|5912.0|''|-1.0|'' 5913|'c0914d14ba107c03d30a15ace58d29dda450fd51'|'Are men more irrationally exuberant than women?'|'WOULD more women on the trading floor inject a dose of sanity into the worlds financial markets? This question gained prominence after the 2007-08 crisis. As Christine Lagarde, then Frances finance minister and now head of the IMF, quipped, had Lehman Brothers been Lehman Sisters, history would have been different. Many studies support this idea, showing that testosterone-laden men are prone to overconfidence in trading. Women are more cautious.But things may not be so simple. Previous research has mostly used evidence from the West. To test if the conclusions apply universally, Wang Jianxin of Chinas Central South University, Daniel Houser of George Mason University and Xu Hui of Beijing Normal University looked at both America and China. And they found that in Chinas markets, women can be just as manic as men. 9 The economists arranged for 342 students to form experimental markets. They were allocated dividend-paying shares and tokens (in lieu of cash), and given 15 rounds to trade within gender-based groups. Participants could, in theory, calculate fair value of the shares in any given round but few did so.In America, the outcomes matched past experiments. Shares quickly inflated to a bubble in male-only trading groups, before crashing. Women-only groups traded the shares at a discount for much of the time. In China male-only markets were just as unhinged. But so were the female-only markets, going from bubble to bust just like the male-only ones.Critics will object that this was just an experiment. However, there is a long history of using such devices to study investment behaviour. Anecdotally, women have played a part in Chinas market manias. In trading halls full of elderly day-traders, white-haired ladies sit alongside wizened men. Over the past two years women have also been on the front lines of protests after a series of online investment schemes collapsed.Why Chinas women might be as boldand recklessas men is open to debate. Other research highlights Communist Party policies promoting equality. But in practice women in China are woefully underrepresented in the financial sector. Only when that changes will it be possible to judge if China truly has gender parity in irrational exuberance. Finance and economics "Half the sky"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21727095-women-are-often-more-cautious-men-trading-not-china-are-men-more?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'|5913.0|''|-1.0|'' 5914|'10446de39d45ccb668c75f0e7c33297845498ad8'|'Ghana''s gold, diamond output to drop as govt curbs small-scale mining - Reuters'|'August 12, 2017 / 6:19 PM / an hour ago Ghana''s gold, diamond output to drop as govt curbs small-scale mining Rajendra Jadhav 2 Min Read FILE PHOTO: A worker pours gold at the AngloGold Ashanti mine at Obuasi, Ghana, October 23, 2003 . Luc Gnago/File Photo PANAJI, India (Reuters) - Ghana''s gold output is likely to drop sharply in 2017 because of curbs on the small-scale mining that lifted production last year but was causing damage to the environment, a government official said on Saturday. Total gold output from Africa''s second largest producer was 4.1 million ounces in 2016, the highest level in nearly 40 years, up from 2.8 million ounces in 2015. The government of President Nana Akufo-Addo, who took office in January, has temporarily banned artisanal mining, or panning for gold, in a renewed effort to clamp down on those who do it illegally. "We anticipate at least a 50 percent drop in production from the small miners," Barbara Oteng-Gyasi, deputy minister of land and mines told Reuters. "We are trying to control illegal mining which is not good for the environment," Oteng-Gyasi said on the sidelines of the International Gold Convention in Panaji, capital of India''s western state of Goa. Artisanal mining is common in parts of Africa and accidents are frequent. The small miners account for nearly a third of the total gold production and restrictions on their activities could help bigger players to raise production, Oteng-Gyasi said. Canada''s Asanko Gold, US-based Newmont Gold and Anglogold Ashanti''s have mining operations in Ghana. Ghana''s total gold revenues for 2016 including exports from small-scale mining amounted to $5.15 billion up from $3.32 billion in 2015. The country''s diamond output is also likely to fall substantially in 2017 as diamonds are mainly extracted by small-scale mines, she said. Ghana''s diamond production slipped to 143,005 carats in 2016 from 185,376 carats a year before, according to the Ghana Chamber of Mines. Reporting by Rajendra Jadhav; Editing by Andrew Bolton 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/ghana-gold-output-idINKBN1AS0TK'|'2017-08-12T16:19:00.000+03:00'|5914.0|''|-1.0|'' -5915|'17b5a9358dce41a3543f34f07673bbe3284dc692'|'Hyundai will launch pickup, more SUVs to reverse U.S. sales slide'|'August 23, 2017 / 1:50 AM / 4 hours ago Hyundai will launch pickup, more SUVs to reverse U.S. sales slide Paul Lienert and Hyunjoo Jin 3 Min Read The logo of Hyundai Motor is seen on wall at a event of Hyundai Motor Co''s new Accent in Mexico City, Mexico August 2, 2017. Henry Romero DETROIT/SEOUL (Reuters) - Hyundai Motor ( 005380.KS ) plans to launch a pickup truck in the United States as part of a broader plan to catch up with a shift away from sedans in one of the Korean automaker''s most important markets, a senior company executive told Reuters. Michael J. O''Brien, vice president of corporate and product planning at Hyundai''s U.S. unit, said Hyundai''s top management has given the green light for development of a pickup truck similar to a show vehicle called the Santa Cruz that U.S. Hyundai executives unveiled in 2015. Hyundai currently does not offer a pickup truck in the United States. O''Brien also said Hyundai plans to launch a small SUV called the Kona in the United States later this year. People familiar with the automaker''s plans said the pick-up truck is expected to be launched in 2020. They said separately that Hyundai plans to introduce three other new or refreshed SUVs by 2020. Under the plan, Hyundai Motor plans to roll out a new version of its Santa Fe Sport mid-sized SUV next year, followed by an all-new 7-passenger crossover which will replace a current three-row Santa Fe in early 2019 in the United Sates. A redesigned Tucson SUV is expected in 2020. So-called crossovers - sport utilities built on chassis similar to sedans - now account for about 30 percent of total light vehicle sales in the United States. Consumers in China, the world''s largest auto market, are also substituting car-based SUVs for sedans. Hyundai''s U.S. dealers have pushed the company to invest more aggressively in SUVs and trucks as demand for sedans such as the midsize Sonata and the smaller Elantra has waned. "We are optimistic about the future," said Scott Fink, chief executive of Hyundai of New Port Richey, Florida, which is Hyundai''s biggest U.S. dealer. "But we are disappointed that we don''t have the products today." Hyundai''s U.S. sales are down nearly 11 percent this year through July 31, worse than the overall 2.9 percent decline in U.S. car and light truck sales. Sales of the Sonata, once a pillar of Hyundai''s U.S. franchise, have fallen 30 percent through the first seven months of 2017. In contrast, sales of Hyundai''s current SUV lineup are up 11 percent for the first seven months of this year. "Our glasses are fairly clean," O''Brien said. "We understand where we have a shortfall." Reporting by Paul Lienert in DETROIT and Hyunjoo Jin in SEOUL; Additional reporting by Joe White in DETROIT; Editing by Nick Zieminski and Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hyundai-motor-strategy-idUKKCN1B305Q'|'2017-08-23T04:49:00.000+03:00'|5915.0|''|-1.0|'' +5915|'17b5a9358dce41a3543f34f07673bbe3284dc692'|'Hyundai will launch pickup, more SUVs to reverse U.S. sales slide'|'August 23, 2017 / 1:50 AM / 4 hours ago Hyundai will launch pickup, more SUVs to reverse U.S. sales slide Paul Lienert and Hyunjoo Jin 3 Min Read The logo of Hyundai Motor is seen on wall at a event of Hyundai Motor Co''s new Accent in Mexico City, Mexico August 2, 2017. Henry Romero DETROIT/SEOUL (Reuters) - Hyundai Motor ( 005380.KS ) plans to launch a pickup truck in the United States as part of a broader plan to catch up with a shift away from sedans in one of the Korean automaker''s most important markets, a senior company executive told Reuters. Michael J. O''Brien, vice president of corporate and product planning at Hyundai''s U.S. unit, said Hyundai''s top management has given the green light for development of a pickup truck similar to a show vehicle called the Santa Cruz that U.S. Hyundai executives unveiled in 2015. Hyundai currently does not offer a pickup truck in the United States. O''Brien also said Hyundai plans to launch a small SUV called the Kona in the United States later this year. People familiar with the automaker''s plans said the pick-up truck is expected to be launched in 2020. They said separately that Hyundai plans to introduce three other new or refreshed SUVs by 2020. Under the plan, Hyundai Motor plans to roll out a new version of its Santa Fe Sport mid-sized SUV next year, followed by an all-new 7-passenger crossover which will replace a current three-row Santa Fe in early 2019 in the United Sates. A redesigned Tucson SUV is expected in 2020. So-called crossovers - sport utilities built on chassis similar to sedans - now account for about 30 percent of total light vehicle sales in the United States. Consumers in China, the world''s largest auto market, are also substituting car-based SUVs for sedans. Hyundai''s U.S. dealers have pushed the company to invest more aggressively in SUVs and trucks as demand for sedans such as the midsize Sonata and the smaller Elantra has waned. "We are optimistic about the future," said Scott Fink, chief executive of Hyundai of New Port Richey, Florida, which is Hyundai''s biggest U.S. dealer. "But we are disappointed that we don''t have the products today." Hyundai''s U.S. sales are down nearly 11 percent this year through July 31, worse than the overall 2.9 percent decline in U.S. car and light truck sales. Sales of the Sonata, once a pillar of Hyundai''s U.S. franchise, have fallen 30 percent through the first seven months of 2017. In contrast, sales of Hyundai''s current SUV lineup are up 11 percent for the first seven months of this year. "Our glasses are fairly clean," O''Brien said. "We understand where we have a shortfall." Reporting by Paul Lienert in DETROIT and Hyunjoo Jin in SEOUL; Additional reporting by Joe White in DETROIT; Editing by Nick Zieminski and Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hyundai-motor-strategy-idUKKCN1B305Q'|'2017-08-23T04:49:00.000+03:00'|5915.0|13.0|0.0|'' 5916|'398099f548c388d624f91a1e40525fb4060db179'|'Second Mexico exchange aims to open at start of 2018 -bourse chief - Reuters'|'MEXICO CITY, Aug 28 (Reuters) - Mexico''s new, second stock exchange BIVA aims to be operating by the start of next year, as it bids to capture part of the existing market in Latin America''s No. 2 economy and entice more companies to issue stock, the new exchange''s president said on Monday.The Institutional Stock Exchange, known by its Spanish acronym BIVA, is set to formally receive its operating license at an event in Mexico City on Tuesday. It will compete with the Mexican Stock Exchange, or BMV.BIVA president Santiago Urquiza told Reuters that he saw a lot of potential for new public offerings from companies with annual sales of between 500 million pesos and 1 billion pesos ($28 million to $56 million)."There is a very big seedbed of highly prepared and institutionalized companies ... which are very close to the requirements to be listed," said Urquiza, who is also president of financial infrastructure provider CENCOR.BIVA will be backed by technology provided by Nasdaq, the second-biggest U.S. exchange, that is used by more than 70 markets around the world, he said.Urquiza said he expected the number of publicly traded companies in Mexico could increase over the next three years by about 30 percent to around 200 while daily volume in Mexican stocks could grow 50 percent to around 20 billion pesos. ($1 = 17.9300 Mexican pesos) (Reporting by Sheky Espejo) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mexico-exchange-idINL2N1LE1QL'|'2017-08-29T00:28:00.000+03:00'|5916.0|''|-1.0|'' -5917|'385cf31069b3bba4f309922b7b73e94a93fe1f68'|'Husky Energy to buy $435 million Wisconsin refinery'|'CALGARY, Alberta (Reuters) - Canadian integrated oil company Husky Energy Inc said on Monday it is buying a refinery in the United States from Calumet Specialty Products Partners LP for $435 million in cash.The refinery in Superior, Wisconsin, has capacity to process 50,000 barrels per day.The deal, which also includes the refinery''s associated logistics assets, will increase Husky''s refining capacity to 395,000 bpd, the company said.Husky produces primarily heavy oil from oil sands and conventional operations in western Canada and the deal will help it manage exposure to depressed global crude prices, which are hovering below $50 a barrel on concerns about a persistent supply glut."Acquiring the Superior Refinery will increase Huskys downstream crude processing capacity, keeping value-added processing in lockstep with our growing production," said CEO Rob Peabody.Husky currently produces around 320,000 bpd and aims to grow output to 400,000 bpd by 2021.Shares of Calumet rose 9 percent to $5.93 in late morning trade on the Nasdaq, while Husky''s shares rose 0.5 percent to C$14.69 on the Toronto Stock Exchange.Husky said it would retain about 180 workers at the refinery, which can process Canadian heavy crude and light and medium barrels from Canada and the Bakken region, and also boosts the company''s asphalt production capacity.The company said it is deferring a decision on whether to expand asphalt capacity at its Lloydminster, Saskatchewan, refinery until after 2020 and will be considered again as heavy oil production grows.BMO Capital Markets was Husky''s financial adviser on the deal and Milbank LLP its legal adviser.Reporting by Nia Williams in Calgary and Ahmed Farhatha in Bengaluru; Editing by Maju Samuel and David Gregorio'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/husky-energy-refinery-calumet-splty-idINKCN1AU20T'|'2017-08-14T15:41:00.000+03:00'|5917.0|''|-1.0|'' +5917|'385cf31069b3bba4f309922b7b73e94a93fe1f68'|'Husky Energy to buy $435 million Wisconsin refinery'|'CALGARY, Alberta (Reuters) - Canadian integrated oil company Husky Energy Inc said on Monday it is buying a refinery in the United States from Calumet Specialty Products Partners LP for $435 million in cash.The refinery in Superior, Wisconsin, has capacity to process 50,000 barrels per day.The deal, which also includes the refinery''s associated logistics assets, will increase Husky''s refining capacity to 395,000 bpd, the company said.Husky produces primarily heavy oil from oil sands and conventional operations in western Canada and the deal will help it manage exposure to depressed global crude prices, which are hovering below $50 a barrel on concerns about a persistent supply glut."Acquiring the Superior Refinery will increase Huskys downstream crude processing capacity, keeping value-added processing in lockstep with our growing production," said CEO Rob Peabody.Husky currently produces around 320,000 bpd and aims to grow output to 400,000 bpd by 2021.Shares of Calumet rose 9 percent to $5.93 in late morning trade on the Nasdaq, while Husky''s shares rose 0.5 percent to C$14.69 on the Toronto Stock Exchange.Husky said it would retain about 180 workers at the refinery, which can process Canadian heavy crude and light and medium barrels from Canada and the Bakken region, and also boosts the company''s asphalt production capacity.The company said it is deferring a decision on whether to expand asphalt capacity at its Lloydminster, Saskatchewan, refinery until after 2020 and will be considered again as heavy oil production grows.BMO Capital Markets was Husky''s financial adviser on the deal and Milbank LLP its legal adviser.Reporting by Nia Williams in Calgary and Ahmed Farhatha in Bengaluru; Editing by Maju Samuel and David Gregorio'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/husky-energy-refinery-calumet-splty-idINKCN1AU20T'|'2017-08-14T15:41:00.000+03:00'|5917.0|5.0|4.0|'' 5918|'938bce8e0af448895ebd8a9df4d82972c32b6bd7'|'BHPs shale sale could happen: this is not a drill'|'I t has been a turbulent few years for BHP Billiton , the worlds largest mining and petroleum company.First came the Samarco tragedy in Brazil, when the collapse of a dam at its iron ore mine unleashed a flood and killed 19 people. The company is still facing the prospect of criminal charges and a potential $47bn settlement over the worst environmental disaster in Brazilian history.More recently, BHP came under attack from activist hedge fund Elliott Advisors, which has built up a 5% stake as it bids to force executives to rethink the firms strategy. Elliott wants BHPs bosses to bow to its demands, which include the sale of its US shale oil business. The division was snapped up when oil prices were above $100, but is considerably less attractive now that Brent crude is hovering closer to $50.BHP may be reluctant to seek a buyer at a time when the price is likely to be low, but it is caught between an oil-bearing rock and a hard place.Incoming chairman Ken MacKenzie, due to start in September, was Elliotts favoured candidate. He will have been hearing Elliotts views on the matter, as well as those of BHPs many powerful investors. That makes Mondays full-year results presentation among the most important in BHPs recent history. Is Elliotts 5% stake a large enough lever to move the biggest mining firm in the world?Hold your horses, Jacob Jacob Rees-Mogg, the Conservative politician famed for never having changed a nappy and definitely not wanting to be prime minister, this week tweeted the good news that unemployment had fallen to a 42-year low. This, he suggested, gave the lie to the Brexit disaster forecast by HM Treasury. Several pundits and members of the public reminded Rees-Mogg that, as it hasnt happened yet, the Brexit disaster may be looming rather than immediately upon us.Expect similar arguments to be rehearsed this week when a revised estimate of the UKs second-quarter GDP figures is released. This will include data not taken into account when calculating the lacklustre 0.3% GDP rise reported last month. Any downward revision will be seized upon by Brexit naysayers as evidence of icebergs ahead. A stable number or upward revision will strengthen the resolve of those seeking evidence that Britain can prosper on its own.Either way, growth figures released while Britain is still in Europe will tell us very little about life outside. Of course, that wont prevent the numbers being deployed in Brexit arguments from Twitter to the Dog and Duck.Speaking volumes about the jobless It isnt very often that the typically dry lexicon of the Office for National Statistics overlaps with the definitions included in the Urban Dictionary, the online repository for unsavoury slang, youthspeak and neologisms.This coming Thursday is an exception, because the ONS is due to issue the latest figures on Neets, the acronym for people who are Not in Education, Employment or Training. Its a term that, according to Google, came into common parlance in around 1999 and has surged in popularity since. It has even spawned a Spanish equivalent, ni-nis, meaning those who enjoy ni estudia, ni trabajo , meaning neither study nor work.The Urban Dictionary, somewhat unfairly, offers synonyms for Neets including bums and layabouts with no future. The ONS is likely to be more circumspect than that, given that the number of Neets is certainly no laughing matter. Any swelling in their numbers will be seen as a worrying counterpoint to the UKs low jobless count. Thats because people who are not working or studying tend to become less employable with time, suggesting that while unemployment is currently low, we may be storing up a joblessness crisis for the future unless something is done to nip the problem in the bud.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/20/bhp-billiton-shale-sale-could-happen-not-a-drill'|'2017-08-20T14:00:00.000+03:00'|5918.0|''|-1.0|'' 5919|'cf1bf7d73a32ec08a73f6fa1ffc38dd862264936'|'RPT-Wall St Week Ahead-Shift from non-GAAP bottom lines could be good for stock prices'|'(Repeats story first published Friday with no changes to text)By Noel RandewichSAN FRANCISCO, Aug 18 (Reuters) - Investors worried about lofty stock-market valuations may take comfort in signs that companies in the benchmark S&P 500 index are padding their bottomlines less than they have in previous years.Recent changes to accounting standards and a crackdown last year by the Securities Exchange Commission are encouraging many companies to be more cautious about reporting metrics that do not adhere to Generally Accepted Accounting Principles (GAAP).The difference between S&P 500 companies'' GAAP net incomes and the adjusted versions of net income that they play up to Wall Street is expected to significantly shrink in 2017 for a second year, after hitting a high in 2015, according to a Thomson Reuters analysis.Such a decline may be good news for investors worried that stock prices have risen too far."The closer reported earnings are to GAAP, the more confident I''d be that investors are getting a fair characterization," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.On their income statements, companies often exclude "extraordinary" items, like charges associated with layoffs that they believe give investors an unclear picture of their performance. Those adjustments tend to make their profits appear stronger.After an 8-percent rise in 2017, the S&P 500 is trading at 17.8 times expected earnings, a level many investors consider expensive and increases the risk of a market selloff. But the expected earnings in that valuation are adjusted, not GAAP.To the extent that companies use non-GAAP accounting less this year than in recent years, investors may feel more comfortable paying higher valuations for their stocks."You''re getting more conservative in your earnings approach rather than more aggressive," said Phil Blancato, head of Ladenburg Thalmann Asset Management in New York. "That''s exactly why I don''t think current PEs are very expensive."NEW STANDARDS Following new accounting standards covering the taxation of stock-based compensation, Google parent company Alphabet Inc. stopped excluding stock-based compensation from its costs in the first quarter. Facebook Inc. said it would no longer emphasize non-GAAP expenses, income, tax rate or earnings per share.Responding to a new standard on revenue recognition, Microsoft Corp. recently said it will switch to GAAP revenue reporting.Analysts expect S&P 500 corporations in 2017 to report a total of about $1.06 trillion in GAAP net income, according to Thomson Reuters data. But allowing for non-GAAP adjustments made by many companies and analysts, total net income is expected to reach around $1.17 trillion.Still, that 10-percent difference between GAAP net income and the net income companies and many investors focus on is much smaller than in 2015, when the difference was 33 percent, the largest gap since at least 2009. Last year, the difference shrank to 22 percent. ( tmsnrt.rs/2fRRogA )Thomson Reuters analyzed 494 S&P 500 companies and adjusted some of their fiscal years to reflect calendar years. In cases where companies and analysts focused on GAAP, that number was counted as adjusted net income.Adding to pressure on U.S. chief financial officers, the SEC last year sent comment letters to corporations questioning their accounting methods. It warned companies not to produce misleading quarterly reports using larger fonts and bolded type to emphasize non-GAAP metrics."The SEC was upset about how non-GAAP was being used, and I think people have tried to listen to that. Nobody wants an SEC comment letter," said Takis Makridis, chief executive of Equity Methods, which advises companies on equity compensation.Silicon Valley''s technology giants have additional reasons to start emphasizing GAAP results."The biggest companies who, earlier in their evolution needed to show numbers that put them in a more favorable light, no longer need that advantage," said Pivotal Research analyst Brian Wieser. "It raises greater contrast with companies that are just emerging."Reporting by Noel Randewich; Editing by Bernadette Baum'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-stocks-weekahead-idINL2N1L60A6'|'2017-08-20T15:00:00.000+03:00'|5919.0|''|-1.0|'' 5920|'7d883dea7f0dd3db478fddc89277fe54ef26d472'|'A Google employee inflames a debate about sexism and free speech'|'SILICON VALLEYS leading firms celebrate disruption, but not disruptive employees. Google has found itself at the centre of controversy after an anonymous software engineer, later revealed to be a young Harvard graduate called James Damore, published a ten-page memo on two internal company networks explaining why there are so few women in the upper echelons of the technology industry.Instead of sexism, he pointed to biological factors, such as womens supposedly greater interest in people and their predisposition to anxiety and stress at work. In promoting gender diversity, he charged, Google silences those people whose political views differ from Californias liberal mainstream. 2 hours 2 hours ago Germanys election: a primer Kaffeeklatsch 3 6 6 10 hours ago See all updates Mr Damores insinuation that the small portion of Googles workforce that is both female and works in technology-related roles (see chart) may be unsuited for the work sparked an uproar inside and outside the company. Google was in a bind. It champions free expression and access to information, so many wondered how it would handle an employee who had complained that Silicon Valley was intolerant of different political viewpoints.The answer came on August 7th, when Google sacked him. Sundar Pichai, its boss, said that parts of Mr Damores memo violated its code of conduct and made its work environment hostile for women. Acting swiftly was important for the firm, which has been under investigation by the Department of Labour since April for discriminating against women by allegedly underpaying them by comparison with men.Men still occupy four-fifths of Googles technology-related roles, and 91% of its employees are either white or Asian. The firm probably felt a need to reassure its female employees and workers from ethnic and sexual-minority groups that it takes diversity seriously. In recent months Silicon Valley has been beset with proven cases of sexism against women at work and sexual harassment of female employees. So far it has been Uber, a ride-hailing firm with a particularly toxic culture of sexual harassment, that has come off worst: in recent months it has lost most of its executive ranks, including its boss, Travis Kalanick.Even had Google preferred to dress down rather than dismiss Mr Damore, in practice it would have been difficult to keep him. Women and others could have complained of discomfort working alongside him or reporting to him, and could have made claims against Google for employing someone disrespectful of colleagues and of the firms values.Yet to dismiss Mr Damores memo entirely is to overlook Silicon Valleys character and, perhaps, ways in which it might be changed. Most techies there consider him a black sheep, but he expressed ideas that some male computer-programmers think even if they never utter them aloud. I would be hard-pressed to name a person at Google who would disagree with 100% of what he wrote, says one female Googler. For the boss of a prominent tech startup, Googles sacking of him was chiefly for public consumption. This isnt a question of legality or policy. This is a question of virtue-signalling, he says, reflecting the view of many in the Valley.And although many of the memos assertions were risible, such as the idea that women are not coders because they are less intrigued by things than men are, others made more sense. One is that diversity initiatives could be more transparent. Today firms publish annual numbers about the composition of their workforce, but reveal little else. Companies across all industries could try harder to quantify how their initiatives are faring.Mr Damores broad argument, that the Valley is fairly tolerant of racial and gender diversity but intolerant of diversity of opinion, was his most powerful. In the liberal tech industry, vocal conservatives are as scarce and unpopular as feature phones. When Peter Thiel, a prominent venture capitalist, backed Donald Trump during the 2016 presidential campaign, he was condemned by many of his peers. Some say Mr Thiels politics will affect his firm, because some entrepreneurs do not want to be associated with his views and are unwilling to accept investment from his fund. A similar wind of intolerance is sweeping Americas liberal universities, where conservative speakers are facing protests and seeing their speeches cancelled.Mr Damore has said he may sue Google for infringing his right to free speech, although this may not go far. Americans right to free speech is protected by the constitution but does not exist legally at work, though many do not understand the distinction. In California, like most states in America, people are employees at will, so they can be rapidly dismissed if their conduct breaches company policies.He will certainly be lionised by supporters. The Alt-Right movement in America is celebrating his frankness. Some members have started a crowdfunded campaign to support him, should he sue Google and fail. Some wonder if the memos timingpublished in the dog-days of summer when it was likely to get most attentionwas carefully chosen. Before Mr Damore was fired he filed a complaint with Americas National Labour Relations Board, which few employees would think to do without early legal advice, says Pamela Sayad, an employment lawyer.The sacking of Mr Damore may fade from the news, but the debate about gender in technology is likely only to intensify. Those under fire for their treatment of women include not only Uber but several venture-capital firms, accused of inculcating the male-dominated cultures of the young companies they finance. The other effect will be to deepen debate about freedom of expression at work. Google may have acted wisely for its female employees and for its public image. But it has not satisfactorily answered the question of how those who express controversial opinions at work should be handled. Many people will note that a company that is known for its bold, out-of-the-box thinking chose to live and die by its employee manual. "Youre fired"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21726078-sacked-james-damore-has-become-hero-alt-right-google-employee-inflames-debate-about?fsrc=rss%7Cbus'|'2017-08-10T22:41:00.000+03:00'|5920.0|''|-1.0|'' @@ -5930,7 +5930,7 @@ 5928|'1520eb91ed9cda28dc0464ef00c0fc6479e117c3'|'Emerging economies await end to ECB largesse with record euro debt'|'August 21, 2017 / 3:21 PM / 3 hours ago Emerging economies await end to ECB largesse with record euro debt Marc Jones and Sujata Rao 8 Min Read FILE PHOTO: A Bank Indonesia employee counts damaged or worn rupiah bank notes exchanged for new ones at the bank''s headquarters in Jakarta, Indonesia December 16, 2015. Darren Whiteside/File Photo LONDON (Reuters) - Emerging economies'' debt in euros has shot to record highs thanks to European Central Bank largesse, and yet an approaching end to this generosity won''t necessarily inflict the kind of pain that markets once suffered at the hands of the U.S. Fed. The ECB''s intention to start winding up its 60 billion-euro (55 billion pounds) a month stimulus programme for the euro zone economy has revived bad memories of when the Federal Reserve tried to signal something similar in 2013. That led to the ''taper tantrum'' when investors took fright at the prospect that the ultra-cheap dollar funding they had grown used to would taper away. While the ECB will doubtless proceed cautiously with its own tapering process, the risk is that it could derail an emerging market (EM) rally. UBS strategist Manik Narain, however, argues that withdrawing quantitative easing (QE) in the euro zone won''t hurt so much as the dollar process. "ECB tapering will have an impact but it''s definitely the lesser of the two evils," he said. While governments, companies and consumers in emerging economies have binged on cheap euro borrowing for the past 2-1/2 years, the total remains modest compared with their dollar debts, Narain pointed out. No central bank is finding it easy to withdraw policies that helped to keep Western economies afloat after the global financial crisis. Investors are awaiting word from ECB President Mario Draghi, who will speak at a central bankers'' meeting in the United States this week, on how he proposes to engineer a gradual end to the era of mass bond buying and negative interest rates. The important thing is to avoid a repeat of the taper tantrum of four years ago. This wiped half a trillion dollars off MSCI''s emerging equity index .MSCIEF in three months, raised countries'' borrowing costs by an average 1 percentage point .JPMEGDR and pushed some emerging currencies down by as much as 20 percent against the dollar. BRLUSD=R TRYUSD=R ZARUSD=R Now it is the ECB''s turn. Draghi will deliver no new policy messages during this week''s conference at Jackson Hole, sources say. However, expectations are high that he will tackle the issue at one of the ECB''s policy meetings next month or in October.. Under Draghi, the ECB has pumped more than 2 trillion euros ($2.35 trillion) into the global financial system. His first hint in June that tapering might be coming pushed the MSCI''s emerging equity index down 2 percent over the following week. On currency markets, Turkey''s lira and South Africa''s rand fell sharply, not only against a broadly stronger euro but also the dollar. Investors were unsettled by the prospect of higher euro zone bond yields dragging up U.S. borrowing costs in their wake. STELLAR GAINS Emerging markets have achieved stellar gains this year but investors using the euro have largely missed out due to the currency conversion. The dollar has fallen 5 percent versus a basket of emerging currencies tracked by UBS, but the euro is up 6 percent. Only four emerging currencies - those of Poland, the Czech Republic, Hungary and Mexico - have strengthened against the euro this year: reut.rs/2fbnVOo . Developing economies are more exposed to the euro than any other time in history. Their euro-denominated debt - including bonds and bank loans - has ballooned by almost 100 billion euros over the last seven years to around 250 billion, according to data from the Bank for International Settlements. In Mexico alone, debt in euros has quadrupled since 2010 to over 42 billion euros: reut.rs/2fp2UQ8 But even then overall emerging borrowers'' euro debt is dwarfed by the $1.7 trillion they owe in dollars. So they are much more susceptible to movements in U.S. government bond yields than those on the euro zone benchmark, German Bunds. "The bulk of EM external debt is in dollars rather than euro and the EM corporate sector gravitates towards dollar funding... so a 50 basis-point move in Treasuries matters a lot more than 50 bps move in Bunds, other things being equal." LIMITED HOLDINGS FILE PHOTO: People look at an electronic board showing the graph of the recent fluctuations of market indices at the floor of Brazil''s BM&F Bovespa Stock Market in downtown Sao Paulo, Brazil, January 7, 2016. Paulo Whitaker/File Photo European exposure to emerging stocks and bonds also lags the United States. UBS research suggests more than 60 percent of EM carry trades - borrowings in cheap developed economy currencies invested in higher-yielding emerging currencies - are denominated in dollars, Narain said. As of June 2016, euro zone investors held about 407 billion euros'' worth of emerging currency-denominated debt, according to calculations by Bank of America Merrill Lynch (BAML). But this is little changed from December 2013. David Hauner, head of emerging markets cross-asset strategy at BAML, says European investors do not appear to have moved heavily into emerging debt during the ECB''s quantitative easing (QE) years. In fact, most moves happened during the Fed''s own bond-buying from 2009 onwards and when the ECB started its earlier programme of showering banks with unlimited, ultra-cheap funding. A quarter of this money was invested in Polish, Hungarian and Czech debt, the data shows. Turkey accounts for another 42 billion euros, while Brazil and Mexico had 39 billion and 74 billion respectively. Analysis from the Institute of International Finance supports that view. It estimates $200-$300 billion flowed to emerging stocks and bonds annually during the peak years of the Fed''s bond buying in 2012-2013. But by last year, when the ECB''s QE peaked, flows declined to $100 billion. The view that emerging market investing remains a dollar story is supported by a Deutsche Bank study of an equally weighted euro-dollar basket versus 12 emerging currencies. This showed that emerging currencies tended to fall an average 0.6 percent in months when the dollar strengthened, whereas they rose by 0.4 percent against the basket during times of euro strength. "These results suggest that if external conditions remain relatively benign, the current emerging currency appreciation cycle has more room to run," Deutsche''s Gautam Kalani added. At BAML, Hauner says euro-based investors earn a better yield premium by investing in emerging markets than those using the dollar. "Unless dollar strength is extreme, euro-based investors do better in EM than dollar-based investors, as euro/dollar removes much of the volatility in emerging currencies," he said. "In a nutshell we are not very concerned about this." < Emerging market currencies basket in 2017 reut.rs/2fsuv32 EM dollar and euro debt reut.rs/2hGiTdC EM euro debt by country reut.rs/2fp2UQ8 Emerging market currencies vs dollar and euro (static for in line) reut.rs/2fbnVOo Euro investors'' emerging debt holdings reut.rs/2idbJ0H > Reporting by Marc Jones and Sujata Rao; editing by David Stamp 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-emerging-markets-currencies-analysis-idUKKCN1B11T5'|'2017-08-21T18:21:00.000+03:00'|5928.0|''|-1.0|'' 5929|'48566df3b0e7763853b8098ce96d716e7456fed2'|'Exclusive - China''s Belt and Road acquisitions surge despite outbound capital crackdown'|'August 16, 2017 / 12:33 AM / 12 minutes ago Exclusive - China''s Belt and Road acquisitions surge despite outbound capital crackdown Kane Wu and Sumeet Chatterjee 5 Min Read FILE PHOTO - China''s President Xi Jinping arrives for the opening ceremony of B20 Summit ahead of G20 Summit, in Hangzhou, Zhejiang Province, China, September 3, 2016. Aly Song/File Photo HONG KONG (Reuters) - Mergers and acquisitions by Chinese companies in countries that are part of the Belt and Road initiative are soaring, even as Beijing cracks down on China''s acquisitive conglomerates to restrict capital outflows. Chinese acquisitions in the 68 countries officially linked to President Xi Jinping''s signature foreign policy totalled $33 billion as of Monday, surpassing the $31 billion tally for all of 2016, according to Thomson Reuters data. Unveiled in 2013, the Belt and Road project is aimed at building a modern-day "Silk Road", connecting China by land and sea to Southeast Asia, Pakistan and Central Asia, and beyond to the Middle East, Europe and Africa. At a summit in May, Xi pledged $124 billion for the plan, but it has faced suspicion in Western capitals that it is intended more to assert Chinese influence than Beijing''s professed desire to spread prosperity. The surge in Chinese companies'' acquisition-linked investments in the Belt and Road corridor comes as the volume of all outbound mergers and acquisitions from China has dropped 42 percent year-on-year as of Monday, the Thomson Reuters data showed. Beijing''s move to prop up the yuan by restricting the flow of capital outside the country and clamp down on debt-fuelled acquisitions to ensure financial stability has made it tougher for buyers to win approvals for deals abroad. Regulators have tightened the screws further since June, reviewing deal agreements in minute detail and ordering a group of lenders to assess their exposure to offshore acquisitions by several big companies that have been on overseas buying sprees, including HNA Group, Dalian Wanda Group and Fosun Group. The heightened regulatory scrutiny of overseas acquisitions comes after companies spent a record $220 billion in 2016 on assets overseas, buying up everything from movie studios to European football clubs. The scrutiny, however, has not impacted Chinese companies'' pursuit of targets along the Belt and Road corridor, as those investments are considered strategic for the companies as well as the Chinese economy. "People are thinking in a long-term approach when making investments along Belt and Road countries," said Hilary Lau, a corporate and commercial lawyer and partner at the law firm Herbert Smith Freehills. "The acquisitions are also policy-driven. There are funds allocated by Chinese banks and state funds for Belt and Road deals," he said. FILE PHOTO - A security guard stands at the entrance to the opening ceremony of the Belt and Road Forum in Beijing, China, May 14, 2017. Thomas Peter/File Photo The number of Chinese deals targeting Belt and Road countries totalled 109 this year, compared to 175 in the whole of last year and 134 in 2015, the Thomson Reuters data showed. APPROVAL PROCESS Companies enjoy a relatively smooth approval process for deals along the Belt and Road project as regulators tend to put them in a different basket when reviewing outbound investments, according to lawyers and dealmakers. "If you are doing One Belt, One Road, that becomes the first sentence in the document" to the regulators, said a senior investment advisor at a Chinese company that has acquired several overseas businesses. "It is a wise thing to point out early on," said the advisor, who requested anonymity because he was not authorised to speak to the media. Outbound deals currently take as long as six months to be approved by Chinese regulators. However, Belt and Road investments tend to get regulatory clearance within three or four months, according to a Hong Kong-based senior M&A banker. The largest deal in a Belt and Road country so far this year was a Chinese consortium''s $11.6 billion buyout of the Singapore-based Global Logistics Properties ( GLPL.SI ). Other top deals include the $1.8 billion purchase of an 8 percent ownership interest in an Abu Dhabi oil company by the state-owned oil giant China National Petroleum Corp, and HNA Group''s $1 billion acquisition of a logistics company, CWT Ltd, which has not yet closed. The State Administration of Foreign Exchange, China''s foreign exchange regulator, said this month that domestic companies would still be encouraged to participate in Belt and Road activities. HNA, which has seen at least two overseas deals hit a hurdle as a result of the crackdown on transferring money, has said it plans to prioritize investments that are in industries and regions mapped out under the Belt and Road initiative. The belt and road acquisitions are predominantly in energy and infrastructure sectors, said Hilary Lau of Herbert Smith Freehills. "We''ve seen a lot of activities recently in Indonesia, Malaysia and Myanmar. The whole Sri Lanka, India and Bangladesh corridor is also hot as it''s connecting the East and West," he said. Reporting by Kane Wu and Sumeet Chatterjee; Editing by Philip McClellan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-m-a-exclusive-idUKKCN1AW00Q'|'2017-08-16T10:18:00.000+03:00'|5929.0|''|-1.0|'' 5930|'60d2a71115044a3e8b22a6cdf5ea33f258526592'|'German watchdog demands on-the-ground management for banks post-Brexit'|' 11 PM / 43 minutes ago German watchdog demands on-the-ground management for banks post-Brexit Reuters Staff 2 Felix Hufeld, President of Germany''s Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) attends the G20 Germany 2017 Conference in Wiesbaden, Germany January 25, 2017. Ralph Orlowski/File Photo FRANKFURT (Reuters) - Germany''s top financial watchdog demanded on Wednesday that banks moving to Europe in the wake of Brexit be managed hands-on and on the ground. Managers can''t fulfil their duties by just "casually dropping by", said Felix Hufeld, president of the German regulator BaFin. Hufeld was addressing a reception of foreign bankers in Frankfurt, which has convinced a number of banks to move operations to Germany''s financial capital as Britain prepares to exit the European Union. Fearing a threat to financial stability, regulators want to prevent banks currently in London from setting up mere shells here that would allow them to be licensed for operating in the European Union. "It must be ensured that executives also perform their tasks on the ground in full. Fly & Drive may be acceptable in individual cases for a transitional period, but in the long term we also expect top management to have more than a mere door sign in the EU 27 states," Hufeld said. Hufeld also advised banks seeking a foothold here to apply for a licence sooner rather than later and to use the move as an opportunity to upgrade outdated IT. Reporting by Tom Sims; Editing by Georgina Prodhan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-regulation-idUKKCN1BA2AL'|'2017-08-30T20:11:00.000+03:00'|5930.0|''|-1.0|'' -5931|'03071d81f1f6560854ea7c2257e3dc8b328301c2'|'China sees apparent natural gas consumption rising by 10 percent in 2017'|' 11 AM / 13 minutes ago China sees apparent natural gas consumption rising by 10 percent in 2017 SHANGHAI (Reuters) - China expects its apparent natural gas consumption to rise over 10 percent year-on-year to around 230 billion cubic metres (bcm) this year, the official Xinhua news agency said on Saturday citing a report from the National Energy Administration. The country''s apparent natural gas consumption reached 114.6 bcm in the first half of this year, up 15.2 percent from the same period a year earlier. Reporting by Winni Zhou and Brenda Goh; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-energy-consumption-idUKKCN1AZ092'|'2017-08-19T12:12:00.000+03:00'|5931.0|''|-1.0|'' +5931|'03071d81f1f6560854ea7c2257e3dc8b328301c2'|'China sees apparent natural gas consumption rising by 10 percent in 2017'|' 11 AM / 13 minutes ago China sees apparent natural gas consumption rising by 10 percent in 2017 SHANGHAI (Reuters) - China expects its apparent natural gas consumption to rise over 10 percent year-on-year to around 230 billion cubic metres (bcm) this year, the official Xinhua news agency said on Saturday citing a report from the National Energy Administration. The country''s apparent natural gas consumption reached 114.6 bcm in the first half of this year, up 15.2 percent from the same period a year earlier. Reporting by Winni Zhou and Brenda Goh; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-energy-consumption-idUKKCN1AZ092'|'2017-08-19T12:12:00.000+03:00'|5931.0|11.0|0.0|'' 5932|'032dedf399e09569ac0b831c63892b71efd5d9a1'|'Goldman Sachs declares 3.9 pct stake in Spain''s DIA - filing'|'FILE PHOTO - A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York, U.S. on January 24, 2014. Lucas Jackson/File Photo MADRID (Reuters) - Goldman Sachs owns 3.9 percent of Spanish supermarket chain DIA ( DIDA.MC ), according to a filing with Spain''s market regulator made days after Russian billionaire Mikhail Fridman''s investment vehicle bought a stake in the firm.Investors have to declare their company holdings to regulators in Spain when they exceed 3 percent.According to the filing, Goldman''s stake went over 3 percent on July 28, the day Fridman''s LetterOne Investment Holdings said it had bought a 3 percent stake and had an option to buy another 7 percent, sending DIA''s shares up 15 percent.The U.S. investment bank disclosed its stake to the regulator on Aug. 3, the filing shows.Other major investors in DIA include Baillie Gifford, with 10 percent, Black Creek Investment with 4.98 percent, BlackRock ( BLK.N ) with 6.5 percent and Morgan Stanley ( MS.N ) with 6.5 percent, according to Spain''s CNMV regulator.Fridman''s LetterOne is aiming to become a big investor in the food and retail sector. Its L1 Retail division was launched in December and in June agreed to buy Britain''s Holland & Barrett health foods chain for 1.77 billion pounds ($2.3 billion).Reporting by Andres Gonzalez; writing by Sarah White; editing by David Clarke'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-dia-investors-goldmansachs-idUSKBN1AK1KG'|'2017-08-04T16:03:00.000+03:00'|5932.0|''|-1.0|'' 5933|'284505c2b78eb8a2fe0a385db4a59a092adeffeb'|'Worldpay granted second deadline extension for Vantiv deal'|'Traders wait for news at the post where U.S. credit card technology firm Vantiv Inc is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid LONDON (Reuters) - U.S. credit card payments processor Vantiv ( VNTV.N ) has finalised a deal to buy Britain''s Worldpay ( WPG.L ) and the transaction is expected to be announced on Wednesday, sources with knowledge of the matter told Reuters.Worldpay, Britain''s biggest payments processor, said earlier on Tuesday that the deadline for the deal first announced on July 5 had been pushed back to Aug. 11 because the two companies needed more time to reach a final agreement.In July, Vantiv offered 55 pence in cash, 0.0672 of a new Vantiv share and a 5 pence cash dividend for each Worldpay share, equivalent to 385 pence per share and valuing the British company at 7.7 billion pounds ($10 billion).One of the sources said Vantiv has made some adjustments to the new governance structure but very little had changed in the composition of its cash and share offer for Worldpay, a former division of British lender Royal Bank of Scotland ( RBS.L ).Payments firms have become targets for credit card companies and banks looking to capitalize on a switch from cash to payments by smartphones or other mobile devices and a Worldpay deal would be the latest in a string of acquisitions.The new time limit announced on Tuesday was the second time the so-called put up or shut up deadline had been renegotiated.The sources said that under the finalised terms Cincinnati-based Vantiv would not offer any binding commitment to protect existing jobs in Britain but London would play a dominant role as the international base of the combined entity.The global headquarters of the new company will be in Cincinnati and it will have a primary listing in New York and a secondary one in London, the sources said.A top 20 Worldpay shareholder told Reuters that Vantiv''s initial plan to delist Worldpay from the London stock exchange had changed after objections from some Worldpay shareholders based in Britain who did not want U.S. stock.The Worldpay investor also expressed some concern about the premium the deal would offer in the event of a merger deal.MERGER FRENZY Ahead of an announcement, the two companies have expanded their advisory teams. Barclays ( BARC.L ) has come on board to help Worldpay alongside Goldman Sachs ( GS.N ) while Credit Suisse ( CSGN.S ) is now working for Vantiv with Morgan Stanley ( MS.N ), the Wall Street bank that used to control the business.Worldpay said its half-year results for the period ending June 30 would now be published on Wednesday and Vantiv''s second-quarter results were also pushed back a day to coincide with the new release date.Worldpay employs 4,500 people and says it processes about 31 million mobile, online and in-store transactions each day. It is facing a leadership change in Britain where the head of its UK division, Peter Jackson, will join gambling firm Paddy Power Betfair ( PPB.I ) as CEO.While banks have been trying to develop and buy more sophisticated payments technology, companies such as PayPal ( PYPL.O ) and Worldpay have gained a large market share as consumers adopt online shopping and cashless transactions.Worldpay and Vantiv were both spun out of their banks after the financial crisis and thrived on their home turf but are now part of a wave of payments company mergers around the world.British firm Paysafe Group ( PAYS.L ) has backed a 3 billion pound takeover offer from a consortium managed by Blackstone ( BX.N ) and CVC Capital Partners while London-based buyout fund Permira has taken a stake in payments company Klarna, one of Europe''s most highly valued tech startups.Danish payment services firm Nets A/S ( NETS.CO ) has been approached by potential buyers in what could be another sizeable deal and French payments specialist Ingenico joined the rush with a 1.5 billion euro swoop on Swedish rival Bambora.Reporting by Pamela Barbaglia and Ben Martin; editing by David Clarke'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-worldpay-vantiv-idINKBN1AO0L5'|'2017-08-08T04:48:00.000+03:00'|5933.0|''|-1.0|'' 5934|'934cf3533ccd220e4dcadb6a3486888db0839a21'|'EMERGING MARKETS-LatAm currencies firm after Yellen avoids discussing policy'|'By Bruno Federowski SAO PAULO, Aug 25 (Reuters) - Latin American currencies strengthened on Friday after U.S. Federal Reserve Chair Janet Yellen refrained from commenting on monetary policy in a speech, easing concerns of investors who had braced for a hawkish signal. At a conference in Jackson Hole, Wyoming, Yellen said regulations put in place after the 2007-2009 financial crisis had strengthened the financial system without impeding economic growth, and any future changes should remain modest. "Maybe Yellen didn''t comment on the economy because she''s not very confident on the outlook," a New York-based portfolio manager said. A batch of mixed U.S. economic figures have cast a shadow on the nation''s economic recovery, driving some investors to dial back bets on an interest rate increase this year. A slower path of U.S. rate hikes could drive up demand for high-yielding assets, benefiting currencies from emerging-market economies. Currencies in Latin American strengthened between 0.1 percent and 1.2 percent, tracking a global decline in the U.S. dollar. Stock markets, however, were mixed, following a recent stretch of gains. Mexico''s S&P/BVM IPC index was nearly flat, while Brazil''s benchmark index slipped 0.2 percent. Shares of meatpacker JBS SA jumped after an anti-corruption division within the Brazilian prosecutor general''s office on Thursday approved a leniency deal with its controlling shareholder, J&F Investimentos SA. Also fostering appetite for JBS shares was a Reuters report that state development bank BNDES is doing all it can to remove Chief Executive Officer Wesley Batista, who is at the center of a corruption scandal, from the company. Key Latin American stock indexes and currencies at 1520 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1086.99 0.42 25.53 MSCI LatAm 2890.79 0.04 23.46 Brazil Bovespa 70965.25 -0.24 17.83 Mexico S&P/BVM IPC 51467.08 -0.01 12.76 Chile IPSA 5169.41 0.32 24.52 Chile IGPA 25808.53 0.32 24.47 Argentina MerVal 23513.82 0.52 38.99 Colombia IGBC 10899.23 -0.26 7.61 Venezuela IBC 201173.22 0.71 534.51 Currencies daily % YTD % change change Latest Brazil real 3.1430 0.10 3.38 Mexico peso 17.6300 0.55 17.66 Chile peso 636.12 0.23 5.44 Colombia peso 2926.32 1.15 2.57 Peru sol 3.236 0.03 5.50 Argentina peso (interbank) 17.2150 -0.03 -7.78 Argentina peso (parallel) 18.23 0.16 -7.73 (Reporting by Bruno Federowski; Editing by Lisa Von Ahn) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emerging-markets-latam-idINL2N1LB0XL'|'2017-08-25T13:44:00.000+03:00'|5934.0|''|-1.0|'' @@ -5940,7 +5940,7 @@ 5938|'2022a8a00c83f756b6ed5b47c723c09c9936ebfc'|'RPT-European companies seek help dealing with activist investor threat'|'(Repeats story sent Aug 23, no change to text)By Clara Denina , Ben Martin and Maiya KeidanLONDON, Aug 23 (Reuters) - European companies are being told by their advisers to open up and engage more with existing shareholders to fend off the increasing threat from activist investors, who force strategy changes to push up a target''s share price.Activist investors are mostly hedge funds managing tens of billions of dollars of capital. The largest ones are from the U.S. and, having had success in North America and benefiting from a stronger dollar, they are flush with cash and looking for opportunities further afield.According to JP Morgan, activist investors have launched 119 campaigns in Europe in the 12 months to June 2017, compared to 100 a year earlier and 62 five years ago.That has pushed corporate management teams across Europe to ask investment bankers for help preparing defences in case an activist crops up on their shareholder register."We have seen a significant increase in calls from clients seeking our advice on how to prepare for when these investors knock on the door, especially after the activists'' stakes in Nestle and Clariant-Huntsman became public," said Hernan Cristerna, co-head of global M&A at JP Morgan.New York-based fund Corvex is pushing for Swiss chemicals company Clariant to abandon its proposed merger with U.S. peer Huntsman. Third Point, led by billionaire hedge fund manager Dan Loeb, took a $3.5 billion stake in Nestle in July and has started calling for an overhaul.Though there are several well-known European activists, such as TCI Fund Management and Cevian, most of the world''s largest funds such as Third Point, Elliott Management and ValueAct are American. Their success has crowded the U.S. market.Europe is seen as tempting as financial and political uncertainties have diminished. UK companies are thought to be particularly attractive targets due to corporate governance rules which give shareholders more influence, and the often large number of minority investors.Anglo-Australian miner BHP Billiton has spent the past five months trying to fend off demands for a shake-up by Elliot Management.On Tuesday, BHP said it was looking at options to exit its U.S. onshore shale business, conceding to one of Elliott''s demands.TACTICS Often activist investors initially engage with target companies quietly, discussing possibly strategy changes with them. Some firms welcome them, as they can help secure wider support from shareholders or insiders for major change.But mostly the funds are seen as a threat, especially when they start publicly calling for changes and criticising companies who will not adopt their recommendations."More companies in Europe feel the need to have a discussion with their advisers on activism - no one wants to fend off an activist attack in the public eye," JPM''s Cristerna added.Bankers said they advise clients to engage with existing shareholders to potentially dissuade them from supporting an activist attack. They also look at companies'' assets and advise them if any could be sold to improve shareholder returns.These pre-emptive moves might explain why the success rate of activist campaigns in Europe has been falling since 2014. According to data from industry tracker Activist Insight in 2017 just 32.8 percent of campaigns have been "at least partially successful", compared to 43.2 percent in 2016.Among those that emerged as clear victors this year in Europe is Nordic hedge fund Accendo Capital Managers, which became the largest shareholder in fibre optic manufacturer Hexatronic Group and whose stock has risen almost 80 percent since the initial investment.Others have achieved a more complicated victory, such as British hedge fund TCI, which became embroiled in aero engine maker Safran''s offer for Zodiac Aerospace. "We got most of what we asked for," TCI partner Jonathan Amouyal told Reuters in May after Safran cut its offer.At the same time, TCI has yet to make any tangible impact at Volkswagen where it is pushing for change. Volkswagen stock has fallen 2.14 percent since the hedge fund launched its activist campaign.CULTURAL DIFFERENCE U.S. bankers said that as campaigns targeting European firms increase, they are looking to cash in on advisory work."European institutional investors are less comfortable with the concept of activism from a cultural perspective, particularly when it''s a U.S. hedge fund coming over," said Chris Young, head of contested situations at Credit Suisse in New York."In the U.S., activists are often treated like rock stars, they get a lot of favourable press coverage and that''s not the case in Europe," he added.Citigroup this week announced it had hired Muir Paterson to head the bank''s global team of bankers advising companies on activist shareholders."We had teams in the U.S. dealing with activist issues and we also have now people in Europe, working closely with their U.S. colleagues because more often than not, these activists are the same," Severin Brizay, head of EMEA M&A at UBS said.For the funds themselves, this can also bring benefits.Harlan Zimmerman, a senior partner at Anglo-Swedish activist firm Cevian Capital, said some European companies are becoming more willing to engage with activist investors."With the proliferation of activism, companies and their advisers have gained a much better understanding of the spectrum of activism and how to engage with activists of all sorts," he said."There''s no longer a stigma from having certain activists involved and on a board. In fact some boards see it as a validation and helpful to realising their own objectives for the companies." (Editing by Rachel Armstrong and Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/investor-activism-europe-idINL8N1L94XM'|'2017-08-24T06:00:00.000+03:00'|5938.0|''|-1.0|'' 5939|'9cabd22f55496a2af58c8e046422f651cfef8902'|'S&P, Dow flat as strong data helps offset Trump''s North Korea comments'|'A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, U.S., December 28, 2016. Andrew Kelly/File Photo REUTERS - The S&P and the Dow opened little changed on Wednesday as investors focused on data that showed stronger-than-expected U.S. economic growth, helping offset worries over President Donald Trump''s latest tweet on North Korea.Gross domestic product increased at a 3.0 percent rate in the April-June period, the Commerce Department said in its second estimate.The upward revision in the second-quarter data from the 2.6 percent pace reported last month reflected robust consumer spending as well as strong business investment.Adding to the positive sentiment, a report from payroll processor ADP showed that U.S. private employers added 237,000 jobs in August for its biggest monthly increase in five months, above the 183,000 jobs expected by economists.The strong data could strengthen the Federal Reserve''s case for another rate hike this year.Chances of a rate hike rose to 37 percent from 32 percent after the data, according to CME Group''s FedWatch tool.The ADP report comes ahead of the more comprehensive government payrolls data for August on Friday.Investors are also keeping an eye out on the ongoing tensions between the United States and North Korea after Trump dismissed any diplomatic negotiations with North Korea, saying "talking is not the answer," a day after Pyongyang fired a ballistic missile over Japan.The "U.S. has been talking to North Korea, and paying them extortion money, for 25 years. Talking is not the answer," Trump tweeted on Wednesday."We suspect the North Korea problem, although not yet causing a rush to exit will eventually take a negative toll on the markets," said Peter Cardillo, chief market economist at First Standard Financial.Also on the radar is Trump''s first speech specifically on tax policy later in the day. The speech, officials said, would be about "why" reforming the tax code was needed, not about "how" to reform it."Trump''s outline of tax reform today is likely to be well received by the markets," Cardillo said.At 9:42 a.m. ET (1342 GMT), the Dow Jones Industrial Average was up 2.2 points, or 0.01 percent, at 21,867.57, the S&P 500 was up 1.23 points, or 0.05 percent, at 2,447.53.The Nasdaq Composite was up 18.79 points, or 0.3 percent, at 6,320.68, on gains in Apple and Amazon.Eight of the 11 major S&P sectors were lower, with the energy index''s 0.52 percent fall leading the decliners.Crude oil prices slid, while gasoline futures hit their highest since mid-2015 on Wednesday as flooding and damage from Harvey shut over a fifth of U.S. refineries. [O/R]Tropical Storm Harvey made its second landfall in Louisiana on Wednesday, pouring down more water after setting rainfall records in Texas.Among stocks, shares of H&R Block fell 7.2 percent to $27.29, the top S&P percentage loser, after the tax preparation service provider reported a bigger-than-expected quarterly loss. Chico''s FAS declined 7.41 percent after the apparel retailer forecast gross margin declines and a bigger drop in full-year comparable sales.Dycom Industries fell 5.71 percent after the broadband fiber installer''s forecast missed expectations.Declining issues outnumbered advancers on the NYSE by 1,435 to 1,087. On the Nasdaq, 1,152 issues rose and 1,130 fell.Reporting by Sruthi Shankar Sriraj Kalluvila '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-stocks-idINKCN1BA1NL'|'2017-08-30T17:31:00.000+03:00'|5939.0|''|-1.0|'' 5940|'18fb2c9f1670da548a36ff84b9e1c5b3fdf30783'|'China Coal Energy''s H1 profit soars on rising demand, prices'|'(Reuters) - China Coal Energy, the country''s second-largest coal producer, posted a 175 percent rise in first-half net profit on robust demand from utilities and government moves to curb oversupply and improve mine safety.Net profit rose to 1.7 billion yuan ($255.14 million) from 616 million yuan a year earlier, it said in a filing on the Shanghai stock exchange on Wednesday."We expect coal market to see stable supply and demand in the near future. Coal prices will remain within a reasonable range," China Coal President Li Yanjiang said in a statement.Thermal coal prices shot to record highs this year as people cranked up air conditioners due to a prolonged heatwave in China, hydropower cuts in the south and a crackdown on mine safety.Coal futures prices have risen more than 40 percent since the start of this year to 591 yuan ($88.71) on Wednesday, which is expected to boost earnings of other major suppliers, such as China Shenhua Energy Co Ltd and Inner Mongolia Yitai Coal Co Ltd.Shenhua Energy, whose first-half results are also due this month, said in late July it expected net profit to jump by almost 150 percent.($1 = 6.6623 Chinese yuan renminbi)Reporting by Meng Meng; Editing by Susan Thomas'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/china-chinacoal-results-idINKCN1B315D'|'2017-08-23T09:02:00.000+03:00'|5940.0|''|-1.0|'' -5941|'ac9d2b7c6084487c91b63cbfca734f8c77227e0a'|'Colombia coal output down 6.95 percent in second quarter'|'August 17, 2017 / 1:35 PM / 5 minutes ago Colombia coal output down 6.95 percent in second quarter 1 Min Read BOGOTA, Aug 17 (Reuters) - Colombia''s coal output fell 6.95 percent to 21.4 million tonnes in the second quarter from a year earlier, the national mining agency said on Thursday. The Andean nation, the world''s fifth-largest coal exporter, produced 23.07 million tonnes in the second quarter of 2016, the ministry said in a statement. The sector is seeking to produce 95 million tonnes this year. The biggest players in Colombia''s coal industry are Drummond Co, Glencore Plc, Murray Energy Corp''s Colombia Natural Resources and Cerrejon, which is jointly owned by BHP Billiton , Anglo American PLC and Glencore. (Reporting by Luis Jaime Acosta; Editing by Lisa Von Ahn) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/colombia-coal-idUSL2N1L30LB'|'2017-08-17T16:34:00.000+03:00'|5941.0|''|-1.0|'' +5941|'ac9d2b7c6084487c91b63cbfca734f8c77227e0a'|'Colombia coal output down 6.95 percent in second quarter'|'August 17, 2017 / 1:35 PM / 5 minutes ago Colombia coal output down 6.95 percent in second quarter 1 Min Read BOGOTA, Aug 17 (Reuters) - Colombia''s coal output fell 6.95 percent to 21.4 million tonnes in the second quarter from a year earlier, the national mining agency said on Thursday. The Andean nation, the world''s fifth-largest coal exporter, produced 23.07 million tonnes in the second quarter of 2016, the ministry said in a statement. The sector is seeking to produce 95 million tonnes this year. The biggest players in Colombia''s coal industry are Drummond Co, Glencore Plc, Murray Energy Corp''s Colombia Natural Resources and Cerrejon, which is jointly owned by BHP Billiton , Anglo American PLC and Glencore. (Reporting by Luis Jaime Acosta; Editing by Lisa Von Ahn) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/colombia-coal-idUSL2N1L30LB'|'2017-08-17T16:34:00.000+03:00'|5941.0|7.0|0.0|'' 5942|'f9bacc8ea643dfe4c1542a7b8de98d02178c8952'|'Brazil''s Bom Jesus creditors approve reorganization plan -source'|'SAO PAULO, Aug 2 (Reuters) - Creditors of Grupo Bom Jesus, a Brazilian grain producer that filed for bankruptcy protection in May, have agreed to proposed terms of a 2.6 billion reais ($835 million) debt restructuring, a source with knowledge of the matter said.All classes of creditors voted in favor of the plan in a court in the midwestern town of Rondonpolis, the source added.The approved reorganization plan allows the grain producer to sell assets such as farms to raise cash. Creditors can choose between debt maturities to up to 15 years or receive notes that may be repaid earlier once Bom Jesus sells assets, court documents seen by Reuters show.Reuters first reported the proposed terms of the restructuring, which is being advised by Pantalica Partners, a year ago.$1 = 3.1128 reais Reporting by Tatiana Bautzer; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/grupo-bom-jesus-restructuring-idINL1N1KO23B'|'2017-08-02T20:21:00.000+03:00'|5942.0|''|-1.0|'' 5943|'7599493cb84c417fd352944c49d8a74ae568892a'|'Exclusive - Blackstone in talks to sell stake in camera maker Leica: sources'|'August 2, 2017 / 3:44 PM / in 7 minutes Exclusive: Blackstone in talks to sell stake in camera maker Leica - sources Arno Schuetze 4 Min Read Vintage lenses and cameras of German camera manufacturer Leica are on display at the Leica headquarters in Wetzlar, Germany, November 10, 2016. Kai Pfaffenbach FRANKFURT (Reuters) - Buyout group Blackstone ( BX.N ) is in talks with potential buyers for its 45 percent stake in iconic high-end camera and sport optics maker Leica, people close to the matter said. The investor has teamed up with an investment bank to work out strategic options for the company and has already held talks with several potential acquirers, the people said, adding no official auction process was underway. Blackstone declined to comment. Any potential buyer will have to come to terms with Austria''s Kaufmann family, whose vehicle ACM owns a 55 percent stake in Leica, having brought in Blackstone as a co-investor in 2011. "ACM has long-term goals with Leica Camera," Leica Chairman and ACM managing director Andreas Kaufmann told Reuters, adding that his family''s definition of long-term was that of a 100-year horizon. Leica, one of the world''s oldest photography brands, traces its roots back to a German microscope producer founded in 1849, and launched its first 35 mm compact camera in 1924. The rise of competitors after the World War Two, especially in Japan, saw Leica transform into a niche upmarket brand. In 1996, Leica Camera separated from the microscope and measuring devices businesses and listed on the stock exchange, before luxury goods maker Hermes invested in it in 2000, later selling its stake to the Kaufmann family, which by end-2007 held 97 percent of the company. Leica is expected to report earnings before interest, tax, depreciation and amortization of roughly 70 million euros this year and may have a valuation of around 700 million euros ($828 million) in a potential deal, people close to the matter said. FILE PHOTO -- The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. Brendan McDermid/File Photo While mass market camera makers such as Canon ( 7751.T ) and Nikon ( 7731.T ) trade at 7 to 9 times their expected core earnings, Blackstone hopes to reap a premium to that for Leica, whose cameras are seen as luxury goods. Sport optics peers include Germany''s Zeiss and Austria''s Swarovski Optik. Zeiss is potentially interested in Leica Camera, but would only agree to a deal if it was able to secure a majority stake, the sources said. Potential buyers include other family investors, they said, adding that Asian optics groups and private equity funds had also shown interest. Last year, Chinese investor CDH expressed interest in buying Blackstone''s stake in Leica, but no deal materialized, one of the people said. China''s Huawei, founded by a former Chinese army engineer, has licensed Leica camera technology for use in some of its smartphones. Huawei is the world''s third largest smartphone maker. Providing cameras for other uses from smartphones to cars has emerged as a second pillar of suppliers, while pocket cameras sales have come under pressure from the rise of smartphones. Expensive lifestyle cameras have so far bucked that trend. Huawei was, however, unlikely to show interest in buying Blackstone''s stake, one of the people said. Zeiss and Huawei declined to comment, while CDH was not immediately available for comment. Additional reporting by Julie Zhu, Dasha Afanasieva and Eric Auchard; Editing by Maria Sheahan and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-blackstone-leica-camera-sale-idUKKBN1AI22V'|'2017-08-02T19:00:00.000+03:00'|5943.0|''|-1.0|'' 5944|'c1c8a49185671ad9ccb53fc463bceae0a6487f32'|'California insurance regulator to probe Wells Fargo over unwanted auto policies'|'August 8, 2017 / 3:56 PM / in 4 hours California insurance regulator to probe Wells Fargo over auto policies 3 Min Read A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith (Reuters) - California will investigate whether Wells Fargo & Co ( WFC.N ) and an insurance company harmed hundreds of thousands of residents by selling them insurance they did not need, the state''s insurance regulator said on Tuesday. California Insurance Commissioner Dave Jones said in a statement his department will look into so-called "force-placed" or "lender-placed" auto insurance underwritten by National General Insurance Co NGIN.DU for customers with auto loans from Wells Fargo. Wells Fargo declined to comment on the probe, while a National General representative could not be immediately reached for comment. Unwanted auto insurance is the latest chapter in a months-long scandal over sales practices at Wells, where employees also created as many as 2.1 million deposit and credit card accounts in customers'' names without their permission. The probe by California follows subpoenas issued by New York state''s banking and insurance regulator to two Wells Fargo units on Aug. 2. The New York Department of Financial Services (NYDFS) is demanding Wells turn over loan contracts with New York borrowers, its financing agreements with auto dealers, and agreements between Wells units and insurers, among other details, according to copies of the subpoenas seen by Reuters. Wells first became aware of potential problems a year ago, when the auto lending business began receiving an unusually high number of complaints, Franklin Codel, head of consumer lending, said in a recent interview. The bank said it would refund about $80 million to an estimated 570,000 customers who were wrongly charged for auto insurance from 2012 to 2017, including roughly 20,000 whose vehicles were repossessed. "Wells Fargo discontinued its Collateral Protection Insurance (CPI) program in September 2016 after finding inadequacies in vendor processes and our internal controls that negatively impacted some customers," the company said in a statement. National General was identified as an underwriter of the insurance in a report into the matter prepared for Wells by consultancy Oliver Wyman. The New York Times obtained a copy of the report. Reporting by Suzanne Barlyn; Editing by Bill Rigby and Chris Reese 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-wells-fargo-autos-idUSKBN1AO1VT'|'2017-08-08T18:56:00.000+03:00'|5944.0|''|-1.0|'' @@ -5953,7 +5953,7 @@ 5951|'69b400eaa72f138840b153ac16f2d6d6b32751fa'|'METALS-Metals slip from peaks, but iron ore rally supports'|'MELBOURNE, Aug 22 (Reuters) - London copper edged down on Tuesday from three-year highs touched the session before, but the resumption of a rally in iron ore prices offered support to the sector. FUNDAMENTALS * LONDON COPPER: London Metal Exchange copper had slipped 0.3 percent to $6,567 a tonne by 0153 GMT. That followed 1.5-percent gains the previous session, when prices hit their highest since November 2014 at $6,623 a tonne. * SHANGHAI COPPER: Shanghai Futures Exchange copper was holding 0.6-percent gains at 51,500 yuan ($7,737), having struck its strongest since March 2013 at 52,130 yuan a tonne overnight. * OTHER METALS: ShFE nickel trimmed early gains to hold up 1.7 percent, while zinc and lead sagged by 0.8 and 2.5 percent respectively. * CHINA STEEL: China''s steel sector offered some support, with rebar flat and Dalian iron ore up 3 pct. * PRICE OUTLOOK: "Maybe we have seen the high of this year, prices could consolidate a bit towards Q4," said one trader in Singapore. "I think medium term is still bullish on commodities (but) I am not too bullish for the short term. (Still), not a good time to short, even though looks high now." * CHINA DEBT: Rising corporate profits are providing Chinese policymakers with room to do more to tackle the countrys growing debt problems without inflicting major damage on the economy. * BHP: Global mining giant BHP Billiton posted a surge in annual underlying profit to $6.7 billion on Tuesday, but missed forecasts, and said it was putting its U.S. shale assets up for sale. * GERMANY ECONOMY: The German economy could grow faster this year than earlier expected on the back of exceptionally strong industrial production, exports and consumption, the Bundesbank said in a monthly report on Monday. * SHANGHAI FEES: The ShFE said on Monday it would adjust transaction fees for zinc futures for delivery in October and November and would limit the volumes non-members could trade each day from Aug. 23. * CHILE: The Chilean government rejected on Monday a controversial $2.5-billion copper and iron project proposed by privately-held Andes Iron, though the company vowed to appeal. * MINMETALS: China Minmetals Corp (CHMIN.UL) plans to invest 10 billion yuan ($1.50 billion) to upgrade its copper, lead and zinc smelting facilities Hunan province, a spokesman confirmed on Monday, after a recent rebuke from the Ministry of Environmental Protection (MEP). * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares edged higher on Tuesday, taking solace from modest gains on Wall Street even as investors remained wary ahead of the annual central banking conference in Jackson Hole later this week. DATA/EVENTS 0830 U.K. Public finances Jul 0900 Germany Economic sentiment index (ZEW) Aug 1300 U.S. Home prices (FHFA) Jun 1400 U.S. Richmond Fed manufacturing index Aug PRICES BASE METALS PRICES 0142 GMT Three month LME copper 6568 Most active ShFE copper 51530 Three month LME aluminium 2070 Most active ShFE aluminium 16310 Three month LME zinc 3110.5 Most active ShFE zinc 26095 Three month LME lead 2329.5 Most active ShFE lead 19155 Three month LME nickel 11295 Most active ShFE nickel 91510 Three month LME tin 20430 Most active ShFE tin 144360 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 542.59 LME/SHFE ALUMINIUM LMESHFALc3 315.17 LME/SHFE ZINC LMESHFZNc3 1304.28 LME/SHFE LEAD LMESHFPBc3 340.99 LME/SHFE NICKEL LMESHFNIc3 1795.98 ($1 = 6.6563 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-metals-idINL4N1L819E'|'2017-08-22T00:18:00.000+03:00'|5951.0|''|-1.0|'' 5952|'cb65be5270b1f69121825e857a93e72a2ca51679'|'Russia''s VTB says sees no risks from Otkritie bank''s bail out'|'The logo of Russian bank VTB is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Sergei Karpukhin MOSCOW (Reuters) - VTB ( VTBR.MM ), Russia''s second biggest lender, sees no risks for itself from the central bank''s bailout of Otkritie bank, it said on Thursday.State-controlled VTB, which holds just under a 10 percent stake in Otkritie group, the holding company that controls Otkritie bank, supported the group via loans and other instruments during its rapid growth.Asked about its role in Otkritie''s expansion, VTB said it worked with financial institutions "purely on a market basis.""Our cooperation with Otkritie is built on the same principles of openness and competitiveness as with other partners," it said in emailed replies to Reuters questions.The central bank said this week Otkritie group, whose other shareholders include holding company executives as well as Lukoil''s top managers and some others, grew too rapidly, with its capital failing to keep up with the expansion.VTB said its share in Otkritie bank''s liabilities was around 3 percent at its peak in the fourth quarter of 2015 and had fallen to insignificant levels since then. Those liabilities, it said, include trading operations with debt instruments."Other Russian financial institutions have worked with Otkritie in a much bigger scale," VTB said, without naming those institutions.The bank, which spent a couple of years absorbing Bank of Moscow, Russia''s biggest banking bail out to date, said Otkritie''s financial rescue did not pose any risks to VTB as it did not have credit risk secured by Otkritie bank shares.Under the bailout plan, the central bank will take a minimum of a 75 percent stake in Otkritie bank, Russia''s biggest private bank and seventh largest by assets. The stake may increase to 100 percent if the bank''s capital turns negative.VTB said it helped to finance Otkritie group''s purchase of a diamond business from Lukoil ( LKOH.MM ) for $1.45 billion, a deal that completed in May.That loan, VTB said, was provided at market rates and was not secured by Otkritie bank or group''s shares, but rather by other assets."We do not plan to pull out of Otkritie''s equity or to increase our current share. Neither do we plan to invest our own funds into the bank," VTB said.Editing by Mark Potter '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-russia-banks-otkritie-vtb-idUSKCN1BB257'|'2017-08-31T18:04:00.000+03:00'|5952.0|''|-1.0|'' 5953|'cc3a91bb3d4847f061c29f3ad82d439c24a3095e'|'Toll''s average price to fall as millennials buy cheaper homes'|'A Toll Brothers residential development is shown in Carlsbad, California, U.S., May 24, 2017. Mike Blake (Reuters) - Toll Brothers Inc''s ( TOL.N ) falling average selling price (ASP) signals a new normal for luxury homebuilders in the United States as they sell more, but lower-priced homes, to thrifty millennials.Toll reported its third straight quarter of ASP declines on Tuesday and forecast its first annual drop in home prices in seven years."We have to work harder to sell larger units at higher price points although we are not competing in the super tall or super expensive condominium product," Toll CEO Douglas Yearley said, talking about the company''s City Living Urban condominium unit.Toll, which typically makes homes that cost nearly $1 million, introduced a range of homes starting from $330,000 earlier this year, aimed at young and affluent first-time buyers. The cheapest Toll home costs upward of $200,000."The biggest opportunity right now is in the more affordable market where perhaps margins are little bit smaller but there is extraordinary demand," said Aaron Terrazas, senior economist at online real estate marketplace Zillow.Nearly a quarter of Toll''s orders this year were from millennial households where one buyer was 35 years of age or younger.Toll''s predicament is indicative of the changing mindset of millennials, who are fiscally prudent, and either want to buy cheaper homes, or rent."What we have seen is that some life events such as getting married and having children - a lot of millennials are postponing some of those and ... want to stay close to the city so their are looking for more affordable products," said Robert Rulla, a director at Fitch Ratings.Homebuilders including D.R. Horton Inc ( DHI.N ), the country''s biggest, and Meritage Homes Corp ( MTH.N ) have also introduced cheaper homes in the past few years.VOLUME GAME Toll''s third-quarter ASP fell 6 percent fell but volumes rose 26 percent. The company expects ASP to range between $800,000 to $825,000 in the fiscal year ending October, down from $847,700, a year earlier, and volumes to rise 15 percent to 20 percent.The trend of homebuilders selling more lower-priced homes is likely to continue in the near future even as average prices of new homes in the United States touch record highs, industry experts said.The median price for new homes sold rose to $316,200 in 2016 from $246,500 in 2006, according to the U.S. Census Bureau.Lower-priced homes come with smaller margins, but have quicker delivery times because they are easier to build."I think most homebuilders are going to take a hit on the margins and sell lower priced homes. It is going to be a volume game going forward," said Tania Onbek, owner of Connecticut-based mortgage broker On Deck Mortgage Services."Millennials are now thinking twice before splurging on buying a plush home ... and investors in the homebuilding industry should get used to this."Reporting by Arunima Banerjee and Yashaswini Swamynathan in Bengaluru; Additional reporting by Ankit Ajmera, Rachit Vats and Sweta Singh; Editing by Sayantani Ghosh'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-toll-brothers-results-prices-idUSKCN1B32GG'|'2017-08-24T04:26:00.000+03:00'|5953.0|''|-1.0|'' -5954|'5aee6f9c5203bb4f1cbaff88a922f0f907152260'|'How the shape of global banking has turned upside down'|'IN THE 1980s, when Citicorp was Americas largest bank and pursuing every avenue for international expansion, John Reed, the banks boss, would muse about moving its headquarters to a neutral location, notably the moon. Such sentiments are inconceivable today. Jamie Dimon, boss of JPMorgan Chase, Citis successor atop the league tables, recently said he is an American patriot first, head of a bank second. His strategy, though hardly shunning international markets, reflects this.Mr Dimon turned down several big foreign acquisitions before and during the financial crisis. His stellar reputation may rest as much on those undone deals as on those completed. Citi, meanwhile, has been lopping off foreign affiliates. It has retail operations in just 19 countries, down from 50 in 2007. Further contraction may be in the offing. Bank of America has long chosen to live down to its name, as an almost entirely domestic bank. The same process is under way in western Europe. Visible retrenchments by leading banks in each country reflect even deeper ones that are harder to see. On August 22nd McKinsey, a consultancy, released a trove of statistics showing how the map of global banking has changed over the past ten years. According to its analysis of the leading banks in each country, foreign claims (including loans, guarantees, etc) have contracted by a third for Swiss and British institutions and by half for those in the rest of Europe. Even the volume of foreign-exchange trading, after a long history of expansion, is falling.The downward trend is particularly sharp, and significant, in correspondent banking, traditionally seen as the first level of financial support for world trade (see chart). The correspondent ties between banks in different countries have mattered particularly for companies in places without global banks that can finance imports and exports. The number of correspondent relationships has been declining since 2011, according to McKinsey.Why this has occurred is no mystery. Correspondent relationships used to be seen as a responsible way for a bank to transact business in a country it did not know well. It has become a source of vulnerability: a bank may be held accountable for any transaction even if only as a link in a long chain. The rising cost of complying with regulations on money-laundering, economic sanctions and terrorism-financing has had the predictable consequence of prompting a broad pullback.Harder to understand is work by the Bank of England and Americas National Bureau of Economic Research, showing a long-term correlation between growth in capital requirements and declines in cross-border lending. McKinsey notes that rules passed to ensure liquidity, particularly in a crisis, may be easier to satisfy if money is close to home.American and European retrenchment has been partially offset by expansion elsewhere. Canadian banks, which sailed through the financial crisis, now have half their assets offshore, up from 38% a decade ago. Chinese banks, having had negligible foreign assets a decade ago, now have more than $1trn. Strong domestic growth means that this sum is still just a tiny fraction of their balance-sheets. Banks in Japan, India and Russia are also expanding internationally at a strong pace.This geographic shift could continue for many years to come. Similar trends, however, have been seen in the past only to go abruptly into reverse. The Chinese government has recently signalled its concern at some Chinese firms foreign acquisitions, suggesting there may be problems percolating. Whether Western banks stir from their recent quiescence may also depend on the regulators. Over correspondent banking, for example, there is a debate in government. The State Department wants Americas banks to bring other countries, especially poor ones, into the global financial system. The Treasury, focused on checking untoward activity and holding banks to account, is more cautious. Banks would like to stay out of the crossfire. Finance and economics "Changing maps"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21727088-american-and-european-banks-stay-more-home-chinese-ones-extend-their-reach-how?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'|5954.0|''|-1.0|'' +5954|'5aee6f9c5203bb4f1cbaff88a922f0f907152260'|'How the shape of global banking has turned upside down'|'IN THE 1980s, when Citicorp was Americas largest bank and pursuing every avenue for international expansion, John Reed, the banks boss, would muse about moving its headquarters to a neutral location, notably the moon. Such sentiments are inconceivable today. Jamie Dimon, boss of JPMorgan Chase, Citis successor atop the league tables, recently said he is an American patriot first, head of a bank second. His strategy, though hardly shunning international markets, reflects this.Mr Dimon turned down several big foreign acquisitions before and during the financial crisis. His stellar reputation may rest as much on those undone deals as on those completed. Citi, meanwhile, has been lopping off foreign affiliates. It has retail operations in just 19 countries, down from 50 in 2007. Further contraction may be in the offing. Bank of America has long chosen to live down to its name, as an almost entirely domestic bank. The same process is under way in western Europe. Visible retrenchments by leading banks in each country reflect even deeper ones that are harder to see. On August 22nd McKinsey, a consultancy, released a trove of statistics showing how the map of global banking has changed over the past ten years. According to its analysis of the leading banks in each country, foreign claims (including loans, guarantees, etc) have contracted by a third for Swiss and British institutions and by half for those in the rest of Europe. Even the volume of foreign-exchange trading, after a long history of expansion, is falling.The downward trend is particularly sharp, and significant, in correspondent banking, traditionally seen as the first level of financial support for world trade (see chart). The correspondent ties between banks in different countries have mattered particularly for companies in places without global banks that can finance imports and exports. The number of correspondent relationships has been declining since 2011, according to McKinsey.Why this has occurred is no mystery. Correspondent relationships used to be seen as a responsible way for a bank to transact business in a country it did not know well. It has become a source of vulnerability: a bank may be held accountable for any transaction even if only as a link in a long chain. The rising cost of complying with regulations on money-laundering, economic sanctions and terrorism-financing has had the predictable consequence of prompting a broad pullback.Harder to understand is work by the Bank of England and Americas National Bureau of Economic Research, showing a long-term correlation between growth in capital requirements and declines in cross-border lending. McKinsey notes that rules passed to ensure liquidity, particularly in a crisis, may be easier to satisfy if money is close to home.American and European retrenchment has been partially offset by expansion elsewhere. Canadian banks, which sailed through the financial crisis, now have half their assets offshore, up from 38% a decade ago. Chinese banks, having had negligible foreign assets a decade ago, now have more than $1trn. Strong domestic growth means that this sum is still just a tiny fraction of their balance-sheets. Banks in Japan, India and Russia are also expanding internationally at a strong pace.This geographic shift could continue for many years to come. Similar trends, however, have been seen in the past only to go abruptly into reverse. The Chinese government has recently signalled its concern at some Chinese firms foreign acquisitions, suggesting there may be problems percolating. Whether Western banks stir from their recent quiescence may also depend on the regulators. Over correspondent banking, for example, there is a debate in government. The State Department wants Americas banks to bring other countries, especially poor ones, into the global financial system. The Treasury, focused on checking untoward activity and holding banks to account, is more cautious. Banks would like to stay out of the crossfire. Finance and economics "Changing maps"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21727088-american-and-european-banks-stay-more-home-chinese-ones-extend-their-reach-how?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'|5954.0|10.0|0.0|'' 5955|'5745985fe34437d3b78efebb4cd05ce7984f0cce'|'Western Digital intends to invest in new chip line along with Toshiba'|'TOKYO, Aug 3 (Reuters) - Western Digital Corp on Thursday said it still intends to invest in a new memory chip production line along with Toshiba Corp, despite the Japanese joint venture partner saying that it would go it alone.Toshiba said earlier it would go ahead with the investment to build the Fab 6 equipment line in Yokkaichi without Western Digital as the two failed to reach an agreement about the investment."While we are disappointed by Toshiba''s announcement, the agreements governing the JVs give us the right to participate in investments in Fab 6 equipment along with Toshiba and that is exactly what we intend to do," Western Digital said in a statement. (Reporting by Chris Gallagher and Chang-Ran Kim; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-chip-western-digital-idINT9N1IK020'|'2017-08-03T04:44:00.000+03:00'|5955.0|''|-1.0|'' 5956|'f348ca43d942312c7adf139df7bb99ff62ad0a53'|'French group Total buys Maersk Oil in $7.5 billion deal'|'August 21, 2017 / 7:04 AM / 23 minutes ago Total deepens North Sea exposure with $7.5 billion Maersk Oil deal Bate Felix and Jacob Gronholt-Pedersen 5 Min Read PARIS/COPENHAGEN (Reuters) - Total ( TOTF.PA ) is buying Maersk''s oil and gas business in a $7.45 billion deal which the French major said would strengthen its operations in the North Sea and raise its output to 3 million barrels per day by 2019. For Danish company A.P. Moller Maersk ( MAERSKb.CO ), the sale of Maersk Oil, with reserves equivalent to around 1 billion barrels of oil, fits with a strategy of focusing on its shipping business and other activities announced last year. The world''s top oil companies have been back on the takeover trail over the last year, helped by signs of a recovery in the oil market. Total expects its biggest oil deal since it acquired Elf in 2000 to generate financial synergies of more than $400 million per year, in particular by combining assets in the North Sea. It also said the acquisition would boost earnings and cash flow. Expected to be completed in the first quarter of 2018, the deal could see some job cuts particularly in Britain where there are overlaps, Total said, adding that it could make additional cost savings of about $200 million per year. Total has been betting on new rather than mature fields in the North Sea and the acquisition gives it further economies of scale by making it the second largest player in the region with production of about 500,000 barrels of oil equivalent per day. Related Coverage Total set to raise cost savings target after Maersk Oil deal The move illustrates Total''s strategy of using a strong balance sheet to acquire attractive assets from struggling competitors having emerged from the prolonged oil downturn stronger than some of its rivals. "It was time for us to do what a real oil and gas company would do in a period such as this when prices are lower and costs are down. Either launch new projects or acquire new reserves at attractive prices," Total Chief Executive Patrick Pouyanne told reporters. The purchase also signals some oil majors are prepared to invest to replenish reserves and boost production, anticipating an oil price recovery. With current prices of $50 per barrel most majors are simply struggling to balance their books. ALTERNATIVE TO FLOAT General view of the Total oil refinary in Leuna, November 19, 2014. Axel Schmidt Pouyanne said that Total had proposed a deal to Maersk as an alternative to floating the business. "There was a debate within Maersk and they finally accepted given that it was attractive and also the fact that an IPO in a tense oil market would not be a right move," he said, adding that no other oil major was bidding for the assets. Under the terms of the deal, A.P. Moller Maersk will get $4.95 billion in Total shares and Total will assume $2.5 billion of Maersk Oil''s debt. Slideshow (2 Images) Maersk said it plans to return a "material portion of the value of the received Total S.A. shares" to shareholders in 2018 and 2019 in the form of extraordinary dividend, share buyback or distribution of shares in Total. Analysts from Raymond James said the value of the deal appeared fair with Total paying $13.4 per barrel of reserves in line with what Royal Dutch/Shell paid to acquire its rival BG in the biggest oil transaction of the past decade in 2015. Soren Skou, who took charge of Maersk last year, has embarked on a major restructuring to concentrate on its transport and logistics businesses and separate its energy operations in the face of a drop in income. Consultancy Wood Mackenzie said Total was also rebalancing its exposure to industrialised countries after having gone heavy on investments in higher risk regions such as Iran or Qatar. "It will further shift Total''s weighting towards OECD regions, a core strategic driver for the company as it looks to balance the portfolio away from areas of high above ground risk," said a WoodMac director Valentina Kretzschmar. The Danish oil company has access to high-quality fields in the Norwegian and UK North Sea, which Pouyanne said would help boosts Total''s output to 3 million barrels of oil equivalent (boe) as soon as 2019 from 2.5 million boe now. AP Moller Maersk shares were up 2.8 percent by 1450 GMT while Total shares were little changed. Additional reporting by Sudip Kar-Gupta, Karolin Schaps and Stine Jacobsen Editing by Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-total-maersk-idUKKCN1B10IU'|'2017-08-21T10:30:00.000+03:00'|5956.0|''|-1.0|'' 5957|'47628e5f082bd5393fa22acb6d38410cf4f6424e'|'China issues order to implement U.N. sanctions on North Korea'|'August 14, 2017 / 8:27 AM / an hour ago China issues order to implement U.N. sanctions on North Korea Reuters Staff 1 Min Read A North Korean flag is pictured at its embassy in Beijing January 6, 2016. Kim Kyung-Hoon BEIJING (Reuters) - China''s Commerce Ministry issued on Monday an order banning imports of coal, iron ore, lead concentrates and ore, lead and sea food from North Korea, effective from Tuesday, as Beijing moved to implement United Nations sanctions announced earlier this month. The U.N. sanctions must be implemented 30 days after the resolution was approved in a vote on Aug. 6. Reporting by Josephine Mason; Editing by Christian Schmollinger 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-northkorea-missiles-un-china-idUKKCN1AU0QS'|'2017-08-14T11:27:00.000+03:00'|5957.0|''|-1.0|'' @@ -5967,7 +5967,7 @@ 5965|'6eb2becc4c949a5fe9cb7231d9382ff3782a3b86'|'CRH sells U.S. distribution arm to Beacon Roofing for $2.6 billion'|'August 24, 2017 / 6:50 AM / an hour ago CRH sells U.S. distribution arm to Beacon Roofing for $2.6 billion Reuters Staff 2 Min Read DUBLIN (Reuters) - CRH ( CRH.I ) ( CRH.L ) has sold its U.S. distribution business to Beacon Roofing Supply Inc. ( BECN.O ) for $2.63 billion (2.06 billion pounds) in cash and will use the proceeds for acquisitions elsewhere, the Irish building materials group said on Thursday. CRH, the world''s third-biggest building materials supplier, said it sold the business at 16 times earnings before interest, tax, depreciation and amortisation (EBITDA) and also announced the acquisition of a leading German lime and aggregates business for 600 million euros ($708 million). "When we look at the value we could crystallise through this transaction, no way could we create that value for our shareholders if we were to hang onto the business," CRH chief executive Albert Manifold told Reuters in a telephone interview. "We will redeploy that (cash) in the years ahead into higher growth and better opportunities. It doesn''t change the strategy of CRH overall, our U.S. distribution accounted for 5 percent of group EBITDA, it doesn''t shift the needle." Reporting by Padraic Halpin; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-crh-m-a-beacon-us-idUKKCN1B40I2'|'2017-08-24T09:49:00.000+03:00'|5965.0|''|-1.0|'' 5966|'cd0ee7794c1ba45def1f3cbf33f7d494b1998c11'|'Irish monthly retail sales rise on new car registrations'|'August 28, 2017 / 10:27 AM / 3 hours ago Irish monthly retail sales rise on new car registrations Reuters Staff 1 Min Read DUBLIN (Reuters) - Irish retail sales volumes rose 11.9 percent month-on-month in July, data showed on Monday, marking the traditional rush by consumers to buy cars with new vehicle registration plates that went on sale last month. However with new car sales down 10 percent so far this year as some motorists prefer to import cars from Britain due to the sharp fall in the value of sterling against the euro, annual retail sales growth remained subdued at 2.1 percent. Excluding the volatile car market, annual "core" sales remained near a 12-month high of 7 percent high, falling 0.2 percent month-on-month. Reporting by Padraic Halpin; Editing by Robin Pomeroy'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ireland-economy-retail-idUKKCN1B80YZ'|'2017-08-28T13:27:00.000+03:00'|5966.0|''|-1.0|'' 5967|'9a406746219785fc60ed6aea345df8d6c7fffa10'|'UniCredit profit beats forecasts on stronger fees, lower loan losses'|'Unicredit bank logo is seen in the old city centre of Siena, Italy June 29, 2017. Stefano Rellandini MILAN (Reuters) - UniCredit, Italy''s largest bank, reported its biggest quarterly profit in almost a decade on Thursday, outstripping market expectations and restoring cash dividends after a radical balance sheet overhaul.The result will add to a general sense that the worst is over for Italy''s banks, long seen as the euro zone''s weakest financial link. The strong earnings also confirmed that Chief Executive Jean-Pierre Mustier''s turnaround plan had begun to pay off barely a year since he took up the job.Mustier, appointed in July 2016 to reinvigorate the then weakly capitalised bank, has been selling businesses, cutting jobs and shutting branches to strengthen UniCredit''s balance sheet.He also pulled off a 13 billion euro ($15.43 billion) share issue, Italy''s biggest cash call, in February to bolster the bank''s financial strength.The restructuring helped drive the Milan-based bank''s net profit up 3 percent to 945 million euros. The bank confirmed this was its best quarter since June 2008, even though it highlighted that the scope of its activities had changed since then. The result was 40 percent higher than a consensus forecast distributed by the bank.UniCredit shares were up about 6 percent in afternoon trade.Mustier said Europe''s more benign economic environment had helped the results, along with lower costs and stable net-interest income, a measure of how much a bank makes from its core retail business."These are the early, encouraging signs of our turnaround plan. The engine is working very well," he told reporters, confirming that the bank would pay an all-cash dividend on this year''s accounts, the first time in five years.Italy had failed for years to tackle the problems of its banking industry, saddled with 350 billion euros of bad loans. But this year the government, with European Union approval, committed more than 20 billion euros to rescue three banks, removing systemic risks.Monte dei Paschi di Siena, the world''s oldest bank, is being bailed out by the state, while two Veneto banks were liquidated, with their healthiest assets handed over to UniCredit''s rival, Intesa Sanpaolo."The government action has significantly reduced the risk premium for Italian banks," Mustier said. Italian banking shares have outperformed those of European peers by nearly 15 percent since the start of the year.He was still cautious about the outlook, despite strong profits and a core capital base that is ahead of his "Transform 2019" plan. He did not revise up any goals for this year, except for loan provisioning costs, now expected to be a bit lower.The bank boosted its core capital ratio to 12.8 percent at end-June, making it one of Europe''s strongest, through the sale of Polish division Pekao. It will add another 84 basis points in the next quarter with the sale of asset manager Pioneer.A year ago, the ratio, a key measure of financial strength, stood at a lowly 10.3 percent."It''s better to manage expectations, because not all quarters are the same and there is still a lot of work to do," Mustier said, adding stricter accounting standards and other regulatory requirements would eat into the bank''s capital base in the second half of the year and beyond.Several analysts said UniCredit now had excess capital after years of lagging behind rivals."Things are going much, much better than expected," one trader said. "Yet, at 18-19 euros a share, the restructuring story starts to be priced in and UniCredit could need a revamp in its investment case."Under a plan dubbed FINO (Failure Is Not An Option), the bank last month closed a deal to sell 17.7 billion euros of "sofferenze", the worst kind of bad loans, to a vehicle majority-owned by U.S. funds Pimco and Fortress.Loan-loss charges in the three months to June totalled 564 million euros, compared with analyst forecasts of around 700 million euros. Net fees and commissions rose 7.6 percent from a year earlier, helped by a distribution agreement UniCredit struck with fund manager Amundi after selling it Pioneer.($1 = 0.8422 euros)Addiitonal reporting by Gianluca Semeraro and Danilo Masoni; Editing by Mark Bendeich and Jane Merriman'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/unicredit-results-idINKBN1AJ18L'|'2017-08-03T08:00:00.000+03:00'|5967.0|''|-1.0|'' -5968|'09935379f59115acd69f80230693f36b9386e071'|'Japan manufacturers most optimistic in decade as economy grows - Reuters Tankan'|'August 20, 2017 / 11:17 PM / 3 hours ago Japan''s manufacturers most optimistic in a decade as economy grows - Reuters Tankan Tetsushi Kajimoto and Izumi Nakagawa 4 Min Read FILE PHOTO : Newly manufactured cars of the automobile maker Subaru await export in a port in Yokohama, Japan May 30, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Confidence at Japanese manufacturers rose in August to its highest level in a decade led by producers of industrial materials, a Reuters poll showed, in a further sign of broadening economic recovery. The Reuters'' monthly poll - which tracks the Bank of Japan''s closely watched quarterly tankan - found the service-sector mood fell but still remained at a relatively high level, underscoring the firmness in domestic demand which drove robust expansion in the second quarter. Business sentiment was likely to sag slightly over the next three months, indicating a potential pullback from the hefty 4 percent annualised growth in the April-June quarter driven by private consumption and capital expenditure. The sentiment index for manufacturers rose one point to 27 in August in the poll of 548 large- and mid-sized companies, conducted Aug. 1-16, in which 265 firms responded. It was the best reading since August 2007, just before the last global financial crisis, led by producers of industrial materials such as oil, steel and chemicals, as well as manufacturers of metals, machinery and transport equipment. "Our business is led by overseas markets. The domestic market is not so bad, China is recovering and America and Europe are performing well. Overall the sentiment is positive," Keisuke Fujii, a spokesman for Fanuc Corp, a manufacturer of robotics and automation equipment, told Reuters. The company expects current profits to rise 6.1 percent this financial year and sales to increase 13.9 percent, due to demand for IT-related products in China and Taiwan, and industrial robots in the United States, Europe and China, he said. BAD WEATHER, WARINESS ON OUTLOOK Reflecting some wariness on the outlook, however, the manufacturers'' index was seen slipping to 26 in November, with the yen strengthening amid concerns over developments surrounding North Korea''s missile and nuclear programmes. "Given the ongoing strength of overseas demand, we believe sentiment will remain firm going forward," said Yuichiro Nagai, economist at Barclays Securities. "That said, the Japanese yen is appreciating and share prices are falling amid geopolitical risk. This trend, if it accelerates, could sharply undermine business sentiment." The Reuters Tankan service-sector index slipped to 29 in August from the previous month''s two-year high of 33, dragged down by sectors such as retailing, where confidence fell for a third straight month. The service-sector index was expected to drop further to 25 in November. Cool and rainy weather may dampen consumer spending in August, which would be worrying as private consumption constitutes about 60 percent of the economy and was a primary driver of the second-quarter''s robust expansion. Still, the retailers'' sentiment index is expected to bounce in November, underlining a pick-up in consumption with a change in the weather, and the tightening labour market keeping household incomes firm. The Reuters Tankan indexes are calculated by subtracting the percentage of pessimistic respondents from optimistic ones. A positive figure means optimists outnumber pessimists. The BOJ''s last tankan out July 3 showed big manufacturers'' business confidence hit its highest level in more than three years in the June quarter. Reporting by Tetsushi Kajimoto; Editing by Eric Meijer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-japan-economy-tankan-idUKKCN1B00VO'|'2017-08-21T02:16:00.000+03:00'|5968.0|''|-1.0|'' +5968|'09935379f59115acd69f80230693f36b9386e071'|'Japan manufacturers most optimistic in decade as economy grows - Reuters Tankan'|'August 20, 2017 / 11:17 PM / 3 hours ago Japan''s manufacturers most optimistic in a decade as economy grows - Reuters Tankan Tetsushi Kajimoto and Izumi Nakagawa 4 Min Read FILE PHOTO : Newly manufactured cars of the automobile maker Subaru await export in a port in Yokohama, Japan May 30, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Confidence at Japanese manufacturers rose in August to its highest level in a decade led by producers of industrial materials, a Reuters poll showed, in a further sign of broadening economic recovery. The Reuters'' monthly poll - which tracks the Bank of Japan''s closely watched quarterly tankan - found the service-sector mood fell but still remained at a relatively high level, underscoring the firmness in domestic demand which drove robust expansion in the second quarter. Business sentiment was likely to sag slightly over the next three months, indicating a potential pullback from the hefty 4 percent annualised growth in the April-June quarter driven by private consumption and capital expenditure. The sentiment index for manufacturers rose one point to 27 in August in the poll of 548 large- and mid-sized companies, conducted Aug. 1-16, in which 265 firms responded. It was the best reading since August 2007, just before the last global financial crisis, led by producers of industrial materials such as oil, steel and chemicals, as well as manufacturers of metals, machinery and transport equipment. "Our business is led by overseas markets. The domestic market is not so bad, China is recovering and America and Europe are performing well. Overall the sentiment is positive," Keisuke Fujii, a spokesman for Fanuc Corp, a manufacturer of robotics and automation equipment, told Reuters. The company expects current profits to rise 6.1 percent this financial year and sales to increase 13.9 percent, due to demand for IT-related products in China and Taiwan, and industrial robots in the United States, Europe and China, he said. BAD WEATHER, WARINESS ON OUTLOOK Reflecting some wariness on the outlook, however, the manufacturers'' index was seen slipping to 26 in November, with the yen strengthening amid concerns over developments surrounding North Korea''s missile and nuclear programmes. "Given the ongoing strength of overseas demand, we believe sentiment will remain firm going forward," said Yuichiro Nagai, economist at Barclays Securities. "That said, the Japanese yen is appreciating and share prices are falling amid geopolitical risk. This trend, if it accelerates, could sharply undermine business sentiment." The Reuters Tankan service-sector index slipped to 29 in August from the previous month''s two-year high of 33, dragged down by sectors such as retailing, where confidence fell for a third straight month. The service-sector index was expected to drop further to 25 in November. Cool and rainy weather may dampen consumer spending in August, which would be worrying as private consumption constitutes about 60 percent of the economy and was a primary driver of the second-quarter''s robust expansion. Still, the retailers'' sentiment index is expected to bounce in November, underlining a pick-up in consumption with a change in the weather, and the tightening labour market keeping household incomes firm. The Reuters Tankan indexes are calculated by subtracting the percentage of pessimistic respondents from optimistic ones. A positive figure means optimists outnumber pessimists. The BOJ''s last tankan out July 3 showed big manufacturers'' business confidence hit its highest level in more than three years in the June quarter. Reporting by Tetsushi Kajimoto; Editing by Eric Meijer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-japan-economy-tankan-idUKKCN1B00VO'|'2017-08-21T02:16:00.000+03:00'|5968.0|11.0|0.0|'' 5969|'a37d96d4aab9a0ef9fae408ce4ce2232885d63d7'|'Strong basic resources boost European shares ahead of euro zone GDP'|'August 16, 2017 / 7:32 AM / 32 minutes ago Strong basic resources boost European shares ahead of euro zone GDP Reuters Staff 3 Min Read Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany February 28, 2017. Staff/Remote/File Photo LONDON (Reuters) - Miners and oil stocks helped Europe''s major share index make strong gains on Wednesday, as higher metals prices lent a hand and investors awaited euro zone GDP figures expected to confirm the bloc''s economic growth was on track. The pan-European STOXX 600 rose 0.5 percent, its third day of gains after a sharp sell-off last week. Euro zone stocks and blue chips .STOXX50E jumped 0.6 percent. Basic resources stocks .SXPP were the top boost, up 1.1 percent after London zinc hit a decade high, lifted by Chinese construction spending. Leading gainers was British builder Balfour Beatty ( BALF.L ), up 4.6 percent after strong first-half profits boosted by a rebound in British construction. Swedish healthcare firm Elekta ( EKTAb.ST ) jumped 2.8 percent after JP Morgan raised it to ''overweight''. British car insurer Admiral ( ADML.L ) was the worst-performing, down 6.5 percent after it reported profits up just 1 percent in the first half, dragged down by injury claims costs due to a government change to personal injury rates. And Swedish food retailer ICA ( ICAA.ST ) fell 5.2 percent after its second-quarter profits missed forecasts. Airlines Lufthansa ( LHAG.DE ) and Easyjet ( EZJ.L ) lifted 1.7 to 1.9 percent again, continuing Tuesday''s strong rally as they emerged as likely buyers of Air Berlin''s ( AB1.DE ) assets when the German airline filed for insolvency. Euro zone GDP figures were expected at 0900 GMT, with analysts forecasting 0.6 percent quarter-on-quarter GDP growth, or 2.4 percent annualised. Stronger economic growth is part of the reason global active funds remain overwhelmingly positive on European equities, the biggest consensus overweight position according to Barclays analysis of investor flows. Second-quarter results season was drawing to a close, with earnings expected to grow 15 percent from the second quarter last year, or 12.8 percent excluding the energy sector, Thomson Reuters data showed. Revenue growth was tracking 4 percent, or 2.7 percent excluding energy. Reporting by Helen Reid; Editing by Angus MacSwan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-europe-stocks-idUKKCN1AW0J0'|'2017-08-16T10:34:00.000+03:00'|5969.0|''|-1.0|'' 5970|'7e03929c62204514ec999fdaa4655c01513b4524'|'Around 50 investors interested in loss making Wolford - Kurier'|'VIENNA, Aug 25 (Reuters) - Around 50 investors have shown an interest in buying textiles company Wolford, the Austrian group''s finance chief was Quote: d as saying on Friday.Loss-making Wolford, which is in the middle of a restructuring, said in June that it was looking to sell an undefined majority stake in the company.The interested parties are mainly from North America and Asia and include private equity investors, Chief Financial Officer Brigitte Kurz was Quote: d as saying by Austrian daily Kurier.Earlier this month, the chairwoman of the supervisory board, Antonella Mei-Pochtler, resigned from her post to be able to participate in the ongoing bidding process.Wolford reported a loss before interest and tax (EBIT) of 15.7 million euros ($18.5 million) for the year to April 30, reflecting falling demand for its luxury tights, bras and shirts.The company has also had to deal with management changes. In July, the company''s CEO stepped down.Wolford agreed an extension of its credit lines until end of June next year and was granted a bridge loan of up to 10 million euros in July to cover its peak seasonal liquidity requirements.The Bregenz, western Austria-based company''s key markets are the United States, Germany, France, Austria and Britain. ($1 = 0.8481 euros) (Reporting by Kirsti Knolle. Editing by Jane Merriman) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/wolford-ma-idINL8N1LB124'|'2017-08-25T05:19:00.000+03:00'|5970.0|''|-1.0|'' 5971|'bd5a8339b6e1df4050b182ac00ce6b25ce303012'|'Brazil''s Equatorial Energia wants to bid for Cesp, sources say'|'SAO PAULO (Reuters) - Brazil''s Equatorial Energia SA ( EQTL3.SA ) is among the companies interested in bidding for the control of Companhia Energtica de So Paulo, which will be auctioned on Sept. 26, two sources with knowledge of the matter said on Wednesday.The state of So Paulo will auction its controlling stake in the company, which operates three hydroelectric dams, for a minimum price of around 2 billion reais ($633 million).Lawyers and bankers say the interest for Cesp seems to be weaker than for similar assets sold recently. "The dams'' operation licenses expire between 2020 and 2028, and that may explain the low investors'' turnout", said Jose Roberto Oliva Jnior, partner at law firm Pinheiro Neto Advogados.The sources say China Three Gorges Corp may also bid. The persons could not speak for attribution because they are not authorized to discuss the matter publicly.Cesp, as the power company is known, Equatorial and Three Gorges declined to comment. Banco Fator SA, adviser to So Paulo State in the privatization process, also declined to comment.Reporting by Luciano Costa; Writing by Tatiana Bautzer; Editing by Matthew Lewis '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-cesp-m-a-idUSKCN1BA2UG'|'2017-08-31T00:05:00.000+03:00'|5971.0|''|-1.0|'' @@ -5998,7 +5998,7 @@ 5996|'eabfd8070ab0af16c23a3ba30a3d2fa5b82662cf'|'Japan Tobacco to buy Philippine cigarette maker Mighty for $936 million'|'August 22, 2017 / 6:30 AM / 30 minutes ago Japan Tobacco to buy Philippine cigarette maker Mighty for $936 million Reuters Staff 1 Min Read TOKYO (Reuters) - Japan Tobacco Inc ( 2914.T ) said on Tuesday it would buy the tobacco business of the Philippines'' Mighty Corp for about $936 million (726 million pounds) as it aims to gain a foothold in the market. The transaction is expected to be completed in the third quarter following regulatory clearance, the company said in a statement. Facing a shrinking smoking population at home, Japan Tobacco has been on a buying spree in emerging Asian markets. This month it agreed to buy an Indonesian maker of "kretek" tobacco and clove cigarettes, together with its distributor, for $677 million, giving it a bigger footprint in the world''s second-largest tobacco market. Reporting by Chang-Ran Kim; Editing by Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-japan-tobacco-mighty-idUKKCN1B20H1'|'2017-08-22T09:30:00.000+03:00'|5996.0|''|-1.0|'' 5997|'74fae5c48ac7ff59f8720365502f2ca5279f2104'|'Under Armour''s game plan to revive sales could hit snags'|'FILE PHOTO: An Under Armour logo is seen on a running shoe on display at an store in Chicago, Illinois, U.S., October 25, 2016. Jim Young/File Photo (Reuters) - Under Armour Inc ( UAA.N ), which became a sensation riding the athleisure trend a few years ago, laid out a strategy this week to stanch a steep decline in sales growth but the company''s progress could hit roadblocks. The company admitted that its days of astronomical growth were behind them and said it would cut jobs and close stores, underscoring its struggles in a fast-changing and fiercely competitive U.S. sportswear market. "We are not standing still," Chief Executive Kevin Plank said on a post-earnings call. Under Armour has set its sights on turning around sales with more affordable apparel and women''s wear, stylish lifestyle products, a more substantial online presence, and greater speed getting its products to shelves. The company, however, could be spreading itself too thin, analysts said. Under Armour''s troubles are partly tied to the fading athleisure trend - casual clothing designed for both exercise and everyday wear. But there are bigger problems afoot. Under Armour has only one hit shoe line: Stephen Curry. That carried the company''s sales for three years, but demand for the latest collection, Curry 3, has been underwhelming. Rivals Nike Inc ( NKE.N ) and Adidas AG ( ADSGn.DE ), which have many successful lines, can sell their products at various price points at different outlets - department stores, sporting goods retailers and online - reaching more buyers. Under Armour hasn''t been able to match that reach even as bankruptcies of several sporting goods chains such as Sports Authority have eliminated key distribution channels. To compensate, Under Armour has inked deals with Kohl''s Corp ( KSS.N ), DSW Inc ( DSW.N ) and Famous Footwear, but analysts said it was too early to tell whether these steps were working. TOO ATHLETIC Adidas, which has been pouring cash into its U.S. business and pulling ahead of rivals, on Thursday reported another quarter of bumper sales growth. Nike last month posted a slight increase in quarterly sales even as North America sales stayed flat. Under Armour posted a 9 percent sales increase in its latest quarter, a far cry from its average growth rate of 20 percent between 2014 and 2016. Adding to the company''s woes is the fact that shoppers view Under Armour as a brand catering to athletes rather than average Joes. "With Under Armour it''s more of like a sport; more of a basketball, on-court kind of feel and look. With Nike and Adidas, they make it so urban for everyone to wear," said Alanzo Jones, a shopper at a Manhattan Foot Locker store. The company is trying to shake off this image but its choice of endorsers - tennis ace Andy Murray and pro golfer Jordan Spieth among other athletes - isn''t helping. Adidas and Nike, on the other hand, have signed on celebrities such as Kendall Jenner and Bella Hadid: models with millions of Instagram followers and a hit with the young crowd. Some things, however, are out of Under Armour''s control. Adidas and Nike have cashed in on the recent retro trend, selling yesteryear favorites Superstars and Air Jordans. But for Under Armour, a young company selling shoes for merely a decade, the trend is out of bounds. For now, everyone agrees that Under Armour needs to be more than a one-hit wonder. "Steph Curry can do his part, he can keep wearing the shoe and keep winning Championships with his team, but at the end of the day if the shoe is not evolving ... they''re going to get nowhere in that market," said A-Line partners analyst Gabriella Santaniello. Reporting by Gayathree Ganesan and Siddharth Cavale in Bengaluru; Editing by Sayantani Ghosh'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-under-armour-strategy-analysis-idUSKBN1AK2H6'|'2017-08-05T01:03:00.000+03:00'|5997.0|''|-1.0|'' 5998|'e1d7d34e361b75a743ef5b5d3155d859516b766e'|'BRIEF-Liquor Stores to change frequency of dividend payments to quarterly, effective for Q4'|' 43 PM / 12 minutes ago BRIEF-Liquor Stores to change frequency of dividend payments to quarterly, effective for Q4 Liquor Stores NA Ltd * Liquor Stores NA Ltd - effective for Q4 of 2017, company will change frequency of dividend payments to quarterly * Liquor Stores NA Ltd - anticipates paying a dividend of $0.09 per quarter rather than previous monthly dividend Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-liquor-stores-to-change-frequency-idUSFWN1L10X0'|'2017-08-16T00:43:00.000+03:00'|5998.0|''|-1.0|'' -5999|'75b4956b4f3efc38578d25127a1255e562604fd7'|'From airline cancellations to that ropey hotel, what to do about botched holidays'|'I ts that season again. The sleepless nights, the stressful confrontations and the hours spent on phone and email seeking resolutions. In other words the summer holidays, when many of us jet off for a break from the demands of work and discover the sunny retreat is more stressful than the office. Abta, the travel agents association, received nearly 13,000 complaints about botched holidays over 12 months last year. The problems can start as soon as you arrive at the airport, or spring out at you in the form of mysterious debits from your bank account weeks after your return. Whether your flight was overbooked or your hotel under-built, this guide tells you how to sort out the mayhem of the Great British Make Off.Flights At check-in you discover your flight has been delayed for three hours, or that someone else has been given your seat. The airline may forget to tell you that you are entitled to compensation of up to 600 (544) depending on the length of the journey and the delay.The sums are set out under EU rule 261/2004 and airlines are only exempt if the delay or cancellation was caused by an extraordinary circumstance. Airlines often claim that any setback is beyond their control and refuse to pay out. In fact, case law has ruled that favourite excuses like bad weather, crew sickness and technical problems are an inherent part of flying that airlines should plan for.Facebook Twitter Pinterest Airlines often claim that any setback is beyond their control and refuse to pay out. Photograph: Alamy Stock Photo If your flight is delayed for three hours or more, or a cancellation delays your arrival by more than two hours, calculate how much you are due and request the relevant compensation from the air operator. Check the flight distance at DistancesFrom.com, while Which? has template letters on its website . The Resolver website is also a good starting point.If you have been offered overnight accommodation because a flight was cancelled, or you incurred extra costs because you were sent to a different airport, you can claim them back. Again, first claims are likely to be ignored, particularly by easyJet and several other low-cost carriers, if Guardian Moneys postbag is representative. Be persistent. If you are repeatedly ignored you have two choices: bring a small claims court action, which is often enough to get the airline to pay up; or hand it over to a solicitor that specialises in EU261 claims.There are some firms to avoid, but Bott & Co can be trusted, although it does retain 25% plus VAT of the total compensation plus a 25 per passenger admin charge.Lost luggage It could be that you arrive at your destination but your luggage doesnt, in which case you must fill out a Property Irregularity Report (PIR) at the airport. The airline has 21 days to find it, after which it is deemed lost and you can make a claim. The compensation is usually paltry 1,200 is the maximum and doesnt include new for old. It may be easier to claim under your travel insurance.If your suitcase is damaged, submit a claim within seven days along with that PIR. Specify you are claiming under the Montreal Convention which governs airline liability for lost and damaged bags. If the airline refuses to pay, either for delayed flights or missing baggage, complain to whichever approved dispute resolution scheme its signed up to. If it isnt signed up to one, complain to the Civil Aviation Authority. As a last resort threaten a the small claims court.Car hire Weeks after your return you notice a three-figure sum debited from your account. This is an increasingly common ploy of car hire firms which help themselves without warning for alleged damage. In 2015, following a Europe-wide investigation, the biggest rental firms agreed to improve how they notify customers of this, and how they deal with disputes.Facebook Twitter Pinterest Ask the hire company for detailed evidence of damage and costings. If none is forthcoming, take it up with your card provider. It will demand evidence that the charge is correct, and should reverse any unsubstantiated charges.The European Car Rental Conciliation Service can help with complaints about member companies including the likes of Hertz, Avis and Enterprise.Hotels There is nothing more deflating than finding an empty swimming pool, a mildewed bedroom and a symphony of drills. If you booked a package, ie one or more components were provided by the operator, you are protected by the Package Travel Regulations which state that a holiday must be as described.If you couldnt resolve the problems while away, you can claim for loss of enjoyment. This includes out-of-pocket expenses and loss of value if you had to fork out for things that should have been included. Or the difference paid if you were transferred to cheaper accommodation. Send in as much evidence as possible and be persistent. Dont over claim, however: a reasonable claim is much more likely to be paid out quickly.If the tour operator fails to respond satisfactorily within 28 days, and is a member of Abta, you could use its mediation service . In 2015/16 it upheld 62% of complaints. The Association of Independent Tour Operators also offers a mediation service, but it costs 140. That, however, could be cheaper than the last resort bringing a small claims case.Your rights are less straightforward if you assembled the holiday yourself. You would have to complain to the individual providers which, if they are based abroad, wont be governed by UK legislation.If you paid for the hotel or villa directly by credit card, you could lodge a claim for breach of contract with your card issuer under section 75 of the Consumer Credit Act. This can be hard work. If they unreasonably decline, the Financial Ombudsman Service is free.If you booked accommodation in the UK you are protected by the Consumer Rights Act, which gives you compensation rights if, say, the self-catering house was not as described.And if your safety net fails? Facebook Twitter Pinterest You took the precaution of buying insurance in case of a stolen phone or a broken neck. You even read through the terms and conditions to check you were covered. But when you try to claim the insurer wont pay. Write to the company detailing why you think it is wrong and quote any relevant section of the terms and conditions. New rules forbid insurers to reject a claim if you answered all the relevant questions honestly, and it cant rely on facts it didnt specifically ask for. If the firm refuses to give in, or eight weeks pass without a reply, you can take your case to the Financial Ombudsman Service.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/19/airline-cancellations-ropey-hotel-what-do-botched-holidays'|'2017-08-19T13:59:00.000+03:00'|5999.0|''|-1.0|'' +5999|'75b4956b4f3efc38578d25127a1255e562604fd7'|'From airline cancellations to that ropey hotel, what to do about botched holidays'|'I ts that season again. The sleepless nights, the stressful confrontations and the hours spent on phone and email seeking resolutions. In other words the summer holidays, when many of us jet off for a break from the demands of work and discover the sunny retreat is more stressful than the office. Abta, the travel agents association, received nearly 13,000 complaints about botched holidays over 12 months last year. The problems can start as soon as you arrive at the airport, or spring out at you in the form of mysterious debits from your bank account weeks after your return. Whether your flight was overbooked or your hotel under-built, this guide tells you how to sort out the mayhem of the Great British Make Off.Flights At check-in you discover your flight has been delayed for three hours, or that someone else has been given your seat. The airline may forget to tell you that you are entitled to compensation of up to 600 (544) depending on the length of the journey and the delay.The sums are set out under EU rule 261/2004 and airlines are only exempt if the delay or cancellation was caused by an extraordinary circumstance. Airlines often claim that any setback is beyond their control and refuse to pay out. In fact, case law has ruled that favourite excuses like bad weather, crew sickness and technical problems are an inherent part of flying that airlines should plan for.Facebook Twitter Pinterest Airlines often claim that any setback is beyond their control and refuse to pay out. Photograph: Alamy Stock Photo If your flight is delayed for three hours or more, or a cancellation delays your arrival by more than two hours, calculate how much you are due and request the relevant compensation from the air operator. Check the flight distance at DistancesFrom.com, while Which? has template letters on its website . The Resolver website is also a good starting point.If you have been offered overnight accommodation because a flight was cancelled, or you incurred extra costs because you were sent to a different airport, you can claim them back. Again, first claims are likely to be ignored, particularly by easyJet and several other low-cost carriers, if Guardian Moneys postbag is representative. Be persistent. If you are repeatedly ignored you have two choices: bring a small claims court action, which is often enough to get the airline to pay up; or hand it over to a solicitor that specialises in EU261 claims.There are some firms to avoid, but Bott & Co can be trusted, although it does retain 25% plus VAT of the total compensation plus a 25 per passenger admin charge.Lost luggage It could be that you arrive at your destination but your luggage doesnt, in which case you must fill out a Property Irregularity Report (PIR) at the airport. The airline has 21 days to find it, after which it is deemed lost and you can make a claim. The compensation is usually paltry 1,200 is the maximum and doesnt include new for old. It may be easier to claim under your travel insurance.If your suitcase is damaged, submit a claim within seven days along with that PIR. Specify you are claiming under the Montreal Convention which governs airline liability for lost and damaged bags. If the airline refuses to pay, either for delayed flights or missing baggage, complain to whichever approved dispute resolution scheme its signed up to. If it isnt signed up to one, complain to the Civil Aviation Authority. As a last resort threaten a the small claims court.Car hire Weeks after your return you notice a three-figure sum debited from your account. This is an increasingly common ploy of car hire firms which help themselves without warning for alleged damage. In 2015, following a Europe-wide investigation, the biggest rental firms agreed to improve how they notify customers of this, and how they deal with disputes.Facebook Twitter Pinterest Ask the hire company for detailed evidence of damage and costings. If none is forthcoming, take it up with your card provider. It will demand evidence that the charge is correct, and should reverse any unsubstantiated charges.The European Car Rental Conciliation Service can help with complaints about member companies including the likes of Hertz, Avis and Enterprise.Hotels There is nothing more deflating than finding an empty swimming pool, a mildewed bedroom and a symphony of drills. If you booked a package, ie one or more components were provided by the operator, you are protected by the Package Travel Regulations which state that a holiday must be as described.If you couldnt resolve the problems while away, you can claim for loss of enjoyment. This includes out-of-pocket expenses and loss of value if you had to fork out for things that should have been included. Or the difference paid if you were transferred to cheaper accommodation. Send in as much evidence as possible and be persistent. Dont over claim, however: a reasonable claim is much more likely to be paid out quickly.If the tour operator fails to respond satisfactorily within 28 days, and is a member of Abta, you could use its mediation service . In 2015/16 it upheld 62% of complaints. The Association of Independent Tour Operators also offers a mediation service, but it costs 140. That, however, could be cheaper than the last resort bringing a small claims case.Your rights are less straightforward if you assembled the holiday yourself. You would have to complain to the individual providers which, if they are based abroad, wont be governed by UK legislation.If you paid for the hotel or villa directly by credit card, you could lodge a claim for breach of contract with your card issuer under section 75 of the Consumer Credit Act. This can be hard work. If they unreasonably decline, the Financial Ombudsman Service is free.If you booked accommodation in the UK you are protected by the Consumer Rights Act, which gives you compensation rights if, say, the self-catering house was not as described.And if your safety net fails? Facebook Twitter Pinterest You took the precaution of buying insurance in case of a stolen phone or a broken neck. You even read through the terms and conditions to check you were covered. But when you try to claim the insurer wont pay. Write to the company detailing why you think it is wrong and quote any relevant section of the terms and conditions. New rules forbid insurers to reject a claim if you answered all the relevant questions honestly, and it cant rely on facts it didnt specifically ask for. If the firm refuses to give in, or eight weeks pass without a reply, you can take your case to the Financial Ombudsman Service.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/19/airline-cancellations-ropey-hotel-what-do-botched-holidays'|'2017-08-19T13:59:00.000+03:00'|5999.0|6.0|0.0|'' 6000|'4e9fbf8f232c511582920b354a0ee64686b590c4'|'Missile Tension Deters Tourists From Visiting South Korea'|'Missile Tension Deters Tourists From Visiting South Korea Travel to the nation plunged almost 41% By More stories by Jiyeun Lee Escalating tension on the Korean peninsula is turning foreign tourists away from South Korea. The number of visitors plunged almost 41 percent in July from a year earlier, the biggest decline since a deadly respiratory virus hit the nation in 2015. While the drop was driven by a slump in Chinese tourism after Beijing banned package tours in retaliation for South Korea deploying theThaad missile shield, the number of visitors from Japan and Europe also slid as geopolitical risk increased, according to the Korea Tourism Organization. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-25/missile-tension-deters-tourists-from-visiting-south-korea'|'2017-08-25T05:55:00.000+03:00'|6000.0|''|-1.0|'' 6001|'928a037f1137f9a3a9a35c0b821003d75bfc366e'|'Blackstone, GIC lead buy out of Goldman Sachs stake in Rothesay Life'|'FILE PHOTO: A view of the Goldman Sachs stall on the floor of the New York Stock Exchange in New York, U.S. on July 16, 2013. Brendan McDermid/File Photo LONDON (Reuters) - Goldman Sachs has sold its remaining stake in British pensions insurance business Rothesay Life to a trio of existing investors a decade after setting up the company.Blackstone Group, Massachusetts Mutual Life Insurance Company and Singapore sovereign wealth fund GIC have agreed to buy out Goldman''s 32.7 percent stake for an undisclosed sum."We look forward with confidence to taking advantage of the considerable growth opportunities we see in the sector," Rothesay Chief Executive Addy Loudiadis said.Demand from companies to offload the risks associated with their pension scheme liabilities has grown in recent years, with insurers Legal & General and Aviva looking to cash in.L&G on Wednesday said it had written 1.6 billion pounds ($2.08 billion) in so-called ''bulk annuities'' in the first half of 2017, up from 685 million a year earlier.GIC and Blackstone will become Rothesay''s biggest shareholders and MassMutual will "substantially" increase its stake, Rothesay said. It did not say how big their investments would be.GIC and Blackstone previously had each owned 26.5 percent of the company while MassMutual held 6.5 percent.Specialist pensions liabilities insurer Rothesay''s clients include the pensions schemes of British Airways, Holiday Inn-owner InterContinental Hotels Group and bingo hall operator Rank.It was founded in 2007 by Goldman and had assets under management of 23.7 billion pounds as of the end of 2016.Last year, new business volumes grew by 89 percent to 6.6 billion pounds while its pretax profit fell to 328 million pounds from 347 million.A spokesman for the company said its 2016 results gave it an embedded value, the present value of the company''s future profits plus the adjusted current value of its assets, of about 2.2 billion pounds.Reporting by Ben Martin; editing by Simon Jessop and Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-rothesaylife-sale-idUSKBN1AP0SB'|'2017-08-09T16:17:00.000+03:00'|6001.0|''|-1.0|'' 6002|'167dcb58201cd4fc9a2245aded5ade436b55040a'|'UPDATE 1-BRF readies Brazil discount brand after antitrust ban lifted'|'August 11, 2017 / 4:14 PM / 8 minutes ago UPDATE 1-BRF readies Brazil discount brand after antitrust ban lifted 3 Min Read (Adds details from conference call, share performance) By Ana Mano SAO PAULO, Aug 11 (Reuters) - Brazilian food processor BRF SA will introduce a discount brand in its home market, executives said on Friday, as the end of antitrust restrictions allow it to target a niche that has grown during the country''s recession. The company is trying to regain market share that it lost earlier this year when it became embroiled in a food safety scandal that disrupted operations and temporarily shut export markets. Antitrust agency Cade is lifting brand limits established in 2011, when it approved the formation of BRF from the merger of Sadia and Perdigo. BRF is aiming the new brand at cost-conscious buyers representing some 30 percent of Brazil''s processed food market, executives said on a conference call with analysts. The company plans to start marketing the new brand in the first quarter of 2018 after getting all regulatory approvals, management said, without specifying the products involved. "The new brand will increase use of our installed capacity and will allow the use of leftover raw materials," Chairman Abilio Diniz said on the earnings call. Late on Thursday, BRF reported its third consecutive quarterly net loss as it reeled from a probe leading to accusations that more than 100 people, mostly inspectors, took bribes in exchange for allowing the sale of rancid food, falsified export documents or failed to inspect meatpacking plants. Still, BRF shares were up 4.5 percent at 40.75 reais in midday trading in Sao Paulo after analysts such as Antonio Barreto of Ita BBA pointed to rising profitability in international markets due to a bumper corn crop. "There is reason to be more optimistic on BRF in the second half," Barreto wrote in a research note, adding that the weak second-quarter results were widely expected. BRF''s market share in Brazil rose by 0.8 percent to 54.4 percent in the second quarter from the first, management said, citing Nielsen data. "We ended the second quarter with positive growth, continuing the process of market share recovery," said Chief Executive Officer Pedro Faria. The gains would have been greater had it not been for the food safety scandal, he added. (Reporting by Ana Mano; Editing by Bernadette Baum and Lisa Von Ahn) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brf-outlook-idUSL1N1KX0QG'|'2017-08-11T19:12:00.000+03:00'|6002.0|''|-1.0|'' @@ -6016,7 +6016,7 @@ 6014|'da8643729f410c18c08c3e87429b56cd2fbcef5c'|'Japan July jobless rate flat at 2.8 percent'|'TOKYO (Reuters) - Japan''s jobless rate was flat at 2.8 percent in July and the availability of jobs improved for the fifth straight month to reach the highest level since 1974, government data showed on Tuesday.The seasonally adjusted unemployment rate matched economists'' median forecast, data by the Internal Affairs ministry showed.The jobs-to-applicants ratio rose to 1.52 from 1.51 in June, also matching the median forecast.For details click on PREVIEWTo view full table, click on the internal affairs ministry''s website -- here(Note: The jobs-to-applicants ratio can be seen in Japanese on the labour ministry''s website.)Reporting by Sumio Ito and Leika Kihara; Editing by Chang-Ran Kim '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/japan-economy-jobs-idINKCN1B82H7'|'2017-08-28T21:43:00.000+03:00'|6014.0|''|-1.0|'' 6015|'6fcff427465f6b9fa9eaa7ed82134c18c7c8be11'|'RPT-CORRECTED-UPDATE 2-Hutchison Telecom shares jump on $1.9 bln deal fixed-line unit'|'(Repeats story, with no changes to text)* Li Ka-Shing''s Hutchison sells unit to I Squared Capital* Hutchison Telecom sees profit of HK$5.8 bln on the sale* Shares jump almost 15 percent to 21-month highBy Kane Wu and Elzio BarretoHONG KONG, July 31 (Reuters) - Hutchison Telecommunications Hong Kong Holdings Ltd shares jumped almost 15 percent when it started trading on Monday, a day after it announced the sale of its fixed-line business for about $1.9 billion.Hutchison Telecom, a unit of Hong Kong''s richest man Li Ka-Shing''s CK Hutchison Holdings, said in a filing on Sunday that it had agreed to sell its fixed-line telecoms business to I Squared Capital for HK$14.5 billion in cash.Proceeds from the sale of Hutchison Global Communications (HGC), which provides fixed-line phone services as well as Wifi all around Hong Kong, will be used for investment into mobile phone services and for working capital.The price represents about 12 times HGC''s earnings before interest, taxes, depreciation and amortization, a source close to the deal told Reuters.Hutchison Telecom said it expected to make a profit of HK$5.8 billion ($742.71 million) on the sale of HGC.Hutchison Telecom shares have risen nearly 23 percent since May 16, when it acknowledged media reports about a potential sale of the fixed-line business.The HGC unit drew interest from several companies, including HKBN Ltd, SmarTone Telecommunications Holdings Ltd and a consortium of private equity firms TPG Capital Management LP and MBK Partners.I Squared Capital won the deal partly because it will not face the same anti-trust scrutiny as some of the other bidders would, the source said.TPG and MBK teamed up to buy Wharf T&T - Hong Kong''s No.2 fixed-line operator for businesses last October from tycoon Peter Woo''s Wharf Holdings Ltd in a $1.22 billion deal.The HGC deal is subject to shareholders'' approval and is expected to close in October, Hutchison Telecom said in the filing. The value of the deal may be adjusted at the time based on debt, cash levels and other financial data.CK Hutchison, which owns 66.1 percent of Hutchison Telecom, will vote all its shares in favour of the sale during an as-yet unscheduled extraordinary shareholders meeting.I Squared has secured a HK$7.02 billion ($900 million) loan from Credit Agricole, Credit Suisse and Deutsche Bank to fund the HGC purchase, according to Basis Point, a Thomson Reuters publication. The three banks could not be immediately reached for comment.The firm, which invests in global infrastructure in energy, utilities and transport, is among potential buyers for Equis Energy, Asia''s largest independent renewable energy producer valued at up to $5 billion, sources have said.Hutchison Telecom said it appointed Deutsche Bank and Goldman Sachs as financial advisers on the HGC transaction. Credit Suisse advised I Squared Capital on the transaction, according to another source familiar with the deal.The sale comes as Hutchison''s unit Hutchison Drei Austria announced on Friday an acquisition of landline-focused Tele2 from its Swedish owner for 95 million euros ($111 million).Hutchison Telecom shares jumped almost 15 percent to a 21-month high earlier on Monday, and were trading up 10.32 percent at HK$3.10 apiece by 0526 GMT, versus the broader index that was up 1 percent. ($1 = 7.8092 Hong Kong dollars) (Reporting by Kane Wu and Elzio Barreto, additional reporting by Basis Point; Editing by Jane Merriman and Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/hutchison-tele-sale-idINL4N1KU2NK'|'2017-08-08T04:39:00.000+03:00'|6015.0|''|-1.0|'' 6016|'365f0cbd45889a83625a158c486b92ff58d9b6b4'|'World''s biggest banks face 264bn bill for poor conduct - Business'|'Banking World''s biggest banks face 264bn bill for poor conduct Costs for 20 financial institutions for the five years to 2016 are higher than in the previous period, with RBS and Lloyds in top five The Royal Bank of Scotland has made provisions for a forthcoming penalty from the US Department of Justice. Photograph: Matt Dunham/AP Banking World''s biggest banks face 264bn bill for poor conduct Costs for 20 financial institutions for the five years to 2016 are higher than in the previous period, with RBS and Lloyds in top five View more sharing options Monday 14 August 2017 19.03 BST First published on Monday 14 August 2017 18.28 BST Fines, legal bills and the cost of compensating mistreated customers reached 264bn for 20 of the worlds biggest banks over the five years to 2016, according to new research that raises doubts about efforts by the major financial services players to restore trust in the sector. This figure is higher than in the previous five-year period when the costs amounted to 252bn and is up 32% on the period 2008-12, the first time the data was collated by the CCP Research Foundation, one of the few bodies that analyses the conduct costs of banks. The report said the data showed that 10 years on from the onset of the financial crisis, the consequences of misconduct continue to hang over the banking sector. Cost of scandals at major banks The latest analysis show s that in 2016 the total amount put aside by the banks surveyed rose to more than 28.6bn higher than in the previous year when there had been a fall from a peak of 63bn in 2014. Chris Stears, research director of the foundation, writes in the latest report: Trust in, and the trustworthiness of, the banks must surely correlate to, and be conditional on, banks conduct costs. And persistent level of conduct cost provisioning is worrying. It remains to be seen whether or not the provisions will crystallise in 2017 [or later] and what effect this will have on the aggregated level of conduct costs. Two UK high street banks Royal Bank of Scotland and Lloyds Banking Group are in the top five of banks with the biggest conduct costs. RBS set aside extra provisions for fines and legal costs largely related to a forthcoming penalty from the US Department of Justice for mis-selling toxic bonds in the run-up to the financial crisis. That residential mortgage bond securitisation mis-selling scandal is responsible for 66bn of the costs incurred during the five-year period and the single largest factor, according to the foundation. The payment protection insurance scandal, which is the main reason Lloyds Banking Group is in the list, caused the banks to set aside 27bn during the period. Lloyds has set aside more than 17bn to tackle the mis-selling of PPI. Roger McCormick, managing director of the foundation, said: Its reasonable to assume that the long-running sorry tale of payments and provisions for PPI must come to an end eventually although UK banks made additional provisions for PPI mis-selling of more than 1.5bn midway through 2017. The foundation uses five-year rolling periods to try to provide a long-term analysis of the costs that banks face to rectify past mistakes, a major theme of the last 10 years, when they were also hit by penalties for rigging foreign exchange markets and interest rates (Libor). As has been the case since the first table, we find ourselves wondering when, if ever, the level of conduct costs will start to decrease, said McCormick. He noted that the 2016 figures showed a rapid decline in fines from the Financial Conduct Authority, which issued fines worth 819m in the first six months of 2015 alone, as a result of the market-rigging scandals . Top of the table are major US banks Bank of America, which dominates the table because of its previous bill for the toxic bond mis-selling scandal, JP Morgan and Morgan Stanley. The figures include money set aside for future penalties by the 20 banks and fines and other costs they have incurred to tackle regulatory and legal claims. Stears said there would not be zero conduct costs but added: The question is at what average level will these costs settle? And, moreover, is that level acceptable to the banks, their shareholders and the public? Topics'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/aug/14/worlds-biggest-banks-face-264bn-bill-for-poor-conduct'|'2017-08-14T20:42:00.000+03:00'|6016.0|''|-1.0|'' -6017|'1160930973386ae4eef43658666c8ba29099e163'|'UPDATE 2-Copec''s Eldorado bid faces three rival offers, sources say'|'SAO PAULO (Reuters) - Chilean pulpmaker Empresas Copec SA''s bid to buy rival Eldorado Brasil Celulose SA, which collapsed early on Friday because of price disagreements, faces three competing offers, two people with direct knowledge of the situation said.Following Thursday''s end of exclusive talks with Copec unit Arauco, Eldorado parent J&F Investimentos SA has opened a new bidding process for the company, said the sources. Proposals by Indonesia''s Asia Pacific Resources International Holdings Ltd, Brazil''s Fibria SA and an unidentified Asian firm have been submitted, they added.Fibria, the world''s No. 1 eucalyptus pulp producer, sees potentially significant cost savings from an acquisition but could face tough antitrust scrutiny in Brazil, one of the people said. Copec''s Arauco would have to join a new competitive bidding to buy the Eldorado, the other source added.The sources requested anonymity to discuss the matter freely.Reuters reported earlier on Friday that talks between Copec''s Arauco and Eldorado collapsed because the two sides failed to agree on a price. Copec failed to cut Eldorado''s price tag, the people said.Eldorado''s enterprise value, which includes cash, market capitalization, debt and minority interests, is slightly above 10 billion reais ($3.2 billion), the sources told Reuters on Friday. Eldorado''s debt hovers around 8 billion reais, and J&F''s lenders are pressing for a sale, the sources said in May.Arauco declined to comment. The other companies did not have an immediate comment.Buying Eldorado could allow either foreign bidder apart from Fibria to expand in Brazil, where lawmakers have discussed easing sales of land to foreign investors. Land in Brazil offers global pulpmakers advantages, such as more-productive soil than Scandinavia and Chile.Shares of Santiago-based Copec posted their highest gain in three months, adding 2.4 percent at 7,980 Chilean pesos. Fibria rose 2.4 percent to 34.58 reais.Brazil''s billionaire Batista family controls 81 percent of Eldorado through J&F, with the two pension funds owning the rest. J&F controls the Batistas'' stake in meatpacking giant JBS SA and companies in the home cleaning, banking and energy industries.Eldorado is among the flagship assets J&F put up for sale after agreeing to pay a record-setting 10.3 billion-real fine for the Batista family''s role in corruption scandals that have hurt President Michel Temer''s administration.Reporting by Guillermo Parra-Bernal and Tatiana Bautzer; Additional reporting by Antonio de la Jara in Santiago; Editing by Richard Chang'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-eldorado-brasil-m-a-empresas-copec-idUSKBN1AK2EN'|'2017-08-04T23:58:00.000+03:00'|6017.0|''|-1.0|'' +6017|'1160930973386ae4eef43658666c8ba29099e163'|'UPDATE 2-Copec''s Eldorado bid faces three rival offers, sources say'|'SAO PAULO (Reuters) - Chilean pulpmaker Empresas Copec SA''s bid to buy rival Eldorado Brasil Celulose SA, which collapsed early on Friday because of price disagreements, faces three competing offers, two people with direct knowledge of the situation said.Following Thursday''s end of exclusive talks with Copec unit Arauco, Eldorado parent J&F Investimentos SA has opened a new bidding process for the company, said the sources. Proposals by Indonesia''s Asia Pacific Resources International Holdings Ltd, Brazil''s Fibria SA and an unidentified Asian firm have been submitted, they added.Fibria, the world''s No. 1 eucalyptus pulp producer, sees potentially significant cost savings from an acquisition but could face tough antitrust scrutiny in Brazil, one of the people said. Copec''s Arauco would have to join a new competitive bidding to buy the Eldorado, the other source added.The sources requested anonymity to discuss the matter freely.Reuters reported earlier on Friday that talks between Copec''s Arauco and Eldorado collapsed because the two sides failed to agree on a price. Copec failed to cut Eldorado''s price tag, the people said.Eldorado''s enterprise value, which includes cash, market capitalization, debt and minority interests, is slightly above 10 billion reais ($3.2 billion), the sources told Reuters on Friday. Eldorado''s debt hovers around 8 billion reais, and J&F''s lenders are pressing for a sale, the sources said in May.Arauco declined to comment. The other companies did not have an immediate comment.Buying Eldorado could allow either foreign bidder apart from Fibria to expand in Brazil, where lawmakers have discussed easing sales of land to foreign investors. Land in Brazil offers global pulpmakers advantages, such as more-productive soil than Scandinavia and Chile.Shares of Santiago-based Copec posted their highest gain in three months, adding 2.4 percent at 7,980 Chilean pesos. Fibria rose 2.4 percent to 34.58 reais.Brazil''s billionaire Batista family controls 81 percent of Eldorado through J&F, with the two pension funds owning the rest. J&F controls the Batistas'' stake in meatpacking giant JBS SA and companies in the home cleaning, banking and energy industries.Eldorado is among the flagship assets J&F put up for sale after agreeing to pay a record-setting 10.3 billion-real fine for the Batista family''s role in corruption scandals that have hurt President Michel Temer''s administration.Reporting by Guillermo Parra-Bernal and Tatiana Bautzer; Additional reporting by Antonio de la Jara in Santiago; Editing by Richard Chang'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-eldorado-brasil-m-a-empresas-copec-idUSKBN1AK2EN'|'2017-08-04T23:58:00.000+03:00'|6017.0|6.0|2.0|'' 6018|'a282d2d569106fce163c50c712eb09e907d7cdd0'|'Miners, energy stocks give European shares another leg up'|'August 7, 2017 / 7:37 AM / 2 hours ago European shares dip as Paddy Power, PostNL losses outweigh strong miners Helen Reid 3 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 4, 2017. Staff/Remote LONDON (Reuters) - Losses from PostNL and Paddy Power Betfair outweighed strong basic resources and energy stocks, sending European shares down on Monday, after robust gains in the previous session. The pan-European STOXX 600 index dipped 0.1 percent after early gains, having enjoyed its best day in three weeks on Friday as the euro fell, helping dollar-earning firms make gains. Euro zone blue-chips held on to 0.1 percent gains, while Germany''s DAX steadied and British stocks climbed 0.2 percent. Some investors warned the worst of the impact of a stronger euro on European equities could be yet to come. "The euro is likely to have an impact in the third quarter, with a 10 percent appreciation of the euro lowering earnings per share by around 5 percent," said Valentin Bissat, senior strategist at Mirabaud Asset Management. Large losses in individual stocks sent benchmarks lower on the day. PostNL shares fell 6.4 percent after the Dutch postal company said its full-year profits would come in at the lower end of expectations due to regulatory changes. Shares in gambling firm Paddy Power Betfair dropped 8 percent, on track for their worst day in more than a year, after the company said CEO Breon Corcoran would step down, though the company named a new CEO to succeed him. Fresenius Medical Care (FMC) shares fell 1.3 percent, weighing on the DAX, as a deal to acquire U.S. dialysis device maker NxStage for $2 billion in cash met with lukewarm reception. Mining firms provided the strongest support for benchmarks, up 1.4 percent as copper and iron ore prices climbed. [MET/L] ArcelorMittal, BHP Billiton, Anglo American, Rio Tinto and Glencore were among top European gainers, up 1.7 to 3.1 percent. Oil stocks hit a six-week high as crude prices held near a nine-week peak. Of the two-thirds of MSCI Europe companies having reported quarterly results, 61 percent overall have either met or beaten expectations, according to Thomson Reuters data. Energy stocks have seen the strongest results so far, with 82 percent beating analyst estimates, while only 41 percent of industrials firms have beaten expectations. "We are seeing big rebounds in energy and materials. On a year-on-year basis we have seen some stabilization in commodities, which is really a base effect because of the weakness of 2016," said Alex Dryden, global market strategist at JP Morgan Asset Management. "I don''t see huge upside in this commodities rally, but I acknowledge the strength of the numbers coming out of this space," he added. Banco BPM jumped 3.2 percent, leading euro zone banks higher after the Italian lender agreed the sale of its asset manager Aletti to Anima for $1.3 billion. "On the positive side, good deal for the sale of Aletti and good operating trends with fees growing 15 percent year-on-year and net interest income in line with expectations," said KBW analysts. "On the negative side it was a small earnings miss ... and also a small miss for the CET1 ratio," they added. Reporting by Helen Reid; Editing by Janet Lawrence 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-europe-stocks-idUSKBN1AN0PA'|'2017-08-07T15:37:00.000+03:00'|6018.0|''|-1.0|'' 6019|'549fb0167243415bf150a03f86a5f475b263c5bc'|'Activist investor Elliott holds almost 10 pct of Stada in wake of buyout'|'FILE PHOTO: Paul Singer, founder and president of Elliott Management Corporation, speaks at WSJD Live conference in Laguna Beach, California, U.S., October 25, 2016. Mike Blake/File Photo FRANKFURT (Reuters) - Stada STAGN.DE said on Thursday that Paul Singer, founder of activist investors Elliott, held nearly 10 percent of the generic drugmaker following a recent private equity buyout.Bain Capital and Cinven last week won control of Stada with a sweetened 5.3 billion euro ($6.3 billion) bid, in the largest takeover of a listed German company by buyout firms.But Stada said on Thursday that Singer held 9.6 percent of the company''s shares as of Aug. 18, putting to rest speculation that he had tendered his shares to Bain and Cinven.Bain and Cinven acquired 63.8 percent of Stada during the takeover process.Reporting by Alexander Huebner; Writing by Tom Sims; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-stada-buyout-idUSKCN1B420Q'|'2017-08-25T00:13:00.000+03:00'|6019.0|''|-1.0|'' 6020|'68824d9f86435af370682bd23078045e434bffef'|'Vale reaches mininum threshold for voluntary share conversion'|'The logo of Vale SA is pictured in Rio de Janeiro, Brazil, August 7, 2017. Ricardo Moraes SAO PAULO (Reuters) - Investors in Brazil''s Vale SA have overwhelmingly agreed to swap their preferred stock into common shares, handling the world''s No. 1 iron ore producer a victory in a plan that will give equal votes to all shareholders and limit government meddling.In a Thursday securities filing, Vale said a total 1.421 billion preferred shares, or the equivalent of over 72 percent of that class of stock in circulation, joined the plan, topping the minimum 54.09 percent threshold set to approve a share conversion plan.According to the filing, the results are preliminary and a definitive outcome of the share conversion will only be known late on Friday, the filing said. Management at the Rio de Janeiro-based behemoth will discuss the matter at several conference calls on Aug. 14.The change represents a milestone in a country long hobbled by corporate governance abuses and reorganizations that hampered minority investors in most cases. Reuters reported the plan on Jan. 19, citing people familiar with it.The plan puts a limit to the meddling of politicians in Vale - an aspect that weighed on the company''s stock during former President Dilma Rousseff''s five years in office. Still, the government will keep a golden share, allowing it to fend off hostile takeover attempts and shape strategic decisions.By merging Vale''s different classes of stock into a single, common one, the miner could lure more Asian investors and specialized mining and metals funds as shareholders, Chief Financial Officer Luciano Siani told the Reuters Latin American Investment Summit on Monday.A first phase of the plan had been approved by shareholders in June. Thursday''s vote is key to raise awareness among global investors of the benefits of a company with dispersed share ownership, no controlling bloc and with increased transparency over decision-making.Common shares and Vale''s American depositary receipts - which will replace the company''s preferred stock - are up about 30 percent and 34 percent, respectively, this year.Currently, seven of Vale''s top-10 stockholders are U.S.-based funds, with the other three based in Europe, according to Thomson Reuters data. None of them are mining-only industry funds.Increased transparency also could help increase Vale''s existing shareholder base from about 200,000, Siani said, noting that it was about 500,000 a decade ago.Reporting by Guillermo Parra-Bernal; Additional reporting by Ana Mano; Editing by Sandra Maler'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-vale-shareconversion-idUSKBN1AR00L'|'2017-08-11T03:06:00.000+03:00'|6020.0|''|-1.0|'' @@ -6110,7 +6110,7 @@ 6108|'eb0bcc12ff72e6e45849a03708a532623f6560bd'|'Volkswagen U.S. plant building 400 Atlas SUVs a day -executive'|'August 31, 2017 / 6:30 PM / an hour ago Volkswagen U.S. plant building 400 Atlas SUVs a day: executive Reuters Staff 1 Min Read FILE PHOTO - An American flag flies next to a Volkswagen car dealership in San Diego, California, U.S. September 23, 2015. Mike Blake/File Photo (Reuters) - German automaker Volkswagen''s ( VOWG_p.DE ) U.S. plant in Chattanooga, Tennessee, is building 400 Atlas SUVs a day, close to capacity and on pace to reach 100,000 per year, Matthias Erb, who heads VW''s North American engineering team, said on Thursday. Erb said the plant can boost production further if demand for the new Atlas warrants. Reporting by David Shepardson in Washington; Editing by Richard Chang '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-autos-volkswagen-idUSKCN1BB2PK'|'2017-08-31T21:24:00.000+03:00'|6108.0|''|-1.0|'' 6109|'1aa9bd24cb0034f8727920753610747320b70092'|'India''s Infosys shares extend losses after CEO quit'|'August 21, 2017 / 4:30 AM / 3 hours ago India''s Infosys shares extend losses after CEO quit Reuters Staff 1 Min Read FILE PHOTO: The logo of Infosys is pictured inside the company''s headquarters in Bengaluru, India, April 13, 2017. Abhishek N. Chinnappa/File Photo MUMBAI (Reuters) - Shares of India''s Infosys Ltd fell as much as 4.6 percent on Monday to a near three-year low, slumping for a second consecutive session, after brokerages including Nomura downgraded the stock following the resignation of its chief executive. Shares slumped 9.6 percent on Friday after CEO Vishal Sikka unexpectedly resigned after a long-running feud with the company''s founders, wiping out $3.45 billion off Infosys'' market value. Nomura downgraded the stock to "reduce", saying the uncertainty over Infosys'' management could hamper long-term growth, while expressing worries that the tussle between the founder and promoters could escalate. The concerns about Infosys'' future trumped the company''s approval on Saturday of a 130 billion rupees ($2.03 billion) share buyback. As of 0421 GMT, Infosys shares were down 2.5 percent, hitting their lowest since September 2014. Reporting by Rafael Nam; Editing by Sherry Jacob-Phillips 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-infosys-stocks-idUKKCN1B10AK'|'2017-08-21T07:26:00.000+03:00'|6109.0|''|-1.0|'' 6110|'cf0d9c375de0081e47e2fbe390304ad6b5af0ac3'|'M&S in talks to transfer Hong Kong and Macau stores to franchise partner'|'A sign is displayed outside a Marks & Spencer store in London, Britain January 7, 2016. Toby Melville (Reuters) - Marks & Spencer has opened talks to sell its wholly owned Hong Kong and Macau stores to franchise partner Al-Futtaim, the British company said on Wednesday.The food and clothing retailer said it has begun talks on the potential sale of the stores, which Al-Futtaim would continue to operate under the M&S franchise. The talks are expected to take several months to complete.The move follows a strategic review by M&S last November, in which the company laid out plans to shut more than 80 stores at home and abroad as well as seek joint ventures and franchise partnerships to operate in fewer wholly-owned markets.The Hong Kong and Macau stores would continue to trade as normal, the company said on its website. ( bit.ly/2xLZnzj )Al-Futtaim has worked in partnership with M&S since 1998 and today operates 43 M&S stores across seven markets in the Middle East, Singapore and Malaysia.Reporting by Esha Vaish in Bengaluru; Editing by David Goodman '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-m-s-divestiture-idUSKCN1BA0SH'|'2017-08-30T15:44:00.000+03:00'|6110.0|''|-1.0|'' -6111|'354d301863ad95182a34dcb6ebc2e9c328d141fe'|'Record number of investors say equities overvalued - BAML poll'|'August 15, 2017 / 3:23 PM / 33 minutes ago Record number of investors say equities overvalued - BAML poll Claire Milhench 3 Min Read LONDON (Reuters) - The number of investors saying equity markets are overvalued rose to a record high of 46 percent in August, Bank of America Merrill Lynch''s monthly fund manager poll showed on Tuesday. The survey, which polled 202 asset managers with $587 billion under management, was carried out between August 4-10 and showed cash levels at a stubbornly high 4.9 percent, whilst the allocation to equities fell to a net 36 percent overweight. European investors'' cash weighting rose to 5.3 percent, the highest reading since March 2003. BAML noted an "ominous inflection point" in the profit expectations indicator, with only a net 33 percent of investors saying corporate profits would improve over the next 12 months. This was down 25 percentage points from January to the lowest level since November 2015. The bank suggested this was a warning sign for equities over bonds, high yield over investment grade and cyclical sectors over defensive ones. "Further deterioration is likely to cause risk-off trades," said Michael Hartnett, chief investment strategist. Expectations for faster global growth also fell to 35 percent in August, down from 62 percent in January, and the outlook for corporate operating margins stalled. However, the percentage of investors expecting a ''Goldilocks'' scenario of above-trend growth and below-trend inflation rose 6 percentage points to 42 percent, a record high. This could be linked to the fact that U.S. inflation has remained subdued. The U.S. consumer price index edged up just 0.1 percent last month after it was unchanged in June. The modest gain in consumer prices could worry Federal Reserve officials who have largely viewed the retreat in inflation as temporary. In a new question, 43 percent of those surveyed thought low inflation was structural. U.S. stocks remained out of favour, with the allocation falling to a net 22 percent underweight, the largest underweight since January 2008. The relative U.S. equity positioning versus the rest of the world was also the lowest since April 2007. The tech-heavy Nasdaq Composite .IXIC was picked as the "most crowded" trade for a fourth straight month, nominated by 31 percent of poll respondents. In contrast, the allocation to euro zone equities rose to a net 56 percent overweight from a net 54 percent last months. Emerging markets also remained in favour. "Cash and overvaluation fears aside, fund manager survey positioning remains broadly pro-risk, pro-cyclical," BAML said. Some 22 percent of respondents said the biggest tail risk remained a policy mistake by the Fed or the European Central Bank. North Korea, which stepped up its threatening rhetoric this month, was cited by 19 percent. Reporting by Claire Milhench; Editing by Janet Lawrence 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-funds-baml-survey-idUKKCN1AV1RN'|'2017-08-15T18:22:00.000+03:00'|6111.0|''|-1.0|'' +6111|'354d301863ad95182a34dcb6ebc2e9c328d141fe'|'Record number of investors say equities overvalued - BAML poll'|'August 15, 2017 / 3:23 PM / 33 minutes ago Record number of investors say equities overvalued - BAML poll Claire Milhench 3 Min Read LONDON (Reuters) - The number of investors saying equity markets are overvalued rose to a record high of 46 percent in August, Bank of America Merrill Lynch''s monthly fund manager poll showed on Tuesday. The survey, which polled 202 asset managers with $587 billion under management, was carried out between August 4-10 and showed cash levels at a stubbornly high 4.9 percent, whilst the allocation to equities fell to a net 36 percent overweight. European investors'' cash weighting rose to 5.3 percent, the highest reading since March 2003. BAML noted an "ominous inflection point" in the profit expectations indicator, with only a net 33 percent of investors saying corporate profits would improve over the next 12 months. This was down 25 percentage points from January to the lowest level since November 2015. The bank suggested this was a warning sign for equities over bonds, high yield over investment grade and cyclical sectors over defensive ones. "Further deterioration is likely to cause risk-off trades," said Michael Hartnett, chief investment strategist. Expectations for faster global growth also fell to 35 percent in August, down from 62 percent in January, and the outlook for corporate operating margins stalled. However, the percentage of investors expecting a ''Goldilocks'' scenario of above-trend growth and below-trend inflation rose 6 percentage points to 42 percent, a record high. This could be linked to the fact that U.S. inflation has remained subdued. The U.S. consumer price index edged up just 0.1 percent last month after it was unchanged in June. The modest gain in consumer prices could worry Federal Reserve officials who have largely viewed the retreat in inflation as temporary. In a new question, 43 percent of those surveyed thought low inflation was structural. U.S. stocks remained out of favour, with the allocation falling to a net 22 percent underweight, the largest underweight since January 2008. The relative U.S. equity positioning versus the rest of the world was also the lowest since April 2007. The tech-heavy Nasdaq Composite .IXIC was picked as the "most crowded" trade for a fourth straight month, nominated by 31 percent of poll respondents. In contrast, the allocation to euro zone equities rose to a net 56 percent overweight from a net 54 percent last months. Emerging markets also remained in favour. "Cash and overvaluation fears aside, fund manager survey positioning remains broadly pro-risk, pro-cyclical," BAML said. Some 22 percent of respondents said the biggest tail risk remained a policy mistake by the Fed or the European Central Bank. North Korea, which stepped up its threatening rhetoric this month, was cited by 19 percent. Reporting by Claire Milhench; Editing by Janet Lawrence 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-funds-baml-survey-idUKKCN1AV1RN'|'2017-08-15T18:22:00.000+03:00'|6111.0|10.0|0.0|'' 6112|'4c0e96f2599694fd17a7f92f2a6b5a06d6b88c16'|'With Congo finances collapsing, desperate government has few options'|'August 17, 2017 / 2:52 PM / an hour ago With Congo finances collapsing, desperate government has few options Democratic Republic of Congo''s President Joseph Kabila inspects the guard of honor before addressing the nation at Palais du Peuple in the capital Kinshasa, April 5, 2017. Kenny Katombe Aaron Ross 5 Min Read KINSHASA (Reuters) - As Congo''s government was soliciting urgent help from Western donors and the IMF last month to contain an economic crisis, the chairman of the state mining company brought an unusual guest to the prime minister''s office. It was Raymond O''Leary, a vice president from Russia''s second largest bank, state-owned VTB, to discuss a Eurobond aiming to raise funds for the cash-strapped government, Congolese and VTB officials confirmed. The choice of lead manager was striking, given that VTB is under U.S. sanctions any deal would have shut the door on IMF and pretty much all Western funding owing to donor objections. VTB''s press office emphasized, however, that its VTB Capital arm in charge of Eurobond issuances is not under sanctions. "There are no legislative restrictions on the participation of foreign investment funds in placements organized by Russian investment banks," it said in a statement. Nevertheless, the deal fell through, partly because of concerns about the optics of dealing with VTB and also because Congolese officials realized any investors willing to buy the bond would demand a punitive spread. But the fact that the meeting took place at all revealed just how desperate Democratic Republic of Congo''s government has become as it seeks to head off a collapse in national finances that is hitting the economy. Inflation is now at 50 percent and the Congolese franc has lost 30 percent making it one of the world''s worst performers this year, though it recovered slightly this month. In addition, the central bank is so low on forex it has barely three weeks of import cover left. Congo''s economic pain is fueling political instability. Violent street protests against President Joseph Kabila and a surge in militia attacks and prison breaks have stoked fears the Central African giant could slip back to the civil wars of the turn of the century in which millions died. Kabila took power when his father was assassinated in 2001 and has since won two elections. The IMF representative in Congo declined to comment, as did the prime minister''s office and finance minister. But in a speech last month, central bank governor Deogratias Mutombo was uncharacteristically blunt: A woman exchanges dollars for Congolese francs at a street side exchange stall in Avenue du 24 Novembre, in Lingwala Municipality, Kinshasa, Democratic Republic of Congo, July 26, 2017. Robert Carrubba "The economy is in very bad shape," he said. "FALSE PROMISES" Congo is Africa''s top copper producer and houses a trove of other minerals including oil, cobalt and gold, but low commodity prices have conspired with high deficits and rampant corruption to push its economic indicators into the red. "Currently there is no possibility with the current economic situation and political instability to have ... sufficient confidence to sustain a stable exchange rate," former banking association head Michel Losembe told Reuters. Earlier this month ratings agency Standard & Poor''s downgraded Congo''s sovereign credit rating, predicting year-end depreciation of the franc of about 35 percent and annual GDP growth of less than 2 percent from 2017-2020, down from 7.8 percent for 2011-2016. The government forecasts 2017 GDP growth at 3.1 percent, up from 2.4 percent last year. Standard & Poor''s sees GDP growth this year at 1.5 percent. Three quarters of Congo''s budget pays civil servant salaries and government operating expenses. Labour unions have launched strikes in recent weeks to demand pay rises. Labour unrest would worsen Congo''s security crisis, which has seen violence rise in several parts of the country since Kabila refused to step down at the expiry of his mandate in December. A general strike largely paralyzed economic activity for two days last week. In June IMF Managing Director Christine Lagarde, on Congo''s request, offered to send a delegation in September to discuss possible aid. Yet she warned this would require "a credible trajectory toward political stability". A Kinshasa-based diplomat says IMF help is "near impossible" because it would require Kabila to commit to a timeline for stepping down - which he refuses to do - and open the books of Congo''s opaque state-owned miner Gecamines. On the streets of Kinshasa, patience is wearing thin. In Ngaba district, where cement trucks vie for space with rickshaws on dilapidated, flooded roads, some residents have turned to the only option left: criminality. "Let the authorities spare us their false promises," said one 22-year-old gangster in Ngaba who gave only his first name, Yves. He said he had studied at a professional institute but couldn''t find a job after graduating and has now turned to a cellphone theft racket. "There''s no work," he said. "That''s why we''re out here fighting like gangsters." Additional reporting by Alex Winning in Moscow, Ed Cropley in Johannesburg and Karin Strohecker in London; Editing by Tim Cocks and Matthew Mpoke Bigg 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-congo-finances-idUSKCN1AX1TF'|'2017-08-17T17:44:00.000+03:00'|6112.0|''|-1.0|'' 6113|'698392fa6ae5ea02c934ff806ae5f8bd4e71aedb'|'SoftBank invests $1 billion in sports e-commerce firm Fanatics: sources'|'August 8, 2017 / 8:00 PM / in 17 hours SoftBank invests $1 billion in sports e-commerce firm Fanatics: sources Liana B. Baker 2 Min Read FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. Issei Kato/File photo SAN FRANCISCO (Reuters) - SoftBank Group Corp is investing $1 billion in Fanatics Inc as a part of a funding round that values the sports e-commerce company at $4.5 billion, according to sources familiar with the matter. The new funding is expected to close later this month, one of the people said, asking not to be named because the news was not yet public. Fanatics declined to comment and SoftBank could not immediately be reached for comment. Jacksonville, Florida-based Fanatics is a leading sports merchandise licensor that handles e-commerce sales for teams and sports leagues around the world. It counts the National Football League and Major League Baseball as investors, along with several venture capital firms and technology companies. SoftBank, run by Japanese billionaire Masayoshi Son, is making the bulk of the $1 billion investment out of its $93 billion Vision Fund, the world''s biggest private equity fund, sources said. Its backers include Saudi Arabia''s sovereign wealth fund, Abu Dhabi''s Mubadala Investment Co and Apple Inc. SoftBank has been involved in a number of recent deals including acquisitions of two robotics businesses from Google''s parent company Alphabet Inc. Other investments in the Vision Fund include stakes in chip designer ARM Holdings and satellite startup OneWeb. The Wall Street Journal first reported the SoftBank investment in Fanatics on Tuesday. Reporting by Liana B. Baker; Editing by Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-fanatics-softbank-investment-idUSKBN1AO2AI'|'2017-08-08T23:00:00.000+03:00'|6113.0|''|-1.0|'' 6114|'23c3673fa09e850ee535bc2f0b9b3b59c6b51022'|'UPDATE 1-Vale investors overwhelmingly join share conversion plan'|'(Adds details in paragraphs 4-9)SAO PAULO, Aug 10 (Reuters) - Investors in Brazil''s Vale SA have overwhelmingly agreed to swap their preferred stock into common shares, handling the world''s No. 1 iron ore producer a victory in a plan that will give equal votes to all shareholders and limit government meddling.In a Thursday securities filing, Vale said a total 1.421 billion preferred shares, or the equivalent of over 72 percent of that class of stock in circulation, joined the plan, topping the minimum 54.09 percent threshold set to approve a share conversion plan.According to the filing, the results are preliminary and a definitive outcome of the share conversion will only be known late on Friday, the filing said. Management at the Rio de Janeiro-based behemoth will discuss the matter at several conference calls on Aug. 14.The change represents a milestone in a country long hobbled by corporate governance abuses and reorganizations that hampered minority investors in most cases. Reuters reported the plan on Jan. 19, citing people familiar with it.The plan puts a limit to the meddling of politicians in Vale - an aspect that weighed on the company''s stock during former President Dilma Rousseff''s five years in office. Still, the government will keep a golden share, allowing it to fend off hostile takeover attempts and shape strategic decisions.By merging Vale''s different classes of stock into a single, common one, the miner could lure more Asian investors and specialized mining and metals funds as shareholders, Chief Financial Officer Luciano Siani told the Reuters Latin American Investment Summit on Monday.A first phase of the plan had been approved by shareholders in June. Thursday''s vote is key to raise awareness among global investors of the benefits of a company with dispersed share ownership, no controlling bloc and with increased transparency over decision-making.Common shares and Vale''s American depositary receipts - which will replace the company''s preferred stock - are up about 30 percent and 34 percent, respectively, this year.Currently, seven of Vale''s top-10 stockholders are U.S.-based funds, with the other three based in Europe, according to Thomson Reuters data. None of them are mining-only industry funds.Increased transparency also could help increase Vale''s existing shareholder base from about 200,000, Siani said, noting that it was about 500,000 a decade ago. (Reporting by Guillermo Parra-Bernal; Additional reporting by Ana Mano; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/vale-sa-equity-idINL1N1KX00C'|'2017-08-10T22:35:00.000+03:00'|6114.0|''|-1.0|'' @@ -6126,7 +6126,7 @@ 6124|'26316a3f78dc9dc2858902da3a15dc92e169a26c'|'UK consumer spending sees longest decline since 2013 - Visa'|'August 6, 2017 / 11:17 PM / 15 hours ago UK consumer spending sees longest decline since 2013 - Visa Reuters Staff 3 Min Read A shopper carries a bag advertising a sale on Oxford Street in London, Britain December 26, 2015. Neil Hall LONDON (Reuters) - British consumer spending fell for the third month in a row in July in its longest losing streak in over four years, according to data released on Monday, in another sign that the impact of last year''s Brexit vote is rippling through to households. Overall consumer spending, the engine of the British economy, dropped by 0.8 percent in real terms last month compared with July 2016, payments company Visa said. That was quicker than June''s 0.2 percent fall, and following a further drop in May it marks the longest consecutive decline since February 2013, when a still-frail economy was struggling to recover from the financial crisis. "The figure provides further evidence that rising prices and stagnant wage growth are squeezing consumers'' pockets," said Kevin Jenkins, Visa''s managing director for the United Kingdom and Ireland. Last week the Bank of England downgraded its forecast for economic growth this year and next, due partly to slower-than-expected wage rises, and it sees a weaker outlook for household spending than for other sectors of the economy. Visa''s data chimed with other signs that households are under financial pressure - from lacklustre retail sales to falling new car registrations and mortgage approvals. A fall in the value of sterling since the Brexit vote in June last year has stoked inflation at a time when wage growth is slowing, squeezing incomes. Consumer confidence dropped to a one-year low in July, according to market research firm GfK. Spending on transport and communications and on clothing and footwear took the biggest knocks, down by 6.1 percent and 5.2 percent respectively. The fall in sales of clothing - a sector especially reliant on imports - was the second-biggest in five years, after an even larger drop in May. Clothing sales had enjoyed a boost early in July due to better-than-usual summer weather, a survey from the Confederation of British Industry showed, but since then both the weather and the picture from other retail measures has been gloomier. Visa pointed to continued strength in spending on hotels, restaurants and bars, as sterling''s weakness deterred Britons from going abroad. "The sector is likely to have benefited from an early surge in summer staycations, as the weak pound made holidaying at home more attractive," Jenkins said. Reporting by Emma Rumney, editing by David Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-economy-consumers-idUKKBN1AM0WM'|'2017-08-07T02:17:00.000+03:00'|6124.0|''|-1.0|'' 6125|'0507fcb6dd598db250f4369f7b5d8d146e270154'|'PRESS DIGEST - Wall Street Journal - Aug 28'|'Aug 28 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Uber Technologies Inc''s board has voted to appoint Expedia Inc Chief Executive Dara Khosrowshahi as its new CEO, capping a tumultuous nine-week search after Travis Kalanick resigned in late June, according to people familiar with the matter. on.wsj.com/2iBXIJZ- Facebook Inc is once again in hot water for allowing objectionable videos on its website, this time drawing a rare rebuke from a United Nations agency. on.wsj.com/2iAkySh- The Occupational Safety and Health Administration is reducing its reporting of fatalities in the United States, part of a series of moves by the agency that are cutting back the amount of information about workplace accidents made available to the public. on.wsj.com/2izt1Fa- Mall-based retailer Perfumania Holdings Inc has sought Chapter 11 protection with plans to reorganize around its better-performing stores. on.wsj.com/2iBQMN6- Wireless networks along the Texas coast suffered outages as a result of Hurricane Harvey, federal regulators said, leaving customers in some counties with limited or no cellphone service. on.wsj.com/2iztUO0 (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-wsj-idINL4N1LE24E'|'2017-08-28T03:29:00.000+03:00'|6125.0|''|-1.0|'' 6126|'f0c26359d4873d06aee3064ba5dcbd0d036064b3'|'Sponsors may be tempted by Olympics return to Los Angeles'|'August 1, 2017 / 9:43 PM / 19 hours ago Sponsors may be tempted by Olympics return to Los Angeles Liana B. Baker 4 Min Read Los Angeles Mayor Eric Garcetti announces an agreement for the city of Los Angeles to host the 2028 Olympic Games from Carson, California U.S. July 31, 2017. Mike Blake SAN FRANCISCO(Reuters) - Even if it is more than a decade away, a Summer Games in Los Angeles in 2028 may be a boost to the International Olympic Committee''s (IOC) efforts to extend its lucrative contracts with top sponsors such as Visa Inc and Coca-Cola Co, Olympic sponsorship experts said. Los Angeles agreed to host the 2028 Summer Games, after bowing out of a two-way contest with Paris for the 2024 Summer Games. Awarding two Summer Games in tandem is rare for the IOC, and under normal circumstances, the 2028 host city would not be known until 2021. U.S.-based multinational companies Visa ( V.N ), Coca-Cola ( KO.N ), Procter & Gamble ( PG.N ), Dow Chemical Co ( DOW.N ) and General Electric Co ( GE.N ) make up about half of the IOC''s top sponsors program, which contributes more than $1 billion in each four-year cycle to the games. All of these brands'' agreements with the IOC expire in 2020 after the Summer Games in Tokyo. At least one U.S.-based sponsor, which spoke to Reuters on condition of anonymity, said that it had been eager for the Games to return to the United States after so many years. "LA is a homegrown market, a U.S. market for these companies that gives a tremendous boost to the likelihood that they will continue to stay on as sponsors," said Rob Prazmark, chief executive of 21 Sports & Entertainment Marketing Group, who helped create the top sponsors program with the IOC. Los Angeles Mayor Garcetti speaks at the podium during the announcement that the city of Los Angeles will host the 2028 Olympic Games in Carson, California, U.S., July 31, 2017. Mike Blake The 2028 U.S. Summer Games, the first Summer Games in the United States since 1996, could be a factor in the renewal discussions with sponsors that are currently underway, said John Grady, a sports law professor at the University of South Carolina. "Once you have an American city, it puts a flame under that U.S. brand. They have a reason to renew that otherwise didn''t exist," Grady said. Slideshow (2 Images) With the next three games in Asia, some U.S.-based sponsors have bowed out of their official Olympic sponsorship deals, though the IOC has signed on new Asia-based sponsors such as Alibaba Group Holding Ltd ( BABA.N ). McDonald''s Corp ( MCD.N ) ended a 41-year sponsorship deal with the IOC in June, and the U.S. Olympic Committee also has lost sponsors such as AT&T Inc ( T.N ) and Citigroup Inc ( C.N ) ahead of the 2018 Winter Games in South Korea. Visa and Coca-Cola declined to comment beyond saying that their Olympic deals run until 2020. The IOC, P&G, Dow and GE did not respond to a request for comment. Intel, which signed on as a top sponsor in June, is locked in until 2024 and declined to comment. Just knowing the location of Games 11 years out could also benefit U.S. broadcaster NBC, a unit of Comcast Corp ( CMCSA.O ), which is signed on until 2032, because it now has significant lead time to work with advertisers and deal with the changing ways people watch the Games over the internet, which has led to lower TV ratings. An NBC spokesman, in a statement, called the next three host cities for the Summer Games, Tokyo, Paris and Los Angeles, "a U.S. broadcaster''s dream." Reporting by Liana B. Baker in San Francisco; Editing by Steve Orlofsky 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-olympics-sponsors-los-angeles-idUSKBN1AH5BG'|'2017-08-02T00:43:00.000+03:00'|6126.0|''|-1.0|'' -6127|'30dad426f0e72b9be2aa403356215f9bfa6b7099'|'Oil prices drop as oversupply concerns linger'|'August 11, 2017 / 12:51 AM / an hour ago Oil prices drop as oversupply concerns linger 3 Min Read A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. Sergei Karpukhin/File Photo SEOUL (Reuters) - Oil prices fell on Friday, dragged lower by persistent oversupply worries despite a bigger-than-expected drawdown in U.S. crude inventories. Investors were also keeping a close eye on the broad market impact of tensions between the United States and North Korea. Brent crude, the global benchmark, was at $51.62 a barrel at 0652 GMT, down 28 cents, or 0.54 percent from its last close. That was the lowest since Aug. 1. U.S. West Texas Intermediate (WTI) crude was down 32 cents, or 0.66 percent, at $48.27 per barrel, reaching the lowest since July 26. Oil prices touched 2-1/2 month highs on Thursday, but retreated to close down around 1.5 percent, with U.S. prices slipping back below $50 per barrel amid ongoing oversupply concerns. "Crude oil prices failed to hold recent gains, with a nervous market starting to doubt recent falls in inventories," ANZ bank said in a note. "Supply-side issues also weighed on prices, with data showing Libyan production in July hit its highest level for the year." Meanwhile, U.S. President Donald Trump stepped up his rhetoric against North Korea again on Thursday, saying his earlier threat to unleash "fire and fury" on Pyongyang if it launched an attack may not have been tough enough. "I think the issue that is affecting the market is the general risk sentiment of saber-rattling between Washington and Pyongyang," said Michael McCarthy, chief market strategist at CMC Markets. Official data showed crude inventories in the United States, the world''s top oil consumer, fell sharply by 6.5 million barrels in the week ending to Aug. 4, as refiners ramped up run rates to the highest in 12 years due to strong demand. But doubts remain over whether enough crude would be consumed to end a global glut after the Organization of the Petroleum Exporting Countries (OPEC) reported on Thursday another increase in the oil cartel''s production, even though it raised outlook for oil demand in 2018. OPEC said its oil output rose by 173,000 barrels-per-day (bpd) in July to 32.87 million bpd. Faced with lingering global glut woes, OPEC and some non-OPEC members including Russia in May extended oil production cuts to reduce 1.8 million bpd. Saudi Arabia''s Energy Minister Khalid al-Falih said the kingdom does not rule out additional oil production cut, the Saudi-owned Al Sharq Al Awsat newspaper reported on Friday. Meanwhile, Russian oil producer Gazprom Neft is considering resuming production in mature fields after the OPEC-led production cut agreement, a representative of the company said on Thursday. Rising output from Nigeria and Libya is further undermining the oil producers'' attempt to limit oil production. Nigeria and Libya are exempted from curbing output as they seek to restore supplies hurt by internal conflicts. Reporting by Jane Chung; Editing by Richard Pullin and Joseph Radford 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil-idUKKBN1AR01N'|'2017-08-11T10:01:00.000+03:00'|6127.0|''|-1.0|'' +6127|'30dad426f0e72b9be2aa403356215f9bfa6b7099'|'Oil prices drop as oversupply concerns linger'|'August 11, 2017 / 12:51 AM / an hour ago Oil prices drop as oversupply concerns linger 3 Min Read A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. Sergei Karpukhin/File Photo SEOUL (Reuters) - Oil prices fell on Friday, dragged lower by persistent oversupply worries despite a bigger-than-expected drawdown in U.S. crude inventories. Investors were also keeping a close eye on the broad market impact of tensions between the United States and North Korea. Brent crude, the global benchmark, was at $51.62 a barrel at 0652 GMT, down 28 cents, or 0.54 percent from its last close. That was the lowest since Aug. 1. U.S. West Texas Intermediate (WTI) crude was down 32 cents, or 0.66 percent, at $48.27 per barrel, reaching the lowest since July 26. Oil prices touched 2-1/2 month highs on Thursday, but retreated to close down around 1.5 percent, with U.S. prices slipping back below $50 per barrel amid ongoing oversupply concerns. "Crude oil prices failed to hold recent gains, with a nervous market starting to doubt recent falls in inventories," ANZ bank said in a note. "Supply-side issues also weighed on prices, with data showing Libyan production in July hit its highest level for the year." Meanwhile, U.S. President Donald Trump stepped up his rhetoric against North Korea again on Thursday, saying his earlier threat to unleash "fire and fury" on Pyongyang if it launched an attack may not have been tough enough. "I think the issue that is affecting the market is the general risk sentiment of saber-rattling between Washington and Pyongyang," said Michael McCarthy, chief market strategist at CMC Markets. Official data showed crude inventories in the United States, the world''s top oil consumer, fell sharply by 6.5 million barrels in the week ending to Aug. 4, as refiners ramped up run rates to the highest in 12 years due to strong demand. But doubts remain over whether enough crude would be consumed to end a global glut after the Organization of the Petroleum Exporting Countries (OPEC) reported on Thursday another increase in the oil cartel''s production, even though it raised outlook for oil demand in 2018. OPEC said its oil output rose by 173,000 barrels-per-day (bpd) in July to 32.87 million bpd. Faced with lingering global glut woes, OPEC and some non-OPEC members including Russia in May extended oil production cuts to reduce 1.8 million bpd. Saudi Arabia''s Energy Minister Khalid al-Falih said the kingdom does not rule out additional oil production cut, the Saudi-owned Al Sharq Al Awsat newspaper reported on Friday. Meanwhile, Russian oil producer Gazprom Neft is considering resuming production in mature fields after the OPEC-led production cut agreement, a representative of the company said on Thursday. Rising output from Nigeria and Libya is further undermining the oil producers'' attempt to limit oil production. Nigeria and Libya are exempted from curbing output as they seek to restore supplies hurt by internal conflicts. Reporting by Jane Chung; Editing by Richard Pullin and Joseph Radford 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil-idUKKBN1AR01N'|'2017-08-11T10:01:00.000+03:00'|6127.0|11.0|0.0|'' 6128|'27fe0689816147039ce187660660b63990293b94'|'Maersk, miners help limit losses in European shares as risk-off moves continue'|' 31 AM / 19 minutes ago Maersk, miners help limit losses in European shares as risk-off moves continue Reuters Staff 3 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 16, 2017. Staff/Remote LONDON (Reuters) - European stocks fell further in early deals on Monday as geopolitical jitters on the Korean peninsula trickled over from Asian trading, though shipping company Maersk and strong mining stocks helped limit losses. The pan-European STOXX 600 fell 0.2 percent, starting the week on the back foot, with euro zone stocks .STOXXE and blue-chips .STOXX50E down 0.2 to 0.3 percent. The risk-off move hit banks .SX7P the hardest, with RBS ( RBS.L ) and Barclays ( BARC.L ) among top losers, along with French lenders Societe Generale ( SOGN.PA ), BNP Paribas ( BNPP.PA ) and Credit Agricole ( CAGR.PA ). After recent losses, the STOXX 600 was down 6 percent from its mid-May 20-month peak. Strong metals prices helped cap benchmark losses, however, with mining stocks .SXPP jumping 1 percent after London zinc rose to its highest in a decade on robust Chinese demand for steel. [nL4N1L71UD] Rio Tinto ( RIO.L ), BHP Billiton ( BLT.L ) and Anglo American ( AAL.L ) were among the top gainers. Deal-making also boosted a few of the best-performing stocks. Maersk ( MAERSKb.CO ) jumped 5 percent to lead European gainers after the firm agreed to sell Maersk Oil to French oil major Total ( TOTF.PA ) for $7.45 billion. [nL8N1L70VI] Fiat Chrysler ( FCHA.MI ) shares jumped 3.5 percent after Chinese carmaker Great Wall ( 601633.SS ) asked for a meeting with the Italian carmaker with the aim of making an offer for all or part of the Italian-American auto group. [nL4N1L72K4] Fiat''s gains helped the auto and parts sector .SXAP up 0.2 percent. With the second-quarter European reporting season drawing to a close, 60 percent of companies have either beaten or met expectations, though share price reactions have been muted overall. Reporting by Helen Reid, editing by Kit Rees 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-europe-stocks-idUKKCN1B10L7'|'2017-08-21T10:27:00.000+03:00'|6128.0|''|-1.0|'' 6129|'1113749d8f0cf79454b1fd04bf42ecd29b27f4e6'|'Audi to develop solar-embedded panoramic roof with China''s Hanergy'|' 29 AM / 15 minutes ago Audi to develop solar-embedded panoramic roof with China''s Hanergy Reuters Staff 2 Min Read FILE PHOTO: The logo of Audi is pictured at the Auto China 2016 auto show in Beijing, April 25, 2016. Kim Kyung-Hoon/File Photo - BEIJING (Reuters) - Audi, Volkswagen''s ( VOWG_p.DE ) main profit driver, on Wednesday said it was working with China''s Hanergy Thin Film Power Group to integrate solar cells into panoramic glass roofs for an upcoming Audi electric vehicle (EV). Alta Devices, a unit of the Chinese solar cell firm Hanergy, will design the solar-embedded vehicle roof that will eventually help increase the range of EVs by feeding solar energy into internal electrical systems, such as air conditioning and other appliances, Audi said in a statement. The prototype of the vehicle with a solar roof will be built by end-2017, the automaker added, without giving any details on investment and estimated time frame for mass-production. Audi, which has been grappling with car recalls, prosecutor investigations and persistent criticism from unions and managers over an emissions scandal and its performance post-dieselgate, is currently looking to shift its focus to EVs. Last month, Audi said it aimed to cut costs by about $12 billion by 2022 to help fund the shift. It is also looking to free up funds for investments in zero-emission technology by developing a new production platform with Porsche, allowing both VW brands to save money by sharing components and modules. In its statement on Wednesday, Audi said it plans to make three battery-electric models by 2020 and aims to cover one third of its vehicles with fully electric drivetrains by 2025. At a later stage, Audi said it hopes to be able to use solar energy to directly charge the traction battery. "That would be a milestone along the way to achieving sustainable and emission-free mobility," said Dr. Bernd Martens, Board of Management Member for Procurement at Audi. Hanergy presented four solar-powered EVs last year, and has been seeking to cooperate with car producers to mass produce its solar devices. Reporting by Muyu Xu and Beijing Newsroom; Editing by Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-audi-energy-solar-idUKKCN1B30MO'|'2017-08-23T10:29:00.000+03:00'|6129.0|''|-1.0|'' 6130|'ce4209be62c2ebd4763f8edd1857e1872ef6e2ef'|'BRIEF-Baker Hughes, a GE company, declares quarterly dividend'|'August 1, 2017 / 1:45 PM / in 19 minutes BRIEF-Baker Hughes, a GE company, declares quarterly dividend 1 Min Baker Hughes A Ge Co * Baker hughes, a ge company declares quarterly dividend * Baker hughes says declared a cash dividend of $0.17 per share of common stock payable august 25, 2017 to holders of record on august 11, 2017 Source text for Eikon: 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-baker-hughes-a-ge-company-declares-idUSFWN1KN0KR'|'2017-08-01T16:44:00.000+03:00'|6130.0|''|-1.0|'' @@ -6156,7 +6156,7 @@ 6154|'c85294994f263a94e00e3654912037c1432617b2'|'China Construction Bank raising $15 billion in funding for Belt and Road deals: sources'|'August 22, 2017 / 6:05 AM / 24 minutes ago China Construction Bank raising $15 billion in funding for Belt and Road deals: sources Kane Wu and Julie Zhu 2 Min Read A sign of China Construction Bank is seen at a branch in Beijing, China, April 21, 2016. Kim Kyung-Hoon/File Photo HONG KONG (Reuters) - China Construction Bank Corp (CCB) is raising at least 100 billion yuan ($15 billion) for a fund to finance investments related to Beijing''s Belt and Road initiative, people familiar with the matter told Reuters. The people said China''s second-biggest bank by assets was raising cash onshore and offshore, and has already been running roadshows with prospective investors. They could not be identified as they are not authorised to speak to the media. CCB did not immediately respond to a Reuters request for comment. Chinese President Xi Jinping in May pledged a $124 billion (96.2 billion pounds) funding boost to help his plan to build a modern Silk Road, connecting China with new and old trading partners. He also said China would encourage financial institutions to expand their overseas yuan fund businesses. Beijing is trying to contain overseas deals after some extravagant purchases in recent years, but acquisitions by Chinese companies in countries that are part of the Belt and Road initiative are soaring, totalling $33 billion as of mid-August. That compares with a $31 billion tally for all of 2016, showed Thomson Reuters data. The people said CCB would raise U.S. dollars for the offshore portion of the fund and yuan from onshore investors. Some of the onshore capital could be used for Belt and Road deals overseas, two of the people said. Reporting by Julie Zhu and Kane Wu; Editing by Christopher Cushing 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ccb-fundraising-idUKKCN1B20EY'|'2017-08-22T09:04:00.000+03:00'|6154.0|''|-1.0|'' 6155|'aab59f799d7dbcd1cdb8df70f567827d0f7231c5'|'China bankruptcies rise steadily in 2017 amid ''zombie firm'' crackdown'|'SHANGHAI, Aug 3 (Reuters) - Chinese courts handled more than 4,700 bankruptcy cases in the first seven months of 2017, up "steadily" on the same period of 2016 as Beijing stepped up its campaign against ''zombie firms'', a senior official with the judiciary said on Thursday."The difficulties of launching a bankruptcy case have been effectively eased," He Xiaorong, a senior director at China''s Supreme People''s Court, told a news briefing.He said that after 2009, the number of bankruptcy cases in China went into decline with creditors finding it difficult to bring insolvency cases in the courts, but subsequent reforms had improved the situation.Zombie enterprises are loss-making firms that continue to operate only with the support of government subsidies or soft loans. China promised last year to shut them down as part of supply side reform efforts to rejuvenate its debt-ridden state sector and make better use of its capital, labour and resources.Senior leadership sources estimated last year that the plans to close zombie enterprises over the 2016-2018 period could involve more than 6 million layoffs, and the government has already introduced special funds to help pay for redundancies.But China''s inadequate bankruptcy mechanisms have long been regarded as an obstacle when it comes to shutting down loss-making firms, with weak laws and inexperienced courts likely to expose companies to a ''creditors'' race'' that forces the piecemeal sale of assets.Executives have also complained the laws leave company bosses personally liable when it comes to repaying debts, making them reluctant to enter bankruptcy proceedings.The Supreme People''s Court''s He said China had made strides to perfect the country''s bankruptcy system, establishing mechanisms to identify zombie enterprises, handle layoffs and maintain social stability.He said that a special bankruptcy court set up in 2015 had handled 1,923 cases in the first seven months of 2017, up 28.3 percent compared to the same period of last year.It now takes an average of 1.7 years to close a business through insolvency procedures in China, better than the East and South Asia average of 2.6 years, according to a report by BMI Research published last week. (Reporting by David Stanway and Engen Tham; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-bankruptcy-idINL4N1KP2YP'|'2017-08-03T05:49:00.000+03:00'|6155.0|''|-1.0|'' 6156|'e04c82c41967492107e1bb97206ed80a3e1861b2'|'Saudi to transfer airports to sovereign fund in privatisation drive'|'August 21, 2017 / 7:02 PM / 17 minutes ago Saudi to transfer airports to sovereign fund in privatization drive Reuters Staff 2 Min Read RIYADH (Reuters) - Saudi Arabia plans to transfer ownership of all its airports to its main sovereign wealth fund, the Public Investment Fund, as part of a drive to privatize them, a senior aviation official said on Monday. Companies will be set up for each airport under Saudi Civil Aviation Holding, a spin-off from the General Authority of Civil Aviation (GACA), which will continue to regulate the industry, state news agency SPA quoted Mohammed al-Shetwey, aide to GACA''s president for financial affairs, as saying. "The process of establishing companies will continue for all airports, and the civil aviation holding company in the future will be 100 percent owned by the Public Investment Fund," Shetwey said. He added that a company had already been established for Dammam''s main airport, while an expanded King Abdulaziz International Airport in Jeddah would start operating in the second half of 2018 under the management of Singapore''s Changi Airport Group. Shetwey did not say when or how the Public Investment Fund would sell stakes in the airport companies under the privatization program. However, sources told Reuters last month that Saudi Arabia had hired Goldman Sachs ( GS.N ) to manage the sale of a stake in Riyadh''s King Khalid International Airport, which would be the first major privatization. The size of the stake to be offered was not revealed. Shetwey said a project to refurbish that airport, which handled 22.5 million passengers in 2016, would begin after next week''s haj pilgrimage. Reporting by Stephen Kalin; Editing by Andrew Torchia and Richard Balmforth 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-saudi-airports-privatisation-idUKKCN1B125O'|'2017-08-21T21:58:00.000+03:00'|6156.0|''|-1.0|'' -6157|'e509d61a560ce209aba5868446e0a8c06c515882'|'Bank of Korea leaves rates at record low, as expected'|'SEOUL (Reuters) - South Korea''s central bank held the key interest rate steady on Thursday, as expected, as it assesses the effect of government measures to curb a frenzied housing market and evaluates geopolitical risks.A Bank of Korea media official did not elaborate on the monetary policy committee''s decision to keep the base rate steady at record-low 1.25 percent. Governor Lee Ju-yeol is due to hold a news conference from 11:20 a.m. (0220 GMT).All 19 analysts in a Reuters poll forecast the central bank would hold rates this week but most see the bank tightening policy sometime next year.Reporting by Dahee Kim and Choonsik Yoo; Editing by Eric Meijer '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/southkorea-economy-rates-idINKCN1BB04Q'|'2017-08-30T23:17:00.000+03:00'|6157.0|''|-1.0|'' +6157|'e509d61a560ce209aba5868446e0a8c06c515882'|'Bank of Korea leaves rates at record low, as expected'|'SEOUL (Reuters) - South Korea''s central bank held the key interest rate steady on Thursday, as expected, as it assesses the effect of government measures to curb a frenzied housing market and evaluates geopolitical risks.A Bank of Korea media official did not elaborate on the monetary policy committee''s decision to keep the base rate steady at record-low 1.25 percent. Governor Lee Ju-yeol is due to hold a news conference from 11:20 a.m. (0220 GMT).All 19 analysts in a Reuters poll forecast the central bank would hold rates this week but most see the bank tightening policy sometime next year.Reporting by Dahee Kim and Choonsik Yoo; Editing by Eric Meijer '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/southkorea-economy-rates-idINKCN1BB04Q'|'2017-08-30T23:17:00.000+03:00'|6157.0|12.0|0.0|'' 6158|'87194b9d13b653b144dcbce6fe76268552ad97bd'|'Glenview directors leave Tenet board, cite irreconcilable differences'|'NEW YORK (Reuters) - Glenview Capital Management, Tenet Healthcare Corp''s ( THC.N ) largest shareholder, is pulling its two representatives off the hospital company''s board, citing "irreconcilable differences" over strategy.Tenet said on Friday that Glenview executives Randy Simpson and Matt Ripperger had resigned from the board on Thursday.In a letter Tenet filed with the U.S. Securities and Exchange Commission, Simpson and Ripperger said they had decided "the most effective way forward to promote strong patient satisfaction and long-term value creation for Tenet is to step off this board."Hedge fund Glenview owned nearly 18 percent of Tenet''s shares as of June 30, according to Thomson Reuters data. That stake would be worth around $225 million at yesterday''s close.The fund -- run by investor Larry Robbins -- has reported a stake in Tenet since 2012, but only put its representatives on the board last year. At the time, they signed a support and standstill agreement with Tenet that prevented the company from taking part in or aiding an activist campaign against the company.The directors stepping down from the board triggers the expiration of that agreement in 15 days. "Glenview may evaluate other avenues to be a constructive owner" of the company, they added.They said Glenview was fully committed to its ownership stake in Tenet.Tenet shares rose around 4 percent in before the bell trading.Reporting by Michael Erman; Editing by Lisa Von Ahn and Phil Berlowitz'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-tenet-directors-idINKCN1AY1CG'|'2017-08-18T10:53:00.000+03:00'|6158.0|''|-1.0|'' 6159|'d99671e2970019506f050fda927a5464e3420eb8'|'China regulator hints at no more special treatment after Unicom deal'|'FILE PHOTO - Company logos of China Unicom are displayed at a news conference during the company''s announcement of its annual results in Hong Kong, China March 16, 2016. Bobby Yip/File Photo SHANGHAI (Reuters) - China''s securities regulator said that company ownership reform plans must strictly abide by existing regulations, hinting there will be no repeat of the special treatment given to China Unicom ( 600050.SS ) in its $11.7 billion restructuring.The China Securities Regulatory Commission (CSRC) said in a statement on Friday that it would "continue to support mixed-ownership reforms" of state-owned firms. However, it warned major shareholders that "any items related to the capital markets must strictly stick to existing laws, regulations and rules published by the securities regulator".China Unicom recently unveiled plans to raise 77.9 billion yuan ($11.7 billion) through an ownership reform plan that some observers saw as a model case for revitalizing Chinese state firms with private capital.The deal immediately raised eyebrows among Chinese media and investors, who suspected it may have violated rules on private placements in terms of deal size and pricing mechanism after the CSRC revised its rules in February.The CSRC reiterated on Friday that the deal was being treated as an exceptional case, due to the "major significance" of China Unicom''s reforms.The deal, in which Unicom''s Shanghai-listed unit will tap more than a dozen major investors, including Alibaba Group ( BABA.N ), Tencent Holdings ( 0700.HK ) and Baidu ( BIDU.O ), for funds, caused confusion among investors when it was announced this month.Reporting by Samuel Shen and John Ruwitch; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/us-china-unicom-regulator-idINKCN1B5196'|'2017-08-25T09:06:00.000+03:00'|6159.0|''|-1.0|'' 6160|'c7674c76846d4db950a546730c72a1fb6566d9e0'|'Marriott looks to woo Chinese travelers with Alibaba deal'|'August 7, 2017 / 1:24 PM / 43 minutes ago Marriott set to woo Chinese tourists with Alibaba deal 3 Min Read (In the fourth paragraph, corrects to show that Alibaba will run Marriott''s Chinese-language websites and apps, not that it will run Marriott''s websites and apps) (Reuters) - Marriott International Inc ( MAR.O ) said on Monday it would partner with China''s Alibaba Group Holding Ltd ( BABA.N ) to tap into the growing number of Chinese citizens who travel abroad. The world''s biggest hotel chain said the joint venture with Alibaba would allow Chinese travelers to book rooms at Marriott hotels via Alibaba''s travel service platform, Fliggy. Travelers will be able to sign up for Marriott''s rewards program and receive special member-only rates through Fliggy, Marriott''s global chief commercial officer, Stephanie Linnartz, said in an interview. Alibaba will eventually run Marriott''s Chinese-language websites and apps, Linnartz said. Tourists will be able to pay for bookings using the Chinese e-commerce company''s online payments platform, Alipay, the companies said. A Marriott flag hangs at the entrance of the New York Marriott Downtown hotel in Manhattan, New York November 16, 2015. Andrew Kelly The long-term market opportunity in China is huge for companies targeting both domestic and outbound Chinese travelers, according to Rich Hightower, an equity analyst with Evercore ISI. Over the next five years, Chinese travelers will take an estimated 700 million trips, the companies said in a statement. Marriott''s focus with the joint venture is mostly outbound Chinese travelers, Linnartz said. FILE PHOTO: People ride a double bicycle past the Alibaba Group logo, at the company''s headquarters, on the outskirts of Hangzhou, China November 10, 2014. Aly Song/File Photo Marriott owns the JW Marriott, Ritz-Carlton, Renaissance and Autograph Collection hotel brands, among others. It has nearly 300 hotels in China and around 300 hotels in the pipeline. Twenty-two of its 30 brands have a presence in China. China''s importance to Marriott was heightened after the company''s acquisition of Starwood Hotels, which had a larger presence in the country than Marriott, Linnartz said. Shares of Marriott closed up 1.1 percent on Nasdaq on Monday but fell 1.8 percent after the close following the company''s release of second-quarter earnings. Shares of Alibaba ended up 3.6 percent at $158.84 on Nasdaq. Reporting by Arunima Banerjee and Ankit Ajmera in Bengaluru and Sophia Kunthara in New York; Editing by Anna Driver and Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-marriott-intnl-alibaba-idUSKBN1AN1JN'|'2017-08-07T16:24:00.000+03:00'|6160.0|''|-1.0|'' @@ -6165,7 +6165,7 @@ 6163|'9e4c06986cb49cb391d2b9e18f66326bb4b2e377'|'Persimmon posts 30 percent first-half profit rise'|'August 22, 2017 / 6:17 AM / 7 hours ago Persimmon posts 30 percent first-half profit rise Reuters Staff 1 Min Read FILE PHOTO - A completed modular Space4 home on a Persimmon development in Coventry, February 22, 2017. Darren Staples/File Photo LONDON (Reuters) - Britain''s second biggest housebuilder Persimmon said its first-half pre-tax profits rose 30 percent to 457 million pounds but it would remain cautious over land buying due to uncertainty around Brexit. Persimmon, which built just over 15,100 homes across the country in 2016, said its volumes rose 8 percent to 7,794 units in the first six months of the year and that customer interest in its developments remained strong. The firm said the housing market was still "confident" and its reservation rate had risen 2 percent in recent weeks but it would be prudent about buying land for future building, the biggest cost faced by most builders. "We will remain cautious with respect to new land investment for as long as the uncertainties facing the market persist, particularly those associated with the risks to the UK economy resulting from the UK''s exit from the EU," the firm said on Tuesday. Reporting by Costas Pitas; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-persimmon-results-idUKKCN1B20FX'|'2017-08-22T09:16:00.000+03:00'|6163.0|''|-1.0|'' 6164|'612b16232e03b835589a8d6668ad11ac8cbeee1e'|'Transitional Brexit deal crucial for banks - Nicky Morgan'|'July 31, 2017 / 11:07 PM / 38 minutes ago Transitional Brexit deal crucial for banks - Nicky Morgan Huw Jones 4 Min Read FILE PHOTO - Nicky Morgan arrives for a cabinet meeting at number 10 Downing Street, in central London, Britain July 12, 2016. Neil Hall LONDON (Reuters) - Transitional arrangements after leaving the European Union in 2019 will be crucial for protecting the economy and the City of London''s global role in finance, a senior British lawmaker said on Tuesday. Nicky Morgan, the new chair of parliament''s Treasury Select Committee, has asked the Bank of England''s top regulator to say if lenders are ready for a "hard" Brexit if there is no "bridge" between leaving the bloc and the start of new trading terms. "The cliff edge facing businesses in April 2019 is a cause for concern, particularly in the financial services sector," Morgan said in a statement announcing her request to the BoE. Morgan, a former Cabinet minister who campaigned in last year''s referendum for Britain to stay in the EU, is the latest senior politician to call for transitional arrangements, which some ministers who want a clean break with Europe oppose. Faced with such divisions, banks and insurers in London who rely on EU "passports" to access the EU market are pushing ahead with plans to shift some operations from London to the EU ahead of Brexit, to be sure of serving customers there. HSBC ( HSBA.L ), Britain''s biggest bank, said on Monday it will spend up to $300 million to move jobs and part of its business to Paris. BoE Deputy Governor Sam Woods wrote to several hundred firms in April to ask how they would deal with an abrupt severing of ties with Europe. Morgan wants Woods to provide her with a summary of the responses by Wednesday, saying the committee may want to scrutinise them. "I have also asked Mr Woods for his views on the desirability and design of a transitional arrangement with the EU, to provide more time to negotiate and prepare for a new UK-EU economic relationship," Morgan said. "Getting these arrangements right will be crucial for ensuring that the City retains its pre-eminence as a global financial centre, and to protect the economy and jobs as the UK leaves the EU," she added. A senior banking industry official told Reuters a transitional deal must not simply extend the status quo for a few more years. "We want to avoid a second cliff edge. It cannot be a pause, it has to be a transition, otherwise you just delay the cliff edge," the official said. In her letter to Woods, who is also head of the BoE''s Prudential Regulation Authority (PRA), Morgan asks if firms have identified "common trigger points" for moving operations, and if a hard Brexit posed a threat to financial stability. She also asks if the PRA has the capacity to directly authorise and supervise financial firms from elsewhere in the EU who want to continue providing services in Britain after Brexit. Some of those firms may have to convert from branches into subsidiaries with their own cushion of capital -- a complex process. BoE Governor Mark Carney said earlier this year that a transition period would be "highly advisable". The PRA, which will review the firms'' plans over the summer, said it would reply to Morgan by Wednesday. Reporting by Huw Jones; Editing by Catherine Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-idUKKBN1AG2ML'|'2017-08-01T02:06:00.000+03:00'|6164.0|''|-1.0|'' 6165|'88cfb0928c0a23f2800c4458e89b693bd70f430a'|'Buckeye Partners aims to restart Corpus Christi facility by Tuesday'|'NEW YORK, Aug 28 (Reuters) - U.S. oil terminal operator Buckeye Partners LP said on Monday it was working to fully restart operations at its oil processing facility in Corpus Christi, Texas, by early Tuesday afternoon.Based on the latest assessment of equipment, the company is working to fully restart operations in the next 24 hours, a spokesman told Reuters in an email.All employees have been safely accounted for and a regular work schedule has resumed at the Corpus Christi processing and marine terminal facilities, he said.The company said on Sunday its facilities in Corpus Christi had not suffered major damage due to Tropical Storm Harvey.Buckeye, which operates Buckeye Texas Processing (BTP), including a 50,000-barrel-per-day condensate splitter and a system to handle liquefied petroleum gas (LPG) at Corpus Christi, said on Saturday there was minor flooding at its terminal. (Reporting by Devika Krishna Kumar in New York; Editing by Dan Grebler) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-harvey-buckeye-partners-idINL2N1LE12S'|'2017-08-28T16:22:00.000+03:00'|6165.0|''|-1.0|'' -6166|'1f8f5925e912fc2aa06b7304eb357e8bbe060271'|'Serco first-half results on track, pipeline gives room for optimism'|'August 3, 2017 / 6:41 AM / in 13 minutes Serco first-half results on track, pipeline gives room for optimism Reuters Staff 2 Min Read A Serco flag is seen flying alongside a Union flag outside Doncaster Prison in northern England in this December 13, 2011 file photograph. Darren Staples/Files EDINBURGH (Reuters) - British outsourcing group Serco ( SRP.L ) said a better-than-expected outlook for its bid pipeline kept it on track to meet profit and revenue guidance this year despite several of its markets turning markedly more unpredictable. Serco, which runs transport, health, justice, defence and security services for public departments and gets half of its revenues from the UK, reported flat first half revenue of 1.5 billion pounds ($2.0 billion), with the weakness of the pound helping to offset the decline. "The most striking element is the order intake, which for two successive periods has been very strong, totalling some 4 billion pounds in the last twelve months, and we have succeeded in maintaining the pipeline at broadly similar levels despite strong order conversion," CEO Rupert Soames said in a statement. "However, as we said in June, we remain sensibly cautious in the light of the political environment in several of our markets becoming markedly more unpredictable". Underlying trading profit fell 30 percent, after a series of one-offs in the same period last year, to 35 million pounds. the group is in the middle of an overhaul started three years ago after a reset of strategy followed a series of profit warnings. Reporting by Elisabeth O''Leary; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-serco-results-idUKKBN1AJ0OL'|'2017-08-03T09:40:00.000+03:00'|6166.0|''|-1.0|'' +6166|'1f8f5925e912fc2aa06b7304eb357e8bbe060271'|'Serco first-half results on track, pipeline gives room for optimism'|'August 3, 2017 / 6:41 AM / in 13 minutes Serco first-half results on track, pipeline gives room for optimism Reuters Staff 2 Min Read A Serco flag is seen flying alongside a Union flag outside Doncaster Prison in northern England in this December 13, 2011 file photograph. Darren Staples/Files EDINBURGH (Reuters) - British outsourcing group Serco ( SRP.L ) said a better-than-expected outlook for its bid pipeline kept it on track to meet profit and revenue guidance this year despite several of its markets turning markedly more unpredictable. Serco, which runs transport, health, justice, defence and security services for public departments and gets half of its revenues from the UK, reported flat first half revenue of 1.5 billion pounds ($2.0 billion), with the weakness of the pound helping to offset the decline. "The most striking element is the order intake, which for two successive periods has been very strong, totalling some 4 billion pounds in the last twelve months, and we have succeeded in maintaining the pipeline at broadly similar levels despite strong order conversion," CEO Rupert Soames said in a statement. "However, as we said in June, we remain sensibly cautious in the light of the political environment in several of our markets becoming markedly more unpredictable". Underlying trading profit fell 30 percent, after a series of one-offs in the same period last year, to 35 million pounds. the group is in the middle of an overhaul started three years ago after a reset of strategy followed a series of profit warnings. Reporting by Elisabeth O''Leary; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-serco-results-idUKKBN1AJ0OL'|'2017-08-03T09:40:00.000+03:00'|6166.0|6.0|0.0|'' 6167|'e19a85aa41e86a2aea3f45754535b3899606f646'|'Exclusive - Toshiba auditor to split opinion on finances, governance: sources'|'August 8, 2017 / 11:09 AM / 6 hours ago Exclusive: Toshiba auditor to split opinion on finances, governance - sources Taro Fuse 3 Toshiba''s logo is seen at an industrial area in Kawasaki, Japan, January 16, 2017. Picture taken on January 16, 2017. Kim Kyung-Hoon/File Photo TOKYO (Reuters) - The auditor for Toshiba Corp ( 6502.T ) is likely to sign off on the conglomerate''s annual results while giving a thumbs down on the group''s corporate governance during a series of crises, people with direct knowledge of the discussions said on Tuesday. PricewaterhouseCoopers Aarata LLC will give a "qualified opinion" endorsing Toshiba''s finances in the financial statement for the year ended in March, the two sources told Reuters. That would end a period of limbo when the auditor withheld its opinion as it checked problems that bankrupted Toshiba''s U.S. nuclear power engineering unit in December. However, PwC will give an "adverse" statement on the company''s internal controls in Thursday''s results, they said. Investors have feared an adverse statement could lead to a delisting of the 140-year-old company, complicating its ability to raise money for its cash-hungry memory-chip business and jeopardizing its competitiveness. But with the highly unusual split decision, one source said they were of the opinion that "Toshiba can avoid delisting if it shows a path towards improving its internal controls." Toshiba is already barred from issuing equity as a result of its 2015 accounting scandal. The auditor could not be reached for comment outside business hours. A Toshiba spokesman said, "We have not received the opinion from our auditor yet. We are in talks with the auditor to submit the financial statement by the deadline." Since taking over as Toshiba''s auditor in June last year, PwC has yet to endorse the firm''s financial results. Sources have said it was querying whether Toshiba should have recognized multi-billion dollar losses at U.S. nuclear power engineering arm Westinghouse Electric Co before December. A writedown at Westinghouse and other liabilities linked to the nuclear unit have pushed Toshiba into negative shareholders'' equity of $5.2 billion, forcing it to put its prized memory chip unit up for sale. A mixed review by PwC, by allowing it to avoid a delisting, may remove one less headache for Toshiba. But it still faces uncertainty as talks to sell the chip business have stalled, raising concerns over whether it can plug a multi-billion-dollar balance sheet hole left by the collapse of its U.S. nuclear power business. A qualified opinion on a company''s finances means the auditor has found minor problems with the books but is still broadly vouching for them. It is below the highest grade, an "unqualified opinion." It is unusual to issue a qualified statement in Japan, said a source at the stock exchange. A split decision giving a qualified opinion on finances and adverse opinion on governance is almost unheard of, said this source and another at the Financial Services Agency regulator. Additional reporting by Takahiko Wada and Makiko Yamazaki; Writing by William Mallard and Ritsuko Ando; Editing by Susan Fenton, Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-toshiba-accounting-exclusive-idUKKBN1AO165'|'2017-08-08T16:00:00.000+03:00'|6167.0|''|-1.0|'' 6168|'03193ebfaf9fa6b6c6e4bfddd14fceb20b939048'|'PRESS DIGEST - Wall Street Journal - Aug 30 - Reuters'|'Aug 30 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- The Justice Department has taken preliminary steps to investigate whether managers at Uber Technologies Inc violated a U.S. law against foreign bribery, according to people familiar with the matter. on.wsj.com/2gpbwqM- Even before he takes the job as Uber Technologies Inc''s new chief executive, fresh challenges confront Expedia Inc CEO Dara Khosrowshahi, with news of a federal bribery probe into Uber and public disagreement over how the board''s decision to hire him unfolded. on.wsj.com/2gohMyZ- Apple Inc is scrambling to strike deals with Hollywood studios to offer ultrahigh-definition films on its new Apple TV, but discussions have been hampered by disagreements over pricing, according to people with knowledge of the talks. on.wsj.com/2gnOqR4- A federal appeals court ordered the Federal Communications Commission to give two firms affiliated with Dish Network Corp another chance at success in an airwaves auction where the FCC determined they were ineligible for crucial small-business discounts. on.wsj.com/2go4kuV- Low-cost airline Allegiant Travel Co will venture into real estate with a sprawling resort on Florida''s Gulf Coast, even as hotel development slows nationwide amid a glut of rooms. on.wsj.com/2gpSi4l (Compiled by Bengaluru newsroom)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-wsj-idINL4N1LG24L'|'2017-08-30T02:16:00.000+03:00'|6168.0|''|-1.0|'' 6169|'842ffe719d5fc5265a92391ff8244dcad7d82b65'|'Buffett''s Berkshire Hathaway will not increase its Oncor offer'|'August 17, 2017 / 1:05 AM / 13 hours ago Buffett''s Berkshire Hathaway will not increase its Oncor offer 3 Min Read Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska, U.S. on May 3, 2015. Rick Wilking/Files REUTERS - The energy unit of Warren Buffett''s Berkshire Hathaway Inc said on Wednesday it will "stand firm" on its $9 billion offer to acquire 80 percent of Oncor Electric Delivery Company LLC and will not increase its offer. Elliott Management Corp, the largest creditor of Oncor''s bankrupt parent Energy Future Holdings Corp, has tried to best Berkshire''s offer for the Texas utility with a $9.3 billion proposal. Including debt, Elliott''s offer values Oncor at $18.5 billion, above Berkshire''s $18.1 billion valuation. Elliott, which already owned a major position in the biggest block of debt of Energy Future, has now purchased a slice of a different class of debt that would ensure the hedge fund''s ability to block Buffett''s deal, the Wall Street Journal reported on Wednesday. The fund''s new purchase is in an impaired class of notes, meaning it won''t be paid fully in the restructuring, and its approval is likely needed to get a deal done, the WSJ reported, citing people familiar with the matter. A U.S. bankruptcy judge in July gave Elliott until Aug. 21 to formalize its plans to bid on Oncor before the court approves the offer for the utility from Berkshire. "We''re committed to being an exceptional long-term partner in Texas and our simple, straightforward deal is good for Oncor, its customers and the state," Berkshire Hathaway Energy Chief Executive Greg Abel said in a statement. Oncor was not immediately available for comment on the Berkshire statement or the Journal report. Elliott also could not be reached for comment outside regular U.S. business hours. Berkshire''s bid for Oncor includes 47 regulatory commitments that have the support of 12 key stakeholder groups across Texas, the company said. "Oncor is a strong company with values, management and employees that will fit well with Berkshire Hathaway," said Warren Buffett, chairman and chief executive of Berkshire Hathaway Inc. Berkshire''s merger agreement with Oncor carries a $270 million termination fee should the deal fall through. Reporting by Subrat Patnaik and additional reporting by Ismail Shakil in Bengaluru; Editing Lisa Shumaker and Amrutha Gayathri 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/oncor-m-a-berkshire-hatha-idINKCN1AX02U'|'2017-08-16T23:05:00.000+03:00'|6169.0|''|-1.0|'' @@ -6175,7 +6175,7 @@ 6173|'72fe70ccd0316071e242fc6fdfb79e87282f3ce7'|'SunPower to sell 8point3 stake, forecast disappoints; shares slide'|'(Reuters) - SunPower Corp ( SPWR.O ) on Tuesday posted a smaller-than-expected quarterly loss, citing strong demand for its solar panels and projects, but its stock slid more than 11 percent in extended trade after the U.S. solar company failed to raise its outlook for the year.SunPower also announced that it would sell its stake in the 8point3 Energy Partners LP ( CAFD.O ) yieldco, following the lead of its partner in the venture, rival First Solar ( FSLR.O ).SunPower stock slid to $10.07 in extended trading after closing at $11.39 on the Nasdaq. As of Tuesday''s close, the stock had nearly doubled since March when it hit a 52-week low of $5.84.SunPower''s move to shed its stake in 8point3 comes nearly four months after the San Jose-based company said it was considering a replacement partner for First Solar, which at the same time announced it was looking to sell its stake.But SunPower said potential buyers were interested in buying the whole company and not just First Solar''s piece."The feedback from the market overwhelmingly was to buy out SunPower and First Solar, or buy out the whole company and not replace First Solar," SunPower Chief Executive Tom Werner said on a conference call with analysts.8point3 is a publicly-traded entity formed in 2015 that houses solar projects with long-term utility contracts. Proceeds from the sale will allow SunPower to pay down debt and retire its 2018 convertible bonds. The sale will also help SunPower simplify its business and make it easier to run, Werner said.A new, deep-pocketed buyer would benefit 8point3 by lowering its cost of capital, Raymond James analyst Pavel Molchanov said in an interview.SunPower, majority-owned by French oil company Total SA ( TOTF.PA ), has been working to cut costs and preserve cash as a global glut of solar panels has pushed down prices, harming profit margins for manufacturers and developers.Its second-quarter net loss widened to $93.8 million, or 67 cents per share, from a net loss of $70 million, or 51 cents per share, a year ago.Excluding one-time items, the company posted a loss of 35 cents per share, narrower than the loss of 44 cents per share Wall Street analysts had been expecting, according to Thomson Reuters I/B/E/S.For full-year 2017, SunPower expects net revenue of $1.9 billion to $2.1 billion, narrower than the prior view of $1.8 billion to $2.3 billion.Reporting by Nichola Groom in Los Angeles; editing by Matthew Lewis and G Crosse'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-sunpower-results-idUSKBN1AH57G'|'2017-08-02T04:27:00.000+03:00'|6173.0|''|-1.0|'' 6174|'b19400cd86bb4b39d547719119a31a565cc910cc'|'Britain''s Co-op in exclusive takeover talks for wholesaler Nisa'|'LONDON (Reuters) - Britain''s Co-operative Group ( 42TE.L ) is in exclusive talks to buy Nisa, entering the fray days after larger rival Sainsbury''s ( SBRY.L ) suspended its own bid talks for the wholesale group.Britain''s biggest retailers have set their sights on operators within the fast-growing convenience store sector after Tesco ( TSCO.L ) agreed to buy Booker ( BOK.L ) for 3.7 billion pounds ($4.8 billion).Sainsbury''s, the country''s second largest supermarket, said on Aug. 15 it had suspended bid talks with Nisa until the regulator gave its verdict on the Tesco-Booker deal, leaving the door open to the Co-op.In a letter to shareholders, Nisa said it had granted the Co-op a period of exclusive access to its books from Wednesday."Thereafter, and subject to the results of the due diligence, it is anticipated that the Co-op could be in a position to make a final offer to the members for your consideration," Nisa Chairman Peter Hartley said.Nisa''s members operate almost 2,500 retail stores around the country.($1 = 0.7735 pounds)Reporting by Fanny Potkin '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-nisa-m-a-co-op-idUSKCN1BA14I'|'2017-08-30T17:57:00.000+03:00'|6174.0|''|-1.0|'' 6175|'3457abae546c533a1e006fa279c97d84fe15817d'|'Global investors look to Jackson Hole for signs of how QE will end'|'It was at Jackson Hole in 2014 that Mario Draghi prepared the ground for the European Central Banks massive bond-buying programme to help rescue the economies of the eurozone, embattled from years of sovereign debt crises.The annual event, held at the Wyoming fishing retreat by the Federal Reserve Bank of Kansas City since 1978, takes place from 24 to 26 August. And it could provide the backdrop for the ECB president to signal the eventual withdrawal from loose monetary policy by the central bank.Pressure is mounting on the worlds central bankers to give more clues about how they intend to exit huge stimulus packages unfurled to dig the global economy out of a hole after the financial crisis. After a decade of low-interest rates and bond buying, a process known as quantitative easing , the Jackson Hole summit could be a platform to convince markets they can safely wean the world off cheap money. Its an important event because were at a critical crossroads for many central banks, especially, I would say, for the ECB. The global economy, many economies, still need expansionary policy but I dont think we need this extreme form of monetary policy, said Robert Bergqvist, chief economist at Swedish bank SEB.The ECB is spending 2.3tn (2.1tn) on its QE policy, while the Bank of England injected 435bn into buying gilts. The Federal Reserve, which is further ahead thanks to a faster recovery in the US, started raising interest rates in December and has bought more than $4.5tn of assets (3.5tn). Still, normalisation may not be the easiest path for central bankers, with fragile economies, inflation not taking off as expected and the potential for roiling the financial markets with sudden changes.The rollback of QE is an experiment that has never been tried before and it is not clear how markets will react, said economists at fund manager Intermediate Capital Group. Their ownership of the market is significant. As markets anticipate Fed balance-sheet reduction and reduced ECB buying in 2018, the risk of market disruptions will increase.The Fed chair, Janet Yellen , is the first leading figure to speak at the event on Friday, followed by Draghi later that day. The Bank of Englands deputy governor for monetary policy, Ben Broadbent, is expected to attend the symposium but is not scheduled to speak publicly. The meeting risks being overshadowed by political events, after posturing from Donald Trump and Kim Jong-un rattled markets this month and the US president became embroiled in a bitter row over his failure to denounce far-right extremism after the death of a counter-demonstrator at a rally attended by neo-Nazis in Charlottesville. Yellen said in June that the Federal Reserve would begin to reduce the size of its balance sheet relatively soon , leading to speculation the central bank could start to reduce reinvestments of maturing securities it holds this year. Yellen could say the Fed is going from relatively soon to soon. If she wants to implement this in October, she could announce it in September, said Kathy Bostjancic, head of US macro investor services at Oxford Economics .Central banks are ending policies like QE but they''ll be back - Nouriel Roubini Read more Draghi may not want to use Jackson Hole to signal the end of the ECBs bond buying, according to David Meier, an economist at Julius Baer. The governor may instead look to downplay as much as possible the effects of monetary policy normalisation in order to keep financial markets calm, he said. Instead, Draghi could repeat a message he gave in June at the ECB forum in Sintra, near Lisbon, when he expressed confidence in the eurozone economic recovery and reminded investors the ECBs exit from QE would be contingent on calm conditions on the financial markets, according to Mark Wall, chief economist at Deutsche Bank. While Draghi is not expected to set expectations for the timing of a decision on QE, he could still make a throwaway comment on currency exchange rates that would pique the markets interest, Wall said.Although the Jackson Hole is billed as a get-together for central bankers and academics to discuss topics not necessarily of immediate concern, looking instead at emerging issues and trends, the meeting has become a key item watched by global investors and others for signs of their thinking. The Financial Times last week found six central banks the Federal Reserve, ECB, Bank of Japan, Bank of England and the Swiss and Swedish central banks now hold more than $15tn of assets , more than four times the pre-crisis level, following their policy interventions.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/20/global-investors-look-to-jackson-hole-for-signs-of-how-qe-will-end'|'2017-08-20T20:03:00.000+03:00'|6175.0|''|-1.0|'' -6176|'e4c895915909255b3f75db3c57c18fbf6703c9e7'|'Linde management, supervisory boards recommend Praxair deal'|'The Praxair logo is seen during a news conference with Linde in Munich, Germany, June 2, 2017. Michaela Rehle FRANKFURT (Reuters) - The leadership of German industrial gases group Linde ( LING.DE ) on Monday urged shareholders to accept a proposed $74 billion merger with U.S. peer Praxair ( PX.N )."The Executive Board and the majority in the Supervisory Board are of the opinion that the business combination is in the best interest of Linde AG, its shareholders and other stakeholders," Linde said in a statement.The acceptance period for the deal runs through Oct. 24, Linde said earlier this month. The group will need 75 percent of its shareholders to tender their stock to the new company.Reporting by Christoph Steitz; Editing by Tom Sims'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-linde-m-a-praxair-idINKCN1B118S'|'2017-08-21T09:35:00.000+03:00'|6176.0|''|-1.0|'' +6176|'e4c895915909255b3f75db3c57c18fbf6703c9e7'|'Linde management, supervisory boards recommend Praxair deal'|'The Praxair logo is seen during a news conference with Linde in Munich, Germany, June 2, 2017. Michaela Rehle FRANKFURT (Reuters) - The leadership of German industrial gases group Linde ( LING.DE ) on Monday urged shareholders to accept a proposed $74 billion merger with U.S. peer Praxair ( PX.N )."The Executive Board and the majority in the Supervisory Board are of the opinion that the business combination is in the best interest of Linde AG, its shareholders and other stakeholders," Linde said in a statement.The acceptance period for the deal runs through Oct. 24, Linde said earlier this month. The group will need 75 percent of its shareholders to tender their stock to the new company.Reporting by Christoph Steitz; Editing by Tom Sims'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-linde-m-a-praxair-idINKCN1B118S'|'2017-08-21T09:35:00.000+03:00'|6176.0|10.0|2.0|'' 6177|'398206a9ac7c4b67fd8d2456b481bd0d48120b06'|'China says will use all necessary means to defend interests against U.S. trade probe'|'August 24, 2017 / 9:14 AM / 7 hours ago China says will use all necessary means to defend interests against U.S. trade probe Reuters Staff 2 Min Read FILE PHOTO: U.S. Dollar and China Yuan notes are seen in this picture illustration June 2, 2017. Thomas White/Illustration/File Photo BEIJING (Reuters) - China will use all necessary means to defend the interests of the country and its companies against a U.S. trade investigation, a spokesman for the Ministry of Commerce said on Thursday. The ministry on Monday expressed "strong dissatisfaction" with the U.S. launch of the probe into China''s alleged theft of U.S. intellectual property, calling it "irresponsible". The probe is the Trump administration''s first direct measure against Chinese trade practices, which the White House and U.S. business groups say are bruising American industry. "We will take all the necessary measures to resolutely defend the interests of China and Chinese firms" in the face of the unilateral U.S. actions, commerce ministry official Gao Feng told reporters at a regular news conference. Gao also said that China''s support for overseas investment by Chinese firms will not change, but that oversight of deals will increase and projects related to China''s Belt and Road initiative will be given priority. China''s cabinet released guidelines to manage overseas investments, with certain sectors encouraged and others restricted or banned outright. Mergers and acquisitions by Chinese companies in countries linked to the Belt and Road initiative have been growing at a rapid rate, even as the government takes aim at China''s acquisitive conglomerates to restrict capital outflows. "We will further improve the overseas investment reporting management system," said Gao, adding China would push forward legislation to govern foreign investment. Reporting by Yawen Chen and Elias Glenn; Editing by Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/china-economy-trade-idINKCN1B40VH'|'2017-08-24T12:14:00.000+03:00'|6177.0|''|-1.0|'' 6178|'14d89f4ca3c25f5c50d7a623f548ed309c87973d'|'Officials doubt Air Berlin can continue in present form'|'August 19, 2017 / 11:28 AM / 7 hours ago Officials doubt Air Berlin can continue in present form Reuters Staff 3 Min Read FILE PHOTO:Airberlin sign is seen at Munich airport, Germany August 3, 2017. Picture taken August 3, 2017. Michaela Rehle/File Photo BERLIN (Reuters) - The prospects for maintaining insolvent airline Air Berlin or its existing route network as a coherent whole appeared to be receding after officials warned that the airline was not viable and that a straight takeover would raise competition concerns. A takeover of Air Berlin as a whole to keep it operating would not be possible, German deputy economy minister Matthias Machnig said on Saturday, pouring cold water on one airline investor''s approach. "The model of Air Berlin as an independent airline has failed," he told German radio station rbb InfoRadio on Saturday. Germany''s Hans Rudolf Woehrl, who made a name for himself when he bought German airline Deutsche BA from British Airways for 1 euro, threw his hat in the ring for Air Berlin on Friday and said he wanted to keep it flying after buying it. Separately, the head of Germany''s advisory Monopoly Commission said that allowing Germany''s flag carrier Lufthansa to take over Air Berlin''s route network would render large numbers of German domestic routes uncompetitive. Monopoly Commission President told Die Welt newspaper in an interview that while the increased international market share for Lufthansa would be welcome, "it would not be persuasive if this were achieved by dispensing with competition on German routes." His remarks appear to be at odds with the views of German federal transport minister Alexander Dobrindt, who has called for the creation of a German airline "national champion" - a turn of phrase which Die Welt said had also set alarm bells ringing in Brussels. Talks on carving up Air Berlin, which said on Tuesday it was filing for insolvency, started on Friday, with Lufthansa getting the first meetings ahead of other potential bidders. Earlier in the week, a source familiar with the matter said easyJet was among those in talks, and Thomas Cook''s German airline Condor said it was ready to play "an active role" in Air Berlin''s restructuring. Deputy Economy Minister Machnig said it would take several investors to offer Air Berlin and its employees a long-term future, reiterating that Lufthansa would not be the only buyer of the carrier''s assets. He dismissed a complaint by Ryanair over the handling of the insolvency process, which its Chief Executive Michael O''Leary describes as a "conspiracy", saying O''Leary was welcome to play a role in Air Berlin''s restructuring. "I am entirely willing to discuss the matter," Machnig said. Reporting by Gernot Heller and Thomas Escritt; Writing by Maria Sheahan; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/air-berlin-lufthansa-restructuring-idINKCN1AZ0D6'|'2017-08-19T14:25:00.000+03:00'|6178.0|''|-1.0|'' 6179|'3e17a681e3240b743ea450c5144b366e93f84c9f'|'UPDATE 4-Florida executes man with drug not previously used in lethal injections'|'(Adds background on new drug)By Bernie WoodallFORT LAUDERDALE, Fla., Aug 24 (Reuters) - A 53-year-old man convicted of killing two men in 1987 was executed by Florida on Thursday evening with a lethal injection that included a drug never before used in a U.S. execution, state officials said.The execution was carried out at 6:22 p.m. (2222 GMT) at the Florida State Prison in Bradford County, about 50 miles (80 km) southwest of Jacksonville, where the two murders took place.Mark James Asay was the first white man to be put to death in Florida for killing a black man since the state reinstated the death penalty in 1979.Asay was sentenced to death in 1988 for killing two men in separate incidents on the same day a year earlier. After using a racial slur during an argument, Asay shot Robert Lee Booker in the belly. He killed Robert McDowell by shooting him multiple times in the chest. Asay said later he believed McDowell had cheated him out of $10.Booker was black and McDowell was white.Asay''s last meal consisted of his requested fried ham, fried pork chops, french fries, vanilla swirl ice cream and a can of Coca-Cola, said Ashley Cook, spokeswoman for the Florida Department of Corrections.Asay is the 93rd person to have been executed in Florida since the U.S. Supreme Court reinstated the death penalty in the country in the mid-1970s, according to the Death Penalty Information Center. That includes 91 men and two women.Only Texas, Virginia and Oklahoma have put more people to death in that span, the Center said. As of April 2017, Florida had 386 people on death row, behind only California, with 744, the Center showed.Florida had not killed an inmate on its death row since January 2016, when the U.S. Supreme Court ruled the state''s death penalty process was unconstitutional because it gave powers to judges that should be reserved for juries.Florida''s legislature has since altered the state''s death penalty law so that only a unanimous vote of a jury can condemn someone.Florida prison officials said the drug etomidate was used in Asay''s execution. It had not been used in a U.S. execution before.Use of etomidate was a factor in the lone dissent from a Florida Supreme Court ruling earlier this month denying a stay of execution. Justice Barbara Pariente wrote that Asay was being treated as "the proverbial guinea pig" for the untested death penalty drug, etomidate, which she said would violate the constitutional protection against cruel and unusual punishment.The court''s majority cited a U.S. Supreme Court decision from two years ago that said because the death penalty was constitutional, there must be a way to carry out executions and that eliminating all pain during them was not workable.Florida, along with other states, had to find a replacement for drugs that became unavailable when drugmakers stopped distributing them because of their stands against the death penalty. In Florida, etomidate replaced midazolam, which Pfizer Inc stopped making last year to keep it from being used in executions.Etomidate, an anesthesia invented in Belgium in the 1960s by Janssen, now a division of U.S.-based Johnson & Johnson, is off patent and more readily available than midazolam and produced by others as a generic drug. Janssen stopped making the drug last year, after never selling it in the United States."We do not condone the use of our medicines in lethal injections for capital punishment," Janssen said in an emailed statement. (Reporting by Bernie Woodall; Editing by Dan Grebler and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/florida-execution-idINL2N1LA1VD'|'2017-08-24T19:00:00.000+03:00'|6179.0|''|-1.0|'' @@ -6221,7 +6221,7 @@ 6219|'e0cd559d5d6564b117fd754179cd5f10e69132ff'|'Sun Pharma posts surprise loss in June-quarter'|'A man carrying a gas cylinder walks out of the research and development centre of Sun Pharmaceutical Industries Ltd in Mumbai May 29, 2014. Danish Siddiqui/Files REUTERS - India''s largest drugmaker Sun Pharmaceutical Industries Ltd posted a surprise quarterly loss on Friday due to one-off legal costs and pressure over prices in its largest market, the United States, casting a shadow over its growth prospects.Sun is the latest maker of generic drugs to report poor sales as uncertainty grows in the global market for copycat drugs due to rising competition and pricing scrutiny in the United States.India''s drugs industry, the world''s fourth largest, has been hit particularly hard due also to challenges at home, where the government is tightening control over prices, and a nationwide tax reform has hit supplies.For Sun, recent pricing challenges have compounded problems: it had already been struggling to get clearance for its key factories that are under U.S. supply bans due to quality control failures."Everyone in the company is acutely aware that this is not something investors expect from us," Sun''s founder and Managing Director Dilip Shanghvi said during a post-earnings conference call with analysts on Friday."The reason why we are suffering is because of our inability to execute," he added.The company, the world''s fifth-largest maker of generic drugs, said it expects profit margins to improve gradually to reach about 20 to 22 percent in the second half of this year from 17.1 percent in the June quarter."We will find ways in which we can work towards improving," Shanghvi said.Those ways include trying to curb costs while trying to find niche drugs that have limited competition.One such drug it is developing is the psoriasis drug tildrakizumab that is expected to be filed for U.S. approval in the third quarter, Shanghvi said.He added that the company has fixed issues outlined by the U.S. Food and Drug Administration at its key Halol factory in western India, and a re-inspection by the agency is awaited.Mumbai-based Sun posted a net loss of 4.25 billion rupees ($66 million) for the April-June quarter compared with a profit of 20.34 billion rupees a year earlier. (bit.ly/2uMEuCp)It said it incurred costs of 9.51 billion rupees related to settlements with some plaintiffs in an U.S. antitrust case over the sleep disorder drug Modafinil.Excluding one-off charges, adjusted net profit fell 74 percent to 5.26 billion rupees, while analysts on average expected 11.80 billion rupees, according to Thomson Reuters data.U.S. sales slumped 42 percent from the same quarter a year earlier, when sales had benefited from a temporary market exclusivity on cancer drug imatinib. India sales dipped five percent.Sun''s peers Dr Reddy''s Laboratories Ltd and Lupin Ltd also reported weak quarterly U.S. sales last week. Aurobindo Pharma Limited said this week that U.S. sales had eroded due to pressure on prices.Cipla Ltd, which has a relatively smaller exposure to the United States, reported a 20 percent rise in quarterly profit earlier in the day. ( reut.rs/2vtjGBE )($1 = 64.2050 rupees)Reporting by Zeba Siddiqui and Tanvi Mehta; Editing by David Clarke and Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/sun-pharm-results-idINKBN1AR0XD'|'2017-08-11T13:26:00.000+03:00'|6219.0|''|-1.0|'' 6220|'8f5903b9af4907a5689b028da1d8f2e180ce1635'|'Hargreaves will not pay special dividend on FCA notification'|'August 4, 2017 / 6:44 AM / 25 minutes ago Hargreaves Lansdown cancels special dividend after regulator warns on capital Sanjeeban Sarkar and Simon Jessop 3 Min Read (Reuters) - Fund supermarket Hargreaves Lansdown ( HRGV.L ) cancelled a planned special dividend on Friday after Britain''s financial regulator said the company needed to shore up its capital base, sending its shares lower. Hargreaves, which helps retail customers invest in a range of products through its online platform, said the Financial Conduct Authority (FCA) had said the company''s strong growth and increased complexity meant it needed to bolster its cash buffer. The company plans to launch its HL Savings product later in the year, a cash deposit service supported by marketplace lending, and this year also launched Lifetime ISAs, or individual savings accounts eligible for a government bonus. While the FCA did not specify a precise figure, Hargreaves said the new methodology to be used by the regulator meant it needed to keep back an extra 50 million pounds ($66 million), and would not have enough to pay a planned special dividend. "The group maintains a strong net cash position and the board believes it already had a robust balance sheet with sufficient capital to fund ongoing trading and future growth," Hargreaves said in a statement. "The action announced today maintains capital above our regulatory risk appetite levels, in line with our strategy of offering a safe and secure home for our clients'' lifelong investments." The FCA action comes just weeks after it said it would launch a study looking at whether online fund platforms were providing good value for money for investors. Shares in the firm were down 5.1 percent at 0751 GMT, among the top fallers on in the blue-chip FTSE 100 index .FTSE , despite the company also updating on several measures of trading ahead of its formal results, to show it was performing well. Hargreaves said net assets under administration rose 28 percent to 79.2 billion pounds for the year ended June 30. Pretax profit for the period also rose 21 percent to 265-266 million pounds. The company is set to report results on Aug. 15. "While we would expect the shares to react negatively this morning, we expect the capital increase to be a one-off event, with any future increases dealt with via a more gradual build-up of surplus capital through a slightly lower overall payout," said Shore Capital analyst Paul McGinnis. McGinnis said the pretax profit figure was 4 percent above his forecast and he advised clients to "use any weakness today to pick up shares in this asset gathering monster". Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Anjuli Davies and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hargreaves-dividend-idUKKBN1AK0K6'|'2017-08-04T09:44:00.000+03:00'|6220.0|''|-1.0|'' 6221|'5482157f7e2661ee30c11fb5d515bdca64967cd4'|'MIDEAST STOCKS-Region sags as Union Properties loss hits Dubai, Egypt continues slide'|'August 15, 2017 / 2:12 PM / in 12 hours MIDEAST STOCKS-Region sags as Union Properties loss hits Dubai, Egypt continues slide 4 Min Read * Union Properties comes off low, expects no more provisions * Dubai''s Marka hit by earnings, GFH by share dilution * But Emaar Properties firm after in-line earnings * Investment Holding continues post-listing slide in Qatar * Telecom Egypt rises on earnings By Andrew Torchia sagged again on Tuesday because of a mediocre economic outlook, with a shock loss at a real estate developer weighing on Dubai and Egypt dropping for a sixth straight day. Union Properties sank 4.3 percent to 0.82 dirham after it reported a 2.29 billion dirham ($624 million) net loss for the second quarter, although the stock came well off its intra-day low of 0.77 dirham. It accounted for over a third of Dubai''s trading volume. The company said it was taking big provisions to cover past accounting errors related to its booking of a 503 million dirham gain on a plot of land at Dubai''s Motor City. The errors were discovered as a new board and senior management, appointed in May, conducted an investigation of accounting practices dating back to 2013, the company said. Its chairman later told Al Arabiya television that he did not expect to take further provisions in coming quarters. Dubai''s stock index dropped 0.2 percent. It was buoyed by a 0.1 percent gain by Emaar Properties, the biggest developer, which reported profit, restaurant and retail investment firm Marka sank 5.1 percent to a record low after reporting ($34.3 million) versus GFH Financial fell 3.3 percent, bringing its losses over two days to 12.9 percent. The company said it had completed the acquisition of a $1.2 billion infrastructure portfolio in Africa and the Middle East, funded by a $315 million capital increase that took issued and paid-up capital to $975 million - a big dilution for minority shareholders. Abu Dhabi''s index edged down 0.2 percent although Eshraq Properties, which had been trading at its lowest levels this year, rebounded 1.2 percent in its heaviest volume for five weeks. Saudi Arabia''s index declined 0.3 percent. Insurer MedGulf, which has been falling sharply this week after reporting a big second-quarter loss, slid a further 2.9 percent. Wafa Insurance, which earlier this month reported lower quarterly profit, fell 3.1 percent. In Qatar, the index dropped 0.6 percent as Gulf Warehousing lost 1.7 percent. Investment Holding Group , which tumbled 13 percent from its initial public offer price on Monday as it listed on the market, fell a further 1.7 percent. Egypt''s index slid 0.3 percent to 13,102 points, confirming a break below its July low of 13,261 points and support on its 100-day average, now at 13,171 The broader EGX100 dropped 1.6 percent. Financial services firm Pioneers Holding lost 3.5 percent and blue chip Orascom Telecom Media fell 1.5 percent. Telecom Egypt gained 1.1 percent, however, after reporting that second-quarter consolidated net profit after tax jumped 22 percent year-on-year to 1.27 billion Egyptian pounds ($72 million). Highlights * The index declined 0.3 percent to 7,103 points. Dubai * The index fell 0.2 percent to 3,580 points. Abu Dhabi * The index dropped 0.2 percent to 4,471 points. Qatar * The index slipped 0.6 percent to 9,134 points. Egypt * The index slid 0.3 percent to 13,102 points. Kuwait * The index fell 0.2 percent to 6,844 points. Bahrain * The index lost 0.6 percent to 1,312 points. Oman * The index dropped 0.8 percent to 4,939 points. (Reporting by Andrew Torchia; editing by Mark Heinrich) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/mideast-stocks-idUSL8N1L12JR'|'2017-08-15T17:12:00.000+03:00'|6221.0|''|-1.0|'' -6222|'f97a5b129c68b58dfd70844961f4b1741850f0bb'|'BRIEF-Tiger Global Management ups share stake in TransDigm Group, Fleetcor Technologies'|'Aug 14 (Reuters) - Tiger Global Management:* Tiger Global Management ups share stake in TransDigm Group Inc by 57.4 percent to 4.0 million shares - SEC filing* Tiger Global Management ups share stake in Fleetcor Technologies Inc by 62.8 percent to 2.3 million shares - SEC filing* Tiger Global Management - Change in holdings are as of June 30, 2017 and compared with the previous quarter ended as of March 31, 2017- SEC filing Source text for quarter ended June 30, 2017: ( bit.ly/2wJDukF ) Source text for quarter ended March 31, 2017: ( bit.ly/2r9xG3Q )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-tiger-global-management-ups-share-idINFWN1L00VF'|'2017-08-14T17:17:00.000+03:00'|6222.0|''|-1.0|'' +6222|'f97a5b129c68b58dfd70844961f4b1741850f0bb'|'BRIEF-Tiger Global Management ups share stake in TransDigm Group, Fleetcor Technologies'|'Aug 14 (Reuters) - Tiger Global Management:* Tiger Global Management ups share stake in TransDigm Group Inc by 57.4 percent to 4.0 million shares - SEC filing* Tiger Global Management ups share stake in Fleetcor Technologies Inc by 62.8 percent to 2.3 million shares - SEC filing* Tiger Global Management - Change in holdings are as of June 30, 2017 and compared with the previous quarter ended as of March 31, 2017- SEC filing Source text for quarter ended June 30, 2017: ( bit.ly/2wJDukF ) Source text for quarter ended March 31, 2017: ( bit.ly/2r9xG3Q )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-tiger-global-management-ups-share-idINFWN1L00VF'|'2017-08-14T17:17:00.000+03:00'|6222.0|12.0|0.0|'' 6223|'564cbba547504d274837a64cc34fe43173637394'|'CEE MARKETS-Crown retreats as cbank seen turning dovish after rate rise'|'* Czech central bank''s post-hike comments were dovish-analysts * Czech crown gives up almost all of post-rate-hike gains * Loose ECB policy discourages monetary tightening-analysts * Romanian central bank seen holding fire, may hike next year * MOL shares hit 6-year high after strong Q2 results By Sandor Peto and Robert Muller BUDAPEST/PRAGUE, Aug 4 (Reuters) - The crown retreated on Friday due to doubts that Thursday''s Czech central bank (CNB) interest rate hike would be followed by further tightening. The crown had shed 0.13 percent to 26.075 against the euro by 0944 GMT, approaching the levels it hit before the rate hike. On Thursday, the rate increase boosted the currency to 25.9, its strongest since April when the CNB removed a cap that had kept it weaker than 27 against the euro since 2013. The hike was the first in the Czech Republic in over nine years and the first among European Union member states in more than five years. Other central banks in Central Europe, under less pressure from recent inflation figures, remain dovish and are unlikely to follow the Czech example this year, including the Romanian bank, which meets on Friday. The CNB lifted its two-week repo rate by 20 basis points to 0.25 percent on Thursday. Inflation is above its 2 percent target, the Czech labour market is the tightest in the EU, and the economy is seen growing at annual rates above 3 percent, in line with the region. But the Czech inflation rate is seen dipping below 2 percent again. The bank''s new outlook is more dovish than before and it also fears hot money inflows if European Central Bank policies remain loose, making Czech assets attractive, analysts said. "If the ECB postpones its first tightening, the CNB will have no other option than to be patient too," Ceska Sporitelna analysts said. The CNB''s press conference on Thursday changed the outlook, Komercni Banka dealer Dalimil Vyskovsky said, "pointing to somewhat slower hikes from now on." "Apparently the bank (is) trying to sound as dovish as possible, once again, in our view the reason behind it being fears of EURCZK reaction getting too strong," he added. The key 3-month Prague inter-bank offered rate (PRIBOR was fixed at 42 basis points, up 11 basis points. The leu traded a shade firmer ahead of the Romanian central bank''s meeting. The bank is unlikely to lift its rates this year, but is expected to narrow the corridor between its lending and deposit facility later this year, tightening conditions. Next year it could start to reverse its rate cuts, because inflation could jump close to the top of its 1.5-3.5 percent target range, analysts have said. The Polish central bank may also start considering rate hikes next year, and Hungary in 2019, analysts have said. Stock markets rose in the region, with Budapest leading gains on a surge in MOL shares to a 6-year high after the oil and gas group posted better than expected earnings, and raised its earnings outlook for 2017. CEE MARKETS SNAPSH AT 1043 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.079 26.041 -0.15% 3.56% 0 0 Hungary 304.10 303.90 -0.06% 1.55% forint 00 50 Polish zloty 4.2422 4.2447 +0.06 3.81% % Romanian leu 4.5610 4.5631 +0.05 -0.57% % Croatian 7.4060 7.4065 +0.01 2.01% kuna % Serbian 119.62 119.61 -0.01% 3.12% dinar 00 00 Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1021.3 1017.5 +0.37 +10.8 7 7 % 2% Budapest 36684. 36416. +0.74 +14.6 24 07 % 3% Warsaw 2375.0 2365.4 +0.40 +21.9 5 8 % 3% Bucharest 8345.5 8340.8 +0.06 +17.7 7 4 % 9% Ljubljana 808.42 806.01 +0.30 +12.6 % 6% Zagreb 1890.5 1889.9 +0.03 -5.23% 8 4 % Belgrade 728.18 718.12 +1.40 +1.51 % % Sofia 716.60 720.14 -0.49% +22.2 0% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.026 0.026 +071b +3bps ps 5-year 0.093 0.04 +032b +4bps ps 10-year 0.898 0 +044b +0bps ps Poland 2-year 1.814 -0.017 +250b -1bps ps 5-year 2.68 0.012 +291b +1bps ps 10-year 3.338 -0.014 +288b -2bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL5N1KQ23Q'|'2017-08-04T08:12:00.000+03:00'|6223.0|''|-1.0|'' 6224|'e57f424b2941296aeda28643038b04c40f0750a1'|'UK Stocks-Factors to watch on Aug 7'|'Aug 7 (Reuters) - Britain''s FTSE 100 index is expected to open 19 points higher at 7531.2 on Monday, according to financial spreadbetters. * PAYSAFE: Payments processing company Paysafe Group has backed a 3 billion pound ($3.9 billion) takeover offer from a consortium of funds managed by Blackstone and CVC Capital Partners , the latest in a string of deals in the sector. * UK BOOKMAKERS: British finance minister Philip Hammond has blocked government attempts to curb high-stakes gambling machines commonly found in betting shops in order to preserve tax revenues, the Daily Mail newspaper reported on Saturday. * TULLOW: The leaders of Tanzania and Uganda laid a foundation stone on Saturday for the construction of a $3.55 billion-crude export pipeline that would pump Ugandan oil for international markets. Total is one of the owners of Ugandan oilfields, alongside China''s Cnooc and Britain''s Tullow Oil. * SAINSBURY: Britain''s second-biggest supermarket chain, Sainsbury''s, is considering cutting 1,000 head office jobs as part of a drive to save 500 million pounds ($652 million) in costs, the Sunday Telegraph newspaper reported. * UK REAL ESTATE: The directors of small British construction businesses are lending them more money to plug a funding gap as banks set tighter lending criteria and major contractors delay payments, a survey showed on Monday. * GOLD: Gold held steady near two-week lows on Monday, with the dollar remaining supported by expectations of monetary tightening in the United States following stronger-than-expected jobs data last week. * LME COPPER: London Metal Exchange copper on Monday fell half a percent $6,343 a tonne by 0137 GMT, having earlier jumped to $6,430.50, less than $10 below its most recent-two year high. Volumes were roughly treble the average for early Asia, around 5500 lots. * The UK''s top share index enjoyed its best week so far in 2017 as gains among big defensive overseas earners on Friday outweighed falls for homebuilding stocks. Britain''s blue chip FTSE 100 index ended the session up 0.5 percent at 7,511.71 points. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Ultra Electronics Holdings Half Year 2017 Ultra Electronics PLC Holdings PLC Earnings Release Telit Communications PLC Half Year 2017 Telit Communications PLC Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Sanjeeban Sarkar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1KT26G'|'2017-08-07T08:44:00.000+03:00'|6224.0|''|-1.0|'' 6225|'babe0d6d51e25c108f2603eae56e291d5db6c13f'|'RPT-Tokyo Stock Exchange hopes new entrants can revive stagnant solar trust markets - Reuters'|'(Repeats earlier story for wider readership with no change to text.)* TSE struggles to attract investors to solar power trusts* Two of the three trusts trade below IPO price* Institutional investors prefer private fundsBy Junko FujitaTOKYO, Aug 18 (Reuters) - The Tokyo Stock Exchange''s (TSE) two-year old infrastructure market hopes to get a badly needed boost for its listed solar power trusts as two new entrants plan to start up as early as this year.The Tokyo Stock Exchange''s (TSE) solar power trust market has so far drawn little interest as investors prefer private funds because the public trusts'' tax benefits are limited.Since the TSE created its infrastructure market in 2015, only three solar power trusts have listed with a combined value of $180 million."We don''t have a wider range of investors in the market," said Takumi Hayase, vice president of the TSE''s new listings. "The market needs to be much bigger for institutional investors."Now, TSE is hoping that two new trusts will bring fresh capital.The Japanese unit of Canadian Solar Inc and electricity wholesaler Itochu Enex Co, have set up asset management firms in preparation to list investment trusts packaging their assets, according to a document from Japan''s land ministry.Officials from both Canadian Solar and Itochu Enex declined to comment on their listing plans.The lack of interest in the solar trusts is at odds with Japan''s soaring solar power capacity, which has soared from virtually zero at the start of the decade to over 40,000 gigawatt-hours.The country plans to generate 24 percent of its power from renewables by 2030, up from 14.6 percent in 2015, according to the Ministry of Economy, Trade and Industry.TAX RULES The sluggish interest in its solar trusts are linked to its tax rules, investors said.The trusts are exempt from corporate taxes for 20 years. In return, they are required to pay 90 percent of their profits to investors, resulting in higher dividends than ordinary stocks.However, a Tokyo-based fund manager, who did not want to be named because he was not authorized to speak to the media, said it was risky to invest in solar trusts because profits could drop significantly after the tax perk expires."Various restrictions on the tax system is one of the factors that is limiting the growth of infrastructure trusts," said Masanori Sato, head of the banking and structured finance group at law firm Mori Hamada & Matsumoto.So far, the three solar trusts that have listed on the TSE market - Takara Leben Infrastructure Fund Inc, Ichigo Green Infrastructure Investment Corp, and Renewable Japan Energy Infrastructure Fund Inc - have mainly drawn interest from individual investors.Two of the trusts are trading below their initial public offering prices, while Ichigo Green is trading 0.5 percent above the IPO price as of Friday.Many investors like solar projects because they offer stable long-term returns and benefit from government subsidies, so-called feed-in tariffs that guarantee revenues."Pension fund managers want to secure stable returns, so we hold assets long-term and we do not need to seek a liquid market," said Takeshi Ito, a senior portfolio manager for Aisin Employees Pension Funds.Yet so far, investors like Nippon Life Insurance have preferred buying into private funds that not only offer annual dividends but will also typically repay the initial investment once the fund matures.Nippon Life in June pledged 10 billion yen ($91.50 million) to a fund that General Electric is raising to invest in solar power plants in Japan.Akitoshi Yamada, deputy general manager for Nippon Life''s alternative investment department, said that GE''s fund would deliver 5.5 percent annual returns over the next 25 years."We have not considered investing in public trusts trading on the TSE yet because for now we seek lower correlations with the stock and bond market when we invest in infrastructure," said Yamada. ($1 = 109.2900 yen)Reporting by Junko Fujita; Editing by Henning Gloystein and Christian Schmollinger'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-solar-idINL4N1L42KE'|'2017-08-20T20:00:00.000+03:00'|6225.0|''|-1.0|'' @@ -6229,7 +6229,7 @@ 6227|'06728ccdbce1a5eefc5e122b471acec75106e7ec'|'Russia''s Rosneft plans to close Essar deal in coming days'|'August 8, 2017 / 1:29 PM / 9 hours ago Rosneft says lent Venezuela''s state oil firm a total of $6 billion 2 Min Read A logo of Russian state oil firm Rosneft is seen at its office in Moscow, October 18, 2012. Maxim Shemetov/File Photo MOSCOW (Reuters) - Russia''s largest oil producer Rosneft said on Tuesday it had made around $6 billion in pre-payments to Venezuelan state oil company PDVSA and had no immediate plans to make any further advance payments soon. OPEC member Venezuela is struggling to pay back creditors as its economy endures triple-digit inflation and chronic shortages of food and medicine. Last Friday, Venezuela inaugurated a new legislative superbody that is expected to rewrite the constitution and give vast powers to President Nicolas Maduro''s ruling Socialist Party, defying protests and worldwide condemnation that it undermines democratic freedoms. Russia is a close political ally of Venezuela''s leaders. Rosneft Chief Executive Igor Sechin said earlier this year his company, the world''s top listed oil firm by output, would continue to work in Venezuela and would never leave the country. As of Tuesday, Rosneft''s pre-payments to PDVSA have totalled sround $6 billion, Rosneft said on a conference call with investors. This includes principal of $5.7 billion and interest of $245 million, it said. "The repayment is proceeding according to schedule," the company said. "To date, a total of $743 million on the principal has been repaid and another $489 million in interest." "We expect the final repayment to be made in oil and oil product deliveries, which are ongoing strictly according to a schedule which we cannot provide to you. We expect full repayment before the end of 2019. No new pre-payments are planned." Rosneft also plans to close the deal to buy a stake in India''s refiner Essar Oil in the coming days, Pavel Fyodorov, Rosneft first vice-president, told the same conference call on Tuesday. Reporting by Oksana Kobzeva and Olesya Astakhova; writing by Katya Golubkova and Dmitry Solovyov; editing by Maria Kiselyova and Adrian Croft 0 : 0'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/russia-rosneft-essar-idINKBN1AO1IP'|'2017-08-08T11:29:00.000+03:00'|6227.0|''|-1.0|'' 6228|'54619a0332e6bcb295f3bb59e789e3bb966dc4ae'|'Samsungs boss is sentenced to prison'|'SAMSUNGS founding family, the Lees, have good reason to dislike room 417 of Seouls Central District Court. In 2008 it was where Lee Kun-hee, the chairman of the sprawling South Korean conglomerate, was found guilty of tax evasion. On August 25th his son, Lee Jae-yong, the vice-chairman of Samsung Electronics, stood in the same room and was sentenced to five years in prison on charges including bribery, embezzlement and perjury. The elder Mr Lee has been in hospital since suffering a heart attack in 2014. Samsung now lacks both its official and de facto bosses.The younger Mr Lee, who plans to appeal against the verdict, was accused of paying bribes to Choi Soon-sil, a confidante of the countrys former president, Park Guen-hye. Prosecutors had argued that he hoped the payments would secure government support for an $8bn merger of two Samsung affiliates, Cheil Industries, the groups unofficial holding company, and Samsung C&T, a construction firm. The state-run National Pension Service, the single biggest shareholder in C&T, voted for the plan in July 2015. The deal was controversial, but it helped Mr Lee consolidate his control over the group and clear the way for his succession.Latest updates Samsungs boss is sentenced to prison Business and finance 15 hours ago Courts repeatedly chastise Texas for voting-rights violations Democracy in America 16 hours ago Thailands former prime minister, Yingluck Shinawatra, may have fled Asia 16 hours ago Appalling behaviour on Londons Tube Gulliver 18 hours ago Constructions productivity puzzle Graphic detail 19 hours ago The Vaticans secretary of state visits Moscow for the first time in 19 years Erasmus 19 hours ago See all updates The decision is a milestone in a broader influence-peddling scandal that brought down Ms Park. She was impeached in March and arrested soon after; she now awaits the verdict in her own trial. Mr Lees conviction bodes poorly for her.Less clear is what will happen to Samsung itself. Shares in Samsung Electronics, the groups main earner, dipped by 1.05% following the verdict. Yet any slump may be fleeting. The groups three chief executives were not caught up in the trial. While Mr Lee was awaiting the verdict in his case, the firm boasted record profits, thanks to booming demand for its memory chips. An analysis by the Asan Institute, a think-tank in Seoul, showed that each twist in the case had little impact on its share price. Last year had brought the disastrous release of the Galaxy Note 7 smartphone, which had an unfortunate habit of bursting into flames. But the firm unveiled a new model this week. Its share price has risen by more than one-third this year.Yet Mr Lees absence could create a power vacuum at the centre of the group, which might prevent it from making big bets. The good thing about having a founding family is they can think about the long term, says Yoo Kyung-Park of APG Asset Management, a Dutch pension firm that owns shares in Samsung Electronics. The Future Strategy Office, which acts as the groups control tower, was dismantled in February after Mr Lees arrest. Two of its former executives were also jailed. Bosses will be unwilling to make major decisions without the familys sign-off, says Park Sangin of Seoul National University: In a monarchy you need a king.One convicted South Korean boss, Chey Tae-won of SK Group, a telecoms and chemicals giant, avoided this problem by turning his jail cell into an office. While serving time for embezzlement earlier this decade, he held more than 1,600 meetings in 17 months. In theory Mr Lee could do the same. But the appetite for such behaviour is waning. Demands are intensifying to reform South Koreas chaebol , the mighty conglomerates that helped forge the countrys economy but which are now often criticised for cosy ties with politicians. Byzantine structures allow the sons and grandsons of company founders to wield great influence, whether or not they have controlling stakes. The 26 Samsung affiliates, which operate in businesses from life insurance to smartphones, are controlled by the Lee family through a complex web of cross-shareholdings.So Mr Lee, if his conviction is upheld, may not be able to run Samsung from prison. Nor would he be likely to be freed early. In the past, bosses could rely on politicians to get them out of trouble. Mr Chey, the elder Mr Lee and Chung Mong-koo, the chairman of Hyundai Motor, who was nabbed for embezzlement, have all received presidential pardons. Mr Lee is unlikely to get such special treatment. Moon Jae-in, Ms Parks successor, has promised to tame the chaebol and stop doling out pardons. He may be as good as his word.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21727769-unlike-other-jailed-chaebol-bosses-he-may-not-be-pardoned-samsungs-boss-sentenced?fsrc=rss'|'2017-08-25T08:00:00.000+03:00'|6228.0|''|-1.0|'' 6229|'ebd7fbee6519c58673af68464d88860e9e102fdd'|'Uber Is Divided Into Two Factions. They''re Both Wrong'|'Remarks Uber Is Divided Into Two Factions. Theyre Both Wrong The Uber investors who turned a blind eye to the companys misdeeds for years are fighting a group thats still in denial. This wont end well. By @chafkin More stories by Max Chafkin Forget the blockbuster trade-secrets lawsuit, the flaming SUV , and the many, many recent flubs, foul-ups, and unforced errors of the past six months. Uber is hiring. Last month, my colleague Eric Newcomer reported that the troubled ride-hailing app maker had whittled down a pool of chief executive candidates into a shortlist that included former GE CEO Jeff Immelt as well as Meg Whitman, the current CEO of Hewlett Packard Enterprise (the HP without the printers). Lots of other high-level jobs are available, too . Several weeks have passed since then, and Uber appears no closer to replacing former CEO Travis Kalanick. Whitman tweeted her regrets ; Immelt is maybe still game . At some point, though, somebody will agree to run what still has to be regarded as one of the worlds most promising startups. The trouble is that whoever takes over Uber will really be in charge of two companies. Theres the one made up of people who say theyre horrified by the scandalsincluding accounts of a culture of sexual harassment , possible obstruction of justice , and alleged theft of trade secrets and who blame Kalanick. And then theres the other Uber, which includes some investors and 1,400 or so employees who, rather amazingly, remain loyal to their iconoclastic former CEO and think he deserves a chance to turn the company around. The fissure between these two cohorts, which has been forming for months, cracked wide open last Thursday when Benchmark Capital, Uber''s main venture backer and one of Silicon Valleys top VC firms, sued Kalanick. Benchmark seeks to strip the former CEO of three board seats he was awarded last year. Those seats could allow Kalanick, who weve been told has been trying to engineer his return , to undo his ouster and play a role at Uber. This is all very strange. While boardroom spats are common at public companies, theyre almost unheard of in the rarified stratum of venture capital that Benchmark occupies, where founder-friendliness has been seen as almost obligatory. Even weirder are the circumstances. When investors awarded the board seats to Kalanick in June 2016, he already enjoyed de facto control thanks to his ownership stakeabout 35 percent of Ubers common stock, according to the complaint and close friendships with several board members. With that in mind, its not at all clear why investors saw fit to hand Kalanick even more power when they did. The suit says directors gave him the seats because they were tricked by his material misstatements and fraudulent concealment. Kalanicks spokesman has called last weeks allegations without merit, and, as Matt Levine pointed out , Benchmarks argument seems self-serving. The basic point [of the suit] is that Benchmark voted to give Kalanick more board seats because it thought he was a good CEO, but that he was secretly concealing the truth, which is that he was a bad CEO, Levine wrote. More likely, Kalanick failed to tell the board that he was a bad CEO, not as part of a devious fraud, but because he genuinelyand with some justification!thought he was a good CEO. More importantly, Id argue, Benchmark is being disingenuous when it implies there was no reason to question Kalanicks leadership abilities at the time it voted to give him the board seats. The VC firms lawsuit cites a half-dozen news articles that speak to Kalanicks leadership failures, but not a single one that was published before this year. Thats highly misleading. Its true that Ubers past six months have been full of shameful revelations, but the previous years werent so great either. Lets start with the tip-of-the-iceberg stuff: Long before Susan Fowlers blog post detailing a corporate culture rife with sexual harassment , 2014 brought the GQ profile in which Kalanick referred to the company as Boob-er and the sexist marketing campaign in France that prompted an apology . Anyone paying close attentionsuch as, say, an Uber directorshould have been asking questions by then. The lawsuit also cites Ubers use of a program, Greyball, whereby Uber allegedly worked to mislead police and regulators . That was a bombshell, but it also wasnt entirely without precedent. For years, Uber had employed questionable tactics in battles with regulators and applications of user data. Benchmark partner Bill Gurley, who sat on the board at the time , was almost certainly aware of God view, which attracted a $20,000 fine in New York State as well as controversy in the press . That scandal took on a more sinister tone in late 2014, when one of Kalanicks top deputies, Emil Michael, suggested at a dinner with journalists that Uber might seek to publish embarrassing information about the personal lives of Uber critics. Michael apologized, and in the years that followed, Kalanick sought to rehabilitate his image. Gurley knows this too, because he was instrumental in that image campaign, frequently praising Kalanick in interviews and on Twitter . When I was writing a story about Kalanick in 2015, Gurley told me the CEOs past missteps made him similar to Mark Zuckerberg and Bill Gates. These were, he said, young entrepreneurs who were allowed to kind of say anything and do anything, and Kalanick had matured. (Gurley didnt respond to a request for comment for this column.) Today, of course, Gurleys take seems like a terrifically bad misjudgment, at best. The other side of this battle is no more sympathetic. On Friday, a group of Kalanick allies led by the investor Shervin Pishevar mustered to try to remove Benchmark from the board, criticizing the firms fratricidal behavior. Pishevars group is offering to buy out three-quarters of Benchmarks stake, which would remove the firms voting rights and, assumedly, end the litigation. Uber, which did not comment for this story, is said to be considering this offer . The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up Naturally, we share your concerns about the problems that the Company has confronted in recent months, the investors wrote, but we are greatly concerned about the tactics employed by Benchmark to address them, which strike us as ethically dubious and, critically, value-destructive rather than value enhancing. In other words, the embarrassment caused by Benchmarks lawsuit is more damaging than the alleged breaches that prompted it. Thats nutsand its also a tell. Pishevars group, like Benchmark, claims its doing whats best for Uber, and Im sure the investors think they are. But greed and opportunism seem to be at play, too, and this scramble for control makes clear just how badly Uber needs something else: Outsiders who arent tainted by its past. Max Chafkin '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-14/uber-is-divided-into-two-factions-they-re-both-wrong'|'2017-08-14T17:57:00.000+03:00'|6229.0|''|-1.0|'' -6230|'31c01af1258dc48d1a8514a415ed8d656a7a6657'|'Filming of next ''Mission: Impossible'' on hiatus after Cruise breaks ankle'|'August 16, 2017 / 6:28 PM / an hour ago Filming of next ''Mission: Impossible'' on hiatus after Cruise breaks ankle 1 Min Read LOS ANGELES, Aug 16 (Reuters) - Actor Tom Cruise broke his ankle while performing a stunt on the set of the upcoming "Mission: Impossible 6," causing production on the action film to go on hiatus while he recovers, Paramount Pictures said in a statement on Wednesday. Paramount, a unit of Viacom, said the action movie remains on schedule to open on July 27, 2018. Cruise, 55, who is known for doing his own stunts, was seen in a video on celebrity news website TMZ trying to jump between the roofs of two high-rise buildings and landing hard against a building wall, during filming in London at the weekend. He was later seen limping off the set. (Reporting by Jill Serjeant, editing by G Crosse) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/people-tomcruise-idUSL2N1L21G3'|'2017-08-16T21:26:00.000+03:00'|6230.0|''|-1.0|'' +6230|'31c01af1258dc48d1a8514a415ed8d656a7a6657'|'Filming of next ''Mission: Impossible'' on hiatus after Cruise breaks ankle'|'August 16, 2017 / 6:28 PM / an hour ago Filming of next ''Mission: Impossible'' on hiatus after Cruise breaks ankle 1 Min Read LOS ANGELES, Aug 16 (Reuters) - Actor Tom Cruise broke his ankle while performing a stunt on the set of the upcoming "Mission: Impossible 6," causing production on the action film to go on hiatus while he recovers, Paramount Pictures said in a statement on Wednesday. Paramount, a unit of Viacom, said the action movie remains on schedule to open on July 27, 2018. Cruise, 55, who is known for doing his own stunts, was seen in a video on celebrity news website TMZ trying to jump between the roofs of two high-rise buildings and landing hard against a building wall, during filming in London at the weekend. He was later seen limping off the set. (Reporting by Jill Serjeant, editing by G Crosse) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/people-tomcruise-idUSL2N1L21G3'|'2017-08-16T21:26:00.000+03:00'|6230.0|11.0|0.0|'' 6231|'8abfc49866cc0537d268fef2761a269d96c859d5'|'Bridgepoint close to buying British house builder Miller Homes'|'August 1, 2017 / 3:16 PM / a minute ago Bridgepoint close to buying British house builder Miller Homes 2 Min Read LONDON (Reuters) - Private equity firm Bridgepoint is about to buy British house builder Miller Homes for 655 million pounds ($865.6 million), from a subsidiary of Blackstone ( BX.N ), a private equity and alternative investment firm, a source close to the matter said. A spokesman for Bridgepoint declined to comment. GSO Capital, Blackstone''s credit arm, took control of the construction company in a refinancing which was announced in late 2011. In 2014 Miller scrapped plans for an initial public offering, citing market volatility. In 2016, Miller Homes had 565 million pounds in revenue and operating profit of 103 million pounds, up from 500 million pounds and 78 million pounds respectively in 2015. Miller Homes had benefited from a government scheme aimed at helping buyers get on the housing ladder, with over a third of new home reservations in 2016 coming through the scheme. The British and Scottish governments, have both committed to retaining their schemes through to at least 2021 and 2019 respectively, Miller Homes said in an annual report. Reporting by Dasha Afanasieva, editing by Rachel Armstrong and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-miller-homes-sale-bridgepoint-idUSKBN1AH4O5'|'2017-08-01T18:09:00.000+03:00'|6231.0|''|-1.0|'' 6232|'cc888f2778039f50db9d39bbb861ed5ddea0a85c'|'Toshiba prioritizes talks with Western Digital on chips business: Nikkei'|'FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, January 19, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Japan''s Toshiba Corp is prioritizing negotiations with Western Digital to sell its memory chip business after talks stalled with a previously preferred bidder, sources familiar with the matter said on Wednesday.The conglomerate is scrambling to sell its flash memory unit to cover losses from its bankrupt U.S. nuclear business Westinghouse.In June, it picked a consortium including Japanese government-backed funds, private equity firm Bain Capital and South Korean chip maker SK Hynix as the preferred bidder for the prized unit.But the talks stalled after Western Digital, a partner in Toshiba''s main chip plant, took Toshiba to court, arguing it needs to consent to a sale. A subsequent legal battle between the two companies unnerved the state-backed funds, which demanded Toshiba resolve the conflict before a sale.Western Digital was offering around 2 trillion yen ($18 billion) and plans to form an alliance with U.S. private equity firm KKR & Co as well as the two Japanese state-backed funds that were part of the preferred bidder group, sources said, adding Western Digital was likely to take a stake of around 15 percent in the chip business.The other consortium including Bain and SK Hynix lost its preferred status at the end of July, the sources added, requesting anonymity because they were not authorized to speak with media.A Toshiba spokesman declined to comment on details of the negotiations.Toshiba wants to close the sale by the end of the fiscal year in March to ensure it does not report negative net worth, or liabilities exceeding assets, for a second year running. This could result in a delisting from the Tokyo Stock Exchange.Given regulatory approvals could take more than six months, the company has been hoping to reach a deal by the end of the month to ensure it can close the sale in time.Sources have also said a deal with Western Digital could be difficult, however, as Toshiba''s chip business executives were wary of a deal with the U.S. company given previous animosity between the two sides.Ties between the two companies soured quickly after Western Digital bought SanDisk, Toshiba''s memory chip business partner for 17 years, in May last year as they failed to agree on terms of a new joint venture contract.($1 = 109.6700 yen)Additional reporting by Makiko Yamazaki; Writing by Ritsuko Ando; Editing by Muralikumar Anantharaman and David Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-toshiba-accounting-idUSKCN1B22LE'|'2017-08-23T02:22:00.000+03:00'|6232.0|''|-1.0|'' 6233|'92324c1902c4a57f18b15f88d2e0c985db3e7dde'|'Deals of the day- Mergers and acquisitions'|'(Updates Toshiba, ZF, Adds ICBC, Noble Group, Ryan Air, Sistema, Airbus, ECi, Dong Energy, Eiffage, MMI Holdings, Albaugh LLC, BroadSoft)Aug 30 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:** The world''s largest lender Industrial and Commercial Bank of China (ICBC) said it would follow restrictions set by the country''s cabinet on overseas acquisitions.** Trader Noble Group is expected to pick a buyer for its oil and liquefied natural gas units by mid-September to cover debts and reduce credit exposure after a first half loss of $1.9 billion, sources familiar with the matter said.** Ryanair will not bid for any assets of insolvent German airline Air Berlin, its Chief Executive Michael O''Leary said, describing the process as "a stitch-up".** Russian conglomerate Sistema said it had no plans to reduce its stake in mobile phone operator MTS to pay oil giant Rosneft a $2 billion settlement and would be able to raise the funds from banks.** Airbus has urged United Technologies to stay focused on fixing industrial problems that have delayed aircraft deliveries even if it presses ahead with reported plans to buy avionics supplier Rockwell Collins.** Bank of America Merrill Lynch and RBC Capital Markets are sounding out investors on a $570 million financing package that will back the buyout of ECi, a U.S. enterprise resource planning (ERP) software provider, and its merger with Dutch ERP company Exact Software, according to four sources familiar with the situation.** New Energy Investment, indirectly owned by investment bank Goldman Sachs, is selling a 1.78 percent stake in Danish utility and offshore wind farm developer Dong Energy .** Construction group Eiffage maintained its full-year target for higher profits and revenue after posting an increase in first-half earnings, and said it was in talks over buying a business from Italy''s Saipem.** Financial services group MMI Holdings Namibia, a local unit of South African-listed MMI Holdings, has bought a 70 percent stake in short-term insurer Quanta Insurance, the companies said.** Albaugh LLC is exploring a sale that could value the privately held U.S. producer of agricultural crop protection chemicals at more than $1.5 billion, including debt, according to people familiar with the matter.** BroadSoft Inc, a U.S. provider of software that helps companies offer cloud-based communications services, is exploring its options, including the potential sale of the company, according to people familiar with the matter.** German auto supplier ZF said it has sold its Body Control Systems division to China''s Luxshare as it reshapes its portfolio of technologies for a new era of self-driving and electric cars.** German industrial group Siemens has agreed to buy Dutch self-driving software specialist Tass International for an undisclosed sum to strengthen its automotive business, it said.** Germany''s Allianz plans to pay $35 million for 98 percent stake in Nigerian insurer Ensure Insurance in a push for growth in Africa, where many people are uninsured.** India''s Bird Group said it is interested in buying state-owned carrier Air India''s ground-handling business, making it the second company to formally show interest in bidding for a part of the ailing airline.** A consortium led by Bain Capital has made a revised last-ditch offer for Toshiba Corp''s chip unit worth about $18 billion, bringing in Apple Inc to help bolster its bid, sources with direct knowledge of the matter said.** Britain''s Co-operative Group is in exclusive talks to buy Nisa, entering the fray days after larger rival Sainsbury''s suspended its own bid talks for the wholesale group.** Immofinanz said it might agree a new schedule for its merger with rival Austrian property group CA Immo , after talks are currently on hold.** Kuwait Foreign Petroleum Exploration Co (KUFPEC) said it had agreed to buy an additional 15 percent of Norway''s Gina Krog offshore oil field from France''s Total for $317 million.** Two major Abu Dhabi real estate developers, Eshraq Properties and Reem Investments, said they aimed to merge as an economic slowdown in the emirate puts the housing market under pressure.** Spectris Plc sold its U.S.-based barcoding business to Omron Corp for $157 million in cash, the measuring instruments maker said.** Malaysian telecommunications firm Axiata Group''s infrastructure unit is buying telecom towers in Pakistan for $940 million in partnership with a local conglomerate, in what will be one of the biggest deals in the South Asian nation.** Shares of China Evergrande Group rose 3.5 percent after Hong Kong-based Chinese Estates Holdings Ltd bought shares in the mainland property developer.** Indonesia''s Asia Pulp & Paper Co Ltd has not yet signed a binding agreement to buy pulpmaker Eldorado Brasil Celulose SA, the Brazilian company said in a securities filing. (Compiled by Akankshita Mukhopadhyay and Laharee Chatterjee in Bengaluru) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1LG3HS'|'2017-08-30T08:02:00.000+03:00'|6233.0|''|-1.0|'' @@ -6269,7 +6269,7 @@ 6267|'be2cf9fcbf773b56124d7e32a04d4fa44a832895'|'Energy Future drops Oncor deal with Buffett in favour of $9.45 billion Sempra bid - sources'|'August 21, 2017 / 2:15 AM / 21 minutes ago Sempra snatches Oncor from Buffett with $9.45 billion bid: sources Greg Roumeliotis 5 Min Read FILE PHOTO: Berkshire Hathaway CEO Warren Buffett visits the BNSF booth before the Berkshire Hathaway annual meeting in Omaha, Nebraska, U.S. May 6, 2017. Rick Wilking/File Photo (Reuters) - Bankrupt Texas utility Energy Future Holdings will abandon a deal to sell power transmission company Oncor to Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) for $9 billion and will accept a $9.45 billion bid for Oncor by Sempra Energy ( SRE.N ) instead, people familiar with the matter said. The development represents a rare blow for Buffett, who avoids bidding wars for companies and had swooped in two months ago to buy Oncor after two previous attempts by Energy Future to sell it were blocked by Texas regulators. It is also a defeat for Greg Abel, the 55-year-old chief executive of Berkshire''s energy unit who many investors consider a top candidate to eventually succeed Buffett, 86, at the Omaha, Nebraska-based parent company''s helm. Energy Future''s board decided to make the switch on Sunday after Sempra also offered assurances it could get its acquisition of Oncor approved by the Public Utility Commission of Texas (PUCT), as well as a U.S. bankruptcy judge, the sources said. Berkshire had issued a statement last week to say it would not be raising its offer for Oncor. However, in response to Sempra''s bid, Berkshire offered to allow Energy Future to keep an Oncor dividend, but that proposal was not enough to bridge the gap in price, the sources added. The sources asked not to be identified because the decision has not yet been officially announced. Sempra and Berkshire did not immediately respond to requests for comment. Oncor and Energy Future declined to comment. The bidding war for Oncor underscores how power generation is becoming more commoditized and less lucrative in the eyes of utilities, which have become wary of their exposure to volatile energy prices. Instead, many utilities are now hungry for electricity distribution assets with a growing demographic base and stable cash flows. Dallas-based Oncor delivers power to more than 3.4 million homes and businesses through roughly 122,000 miles (196,000 km) of transmission and distribution lines. Hedge fund Elliott Management Corp, which is Energy Future''s biggest creditor, had opposed the sale to Berkshire, arguing it undervalued Oncor and threatening to veto the deal. Elliott had also been trying to put together its own bid for $9.3 billion to buy Oncor. Sempra decided to make an offer for Oncor in the last three weeks, after seeing the opposition that Berkshire faced from Elliott as an opportunity to interlope, according to the sources. The Sempra Energy building is pictured in San Diego, California March 10, 2015. Mike Blake Elliott has now indicated it will support Oncor''s sale to Sempra, one of the sources said. Elliott did not immediately respond to a request for comment. Berkshire had told the PUCT it would accept "ringfencing" on its acquisition of Oncor, restricting its ability to extract cash from the company or add more debt to it. Sempra has now indicated it that will make similar concessions on ringfencing, according to the sources. Based in San Diego, Sempra owns and operates electric and gas utilities in the United Sates and South America, including San Diego Gas & Electric and SoCalGas in California, Luz del Sur in Peru, and Chilquinta Energa in Chile. It has a market capitalization of $29.2 billion. Sempra is no stranger to Texas. Earlier this year, it signed a memorandum of understanding with Korea Gas Corp for the development of a liquefied natural gas liquefaction project in Port Arthur, Texas. PREVIOUS ONCOR DEALS SHOT DOWN Earlier this year, the PUCT shot down the sale of Oncor to NextEra Energy Inc ( NEE.N ) because it considered the proposed financial structure too risky for ratepayers. A separate plan to sell Oncor to a group of creditors and investors led by privately held Hunt Consolidated Inc of Texas collapsed in 2016, after hitting obstacles at the regulator. As a result, Energy Future has been stuck in bankruptcy since it filed for Chapter 11 protection in 2014, as plans to sell Oncor, repay creditors and fund its exit collapsed under regulatory scrutiny. Buyout firms KKR & Co LP ( KKR.N ), TPG Capital LP and Goldman Sachs Group Inc''s ( GS.N ) private equity arm took Energy Future private in 2007, in the biggest ever leveraged buyout with a deal size of $44 billion, including debt. But the debt pile placed on the company proved unsustainable, as Energy Future was hit by a steep decline in natural gas prices that in turn led to depressed power prices. (Corrects preposition in paragraph 7) Reporting by Greg Roumeliotis in New York; Editing by Mary Milliken and Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-oncor-m-a-sempraenergy-idUKKCN1B1041'|'2017-08-21T04:58:00.000+03:00'|6267.0|''|-1.0|'' 6268|'ceef87b0526949c8ffac0c2d7470c17ce9661129'|'Junk Bonds Are Big Winner a Decade After Financial Crisis'|'Junk Bonds Are Big Winner a Decade After Financial Crisis Commodities, oil, euro lost ground over past 10 years By @natashadoff More stories by Natasha Doff If youd bought European high-yield bonds the day the global financial crisis erupted, closed your eyes and held onto them through the unprecedented events of the following decade, you would now be sitting on a 100 percentreturn. On the other hand, if youd put your money in major commodities, other than gold, you would have lost 50 percent. Most bond markets, U.S. stocks and the dollar would have been a good bet. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-16/junk-bonds-are-big-winner-a-decade-after-financial-crisis'|'2017-08-16T03:22:00.000+03:00'|6268.0|''|-1.0|'' 6269|'710e937d29f3aaefde3b0b8a9026bc6bc5b6ed66'|'PRESS DIGEST - Wall Street Journal - August 8'|'Aug 8 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Tesla Inc said it plans to raise $1.5 billion in its first-ever sale of traditional bonds. The company said the funds would help push broader sales of its lower-price Model 3 sedan. on.wsj.com/2vgv3gd- Alphabet Inc''s Google fired the employee who wrote an internal memo suggesting men are better suited for tech jobs than women, following an email from Google''s chief executive, Sundar Pichai to the company''s employees, saying that the memo writer violated company policy. on.wsj.com/2vgWpmu- Uber Technologies Inc won''t be bringing co-founder Travis Kalanick back as chief executive, the company''s chairman Garrett Camp told employees, in an attempt to quell reports the co-founder was attempting a comeback. on.wsj.com/2vgCKmI- United Technologies Corp made an initial offer of less than $140 a share to acquire Rockwell Collins Inc, but the two aerospace suppliers are still wrangling over the price of a takeover that would exceed $20 billion. on.wsj.com/2vgkytp- Pershing Square Capital Management LP ( IPO-PERS.L ) said it was nominating its founder William Ackman and two others to the board of Automatic Data Processing Inc, backing off from its previous demand of five seats on the 10-person board. on.wsj.com/2vgr7vRCompiled by Bengaluru newsroom'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-wsj-idINL4N1KU23J'|'2017-08-08T02:45:00.000+03:00'|6269.0|''|-1.0|'' -6270|'d53ef79390fc5b881bd8801116f2c0adeb295f92'|'RPT-BRIEF-Genmab CEO confident to close some tech deals this year'|'(Repeats Wednesday''s story without changes to text)Aug 9 (Reuters) - GENMAB''S CEO JAN VAN DE WINKEL SAYS IN TELEPHONE INTERVIEW WITH REUTERS:* IS IN PROGRESSING TALKS WITH SEVERAL COMPANIES ON NEW TECHNOLOGY COLLABORATIONS, CONFIDENT TO CLOSE SOME DEALS IN 2017, AND SOME IN 2018* DEALS ARE MORE COMPLICATED TO MAKE NOW THAN EARLIER AS GENMAB WANTS CO-OWNERSHIP OR THE OPTION OF CO-OWNERSHIP AND THAT IS NOT WHAT THE LARGE BIOTECH AND PHARMA COMPANIES LIKE TO HEAR* NEW DEALS ARE GOING TO BE MORE FAVOURABLE TOWARDS GENMAB IN THE FUTURE AS ITS DRUGS ARE WORKING WELL AND POTENTIAL PARTNERS ARE VERY EAGER TO GET ACCESS TO ITS TECHNOLOGIES* IS MOVING AGGRESSIVELY FORWARD TOGETHER WITH JANSSEN ON SUBCUTANEOUS FORMULATION OF DARATUMUMAB* IT IS INCREDIBLY IMPORTANT THAT GENMAB HAS REACHED AGREEMENT WITH REGULATORS ON HOW TO GET SUBCUTANEOUS FORMULATION OF DARATUMUMAB TO MARKET* STILL SEE LOT OF UNCERTAINTIES IN 2017, STILL NEED TO SEE PICK-UP IN DARZALEX SALES IN H2 FURTHER COMPANY COVERAGE:Copenhagen newsroom'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/idINL5N1KW0ON'|'2017-08-10T03:04:00.000+03:00'|6270.0|''|-1.0|'' +6270|'d53ef79390fc5b881bd8801116f2c0adeb295f92'|'RPT-BRIEF-Genmab CEO confident to close some tech deals this year'|'(Repeats Wednesday''s story without changes to text)Aug 9 (Reuters) - GENMAB''S CEO JAN VAN DE WINKEL SAYS IN TELEPHONE INTERVIEW WITH REUTERS:* IS IN PROGRESSING TALKS WITH SEVERAL COMPANIES ON NEW TECHNOLOGY COLLABORATIONS, CONFIDENT TO CLOSE SOME DEALS IN 2017, AND SOME IN 2018* DEALS ARE MORE COMPLICATED TO MAKE NOW THAN EARLIER AS GENMAB WANTS CO-OWNERSHIP OR THE OPTION OF CO-OWNERSHIP AND THAT IS NOT WHAT THE LARGE BIOTECH AND PHARMA COMPANIES LIKE TO HEAR* NEW DEALS ARE GOING TO BE MORE FAVOURABLE TOWARDS GENMAB IN THE FUTURE AS ITS DRUGS ARE WORKING WELL AND POTENTIAL PARTNERS ARE VERY EAGER TO GET ACCESS TO ITS TECHNOLOGIES* IS MOVING AGGRESSIVELY FORWARD TOGETHER WITH JANSSEN ON SUBCUTANEOUS FORMULATION OF DARATUMUMAB* IT IS INCREDIBLY IMPORTANT THAT GENMAB HAS REACHED AGREEMENT WITH REGULATORS ON HOW TO GET SUBCUTANEOUS FORMULATION OF DARATUMUMAB TO MARKET* STILL SEE LOT OF UNCERTAINTIES IN 2017, STILL NEED TO SEE PICK-UP IN DARZALEX SALES IN H2 FURTHER COMPANY COVERAGE:Copenhagen newsroom'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/idINL5N1KW0ON'|'2017-08-10T03:04:00.000+03:00'|6270.0|12.0|0.0|'' 6271|'dcd99a5ea31ed271d04cd2395e83ab2abbbafacf'|'Gibson Energy''s biggest shareholder calls for strategic review'|'August 14, 2017 / 5:31 PM / 3 hours ago Gibson Energy''s biggest shareholder calls for strategic review Nia Williams 3 Min Read CALGARY, Alberta (Reuters) - M&G Investment Management Ltd, the largest shareholder in Canada''s Gibson Energy ( GEI.TO ), on Monday urged the Calgary-based oil and gas infrastructure company to launch a strategic review process to cut costs and boost returns. London-based M&G, which owns 19.4 percent of Gibson''s outstanding shares, released an open letter laying out its views of the company and the steps it could take to maximize value, including being sold. Gibson Energy, which provides storage and transportation services to energy companies across North America, has been hard hit by the prolonged slump in global crude prices. Its share price has slumped more than 55 percent since late 2014. Monday''s letter, signed by M&G''s Global Dividend Fund manager Stuart Rhodes, said the fund had been trying to apply "significant pressure" on Gibson''s management for over two years to spur change but it was disappointed by the pace of progress. "It is clear to us when we communicate with industry analysts, the company''s competitive peer group and other investors that there is confusion around the long term strategy for the company," Rhodes wrote. Gibson Energy should focus on its terminals in the Alberta storage hubs of Edmonton and Hardisty, and sell off its 19,000 barrel per day Moose Jaw, Saskatchewan, refinery and all parts of its trucking business not associated with core assets, the letter said. M&G said it also wants Gibson Energy to make significant progress in reducing its cost structure before commencing a strategic review process with the help of an independent investment bank. "We believe that a streamlined and focused company based around core strategic assets would be an attractive asset to a wide variety of potential suitors," the letter said. "If the market is not going to give the company the appropriate valuation we think it deserves, then we are confident the value can be realized by a sale process." Gibson Energy responded to the letter with a statement saying new chief executive Steve Spaulding had taken decisive steps since being appointed in June and was in the process of reviewing the business portfolio, with a focus on cutting costs and possibly selling assets. Gibson "has maintained an open and constructive dialogue with M&G over the past several years, as we do with all shareholders," said Chairman James Estey. This month Gibson Energy said it will sell its U.S. environmental business to concentrate on infrastructure operations, a move welcomed by M&G. Reporting by Nia Williams; Editing by David Gregorio 0 : 0 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-gibson-energy-shareholder-activist-idINKCN1AU1YN'|'2017-08-14T15:31:00.000+03:00'|6271.0|''|-1.0|'' 6272|'749b5104787e3b427be2c37e858932adbbdbda29'|'Two HNA deals hit hurdles as China tightens scrutiny - sources'|'The HNA Group logo is seen in this illustration photo June 1, 2017. Picture taken June 1, 2017. Thomas White/Illustration/Files HONG KONG (Reuters) - At least two of HNA Group''s overseas deals have hit a hurdle as the Chinese conglomerate struggles to take money out of China, said four people familiar with the process, amid a widening crackdown by Beijing on debt-fueled corporate acquisitions.The two HNA deals hit by the crackdown on transferring money outside China are its announced acquisition of the London-based International Currency Exchange (ICE) for about 200 million pounds ($264.36 million) and a mandatory tender offer to buy a larger stake in a Swedish hotel group, the people said.China started gradually tightening capital outflows in the second half of last year, slowing the hectic pace of dealmaking by domestic companies looking to scoop up overseas assets ranging from movie studios to football clubs.The regulators stepped up pressure in June, ordering a group of lenders to assess exposure to some of the more aggressive dealmakers, including HNA, the property-to-film conglomerate Dalian Wanda and Anbang Insurance Group.The stringent regulatory scrutiny of overseas deals, after Chinese companies spent a record $221 billion on assets overseas in 2016, will not only cool new dealmaking but also impede the closing of some of the pending transactions, according to three bankers in Hong Kong involved in mergers and acquisition.In the case of HNA, one of its units that specializes in air travel, tourism, and hospitality management, HNA Tourism, said in April 2016 that it had agreed to buy ICE, one of the world''s largest foreign exchange retailers, as part of a European investment spree aimed at expanding its business. ( reut.rs/2vhtOzi )The deal was expected to be completed in April this year, but HNA Tourism has been facing roadblocks for months in obtaining Chinese regulatory approval to move capital offshore to finance the relatively small takeover, said one person with direct knowledge of the matter."There was no capital outflow restrictions when the deal was announced," a second source said, referring to the ICE deal. But, the source added, "HNA had to file for regulatory approval when the capital control rules came out, which takes time."An acquisition transaction usually takes six months to a year to close. China''s largest overseas acquisition - ChemChina''s $43 billion purchase of Syngenta AG, took about a year and a half to clear all regulatory hurdles.Smaller deals usually close more quickly than large ones.But HNA, which last year completed a $6.5 billion purchase of a stake in Hilton Hotels, may need to wait till the end of this year to close the ICE transaction due to the capital controls, said the two sources.In the other deal, HNA has postponed the mandatory tender offer for acquiring all outstanding shares in Sweden''s Rezidor Hotel Group AB until September, according to two other people familiar with the deal and an announcement document from its unit HNA Sweden Hospitality Management AB.The HNA unit announced a mandatory takeover bid for Rezidor in December, offering 34.86 Swedish crowns ($3.78) per share. That came after HNA Tourism bought 51 percent of Rezidor as part of a deal to buy Carlson Hotels Inc in April last year.HNA Sweden has not yet obtained all "necessary regulatory, governmental or similar clearances, approvals and decisions" for the settlement of the tender offer, the group unit said in its official tender notice in June, reviewed by Reuters.Two of the sources familiar with the Rezidor deal said the regulatory and government clearance mainly referred to HNA''s inability to take its capital outside China to fund the transaction.In case HNA is not able to complete the tender offer for all the remaining outstanding shares of Rezidor, its holding of a little more than half of the Swedish hotel group would also be subject to review in line with local regulations, one of the sources said.All the sources declined to be named as they were not authorised to discuss the deals.HNA, HNA Tourism, ICE and the Swedish hotel group did not immediately respond to requests for comment.CORPORATE STRUCTURES With more than $100 billion in assets, HNA has signed about $50 billion in deals over the last two years, buying stakes in logistics firms, hotels and even Deutsche Bank. At least $8 billion worth of those deals are still pending, according to Thomson Reuters data.One is an agreement signed in January by HNA''s U.S. unit to purchase a stake in hedge fund investor SkyBridge Capital. Woomi Yun, a SkyBridge spokeswoman, said Tuesday that the New York-based firm did not have any concerns about financing for the transaction. Representatives for HNA and SkyBridge both said on Monday that they expected the deal to be completed by the end of the summer. The sale is under review by the Committee on Foreign Investment in the United States (CFIUS).HNA has recently pushed back against media reports that it faces mounting pressure from bankers and regulators, even as it announced a shareholding shake-up in a bid to quash concerns over its ownership.Beijing is increasingly scrutinising opaque corporate structures, excess debt and deals it sees as risky as it tries to control capital outflows and keep the economy stable.That crackdown appears to have had ripple effects in recent days. On Tuesday, Anbang Insurance Group denied a Bloomberg report that it had been told by regulators in China to sell its overseas assets.After a spate of successful deals worth over $30 billion, however, Anbang had begun running into trouble even before the detention in June of its chairman, Wu Xiaohui, failing to close on a handful of investments and facing criticism over its opaque shareholding structure.Adding to the challenges at home, Shanghai Fosun Pharmaceutical Group''s proposed $1.3 billion takeover of Gland Pharma, an Indian drugmaker, has also run into trouble with the Indian government privately raising objections, according to a source familiar with the matter. The source said the objections were partly because of concerns that the Chinese drugmaker was facing at home.The chairman of Shanghai Fosun, Chen Qiyu, said in a filing to the Hong Kong stock exchange on Tuesday that India had not informed Gland Pharma of the result of its review of the acquisition.The Hong Kong Monetary Authority has also been tightening scrutiny of HNA''s land acquisitions in Hong Kong as part of a broad probe into lenders'' exposure to the real estate sector, according to loan bankers in the territory.The HKMA has been asking banks who have financed HNA''s real estate purchases to provide information such as its source of repayment and leverage ratio, loan bankers said.Reporting by Julie Zhu, Sumeet Chatterjee and Kane Wu in Hong Kong; Additional reporting by Lawrence Delevingne in New York and Yan Jiang and Chien Mi Wong of Basis Point/LPC; Editing by Philip McClellan and Frances Kerry'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/china-conglomerates-hna-idINKBN1AH3W1'|'2017-08-01T08:19:00.000+03:00'|6272.0|''|-1.0|'' 6273|'1ddce94f6f960033e31073b893f83701f909e403'|'Saudi Aramco awards first contract for planned shipyard complex'|'FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference in Manama, Bahrain, March 7, 2017. Hamad I Mohammed/File Photo DUBAI (Reuters) - Saudi Aramco said it has awarded the first major contract in the planned construction of a $5.2 billion shipyard complex designed to reduce Saudi Arabia''s dependence on oil exports.The national oil company said on Tuesday it awarded the contract for dredging, reclamation and marine structures to a consortium comprising Saudi Archirodon Co and Huta Hegerfeld AG Saudia Co.Aramco, which is leading construction of the shipyard, did not reveal the value of the contract but said it would be completed by 2020. Among other things, it includes building 4,500 meters of concrete quay walls and wharves, as well as breakwaters, at Ras Al Khair on the east coast.Reporting by Andrew Torchia; Editing by Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-saudi-aramco-shipyard-idUSKBN1AO1KF'|'2017-08-08T16:41:00.000+03:00'|6273.0|''|-1.0|'' @@ -6277,7 +6277,7 @@ 6275|'f3c03837297afd60ccf87640a1e19dc58b1495e6'|'Sterling dips below $1.28 for first time since June'|'August 22, 2017 / 9:02 AM / 28 minutes ago Sterling dips below $1.28 for first time since June Patrick Graham 3 Min Read The new polymer 5 pound Sterling note featuring Sir Winston Churchill, is unveiled at Blenheim Palace in Oxfordshire, Britain June 2, 2016. Joe Giddens/Pool LONDON (Reuters) - Sterling fell below $1.28 for the first time since late June on Wednesday and deepened recent losses against the euro. Concerns about Britain''s economic prospects and the Brexit process encouraged investors to push the pound lower. The government is striving to move forward the formal discussions on leaving the European Union with a series of position papers that have outlined potential compromises over some of the issues likely to block progress this year. Analysts again praised signs from another paper on Wednesday that Prime Minister Theresa May was seeking ways to resolve an argument over the influence of EU courts after Britain leaves, but markets have so far been unimpressed. In trade-weighted terms, the pound is down around 3 percent since the start of August. "We believe that some cautiousness may be warranted, however, given that the latest bout of GBP-weakness has brought it into undervalued territory against both (the euro and dollar)," Credit Agricole analysts wrote in a note to clients. "(But the euro has) hit yet another multi-month high with the recent price action suggesting that investors are still very comfortable being long the cross despite its lofty levels." Sterling was trading at $1.2787, its weakest since June 28. GBP=D3 Against the euro it fell more than half a percent to 92.24 pence. Apart from levels hit during a short-lived overnight "flash crash" in October, that was its weakest in eight years. Currency managers Adrian Lee and Partners forecast sterling would weaken further against both the dollar and euro over the next six months. "The uncertainty over the form of the UKs future relationship with the EU is expected to hang over the economy in the coming years and will cause a reduction of inward foreign investment flows," they said in a regular outlook. "These factors will keep sterling under pressure in the medium term." The fund firm forecast the pound to weaken another 4 percent to $1.24 over the next half a year and 2 percent to 94 pence per euro. The government document published on Wednesday contained language which analysts and British media read as leaving the door open to the European Court of Justice maintaining influence over UK cases. Sterling kept falling after U.S. markets opened. "We think its too early in the cycle for Brexit details to have a dramatic effect on the pound," said Bank of Montreal strategist Stephen Gallo. "But there hasn''t been any real progress from Brexit negotiators on shifting the discussions from exit conditions over to trade." Reporting by Patrick Graham, Editing by Saikat Chatterjee/Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/uk-britain-sterling-idUSKCN1B20TE'|'2017-08-23T11:14:00.000+03:00'|6275.0|''|-1.0|'' 6276|'e24d3e64d17f96e2494c8c62bef496abf93d9a90'|'Nikkei falls, hit by tech shares after ''Apple effect'' fades'|'August 3, 2017 / 6:23 AM / 9 minutes ago Nikkei falls, hit by tech shares after ''Apple effect'' fades 3 Min Read * ANA soars after Q1 operating profit jumps 80 pct * Weak correlation between opinion polls, Japan stocks-analyst By Ayai Tomisawa TOKYO, Aug 3 (Reuters) - Japan''s Nikkei share average fell on Thursday as investors wasted little time taking profits in tech shares which rallied the previous day on Apple''s strong quarterly earnings. The Nikkei ended 0.3 percent lower at 20,029.26 points. "The Japanese market rose ahead of U.S. markets after Apple''s earnings so investors were quick to lock in gains," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. The Dow climbed above the 22,000 mark overnight for the first time, buoyed by Apple Inc''s healthy quarterly iPhone sales. But other tech stocks such as Applied Materials fell, while Philadelphia SE Semiconductor Index dropped 0.7 percent. "Although Apple surged overnight, other U.S. tech stocks were weak, and that''s why investors quickly decided that the overall market would not continue to benefit from ''the Apple effect'' and Japanese companies like Tokyo Electron fell today," Fujito added. Chip equipment maker Tokyo Electron Ltd shed 2.4 percent, while Advantest Corp stumbled 2.9 percent. Bucking the trend, ANA Holdings Inc soared 5.4 percent after Japan''s biggest airline by revenue said its first-quarter operating profit rose 80 percent due to brisk business on international routes and after taking control of low-cost arm Peach Aviation Ltd. Market reaction was muted to Prime Minister Shinzo Abe''s reshuffle of his cabinet on Thursday, as he attempts to regain public support hurt by a series of scandals. "The correlation between opinion polls and Japanese stocks is seen weak for now," said Takuya Takahashi, a strategist at Daiwa Securities, adding that unless Abe''s support rate declined sharply from the current level, the impact from political developments on the Japanese market should be limited. Abe had until recently been seen as likely to win a third term as head of his ruling Liberal Democratic Party (LDP), guaranteeing him the premiership and putting him on track to be Japan''s longest-serving prime minister. But his support has fallen below 30 percent in the recent polls, hit by opposition-fanned suspicions of Abe''s favouritism to a friend, as well as voter perceptions that he and his aides have grown arrogant in office. The broader Topix ended nearly flat at 1,633.82. (Reporting by Ayai Tomisawa; Editing by Lisa Twaronite and Kim Coghill) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1KP2K9'|'2017-08-03T09:19:00.000+03:00'|6276.0|''|-1.0|'' 6277|'69bcd187a1e6e07e9c93c033ec1dd8d83b856328'|'UPDATE 1-Freeport Indonesia says flash floods damage mine power plant'|'August 16, 2017 / 6:24 AM / 9 minutes ago UPDATE 1-Freeport Indonesia says flash floods damage mine power plant 2 Min Read (Adds search for worker, landslide) JAKARTA, Aug 16 (Reuters) - Flash floods have left one worker missing and caused extensive damage to a power plant at U.S.-owned miner Freeport Indonesia''s operations in the eastern-most province of Papua, company officials said on Wednesday. Mining operations were continuing as normal, but power and water outages were expected in the coming days, the Indonesian unit of U.S. mining giant Freeport McMoran Inc. said in a statement. "One person remains unaccounted for after flash floods that occurred late Tuesday destroyed roads, bridges, water lines and most of the plant that supplies power to Tembagapura and Hidden Valley," the company said, warning employees to keep travel to a minimum. "Due to the extensive damage, (power and water) outages may occur until at least tomorrow," it added. Rescue teams on Wednesday searched for the missing worker who was in the power plant when it was hit by a flood and landslide. Another worker was rescued immediately after the incident. Spokesman Riza Pratama said the main processing mill may also be affected if damage to infrastructure meant storage tanks filled up before repairs can be made. Freeport, which operates what are among the world''s largest gold and copper mines, is also grappling with a labor dispute that has let to intermittent disruptions to output. Around 5,000 workers have been on strike since May, protesting against mass layoffs that Freeport says were triggered by unexpected revisions earlier this year in government rules on taxes and royalties. The government of Southeast Asia''s biggest economy, in an effort to eke out more revenues from its natural resource sector, has also demanded that Freeport divest a 51-percent stake and relinquish arbitration rights. (Reporting by Wilda Asmarini; Writing by Kanupriya Kapoor; Editing by Richard Pullin) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/indonesia-freeport-idUSL4N1L22C4'|'2017-08-16T09:21:00.000+03:00'|6277.0|''|-1.0|'' -6278|'3cbaa8865e942d19b60e1e9b2644691f8faf8ad4'|'Japan''s manufacturers most optimistic in a decade as economy grows - Reuters Tankan'|'August 21, 2017 / 4:30 AM / 8 hours ago Japan''s manufacturers most optimistic in a decade as economy grows - Reuters Tankan Tetsushi Kajimoto and Izumi Nakagawa 4 Min Read A production line of beer is pictured at Japanese brewer Kirin Holdings'' factory in Toride, Ibaraki Prefecture, Japan July 14, 2017. Kim Kyung-Hoon/Files TOKYO (Reuters) - Confidence at Japanese manufacturers rose in August to its highest level in a decade led by producers of industrial materials, a Reuters poll showed, in a further sign of broadening economic recovery. The Reuters'' monthly poll - which tracks the Bank of Japan''s closely watched quarterly tankan - found the service-sector mood fell but still remained at a relatively high level, underscoring the firmness in domestic demand which drove robust expansion in the second quarter. Business sentiment was likely to sag slightly over the next three months, indicating a potential pullback from the hefty 4 percent annualised growth in the April-June quarter driven by private consumption and capital expenditure. The sentiment index for manufacturers rose one point to 27 in August in the poll of 548 large- and mid-sized companies, conducted Aug. 1-16, in which 265 firms responded. It was the best reading since August 2007, just before the last global financial crisis, led by producers of industrial materials such as oil, steel and chemicals, as well as manufacturers of metals, machinery and transport equipment. "Our business is led by overseas markets. The domestic market is not so bad, China is recovering and America and Europe are performing well. Overall the sentiment is positive," Keisuke Fujii, a spokesman for Fanuc Corp, a manufacturer of robotics and automation equipment, told Reuters. The company expects current profits to rise 6.1 percent this financial year and sales to increase 13.9 percent, due to demand for IT-related products in China and Taiwan, and industrial robots in the United States, Europe and China, he said. BAD WEATHER, WARINESS ON OUTLOOK Reflecting some wariness on the outlook, however, the manufacturers'' index was seen slipping to 26 in November, with the yen strengthening amid concerns over developments surrounding North Korea''s missile and nuclear programmes. "Given the ongoing strength of overseas demand, we believe sentiment will remain firm going forward," said Yuichiro Nagai, economist at Barclays Securities. "That said, the Japanese yen is appreciating and share prices are falling amid geopolitical risk. This trend, if it accelerates, could sharply undermine business sentiment." The Reuters Tankan service-sector index slipped to 29 in August from the previous month''s two-year high of 33, dragged down by sectors such as retailing, where confidence fell for a third straight month. The service-sector index was expected to drop further to 25 in November. Cool and rainy weather may dampen consumer spending in August, which would be worrying as private consumption constitutes about 60 percent of the economy and was a primary driver of the second-quarter''s robust expansion. Still, the retailers'' sentiment index is expected to bounce in November, underlining a pick-up in consumption with a change in the weather, and the tightening labour market keeping household incomes firm. The Reuters Tankan indexes are calculated by subtracting the percentage of pessimistic respondents from optimistic ones. A positive figure means optimists outnumber pessimists. The BOJ''s last tankan out July 3 showed big manufacturers'' business confidence hit its highest level in more than three years in the June quarter. Reporting by Tetsushi Kajimoto; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/japan-economy-tankan-idINKCN1B10AU'|'2017-08-21T02:30:00.000+03:00'|6278.0|''|-1.0|'' +6278|'3cbaa8865e942d19b60e1e9b2644691f8faf8ad4'|'Japan''s manufacturers most optimistic in a decade as economy grows - Reuters Tankan'|'August 21, 2017 / 4:30 AM / 8 hours ago Japan''s manufacturers most optimistic in a decade as economy grows - Reuters Tankan Tetsushi Kajimoto and Izumi Nakagawa 4 Min Read A production line of beer is pictured at Japanese brewer Kirin Holdings'' factory in Toride, Ibaraki Prefecture, Japan July 14, 2017. Kim Kyung-Hoon/Files TOKYO (Reuters) - Confidence at Japanese manufacturers rose in August to its highest level in a decade led by producers of industrial materials, a Reuters poll showed, in a further sign of broadening economic recovery. The Reuters'' monthly poll - which tracks the Bank of Japan''s closely watched quarterly tankan - found the service-sector mood fell but still remained at a relatively high level, underscoring the firmness in domestic demand which drove robust expansion in the second quarter. Business sentiment was likely to sag slightly over the next three months, indicating a potential pullback from the hefty 4 percent annualised growth in the April-June quarter driven by private consumption and capital expenditure. The sentiment index for manufacturers rose one point to 27 in August in the poll of 548 large- and mid-sized companies, conducted Aug. 1-16, in which 265 firms responded. It was the best reading since August 2007, just before the last global financial crisis, led by producers of industrial materials such as oil, steel and chemicals, as well as manufacturers of metals, machinery and transport equipment. "Our business is led by overseas markets. The domestic market is not so bad, China is recovering and America and Europe are performing well. Overall the sentiment is positive," Keisuke Fujii, a spokesman for Fanuc Corp, a manufacturer of robotics and automation equipment, told Reuters. The company expects current profits to rise 6.1 percent this financial year and sales to increase 13.9 percent, due to demand for IT-related products in China and Taiwan, and industrial robots in the United States, Europe and China, he said. BAD WEATHER, WARINESS ON OUTLOOK Reflecting some wariness on the outlook, however, the manufacturers'' index was seen slipping to 26 in November, with the yen strengthening amid concerns over developments surrounding North Korea''s missile and nuclear programmes. "Given the ongoing strength of overseas demand, we believe sentiment will remain firm going forward," said Yuichiro Nagai, economist at Barclays Securities. "That said, the Japanese yen is appreciating and share prices are falling amid geopolitical risk. This trend, if it accelerates, could sharply undermine business sentiment." The Reuters Tankan service-sector index slipped to 29 in August from the previous month''s two-year high of 33, dragged down by sectors such as retailing, where confidence fell for a third straight month. The service-sector index was expected to drop further to 25 in November. Cool and rainy weather may dampen consumer spending in August, which would be worrying as private consumption constitutes about 60 percent of the economy and was a primary driver of the second-quarter''s robust expansion. Still, the retailers'' sentiment index is expected to bounce in November, underlining a pick-up in consumption with a change in the weather, and the tightening labour market keeping household incomes firm. The Reuters Tankan indexes are calculated by subtracting the percentage of pessimistic respondents from optimistic ones. A positive figure means optimists outnumber pessimists. The BOJ''s last tankan out July 3 showed big manufacturers'' business confidence hit its highest level in more than three years in the June quarter. Reporting by Tetsushi Kajimoto; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/japan-economy-tankan-idINKCN1B10AU'|'2017-08-21T02:30:00.000+03:00'|6278.0|4.0|0.0|'' 6279|'26752723c375f69f9831825774aae83427d6fa80'|'Dollar up before Yellen, Draghi speeches, Asia stocks head for weekly gain'|'August 25, 2017 / 1:30 AM / 2 hours ago Stocks rise, U.S. dollar eases on Yellen remarks 4 Min Read A U.S. Dollar note is seen in this June 22, 2017 illustration photo. Thomas White/Illustration NEW YORK (Reuters) - World stock markets advanced while the U.S. dollar weakened on Friday after Federal Reserve Chair Janet Yellen omitted monetary policy in a much-anticipated speech that left the possibility of a U.S. interest rate hike in December open to interpretation. U.S. Treasury yields dipped as Yellen''s speech at an annual meeting of central bankers in Jackson Hole, Wyoming, relieved some investors who had expected hawkish comments on the economy. Reforms enacted after the financial crisis a decade ago have strengthened the banking system without impeding economic growth, and future changes should be modest, Yellen said in prepared remarks. "She didn''t say anything that the market wanted to know about Fed policy," Marc Chandler, chief global currency strategist at Brown Brothers Harriman & Co. Yields on the 10-year U.S. Treasury note slipped and the dollar weakened because "it was not that she said anything bullish for foreign currencies; it was that she didn''t say anything positive for the U.S.," Chandler said. MSCI''s index of stocks across the globe .MIWD PUS pared gains to be up 0.39 percent. European share markets closed lower, with the pan-regional FTSEurofirst 300 index .FTEU3 slipping 0.14 percent and the FTSE 100 index .FTSE in London off 0.08 percent. MSCI''s index of emerging market stocks .MSCIEF rose 0.45 percent. "People had hoped for some excitement. The bond market is rallying with at least some people thinking (Yellen) would make the case for more rate hikes to take some steam out of the stock market," said Chris Low, chief economist at FTN Financial in New York. Rates futures implied traders saw a 37.2 percent chance of a rate hike at the Fed''s December meeting, down from almost 39 percent on Thursday, CME Group''s FedWatch tool showed. Benchmark 10-year U.S. Treasury notes US10YT=RR rose 7/32 in price, pushing the yield down to 2.1676 percent. The dollar index .DXY fell 0.53 percent, with the euro EUR= rising 0.66 percent to $1.1875 and the Japanese yen gaining 0.27 percent versus the greenback at 109.26 per dollar JPY= . The Dow Jones Industrial Average .DJI rose 71.8 points, or 0.33 percent, to 21,855.2. The S&P 500 .SPX gained 8.76 points, or 0.36 percent, to 2,447.73 and the Nasdaq Composite .IXIC added 2.16 points, or 0.03 percent, to 6,273.48. All 11 major S&P sectors rose. The S&P 500 and the Dow were on course to snap a two-week losing streak. Also helping sentiment on Wall Street was a report that said U.S. President Donald Trump will turn his attention to his campaign promise of implementing tax reform. National Economic Council Director Gary Cohn told the Financial Times that starting next week Trump''s agenda and calendar is going to revolve around tax reform. Mario Draghi, president of the European Central Bank, was scheduled to speak later in the afternoon at Jackson Hole. The Atlanta Fed''s GDP Now forecast model showed the U.S. economy is on track to grow at a 3.4 percent annualized pace in the third quarter based on the latest data on industrial output, home sales and durable goods orders. Oil prices rose as the dollar fell and as the U.S. petroleum industry braced for Hurricane Harvey, which could become the biggest storm to hit the U.S. mainland in more than a decade. U.S. crude CLcv1 rose 44 cents to $47.87 per barrel and Brent LCOcv1 was last at $52.42, up 38 cents. Reporting by Herbert Lash; Editing by Bernadette Baum and James Dalgleish '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-global-markets-idUSKCN1B504R'|'2017-08-25T04:31:00.000+03:00'|6279.0|''|-1.0|'' 6280|'2b44e82403079475f35def2914306c51b9139aa6'|'UPDATE 2-Toyota to build $1.6 bln U.S. plant with rival Mazda -source'|'FILE PHOTO - A delivery truck enters gate three at the Toyota Motor Manufacturing Plant, home of the Toyota Camry, Avalon and Venza, in Georgetown, Kentucky, U.S. on January 27, 2010. John Sommers II/File Photo WASHINGTON/DETROIT (Reuters) - Toyota Motor Corp ( 7203.T ) and rival Mazda Motor Corp are expected to announce plans on Friday to build a $1.6 billion U.S assembly plant as part of a new joint venture, a person briefed on the matter said.The plant will be capable of producing 300,000 vehicles a year, with production divided between the two automakers, and employ about 4,000 people when it opens in 2021, the person said on Thursday.A new auto plant would be a major boost to U.S. President Donald Trump, who campaigned on promises to boost manufacturing and expand employment for American autoworkers.The source, who was not authorized to speak to the media and requested anonymity, said the plant in a yet to be determined U.S. location was expected to build Toyota Corolla cars and a Mazda crossover utility vehicle.Japan''s Nikkei reported earlier on Thursday that Toyota would take a roughly 5 percent stake in Mazda Motor Corp ( 7261.T ) to develop key electric vehicle technologies and jointly build a factory in the United States.The source who spoke to Reuters confirmed the Japanese carmakers planned future joint efforts on electric vehicles.Toyota, in a statement, said the two companies have been exploring various areas of collaboration under a May 2015 agreement."We intend to submit a proposal to our board of directors today regarding the partnership with Mazda, however, we would like to refrain from providing further comment at this time," Toyota said in a statement issued by its U.S. operations.Mazda said in statement that nothing has been decided yet and added the company will have a board meeting on this matter today. We cannot comment any further."Toyota, the world''s second largest automaker by vehicle sales in 2016 and Japan''s dominant car company, has been forging alliances with smaller Japanese rivals for several years, effectively consolidating the Japanese auto sector.FILE PHOTO - Toyota Camrys and Avalons sit ready to shipped at the Toyota Motor Manufacturing Plant in Georgetown, Kentucky, U.S. on January 27, 2010. John Sommers II/File Photo A new U.S. assembly plant would likely become the prize in a fierce competition among Midwestern and Southern states eager to expand manufacturing jobs.The new U.S. plant comes demand for cars has fallen sharply. Toyota''s U.S. Corolla sales are down nearly 9 percent this year.In North America, Toyota builds Corolla cars in Canada and Mississippi and announced plans in 2015 to shift Canadian Corolla production to a new $1 billion plant in Mexico.Slideshow (2 Images) Trump in January criticized Toyota for importing cars to the United States from Mexico. The Republican president also threatened to impose a hefty fee on Toyota if it were to build Corolla cars for the U.S. market at a plant in Mexico."Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S. NO WAY! Build plant in U.S. or pay big border tax," Trump said in a post on Twitter.But since January, Trump has praised Toyota for its U.S. investments. Toyota said in January it plans to invest $10 billion in the United States over the next five years to meet demand.Last month, Trump complimented Toyota for completing its long-planned new North American headquarters in Texas."We want to be the car capital of the world once again and we are taking steps to achieve that goal," Trump wrote.The White House declined to comment on the Toyota-Mazda joint venture.Reporting by David Shepardson in Washington, Joe White in Detroit and Arunima Banerjee in Bengaluru; Editing by Supriya Kurane and Tom Brown'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-toyota-mazda-idUSKBN1AJ2O4'|'2017-08-04T03:51:00.000+03:00'|6280.0|''|-1.0|'' 6281|'d0c74dc7eb9421f1dd2d8ae2a86deed88534ab67'|'Wanda Hotel to buy $1 billion of assets from Wang-controlled businesses'|'August 10, 2017 / 1:32 AM / 3 hours ago Wanda Hotel to buy $1 billion of assets from Wang-controlled units Donny Kwok 3 Min Read FILE PHOTO - A sign of Dalian Wanda Group in China glows during an event in Beijing, China March 21, 2016. Damir Sagolj/File Photo HONG KONG (Reuters) - Wanda Hotel Development Co Ltd, a unit of Chinese conglomerate Dalian Wanda Group, plans to buy assets worth over $1 billion from firms controlled by its billionaire founder Wang Jianlin, in a move that sent its shares surging over 30 percent. The restructuring is the latest in a flurry of deals for the group, which has grabbed the spotlight amid a government crackdown on showy overseas ventures and high-profile empire builders that has drawn in several Chinese corporations. The Hong Kong-listed company said it would buy the entire equity interest in theme park operator Wanda Culture Travel Innovation Group Co Ltd from Wang''s Beijing Wanda Culture Industry Group Co Ltd for 6.3 billion yuan ($945 million). The deal would be settled either in cash or through the issue of shares or convertible bonds, it added. It will also buy hotel operator Wanda Hotel Management (Hong Kong) Co Ltd from Wang''s Dalian Wanda Commercial Properties Co Ltd for 750 million yuan ($112.6 million) in cash, it said in a filing to the Hong Kong bourse late on Wednesday. Related Coverage Wanda Hotel shares set to open up 21 percent on asset restructuring Wanda Hotel said it would then sell its interest in Wanda Properties Investment Ltd, Wanda International Real Estate Investment Co Ltd, Wanda Americas Real Estate Investment Co Ltd and Wanda Australia Real Estate Co Ltd to Wang''s Dalian Wanda Commercial for an amount that is yet to be fixed. It gave no further details. Wang Jianlin of Dalian Wanda Group gives a speech at a university in Beijing, China May 12, 2017. Stringer "Wanda Hotel Development will become a strategic platform as Wanda Group''s Hong Kong-listed company focusing on theme park and hotel operation and management," Dalian Wanda Group said in a statement. STOCK SURGES 40 PERCENT Shares of Wanda Hotel, which has a market value of HK$5.4 billion, surged as much as 40.5 percent to their highest in more than two years on Thursday in resumed trade. That compared with a 0.7 percent fall for Hong Kong''s benchmark Hang Seng Index. The stock, which was suspended on Wednesday pending the restructuring announcement, has jumped about 140 percent since July when Wanda announced plans to sell theme parks and hotels worth more than $9 billion to developer Sunac China Holdings Ltd. Chinese banks have been told to stop providing funding for several of Wanda''s overseas acquisitions as Beijing tries to curb the conglomerate''s offshore buying spree, according to sources familiar with the matter. China is also cracking down on risky lending before this year''s key Communist Party congress. Run by one of China''s richest men, Wang Jianlin, Wanda is one of a handful of Chinese conglomerates that have expanded aggressively abroad over the past few years, into areas well beyond their original business - in this case, property. Last month, Dalian Wanda Group altered a deal with Sunac China after banks scrutinized their credit risk, by bringing in another developer, Guangzhou R&F Properties Co Ltd. Reporting by Donny Kwok; Editing by Anne Marie Roantree 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-wanda-hotel-asset-restructure-idUKKBN1AQ047'|'2017-08-10T04:31:00.000+03:00'|6281.0|''|-1.0|'' @@ -6288,7 +6288,7 @@ 6286|'a43d987793db73c9a4245d8bf7a8e04d1242058c'|'Toshiba prioritizes talks with Western Digital on chips business sale: Nikkei'|'FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, January 19, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Japan''s Toshiba Corp is prioritizing negotiations with Western Digital to sell its memory chip business after talks stalled with a previously preferred bidder, sources familiar with the matter said on Wednesday.The conglomerate is scrambling to sell its flash memory unit to cover losses from its bankrupt U.S. nuclear business Westinghouse.In June, it picked a consortium including Japanese government-backed funds, private equity firm Bain Capital and South Korean chip maker SK Hynix as the preferred bidder for the prized unit.But the talks stalled after Western Digital, a partner in Toshiba''s main chip plant, took Toshiba to court, arguing it needs to consent to a sale. A subsequent legal battle between the two companies unnerved the state-backed funds, which demanded Toshiba resolve the conflict before a sale.Western Digital was offering around 2 trillion yen ($18 billion) and plans to form an alliance with U.S. private equity firm KKR & Co as well as the two Japanese state-backed funds that were part of the preferred bidder group, sources said, adding Western Digital was likely to take a stake of around 15 percent in the chip business.The other consortium including Bain and SK Hynix lost its preferred status at the end of July, the sources added, requesting anonymity because they were not authorized to speak with media.A Toshiba spokesman declined to comment on details of the negotiations.Toshiba wants to close the sale by the end of the fiscal year in March to ensure it does not report negative net worth, or liabilities exceeding assets, for a second year running. This could result in a delisting from the Tokyo Stock Exchange.Given regulatory approvals could take more than six months, the company has been hoping to reach a deal by the end of the month to ensure it can close the sale in time.Sources have also said a deal with Western Digital could be difficult, however, as Toshiba''s chip business executives were wary of a deal with the U.S. company given previous animosity between the two sides.Ties between the two companies soured quickly after Western Digital bought SanDisk, Toshiba''s memory chip business partner for 17 years, in May last year as they failed to agree on terms of a new joint venture contract.($1 = 109.6700 yen)Additional reporting by Makiko Yamazaki; Writing by Ritsuko Ando; Editing by Muralikumar Anantharaman and David Holmes'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-toshiba-accounting-idINKCN1B22LE'|'2017-08-22T21:23:00.000+03:00'|6286.0|''|-1.0|'' 6287|'b47da19b55b7988bf52920de51b4a942aaf59158'|'Google cancels staff meeting over fears of online harassment'|'August 11, 2017 / 1:16 AM / 18 hours ago Google cancels staff meeting over fears of online harassment 2 Min Read The Google logo is pictured atop an office building in Irvine, California, U.S., August 7, 2017. Mike Blake (Reuters) - Alphabet''s Google canceled on Thursday a company-wide meeting scheduled to discuss the controversy over a memo opposing diversity policies, the company said, citing concerns about personal attacks on employees from far-right commentators. The company meeting was called to discuss the fallout of Google''s decision on Monday to fire an engineer, James Damore, after he posted a memo on Google''s internal network arguing that the company''s dearth of female engineers was because women were genetically less well-suited to software engineering than men. Google said Damore violated its code of conduct and his actions advanced harmful gender stereotypes. In an email seen by Reuters on Thursday, Google Chief Executive Sundar Pichai said some company employees were being named personally on websites in relation to the incident. "Googlers are writing in, concerned about their safety and worried they may be ''outed'' publicly for asking a question in the Town Hall," Pichai wrote. "In recognition of Googlers concerns, we need to step back and create a better set of conditions for us to have the discussion." He said the company was exploring other forums for the discussion in the coming days. Damore, who criticized in his memo "Google''s left bias" and "ideological echo chamber," has since become a hero to some on the far right, who have attacked what they characterize as politically correct groupthink in Silicon Valley. Damore claimed in a complaint filed on Monday to the National Labor Relations Board that he had been subject to "coercive statements" at Google. Milo Yiannopoulos, an alt-right commentator, posted images on Facebook on Wednesday taken from social media profiles of several people who identified as working for Google. Some of the Google employees also identified as gay or supportive of diversity efforts. "Looking at who works for Google," Yiannopoulos wrote on Facebook. "It all makes sense now." Reporting by Jonathan Weber; Editing by Leslie Adler and Paul Tait 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-alphabet-google-harassment-idUSKBN1AR03D'|'2017-08-11T04:18:00.000+03:00'|6287.0|''|-1.0|'' 6288|'6082583d123f238e1ce7fa33f6ba68132131c37f'|'Hudson''s Bay says president of international business to leave'|' 38 PM / 14 minutes ago Hudson''s Bay says president of international business to leave Reuters Staff 1 Min Read Aug 24 (Reuters) - Canadian retailer Hudson''s Bay Co said on Thursday that the head of its international business, Don Watros, would leave the company at the end of September, but did not name his successor. Watros has been with the company for 11 years and led its expansion into Europe, Hudson''s Bay said. He has also served as chief operating officer of the company. The news of his move comes after U.S. activist investor Jonathan Litt warned he would consider a push to remove some of the company''s directors unless it took steps to make more money off its assets. Large retailers such as Hudson''s Bay has been struggling to reinvent themselves to remain relevant as shoppers increasingly move their purchases online. Former J.C. Penney Co Inc executive Edward Record will start as chief financial officer of Hudson''s Bay on Monday. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/hudsons-bay-moves-idUSL4N1LA4NW'|'2017-08-24T16:37:00.000+03:00'|6288.0|''|-1.0|'' -6289|'588b3b5b6ed5038264746cb5c220b0de501b01bd'|'Provident Financial reorganises home credit unit after profit warning'|'August 25, 2017 / 7:26 AM / 19 minutes ago Provident Financial reorganises home credit unit after profit warning Reuters Staff 2 Min Read (Reuters) - Subprime lender Provident Financial ( PFG.L ), which has lost close to 60 percent of its market value this week after a second profit warning in quick succession, said on Friday that it had replaced the managing director of its beleaguered home credit business. The firm''s earnings have been hit by unresolved problems at its door-to-door lending business, with its woes compounded by an additional disclosure on Tuesday that its banking unit has halted sales of a loan repayment product pending an investigation by Britain''s financial watchdog. Newly appointed Chairman Manjit Wolstenholme announced changes to the consumer credit division''s management structure on Friday. Chris Gillespie, who had been managing director of Provident''s consumer credit division before leaving in 2013, is to rejoin the firm as managing director of the home credit business. He is replacing current business head Andy Parkinson with immediate effect. "Gillespie''s focus as the new managing director will be on re-establishing relationships with customers, bringing collections back to a normal level, and stabilising the operation of the business," Provident said. Luke Enock will take on the role of deputy managing director of the home credit business and Greg Cant, director of corporate finance and development at Provident will help with project management. Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-provident-fin-restructuring-idUKKCN1B50PN'|'2017-08-25T10:26:00.000+03:00'|6289.0|''|-1.0|'' +6289|'588b3b5b6ed5038264746cb5c220b0de501b01bd'|'Provident Financial reorganises home credit unit after profit warning'|'August 25, 2017 / 7:26 AM / 19 minutes ago Provident Financial reorganises home credit unit after profit warning Reuters Staff 2 Min Read (Reuters) - Subprime lender Provident Financial ( PFG.L ), which has lost close to 60 percent of its market value this week after a second profit warning in quick succession, said on Friday that it had replaced the managing director of its beleaguered home credit business. The firm''s earnings have been hit by unresolved problems at its door-to-door lending business, with its woes compounded by an additional disclosure on Tuesday that its banking unit has halted sales of a loan repayment product pending an investigation by Britain''s financial watchdog. Newly appointed Chairman Manjit Wolstenholme announced changes to the consumer credit division''s management structure on Friday. Chris Gillespie, who had been managing director of Provident''s consumer credit division before leaving in 2013, is to rejoin the firm as managing director of the home credit business. He is replacing current business head Andy Parkinson with immediate effect. "Gillespie''s focus as the new managing director will be on re-establishing relationships with customers, bringing collections back to a normal level, and stabilising the operation of the business," Provident said. Luke Enock will take on the role of deputy managing director of the home credit business and Greg Cant, director of corporate finance and development at Provident will help with project management. Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-provident-fin-restructuring-idUKKCN1B50PN'|'2017-08-25T10:26:00.000+03:00'|6289.0|12.0|0.0|'' 6290|'8870276422b7cdba5b22b793a7f0972a835ca715'|'Wood Group half-year profit falls 86.7 percent on exceptional costs'|'August 22, 2017 / 6:31 AM / 6 minutes ago Wood Group half-year profit falls 86.7 percent on exceptional costs Reuters Staff 2 Min Read (Reuters) - Oilfield services company John Wood Group Plc reported an 86.7 percent fall in half-year profit, due to an exceptional charge and as weak oil prices hurt demand for its services. Wood Group, like its rivals, has seen muted demand for its services after oil producers cut their budgets in a weak crude price environment. Though globally-traded Brent crude rose about 28 percent, it still hovers around $50 a barrel, well below the peak of $115.06 touched in mid-2014. The company, which is taking over smaller rival Amec Foster Wheeler Plc, avoided an in-depth investigation by UK''s market regulator earlier this month by proposing a sale of Amec''s North Sea operations. The company, founded in 1912 as a ship repair and marine engineering firm, said should the remedy proposed by the Competition and Markets Authority be accepted and implemented, pretax synergies of about 25 million pounds would not be achieved. Profit fell to 6 million pounds for the year ended June 30 from 45 million pounds last year, impacted by exceptional costs of $47.6 million, including a $25.2 million charge related to the Amec Foster deal. Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-johnwood-results-idUKKCN1B20H9'|'2017-08-22T09:31:00.000+03:00'|6290.0|''|-1.0|'' 6291|'ddf7edf0cc47beb94b3673ae07292a3b196103e3'|'Colombia finance minister sees no ''shadow'' of ratings cut - Reuters'|'Colombia''s Finance Minister Mauricio Cardenas speaks during an interview with Reuters in Bogota, Colombia August 8, 2017. Jaime Saldarriaga BOGOTA (Reuters) - There is little chance Colombia will have its sovereign credit rating downgraded any time soon, the country''s finance minister said late on Tuesday, as the government remains committed to bolstering economic growth and meeting its fiscal targets."There''s not even a shadow on the horizon" that Colombia could get its ratings cut, said Mauricio Cardenas, interviewed for the Reuters Latin American Investment Summit.Cardenas said he expected Standard & Poor''s Global Ratings to soon change Colombia''s credit outlook to stable from negative. Both Moody''s Investors Service and Fitch Ratings maintain a stable outlook.Even so, many economists have concluded that Colombia, which narrowly avoided a rating cut last year, may not meet its budget deficit target as weak oil prices and sluggish economic growth continues to bring in less revenue, putting it at risk of a downgrade.Moody''s has raised concerns about Colombia meeting fiscal targets with the weak economy, and Fitch warned that its rating could suffer if the fiscal situation undermines efforts to stabilize or reduce the debt burden in the short term.Painting a promising future, Cardenas flagged that investment in infrastructure, energy and mining would stimulate economic expansion."The central theme is to accelerate economic growth," he said."Of course there must be a favorable environment for private investment, which we have done with lower company taxes, more commercial integration globally, and naturally, something that gives investors peace of mind, keeping investment grade," Cardenas said in the interview at his Bogota office.Standard and Poor''s and Fitch hold Colombia''s credit rating at "BBB," and Moody''s Investors Service has it at "Baa2." All are investment grade, nestled two notches above junk bond territory.Colombia last year avoided a rating cut with the help of a tax reform, but many investors think another is required.In June Cardenas instituted a financing plan based on a fiscal deficit of 3.6 percent of gross domestic product this year and 3.1 percent for 2018. The scenario assumed global crude prices of $51 a barrel in 2017 and $60 a barrel in 2018.Colombia''s Finance Minister Mauricio Cardenas speaks during an interview with Reuters in Bogota, Colombia August 8, 2017. Picture taken August 8, 2017. Jaime Saldarriaga Cardenas, 55, said he is determined to stick to the so-called fiscal rule that obliges him to reduce the deficit, including additional spending cuts if necessary."We have not moved a millimeter from the fiscal rule, so any deviation has been corrected by reducing costs," said Cardenas, who has a doctorate in economics from the University of California, Berkeley. "It''s what we''ve done in the past and it''s what we''ll continue to do."He has already trimmed 5.5 trillion pesos ($1.8 billion) from next year''s budget and says efforts to raise tax revenue and reduce evasion will be enough to meet near-term fiscal goals.Last month Cardenas reduced his forecast for 2017 GDP expansion to 2 percent, down from 2.3 percent. Next year he sees growth of 3 percent, lower than an earlier prediction of 3.5 percent.Slideshow (2 Images) His bet remains above the market''s estimate of 1.8 percent this year and 2.5 percent for 2018.Cardenas, who represents the government on the central bank board, says there is not much room for additional interest rate cuts.The bank has reduced its benchmark interest rate to 5.5 percent from 7.5 percent, its level at the beginning of the year."Space is running out ... much depends on inflation but we''re nearing the neutral rate, there''s some way to go, but not much," said Cardenas.An overhaul of the pension system is also needed to put the public sector on sounder financial footing, but Cardenas said that is unlikely under his watch.He will leave a proposal on reform with the next government, which takes over from President Juan Manuel Santos in 2018."Pensions are where we spend the most," he said.Follow Reuters Summits on Twitter @Reuters_Summits.Reporting by Helen Murphy and Luis Jaime Acosta; Editing by W Simon'|'reuters.com'|'http://in.reuters.com/finance/summits'|'https://in.reuters.com/article/us-latam-summit-cardenas-idINKBN1AP1MB'|'2017-08-09T11:46:00.000+03:00'|6291.0|''|-1.0|'' 6292|'0c08cfafc785144c2d8c75a30b92e7b0fe23a7df'|'Hurricane Harvey wreaks havoc on American air travel'|'Donald Trump went to the Texas coast on August 29th to see for himself the disaster-relief effort in response to Hurricane Harvey. But few other people are able to travel there. The storm has brought record-breaking rains and devastating floods to the Houston area, killing at least 30 people so far (the toll is expected to rise as the waters recede). The human and economic damage is extensive, but Harvey has had repercussions in a wide variety of less critical areas, including business travel.Across America, more than 9,000 flights have been cancelled since Friday , nearly all due to Harvey. On August 29th, as the storm continued to dump water on Houston and threaten New Orleans 350 miles to the east, more than 1,500 flights to, from, or within the United States were cancelled as of mid-afternoon and twice as many were delayed, according to FlightAware , a flight tracker. 19 hours ago How Half a dozen airports around Houston are closed, including the citys two big international airports. The resulting chaos is hitting flyers well beyond Texas. More than 50m passengers passed through Houstons airports last year. George Bush Intercontinental Airport is a major hub for United Airlines, which announced that the airport would remain closed until at least noon on Thursday. It serves more than 70 international destinations, so many travellers who arent starting or ending their trips in Texasthose flying from the east coast to Asia or Mexico, for examplestill find themselves stranded by its closure. Houstons second-biggest airport, William P. Hobby, is a hub for Southwest Airlines. The airport closed on Sunday morning, but Southwest still managed to rescue 500 stranded passengers before Hobbys runways proceeded to turn into vast lakes .United and Southwest passengers have borne the brunt of the cancellations. On Tuesday, 19% of all United flights were cancelled, as were 8% of Southwest flights. United is waiving fees for changing flights for customers flying into or out of 15 cities in Texas and Louisiana. Southwest is allowing passengers in Houston to fly into or out of four other cities in Texas until September 5th, an indication of just how long the effects of the storm are likely to be felt.As damaging as Harvey has been to the countrys flight network, the consequences are not as widespread as when a storm hits the east coast, which has the busiest airspace (in 2012, Superstorm Sandy caused more than 18,000 flights to be cancelled over five days).Snowstorms may get the most attention for wreaking havoc on flight schedules, but it is actually the summer months that see the most weather-related flight delays in America. In this sense, the situation in Houston isnt all that atypical. Except when youre talking about 50 inches of rain, a climbing death count, and tens of thousands of people forced into emergency shelters, theres really nothing typical. But in an unfortunate twist to Harvey, a separate storm system is threatening Americas south-east.Next Less lost luggage at the airport'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/08/amid-deluge?fsrc=rss'|'2017-08-30T18:55:00.000+03:00'|6292.0|''|-1.0|'' @@ -6427,7 +6427,7 @@ 6425|'db6c31df314ef9ebbaa8d9f1961248cfd45ebd85'|'PSA tightens its management grip on Opel/Vauxhall'|'August 1, 2017 / 7:37 AM / 35 minutes ago PSA tightens its management grip on Opel/Vauxhall Reuters Staff 2 Min Read FILE PHOTO: Carlos Tavares (C), Chairman of the Managing Board of French carmaker PSA Group, Mary Barra (L), chairwoman and CEO of General Motors, and Dr Karl-Thomas Neumann, Chairman of the Management Board Opel Group GmbH, pose during a news conference in Paris, France, March 6, 2017. Christian Hartmann/File Photo FRANKFURT (Reuters) - PSA Group completed its takeover of the Opel and Vauxhall brands from General Motors on Tuesday, installing new managers and helping the French carmaker to become Europe''s second-largest carmaker by sales. General Motors is selling off its loss-making European operations to Peugeot, which has a better track record of making small cars profitable in Europe. We are witnessing the birth of a true European champion today, PSA Chairman Carlos Tavares said in a statement. We will assist Opel and Vauxhalls return to profitability and aim to set new industry benchmarks together." Opel announced a new management team, installing PSA executives Remi Girardon as Vice President Manufacturing and Philippe de Rovira as Opel''s new Chief Financial Officer. Opel said it was planning a "much leaner" management structure which aims to unlock economies of scale and synergies in purchasing, manufacturing and research and development estimated at 1.7 billion euros ($2 billion). The goal is to generate a positive operational free cash flow by 2020 as well as an operating margin of 2 percent by 2020 and 6 percent by 2026, Opel said in a statement. For General Motors the sale of Opel marks a steady retreat from Europe, a region where it has not been profitable since 1999. Since taking over as GM''s CEO in January 2014, Mary Barra has signed off on decisions to quit markets, including Russia and Indonesia, where GM lost money, and to pull the Chevrolet brand out of Europe. PSA admitted it was in talks to buy Opel in February, and announced a deal valuing the business at 2.2 billion euros in March. For PSA the purchase increases economies of scale in Europe. PSA and GM have tried before to combine their small cars - the failed centrepiece of a "global strategic alliance" unveiled in 2012, which was rapidly scaled back to three shared projects from 40 initially considered. Reporting by Edward Taylor; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opel-m-a-psa-idUKKBN1AH3F8'|'2017-08-01T10:37:00.000+03:00'|6425.0|''|-1.0|'' 6426|'3fd615b1813beab2920ac9a3a0f5b27dc89406a4'|'Exclusive - Tesla''s ''long-haul'' electric truck aims for 200 to 300 miles on a charge'|'August 24, 2017 / 7:31 PM / 22 minutes ago Exclusive - Tesla''s ''long-haul'' electric truck aims for 200 to 300 miles on a charge 7 Tesla Supercharger station are seen in Taipei, Taiwan August 11, 2017. Tyrone Siu SAN FRANCISCO (Reuters) - Tesla Inc next month plans to unveil an electric big-rig truck with a working range of 200 to 300 miles, Reuters has learned, a sign that the electric car maker is targeting regional hauling for its entry into the commercial freight market. Chief Executive Elon Musk has promised to release a prototype of its Tesla Semi truck next month in a bid to expand the company''s market beyond luxury cars. The entrepreneur has tantalized the trucking industry with the prospect of a battery-powered heavy-duty vehicle that can compete with conventional diesels, which can travel up to 1,000 miles on a single tank of fuel. Teslas electric prototype will be capable of travelling the low end of what transportation veterans consider to be long-haul trucking, according to Scott Perry, an executive at Miami-based fleet operator Ryder System Inc. Perry said he met with Tesla officials earlier this year to discuss the technology at the automakers manufacturing facility in Fremont, California. Perry said Teslas efforts are centred on an electric big-rig known as a day cab with no sleeper berth, capable of travelling about 200 to 300 miles with a typical payload before recharging. Im not going to count them out for having a strategy for longer distances or ranges, but right out of the gate I think thats where theyll start, said Perry, who is the chief technology officer and chief procurement officer for Ryder. Tesla responded to Reuters questions with an email statement saying, "Teslas policy is to always decline to comment on speculation, whether true or untrue, as doing so would be silly. Silly! Tesla''s plan, which could change as the truck is developed, is consistent with what battery researchers say is possible with current technology. Tesla has not said publicly how far its electric truck could travel, what it would cost or how much cargo it could carry. But Musk has acknowledged that Tesla has met privately with potential buyers to discuss their needs. Reuters reported earlier this month that Tesla is developing self-driving capability for the big rig. Musk has expressed hopes for large-scale production of the Tesla Semi within a couple of years. That audacious effort could open a potentially lucrative new market for the Palo Alto, California-based automaker. Or it could prove an expensive distraction. Musk in July warned that the company is bracing for manufacturing hell as it accelerates production of its new Model 3 sedan. Tesla aims to produce 5,000 of the cars per week by the end of this year, and 10,000 per week some time next year. Tesla shares are up about 65 percent this year. But sceptics abound. Some doubt Musk''s ability to take Tesla from a niche producer to a large-scale automaker. About 22 percent of shares available for trade have been sold "short" by investors who expect the stock to fall. Musk, a quirky billionaire whose transportation ambitions include colonizing the planet Mars, has long delighted in defying conventional wisdom. At Teslas annual meeting in June, he repeated his promise of a battery-powered long-haul big rig. "A lot of people don''t think you can do a heavy-duty, long-range truck that''s electric, but we are confident that this can be done," he said. While the prototype described by Ryders Perry would fall well short of the capabilities of conventional diesels, Musk may well have found a sweet spot if he can deliver. Roughly 30 percent of U.S. trucking jobs are regional trips of 100 to 200 miles, according to Sandeep Kar, chief strategy officer of Toronto-based Fleet Complete, which tracks and analyses truck movement. A truck with that range would be able to move freight regionally, such as from ports to nearby cities or from warehouses to retail establishments. "As long as (Musk) can break 200 miles he can claim his truck is ''long haul'' and he will be technically right," Kar said. Interest in electric trucks is high among transportation firms looking to reduce their emissions and operating costs. Electric motors require less maintenance than internal combustion engines. Juice from the grid is cheaper than diesel. But current technology doesnt pencil when it comes to powering U.S. trucks across the country. Experts say the batteries required would be so large and heavy there would be little room for cargo. An average diesel cab costs around $120,000 (93,757.32 pounds). The cost of the battery alone for a big rig capable of going 200 to 400 miles carrying a typical payload could be more than that, according to battery researchers Shashank Sripad and Venkat Viswanathan of Carnegie Mellon University. Battery weight and ability would limit a semi to a range of about 300 miles with an average payload, according to a paper recently published by Viswanathan and Sripad. The paper thanked Tesla for "helpful comments and suggestions." Tesla did not endorse the work or comment on the conclusions to Reuters. A range of 200 to 300 miles would put Tesla at the edge of what the nascent electric truck industry believes is economically feasible, the researchers and industry insiders said. Transportation stalwarts such as manufacturer Daimler AG and shipping company United Parcel Service Inc, said they are focussing their electric efforts on short-haul trucks. Thats because smaller distances and lighter payloads require less battery power, and trucks can recharge at a central hub overnight. Daimler, the largest truck manufacturer in the world by sales, will begin production this year on an electric delivery truck. The vehicle will have a 100-mile range and be capable of carrying a payload of 9,400 pounds, about 1,000 pounds less than its diesel counterpart, according to Daimler officials. Daimler has been joined by a handful of startups such as Chanje, a Los Angeles-based manufacturer that has a partnership with Ryder to build 100-mile-range electric trucks for package delivery. Ryder and its customers believe electric trucks could cost more to buy but may be cheaper to maintain and have more predictable fuel costs. As batteries become cheaper and environmental regulation increases, the case for electric trucks could strengthen. "This tech is being seen as a major potential differentiator. Everyone wants to understand how real it is," said Perry, the chief technology officer. Reporting by Marc Vartabedian; Alexandria Sage and Eric Johnson; Editing by Peter Henderson and Marla Dickerson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-tesla-trucking-exclusive-idUKKCN1B42G4'|'2017-08-24T22:56:00.000+03:00'|6426.0|''|-1.0|'' 6427|'380e8488ffaae4665de710447bb552510457ac84'|'Morning News Call - India, August 24 - Reuters'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: COAI Director General Rajan Mathews, BSNL Chairman A. Shrivastava, MTNL Chairman P.K. Purwar, Bharti Airtel Executive Shaym Mardikar at Wi-Fi India Summit and awards event in New Delhi. 10:30 am: Coal India Chairman S. Bhattacharya, International Solar Alliance Director General Upendra Tripathy, PTC India Chairman D. Amitabh at Environment and Energy Conclave in Kolkata. 11:30 am: Aviation Minister P. Ashok Gajapathi Raju and Junior Minister Jayant Sinha to brief media on second round of bidding under RCS-Udan in New Delhi. 3:00 pm: Larsen & Toubro Infotech annual general meeting in Mumbai. 5.00 pm: Finance Minister Arun Jaitley, NITI Aayog Vice Chairman Arvind Panagariya and CEO Amitabh Kant at release of Action Agenda for three years in New Delhi. TRADING INDIA FORUM: FUTURE OF INDIAN CHESS Vishwanathan Anand was India''s first chess Grandmaster and has since trailblazed a path for most Indian chess players. While still on the playing circuit, ''Vishy'' has managed to carve out a stellar playing career being the undisputed world champion in all three formats. He also was the first recipient of the Rajiv Gandhi Khel Ratna and India''s second highest civilian award, the Padma Vibhushan. We speak to Vishy on his learnings from the game and the future of Indian chess at noon IST. To join the conversation, click on the link: here LIVECHAT: COMMODITIES FOCUS Reuters Asia commodities and energy columnist Clyde Russell will share his insights on the outlooks of yellow metal, iron ore, coal, oil and many more at 9:30 am IST. To join the conversation, click on the link: here LIVECHAT: G7 FX CHARTING TrendsetterFX''s chief market strategist and GMF regular guest Wilson Leung will highlight short-term key levels to watch for G7 currencies from a technical analysis perspective on Friday at 9:00 am IST. To join the conversation, click on the link: here INDIA TOP NEWS India to speed up state bank mergers for broader economic revival India approved a proposal on Wednesday to set up a ministerial panel to speed up consolidation of state-run banks as part of its efforts to revive credit and economic growth. India''s proposed pharma marketing rules hit legal roadblock India''s plan to bring in marketing rules to curb unethical promotional practices in the country''s drug industry faces an indefinite delay after it hit a legal roadblock, marking a setback for public health groups. At least 42 injured in rail accident in northern India A passenger express train derailed after hitting a truck in northern India on Wednesday, injuring 42 people, some critically, in the country''s fifth major rail accident in the past year. Sterlite to invest $1 billion annually in Brazil power lines -source India''s largest power transmission company Sterlite Power Grid Ventures will invest around $1 billion per year in the next few years to build power lines in Brazil, a source with direct knowledge of the plan told Reuters on Wednesday. GLOBAL TOP NEWS ANALYSIS- Ahead of Lee verdict, Samsung Group lacks leadership ''Plan B'' Samsung Group, South Korea''s leading conglomerate, has no ''Plan B'' for taking big decisions if its billionaire de facto leader Jay Y. Lee is jailed for corruption, people familiar with the matter said. Fellow Republicans rebuke Trump over government shutdown threat President Donald Trump''s fellow Republicans rebuked him on Wednesday after his threat to shut down the U.S. government over funding for a border wall rattled markets and cast a shadow over congressional efforts to raise the country''s debt ceiling and pass spending bills. Amazon deal for Whole Foods wins U.S. regulatory, shareholder approvals Amazon.com on Wednesday cleared two of the biggest hurdles it needed to close its $13.7 billion acquisition of Whole Foods Market, with approvals from a U.S. regulator and the grocery chain''s shareholders. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures was trading at 9,867.50, up 0.14 percent from its previous close. Indian government bonds are likely to trade little changed as investors await a fresh supply of debt via auctions today. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.52 percent-6.57 percent band. The Indian rupee will likely edge higher, tracking an overnight selloff in the greenback amid U.S. President Donald Trumps threats to shut down the government and scrap the free trade agreement with Mexico and Canada. GLOBAL MARKETS U.S. stocks closed lower on Wednesday as investors grappled with a threat from President Donald Trump to shut down the government if Congress fails to fund a Mexico border wall. Asian stocks edged up, shaking off the risk aversion that gripped financial markets overnight after U.S. President Donald Trump''s threat to shut down the government, though the dollar remained sluggish. The dollar inched higher, paring some of the losses it suffered after U.S. President Donald Trump suggested a shutdown of the government was possible and threatened to terminate the North American Free Trade Agreement. U.S. Treasury yields fell on safety buying on Wednesday after President Donald Trump said that he would be willing to risk a government shutdown to secure funding for a border wall, raising fears that a battle to raise the debt ceiling could delay payments on some bonds. Oil prices were little changed, holding most of their gains from the previous session after another fall in U.S. crude inventories which is seen as a sign of a tighter market. Gold nudged lower, giving up some of its gains made after U.S. President Donald Trump''s threat of a government shut down, while investors began to focus on a major central bankers conference in Jackson Hole. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.11/64.14 August 23 -$180.67 mln $27.45 mln 10-yr bond yield 6.8 pct Month-to-date -$1.87 bln $1.55 bln Year-to-date $7.10 bln $22.69 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.0400 Indian rupees) (Compiled by Nivedita Balu in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-morningcall-idINL4N1LA1N2'|'2017-08-24T01:15:00.000+03:00'|6427.0|''|-1.0|'' -6428|'952d9ba4ab3a94d219a669f00bf70321c1fbb1d5'|'Bags of cash - how money launderers used Commonwealth Bank of Australia'|'August 13, 2017 / 4:10 AM / 4 hours ago Bags of cash: how money launderers used Commonwealth Bank of Australia Byron Kaye 5 Min Read Shoppers walk past the entrance to the Lemon Grove shopping mall in Sydney, Australia, August 11, 2017, site of a shopfront company at the heart of one of Australia''s biggest money laundering scandals. Jason Reed SYDNEY (Reuters) - In a run-down mall in one of Sydney''s biggest Chinese neighborhoods in 2015, 29-year-old Jizhang Lu showed up at the top-floor offices of a meat export company carrying a carrier bag stuffed with hundreds of thousands of dollars in cash. According to police documents filed in court and reviewed by Reuters, Lu said he made the trip to the shopfront of CC&B International Pty Ltd eight times over three weeks. Each time a CC&B employee would hand him a receipt showing a different company had bought tens of thousands of kilograms of meat. The cash - as much as A$530,200 ($416,840) at a time - was then deposited at a Commonwealth Bank of Australia (CBA) ( CBA.AX ) branch, according to the police statement of facts agreed by Lu. But the apparent purchases were fake, and last year Lu was jailed for two years after pleading guilty to helping launder A$3.2 million of what police allege were proceeds from an unidentified international drug syndicate. The court records reviewed by Reuters did not name Lu''s lawyer. Lu could not immediately be contacted directly because he was in custody. The police case against Lu is now one of several being cited by financial intelligence agency AUSTRAC in its statement of claim against CBA, the largest civil court action of its kind in Australian corporate history. AUSTRAC has accused CBA of "serious and systemic" breaches of money-laundering and counter-terrorism financing rules, alleging the country''s second biggest mortgage lender failed to detect suspicious transactions nearly 54,000 times. It faces fines potentially amounting to billions of dollars. CBA has said it will fight the AUSTRAC lawsuit, saying it would never deliberately undertake action that enables any form of crime. CBA said a coding error with new automated teller machines was behind most of the breaches but that it recognized there were "other serious allegations" in AUSTRAC''s claim were unrelated to that software problem. It declined to comment specifically about the police case against Lu. PROCEEDS OF CRIME AUSTRAC''s lawsuit against CBA asserts that, in total, A$17.7 million was deposited at the bank from February to August 2015 on behalf of a company identified in the earlier criminal case as CC&B. "These funds were the proceeds of a drug importation syndicate and were proceeds of crime, within the meaning of the Criminal Code Act," AUSTRAC''s statement of claim says, referring to CC&B only as Company 1. Lu was identified in AUSTRAC''s statement of claim against CBA, which also specified the time and length of Lu''s sentence. A subsequent Reuters search of the criminal case against Lu produced the police "facts sheet" which provided further detail of his operation, including the name of CC&B. The records of Lu''s criminal case, provided to Reuters by a communications officer for the court which convicted Lu, showed that he pleaded guilty. A call to the phone number listed on CC&B''s website went unanswered. A Reuters visit to the address where Lu said he dropped off bags of money, at Lemon Grove shopping center, showed no sign of CC&B - other than a mention in an old store guide for shoppers. Calls over two days to Lemon Grove also went unanswered. Australian company filings showed CC&B''s corporate address as "Sunnyside Accountants". A woman who answered the phone at that firm said CC&B was a former client but that she could give no further information because the organizations had parted ways. Sunnyside hasn''t been named in AUSTRAC''s suit. "CAN YOU HELP?" Lu, a Chinese national on a business visa, described himself as a "net engineer", according to the police document filed in court. He had no involvement in the meat export industry and earned 60,000 yuan ($9,000) a year in his home country, he told police. Lu said he met another Chinese man while grocery shopping in the Sydney suburb of Chatswood, where CC&B was based. "After some chatting, he say, ''can you help me do this please?''," Lu told police, according to the document. Lu agreed to help "because the man asked him", the police statement said, without elaborating. He told police he didn''t understand the receipts because they were written in English. Australia''s Joint Organised Crime Group charged two CC&B employees with dealing in criminal proceeds about the same time as Lu, in August 2015. The Australian Federal Police could not immediately provide an update on the two CC&B employees identified as being charged. The police statement said a third CC&B person, company director Ka Chun Leung, was a "potential co-accused" but has left the country. Efforts by Reuters to contact Ka were unsuccessful. For a graphic on accusations against CBA, tmsnrt.rs/2w03qvi Editing by Lincoln Feast '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-australia-cba-syndicate-idUKKBN1AT039'|'2017-08-13T07:07:00.000+03:00'|6428.0|''|-1.0|'' +6428|'952d9ba4ab3a94d219a669f00bf70321c1fbb1d5'|'Bags of cash - how money launderers used Commonwealth Bank of Australia'|'August 13, 2017 / 4:10 AM / 4 hours ago Bags of cash: how money launderers used Commonwealth Bank of Australia Byron Kaye 5 Min Read Shoppers walk past the entrance to the Lemon Grove shopping mall in Sydney, Australia, August 11, 2017, site of a shopfront company at the heart of one of Australia''s biggest money laundering scandals. Jason Reed SYDNEY (Reuters) - In a run-down mall in one of Sydney''s biggest Chinese neighborhoods in 2015, 29-year-old Jizhang Lu showed up at the top-floor offices of a meat export company carrying a carrier bag stuffed with hundreds of thousands of dollars in cash. According to police documents filed in court and reviewed by Reuters, Lu said he made the trip to the shopfront of CC&B International Pty Ltd eight times over three weeks. Each time a CC&B employee would hand him a receipt showing a different company had bought tens of thousands of kilograms of meat. The cash - as much as A$530,200 ($416,840) at a time - was then deposited at a Commonwealth Bank of Australia (CBA) ( CBA.AX ) branch, according to the police statement of facts agreed by Lu. But the apparent purchases were fake, and last year Lu was jailed for two years after pleading guilty to helping launder A$3.2 million of what police allege were proceeds from an unidentified international drug syndicate. The court records reviewed by Reuters did not name Lu''s lawyer. Lu could not immediately be contacted directly because he was in custody. The police case against Lu is now one of several being cited by financial intelligence agency AUSTRAC in its statement of claim against CBA, the largest civil court action of its kind in Australian corporate history. AUSTRAC has accused CBA of "serious and systemic" breaches of money-laundering and counter-terrorism financing rules, alleging the country''s second biggest mortgage lender failed to detect suspicious transactions nearly 54,000 times. It faces fines potentially amounting to billions of dollars. CBA has said it will fight the AUSTRAC lawsuit, saying it would never deliberately undertake action that enables any form of crime. CBA said a coding error with new automated teller machines was behind most of the breaches but that it recognized there were "other serious allegations" in AUSTRAC''s claim were unrelated to that software problem. It declined to comment specifically about the police case against Lu. PROCEEDS OF CRIME AUSTRAC''s lawsuit against CBA asserts that, in total, A$17.7 million was deposited at the bank from February to August 2015 on behalf of a company identified in the earlier criminal case as CC&B. "These funds were the proceeds of a drug importation syndicate and were proceeds of crime, within the meaning of the Criminal Code Act," AUSTRAC''s statement of claim says, referring to CC&B only as Company 1. Lu was identified in AUSTRAC''s statement of claim against CBA, which also specified the time and length of Lu''s sentence. A subsequent Reuters search of the criminal case against Lu produced the police "facts sheet" which provided further detail of his operation, including the name of CC&B. The records of Lu''s criminal case, provided to Reuters by a communications officer for the court which convicted Lu, showed that he pleaded guilty. A call to the phone number listed on CC&B''s website went unanswered. A Reuters visit to the address where Lu said he dropped off bags of money, at Lemon Grove shopping center, showed no sign of CC&B - other than a mention in an old store guide for shoppers. Calls over two days to Lemon Grove also went unanswered. Australian company filings showed CC&B''s corporate address as "Sunnyside Accountants". A woman who answered the phone at that firm said CC&B was a former client but that she could give no further information because the organizations had parted ways. Sunnyside hasn''t been named in AUSTRAC''s suit. "CAN YOU HELP?" Lu, a Chinese national on a business visa, described himself as a "net engineer", according to the police document filed in court. He had no involvement in the meat export industry and earned 60,000 yuan ($9,000) a year in his home country, he told police. Lu said he met another Chinese man while grocery shopping in the Sydney suburb of Chatswood, where CC&B was based. "After some chatting, he say, ''can you help me do this please?''," Lu told police, according to the document. Lu agreed to help "because the man asked him", the police statement said, without elaborating. He told police he didn''t understand the receipts because they were written in English. Australia''s Joint Organised Crime Group charged two CC&B employees with dealing in criminal proceeds about the same time as Lu, in August 2015. The Australian Federal Police could not immediately provide an update on the two CC&B employees identified as being charged. The police statement said a third CC&B person, company director Ka Chun Leung, was a "potential co-accused" but has left the country. Efforts by Reuters to contact Ka were unsuccessful. For a graphic on accusations against CBA, tmsnrt.rs/2w03qvi Editing by Lincoln Feast '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-australia-cba-syndicate-idUKKBN1AT039'|'2017-08-13T07:07:00.000+03:00'|6428.0|12.0|0.0|'' 6429|'9a83ac60b547cc57c3854abb93e48ada20322192'|'Tech companies urge U.S. Supreme Court to boost cellphone privacy'|'August 15, 2017 / 12:37 PM / 12 hours ago Tech companies urge Supreme Court to boost cellphone privacy Andrew Chung 4 Min Read People use their mobile phones to take pictures of the setting sun while at the beach in Encinitas, California. U.S., July 5, 2017. Mike Blake WASHINGTON (Reuters) - More than a dozen high technology companies and the biggest wireless operator in the United States, Verizon Communications Inc ( VZ.N ), have called on the U.S. Supreme Court to make it harder for government officials to access individuals'' sensitive cellphone data. The companies filed a 44-page brief with the court on Monday night in a high-profile dispute over whether police should have to get a warrant before obtaining data that could reveal a cellphone user''s whereabouts. Signed by some of Silicon Valley''s biggest names, including Apple ( AAPL.O ), Facebook ( FB.O ), Twitter ( TWTR.N ), Snap ( SNAP.N ) and Alphabet''s ( GOOGL.O ) Google, the brief said that as individuals'' data is increasingly collected through digital devices, greater privacy protections are needed under the law. "That users rely on technology companies to process their data for limited purposes does not mean that they expect their intimate data to be monitored by the government without a warrant," the brief said. The justices agreed last June to hear an appeal by Timothy Carpenter, who was convicted in 2013 in a series of armed robberies of Radio Shack and T-Mobile stores in Ohio and Michigan. Federal prosecutors helped place him near several of the robberies using "cell site location information" obtained from his wireless carrier. Carpenter claims that without a warrant from a court, such data amounts to an unreasonable search and seizure under the U.S. Constitution''s Fourth Amendment. But last year a federal appeals court upheld his convictions, finding that no warrant was required. FILE PHOTO: A fan uses a cell phone to record a performance during the 2014 CMT Music Awards in Nashville, Tennessee June 4, 2014. Harrison McClary Carpenter''s case will be argued before the court some time after its new term begins in October. The case comes amid growing scrutiny of the surveillance practices of U.S. law enforcement and intelligence agencies and concern among lawmakers across the political spectrum about civil liberties and police evading warrant requirements. Nathan Freed Wessler, an attorney with the American Civil Liberties Union who is representing Carpenter, said the companies'' brief represented a "robust defense of their customers'' privacy rights in the digital age." Verizon''s participation in the brief was important, he added, given that it receives, like other wireless carriers, thousands of requests for cellphone location records every year from law enforcement. The requests are routinely granted. The U.S. Department of Justice, which is defending current law enforcement procedures in the case, declined to comment on Tuesday. Civil liberties lawyers have said police need "probable cause," and therefore a warrant, to avoid constitutionally unreasonable searches. In their brief, the companies said the Supreme Court should clarify that when it comes to digital data that can reveal personal information, people should not lose protections against government intrusion "simply by choosing to use those technologies." Reporting by Andrew Chung; Editing by Chizu Nomiyama and Dan Grebler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-court-mobilephone-idUSKCN1AV1B3'|'2017-08-15T15:25:00.000+03:00'|6429.0|''|-1.0|'' 6430|'48692485fd71969a704edc24d5905b836c7fa2d5'|'Oil edges up on falling U.S. crude stocks, but global glut weighs'|'August 16, 2017 / 12:42 AM / 28 minutes ago Oil edges up on falling U.S. crude stocks, but global glut weighs Henning Gloystein 3 Min Read FILE PHOTO - A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. Jo Yong-Hak/File Photo SINGAPORE (Reuters) - Oil prices edged up on Wednesday, lifted by declining U.S. crude inventories, although markets were still restrained by general oversupply. Market focus was turning to the release of official U.S. Energy Information Administration data later on Wednesday for a further update on inventories. Brent crude futures LCOc1 were at $51.06 per barrel at 0651 GMT, up 23 cents, or 0.45 percent, from their last close. Traders said that reports of a dip in Libyan output to between 130,000 and 150,000 barrels per day (bpd), down from 280,000 bpd, had supported Brent. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.71 a barrel, up 16 cents, or 0.3 percent. U.S. crude inventories fell by 9.2 million barrels in the week to Aug. 11 to 469.2 million, industry group the American Petroleum Institute said on Tuesday. Related Coverage That compared with analyst expectations for a decrease of 3.1 million barrels. "The market took this as a mildly bullish report," said William O''Loughlin of Australia''s Rivkin Securities. However, gasoline stocks climbed by 301,000 barrels, compared with analyst expectations for a 1.1 million barrel decline. More broadly, analysts said ample supplies were preventing prices from moving much higher. "Excessive supply ... is continuing to weigh on oil prices ... Not a lot has changed despite the OPEC and Russia efforts recently. While these producers have tried to limit their oil output, U.S. shale oil continues to rise," said Fawad Razaqzada, analyst at futures brokerage Forex.com. The Organisation of the Petroleum Exporting Countries together with non-OPEC producers like Russia has pledged to restrict output by 1.8 bpd between January this year and March 2018. Offsetting much of that effort, however, U.S. oil production has soared by almost 12 percent since mid-2016 to 9.42 million bpd. C-OUT-T-EIA "OPEC and Russia still face an uphill battle in reducing the global supply surplus in the face of growth in output elsewhere and less than compliant behaviour in their midst (Iraq, UAE)," said French bank BNP Paribas. On the demand side, analysts see a gradual slowdown in fuel consumption growth. In the United States, energy consultancy Wood Mackenzie said gasoline demand was already peaking due to improving fuel efficiency and the rise of electric vehicles. In China, state-owned China National Petroleum Corporation (CNPC) said on Wednesday that gasoline demand would likely peak around 2025 and outright oil consumption would top out around 2030. This means that oil demand from the world''s two biggest consumers may soon stall, while consumption has already peaked in Europe and Japan. Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-oil-idUKKCN1AW00Y'|'2017-08-16T10:03:00.000+03:00'|6430.0|''|-1.0|'' 6431|'d70ce8a3f132d7bf9a8f846620412a137233528d'|'Standard Life Aberdeen shares up 1.2 percent after completing merger'|'August 14, 2017 / 7:30 AM / 9 hours ago Standard Life Aberdeen shares up 1.2 percent after completing merger Reuters Staff 1 Min Read LONDON (Reuters) - Standard Life Aberdeen ( SLA.L ) shares rose 1.2 percent at open on Monday, its first day of trading as a combined company after the competition of a merger between Standard Life and Aberdeen Asset Management. The tie-up created Britain''s largest active manager, with assets of around 670 billion pounds. Keith Skeoch and Martin Gilbert had been named co-chief executives of the combined entity. Skeoch, former chief executive at Standard Life, will manage the day-to-day running of the new company, while Aberdeen''s Gilbert will take charge of external affairs. Reporting by Maiya Keidan, editing by Dasha Afanasieva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-standard-life-aberdeen-merger-idUKKCN1AU0N1'|'2017-08-14T10:35:00.000+03:00'|6431.0|''|-1.0|'' @@ -6614,7 +6614,7 @@ 6612|'c874f30816036633b6fcddf545e523519e52cd1d'|'U.S. regulators propose delaying stricter rules for smaller banks'|' 11 PM / 2 minutes ago U.S. regulators propose delaying stricter capital rules for smaller banks Pete Schroeder 2 Min Read A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. Andrew Kelly WASHINGTON (Reuters) - U.S. bank regulators proposed on Tuesday holding off on implementing stricter capital rules for smaller banks while the agencies review ways to simplify requirements for less complex institutions. Banks with less than $250 billion in assets and less than $10 billion in foreign exposure would be permitted to continue complying with simpler temporary capital rules beyond the beginning of 2018. Large banks would still face stricter capital requirements, beginning on Jan. 1, 2018. Regulators had previously announced plans to simplify capital rules for smaller banks, and now are taking steps to ensure the fully phased-in capital requirements do not take effect for institutions where regulators want to lighten the regulatory load. The Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency signed off on the action. FDIC Vice Chairman Thomas Hoenig urged regulators to go even further in easing rules for less complicated banks. "Community banks engaging in traditional activities deserve meaningful relief from risk-based capital rules," he said in a statement. Specifically, smaller banks will now be able to continue to rely on temporary rules regarding capital for several financial products, including mortgage servicing assets, certain deferred tax assets, and investments in the capital instruments of unconsolidated financial institutions. In March, the regulators announced that they would launch an effort to ease regulations for smaller institutions, as part of a mandatory requirement to review all existing rules every 10 years. Simplifying capital rules for community banks was identified as a priority following that review, but regulators have not said when they will release those new rules. Reporting by Pete Schroeder; Editing by Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-banks-capital-idUSKCN1B22B7'|'2017-08-22T23:10:00.000+03:00'|6612.0|''|-1.0|'' 6613|'23b4a73e8d198b3dd69bdd3a154efdbf05efe1a2'|'Wall Street set to open lower on simmering North Korea tensions'|'August 10, 2017 / 1:09 PM / 44 minutes ago Wall Street falls as investors flee risk on North Korea concerns Kimberly Chin 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 20, 2017. Brendan McDermid (Reuters) - The S&P 500 index was on track for its first daily drop of more than 1 percent in almost three months on Thursday as investors grew cautious over escalating tensions between the United States and North Korea. The loss of appetite for risk followed North Korea''s claim it was completing plans to fire four intermediate-range missiles over Japan to land near the U.S. Pacific territory of Guam in an unusually detailed threat. U.S. President Donald Trump said on Thursday afternoon that his earlier warnings to North Korea may not have been tough enough. The three major U.S. indices have sold off this week amid investors'' jitters after Trump said on Tuesday that threats from Pyongyang would be "met with fire and fury like the world has never seen." Investors bought safe-haven assets such as gold, helping the precious metal touch a two-month high, and the Japanese Yen JPY= rose. Were due for a little correction here. When youre due, theres always going to be something that happens in the world thats going to make people nervous. It gives them almost a mental excuse to sell. Whats happened in North Korea is enough to do that, said Matthew Peterson, Chief Wealth Strategist for LPL Financial in Charlotte, North Carolina. Related Coverage Expert Views: U.S. stocks extend fall on North Korea tensions, S&P down 1 percent Although we certainly can get a five to seven percent correction, we dont think its the start of a significant bear market. The CBOE Volatility Index .VIX, a barometer of expected near-term stock market volatility, rose to a near three-month high of 15.49. After paring gains it was still on track for its biggest one-day percentage gain since May 17. The Dow Jones Industrial Average .DJI fell 162.59 points, or 0.74 percent, to 21,886.11, the S&P 500 .SPX lost 30.54 points, or 1.23 percent, to 2,443.48 and the Nasdaq Composite .IXIC dropped 116.67 points, or 1.84 percent, to 6,235.66. The last time the S&P closed down more than 1 percent was May 17. The technology sector .SPLRCT was the biggest weight on the S&P 500 index with a 1.9-percent drop. But some investors welcomed the dip in the sector, which has been S&P''s leading gainer so far this year. "That''s a chance and an opportunity to build your position or to get into it," said Chris Bertelsen, chief investment officer of Aviance Capital Management in Sarasota, Florida. Shares of Macy''s ( M.N ) tumbled 10.2 percent and Kohl''s ( KSS.N ) was down 6 percent as the companies continued to report a drop in quarterly same-store sales, stoking concerns that their turnaround may still be a long way off. Data showed U.S. producer prices unexpectedly fell in July, recording their biggest drop in nearly a year, while another set showed the number of Americans filing for unemployment benefits unexpectedly rose last week. However, Federal Reserve Bank of New York President William Dudley suggested on Thursday that the central bank was on track to raise interest rates once more as he expects sluggish inflation to rise over the next several months. Selling was broad. Declining issues outnumbered advancing ones on the NYSE 6-to-1; on Nasdaq, a 3.60-to-1 ratio favoured decliners. Reporting by Kimberly Chin; Editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-stocks-idINKBN1AQ1K4'|'2017-08-10T16:06:00.000+03:00'|6613.0|''|-1.0|'' 6614|'d4fd6f0a873b42d99168bc79371226ced4301195'|'Activists attack Wisconsin''s Foxconn deal as harmful to wetlands'|'August 1, 2017 / 10:39 PM / 14 hours ago Activists attack Wisconsin''s Foxconn deal as harmful to wetlands Suzannah Gonzales 3 Min Read The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan March 29, 2016. Tyrone Siu/File Photo (Reuters) - Activists on Tuesday attacked Wisconsin''s plan to waive environmental reviews for Taiwanese electronics manufacturer Foxconn''s proposed $10 billion LCD flat-screen factory, calling it a roadmap to destruction of precious state wetlands. Environmental groups, including Midwest Environmental Advocates and the Wisconsin League of Conservation Voters, said the state''s proposal rolls back protections for wetlands, which act as natural filters for drinking water and wildlife habitats, and protect against flooding. "It''s hard to throw a rock without hitting a wetland," said Ryan Billingham, spokesman for the Wisconsin League of Conservation Voters. "It''s shocking to us in its extreme," he added of the state''s proposed plan. Foxconn, formally known as Hon Hai Precision Industry Co Ltd ( 2317.TW ), hopes to open the plant in 2020 at a 1,000-acre site in southeastern Wisconsin. It will initially employ 3,000 people but that number could rise to 13,000, according to Foxconn and to Wisconsin''s Republican governor, Scott Walker. Foxconn is a major supplier to Apple Inc ( AAPL.O ) for its iPhones, but the company has not said if the Wisconsin factory would produce any parts for Apple. President Donald Trump, who has suggested the deal would not have happened without his efforts, said he was told by Foxconn Chairman Terry Gou that the investment could be larger than $10 billion. "He told me off the record, he thinks he may go to $30 billion," Trump said at a small business event at the White House on Tuesday of Foxconn''s investment. "I promised I wouldn''t tell," Trump said to laughter. Foxconn had no immediate comment. State officials also emphasized the job creation, including an expected 22,000 ancillary and 10,000 construction jobs. "We can preserve our natural resources & help businesses create jobs, economic opportunity for the people of WI. The two aren''t incompatible," Tom Evanson, spokesman for Walker, said on Twitter. Walker ordered the Republican-controlled state legislature into special session on Tuesday to consider the package. Legislators said a public hearing will be held Thursday and a vote could occur this month. The draft bill allows Foxconn to discharge dredged or fill material into some wetlands without state permits. The legislation also would allow Foxconn to connect artificial bodies of water with natural waterways without state permits. Gou told the Milwaukee Journal Sentinel that Wisconsin was appealing in part because of its proximity to abundant fresh water from Lake Michigan. "New business is great, but it shouldn''t come at the expense of our water and air," Clean Wisconsin said on Facebook. Reporting by Suzannah Gonzales in Chicago; Additional reporting by David Shepardson and Ayesha Rascoe in Washington; Editing by Ben Klayman and Matthew Lewis 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-foxconn-wisconsin-idUSKBN1AH5EF'|'2017-08-02T01:38:00.000+03:00'|6614.0|''|-1.0|'' -6615|'ae8e7761850de6d6159d291b5422dd5349cf9b01'|'Shares of mall owner GGP drop after halting strategic alternative plan'|'NEW YORK (Reuters) - Shares of GGP Inc ( GGP.N ), a large owner of malls and regional shopping centers, fell sharply on Wednesday after the company said it would stay the course and not sell assets following a board review of all "strategic alternatives" announced in May.The stock was down 5.4 percent at $21.80 in morning trading, after earlier tumbling more than 8 percent. Shares had jumped 4.6 percent on May 1 when GGP said it was reviewing "all strategic alternatives."GGP Chief Executive Sandeep Mathrani said on a call with analysts that there was a tremendous amount of embedded value in its assets and that proceeding with GGP''s current strategy would produce the best long-term results for shareholders."We felt there was a lot of meat on the bone that the board didn''t want to leave on the table," Mathrani said. "We will continue to lease, lease, lease," he said.Mathrani said in May that there was a wide discount between public and private markets and that some of the parts were far greater than GGP''s stock price.On Wednesday, Mathrani said that gap remained but surprised analysts by saying the best way forward was to stay the course.Reporting by Herbert Lash; Editing by Bernadette Baum'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-ggp-stocks-idUSKBN1AI1UL'|'2017-08-02T22:28:00.000+03:00'|6615.0|''|-1.0|'' +6615|'ae8e7761850de6d6159d291b5422dd5349cf9b01'|'Shares of mall owner GGP drop after halting strategic alternative plan'|'NEW YORK (Reuters) - Shares of GGP Inc ( GGP.N ), a large owner of malls and regional shopping centers, fell sharply on Wednesday after the company said it would stay the course and not sell assets following a board review of all "strategic alternatives" announced in May.The stock was down 5.4 percent at $21.80 in morning trading, after earlier tumbling more than 8 percent. Shares had jumped 4.6 percent on May 1 when GGP said it was reviewing "all strategic alternatives."GGP Chief Executive Sandeep Mathrani said on a call with analysts that there was a tremendous amount of embedded value in its assets and that proceeding with GGP''s current strategy would produce the best long-term results for shareholders."We felt there was a lot of meat on the bone that the board didn''t want to leave on the table," Mathrani said. "We will continue to lease, lease, lease," he said.Mathrani said in May that there was a wide discount between public and private markets and that some of the parts were far greater than GGP''s stock price.On Wednesday, Mathrani said that gap remained but surprised analysts by saying the best way forward was to stay the course.Reporting by Herbert Lash; Editing by Bernadette Baum'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-ggp-stocks-idUSKBN1AI1UL'|'2017-08-02T22:28:00.000+03:00'|6615.0|10.0|0.0|'' 6616|'63141ec8272b67ef4bd16c5aa9bacc49ec404f02'|'Deals of the day-Mergers and acquisitions'|'Aug 10 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Thursday:** Wanda Hotel Development Co Ltd, a unit of Chinese conglomerate Dalian Wanda Group, plans to buy assets worth over $1 billion from firms controlled by its billionaire founder Wang Jianlin, in a move that sent its shares surging over 30 percent.** Toshiba Corp is still trying to sell its chip business by the end of the current fiscal year to next March, but has not decided what to do if those efforts fail, CEO Satoshi Tsunakawa said.** Altice, the acquisitive telecoms and cable group founded by billionaire Patrick Drahi, has raised its stake in telecoms company SFR to more than 95 percent and is planning a full buyout offer for the remaining shares.** Britain''s Co-operative Bank said its $900 million rescue by investors was on track to conclude by September and would allow it to grow again, as its first-half losses narrowed to 135 million pounds ($175 million).** Oman Telecommunications Co. (Omantel) is to buy almost 10 percent of Zain Group for $846.1 million, the Omani firm said in a statement.** Hedge fund manager Crispin Odey is considering withdrawing his support for Twenty-First Century Fox''s attempt to take over Sky, saying the 11.7 billion-pound ($15.20 billion) offer undervalues the British pay TV broadcaster.** Australian non-bank lender Pepper Group agreed to a A$657 million ($518 million) takeover from U.S. private equity giant KKR, the latest in a rush of players hungry for a slice of the country''s property boom.** A tech fund backed by Japan''s SoftBank Group has picked up one of the biggest stakes in India''s leading homegrown online retailer Flipkart, the Bengaluru-based firm said in a statement.** Prudential will merge its UK asset management unit M&G with its UK and European insurance divisions, it said as it posted a 5 percent rise in first-half operating profit.** Thyssenkrupp will carefully evaluate any potential pension deal by Tata Steel TISC.NS before advancing with a hoped-for merger of both groups'' European steel businesses, the German company''s finance chief said.** The U.S. Securities and Exchange Commission on Wednesday put on hold a decision by its staff approving the sale of the Chicago Stock Exchange to a group led by China-based investors, giving the regulator more time to mull the politically sensitive deal. (Compiled by Arjun Panchadar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1KW3OW'|'2017-08-10T08:14:00.000+03:00'|6616.0|''|-1.0|'' 6617|'349477b0cbd8f89efcbe6c9281b3429cdac14b11'|'AstraZeneca sought to buy Japan''s Daiichi Sankyo last year -report'|'FILE PHOTO: The logo of AstraZeneca is seen on medication packages in a pharmacy in London, Britain April 28, 2014. Stefan Wermuth /File Photo TOKYO (Reuters) - Britain''s AstraZeneca PLC offered to buy peer Daiichi Sankyo Co Ltd last year, a business magazine reported on Thursday, sending the Japanese drugmaker''s share price soaring as much as 13 percent and triggering a trade suspension.Daiichi Sankyo, which has a market value of about $16 billion, declined the offer, the online version of Nikkei Business reported citing unidentified sources.AstraZeneca and Daiichi Sankyo declined to comment when contacted by Reuters.AstraZeneca may have targeted Daiichi Sankyo for its expertise in antibody drug conjugates, a new kind of "armed antibody" that can carry a cancer-killing payload to tumour cells, the magazine reported.The two firms have a long-standing relationship which includes a 2015 agreement to jointly commercialise constipation drug Movantik in the United States, and a 2010 deal to supply and promote blockbuster heartburn treatment Nexium in Japan.Last month, AstraZeneca''s prospects in cancer drugs suffered a setback when an immunotherapy treatment failed to help patients in a closely watched trial.That led to speculation of AstraZeneca itself becoming a takeover target.The drugmaker has been banking on cancer treatment to help revive its fortunes following a wave of patent expirations on its biggest products, but a decline in cash flow could impact its ability to make any major acquisitions.It has "limited flexibility around the balance sheet", Goldman Sachs analysts said in a report this week, given a need for ongoing investment and commitments to prior acquisitions, including Acerta, for which it has further payment obligations.At Daiichi Sankyo, the Japanese drugmaker earlier this year said it would spend 15 billion yen ($136 million) to raise production of antibody drug conjugates.On Wednesday it announced a tie-up to test a combination of its antibody drug conjugate DS-8201 with immuno-oncology drug Opdivo from Bristol-Myers Squibb Co.Daiichi Sankyo''s share price was up 5 percent when trading was suspended. AstraZeneca was little changed in early London trade.($1 = 110.4700 yen)Reporting by Sam Nussey; Ben Hirschler; Editing by Edwina Gibbs and Christopher Cushing '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/daiichi-sankyo-m-a-astrazeneca-idINKCN1BB0GN'|'2017-08-31T03:58:00.000+03:00'|6617.0|''|-1.0|'' 6618|'539f001632d8d57515a6317c6b28fa9656e790a8'|'Rosneft, partners to announce acquisition of India''s Essar Oil completed'|'August 20, 2017 / 4:29 PM / an hour ago Rosneft, partners to announce acquisition of India''s Essar Oil completed Nidhi Verma and Promit Mukherjee 3 Min Read NEW DELHI/MUMBAI (Reuters) - A consortium led by Russian oil major Rosneft( ROSN.MM ) will announce on Monday completion of a $12.9 billion deal to acquire Indian private refiner Essar Oil, strengthening ties between the world''s largest oil producer and the fastest growing fuel consumer. Rosneft will get a 49 percent stake in Essar and the two investors, European trader Trafigura and a Russian fund UCP, will hold another 49 percent in equal parts. The purchase is the biggest foreign acquisition ever in India and Russia''s largest outbound deal. The three jointly issued an invitation to reporters to a briefing "following the completion of the acquisition of Essar Oil Ltd" on Monday. The consortium has picked up a former trading veteran from its shareholder BP to run Indian operations. Tony Fountain, who was chief executive for refining and marketing at Indian conglomerate Reliance Industries Ltd ( RELI.NS ) from January 2012 to February 2016, will be non-executive chairman of the merged entity, three sources said. Fountain did not comment on his appointment. The deal helps Russia to deepen economic ties that stretch back to the Soviet era. Essar Oil operates a 400,000 barrel-per-day oil refinery in Vadinar on India''s west coast and sells fuels through its 3,000 retail stations in India. The deal also includes the Vadinar port and a power plant associated with the refinery. The deal, initiated about two years ago, will help Rosneft in gaining access to India''s rising fuel retail market. Rosneft and Trafigura are the latest international companies after Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ) to enter the Indian fuel retailing market. Rosneft may supply Venezuelan oil to Essar''s Vadinar refinery after a deal to buy a stake in the Indian company is finalised, the Indian company''s managing director L. K. Gupta told Reuters in August last year. Reporting by Nidhi Verma in New Delhi and Promit Mukherjee in Mumbai 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-india-essar-rosneft-idUSKCN1B00MN'|'2017-08-20T19:11:00.000+03:00'|6618.0|''|-1.0|'' @@ -6622,7 +6622,7 @@ 6620|'ebe3a068bafc84e130db34c6f2753a042e346b67'|'Dollar rebounds as North Korea missile test fears recede, Asia stocks flat'|'August 30, 2017 / 12:50 AM / 3 hours ago Dollar recovers on measured U.S. response to N.Korea missile test Abhinav Ramnarayan and Jemima Kelly 5 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) shortly before the closing bell in New York January 4, 2016. Lucas Jackson/Files LONDON (Reuters) - - on Wednesday after the United States'' measured response to North Korea''s missile test soothed jittery investors who turned their focus to positive economic data. Flooding and damage from Tropical Storm Harvey raised the risk of fuel shortages and pushed gasoline futures to their highest since mid-2015, but elsewhere the mood was sanguine. Wall Street was set for gains on Wednesday, with stock futures pointing to a 0.05 percent rise, following strong sessions in Europe and Asia. European and Asian stocks reversed losses from the day before when investors were spooked by Pyongyang''s firing Japan. Fears that this could latest any threat of new sanctions. Trump, who has vowed not to let North Korea develop nuclear missiles that can hit the mainland United States, said the world had received North Korea''s latest message "loud and clear". "Instead of the (U.S.) President responding to the escalation via Twitter, as has happened on many recent occasions, the White House issued an official statement to condemn the action," said IronFX analyst Charalambos Pissouros. "This may have been interpreted by investors as a sign that the US will approach the situation in a more measured and diplomatic manner, as opposed to raining down ''fire and fury''," he said. He was referring to U.S. President Donald Trump''s remarks earlier this month in which he said he would respond with "fire and fury" if North Korea persisted in threatening his country. North Korean media reports on the launch also lacked their usual claims of technical advances, indicating the test may not have succeeded as planned. The dollar recovered from a four-month low, rising 0.3 percent against a basket of currencies and 0.1 percent against the Japanese yen. The recovery in the greenback had begun during Tuesday''s U.S. trading session, with data showing U.S. consumer confidence hitting a five-month high and house prices rising again. "A series of strong economic data reminded traders and investors that the (Federal Reserve) is on course to shrink its balance sheet and lift rates again," said Markus Allenspach, an analyst at Julius Baer. The yield on U.S. 10-year Treasuries was back up at 2.13 percent, having sunk below 2.10 on Tuesday for the first time since the day after the 2016 presidential election. In Europe, the pan-European STOXX 600 gained 0.6 percent, recovering nearly all the ground lost and banking stocks - which had led the risk-averse move lower on Tuesday - were also up 0.6 percent. This followed gains in Asia: MSCI''s broadest index of Asia-Pacific shares outside Japan advanced 0.6 percent while Japan''s Nikkei rose 0.7 percent. Euro zone government bond yields, which fell to fresh lows on Tuesday, edged up on Wednesday as higher than forecast inflation in Spain was expected to be followed by similar data in Germany, defying the euro''s recent strength. Crude oil slid and gasoline futures touched their highest in over two years on Wednesday as flooding and damage from Tropical Storm Harvey shut over a fifth of U.S. refineries, curbing demand for crude while raising the risk of fuel shortages. U.S. gasoline futures rose 5.8 percent to $1.8874, bringing gains this week to well over 10 percent. A rise in crude inventories as a result of refinery shutdowns, however, weighed on oil prices. U.S. crude futures fell 0.6 percent to $46.17 a barrel, after touching a five-week low on Tuesday. Global benchmark Brent slipped 0.5 percent to $51.67. Spot gold rose 0.1 percent to $1,310.86 an ounce on Wednesday. On Tuesday, the precious metal jumped to its highest since Trump was elected U.S. president. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets Reporting by Abhinav Ramnarayan and Jemima Kelly, Additional reporting by Nichola Saminather; Editing by Andrew Heavens and Ken Ferris'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-markets-idINKCN1BA03E'|'2017-08-30T03:48:00.000+03:00'|6620.0|''|-1.0|'' 6621|'5c7585191617c2d69e05bb5a213049d341c56192'|'U.S. labour market tightening; services sector growth slowing'|'Emily Harp, Human Resources Specialist for the Colorado Department of Transportation, speaks to a job seeker at the Construction Careers Now! hiring event in Denver, Colorado U.S. August 2, 2017. Rick Wilking WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell last week, pointing to a tightening labour market that likely keeps the Federal Reserve on course to announce plans next month to start reducing its massive bond portfolio.Labour market strength was also underscored by another report on Thursday showing U.S.-based employers last month announced the fewest job cuts in eight months. But a moderation in services sector activity to an 11-month low in July put a wrinkle in the brightening economic outlook.The services sector accounts for more than two-thirds of the U.S. economy and analysts worry that the slowdown, if sustained, could keep inflation tame."The services economy is cooling, which makes the Fed''s goal of 2 percent inflation a little harder to achieve," said Chris Rupkey, chief economist at MUFG in New York. "But with the labour market tight, the Fed can continue mopping up the stimulus provided to fight the financial crisis and recession."Initial claims for state unemployment benefits decreased 5,000 to a seasonally adjusted 240,000 for the week ended July29, the Labor Department said. Economists had forecast claims falling to 242,000.Claims have now been below 300,000, a threshold associated with a healthy labour market, for 126 straight weeks. That is the longest such stretch since 1970, when the labour market was smaller. The labour market is near full employment, with the jobless rate at 4.4 percent.The four-week moving average of claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 2,500 to 241,750 last week, the lowest level since May.Economists believe that labour market tightness will encourage the Fed to announce a plan to start offloading its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities in September.The U.S. central bank is, however, expected to delay raising interest rates until December because of low inflation. The Fed has raised rates twice this year.The claims data has no bearing on July''s employment report, which is scheduled to be released on Friday, as it falls outside the survey period.According to a Reuters survey of economists, nonfarm payrolls probably increased by 183,000 jobs last month after surging by 222,000 in June. The unemployment rate is seen falling one-tenth of a percentage point to 4.3 percent.The U.S. dollar .DXY initially firmed against a basket of currencies on the claims data but gave up gains after the services sector survey. Prices for U.S. Treasuries rose, buoyed in part by the Bank of England''s decision to keep interest rates at a record low and downgrade its economic and inflation forecasts.U.S. stocks were mixed, with the S&P 500 <.SPX) and the Nasdaq .IXIC falling, but the Dow .DJI setting a new record high.LAYOFFS DECLINE In a separate report on Thursday, global outplacement consultancy Challenger, Gray & Christmas said U.S.-based employers announced 28,307 job cuts last month, down 9 percent from June and the fewest number since November 2016.Retailers planned to cut 3,862 jobs in July. They were closely followed by the healthcare products and services sector where employers planned 3,634 layoffs."While retailers are cutting the most jobs this year, those companies are also announcing the most hiring," said John Challenger, chief executive officer of Challenger, Gray & Christmas. "New retail jobs could be going to places like fulfilment and distribution centres."Retailers have accounted for 245,616 of the 556,493 new jobs that have been announced so far this year, according to Challenger tracking. Online retail giant Amazon ( AMZN.O ) plans to hire about 50,000 workers this month at its warehouses and sorting centres.A third report from the Institute for Supply Management (ISM) showed its non-manufacturing index fell to a reading of 53.9 last month, the lowest since August 2016, from 57.4 in June. A reading above 50 in the ISM index indicates an expansion in the services sector."The ISM report is clearly a big disappointment and suggests that the economy may have lost some momentum going into the third quarter," said Andrew Hunter, an economist at Capital Economics. "But it is worth remembering that these monthly surveys have always been volatile."Last month, a gauge of new orders received by services industries fell to 55.1 from 60.5 in June. A measure of services sector employment dropped 2.2 points to 53.6.Nine industries reported increasing employment and four said they had cut payrolls. Some companies said they "continued to refine workforce through efficiencies" and others reported "filling more open positions."Reporting by Lucia Mutikani; Editing by Paul Simao'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/usa-economy-idINKBN1AJ1X0'|'2017-08-03T11:20:00.000+03:00'|6621.0|''|-1.0|'' 6622|'db614b52190cb1f9a246f23e664c739a23259431'|'Rathbone Brothers terminates merger talks with Smith & Williamson'|'(Reuters) - Rathbone Brothers ( RAT.L ) has abandoned an attempt to merge with rival wealth manager Smith & Williamson (S&W) after failing to agree a deal that would have been "in the best interests" of its shareholders.The FTSE 250 company said on Thursday it had carried out "very extensive due diligence and negotiations" but had ended exclusive talks between the two British firms.The collapse of discussions potentially opens the way for competitor Tilney to revive an unsuccessful counterbid that Reuters reported earlier this week.Tilney launched its approach after Rathbones confirmed earlier this month that it was holding discussions about an all-share merger with S&W, which is owned by current and former employees and Canadian investment firm AGF."We continue to believe that our proposition was both a compelling strategic and value creation opportunity for all Smith & Williamson''s stakeholders," Rathbones'' boss Philip Howell said in a statement."The potential combination was intended to accelerate Rathbones'' existing strategy, but ultimately we were unable to agree terms that offered our shareholders an appropriate balance of risk and reward."The wealth manager said the cost of working on the failed deal would see it take a charge of about 5 million pounds ($6.5 million) in 2017.Rathbones'' proposal valued S&W at between 500 million pounds and 600 million pounds, a source told Reuters earlier this week.Rathbones'' shares closed down 0.5 percent at 27.80 pounds on Thursday, giving it a market capitalization of around 1.4 billion pounds.Two sources told Reuters on Tuesday that Tilney, a wealth manager controlled by private equity house Permira, had failed in an attempt to open discussions with S&W.The sources said at the time that Tilney would consider making a fresh bid if the Rathbones talks collapsed.S&W and Tilney did not return requests for comment.Editing by Jane Merriman and David Evans '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-rathbone-m-a-smith-merger-idINKCN1BB2TA'|'2017-08-31T17:18:00.000+03:00'|6622.0|''|-1.0|'' -6623|'3b0152d848d17fcade563c937b0c41ce26f995c3'|'Shares in French food group Danone rise on bid speculation report'|' 24 AM / 2 minutes ago Shares in French food group Danone rise on bid speculation report Reuters Staff 2 Min Read File Photo - Containers of Danone''s Dannon Yogurt are displayed in a supermarket in New York City, U.S., February 15, 2017. Brendan McDermid PARIS (Reuters) - Shares in French food group Danone ( DANO.PA ) rose on Monday after the New York Post newspaper said in a report over the weekend that Danone could be a takeover target. ( nyp.st/2vxjSjj ) Danone''s shares were up 2.3 percent at 66.43 euros by 0704 GMT, making them the top performer on France''s CAC-40 market index <0#.FCHI>. The New York Post cited a stock market tipster as saying "someone is going to buy Danone", with the tipster adding that "Danone could be bought by a Kraft ( KHC.O ) or a Coke ( KO.N ), and the French government would allow it." A spokeswoman for Danone said the company had no comment to make on the report. French governments have traditionally sought to prevent their leading companies from being taken over by foreign rivals. In 2005 France dashed to the support of Danone in the face of a rumored bid from Pepsi ( PEP.N ), which never actually materialized. ( reut.rs/2wHZQTw ) Reporting by Sudip Kar-Gupta and Matthieu Protard; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-danone-stocks-idUKKCN1AU0ME'|'2017-08-14T10:18:00.000+03:00'|6623.0|''|-1.0|'' +6623|'3b0152d848d17fcade563c937b0c41ce26f995c3'|'Shares in French food group Danone rise on bid speculation report'|' 24 AM / 2 minutes ago Shares in French food group Danone rise on bid speculation report Reuters Staff 2 Min Read File Photo - Containers of Danone''s Dannon Yogurt are displayed in a supermarket in New York City, U.S., February 15, 2017. Brendan McDermid PARIS (Reuters) - Shares in French food group Danone ( DANO.PA ) rose on Monday after the New York Post newspaper said in a report over the weekend that Danone could be a takeover target. ( nyp.st/2vxjSjj ) Danone''s shares were up 2.3 percent at 66.43 euros by 0704 GMT, making them the top performer on France''s CAC-40 market index <0#.FCHI>. The New York Post cited a stock market tipster as saying "someone is going to buy Danone", with the tipster adding that "Danone could be bought by a Kraft ( KHC.O ) or a Coke ( KO.N ), and the French government would allow it." A spokeswoman for Danone said the company had no comment to make on the report. French governments have traditionally sought to prevent their leading companies from being taken over by foreign rivals. In 2005 France dashed to the support of Danone in the face of a rumored bid from Pepsi ( PEP.N ), which never actually materialized. ( reut.rs/2wHZQTw ) Reporting by Sudip Kar-Gupta and Matthieu Protard; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-danone-stocks-idUKKCN1AU0ME'|'2017-08-14T10:18:00.000+03:00'|6623.0|6.0|0.0|'' 6624|'98f60fb7281c9b638b708ab37a5479bc78276a56'|'Australia''s Seven Group to sell Chinese mining machinery business'|'SYDNEY (Reuters) - Australia''s Seven Group Holdings ( SVW.AX ) said on Tuesday it would sell its Chinese mining machinery division WesTrac China to Chinese firm Lei Shing Hong Machinery for A$540 million ($428.33 million).Lei Shing Hong Machinery is a subsidiary of Chinese conglomerate Lei Shing Hong Limited which distributes Caterpillar ( CAT.N ) earthmoving, mining and construction equipment throughout eastern China and Taiwan.The Chinese government must approve the deal with the Australian media and mining company, Seven Group said in a statement to the Australian Securities Exchange.Reporting by Alison Bevege in SYDNEY; Editing by Stephen Coates'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/seven-group-m-a-lei-shing-hong-idINKCN1B12L8'|'2017-08-21T22:01:00.000+03:00'|6624.0|''|-1.0|'' 6625|'74c974d954099ca9b96a5739cf57ca5986f30f3c'|'Low world inflation dogs central bankers, even as economies grow'|'August 25, 2017 / 3:25 AM / 42 minutes ago Low world inflation dogs central bankers, even as economies grow Howard Schneider and Jonathan Spicer 5 Min Read A woman chooses clothes at a shop in Tokyo, Japan, January 23, 2017. Picture taken on January 23, 2017. Kim Kyung-Hoon/Files JACKSON HOLE, Wyo. (Reuters) - The world''s top central bankers gather in Jackson Hole, their confidence bolstered by a sustained return to economic growth that may eventually allow the European Central Bank and the Bank of Japan to follow the Federal Reserve in winding down their crisis-era policies. Yet in one key area, none of the world''s central banks has found the answer. Inflation remains well below their two percent targets, stoking a debate about whether they are missing signals of a less than healthy economy and the need for a slower path of "rate normalization", or that they simply don''t understand how inflation works in a globalised world. In Japan, officials have researched behavioural causes, wondering whether businesses and families are just slower to react to economic signals than thought. European officials have blamed slow-moving union wage contracts and online shopping, while U.S. policymakers have cited a lengthy sequence of "one-offs" in pricing from oil to cellphones to prescription drugs. In each case the response of policymakers has been the same: wait it out and talk confidently about inflation''s return, as the Fed has put it since 2013, over "the medium term". Within the Fed, policymakers are debating the causes of low inflation. "Inflation is a little bit below target and it''s kind of a mystery," Fed Governor Jerome Powell said on Friday in Jackson Hole, adding that the Fed could be "patient" about raising rates. [W1N1DA02R] Cleveland Fed President Loretta Mester said she was convinced the problem is not a weakening economy. She pointed to changes in how businesses set prices - a supply side issue she says leaves her comfortable pressing ahead with slow but steady interest rate increases. Concerns over a recent slide in inflation have renewed questions about whether a global tightening of monetary policy can proceed, with U.S. investors betting the Fed will have to hold off on more rate changes until later next year. Fed Chair Janet Yellen did not address the issue in a speech on Friday that focussed on financial regulation. European Central Bank President Mario Draghi, who is laying plans to scale back some of the bank''s crisis-era programs even as expected progress on inflation has receded into 2018 and 2019, is also due to speak in Jackson Hole. The Bank of Japan''s horizon for meeting its inflation target is around 2020. Fed officials have not yet caved on inflation even though pricing in financial markets has shifted expectations of the next rate hike back to the middle of 2018 versus Fed forecasts of another increase this year. "But the debate has grown more active of late and uncertainty is elevated," TD Securities said of the outlook for inflation in a report ahead of Jackson Hole. "The risks are for a slower pace. WHAT TARGET? The use of inflation targeting has been an important innovation in central banking, rooted in theories of how public expectations, central bank communication and other factors shape economic behaviour. It was a recognition that how policymakers talked about inflation, and what households believed, would in part determine the outcome. But the developed world''s alignment around a two percent target has become a headache as much as a policy guide, with central banks trying to estimate and regulate something they acknowledge they don''t fully understand. Bank of Japan consultants have puzzled over whether people shop and save as if they fully see the future, or whether they look at the past and only slowly adapt to change. If the latter, then what central banks say is less important. Have a globalised supply chain, globalised wage rates, and frictionless markets anchored inflation for good? If so, then Fed officials relying on tight labour markets to lift wages and prices through resource competition will be disappointed. Failure to meet inflation targets has prompted calls for an overhaul of policy, with suggestions of a new goal linked to growth in gross domestic product, for example. Fed researchers recently conjectured the central bank should convince the public it was shooting for 3 percent in order to get two percent. Others like San Francisco Fed President John Williams have suggested just raising the target. For the moment, though, the current target looks likely to stick -- and the global waiting game to continue. "Look, inflation is hard to forecast," Mester said in an interview with Reuters, noting that the most elaborate models don''t do much better than simply saying inflation will be two percent and leaving it at that. Additional reporting by Balazs Koranyi in Frankfurt and Leika Kihara in Tokyo; Editing by David Chance and Chizu Nomiyama'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-fed-inflation-idINKCN1B50A1'|'2017-08-25T06:25:00.000+03:00'|6625.0|''|-1.0|'' 6626|'080738f24c0662755243995c8765b7706290d674'|'BRIEF-Ecolab reported Q2 adjusted earnings per share $1.13'|' 51 PM / 23 minutes ago BRIEF-Ecolab reported Q2 adjusted earnings per share $1.13 2 Ecolab Inc * Ecolab second quarter reported diluted EPS $1.01; adjusted diluted EPS $1.13, +5%; maintains full year 2017 adjusted diluted EPS forecast of $4.70 to $4.90 * Sees Q3 2017 adjusted earnings per share $1.36 to $1.44 * Sees FY 2017 adjusted earnings per share $4.70 to $4.90 * Q2 adjusted earnings per share $1.13 * Q2 earnings per share $1.01 * Q2 earnings per share view $1.13 -- Thomson Reuters I/B/E/S * FY2017 earnings per share view $4.78 -- Thomson Reuters I/B/E/S * Q3 earnings per share view $1.42 -- Thomson Reuters I/B/E/S * Ecolab Inc - expect second half of year to show better earnings growth comparisons than first half * Ecolab Inc - expect Q3 special charges related to restructuring and acquisition and integration charges to be approximately $0.02 per share * Ecolab Inc - future special gains and charges or discrete tax items, are expected to be a net charge of $0.08 for full year * Ecolab Inc - at current rates of exchange, we expect foreign currency to have a neutral impact on diluted earnings per share in q3 * Ecolab - expect full year special charges related to restructuring, acquisition,integration, other charges to be a net charge of about $0.22 per share * Ecolab Inc qtrly revenue $3,462.7 million versus $3,317.2 million * Q2 revenue view $3.40 billion -- Thomson Reuters I/B/E/S '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ecolab-reported-q2-adjusted-earnin-idUSASB0BC3X'|'2017-08-01T15:50:00.000+03:00'|6626.0|''|-1.0|'' @@ -6640,7 +6640,7 @@ 6638|'033115f5481ed71e5caaee21fa13bc91804f6a90'|'Vontobel to buy eastern European private banking portfolio from Notenstein'|'The logo of Swiss Vontobel private bank is seen at an office building in Zurich, Switzerland September 28, 2016. Arnd Wiegmann ZURICH (Reuters) - Swiss bank Vontobel has agreed to buy a roughly 2 billion Swiss franc ($2.1 billion) portfolio of eastern European private banking clients from Notenstein La Roche Private Bank Ltd, it said on Monday.The majority of the team managing the portfolio will move to Vontobel and the assets will be booked in Switzerland, Vontobel said in a statement.The pair did not disclose a price for the deal but a typical rule of thumb in pricing private banking transactions is to pay around 1-2 percent of the assets being acquired.($1 = 0.9656 Swiss francs)Reporting by Joshua Franklin'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-vontobel-hldg-m-a-notensteinlaroche-idINKCN1B10DZ'|'2017-08-21T03:36:00.000+03:00'|6638.0|''|-1.0|'' 6639|'afd27bfce131ebc451001969b883430b03417997'|'Vodacom Tanzania''s shares rise 6 pct on first day of trading'|'August 15, 2017 / 3:10 PM / in 11 hours Vodacom Tanzania''s shares rise 6 pct on first day of trading Fumbuka Ng''wanakilala 2 Min Read DAR ES SALAAM, Aug 15 (Reuters) - Shares in Vodacom Tanzania Plc, part of South Africa''s Vodacom Group, rose nearly 6 percent above their issue price in their debut on the Dar es Salaam Stock Exchange on Tuesday. Vodacom placed 560 million shares at 850 shillings each in Tanzania''s biggest initial public offering (IPO), raising 476 billion Tanzanian shillings ($213 million). The IPO was part of government-imposed requirement for all telecom companies to list at least 25 percent of their shares locally. Foreigners, initially banned from participating, bought 40 per cent of the shares. Tanzania hopes mandatory listing of telecom companies will improve transparency and offer the public a share in the industry''s profits. Telecommunications is one of the fastest-growing sectors in East Africa''s second-biggest economy. The other two major mobile operators, Millicom subsidiary Tigo and a local arm of India''s Bharti Airtel , have also submitted prospectuses, but their IPOs are yet to be approved. Vodacom Tanzania''s IPO was fully subscribed after Tanzania''s stock market regulator extended the offer period twice and allowed foreign investors to participate in the sale. The offer had initially been restricted to Tanzanians. "The Vodacom share price has made a modest increase after listing compared to previous IPOs of cement and cargo handling companies, which doubled on their debuts," George Fumbuka, chief executive officer of Dar es Salaam-based Core Securities, told Reuters. "But its a good start ... it gives investors a broader choice of portfolios at the local stock market." The number of mobile phone subscribers in Tanzania rose 0.9 percent last year to 40.17 million, driven by the launch of cheaper mobile phones in the country which has a population of around 50 million. (Editing by Katharine Houreld and Jane Merriman) 0 : 0'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/tanzania-telecoms-idUSL4N1L14JP'|'2017-08-15T23:10:00.000+03:00'|6639.0|''|-1.0|'' 6640|'3b4e7502da774f4d5cb373bc75f19433dcdff4f7'|'S.Korea''s GS Caltex shuts heavy oil upgrading unit after fire'|'August 10, 2017 / 1:20 AM / 13 minutes ago S.Korea''s GS Caltex shuts heavy oil upgrading unit after fire 1 Min Read SEOUL, Aug 10 (Reuters) - South Korea''s second-largest oil refinery GS Caltex said that it had shut a heavy oil upgrading unit after it was hit by fire on Thursday morning. The blaze, which is under control, broke out in the heavy oil upgrading unit, or Vacuum Residue Hydrocracker (VRHCR), at GS Caltex''s No.2 plant in Yeosu, southwest of Seoul, a company spokesman said. The VRHCR converts heavy oil into more expensive and cleaner fuel such as gasoline. The spokesman said no injuries had been reported, adding that the cause of the fire and damage to the unit were still being assessed. He said it was too early to tell if there would be any impact on the refinery''s operations. GS Caltex, equally owned by GS Energy Corp, a unit of GS Holdings and U.S. oil major Chevron Corp, runs a 790,000 barrels-per-day refinery in Yeosu. (Reporting by Jane Chung; Editing by Joseph Radford) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/southkorea-gscaltex-fire-idUSS6N1KI005'|'2017-08-10T04:19:00.000+03:00'|6640.0|''|-1.0|'' -6641|'b80c0e379e95c40b97ab7d5647d703f68792e38f'|'U.S. sells 3-month bills at lowest rate in eight weeks'|'NEW YORK, Aug 21 (Reuters) - The U.S. Treasury Department on Monday sold $39 billion of three-month bills at an interest rate of 1.000 percent, matching the level set a three-month sale eight weeks ago, Treasury data showed.A week ago, the Treasury sold three-month T-bills at an interest rate of 1.015 percent.The ratio of bids to the amounts of three-month bills offered was 3.11, the lowest in a month and lower than the 3.52 recorded last week. (Reporting by Richard Leong; Editing by Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-auction-treasuries-idINL2N1L70OA'|'2017-08-21T13:56:00.000+03:00'|6641.0|''|-1.0|'' +6641|'b80c0e379e95c40b97ab7d5647d703f68792e38f'|'U.S. sells 3-month bills at lowest rate in eight weeks'|'NEW YORK, Aug 21 (Reuters) - The U.S. Treasury Department on Monday sold $39 billion of three-month bills at an interest rate of 1.000 percent, matching the level set a three-month sale eight weeks ago, Treasury data showed.A week ago, the Treasury sold three-month T-bills at an interest rate of 1.015 percent.The ratio of bids to the amounts of three-month bills offered was 3.11, the lowest in a month and lower than the 3.52 recorded last week. (Reporting by Richard Leong; Editing by Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-auction-treasuries-idINL2N1L70OA'|'2017-08-21T13:56:00.000+03:00'|6641.0|11.0|0.0|'' 6642|'cb3b915329087711fc4d266277350afee2448ebe'|'Islamic banking grows in Bangladesh, no thanks to the authorities'|'IN MOTIJHEEL, the main business district in Bangladeshs capital, Dhaka, an iron fence and terrible traffic divide two branches of the countrys oldest private banka conventional one and an Islamic one. Abdus Sattar, manager of the Islamic one, says that when he joined AB Bank, in 2005, his was a loser branch. Today, like most Islamic banks in the country, it is more profitable and better run than its conventional peers. Islamic bankings future in the country, however, remains murky.Bangladesh has eight full-fledged Islamic banks; a handful of orthodox banks, like AB, also offer Islamic-banking services alongside others. Islami Bank Bangladesh, founded in 1983 by Saudi and Kuwaiti investors, commands 90% of Islamic-banking assets and deposits. It is also the biggest private lender overall, with 14,000 staff, 12m depositors and a balance-sheet of $10bn. Its success was built on the two Rs: remittances and ready-made garments. Islami Bank was a pioneer in financing Bangladeshs rise as the apparel industrys main production base outside China. It also runs the worlds biggest Islamic microfinance scheme. Azizul Huq, a former vice-chairman of Islami Bank, thinks sharia -compliant banking will eventually outgrow the conventional kind (at present it controls just 20% of deposits). The population of 170m is 90% Muslim. The World Bank reports that only one in three Bangladeshis has a bank account. The governments own polls show that Islamic banking is wildly popular, especially in the cities and among the young. Overall, 84% approve of it.Ahsan Mansur, the executive director of Policy Research Institute (PRI), a think-tank in Dhaka, says Islami was the only bank where bribery was not institutionalised. At conventional banks bad loans to politically connected businesses have been piling up. Politicians seem to be encouraging nepotism: a new banking law will allow directors to stay on boards for nine years (up from six); and allow controlling families four members (up from two).This month the central bank reported that net profits at conventional banks rose by just 4.9% over the year to June. Non-performing loans (NPLs) stood at 9.2%, compared with just 4.3% at Islamic ones. At nine of the countrys 57 banks, over 20% of loans were non-performing. The bad-loan problem may yet worsen as business struggles with stagnant exports: in the 12 months to June, garment exports expanded by 1.7% year on year, the slowest pace in 15 years. The central banks stress tests show that if the three biggest borrowers defaulted, 23 banks would fail.In this context, Islamic banking might expect some official help. Far from it. The central bank has been sitting for years on applications from eight banks to change to an Islamic business model. It is yet to write rules for new sharia -compliant financial instruments, such as a sovereign sukuk , or Islamic bond. Islamic banks have no role in financing government projects.Resistance comes from both the financial and political establishments. The central bank adheres to economic orthodoxy and is wary of a form of banking in which interest rates are nominally abolished. And the government of Sheikh Hasina, the prime minister, has long identified Islamic banking with the political opposition.In January the government in effect instigated a boardroom coup at Islami Bank, which had been run by members of the biggest Islamic party. Ownership is now in the hands of those close to the prime ministers family. This, too, may stunt Islamic banking. Bangladeshs biggest successes garments, microfinance and telecomsare in industries where the government took a back seat. Since the takeover, the banks biggest institutional investor, the Jeddah-based Islamic Development Bank, has reduced its stake from 7.5% to 2.1%.Mr Mansur of PRI notes that the takeover clearly signals that assets in Bangladesh may not be safe in the future. Islami Banks chairman, Arastoo Khan, insists it will bounce back, despite a record low 10% dividend in 2016 compared with a historic average of 21%, and rising NPLs. The future of Islamic banking in Bangladesh may hinge on whether he is right. Finance and economics "Against the odds"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21727084-government-and-central-bank-are-both-suspicious-islamic-banking-grows?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'|6642.0|''|-1.0|'' 6643|'e25e275dcc88518527892e02ee09a3e8cf81e99a'|'Vontobel to buy eastern European private banking portfolio from Notenstein'|' 39 AM / 16 minutes ago Vontobel to buy eastern European private banking portfolio from Notenstein Reuters Staff 1 Min Read The logo of Swiss Vontobel private bank is seen at an office building in Zurich, Switzerland September 28, 2016. Arnd Wiegmann ZURICH (Reuters) - Swiss bank Vontobel has agreed to buy a roughly 2 billion Swiss franc (1.6 billion pounds) portfolio of eastern European private banking clients from Notenstein La Roche Private Bank Ltd, it said on Monday. The majority of the team managing the portfolio will move to Vontobel and the assets will be booked in Switzerland, Vontobel said in a statement. The pair did not disclose a price for the deal but a typical rule of thumb in pricing private banking transactions is to pay around 1-2 percent of the assets being acquired. Reporting by Joshua Franklin'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-vontobel-hldg-m-a-notensteinlaroche-idUKKCN1B10E3'|'2017-08-21T08:38:00.000+03:00'|6643.0|''|-1.0|'' 6644|'a806e48419f60560944f362afba7e94a52a32501'|'Wall Street set to open higher as investors go bargain hunting'|'August 22, 2017 / 12:59 PM / a minute ago Wall St rises on hopes for tax reform Reuters Staff 1 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 22, 2017. Brendan McDermid NEW YORK (Reuters) - U.S. stocks ended up on Tuesday, with each of the three major indexes posting their best one-day percentage gains in over a week, as lawmakers'' comments on tax reform and the debt ceiling boosted investor optimism. The Dow Jones Industrial Average .DJI rose 196.21 points, or 0.9 percent, to 21,899.96, the S&P 500 .SPX gained 24.11 points, or 0.99 percent, to 2,452.48 and the Nasdaq Composite .IXIC added 84.35 points, or 1.36 percent, to 6,297.48. Reporting by Chuck Mikolajczak; Editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-stocks-idINKCN1B21FS'|'2017-08-22T15:56:00.000+03:00'|6644.0|''|-1.0|'' @@ -6649,7 +6649,7 @@ 6647|'4a88c58022001a3061a63a114ad390024ca02514'|'ProSieben looking for investors in TV production, e-commerce units'|'August 28, 2017 / 7:42 PM / 2 hours ago ProSieben looking for investors in TV production, e-commerce units Ludwig Burger 3 Min Read The logo of Germany''s biggest commercial broadcaster ProSiebenSat.1 Media AG is pictured in front of their headquarters in Unterfoehring, near Munich, Germany in this February 26, 2014 file photo. Michaela Rehle FRANKFURT (Reuters) - ProSiebenSat.1 Media SE ( PSMGn.DE ) said it was looking for possible external investors to back its content production and digital commerce businesses, potentially via separate stock market listings. "The company will enter discussions with interested third parties regarding a potential co-investment in or business combinations with its content production and digital commerce businesses through their respective holding entities," the broadcaster said in a statement late on Monday. "The review also includes the possibility for potential future public listings." ProSieben has long been struggling to encourage viewers of its TV shows, such as "Germany''s Next Top Model", to spend money and view ads on its online sites, which include Internet dating and travel agencies. It said it was also looking into merging its TV advertising business in German-language markets with its Digital Entertainment division, whose activities include video-on-demand and online advertising, to cut costs. More details would be disclosed on Nov. 9, it added. Sources with knowledge of the talks told Reuters in June that ProSieben held informal talks with a number of peers about possible tie-ups over the past 12-18 months. After a promising start, ProSieben''s streaming platform Maxdome has lost ground to U.S. online competitors such as Netflix and Amazon ( AMZN.O ), and the German group has been aiming to defend its position in the media market by supplying its own content to its streaming rivals. Also on Monday, it warned that TV advertising revenues in German-language markets would decline in the third quarter but it upheld its full-year profit guidance thanks to a better performance in other divisions while banking on a recovery in TV ad sales later in the year. "After a promising start into the quarter, early customer feedback for the month of September - which is in terms of revenue contribution the most important month of the current reporting period - suggests that previous expectations ... are unlikely to be met," it said. Reporting by Ludwig Burger; Editing by Andrew Bolton '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-prosieben-media-restructuring-idINKCN1B821K'|'2017-08-28T17:42:00.000+03:00'|6647.0|''|-1.0|'' 6648|'fa047ded7e48d1dc7c50fe310b129d78a79c8671'|'Autonomous cars race narrows on doubts about clear path to profit'|'FILE PHOTO: The Mercedes-Benz F015 Luxury in Motion autonomous concept car is shown on stage during the 2015 International Consumer Electronics Show (CES) in Las Vegas, Nevada January 5, 2015. Steve Marcus/File Photo FRANKFURT/DETROIT (Reuters) - BMW and Daimler, the world''s top luxury carmakers, have announced alliances with suppliers, talking up the virtues of having a bigger pool of engineers to develop a self-driving car.But another motive behind these deals, executives and industry experts told Reuters, is a concern that robocars may not live up to the profit expectations that drove an initial investment rush.Carmakers are increasingly looking to forego outright ownership of future autonomous driving systems in favor of spreading the investment burden and risk.The trend represents a clear shift in strategy from little more than a year ago when most automakers were pursuing standalone strategies focused on tackling the engineering challenge of developing a self-driving car, rather than on the business case."Although it is a substantial market, it may not be worth the scale of investments currently being sunk into it," said a board member at one of the German carmakers, who declined to be identified because the matter is confidential.Dozens of companies - including carmakers and tech firms like Google and Uber - are vying for a market which, according to consulting firm Frost & Sullivan, will only make up about 10 to 15 percent of vehicles in Europe by 2030. There are sure to be losers."It''s impossible for me to believe there will be 50 successful autonomous vehicle software producers," said John Hoffecker, global vice chairman of Michigan-based consulting firm AlixPartners.In July last year, BMW became the first major carmaker to abandon its solo development of self-driving cars in favor of teaming up with chipmaker Intel and camera and software manufacturer Mobileye to build a platform for autonomous cars technology by 2021.The decision followed a trip by senior executives to visit startups and suppliers to gauge BMW''s competitive position."Sitting at other companies, one rattles off the technological challenges and safety aspects, and you come to realize that many of us are swimming in the same sludge," Klaus Buettner, BMW''s vice president autonomous driving projects, told Reuters."Everybody is investing billions. Our view was that it makes sense to club together to develop some core systems as a platform."Daimler''s Mercedes-Benz has since combined efforts with supplier Bosch, three months ago, while Japanese carmaker Honda has said it is open to alliances in the area of autonomous cars.Even deep-pocketed tech companies are teaming up. San Francisco-based transport app operator Lyft and Alphabet Inc''s self-driving car unit Waymo pooled their resources in May.Infographic ID: ''2wDfsH4'' SHARE THE BURDEN Partial autonomy is already a reality in higher-end cars that keep in lane and adjust their speed in motorway driving. Each of the next stages - "eyes off", "mind off" and ultimately driverless autonomy - will likely take years to become reality.FILE PHOTO: A couple gets into the Mercedes-Benz F015 Luxury in Motion autonomous concept car during the 2015 International Consumer Electronics Show (CES) in Las Vegas, Nevada January 5, 2015. Steve Marcus/File Photo Klaus Froehlich, BMW''s board member responsible for development, said the company was likely to lose money with its first fully autonomous vehicles, just like it did with its first-generation electric cars. But developing the technology remains a necessity in order to stay relevant as a carmaker."It is an enabling technology, not a business case," he said about BMW''s decision to develop autonomous vehicles. "But if the burden can be shared on a platform, I have nothing against that."One of the most financially promising markets that autonomous technology will open up is driverless on-demand taxis, which may one day come to replace regular cabs and parts of public transport in large cities."Robotaxis" are expected to drive the wider market for car sharing and ride-hailing, which was worth $53 billion last year and could be worth $2 trillion by 2030, according to a McKinsey study published earlier this year.Ford and General Motors are investing at least $2 billion each to develop self-driving vehicles for urban ride-sharing fleets beginning in 2021, competing with incumbents and start-ups.The emergence of alliances involving the likes of BMW and Mercedes-Benz comes at a time when regulators are pushing for a creation of standards for the new technology, which has the potential to improve vehicle reflexes and cut accidents by up to 90 percent, according to Boston Consulting Group.Slideshow (2 Images) Industry experts say such standardization could make it much harder to develop a product which stands out, calling into question the wisdom of high-stakes, go-it-alone strategies.ALLIANCES, MERGERS In September 2016, the U.S. Department of Transport and the National Highway Transportation Safety Administration released guidance for heavily automated vehicles.The regulator urged carmakers to disclose how vehicle reflexes are programed, particularly when cars are faced with a dilemma, such as choosing between hitting a cyclist or accelerating beyond legal speeds to avoid an accident."It is important to consider whether highly automated vehicles are required to apply particular decision rules in instances of conflicts between safety, mobility, and legality objectives," the guidance said."Algorithms for resolving these conflict situations should be developed transparently using input from federal and state regulators, drivers and passengers."European regulators too are debating whether to standardize speeds and distances which autonomous cars need to adhere to while weaving in and out of traffic or joining lanes.Pressure not to waste development costs is laying the groundwork for alliances and even mergers between the various companies supplying technology for autonomous cars, including makers of vehicles, software, computer chips, radar, camera and laser sensors and high-definition maps.BMW, Mercedes and Audi put aside their rivalry and teamed up to buy mapping firm HERE, for example, in order to cut their dependence on Google.What starts out as arms-length agreements designed to capture market share, much like code-sharing deals between airlines, may evolve further into takeovers once the next investment round is due, executives and advisers said."Will we see what is happening in aviation be adopted in automotive - where first we see alliances, collaborations and consortiums, and then we see full out market combinations?" asked Bill Curtin, head of mergers and acquisitions at global law firm Hogan Lovells.Additional reporting by Joe White in Detroit, Naomi Tajitsu in Tokyo, and Simon Jessop in London; Editing by Pravin Char'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-autos-autonomous-bmw-idUSKBN1AO0Y7'|'2017-08-08T12:35:00.000+03:00'|6648.0|''|-1.0|'' 6649|'ecd6bcf876c79262fbfb9461f78a5152d9e78997'|'Germany''s long goodbye to coal despite Merkel''s green push'|'August 2, 2017 / 12:46 PM / 4 hours ago Germany''s long goodbye to coal despite Merkel''s green push Vera Eckert 4 Min Read German Chancellor and leader of the conservative Christian Democratic Union party CDU Angela Merkel attends the CDU party convention in Essen, Germany, December 6, 2016. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - Burning coal for power looks set to remain the backbone of Germany''s energy supply for decades yet, an apparent contrast to Chancellor Angela Merkel''s ambitions for Europe''s biggest economy to be a role model in tackling climate change. Merkel is avoiding the sensitive subject of phasing out coal, which could hit tens of thousands of jobs, in the campaign for the Sept. 24 election, in which she hopes to win a fourth term. Although well over 20 billion euros are spent each year to boost Germany''s green energy sector, coal still accounts for 40 percent of energy generation, down just 10 points from 2000. To avoid disruption in the power and manufacturing sectors, coal imports and mines must keep running, say industry lobbies, despite the switch to fossil-free energy. "(Coal) makes a big contribution to German and European energy supply security and this will remain the case for a long time to come," the chairman of the coal importers'' lobby VDKi, Wolfgang Cieslik told reporters last week. He also stressed it was crucial for steel manufacturing in Germany, the seventh biggest producer in the world, that use a quarter of the country''s coal imports. Critics point to the irony in Merkel''s tacit support for coal given that she criticised U.S. President Donald Trump for ditching the Paris climate accord after pledging to voters he would lift environmental rules and revive coal-mining jobs. "Merkel ... has no right to criticise the disastrous climate production policy of U.S. President Trump ... figures in this country speak for themselves," said former Green lawmaker Franz-Josef Fell, referring to Overseas Development Institute (ODI) figures showing the extent of public money going to coal. Utilities such as RWE, Uniper and EnBW with coal generation on their books fire back by saying their output is covered by them holding carbon emissions rights certificates, while much of their historic profitability has been eroded due to competition from renewables. Apart from the environmentalist Greens, who want coal generation to end by 2030, none of the main political parties have set phase-out target dates. Huge vested interests are stifling debate, whether it is potential job losses that alarm powerful unions or the effect on industrial companies relying on a stable power supply. Industry figures show renewables accounted for 29 percent of power output in both 2015 and 2016, up from 7 percent in 2000. But plants burning imported hard coal still make up 17 percent and brown coal from domestic mines 23 percent of power output. Cheap coal lets them run at full tilt when necessary while the weather dictates if wind and solar produce anything at all. Cieslik said he expected hard coal alone to retain a share of 15 percent by 2030. VDKi warns that nuclear energy, accounting for 14 percent of power, will remove even more of the round-the-clock supply when it is phased out by 2022. Wind and solar cannot even fill current gaps and a system run mainly on green power would fail to provide guaranteed supply over a winter fortnight, it says. Power grid operator Amprion has said German networks came close to blackouts during settled and overcast conditions in January when renewable plants produced almost nothing. Even environmental groups acknowledge the fossil fuel lobbies have a point, arguing there must be remedies to the problem of intermittent renewable supply. "Old coal plants can be made flexible at a reasonable cost and allow countries with a high share of coal-to-power a soft transition to a climate friendly energy system," said a study commissioned by Agora thinktank, which backs the energy switch. Reporting by Vera Eckert, editing by Madeline Chambers and David Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/germany-coal-election-idINKBN1AI1LQ'|'2017-08-02T15:42:00.000+03:00'|6649.0|''|-1.0|'' -6650|'5284c77822f0a94967363b2ff26d0a1bcdebacec'|'Executive wages may have fallen, but the case for pay ratios is even stronger'|'I ts amazing: the fat cats of the FTSE 100 survived on smaller helpings of cream last year. Chief executives saw their average pay decline from 5.4m to 4.5m in 2016, a drop of 17%, according to calculations by personnel body CIPD and the High Pay Centre. On a rough estimate, the bosses collected only 129 times the average earnings of their employees, down from 145 times in 2015.Actually, this finding is remarkable only in one way: it happened in a year in which share prices, which affect the value of stock-based incentive packages, were strong. But take a wider perspective to understand why companies may have decided that 2016 was a good moment to take the foot off the pay accelerator.A critical factor, as the reports authors suggest, may have been the political climate. The government was talking about putting workers on remuneration committees, introducing annual binding votes on pay and forcing publication of pay ratios. Did companies decide a little less excess would soften the coming reforms? Weve seen a similar plot line in the past. The ill-named shareholder spring of 2012, which saw a few (but not, in fact, very many) investor rebellions over pay, coincided with Vince Cable, business secretary in the coalition government, getting angry about boardroom pay. Once the storm passed, and Cables initial proposals had been watered down, executive pay took off again.Thus government ministers, if they are serious about tackling this issue, should not be tempted for a moment to think the problem has suddenly become smaller. Little can be read into a single years decline in chief executives average pay because the increases have compounded over decades. That 2016 pay ratio of 129:1 was estimated to be 47:1 back in 1998.Margot James, the business minister, says the government will publish its proposals shortly, which at least addresses the suspicious silence in the Queens speech. What should it do? Pay ratios, binding votes and employees on pay committees are all worthwhile reforms.Indeed, the case for pay ratios gets stronger. The High Pay Centres figures are just best estimates, derived from inadequate data in annual reports. It would be far better to have reliable numbers, detailed by companies on a country-by-country basis.Mere publication of ratios guarantees no action, of course. But, as with the gender pay gap, transparency is a useful place to start. If the government cant clear even that low hurdle, youll know Theresa Mays bullish talk was 100% nonsense.RSA: well and truly resurrectedTwo years ago RSA, the owner of More Than, looked dead in the water as an independent company. Zurich Insurance was talking about a bid at 550p a share, or 5.6bn, an offer that shareholders would surely have embraced. RSA had suffered too many calamities in the recent past and the self-help strategy of its chief executive, Stephen Hester, fresh to the job after his Royal Bank of Scotland years, was too young to be trusted. In the end, Zurich proved to be a time-waster and RSAs shares returned to the distressed price of 400p. And now? They are 654p, providing a textbook example of why its often best to resist the instant thrill of a bid, or non-bid in that case.RSAs improvement has been rapid. Hester on Wednesday decorated the first-half underwriting result with the word record. He hasnt actually checked the numbers going back to the founding of the Sun Insurance company in 1706, but hes probably on safe ground. RSAs combined ratio claims and costs as a percentage of premiums was 93.2%, miles better than anything seen in years.The figure can get better yet, he says, as RSA pursues best in class ratios. That is still be proved but the sense of momentum is undeniable. RSA has been decluttered by getting rid of the wilder overseas adventures. It is now concentrated in the UK, Scandinavia and Canada mature but healthy markets and costs are still being removed as better technology arrives. The half-year dividend was boosted by a third.Hester, 56, isnt obviously itching to be chief executive of a fourth FTSE 100 firm (the first was British Land). But hes an obvious candidate for Barclays if Jes Staley is felled by the fallout from the whistleblowing affair.Gambling still paying off for William HillHow severe is the squeeze on consumers real incomes? Not so severe if youre William Hill. The amount wagered online on sport rose 13% in the first half and even the shops registered a 2% increase in bets. William Hill , after a rotten run online, reckons it is now outperforming the market, which sounds correct. Even so, its numbers were a sharp improvement on a period a year ago that included the supposed bonanza of the Euro football tournament. Gambling, it seems, remains a resilient business at least until stakes are cut on those electronic roulette machines.Topics Executive pay and bonuses Nils Pratley on finance Pay Work & careers Family finances Inequality RSA Insurance comment'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/aug/03/executive-wages-pay-ratios-remuneration-transparent'|'2017-08-03T13:01:00.000+03:00'|6650.0|''|-1.0|'' +6650|'5284c77822f0a94967363b2ff26d0a1bcdebacec'|'Executive wages may have fallen, but the case for pay ratios is even stronger'|'I ts amazing: the fat cats of the FTSE 100 survived on smaller helpings of cream last year. Chief executives saw their average pay decline from 5.4m to 4.5m in 2016, a drop of 17%, according to calculations by personnel body CIPD and the High Pay Centre. On a rough estimate, the bosses collected only 129 times the average earnings of their employees, down from 145 times in 2015.Actually, this finding is remarkable only in one way: it happened in a year in which share prices, which affect the value of stock-based incentive packages, were strong. But take a wider perspective to understand why companies may have decided that 2016 was a good moment to take the foot off the pay accelerator.A critical factor, as the reports authors suggest, may have been the political climate. The government was talking about putting workers on remuneration committees, introducing annual binding votes on pay and forcing publication of pay ratios. Did companies decide a little less excess would soften the coming reforms? Weve seen a similar plot line in the past. The ill-named shareholder spring of 2012, which saw a few (but not, in fact, very many) investor rebellions over pay, coincided with Vince Cable, business secretary in the coalition government, getting angry about boardroom pay. Once the storm passed, and Cables initial proposals had been watered down, executive pay took off again.Thus government ministers, if they are serious about tackling this issue, should not be tempted for a moment to think the problem has suddenly become smaller. Little can be read into a single years decline in chief executives average pay because the increases have compounded over decades. That 2016 pay ratio of 129:1 was estimated to be 47:1 back in 1998.Margot James, the business minister, says the government will publish its proposals shortly, which at least addresses the suspicious silence in the Queens speech. What should it do? Pay ratios, binding votes and employees on pay committees are all worthwhile reforms.Indeed, the case for pay ratios gets stronger. The High Pay Centres figures are just best estimates, derived from inadequate data in annual reports. It would be far better to have reliable numbers, detailed by companies on a country-by-country basis.Mere publication of ratios guarantees no action, of course. But, as with the gender pay gap, transparency is a useful place to start. If the government cant clear even that low hurdle, youll know Theresa Mays bullish talk was 100% nonsense.RSA: well and truly resurrectedTwo years ago RSA, the owner of More Than, looked dead in the water as an independent company. Zurich Insurance was talking about a bid at 550p a share, or 5.6bn, an offer that shareholders would surely have embraced. RSA had suffered too many calamities in the recent past and the self-help strategy of its chief executive, Stephen Hester, fresh to the job after his Royal Bank of Scotland years, was too young to be trusted. In the end, Zurich proved to be a time-waster and RSAs shares returned to the distressed price of 400p. And now? They are 654p, providing a textbook example of why its often best to resist the instant thrill of a bid, or non-bid in that case.RSAs improvement has been rapid. Hester on Wednesday decorated the first-half underwriting result with the word record. He hasnt actually checked the numbers going back to the founding of the Sun Insurance company in 1706, but hes probably on safe ground. RSAs combined ratio claims and costs as a percentage of premiums was 93.2%, miles better than anything seen in years.The figure can get better yet, he says, as RSA pursues best in class ratios. That is still be proved but the sense of momentum is undeniable. RSA has been decluttered by getting rid of the wilder overseas adventures. It is now concentrated in the UK, Scandinavia and Canada mature but healthy markets and costs are still being removed as better technology arrives. The half-year dividend was boosted by a third.Hester, 56, isnt obviously itching to be chief executive of a fourth FTSE 100 firm (the first was British Land). But hes an obvious candidate for Barclays if Jes Staley is felled by the fallout from the whistleblowing affair.Gambling still paying off for William HillHow severe is the squeeze on consumers real incomes? Not so severe if youre William Hill. The amount wagered online on sport rose 13% in the first half and even the shops registered a 2% increase in bets. William Hill , after a rotten run online, reckons it is now outperforming the market, which sounds correct. Even so, its numbers were a sharp improvement on a period a year ago that included the supposed bonanza of the Euro football tournament. Gambling, it seems, remains a resilient business at least until stakes are cut on those electronic roulette machines.Topics Executive pay and bonuses Nils Pratley on finance Pay Work & careers Family finances Inequality RSA Insurance comment'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/aug/03/executive-wages-pay-ratios-remuneration-transparent'|'2017-08-03T13:01:00.000+03:00'|6650.0|14.0|0.0|'' 6651|'4a464c3a2019f975b0f392d05a78f28772317d85'|'Exclusive - Foundations for post-Libor system sliding into place'|'August 10, 2017 / 3:35 PM / 19 minutes ago Exclusive: Foundations for post-Libor system sliding into place Huw Jones and Marc Jones 8 Min Read FILE PHOTO: A view of the London skyline shows the City of London financial district, seen from St Paul''s Cathedral in London, Britain February 25, 2017. Neil Hall/File Photo LONDON (Reuters) - Critical steps for replacing Libor could be taken by next year, British industry officials told Reuters, increasing the chances of a smooth transition from the interest rate benchmark used to price financial contracts worth tens of trillions of pounds. When regulators announced last month that scandal-plagued Libor would be replaced by the end of 2021, there was scepticism among some industry players over whether such a huge transition could take place on time - or even at all. But preparations are already underway to put in place two essential elements for the planned replacement, SONIA, to assume its role in the market. The clearing arm of the London Stock Exchange ( LSE.L ), which already clears short-dated SONIA swaps - products used to hedge against adverse moves in rates or currencies - told Reuters it was planning to clear the kind of longer-dated swaps covered by Libor. An industry group, whose members include the 16 top dealers of swaps and other derivatives, meanwhile said it aimed to create SONIA futures contracts. Francois Jourdain, who chairs the group set up by the Bank of England to promote adoption of SONIA, said he had no doubt that the transition would take place. "It will happen," he said. "It may be difficult, it may happen on a different time frame depending on different levels of difficulty, but it will happen." Such moves would be crucial, but even should they come to pass, hurdles would remain to the adoption of SONIA across the British financial industry. Concerns about the costs associated with changing over - such as in altering IT systems - could deter some companies, particularly those enacting expensive Brexit contingency plans. Sectors like insurance could also face formidable technical, and potentially legal, hurdles if they were to switch from Libor to assess future liabilities. LIBOR SCANDAL Libor - the London Interbank Offered Rate - is a daily rate in a range of currencies which is used to price contracts ranging from home loans and credit cards to derivatives. It is based on submissions from banks of interest rates they believe they would be charged by others for borrowing money. Banks have been fined billions of dollars for trying to manipulate the benchmark, prompting regulators to come up with alternatives. Last month the UK''s Financial Conduct Authority set the end-2021 deadline for switching to the Bank of England''s Sterling Overnight Index Average - SONIA - based on transactions done in the market, rather than Libor-style estimates. Currently derivatives contracts worth 7.7 trillion pounds are priced against SONIA, but mainly short-term contracts going out 18 months in duration. This compares with Libor-based contracts worth about 30 trillion pounds going out to 50 years. While the industry group, whose members include the likes of Barclays, BNP Paribas, Citi, Deutsche Bank and HSBC, have backed SONIA as the alternative for Libor, making the change won''t be easy or quick. Industry officials say two crucial milestones must be passed to encourage the switch: a range of exchange-traded futures contracts referencing SONIA; and a clearing house for SONIA swaps traded "over-the-counter" or privately between banks. LCH, the clearing arm of the London Stock Exchange, said it was about to seek permission from the Bank of England - which regulates clearing houses - to clear longer-dated swaps. Clearing provides a big financial incentive for banks to switch because they must hold more cash against uncleared swaps than against those that pass through a clearing house like LCH. "We are planning to extend the eligibility of SONIA interest rate swaps out to 51 years before the end of 2017, as well as developing other SONIA-based over-the-counter and exchange-traded products," LCH told Reuters. ''ATOMIC ELEMENTS'' Jourdain said the working group he chairs would flesh out later this quarter the "atomic elements" needed to promote adoption, including a futures contract referencing SONIA, though it would be up to exchanges whether they listed the products. Exchange traded futures are seen as cheaper and more transparent by many market participants and can build up liquidity rapidly, thereby boosting confidence to switch. "It can go quite quickly, because the requirements for creating a new future are simpler than for cleared swaps," said Jourdain, who is also head of compliance at Barclays International. "Early next year would be my hope." The bulk of volume in Libor-based futures contracts is listed on the InterContinental Exchange ( ICE.N ), whose IBA unit also administers Libor. ICE faces a dilemma as listing futures contracts could hasten the demise of Libor, but industry officials said it faced little choice as it would otherwise lose business to a rival. "It''s a commercial dilemma of self-cannibalisation," said one senior official at a dealing bank. ICE has said Libor had a long-term future, and would not comment on whether it would list SONIA futures products. Eurex, the futures trading arm of Germany''s Deutsche Boerse ( DB1Gn.DE ) would also not comment on offering SONIA futures. U.S. exchange CME ( CME.O ), the third big derivatives exchange, also declined to comment - though it will offer futures in the Libor alternative rate being published daily by the New York Federal Reserve next year. EU HURDLE Jourdain said the key hurdle to SONIA adoption was inertia. Market participants could balk at the prospect of change and costs at a time when many are facing major projects, like complying with new European securities rules (MiFID) from next January, or preparing for Britain''s EU exit. "This has been a major focus for our members, especially since the new risk-free rates were selected in Japan, the UK and United States, because of the sheer volume of outstanding derivatives trades referenced to Libor," said Rick Sandilands, senior counsel in Europe for the International Swaps and Derivatives Association (ISDA), a global industry body. ISDA is working on ways to smooth the transition, such as by identifying fallbacks that can be written into derivatives documentation, creating certainty on which reference rate would be used if Libor was suddenly discontinued. The trade body has also determined that a "spread" should be added to SONIA to lessen the impact on moving from a rate that stretches out many years to one based on overnight markets. As Libor extends many years, the holder of a swap contract can work out the interest payment well ahead of the due date. SONIA, however, is an overnight rate, meaning payment due several months away would be based on a rate compounded over the intervening period. But other, more technical changes would also be needed to encourage a sizable switch to SONIA from the insurance sector. Under EU law, insurers must use a "risk free" interest rate curve published by the bloc''s watchdog European Insurance and Occupational Pensions Authority or EIOPA to value future liabilities, and Libor is an element of these rates. "There are no plans to amend this legislation nor change materially the methodology EIOPA uses to derive the curves," EIOPA told Reuters. "The shift from Libor to SONIA is therefore not foreseen." Reporting by Huw Jones and Marc Jones; Editing by Pravin Char 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-banks-libor-markets-exclusive-idUKKBN1AQ1X3'|'2017-08-10T18:40:00.000+03:00'|6651.0|''|-1.0|'' 6652|'e5240bede57d00968ab6f7f3f10fc53d10e9f36a'|'Toyota, Intel, others to form auto big data consortium'|' 29 PM / 9 minutes ago Toyota, Intel, others to form auto big data consortium 2 A Toyota logo is seen on media day at the Mondial de l''Automobile, the Paris auto show, in Paris, France, September 29, 2016. Jacky Naegelen/File Photo (Reuters) - Toyota Motor Corp ( 7203.T ), chipmaker Intel Corp ( INTC.O ) and other technology and auto companies are forming a consortium to create an ecosystem for big data used in connected cars, the Japanese automaker said on Thursday. Swiss telecom equipment maker Ericsson ( ERICb.ST ), Japanese auto parts maker Denso Corp ( 6902.T ) and telecoms firm NTT DoCoMo Inc ( 9437.T ) are also part of the group, called the Automotive Edge Computing Consortium. The consortium aims to use data to support emerging services such as intelligent driving, creating maps with real-time data and driving assistance based on cloud computing, Toyota said in a statement. ( bit.ly/2wykKnQ ). As cars are equipped with new capabilities, from staying in lanes to driving themselves, they are using and producing vast amounts of information, including where they drive. Data volume between vehicles and the cloud is expected to reach 10 exabytes per month around 2025, about 10,000 times larger than at present, Toyota said. Last week, Toyota and smaller rival Mazda Motor Corp ( 7261.T ) said that they would work jointly on producing electric and connected cars. Reporting by Vibhuti Sharma Savio D''Souza 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-toyota-consortium-idUSKBN1AQ2GF'|'2017-08-10T23:27:00.000+03:00'|6652.0|''|-1.0|'' 6653|'cd3bc7c7d0e192bf333053928bcb4e7cf94ec434'|'EMERGING MARKETS-Emerging stocks reeling from Asian falls, FX mixed'|'LONDON, Aug 10 (Reuters) - Emerging market assets still felt on Thursday the reverberations of the standoff between Washington and Pyongyang, with stocks extending losses for a second day while currencies fared more mixed.In a war of words between Washington and Pyongyang that has unnerved regional powers and global investors, North Korea dismissed as a "load of nonsense" warnings by U.S. President Donald Trump that it would face "fire and fury" if it threatened the United States.And it outlined detailed plans for a missile strike near the Pacific territory of Guam.MSCI''s emerging market index - dominated by Asian heavyweight bourses such as South Korea and Taiwan - slipped 0.6 percent, having lost 1.5 percent since Trump''s comments.Taiwan''s bourse tumbled 1.3 percent, Hong Kong''s Hang Seng lost 1.1 percent and South Korea''s KOSPI dropped as much as 1.2 percent to a two-month low before trading 0.4 percent lower.Gains elsewhere failed to offset the Asian losses. Turkey and Russia indexes gained 0.4 percent while South African stocks edged 0.1 percent higher.Investors faced a dilemma in how to price the latest political tensions, said Koon Chow, FX strategist at UBP."Most investors will be completely out of their depth in making any assessment on the situation, therefore one shouldnt make a big call on this," he said.Still, emerging markets would likely face a softer patch as long as the political tensions fuelled investors'' risk aversion, he said."The moment that shows some kind of abeyance, you will see emerging markets strengthen again," he said, adding developing economies still faced a benign backdrop overall thanks to little sign of monetary tightening by major central banks.Emerging currencies fared mixed against a slightly stronger dollar.While the South Korean won weakened 0.3 percent and touched a four-week low, extending a selloff from the previous two sessions.However, South Africa''s rand firmed 0.4 percent, recovering from the four-week low it hit after President Jacob Zuma survived a no-confidence vote.Russia''s rouble strengthened 0.3 percent, lifted by oil prices snapping two days of decline on U.S. crude inventories falling more than expected.The Philippine central bank left its benchmark interest rate unchanged as expected, with inflation not a concern even as the economy expands at a solid pace this year.Central banks in Serbia, Mexico and Peru, also due to publish their decisions on Thursday, are also expected to keep rates unchanged.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see)Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1061.87 -7.05 -0.66 +23.15Czech Rep 1028.34 -1.53 -0.15 +11.58Poland 2403.51 -4.60 -0.19 +23.39Hungary 36786.09 +207.62 +0.57 +14.95Romania 8393.35 -1.78 -0.02 +18.47Greece 838.05 +4.44 +0.53 +30.20Russia 1037.68 +2.70 +0.26 -9.95South Africa 49629.46 +56.77 +0.11 +13.05Turkey 09013.25 +298.67 +0.27 +39.51China 3261.80 -13.77 -0.42 +5.10India 31637.60 -160.24 -0.50 +18.82Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.14 26.18 +0.13 +3.30Poland 4.27 4.27 -0.14 +3.10Hungary 305.38 305.37 -0.00 +1.13Romania 4.57 4.57 -0.02 -0.72Serbia 119.74 120.13 +0.33 +3.01Russia 59.88 60.09 +0.35 +2.31Kazakhstan 332.60 332.51 -0.03 +0.32Ukraine 25.70 25.71 +0.04 +5.08South Africa 13.37 13.42 +0.34 +2.68Kenya 103.90 103.80 -0.10 -1.47Israel 3.60 3.60 -0.05 +7.04Turkey 3.53 3.54 +0.05 -0.23China 6.66 6.67 +0.22 +4.29India 63.94 63.86 -0.13 +6.26Brazil 3.16 3.16 +0.00 +3.09Mexico 17.91 17.94 +0.20 +15.68Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 324 -1 .00 7 93.36 1All data taken from Reuters at 08:51 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT. (Reporting by Karin Strohecker, additional reporting by Claire Milhench, editing by Alister Doyle)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-idUSL5N1KW2OO'|'2017-08-10T12:18:00.000+03:00'|6653.0|''|-1.0|'' @@ -6691,7 +6691,7 @@ 6689|'9e9c07608a82c35c68700a5da65c1591c34f96bf'|'Pension funds to buy majority of Copenhagen Airports in $1.6 billion deal'|'COPENHAGEN (Reuters) - A Canadian and a Danish pension fund, Ontario Teachers Pension Plan (OTTP) and ATP, have agreed to buy a 57.7 percent stake in Copenhagen Airports (CPH) from Australias Macquarie for about 9.8 billion Danish crowns ($1.57 billion).The transaction depends on approval by the Danish and European Union authorities and is expected to be completed in the fourth quarter, the parties said in a joint statement.The two funds estimated the offer price would be about 5,700 crowns per share, but said this could fluctuate depending on the date of completion.Shares in the airport company rose as much as 12.3 percent after the announcement to 5,750 crowns per share.Macquarie has invested more than 10 billion crowns during its 12 years of ownership in the company which owns Kastrup airport, the main international airport serving Copenhagen.The Danish state owns 39.2 percent of the firm and Denmarks Finance Minister Kristian Jensen said on Twitter he was very satisfied that the future ownership was clarified and was looking forward to working with the new shareholders.($1 = 6.2576 Danish crowns)Reporting by Teis Jensen; Editing by Edmund Blair '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/lufthavne-m-a/pension-funds-to-buy-majority-of-copenhagen-airports-in-1-6-billion-deal-idINKCN1BP0VK'|'2017-09-14T06:00:00.000+03:00'|6689.0|''|-1.0|'' 6690|'c4165ad9ad3c270deb5a75b5d3b938fad493860e'|'Stocks, bond yields, dollar up after Trump tax plan'|' 1:07 AM / 5 minutes ago Stocks, bond yields, dollar up after Trump tax plan Hideyuki Sano 5 Min Read A man looks at an electronic board showing Japan''s Nikkei average outside a brokerage at a business district in Tokyo, Japan August 9, 2017. REUTERS/Kim Kyung-Hoon TOKYO (Reuters) - Asian shares were firm on Thursday while U.S. bond yields and the dollar held sizable gains made the previous day after President Donald Trump proposed the biggest U.S. tax overhaul in three decades. The dollar also drew support from strong U.S. durable goods orders data that cemented expectations the Federal Reserve is on course to raise interest rates for the third time this year in December. Japan''s Nikkei .N225 rose 0.5 percent while MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was little changed in early trade. On Wall Street, small-cap shares, seen as benefiting the most from the proposed tax cuts, soared. Russel 2000 small-cap index notched a record high, rising 1.9 percent for its biggest one-day gain in almost six months. The Dow Jones Industrial Average .DJI rose 0.25 percent while the S&P 500 .SPX gained 0.41 percent. The fact that Trump made the tax proposal was seen as a step forward, said Hirokazu Kabeya, chief global strategist at Daiwa Securities. Trump offered to lower corporate income tax rates, cut taxes for small businesses and reduce the top income tax rate for individuals. The proposal faces an uphill battle in Congress, however, with Trumps own party divided, and the plan already prompting criticism that it favors the rich and companies and could add trillions of dollars to the deficit. It is hard to expect this proposal to pass the Congress smoothly. We have to pay attention to how the Republicans will view this, said Takafumi Yamawaki, chief fixed income strategist at J.P. Morgan Securities. It is possible that the net fiscal deficit spending will be smaller than what the stock markets expect, he added. In the currency market, as the dollar broadly gained, the euro EUR= hit a six-week low of $1.1717 on Wednesday and last traded at $1.1752, having shed 1.7 percent so far this week. The dollar also shot up to a 2-1/2-month high of 113.26 yen JPY= the previous day and was last fetching 112.78 yen. The Canadian dollar extended its losses, suffering its biggest drop in eight months on Wednesday, after Bank of Canada Governor Stephen Poloz dampened expectations for further interest rate hikes this year. The Canadian unit CAD=D4 fell to C$1.2484 to the U.S. dollar, its lowest in a month. The dollar strengthened against many other emerging market currencies while gold XAU= hit a one-month low of $1,281.5 per ounce. U.S. bond yields also jumped with two-year notes yield US2YT=RR rising to a nine-year high of 1.483 percent in anticipation of a rate hike in December. Comments from Fed Chair Janet Yellen that the Fed needs to continue with gradual rate hikes have cemented expectations for a year-end policy tightening. New orders for key U.S.-made capital goods increased more than expected in August, helping to boost optimism on the U.S. economy. Yields on longer-dated bonds also soared as Trumps tax proposal stoked worries about fiscal deterioration. U.S. municipal bonds were also sold for the same reason. The 10-year yield rose to 2.316 percent US10YT=RR, its highest in almost two months compared with 2.229 percent late on Tuesday while the 30-year bond yield US30YT=RR climbed 9 basis points, the biggest one-day rise in almost seven months, to 2.87 percent. Oil prices hovered a tad below their peaks hit earlier this week as the market consolidated after a strong rally this month. Brent LCOc1 futures traded at $57.71 a barrel, down from Tuesdays 26-month peak of $59.49. U.S. West Texas Intermediate crude (WTI) CLc1 fetched $52.11 per barrel, just below Tuesdays five-month high of $52.43 after oil stockpiles in the worlds top consumer unexpectedly drew down, with refiners coming back online following Hurricane Harvey last month. Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-markets/global-stocks-bond-yields-dollar-up-after-trump-tax-plan-idUKKCN1C303P'|'2017-09-28T04:05:00.000+03:00'|6690.0|''|-1.0|'' 6691|'be5e050abd38f7d0ab23303b3a8a2c629d3c3a9e'|'Government sticks to 2017/18 gross market borrowing target: finance ministry source'|' 11:52 AM / in 7 hours India sticks to 2017/18 borrowing target, open to extra bond sales 3 Min Read An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/Files NEW DELHI (Reuters) - Indias government on Thursday stuck to its budgeted market borrowing target for the fiscal year ending in March 2018 but held out the possibility of selling additional bonds to fund any new spending. An economic slowdown following the launch of a nationwide Goods and Service Tax (GST) in July have put federal revenues under pressure, raising worries that New Delhi will struggle to trim its fiscal deficit. Separately, the Reserve Bank of India said on Thursday it would raise the foreign investment limits for government bonds by 80 billion rupees to 2.5 trillion rupees for the October-December quarter. The action came after current quotas were almost fully exhausted amid strong buying by foreign investors, as India offers high yields at a time of globally low interest rates. In February, Finance Minister Arun Jaitley had budgeted to raise 5.8 trillion rupees ($88.57 billion) in 2017/18 via bond sales to bridge the fiscal deficit of 3.2 percent of GDP. However, the deficit has already crossed 92 percent of the full-year target. Adding to the concern, GST collections fell 3.6 percent in August from July. Yet, Economic Affairs Secretary Subhash Chandra Garg said that New Delhi would leave the full-year borrowing target intact and sell bonds worth 2.08 trillion rupees ($31.77 billion) between October and March. We do not foresee extra borrowing at this point in time, but we are conscious there may be a possibility, Garg told reporters after a meeting with central bank officials. A street side restaurant owner holds a bundle of Indian currency notes as he stands outside his restaurant in New Delhi, February 29, 2016. REUTERS/Adnan Abidi/Files ADDITIONAL BOND SALES? Growth in Asias third-largest economy slowed to a three-year low of 5.7 percent in the quarter that ended in June. The slowdown has given the opposition Congress party an opening to regain political ground against Prime Minister Narendra Modi, although the next general election is not due until 2019. Some government officials including one of Modis top policy advisers have called for stepping up government spending even at the risk of busting the fiscal deficit target. Relaxing the deficit target, however, runs the risk of inviting a censure from credit ratings agencies and could also make foreign investors wary. They have continued to buy into Indian debt, despite recent strong selling in equities, with net purchases of $23 billion so far this year. While Garg remained non-committal on extra government spending, he said state-run companies would spend an additional 250 billion rupees in the current fiscal year. Government officials told Reuters last week that they were contemplating spending up to 500 billion rupees more to halt the slowdown, which could widen the federal fiscal deficit by as much as 50 basis points to 3.7 percent. At this moment we are going as per our programme, Garg said. But we have to be conscious that there may be a possibility...then we will plan for the additional borrowing. ($1 = 65.4650 Indian rupees)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-government-borrowings/government-sticks-to-2017-18-gross-market-borrowing-target-finance-ministry-source-idINKCN1C31KF'|'2017-09-28T14:50:00.000+03:00'|6691.0|''|-1.0|'' -6692|'478990b87b9fb2354a74fb4b51e25c5c706623f0'|'Deutsche Boerse board seen backing insider trading deal - Manager Magazin'|'September 8, 2017 / 12:36 PM / Updated 9 minutes ago Deutsche Boerse board seen backing insider trading deal - Manager Magazin Reuters Staff 1 Min Read FILE PHOTO - A notebook with the logo of Deutsche Boerse Group (German stock exchange) is pictured before their New Year''s reception at the headquarters in Eschborn, outside Frankfurt, Germany, January 25, 2016. REUTERS/Kai Pfaffenbach FRANKFURT (Reuters) - Deutsche Boerses ( DB1Gn.DE ) management board is expected to endorse in a meeting on Tuesday a settlement of an insider trading probe offered by prosecutors, Germanys Manager Magazin reported on Friday, citing no sources. Deutsche Boerse declined to comment on the report. Frankfurts public prosecutor offered in July to drop an investigation into Chief Executive Carsten Kengeter over allegations of insider trading if Deutsche Boerse accepts two fines totalling 10.5 million euros (9.63 million). Reporting by Maria Sheahan; Additional reporting by Edward Taylor'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-deutsche-boerse-insidertrading/deutsche-boerse-board-seen-backing-insider-trading-deal-manager-magazin-idUKKCN1BJ1IF'|'2017-09-08T15:36:00.000+03:00'|6692.0|''|-1.0|'' +6692|'478990b87b9fb2354a74fb4b51e25c5c706623f0'|'Deutsche Boerse board seen backing insider trading deal - Manager Magazin'|'September 8, 2017 / 12:36 PM / Updated 9 minutes ago Deutsche Boerse board seen backing insider trading deal - Manager Magazin Reuters Staff 1 Min Read FILE PHOTO - A notebook with the logo of Deutsche Boerse Group (German stock exchange) is pictured before their New Year''s reception at the headquarters in Eschborn, outside Frankfurt, Germany, January 25, 2016. REUTERS/Kai Pfaffenbach FRANKFURT (Reuters) - Deutsche Boerses ( DB1Gn.DE ) management board is expected to endorse in a meeting on Tuesday a settlement of an insider trading probe offered by prosecutors, Germanys Manager Magazin reported on Friday, citing no sources. Deutsche Boerse declined to comment on the report. Frankfurts public prosecutor offered in July to drop an investigation into Chief Executive Carsten Kengeter over allegations of insider trading if Deutsche Boerse accepts two fines totalling 10.5 million euros (9.63 million). Reporting by Maria Sheahan; Additional reporting by Edward Taylor'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-deutsche-boerse-insidertrading/deutsche-boerse-board-seen-backing-insider-trading-deal-manager-magazin-idUKKCN1BJ1IF'|'2017-09-08T15:36:00.000+03:00'|6692.0|10.0|0.0|'' 6693|'300b6e75968017f57cddaa60348f7e4170c3d518'|'Carney says UK on track for rate hike in relatively near term'|' 7:45 AM / Updated 4 hours ago UK on track for rate hike in ''relatively near term'' - Carney William Schomberg , Estelle Shirbon 3 Min Read Mark Carney, Governor of the Bank of England listens as Britain''s Prime Minister Theresa May speaks at attend an event to mark the 20th anniversary of the Bank''s independence, in the City of London, September 28, 2017. REUTERS/Mary Turner LONDON (Reuters) - Bank of England Governor Mark Carney said on Friday that Britains economy was on track for the central bank to start raising record-low interest rates in the relatively near term. What we have said, that if the economy continues on the track that its been on, and all indications are that it is, in the relatively near term we can expect that interest rates would increase somewhat, Carney told BBC radio. The British central bank surprised markets just over two weeks ago when it said most of its policymakers thought the first rate hike in more than a decade would be needed in the coming months, if inflation pressure continued to build. Carney has previously said he was one of those policymakers. Related Coverage Bank of England''s Carney says inflation pressures likely to last Most economists now expect the BoE to raise its Bank Rate to 0.50 percent from 0.25 percent on Nov. 2, at the end of its next policy meeting. Britains economy slowed sharply in early 2017 as the Brexit vote pushed up inflation, weighing on spending by consumers, and slowed investment by companies. But the BoE thinks that Britains departure from the European Union is likely to mean the economy will not be able grow as fast as before without pushing up inflation as the number of migrant workers coming to the country slows and companies hold off on spending to increase capacity. Carney said such constraints represented a lower Brexit speed limit for the economy and meant the BoE had to think now about raising rates. If the speed limit has slowed and were in a position where weve used up a lot of the capacity in this economy ... it means that we should be thinking about, and we are open about this, were thinking about taking our foot a bit off the accelerator, he told the BBC radio. Asked whether that meant a rate hike in November, Carney said: I think the indication that the MPC has given is about as clear an indication as one can expect. Interest rate increases when and if they come will be to a limited extent and gradual, Carney said, echoing many previous statements from the Bank. The BoE cut interest rates to a record low of 0.25 percent in August last year, shortly after the Brexit vote, and most economists think that the kind of gradual increases it has talked about are unlikely to put a lot of strain on the economy. Asked about borrowing levels, Carney said there was no overall debt bubble in Britain but he repeated the BoEs position that it was worried about a pocket of risk in consumer debt that has been growing at about 10 percent a year. We think banks have been giving too much credit ... and not been as disciplined as they should be in their under-writing standards and their pricing on this debt, he said. Were worried about this shift from what has been responsible lending to reckless lending ... Its early stage ... but some of it is getting a little frothy and should be addressed. Reporting by William Schomberg and Estelle Shirbon, editing by Kate Holton'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-boe-carney/carney-says-uk-on-track-for-rate-hike-in-relatively-near-term-idUKKCN1C40U3'|'2017-09-29T10:46:00.000+03:00'|6693.0|''|-1.0|'' 6694|'20a7d537189615cc9202a3f30b4027151104c0d3'|'ECB''s stimulus signal pushes euro zone bond yields to new lows'|'FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the "Luminale, light and building" event in Frankfurt, Germany, March 12, 2016. REUTERS/Kai Pfaffenbach/File Photo LONDON (Reuters) - Government bond yields in the euro area fell to multi-month lows early on Friday, extending the previous days decline after the European Central Bank signalled a slow exit from its monetary stimulus scheme.Germanys benchmark 10-year bond yield fell to 0.286 percent, its lowest since late June. Two-year bond yields fell to 4 1/2-month lows at minus 0.796 pct.In southern Europe, Portuguese bond yields fell to their lowest in more than a year at 2.702 percent. They slid 13 bps on Thursday, their biggest one-day fall since April.Reporting by Dhara Ranasinghe, editing by Larry King '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/eurozone-bonds/ecbs-stimulus-signal-pushes-euro-zone-bond-yields-to-new-lows-idINKCN1BJ0L1'|'2017-09-08T09:28:00.000+03:00'|6694.0|''|-1.0|'' 6695|'079ab43f94a48c547c820ad98516ee32ece6cf3f'|'Toshiba shares gain after Western Digital offers to exit chip bid for better JV terms'|'TOKYO (Reuters) - Toshiba Corps ( 6502.T ) board, under pressure to clinch a deal for its prized memory chip unit soon, met on Wednesday to review a revised bid proposed by Western Digital Corp ( WDC.O ) but no agreement was reached, people familiar with matter said.The latest twist in a tortuous series of revised bids and changing alliances among suitors has seen Western Digital - which has been at loggerheads with Toshiba - offering to drop out of the bid it is organizing if that will help get a deal done and other conditions are met, separate sources said on Tuesday.Those conditions include no other rival chipmaker being part of the consortium and a stronger position for the U.S. firm in their joint chip venture, they said.Scrambling to cover billions of liabilities at its U.S. nuclear unit, Toshiba needs an agreement in the next few weeks. According to one person with direct knowledge of the situation, Toshibas board is aiming to vote on the new proposal at a meeting next week.Sources declined to comment as they were not authorized to speak on the matter. Toshiba declined to comment on the auction process.Western Digital, which has invested heavily in their chip joint venture, had been on the backfoot for much of the auction this year as Toshiba entertained other higher bids. Relations between the two frayed to the point where the U.S. firm, which argues no deal is possible without its consent, initiated legal action.Toshiba shares rose nearly 5 percent on hopes that Western Digitals compromise, in which it would stay in the consortium but no longer offer financing, would help seal a deal.But whether the revised proposal will be enough to get the Western Digital-backed consortium, which also includes U.S. private equity firm KKR & Co LP ( KKR.N ) as well as Japanese government-backed investors, over the finishing line is unclear.TOSHIBA WARY FILE PHOTO: A Western Digital Corporation hard drive is pictured here in Encinitas, California April 19, 2011. REUTERS/Mike Blake/File Photo Toshiba remains wary that Western Digital is still angling to take control of the unit - worth $17 billion to $18 billion - at some point in the future, sources familiar with the matter said.Just last week, Toshiba said it had not narrowed the pool of suitors and was also looking at a bid from U.S. private equity firm Bain, which has roped in Apple Inc ( AAPL.O ) to bolster its offer, as well as one from Taiwans Foxconn ( 2317.TW ).It was not known if those bids were also reviewed by Toshibas board on Wednesday.Slideshow (2 Images) One source said the Western Digital consortium was now sounding out Apples interest in providing some financing to the chip business, although another source said this did not sound feasible.The value of the revised offer from the Western Digital-backed consortium was not immediately clear.Under its earlier proposal, the U.S. firm was offering to contribute 150 billion yen ($1.4 billion) through convertible bonds as part of the consortiums $17-18 billion offer, sources have said.But Toshiba insisted that Western Digital limit the size of its stake in the chip unit to 15 percent over the next 10 years - a condition that the U.S. firm declined to accept, they added.In exchange for withdrawing from the consortium, Western Digital is asking Toshiba for a larger share of the chip allocation at their plant. It is also demanding that Toshiba ensure the two firms invest jointly in new production lines, sources said.Toshiba, after the board meeting, said it decided to build a new semiconductor manufacturing facility in Iwate, northern Japan, and was considering whether its chip joint venture partner SanDisk, owned by Western Digital, will take part.Failure to clinch a sale of the chip unit in the next few weeks could mean that it may not clear all necessary regulatory approvals by the end of the financial year in March, which would likely lead to Toshiba reporting negative equity for two years in a row, increasing its chances of its shares being delisted.Reporting by Makiko Yamazaki; Additional reporting by Kentaro Hamada and Taro Fuse, Taiga Uranaka, Junko Fujita and Chris Gallagher; Editing by Edwina Gibbs '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-toshiba-accounting-shares/toshiba-shares-gain-after-western-digital-offers-to-exit-chip-bid-for-better-jv-terms-idINKCN1BH00L'|'2017-09-05T22:17:00.000+03:00'|6695.0|''|-1.0|'' @@ -6704,7 +6704,7 @@ 6702|'6053fb9edbb2f17226417bb25fc111705a0f4de6'|'Planes, trains and automobiles: Lazada''s logistics battle to win SE Asia'|'September 29, 2017 / 7:54 AM / Updated 2 minutes ago Planes, trains and automobiles: Lazada''s logistics battle to win SE Asia Reuters Staff * Southeast Asian logistics pose unique challenges * Lazada expanding footprint to cut costs, improve services * Plans to add 5-6 more warehouses next year * Experimenting with delivery modes, offline pick-up * Has over 100 partners in delivery, cross-border logistics By Aradhana Aravindan and Clara Ferreira-Marques SINGAPORE, Sept 29 (Reuters) - Southeast Asia is on the verge of a logistics boom thanks to e-commerce, but will require huge investment in cities and last-mile networks to cope, says Pierre Poignant, the man behind the systems that keep Alibaba-owned Lazada moving. Poignant, chief operating officer, said the Singapore-based marketplace, for its part, would continue to bet on delivery and other partnerships as demand grows. It already works with more than 100 companies in delivery and cross-border logistics, from Ninjavan in Singapore to ride-hailing start-up Go-Jek in Jakarta. But it will expand its footprint to cut costs and improve services, with smaller local hubs closer to customers, as well as a major warehouse it can use in Malaysia for goods that move less often. Lazada, with 130,000 merchants on its platform, has 14 warehouses and over 2 million square feet of space - and plans to open another five to six warehouses next year. It also has 130 smaller distribution centres. Logistics in Southeast Asia is going to look very different from the rest of the world. It is hard to believe one player can do everything, Poignant said in an interview. The distance from Aceh to Papua (in Indonesia) is bigger than the distance from Miami to Seattle. People dont realise. Already the worlds fourth-largest internet market, Southeast Asia is expanding at a rate of almost four million users a month, making it the fastest growing e-commerce market globally, according to a 2016 report co-authored by Google. But while there are key growth engines - a young population of active mobile users and a patchy local retail network - there are also major challenges, as companies like Lazada try to conquer a region made up of thousands of islands, with poor roads and traffic-clogged cities. Some regions have no formal system for home addresses, Poignant said, complicating deliveries, returns and even payment - more than half of transactions are still settled in cash. That leads to experiments, combining online purchases with offline pick-up in malls, as in Singapore - or in Indonesia, where Lazada handles a bulk of the last-mile delivery itself, using three-wheeled electric vehicles for bigger parcels. Cars and vans are too slow in traffic, Poignant said. TAKING THE LEAD Amazon and others, including local players, have not failed to notice the regions potential: Amazon is using Singapore as its beachhead, while Chinas second largest e-commerce company JD.com is making Thailand its point of departure, partnering with the countrys largest retailer, Central Group. But Poignant argues Lazadas experience is hard to beat. When it comes to logistics we are developing a distinct competitive advantage. We are the only ones to have this open network approach - combining our own infrastructure and partners, Poignant said. Setting up a logistics network is a complex, long process. Critical to keeping the advantage is also data, and Lazada is linking up with fast-moving goods producers like Unilever, to turn knowledge into target sales. Alibaba bought into Lazada last year in an effort to seek growth outside China. The $1 billion deal in April 2016 was Alibabas largest overseas deal and it raised its stake to over 80 percent this year. Last November, Lazada bought Singapore online grocer Redmart, a purchase that it hopes will help it crack cold storage and expand groceries into the rest of the region, though there is no concrete plan yet, Poignant said. One of the reasons why we acquired RedMart is that groceries is a very specific set of skills that you need to develop, Poignant said. We have the ambition to develop this category across the region. Reporting by Clara Ferreira Marques and Aradhana Aravindan in SINGAPORE; Additional reporting by Chayut Setboonsarng in BANGKOK; Editing by Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/lazada-strategy/planes-trains-and-automobiles-lazadas-logistics-battle-to-win-se-asia-idUSL8N1M906S'|'2017-09-29T10:56:00.000+03:00'|6702.0|''|-1.0|'' 6703|'a0b09c9cb0b7f76a506ad81795274207b940cd28'|'Jana claims EQT-Rice Energy deal synergies ''grossly exaggerated'''|'(Reuters) - Activist investor Jana Partners said EQT Corps ( EQT.N ) plan to save $2.50 billion after its acquisition of Rice Energy Inc ( RICE.N ) was grossly exaggerated, further mounting pressure on the oil and gas producer to abandon the deal.An analysis showed the combination with Rice Energy''s assets would increase the average lateral length of a well by less than 1,000 feet, not the 4,000 feet increase that EQT claimed, Jana said in a letter to EQT''s board on Wednesday. ( bit.ly/2yqa8bH )Given the massive disparity between EQTs claims and what our analysis reveals, we are forced to question whether the Board conducted adequate diligence before approving this transaction, the hedge fund said.Jana, which owns a 5.8 percent stake in EQT, has urged the company to abandon its $6.7 billion acquisition of Rice Energy and spin off its midstream business.Janas letter comes just days after hedge fund D.E. Shaw & Co LP urged EQT to spilt up its production and midstream units after closing the Rice Energy deal.Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Shounak Dasgupta '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-eqtcorp-janapartners/jana-claims-eqt-rice-energy-deal-synergies-grossly-exaggerated-idINKCN1BV2U4'|'2017-09-20T17:56:00.000+03:00'|6703.0|''|-1.0|'' 6704|'dd1f94faca4f63505f77d6eb764bf800c3a0cf81'|'Cenovus Energy files for $7.5 billion mixed shelf offering'|'September 28, 2017 / 10:19 PM / Updated 8 hours ago Cenovus Energy files for $7.5 billion mixed shelf offering Reuters Staff 1 Min Read President and CEO Brian Ferguson of Cenovus Energy addresses shareholders during the company''s annual general meeting in Calgary, Alberta, April 29, 2015. REUTERS/Todd Korol CALGARY, Alberta (Reuters) - Canadian oil and gas producer Cenovus Energy ( CVE.TO ) filed a mixed shelf offering for $7.5 billion with Canada and U.S. regulators on Thursday, although the company said it currently has no plans to issue more debt or equity. In a mixed shelf a company may sell securities in one or more separate offerings without filing a prospectus for each one. The filing does not necessarily mean the securities will be sold. Cenovus spokesman Reg Curren said the filing is a corporate housekeeping measure that updates the companys existing prospectus for a $5 billion mixed shelf offering, which expires next year. It means the company will be able to cover existing debt and equity commitments related to its $13.3 billion purchase of ConocoPhillips ( COP.N ) assets, which closed earlier this year, and provides extra capacity for spending over the next 25 months, Curren said. Reporting by Nia Williams; Editing by Leslie Adler '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-cenovus-energy-securities/cenovus-energy-files-for-7-5-billion-mixed-shelf-offering-idINKCN1C33C2'|'2017-09-28T20:19:00.000+03:00'|6704.0|''|-1.0|'' -6705|'eecf67a710f37d1e54daa4c199f453372bf49773'|'Carlyle targets first-close of new Asia buyout fund at over $4 billion: sources'|'A general view of the lobby outside of the Carlyle Group offices in Washington, U.S. May 3, 2012. REUTERS/Jonathan Ernst/File Photo HONG KONG (Reuters) - Carlyle Group ( CG.O ) is targeting the first closing of a new Asia buyout fund within the next couple of months at over $4 billion, three people familiar with the matter said, bulking up in a region that has become a key market for global funds.The U.S. private equity titans fundraising is part of its planned $5 billion Asia buyout fund, the people said, which, if completed, would be its biggest capital-raising exercise for Asia.First closing is an important milestone for private equity fundraising because it means the fund has crossed a minimum threshold and could begin making investments.Carlyle co-CEO David Rubenstein said last month during the firms earnings call the firm is aiming for first closings of the Asian buyout fund and a similar U.S. fund in the second half of this year, without disclosing the target fund sizes.The company separately continues to raise capital for an Asia growth fund, meant for investing in smaller but high growth companies in major regional economies, one of the people told Reuters.Carlyle declined to comment. The three people declined to be named as the details of the fundraising plans were not public.Global private equity firms are adding cash reserves, or so-called dry powder, in the region, as investors worldwide allocate capital to catch growing market and economic momentum in countries including China and India.Blackstone Group LP ( BX.N ) is seeking to raise up to $3 billion in its first pan-Asia buyout fund for investments in sectors including high-end manufacturing and healthcare, people familiar with the plan told Reuters in July.KKR & Co ( KKR.N ) closed a new Asia-focused buyout fund in June after raising $9.3 billion, a record for the region.Carlyle has said it aimed to raise $100 billion globally in the next few years.Its total assets under management was $170 billion at the end of the second quarter.Earlier this year, Carlyle merged its Asian buyout and growth teams to target investment opportunities more effectively and to better utilize team expertise, but will continue to make investments from separate funds, the people said.Carlyle plans to boost its investments in Japan through the new Asia buyout fund, even though it has a small country specific fund for that market, one of the people said.The private equity firm started raising its fifth Asia growth fund last year. As per a March disclosure by the International Finance Corp, which became an investor in the fund, the growth fund was targeting $1 billion.The firms Asia funds, which since inception have delivered net internal rate of returns in the range of 6 to 18 percent by the second quarter of this year, have invested in firms from sectors including consumer and technology, with a focus on China, its portfolio records show.Reporting by Sumeet Chatterjee and Kane Wu; Editing by Muralikumar Anantharaman '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-carlyle-group-asia-fundraising/carlyle-targets-first-close-of-new-asia-buyout-fund-at-over-4-billion-sources-idINKCN1BW1FP'|'2017-09-21T08:48:00.000+03:00'|6705.0|''|-1.0|'' +6705|'eecf67a710f37d1e54daa4c199f453372bf49773'|'Carlyle targets first-close of new Asia buyout fund at over $4 billion: sources'|'A general view of the lobby outside of the Carlyle Group offices in Washington, U.S. May 3, 2012. REUTERS/Jonathan Ernst/File Photo HONG KONG (Reuters) - Carlyle Group ( CG.O ) is targeting the first closing of a new Asia buyout fund within the next couple of months at over $4 billion, three people familiar with the matter said, bulking up in a region that has become a key market for global funds.The U.S. private equity titans fundraising is part of its planned $5 billion Asia buyout fund, the people said, which, if completed, would be its biggest capital-raising exercise for Asia.First closing is an important milestone for private equity fundraising because it means the fund has crossed a minimum threshold and could begin making investments.Carlyle co-CEO David Rubenstein said last month during the firms earnings call the firm is aiming for first closings of the Asian buyout fund and a similar U.S. fund in the second half of this year, without disclosing the target fund sizes.The company separately continues to raise capital for an Asia growth fund, meant for investing in smaller but high growth companies in major regional economies, one of the people told Reuters.Carlyle declined to comment. The three people declined to be named as the details of the fundraising plans were not public.Global private equity firms are adding cash reserves, or so-called dry powder, in the region, as investors worldwide allocate capital to catch growing market and economic momentum in countries including China and India.Blackstone Group LP ( BX.N ) is seeking to raise up to $3 billion in its first pan-Asia buyout fund for investments in sectors including high-end manufacturing and healthcare, people familiar with the plan told Reuters in July.KKR & Co ( KKR.N ) closed a new Asia-focused buyout fund in June after raising $9.3 billion, a record for the region.Carlyle has said it aimed to raise $100 billion globally in the next few years.Its total assets under management was $170 billion at the end of the second quarter.Earlier this year, Carlyle merged its Asian buyout and growth teams to target investment opportunities more effectively and to better utilize team expertise, but will continue to make investments from separate funds, the people said.Carlyle plans to boost its investments in Japan through the new Asia buyout fund, even though it has a small country specific fund for that market, one of the people said.The private equity firm started raising its fifth Asia growth fund last year. As per a March disclosure by the International Finance Corp, which became an investor in the fund, the growth fund was targeting $1 billion.The firms Asia funds, which since inception have delivered net internal rate of returns in the range of 6 to 18 percent by the second quarter of this year, have invested in firms from sectors including consumer and technology, with a focus on China, its portfolio records show.Reporting by Sumeet Chatterjee and Kane Wu; Editing by Muralikumar Anantharaman '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-carlyle-group-asia-fundraising/carlyle-targets-first-close-of-new-asia-buyout-fund-at-over-4-billion-sources-idINKCN1BW1FP'|'2017-09-21T08:48:00.000+03:00'|6705.0|12.0|0.0|'' 6706|'355a206bac81f3ad6ee73e356594cb58d8746df5'|'JPMorgan''s Dimon says bitcoin trading ''is a fraud'''|'September 12, 2017 / 6:12 PM / Updated 12 minutes ago JPMorgan''s Dimon says bitcoin ''is a fraud'' David Henry , Anna Irrera 2 Min Read FILE PHOTO - Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Mike Blake NEW YORK (Reuters) - Bitcoin is a fraud and will blow up, Jamie Dimon, chief executive of JPMorgan Chase & Co ( JPM.N ), said on Tuesday. Speaking at an investor conference in New York, Dimon said, The currency isnt going to work. You cant have a business where people can invent a currency out of thin air and think that people who are buying it are really smart. Dimon said that if any JPMorgan traders were trading the crypto-currency, I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are dangerous. Dimons comments come as the bitcoin, a virtual currency not backed by any government, has more than quadrupled in value since December to more than $4,100 (3,086.65 pounds). Bitcoin is a digital currency that enables individuals to transfer value to each other and pay for goods and services bypassing banks and the mainstream financial system. Dimon also said JPMorgans third-quarter trading revenue will be down about 20 percent from a year earlier, in line with analysts expectations. Reporting by David Henry and Anna Irrera in New York; Editing by Steve Orlofsky'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-banks-conference-jpmorgan/jpmorgans-dimon-says-bitcoin-trading-is-a-fraud-idUKKCN1BN2KL'|'2017-09-12T21:18:00.000+03:00'|6706.0|''|-1.0|'' 6707|'af943bcf08b90bc68ca422cc652b5f2166fb9bcc'|'RBC''s CEO pushes back on suggestion bitcoin is a fraud'|'September 28, 2017 / 10:28 PM / in 15 minutes RBC''s CEO pushes back on suggestion bitcoin is a fraud Matt Scuffham 3 Min Read TORONTO (Reuters) - The chief executive of Canadas biggest lender on Thursday pushed back on a suggestion by JPMorgan Chief Executive Jamie Dimon that bitcoin is a fraud, though he said the cryptocurrency needs monitoring. Speaking at a Reuters Newsmaker event in Toronto, Dave McKay, CEO of Royal Bank of Canada, said: Has Bitcoin misrepresented what it is? No. What its solving is a way to avoid detection in moving money in our society and transferring value from one person to another, McKay said. I think where Jamie is probably coming from is its helping evade the supervision of moving money and from that perspective it needs to be monitored. While banks have largely steered clear of bitcoin since it emerged following the financial crisis, the virtual currency is supported by a range of people, including technology enthusiasts, libertarians sceptical of government monetary policy and speculators attracted by its price swings. Dimon earlier this month said that the currency will not work and said he would fire any JP Morgan staff who traded it. McKay said that if RBC staff were trading bitcoin, he would probably ask them to stop. RBC, however, is researching how it can utilize the distribution ledger technology that underpins bitcoin, called blockchain. RBC earlier told Reuters that it was experimenting with blockchain to help move payments between its U.S. and Canadian banks. Royal Bank of Canada CEO David McKay speaks with Reuters Editor-in-Chief Steve Adler at a Reuters Newsmaker event "Big Banks Embrace Tech" in Toronto, Ontario, Canada September 28, 2017. REUTERS/Gary He McKay said RBC is planning to use blockchain technology in its loyalty programs next year, the first time it has been used in a customer-facing application. He said the bank would initially use the technology in less risky areas where customers money would not be put at risk. Loyalty is something where if there is an error or a problem we could recreate loyalty systems without impact on peoples real money, he said, adding that blockchain could improve the speed at which people can join loyalty programs, particularly merchants. Slideshow (5 Images) AI INVESTMENT McKay said the bank is spending over C$10 million ($8 million) a year on artificial intelligence (AI), which can be used to predict customer behaviour and help reduce problems like credit card fraud. RBC has set up an AI research centre in Toronto with a staff of 35 to conduct pure research with massive data that the bank possesses. However, McKay said there is a scarcity of talent in AI globally, which means that RBC has to spend a significant amount to attract people with specialist knowledge. McKay said he expects competition to emerge from non-bank companies, particularly in the money-moving side of the business. If you have a mass consumer franchise with a strong brand and lots of data about that consumer I think the barriers to banking are coming down to the point where I expect there to be competitors, he said. Reporting by Matt Scuffham; Editing by Leslie Adler'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-rbc-mcckay-reutersnewsmaker/rbc-ceo-mckay-says-ai-helping-to-curb-credit-card-fraud-idUKKCN1C33CS'|'2017-09-29T03:39:00.000+03:00'|6707.0|''|-1.0|'' 6708|'7fcea07f1f48ecd3af7e321caebd7fcdc63671d3'|'Russia''s Putin says row with Exxon over Sakhalin-1 is resolved'|'September 7, 2017 / 8:02 AM / Updated an hour ago Russia''s Putin says row with Exxon over Sakhalin-1 is resolved Reuters Staff 1 Min Read A vessel leaves the Orlan oil plattform at Sakhalin-1''s off-shore rig at the Chaivo field, some 11 km (7 miles) off the east cost of Sakhalin island October 10, 2006. REUTERS/Sergei Karpukhin/File Photo VLADIVOSTOK, Russia (Reuters) - A dispute with U.S. major ExxonMobil over the Sakhalin-1 oil and gas project has been resolved, Russian President Vladimir Putin said on Thursday. Speaking at a conference in the Russian Pacific port city of Vladivostok, he said that the government will soon announce the decision. Exxon has been in talks with Russian gas giant Gazprom for years over gas sales from Sakhalin-1. Gazprom has a monopoly on gas exports via pipeline from Russia. Exxon also lodged a claim with a court of arbitration in Stockholm in 2015 seeking the return of $637 million which it said it had over-paid in taxes to the Russian exchequer. Reporting by Oksana Kobzeva; Katya Golubkova and Denis Pinchuk; writing by Vladimir Soldatkin '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/russia-exxon-putin/russias-putin-says-row-with-exxon-over-sakhalin-1-is-resolved-idINKCN1BI0WV'|'2017-09-07T11:01:00.000+03:00'|6708.0|''|-1.0|'' @@ -6717,7 +6717,7 @@ 6715|'fe043193ce9e0be98473cdf0cadc90dbb541abfa'|'Blackstone cancels $2.8 bln Australian mall sale on weak interest - source'|'SYDNEY, Sept 5 (Reuters) - Private equity giant Blackstone Group cancelled the sale of a A$3.5 billion ($2.8 billion) Australian shopping mall portfolio after it was unable to find a buyer, a source familiar with the matter said on Tuesday.They pulled the sale process last week. The rationale was that with the level of market demand, they decided to focus on active management, said the source, who asked not to be named because they were not authorised to comment publiclyThe U.S. group put its Australian portfolio of 10 shopping centres, mostly in Sydney and Melbourne, on the market in April. ($1 = 1.2582 Australian dollars) (Reporting by Tom Westbrook; Editing by Richard Pullin) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/blackstone-group-australia-sale/blackstone-cancels-2-8-bln-australian-mall-sale-on-weak-interest-source-idINS9N1IV013'|'2017-09-05T00:02:00.000+03:00'|6715.0|''|-1.0|'' 6716|'1b22738a57bc0cec23fb479398482bee4d8e4343'|'BHP, world''s largest miner, says 2017 is ''tipping point'' for electric cars'|'Reuters TV United States September 26, 2017 / 5:38 AM / Updated an hour ago BHP, world''s largest miner, says 2017 is ''tipping point'' for electric cars 4 Min Read BHP''s Chief Commercial Officer Arnoud Balhuizen speaks at Reuters office in Singapore September 26, 2017. REUTERS/Edgar Su SINGAPORE (Reuters) - This year looks set to be the tipping point for electric cars, Arnoud Balhuizen, chief commercial officer at global miner BHP ( BLT.L ) said on Tuesday, with the impact for raw materials producers to be felt first in the metals market, and only later in oil. In September 2016 we published a blog and we set the question - could 2017 be the year of the electric vehicle revolution? said Balhuizen, a company veteran who runs BHPs commercial strategy, procurement and marketing from Singapore. The answer is yes...2017 is the revolution year we have been speaking about. And copper is the metal of the future. Europe has begun a dramatic shift away from the internal combustion engine, although, globally, there are only roughly 1 million electric cars out of a global fleet of closer to 1.1 billion. BHP forecasts that could rise to 140 million vehicles by 2035, a forecast it says is on the greener end. The reality is a mid-sized electric vehicle still needs subsidies to compete... so a lot will depend on batteries, on policy, on infrastructure, Balhuizen said. Electric cars are expected to soon cost the same as traditional vehicles - as early as next year by some estimates. But governments are also getting on board, with Chinas subsidies leading the way and Britain becoming the latest country to announce its all-electric ambitions in July. Balhuizen said he expected the electric vehicle boom would be felt - for producers - first in copper, where supply will struggle to match increased demand. The worlds top mines are aging and there have been no major discoveries in two decades. The market, he said, may have underestimated the impact on the red metal: fully electric vehicles require four times as much copper as cars that run on combustion engines. BHP, Balhuizen said, is well-placed, with assets like Escondida and Spence in Chile, and Olympic Dam in Australia. BHP said last month it was spending $2.5 billion to extend the life of the Spence mine in northern Chile by more than 50 years. For oil, though, the impact of the electric car boom may take longer to be felt. BHP''s Chief Commercial Officer Arnoud Balhuizen speaks at Reuters office in Singapore September 26, 2017. REUTERS/Pedja Stanisic Balhuizen said in the nearer term, over the next 10 to 15 years, improvements in the internal combustion engine will be a more significant drag on demand. BELT, ROAD Chinas efforts to build a new Silk Road are another major factor influencing commodities demand in the near term, and BHP estimates the impact on steel alone at 150 million tonnes of new demand, Balhuizen said, mostly to be used in structures and reinforced concrete. Spending could top $1.3 trillion. China produced just over 800 million tonnes of steel in 2016. There is little question Asia requires more spending on infrastructure - the Asian Development Bank estimates that Asia requires $26 trillion in infrastructure investment by 2030. Per year, that is more than double current spending, BHP said. Belt and Road, as the giant initiative is known, is a tremendous opportunity, he said, acknowledging that there was a risk that big slogans may struggle to translate to profit. Along with the rest of the commodities universe, BHP has benefited from rising prices over recent months - copper, for example is close to three-year highs, boosting cashflows. The return of growth has not turned BHP away from its push for efficiencies, Balhuizen said, including with instruments like blockchain, although the focus remains on easier wins like e-documentation. But efficiencies will not mean further reducing the portfolio of commodities for now, he said, brushing off criticism from some investors over BHPs oil assets. The diversity of our portfolio does create value. We get better credit ratings, we get a lower cost of debt, he said, pointing to applications in potash of techniques honed in oil. It is very tangible, very clear. Reporting by Clara Ferreira Marques and Gavin Maguire; Editing by Richard Pullin '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-bhp-strategy/bhp-worlds-largest-miner-says-2017-is-tipping-point-for-electric-cars-idUKKCN1C10HO'|'2017-09-26T08:32:00.000+03:00'|6716.0|''|-1.0|'' 6717|'41f1b48247cd8eb60587123c8305ac5171be40e5'|'Central Bank says Ireland should plan for possible overheating'|'September 8, 2017 / 12:12 PM / Updated 29 minutes ago Central Bank says Ireland should plan for possible overheating Padraic Halpin 3 Min Read FILE PHOTO - A painted euro sign is seen on a wall in Dublin city centre October 22, 2014. REUTERS/Cathal McNaughton DUBLIN (Reuters) - Irish Central Bank Governor Philip Lane on Friday urged the government to plan for the possible overheating of the economy by considering future tax increases, putting some surplus revenues aside and paying down more debt. Irelands economy has grown faster than any other in the European Union for the last three years and is showing few signs of slowing down, prompting policymakers to warn that it could overheat in the coming years if falling unemployment leads to excessive price and wage pressures. The government, central bank and independent fiscal watchdog all agree that, although the jobless rate has fallen sharply to 6.3 percent, the economy is not overheating at present, with overall inflation flat for over three years. Although this may not be an immediate issue in relation to budget 2018, determining the counter-cyclical fiscal stance may be quite relevant for subsequent budgets if the economy hits full employment, Lane said in his annual pre-budget letter to Finance Minister Paschal Donohoe, published on Friday. The development of a counter-cyclical fiscal strategy should also strike the balance in the allocation of surplus revenues between the proposed rainy day fund and reducing the gross stock of public debt. Lane told reporters that if signs of overheating do appear, the government should also consider adopting measures that slow consumption and investment growth. He identified property tax as one area that was available for such increases. Lane has previously said government plans to ramp up public investment held back by years of strained finances may require it to cool other parts of its economy from 2019. He acknowledged that this was not an easy message for politicians. However he said the economy was not in a boom phase yet and that the possibility of overheating was still a conditional scenario and could be offset by other factors, such as the disproportionate effect on Ireland from Brexit. We may not get there, he said. He added that risks to growth remain clearly tilted to the downside at both European and domestic levels. For me the issue is lets not do this [boom and bust] again, lets try and stabilise the economy, he said. The more stable the economy is... its going to be much easier in terms of planning socially vital issues, Lane said. Additional reporting by Conor Humphries; Editing by Kevin Liffey'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-ireland-economy/ireland-needs-to-plan-for-possible-overheating-of-economy-central-bank-head-idUKKCN1BJ1EK'|'2017-09-08T16:37:00.000+03:00'|6717.0|''|-1.0|'' -6718|'81f141f40cfa0318750f480522b41c17199ec45f'|'Stocks lure in cash but investors eyeing signs of correction: BAML'|'September 15, 2017 / 11:14 AM / Updated 7 hours ago Stocks lure in cash but investors eyeing signs of correction: BAML Reuters Staff 3 Min Read The company logo of the Bank of America and Merrill Lynch is displayed at its office in Hong Kong March 8, 2013. REUTERS/Bobby Yip LONDON (Reuters) - Riskier assets were in vogue this week as investors poured $8.9 billion into equities, but strategists at Bank of America Merrill Lynch said flows data indicated positioning remained shy of peak levels. Bonds also drew in money for the 26th straight week, as investors hungry to earn a return rushed into U.S. Treasury funds, which enjoyed their biggest inflows in 62 weeks, EPFR figures showed. Though these flows indicated the Icarus trade pushing stock markets higher was alive and kicking, BAML strategists, who have been forecasting a correction this autumn, pointed to signs investors were not overly exuberant. The equity allocation among the banks private clients ticked lower and remained below its all-time high, while ETF flows showed investors shifted money back into deflation assets this month, seeking diversification away from the reflation trade. The banks bull-bear indicator of investor sentiment held steady at 7, with strategists saying a correction was most likely if it edged above 8 and fund managers increased their exposure to risky assets, pointing to a peak in positioning. A stock market fall could also be precipitated by GDP estimates catching up with earnings-per-share, or a U.S. tax reform announcement which would then focus investors attention solely on monetary tightening, they said. Downtrend in Fed liquidity and ECB taper remain necessary conditions for a correction, BAMLs strategists added, saying they expect the Fed to announce balance sheet reduction at its Sep. 20 meeting. U.S. stocks attracted their biggest inflows in 13 weeks, indicating contrarian bets as BAMLs fund manager survey this week showed the largest aggregate underweight on the U.S. since 2007. U.S. small-cap stocks, which are increasingly acting as a bellwether for expectations the Trump Administration will reach a deal to cut tax rates, drew their largest flows in six weeks. Exchange-traded funds (ETFs) attracted $12.5 billion this week, continuing to sap money from mutual funds which suffered $3.7 billion of outflows. Asset classes attracting the biggest flows year-to-date have been financials, technology, and emerging debt, while the least popular are real estate, healthcare and U.S. stocks. Tech stocks, emerging market equities and healthcare have delivered the strongest returns year-to-date while the U.S. dollar, energy and TIPS have been the worst bets. Reporting by Helen Reid; Editing by Hugh Lawson '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-markets-flows-baml/stocks-lure-in-cash-but-investors-eyeing-signs-of-correction-baml-idUSKCN1BQ1F9'|'2017-09-15T14:14:00.000+03:00'|6718.0|''|-1.0|'' +6718|'81f141f40cfa0318750f480522b41c17199ec45f'|'Stocks lure in cash but investors eyeing signs of correction: BAML'|'September 15, 2017 / 11:14 AM / Updated 7 hours ago Stocks lure in cash but investors eyeing signs of correction: BAML Reuters Staff 3 Min Read The company logo of the Bank of America and Merrill Lynch is displayed at its office in Hong Kong March 8, 2013. REUTERS/Bobby Yip LONDON (Reuters) - Riskier assets were in vogue this week as investors poured $8.9 billion into equities, but strategists at Bank of America Merrill Lynch said flows data indicated positioning remained shy of peak levels. Bonds also drew in money for the 26th straight week, as investors hungry to earn a return rushed into U.S. Treasury funds, which enjoyed their biggest inflows in 62 weeks, EPFR figures showed. Though these flows indicated the Icarus trade pushing stock markets higher was alive and kicking, BAML strategists, who have been forecasting a correction this autumn, pointed to signs investors were not overly exuberant. The equity allocation among the banks private clients ticked lower and remained below its all-time high, while ETF flows showed investors shifted money back into deflation assets this month, seeking diversification away from the reflation trade. The banks bull-bear indicator of investor sentiment held steady at 7, with strategists saying a correction was most likely if it edged above 8 and fund managers increased their exposure to risky assets, pointing to a peak in positioning. A stock market fall could also be precipitated by GDP estimates catching up with earnings-per-share, or a U.S. tax reform announcement which would then focus investors attention solely on monetary tightening, they said. Downtrend in Fed liquidity and ECB taper remain necessary conditions for a correction, BAMLs strategists added, saying they expect the Fed to announce balance sheet reduction at its Sep. 20 meeting. U.S. stocks attracted their biggest inflows in 13 weeks, indicating contrarian bets as BAMLs fund manager survey this week showed the largest aggregate underweight on the U.S. since 2007. U.S. small-cap stocks, which are increasingly acting as a bellwether for expectations the Trump Administration will reach a deal to cut tax rates, drew their largest flows in six weeks. Exchange-traded funds (ETFs) attracted $12.5 billion this week, continuing to sap money from mutual funds which suffered $3.7 billion of outflows. Asset classes attracting the biggest flows year-to-date have been financials, technology, and emerging debt, while the least popular are real estate, healthcare and U.S. stocks. Tech stocks, emerging market equities and healthcare have delivered the strongest returns year-to-date while the U.S. dollar, energy and TIPS have been the worst bets. Reporting by Helen Reid; Editing by Hugh Lawson '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-markets-flows-baml/stocks-lure-in-cash-but-investors-eyeing-signs-of-correction-baml-idUSKCN1BQ1F9'|'2017-09-15T14:14:00.000+03:00'|6718.0|15.0|0.0|'' 6719|'844f8696260db716f6a53b59af3284880f13dbcf'|'Exclusive - Toshiba flips back to favouring Western Digital group for chip unit sale: sources'|' 5:39 PM / Updated 29 minutes ago Exclusive - Toshiba flips back towards Western Digital group for chip unit sale: sources Kentaro Hamada , Taro Fuse 3 Min Read FILE PHOTO - The logo of Toshiba is seen as a shareholder arrives at Toshiba''s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai/File Photo TOKYO (Reuters) - Toshiba Corp is shifting back toward selling its prized semiconductor unit to a group backed by joint venture partner Western Digital Corp, people familiar with the deal said. Just days ago the Japanese firm said it was leaning toward a rival bid for the $18 billion (13.34 billion pounds) business that includes a South Korean chipmaker. California-based Western Digital made key concessions to assure Toshiba it would not seek future control of the chip business, addressing antitrust concerns, said the sources, who asked not to be named as the discussions are private. That had turned the tide away from the bid led by U.S. private equity firm Bain Capital LP and SK Hynix Inc. Toshiba board members are to meet Wednesday, but it was unclear whether they could reach a decision, after saying last Wednesday the company was accelerating talks with the Hynix group. That announcement marked the third time Toshiba had missed targets to sell the business - the worlds second-biggest producer of NAND memory chips. FILE PHOTO - A Western Digital office building under construction is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake/File Photo The company needs the cash to plug a giant hole in its finances left by its bankrupt U.S. nuclear unit Westinghouse Electric Corp. Toshiba and SK Hynix could not be reached outside business hours. A Western Digital spokesman declined comment. Bain Capital did not immediately respond to a request for comment. Western Digitals refusal to relinquish future ownership rights in the chip business has hindered a sale, while the rival Hynix-Bain bid was hampered by legal challenges from Western Digital, made on grounds that it would infringe Western Digitals rights in the venture with Toshiba in central Japan. The U.S. company conceded to giving up voting rights in the NAND memory business, boosting the bid it had sought along with U.S. private equity firm KKR & Co LP and Japanese government-backed investors including the Innovation Network Corp of Japan. In the latest proposal, worth about 2 trillion yen (13.28 billion pounds) , INCJ would take the lead, including a 300 billion yen equity investment, the sources said. INCJ declined to comment. KKR didnt immediately respond to a request for comment. Toshiba needs cash by March to prevent it from being delisted from the Tokyo Stock Exchange. On top of that, the semiconductor business requires huge amounts of investment, and Toshibas chip unit runs the danger of losing its competitive ability as rivals roll out big capital spending plans. Reporting by Kentaro Hamada, Taro Fuse and Makiko Yamazaki in Tokyo; Additional reporting by Liana B. Baker in San Francisco; editing by William Mallard and John Stonestreet'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-toshiba-accounting-exclusive/toshiba-flips-back-to-favouring-western-digital-group-for-chip-unit-sale-sources-idUKKCN1BU2F0'|'2017-09-19T20:48:00.000+03:00'|6719.0|''|-1.0|'' 6720|'aa51966c46ea5e175b6c469b2c5973a5901a46eb'|'UPDATE 2-Finnish nuclear project sees delay in getting licence'|'(Adds safety authoritys, Rosatom comments)By Jussi Rosendahl and Tuomas ForsellHELSINKI, Sept 18 (Reuters) - A consortium planning to build a new nuclear plant in western Finland said on Monday it was likely to take a year longer than expected to get a construction licence due to delays in providing documents to safety authorities.Finnish-Russian group Fennovoima said it did not expect to get the licence until 2019, but added it was not able to say whether the start of the reactor would be postponed from 2024.Design work by Russias Rosatom, the supplier and co-owner of the Hanhikivi 1 project, had been slower than expected, it said.We will review how this will impact the project schedule with the Russians. I dont yet have a comment on it, Fennovoima project director Minna Forsstrom told Reuters.Safety authorities said the project did not have enough planning resources.The delays in the delivery of documents ... are in our view mainly due to a slower than expected organising of the project, as well as lack of resources in the project management, the Finnish Radiation and Nuclear Safety Authority said on its website.It added Rosatom had recently moved more employees to Helsinki to address the planning problems.Rosatom said in an email to Reuters it had mobilised all the resources, tools and experts necessary to be able to prepare the licence documentation on time.It added the original 2018 deadline was still feasible, although it recognised more time might be required.The project has faced obstacles as many of its original investors have opted out in the past years, including Germanys E.ON and Swedish metals firm Boliden.Rosatom, which has been stepping up overseas expansion, agreed in 2013 to take a stake in the reactor, and to supply and finance it.The involvement of the state-owned Russian company prompted concerns in Finland after the Ukraine crisis in 2014, but Finlands parliament nevertheless backed the plan by 115 votes to 74.The project is 66-percent owned by Voimaosakeyhtio SF, which includes more than 50 Finnish regional utilities and other companies. Rosatom holds the remaining 34 percent.In another troubled Finnish nuclear project, the Olkiluoto 3 reactor is expected to begin production almost a decade later than initially planned, and plant supplier Areva and its client, utility TVO, are locked in a dispute over the delays. (Reporting by Jussi Rosendahl and Tuomas Forsell; editing by Mark Potter and Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/finland-nuclear-fennovoima/update-1-finlands-fennovoima-flags-year-delay-in-reactor-licence-idUSL5N1LZ15D'|'2017-09-18T16:36:00.000+03:00'|6720.0|''|-1.0|'' 6721|'31fbd2f1106e80a4eece1721be33c6a0db3ee529'|'Lawsuit accuses Kmart of copying Halloween banana costume'|'September 27, 2017 / 3:53 PM / Updated 5 minutes ago Lawsuit accuses Kmart of copying Halloween banana costume A Kmart department store is seen in Killeen, Texas, U.S., January 5, 2017. REUTERS/Mohammad Khursheed (Reuters) - This lawsuit is bananas. Kmart Corp has been sued by a New Jersey company that accused the retailer of ripping off its full-body banana costume design for its Totally Ghoul banana mens Halloween costumes. Rasta Imposta is seeking unspecified damages from Kmart and its parent, Sears Holdings Corp ( SHLD.O ), for unfair competition and copyright infringement, in a complaint filed on Wednesday with the federal court in Camden, New Jersey. Kmart did not immediately respond to requests for comment. Halloween is big business for retailers and costume providers. U.S. shoppers are expected this year to spend $3.4 billion on costumes alone for the Oct. 31 holiday, according to the National Retail Federation and Prosper Insights & Analytics. According to the complaint, Kmart decided last week to stop buying Rasta Impostas humorous Halloween costumes, which it had done every year since 2008. The Runnemede, New Jersey-based plaintiff said Kmart began sales of knockoff banana costumes in August, saying it had found another vendor to provide that item, and in doing so infringed its 2010 Banana Design copyright. Kmarts costume has the same shape as the Banana Design, the ends of the banana are placed similarly, the vertical lines running down the middle of the banana are placed similarly, the one-piece costume is worn on the body the same way as the Banana Design, and the cut out holes are similar, the complaint said. Rasta Imposta has suffered significant financial harm and irreparable harm to its reputation as a result of Kmarts conduct, it added. Kmart was selling its Totally Ghoul banana costume on its website on Wednesday for $23.99, a $6 savings, with an additional 10 percent off for entering the code KBOO. The case is Silvertop Associates Inc d/b/a Rasta Imposta v Kmart Corp et al, U.S. District Court, District of New Jersey, No. 17-07499. Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-sears-kmart-banana-lawsuit/lawsuit-accuses-kmart-of-copying-halloween-banana-costume-idUSKCN1C228P'|'2017-09-27T18:53:00.000+03:00'|6721.0|''|-1.0|'' @@ -6779,7 +6779,7 @@ 6777|'6661cd340397d96e28cc901800d6d909ca07193a'|'Allergan boosts shares with $2 billion buyback'|'September 25, 2017 / 11:50 AM / Updated 5 hours ago Allergan boosts shares with $2 billion buyback Reuters Staff 2 Min Read The Allergan logo is seen in this photo illustration November 23, 2015. REUTERS/Thomas White/Illustration/File Photo (Reuters) - U.S. drugmaker Allergan Plc ( AGN.N ) on Monday authorized a $2 billion buyback of its common stock, sending its shares up after a week of disappointing news on its drug development pipeline. Allergan shares have fallen by around a fifth in value since late July but were up nearly 4 percent in morning trading on Monday. The company also said its Chief Financial Officer Tessa Hilado, 53, would retire. The planned stock buyback follows Allergans completion of a separate $15 billion repurchase, and after the company reported mixed trial data for its experimental treatment of NASH liver fibrosis. Allergan on Friday also received a refusal to file letter from the U.S. Food and Drug Administration for an expanded approval for its Vraylar drug to treat symptoms associated with schizophrenia in adults. Allergan said it had begun to search for a new finance chief, but declined to provide further comment on Hilados departure. Analysts at Bernstein, based on discussions with Allergans investor relations team, said Hilados departure was her personal decision and should not be viewed as suggesting issues this year or 2018. Hilado did not have broad support among Allergan investors and her exit would not be a particularly strong negative, they added. Hilado joined Allergan in 2014 and will continue in her current role until a successor is named. Allergan, which said it was committed to boosting its dividend payout annually, also backed its 2017 financial guidance and its commitment to pay down $3.75 billion of debt in 2018. The drugmaker had $30.24 billion in current and long-term debt and capital leases as of June 30. While the CFOs departure may create greater uncertainty, we take the companys reaffirmation of 2017 guidance and third quarter revenue projections as offsetting positives, Wells Fargo analyst David Maris said. Reporting by Manas Mishra and Ankur Banerjee in Bengaluru; Editing by Sai Sachin Ravikumar '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-allergan-buyback/allergan-sets-2-billion-share-buyback-cfo-to-retire-idINKCN1C01I8'|'2017-09-25T09:50:00.000+03:00'|6777.0|''|-1.0|'' 6778|'9962ff53547ee28e96ddb37fefec594623b61c34'|'White House battles critics over tax plan as lawmakers prepare to act'|'September 28, 2017 / 9:48 PM / Updated 9 hours ago White House battles critics over tax plan as lawmakers prepare to act David Morgan 4 Min Read WASHINGTON (Reuters) - The White House struggled on Thursday to defend its new tax plan against criticism that it would help the rich at the expense of lower classes, as Republicans in Congress prepared to move ahead with actual legislation. A day after President Donald Trump unveiled the plan and called it a miracle for the middle class, White House economic adviser Gary Cohn said he could not guarantee that all middle-class Americans would see their tax bills decline. I cannot guarantee that. You could find me someone in the country that their taxes may not go down, Cohn told reporters at a White House briefing. Cohn said that taxes may not decline for some, maybe one person, but insisted that the middle class would benefit. Our tax plan is aimed at making sure that we give middle class Americans a tax cut, Cohn told reporters. That is what we are spending all of our time on doing, and weve got lots of tools at our disposal to make sure we do that and thats what were going to do. The Trump plans tax cuts for businesses and individuals would reduce federal revenues by more than $5 trillion over a decade, according to independent analysts. The United States is already $20 trillion in debt and the Republican plan, while very specific on tax cuts, provided few details on how to offset the federal revenues that would be lost if the U.S. Congress were to approve Trumps proposals. Some critics said the plan may need to be pared back if Congress cannot agree on $4 trillion in offsets. It calls for slashing the corporate tax rate to 20 percent from 35 percent, the small business rate to 25 percent from 39.6 percent and the top individual rate to 35 percent from 39.6 percent. The Trump administration did not assign income levels to their proposed tax brackets. Every year, the Internal Revenue Service adjusts tax provisions for inflation to avoid people and businesses suddenly finding themselves in a different tax bracket. U.S. President Donald Trump arrives aboard Air Force One at Joint Base Andrews, Maryland, U.S. September 27, 2017. REUTERS/Jonathan Ernst The plan also has raised concerns among some critics about how it would effect the U.S. income gap between rich and poor. Democrats blasted the plan as a giveaway to the wealthy and businesses, despite Trumps assurances that the rich would not benefit. Critics have zeroed in on Republican plans to raise the lowest individual tax bracket to 12 percent from 10 percent. Representative Kevin Brady, Republican chairman of the tax-writing House of Representative Ways and Means Committee, dismissed the criticism as false. The 10 percent bracket today goes to zero, Brady told a audience at the Heritage Foundation think tank. Those of modest income, the poor and middle class, are better off. But before they can unveil actual tax reform legislation, the House and Senate will have to adopt a fiscal year 2018 budget resolution containing a procedural tool called reconciliation, which is vital if Republicans intend to move a tax bill through the Senate without support. Until this week, the budget resolution drive was embroiled in House Republican infighting. But House Budget Committee Chairman Diane Black told Reuters on Friday that she expected the measure to be approved in an Oct. 5 vote. Were going to absolutely have the votes, said Black, a Republican. People are excited about tax reform. Lawmakers will face a fight to eliminate $4 trillion in tax deductions, loopholes and other base broadeners, including tax breaks that will be defended by interest groups and lobbyists. This is going to make healthcare look like a simple thing to do, Senator Bob Corker, a fiscal hawk, said a day after the latest Senate push to replace Obamacare collapsed. Corker said the plans goals may not be achievable if lawmakers cannot agree on enough base broadeners. Republicans are aiming to have tax reform signed into law before January. Independent analysts believe they could enact legislation sometime in the first half of 2018. Reporting by David Morgan; Additional reporting by Susan Heavey and Lindsay Dunsmuir; Editing by Kevin Drawbaugh and Grant McCool '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-usa-tax/white-house-battles-critics-over-tax-plan-as-lawmakers-prepare-to-act-idUSKCN1C33AN'|'2017-09-29T00:47:00.000+03:00'|6778.0|''|-1.0|'' 6779|'baedd83f6e9f243b56347b279951eb6b779efa76'|'Toys ''R'' Us files for bankruptcy protection'|'Sept 18 (Reuters) - Toys R Us Inc, the largest U.S. toy store chain, filed for bankruptcy protection on Monday, the latest sign of turmoil in the retail industry caught in a viselike grip of online shopping and discount chains.The Chapter 11 filing is among the largest ever by a specialty retailer and casts doubt over the future of the companys approximately 1,600 stores and 64,000 employees. It comes just as Toys R Us is gearing up for the holiday shopping season, which accounts for the bulk of its sales.Toys R Us filed the petition in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond, Virginia. (Reporting by Tom Hals in Wilmington, Delaware and Subrat Patnaik in Bengaluru; Editing by Amrutha Gayathri) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/toysr-us-bankruptcy/toys-r-us-files-for-bankruptcy-protection-idUSL4N1M01Y3'|'2017-09-19T06:49:00.000+03:00'|6779.0|''|-1.0|'' -6780|'3fd3eb8dbb2df8a9e6cdc97a753d576f74bb4e2e'|'UK Stocks-Factors to watch on Sept 7'|'Sept 7 (Reuters) - Britain''s FTSE 100 index is seen opening 10 points higher at 7354.13 on Thursday, according to financial bookmakers. * RBS: Britain''s financial regulator should release a leaked report about Royal Bank of Scotland that alleged many companies suffered from "inappropriate action" by its Global Restructuring Group unit, a senior British lawmaker said. * ASTRAZENECA: A new kind of injectable biotech treatment for severe asthma from AstraZeneca and Amgen promises to help a much broader range of patients than existing medicines like GlaxoSmithKline''s Nucala. * THOMAS COOK GROUP: Pilots for Thomas Cook Airlines are set to strike later this week in a dispute over pay after London''s High Court on Wednesday refused to block the industrial action. * RETAIL: Britain''s Office for National Statistics will delay the publication of retail sales data for August, originally scheduled for Sept. 14, because of technical issues, it said on Wednesday. * LONDON HOUSING: The mayor of London plans to spend 250 million pounds ($326 million) buying land to tackle the city''s affordable housing crisis, which he described on Wednesday as the single biggest barrier to prosperity for Londoners. * BREXIT: The British government has asked FTSE 100 companies to sign a public letter endorsing its Brexit strategy, four sources familiar with the matter said on Wednesday, risking further strains with firms who are reluctant to agree. * BREXIT: The European Union will soon ask Britain to take responsibility for solving the Irish border problems, according to documents leaked to the Guardian. * EX-DIVS: Admiral Group, Antofagasta, BHP Billiton , CRH, Convatec , Glencore, Land Securities , RSA Insurance, Shire and Standard Life Aberdeen will trade without entitlement to their latest dividend pay-out on Thursday, trimming 6.51 points off the FTSE 100 according to Reuters calculations * The UK blue chip index closed down 0.25 percent at 7,354.13 points on Wednesday, weighed down by losses among banks and housebuilders although they ended off lows hit on simmering geopolitical tensions in the Korean peninsula. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: McBride PLC Full Year 2017 Earnings Release Bovis Homes Group PLC Half Year 2017 Earnings Release Go-Ahead Group PLC Full Year 2016 Earnings Release Redde PLC Full Year 2017 Earnings Release Ashmore Group PLC Full Year 2017 Earnings Release EnQuest PLC Half Year 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Esha Vaish in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-sept-7-idUSL4N1LO25S'|'2017-09-07T08:36:00.000+03:00'|6780.0|''|-1.0|'' +6780|'3fd3eb8dbb2df8a9e6cdc97a753d576f74bb4e2e'|'UK Stocks-Factors to watch on Sept 7'|'Sept 7 (Reuters) - Britain''s FTSE 100 index is seen opening 10 points higher at 7354.13 on Thursday, according to financial bookmakers. * RBS: Britain''s financial regulator should release a leaked report about Royal Bank of Scotland that alleged many companies suffered from "inappropriate action" by its Global Restructuring Group unit, a senior British lawmaker said. * ASTRAZENECA: A new kind of injectable biotech treatment for severe asthma from AstraZeneca and Amgen promises to help a much broader range of patients than existing medicines like GlaxoSmithKline''s Nucala. * THOMAS COOK GROUP: Pilots for Thomas Cook Airlines are set to strike later this week in a dispute over pay after London''s High Court on Wednesday refused to block the industrial action. * RETAIL: Britain''s Office for National Statistics will delay the publication of retail sales data for August, originally scheduled for Sept. 14, because of technical issues, it said on Wednesday. * LONDON HOUSING: The mayor of London plans to spend 250 million pounds ($326 million) buying land to tackle the city''s affordable housing crisis, which he described on Wednesday as the single biggest barrier to prosperity for Londoners. * BREXIT: The British government has asked FTSE 100 companies to sign a public letter endorsing its Brexit strategy, four sources familiar with the matter said on Wednesday, risking further strains with firms who are reluctant to agree. * BREXIT: The European Union will soon ask Britain to take responsibility for solving the Irish border problems, according to documents leaked to the Guardian. * EX-DIVS: Admiral Group, Antofagasta, BHP Billiton , CRH, Convatec , Glencore, Land Securities , RSA Insurance, Shire and Standard Life Aberdeen will trade without entitlement to their latest dividend pay-out on Thursday, trimming 6.51 points off the FTSE 100 according to Reuters calculations * The UK blue chip index closed down 0.25 percent at 7,354.13 points on Wednesday, weighed down by losses among banks and housebuilders although they ended off lows hit on simmering geopolitical tensions in the Korean peninsula. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: McBride PLC Full Year 2017 Earnings Release Bovis Homes Group PLC Half Year 2017 Earnings Release Go-Ahead Group PLC Full Year 2016 Earnings Release Redde PLC Full Year 2017 Earnings Release Ashmore Group PLC Full Year 2017 Earnings Release EnQuest PLC Half Year 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Esha Vaish in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-sept-7-idUSL4N1LO25S'|'2017-09-07T08:36:00.000+03:00'|6780.0|10.0|0.0|'' 6781|'97f901372de7cebed493a479243a13adeaf35d4b'|'UPDATE 1-FPL shut one reactor at Florida Turkey Point ahead of Irma'|'(Adds location of Turkey Point, earlier comments from FPL)Sept 10 (Reuters) - Florida Power & Light (FPL) said it had shut one reactor at its Turkey Point nuclear plant on Saturday but will leave the other operating, after the forecast track for Hurricane Irma shifted toward the west and away from the South Florida plant.FPL also said it no longer plans to shut the two reactors at its St Lucie plant located on a barrier island on the states east coast, about 120 miles (193 km) north of Miami.Turkey Point is located about 30 miles south of Miami.Before Irmas expected track changed, FPL said on Friday it planned to shut both units at Turkey Point sometime on Saturday about 24 hours before hurricane force winds reached the plant.The company also had said it planned to shut both reactors at St Lucie about 24 hours before hurricane force winds reached that plant.FPL, the biggest power company in Florida, changed its plan because hurricane force winds are no longer expected to reach either site.FPL is a unit of Florida energy company NextEra Energy Inc . (Reporting by Scott DiSavino; Editing by Elaine Hardcastle) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-irma-fpl-nuclear/update-1-fpl-shut-one-reactor-at-florida-turkey-point-ahead-of-irma-idINL2N1LR0B0'|'2017-09-10T10:43:00.000+03:00'|6781.0|''|-1.0|'' 6782|'be9a4bb4a7f801067779196ed997ec5dbedc159e'|'U.S. says Telia settles bribery case, to pay $548.6 mln'|'NEW YORK (Reuters) - Swedish telephone company Telia Co has agreed to pay $548.6 million in criminal penalties and a unit agreed to plead guilty to a bribery charge to settle a U.S. probe of the companys alleged corruption in Uzbekistan, court papers show.The settlement was detailed in papers made public on Thursday and being filed with the U.S. District Court in Manhattan.According to the papers, Telia is entering a three-year deferred prosecution agreement under which it admitted and accepted responsibility for alleged corruption.Its Coscom LLC unit in Uzbekistan is separately pleading guilty to one count of conspiring to violate anti-bribery provisions of the Foreign Corrupt Practices Act, a U.S. law, the papers show.In a statement, Telia said it was very close to a final settlement with all authorities, including Dutch prosecutors and the U.S. Securities and Exchange Commission, and has already set aside money for the expected financial sanctions.Telia had estimated in April that a resolution related to its Uzbek business might cost about $1 billion.According to U.S. prosecutors, Telia, Coscom and a high-ranking Telia executive conspired to pay an Uzbek government official $331.2 million in bribes in exchange for help in expanding their share of Uzbekistans telecommunications market.The payments were made from 2007 to 2010, and the corrupt conduct resulted in $457 million of gains for Stockholm-based Telia, the court papers show.Deferred prosecution agreements allow companies to avoid criminal charges, so long as they comply with the terms.Additional reporting by Anna Ringstrom and Olof Swahnberg in Stockholm '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/legal-us-telia-settlement/u-s-says-telia-settles-bribery-case-to-pay-548-6-mln-idUSKCN1BW1XX'|'2017-09-21T22:01:00.000+03:00'|6782.0|''|-1.0|'' 6783|'350f2db0188e611d0ce5b1f57f63a8bbdf96082b'|'SAP to buy customer management software firm Gigya'|' 5:29 PM / Updated 3 hours ago SAP to buy customer management software firm Gigya Reuters Staff 3 Min Read FILE PHOTO: SAP headquarters in Walldorf, Germany, January 24, 2017. REUTERS/Ralph Orlowski/File Photo FRANKFURT/JERUSALEM (Reuters) - SAP ( SAPG.DE ), Europes biggest technology company, has agreed to buy U.S.-Israeli customer identity software company Gigya to strengthen its position in the booming market for online customer relationship marketing, the company said on Sunday. The deal, terms of which were not disclosed, will tie together Gigyas user identity access and management platform with SAPs Hybris customer profile data-matching software so businesses can market services to online customers. Several Israeli media put a purchase price on the deal of $350 million for Gigya, which was founded in Israel in 2006 before relocating its headquarters to Silicon Valley. Both companies declined to comment on price of the deal. Gigya software enables companies to manage customer marketing profiles and preferences, while giving consumers themselves the power to opt-in and give their consent, helping users to keep control of their data at all times, SAP said. The acquisition beefs up SAPs ability to help companies doing business in Europe to comply with privacy regulations such as the EUs upcoming General Data Protection Regulation. Gigya currently manages 1.3 billion customer identity profiles. Major independent analyst firms, most recently Forrester Research, have positioned Gigya as a top vendor in this field, SAP said in a statement announcing the deal. Forrester ranks Gigya as leader in the niche field of user identity management against rivals such as Salesforce ( CRM.N ), Ping Identity, Auth0 and Microsoft ( MSFT.O ), singling Gigya out for its more intuitive user interface and security. It counts 700 big businesses as users, including half of the top 100 U.S. web properties, and European brands such as retailer ASOS ( ASOS.L ), pharmaceutical maker Bayer ( BAYGn.DE ), cosmetics firm LOreal ( OREP.PA ) and airline KLM ( AIRF.PA ), according to Gigya. Gigya will be incorporated into SAPs Hybris marketing business, which offers so-called ommichannel integration that allows businesses to keep tabs on customers whether they shop in stores, online or on their phones, SAP said. Since 2013, Gigya has been a partner of Hybris, which SAP acquired the same year. The transaction is expected to close in the final quarter of 2017, subject to regulatory approval, SAP said. Reporting by Eric Auchard, Vera Eckert and Ari Rabinovitch; Editing by Tova Cohen and Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-sap-se-gigya-m-a/sap-to-buy-data-specialist-gigya-idUKKCN1BZ0SW'|'2017-09-24T22:44:00.000+03:00'|6783.0|''|-1.0|'' @@ -6796,7 +6796,7 @@ 6794|'7ec2295575daf643815b9b62338b0a87c1ce0e1f'|'U.S. fines HSBC $175 million for lax forex trading oversight'|'Juncker warns UK on progress of Brexit talks Juncker warns UK on progress of Brexit talks Juncker warns UK on progress of Brexit talks Reuters TV United States 3:16 PM / Updated an hour ago U.S. fines HSBC $175 million for lax forex trading oversight Reuters Staff 2 Min Read FILE PHOTO: A branch of HSBC Bank is pictured in Cairo, Egypt July 30, 2017. REUTERS/Mohamed Abd El Ghany The U.S. Federal Reserve fined HSBC Holdings PLC ( HSBA.L ) $175 million on Friday for unsafe and unsound practices in its foreign exchange trading business, the latest in a series of fines for banks that fail to prevent market manipulation. HSBC failed to monitor chat rooms where traders swapped information about investment positions, the U.S. central bank said, echoing findings by other regulators investigating the $5 trillion-a-day foreign exchange or FX market. The board levied the fine for deficiencies in HSBCs oversight of and internal controls over FX traders, the Fed said in a statement. The fine follows others of more than $4.3 billion levied by the U.S. Commodity Futures Trading Commission and Britains Financial Conduct Authority on six banks including HSBC in November 2014. We are pleased to have resolved this matter related to practices in the FX market from 2008-2013, said company spokesman Rob Sherman. Authorities accused HSBC dealers of sharing confidential information about client orders and coordinating trades to boost their own profits. The foreign exchange benchmark they allegedly manipulated is used by asset managers and corporate treasurers to value their holdings. The Feds enforcement action also requires HSBC to improve its controls and compliance risk management concerning the firms FX trading, the Fed said. Reporting by Patrick Rucker; additional reporting by Lawrence White in London; Editing by Elaine Hardcastle and Tom Brown'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-hsbc-fed-fine/federal-reserve-says-fined-hsbc-175-million-for-unsafe-forex-trades-idUKKCN1C4283'|'2017-09-30T00:37:00.000+03:00'|6794.0|''|-1.0|'' 6795|'e83ff2d05d37694e591d869eca1e6abbfeece592'|'A year on, Wells Fargo cannot shake off its mis-selling scandal'|'ON SEPTEMBER 8th 2016, Wells Fargos reputation plummeted abruptly from that of Americas finest bank to that of yet another dodgy company. It was revealed to have opened an enormous number of potentially unauthorised retail deposit, current (checking) and credit-card accounts. A year on, two questions have yet to be put to rest. How much harm did Wells do to its customers? And how much did the scandal hurt the bank itself?Wells has not been passive in its response. It has produced report after report on its misdeeds and submitted to investigations by two federal regulators, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency. It has purged its chief executive and the head of its retail bank, clawed back executive bonuses, transformed its board and simplified its formerly decentralised structure. It has created a comprehensive process for restitution and settled a class-action suit. 20 20 Yet it cannot put the scandal behind it. In July it was reported that up to 570,000 car-loan customers may have been forced to buy unneeded insurance. On August 31st a new report on the initial scandal increased the number of potentially unauthorised accounts from 2.1m to 3.5m (excluding the years from 2002 to 2009, which could not be examined because of changes to the banks systems). In the latest investigation, an entirely new concern emerged: another 528,000 potentially unauthorised accounts for online-bill payment.That is unlikely to be the end of it. The full report was not made public, adding to concerns that other embarrassing problems have been found. The Department of Justice has launched an investigation; New Yorks attorney-general has requested details about the forced car insurance. Criminal charges are not inconceivable. Nor are fines of almost any magnitude; since the financial crisis Americas regulators have proved adept at extracting large payments from financial institutions. Private suits are also on the cards. A husband and wife who were fired have filed suit, alleging they were punished for whistle-blowing. Others among the 5,300 sacked over the account-creation scandal may take action, too, claiming they were merely executing orders. And of course customers could also go to court. Californias government, for one, may be on the verge of making it easier for them to do so.Yet the scandal has done remarkably little damage to Wellss franchise. Over the past year, Apple and JPMorgan Chase are the only American firms to have made more money. Wellss return on equity is not particularly high, but that is true for banks in general. Compared with its peers in the industry, it has had good results. Customers have not been fleeing. Deposits have risen and Wells has the leading market share in some businesses that require institutional trust, such as processing automated clearing-house (ACH) payments, which underpin credit-card, payroll and all manner of other transactions.The scandal forced Wells to dump the strategy seen as the secret of its successto see a branch as a shop and a financial product as a type of retail good. It now says shareholder returns are only the last of six core values, after innovation, community service and others. But it still monitors the profitability of client relationships. Despite the distractions of the past year, it has improved the technology in its branches, with cardless ATM withdrawals and automated warnings if accounts fall below a customer-selected level. These are hardly radical innovations but are new to American finance, and they matter to customers.The direct costs of its troubles have been relatively trivial (though its legal bill may not seem so to lawyers). It is in the process of paying $11m for refunds and compensation tied to the account openings, $80m for the unwanted car insurance, $185m for fines and $142m to settle a class-action suit. A bit more than 40% that has already been clawed back from various executives. The biggest cost to Wells has probably been paid by its share price. If it traded at an earnings multiple closer to that of JPMorgan Chase it would be worth tens of billions of dollars more. That is the price not so much of shame, as of uncertainty. Finance and economics "Stick in the mud"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21728636-though-its-impact-bank-has-been-less-profound-feared-year-wells?fsrc=rss'|'2017-09-07T22:43:00.000+03:00'|6795.0|''|-1.0|'' 6796|'934a8e3dfb08e2d82f2d54943cb517cd84900a44'|'Australian regulator ''not scared'' of taking on any entity, says banks very powerful'|'September 12, 2017 / 4:04 AM / a minute ago Australian regulator ''not scared'' of taking on any entity, says banks very powerful Reuters Staff 2 Min Read Greg Medcraft, chairman of the Australian Securities and Investment Commission (ASIC), speaks at a panel of regulators in Sydney, Australia, September 8, 2017. REUTERS/Jason Reed SYDNEY (Reuters) - Australias corporate regulator on Tuesday took aim at the nations four major banks, saying they are very powerful with a lot of hubris and are not used to be taken on by regulators. Australian Securities and Investment Commission (ASIC) Chairman Greg Medcraft, who was speaking at a Reuters Newsmaker event in Sydney, said he is not scared of anybody. Medcraft emphasized the need for bigger penalties for white collar criminals. I think they are not being used to taken on, he said. A 2014 Senate Inquiry stated that ASIC is perceived to be timid and hesitant. It is also seen as weaker compared to Western regulators in terms of the small fines it levies and other penalties it imposes. ASIC is now trying to rebuild confidence, in part by taking three of Australias biggest banks - ANZ Banking Group ( ANZ.AX ), Westpac Banking Corp ( WBC.AX ) and National Australia Bank ( NAB.AX ) - to court after failing to reach a settlement over allegations of benchmark interest rate rigging. The latest incident to rock Australias highly profitable Big Four banks is potentially the worst, with CBA accused last month by the nations financial intelligence agency of allowing criminals to launder millions of dollars. I think the big banks are extremely powerful in this country, Medcraft said. When I became chairman I decided we need to build a war chest to take on big cases...I am not scared of anybody. Medcrafts tenure at ASIC expires in November. Reporting by Swati Pandey; Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-australia-regulator/australian-regulator-not-scared-of-taking-on-any-entity-says-banks-very-powerful-idUKKCN1BN0AV'|'2017-09-12T06:55:00.000+03:00'|6796.0|''|-1.0|'' -6797|'50a714be04cc6852751180cfa51b04417f5c6643'|'Britain''s FCA quizzed by lawmakers on listing rule plans ahead of Aramco IPO'|'FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo LONDON (Reuters) - Britains financial regulator has been told by two parliamentary committees to address concerns that plans to relax rules on listing state companies could undermine corporate governance.The Financial Conduct Authority (FCA) in July proposed a new listing category for companies controlled by sovereign states, which was seen as a move to help London win the listing of Saudi Aramco as the oil giant prepares for what is expected to be the worlds largest ever initial public offering.The proposal, however, has attracted the attention of Britains Treasury Select Committee and Energy and Industrial Strategy Committee, chaired by Nicky Morgan and Rachel Reeves respectively, who have written an open letter to FCA boss Andrew Bailey asking if the rules could weaken protection for private investors against interference from foreign sovereign company owners.They asked the regulator to explain if Aramcos interest in listing in London influenced the consultation and whether companies controlled by sovereign entities engaged in it.The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. The Financial Services Authority (FSA) has been scrapped from April 1 amid reforms to fix a supervisory system criticised for failing to spot the financial crisis coming, forcing Britain to bail out banks. Two new bodies will replace it - the FCA and the Prudential Regulation Authority. REUTERS/Chris Helgren (BRITAIN - Tags: BUSINESS POLITICS LOGO) - GM1E9411OC101 Morgan and Reeves also asked if ministers and government officials had been consulted on the balance between attracting foreign investment and maintaining the integrity of Britains stock market.The FCA said it has received the letter and will respond in due course.The FCAs proposals were applauded by Britains financial lobby groups as helping to ensure the countrys capital markets remain attractive once it leaves the European Union.But they have received a cold reception from investors and corporate governance groups that say the proposed new listing category could lower the quality of companies on the London stock market and leave shareholders with less protection when things go wrong.Aramco has yet to decide where it will list, though London and New York have been touted as frontrunners for the bulk of the public flotation.Reporting by Clara Denina; Additional reporting by Huw Jones; Editing by David Goodman '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-britain-regulation-ipo/britains-fca-quizzed-by-lawmakers-on-listing-rule-plans-ahead-of-aramco-ipo-idUSKCN1BI34S'|'2017-09-08T07:14:00.000+03:00'|6797.0|''|-1.0|'' +6797|'50a714be04cc6852751180cfa51b04417f5c6643'|'Britain''s FCA quizzed by lawmakers on listing rule plans ahead of Aramco IPO'|'FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo LONDON (Reuters) - Britains financial regulator has been told by two parliamentary committees to address concerns that plans to relax rules on listing state companies could undermine corporate governance.The Financial Conduct Authority (FCA) in July proposed a new listing category for companies controlled by sovereign states, which was seen as a move to help London win the listing of Saudi Aramco as the oil giant prepares for what is expected to be the worlds largest ever initial public offering.The proposal, however, has attracted the attention of Britains Treasury Select Committee and Energy and Industrial Strategy Committee, chaired by Nicky Morgan and Rachel Reeves respectively, who have written an open letter to FCA boss Andrew Bailey asking if the rules could weaken protection for private investors against interference from foreign sovereign company owners.They asked the regulator to explain if Aramcos interest in listing in London influenced the consultation and whether companies controlled by sovereign entities engaged in it.The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. The Financial Services Authority (FSA) has been scrapped from April 1 amid reforms to fix a supervisory system criticised for failing to spot the financial crisis coming, forcing Britain to bail out banks. Two new bodies will replace it - the FCA and the Prudential Regulation Authority. REUTERS/Chris Helgren (BRITAIN - Tags: BUSINESS POLITICS LOGO) - GM1E9411OC101 Morgan and Reeves also asked if ministers and government officials had been consulted on the balance between attracting foreign investment and maintaining the integrity of Britains stock market.The FCA said it has received the letter and will respond in due course.The FCAs proposals were applauded by Britains financial lobby groups as helping to ensure the countrys capital markets remain attractive once it leaves the European Union.But they have received a cold reception from investors and corporate governance groups that say the proposed new listing category could lower the quality of companies on the London stock market and leave shareholders with less protection when things go wrong.Aramco has yet to decide where it will list, though London and New York have been touted as frontrunners for the bulk of the public flotation.Reporting by Clara Denina; Additional reporting by Huw Jones; Editing by David Goodman '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-britain-regulation-ipo/britains-fca-quizzed-by-lawmakers-on-listing-rule-plans-ahead-of-aramco-ipo-idUSKCN1BI34S'|'2017-09-08T07:14:00.000+03:00'|6797.0|5.0|0.0|'' 6798|'94bb90167e81dac6b948eaf82f5ddc2b652f2c07'|'UPDATE 1-ZhongAn to offer life insurance after Hong Kong IPO worth up to $1.5 bln'|'* IPO to open on Monday, final pricing on Thursday* Indicative pricing range of HK$53.70 to HK$59.70/share (Adds IPO timeline and expected market value)By Elzio BarretoHONG KONG, Sept 18 (Reuters) - Chinas ZhongAn Online Property and Casualty Insurance Co Ltd, the nations first internet-only insurer, said it plans to add life insurance and other healthcare products to its range of policies after going public in Hong Kong.ZhongAn, founded by Alibaba Executive Chairman Jack Ma, Tencent Chairman Pony Ma and Ping An Insurance Group Chairman Ma Mingzhe also plans to offer its technology to insurers inside and outside of China, it said on Sunday.The company is offering 199.3 million new shares in an indicative range of HK$53.70 to HK$59.70 each, putting its initial public offering at up to HK$11.9 billion ($1.5 billion).At the top end of the range, ZhongAn would have a market value of around $11 billion, it said in its prospectus.Final pricing will be decided on Thursday, with its debut on the Hong Kong stock exchange slated for Sept. 28, the company said.Japans SoftBank Group Corp agreed to buy a stake of just below 5 percent in ZhongAn as a cornerstone investor in the IPO, investing about $550 million.This is a good marriage for the company in the sense that this is a very strategic, visionary investor and theyve done a lot of study into the company. SoftBank is definitely a very strong stamp of approval, ZhongAns Chief Financial Officer Francis Tang said at a news conference.SoftBank could make the investment through SoftBank Vision Fund, the worlds largest private equity fund, or other affiliates, ZhongAn said.The company plans to use the new funds to bolster its capital base and cope with a 70 percent surge in gross written premiums in the three months ended March 2017, compared with the same period last year.We are at a fast-pace growth stage, so we want to make sure that we have the sufficient capital because as an insurance company we have to have a strong capital base to do more business, Tang said. So when we see more business coming in, we want to make sure this wont become a bottleneck.The company has sold more than 8.2 billion policies to some 543 million people since its inception in 2013 in five areas: travel, health, consumer finance, auto and lifestyle consumption, where it started by insuring shipping returns at e-commerce giant Alibabas online marketplace.ZhongAn is applying for a license to offer life insurance products, Tang said, without giving an expected timeline for approval. It already offers 262 different types of insurance products and wants to add more within the five core areas.We can further develop the depth and breadth in each of them, Tang said. Were looking more at the pain points when you conduct your daily activities on the Internet ... what kind of protections do people need? We want to address those.ZhongAn also plans to earn more in coming years from the sale of its technology to other insurers and partners within China and abroad.This is how we want to see our expansion, not just outside China, but also inside China, Tang said.($1 = 7.8170 Hong Kong dollars)Reporting by Elzio Barreto; Editing by Louise Heavens and Edwina Gibbs '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/zhongan-online-ipo/update-1-zhongan-to-offer-life-insurance-after-hong-kong-ipo-worth-up-to-1-5-bln-idINL4N1LZ05Q'|'2017-09-18T00:27:00.000+03:00'|6798.0|''|-1.0|'' 6799|'10df702b8b7e7196b03cc6e9f5a66205a2f5a4ae'|'Wall St Week Ahead-Looming debt ceiling deadline pushing some U.S. fund managers to cash'|'(Repeats Friday story without changes)By David RandallNEW YORK, Sept 1 (Reuters) - A potential standoff over the U.S. federal debt ceiling is raising alarm bells among fund managers who fear a repeat of 2011 when a protracted showdown over increasing the governments borrowing limit and subsequent downgrade of U.S. credit quality led to a more than 15 percent slump in the S&P 500 stock index.U.S. investors are raising cash and buying protection, bracing for a messy fight ahead of the Treasury Departments Sept. 29 deadline to raise the debt limit, a legal cap on how much the U.S. government is allowed to borrow.Failure to increase the debt ceiling could lead to a recession and prompt the first significant sell-off of the Trump administration. The benchmark S&P 500 has not fallen by 5 percent or more in over a year, the longest streak without such a decline in more than 20 years.Federal efforts to clean up the devastation after Hurricane Harvey battered Texas have decreased the probability of a federal government shutdown to 35 percent from 50 percent two weeks ago, according to Goldman Sachs, as the legislation could be packaged into a larger disaster relief bill.Yet the danger still remains, Goldman warned in a Tuesday note.A delayed debt ceiling hike is still clearly possible, Goldman strategists wrote. The president continues to raise the possibility of a shutdown if the border wall is not funded, and the upcoming extension of spending authority is likely to be temporary, potentially pushing the risk of a shutdown later into the year.Fund managers say they are not confident that a debt ceiling agreement will be passed as quickly as the broad market expects.Youve got a political environment that is very contentious, not just left versus right but within the Republican Party itself, said Jeff Klingelhofer, a co-portfolio manager of the $1.1 billion Thornburg Strategic Income Fund.If the rhetoric increases it will spook markets and we are taking risk off the table by raising cash and lowering the credit duration in their bond portfolios, he said.David Ader, chief macro strategist at Informa Financial Intelligence, said Treasury bills for October are about 10 basis points higher in yields than they normally would be, owing to debt-ceiling concerns. People are avoiding them, he said.President Donald Trump criticized congressional Republican leadership for not tying the debt ceiling increase into a bill that made it easier for the Department of Veteran Affairs to fire employees for misconduct, calling the situation a mess in an Aug. 24 tweet.When asked about the possibility of attaching debt ceiling legislation to a relief bill for the victims of Harvey, U.S. Treasury Secretary Steven Mnuchin told the Wall Street Journal on Thursday: At the end of the day, I just want it raised.The stock market has so far shaken off concerns this year ranging from increasing tensions over North Koreas missile tests to ongoing investigations into Russias efforts to influence the 2016 U.S. presidential election as U.S. corporate profits have jumped. As of Aug. 29, 73.6 percent of companies in the S&P 500 reported earnings above analyst estimates in the second quarter, pushing earnings up 12.1 percent for the index as a whole, according to Thomson Reuters data.Even so, the stock markets unbroken push higher this year leaves it more vulnerable to a significant decline if a debt ceiling deal is not reached by late September, said Matt Watson, a co-portfolio manager of the $3.2 billion James Balanced Golden Rainbow Fund.As a result, Watsons fund has been raising cash and is preparing to buy shorter-duration Treasury bonds if they see a sign of a sell-off.The stock market is very overvalued, so it makes sense to lighten up on risk going into this, he said. (Reporting by David Randall; Editing by Jennifer Ablan and James Dalgleish; Wall St Week Ahead runs every Friday. For the daily stock market report, please click) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-stocks-weekahead/wall-st-week-ahead-looming-debt-ceiling-deadline-pushing-some-u-s-fund-managers-to-cash-idUSL2N1LI16A'|'2017-09-03T19:00:00.000+03:00'|6799.0|''|-1.0|'' 6800|'781fd634c3adc224395a20a87f85d40adc7b5dcb'|'Services group Sodexo sees some impact from euro''s strength'|'September 18, 2017 / 5:58 AM / Updated an hour ago Services group Sodexo sees some impact from euro''s strength Reuters Staff 1 Min Read The logo of French food services and facilities management group Sodexo is seen at the company headquarters in Issy-les-Moulineaux near Paris, France, March 18, 2016. REUTERS/Gonzalo Fuentes/File Photo PARIS (Reuters) - Sodexo ( EXHO.PA ), a French facilities management and vouchers group, said on Monday there would be some impact on its results from the recent rise in the euro EUR= . The currency impact on operating profit will remainjust slightly positive, but less than in the first half, given the recent strength of the euro against the U.S. dollar, sterling and the Brazilian real, Sodexo said in a statement. Sodexo, the worlds second-biggest catering services company after Compass Group ( CPG.L ), confirmed its guidance for operating profit growth at the bottom of an 8-9 percent range for 2017, and announced the completion of the sale of its Vivabox USA arm to Lion Equity Partners. In July, Sodexo cut its full-year sales growth target after a weaker-than-expected performance in the third quarter. Reporting by Sudip Kar-Gupta; Editing by Sherry Jacob-Phillips '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-sodexo-outlook/services-group-sodexo-sees-some-impact-from-euros-strength-idUKKCN1BT0F7'|'2017-09-18T08:57:00.000+03:00'|6800.0|''|-1.0|'' @@ -6806,7 +6806,7 @@ 6804|'fda2baae1721c0686dec1109bcf15d5bf2bdf88c'|'Mnuchin, Ryan see passage of U.S tax overhaul by end of year - Reuters'|'September 7, 2017 / 4:18 PM / Updated 2 hours ago Mnuchin, Ryan see passage of U.S tax overhaul by end of year Doina Chiacu , Susan Heavey 4 Min Read FILE PHOTO: U.S. Treasury Secretary Steve Mnuchin gestures during a news briefing at the White House in Washington, U.S., August 25, 2017. REUTERS/Yuri Gripas WASHINGTON (Reuters) - Treasury Secretary Steven Mnuchin and House of Representatives Speaker Paul Ryan voiced confidence on Thursday that Congress will pass an overhaul of the U.S. tax code by the end of this year, a major but elusive goal for President Donald Trump and his fellow Republicans. We want America to wake up on New Years Day 2018 with a new tax system, Ryan said, adding that his goal was to have a U.S. corporate tax rate at or below 22.5 percent, down from the current 35 percent. [nL2N1LO0QI] I think its still very viable to get it done this year, Mnuchin said, calling the tax overhaul his and Trumps top priority. We dont need to set a specific date. Were going to get this done as quickly as we can. [nL2N1LO0HG] Mnuchin and Ryan made their predictions a day after Trump reached a deal with Democrats to avert an unprecedented default on U.S. government debt, keep the government funded at the outset of the fiscal year beginning Oct. 1 and provide aid to victims of Hurricane Harvey. [nL2N1LN19D] Trump has said he wants to lower the U.S. corporate tax rate to 15 percent from 35 percent. Ryan, in an interview with the New York Times, indicated that a figure that low was unrealistic. The numbers are hard to make that work, Ryan said. He obviously wants to push this as low as possible. I completely support doing that, but at the end of the day weve got to make these numbers work. Our goal is to be at or below the industrialized world average - and thats 22.5 (percent). So our goal is to get in the mid- to low 20s. And we think thats an achievable goal, he added. The White House hopes Wednesdays deal clears the decks for Congress to tackle the tax overhaul, a top Trump campaign promise. Even though Republicans control the White House and both chambers of Congress, Trump has yet to win passage of any major legislation, with Democrats typically united against him. Speaker of the House Paul Ryan (R-WI) speaks during a press briefing on Capitol Hill in Washington, U.S. on September 6, 2017. REUTERS/Joshua Roberts/Files His administration previously has offered rosy predictions about the timing of a tax overhaul that have not come to pass. Mnuchin in February said the administration was committed to getting the tax overhaul through Congress by August. Mnuchin and Ryan are members of six-member Republican team that has been negotiating a tax plan behind closed doors for months, excluding Democrats and producing only a few pages of basic principles. The group was meeting on Thursday morning. Trump on Tuesday urged congressional leaders to make a big push on taxes with cuts for individuals and companies and tax breaks for businesses to bring back profits from overseas. [nW1N1L400Z] Republicans are still divided on significant issues such as whether tax cuts should be offset with spending cuts to avoid increasing the federal budget deficit and how much to lower the corporate income tax rate. In an interview with Fox Business Network, Mnuchin said he was not worried about the plan going off track because of either Democrats or conservative Republicans making their own demands. Many Democrats have voiced opposition to a tax plan that primarily benefits the wealthiest Americans and corporations. Asked whether he was concerned that Democrats could use the funding deal struck on Wednesday to make demands such as rejecting any tax cut for the wealthy or pushing for a cut for middle-income earners, Mnuchin said no. He also said he expected some Democrats to back the final tax plan. On Wednesday, Trump said he would offer more details about his tax reform plan in about two weeks. [nL2N1LO014] Reporting by Susan Heavey and Doina Chiacu; Additional reporting by David Morgan; Writing by Will Dunham; Editing by Jonathan Oatis '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/usa-tax/mnuchin-ryan-see-passage-of-u-s-tax-overhaul-by-end-of-year-idINKCN1BI2AA'|'2017-09-07T14:18:00.000+03:00'|6804.0|''|-1.0|'' 6805|'b5d67685e6c3a59f5b3eb3d390c3757ccb9fcefe'|'UPDATE 2-BlackRock CEO Fink says he is committed to gender diversity'|'(Adds Quote: from Fink, paragraphs 2-3; statistics on BlackRock employee diversity, paragraph 4; bylines)By Trevor Hunnicutt and Stephanie KellyNEW YORK, Sept 20 (Reuters) - BlackRock Inc Chief Executive Larry Fink on Wednesday said the largest asset manager must mirror its customers in terms of gender, comments that come as the company has become more vocal about shareholder and activist efforts to boost workplace diversity.The reality is in the world more than 50 percent of household wealth is managed by women, said Fink, who spoke at the Bloomberg Global Business Forum in New York.And so if Im going to be a mirror of my clients, we are going to need more women in our firm.BlackRock said this year that 39 percent of its employees are women, and that 43 percent of its total hires in 2016 and 29 percent of those brought on in senior leadership positions last year are women.Investors have increasingly signaled a desire for their savings, including those managed by BlackRock and its rivals, to reflect their values. As a major shareholder in most public companies, BlackRock has also been pressured by activists to back shareholder-fronted propositions and vote against boards to prompt better corporate citizenship.Fink has encouraged executives to adjust their behavior to focus on generating long-term value for shareholders, rather than simply meeting short-term profit targets.Lack of diversity is among the top issues, but Fink said on Wednesday that BlackRock has also seen greater interest from investors in environmental, social and corporate governance issues as a result of the United States potentially leaving the landmark 2015 Paris climate pact.Breaking with prior practice, BlackRock this year publicly disclosed opposition to practices at oil company Exxon Mobil Corp, drugmaker Mylan NV and other firms over climate change, compensation and other policies.BlackRock voted for eight proposals pushing U.S. and Canadian companies to adopt policies to boost their boards diversity during the second quarter, the asset manager disclosed in July. It said a lack of diversity could hinder decision-making.BlackRocks board includes 17 members, four of whom are women. (Reporting by Trevor Hunnicutt and Stephanie Kelly; Editing by Meredith Mazzilli) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/bloomberg-forum-blackrock/update-1-blackrocks-fink-says-he-is-committed-to-gender-diversity-idINL2N1M112E'|'2017-09-20T14:51:00.000+03:00'|6805.0|''|-1.0|'' 6806|'ad79a061f9952a90724b41abc29eb618e6e53004'|'BRIEF-Italy''s Gamenet aims to sell at least 35 pct capital in IPO'|'Sept 15 (Reuters) - Italian lottery group Gamenet says:* aims to sell at least 35 percent of its capital in its upcoming initial public offering (IPO)* investors TCP Lux Eurinvest and Intralot Italian Investments will sell part of their stakes in IPO, TCP will keep at least 35 percent shareholding after listing* Banca IMI, Credit Suisse and UniCredit will act as joint global coordinators and joint bookrunners, Unicredit will act also as sponsor for the listing (Reporting by Milan newsroom) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-italys-gamenet-aims-to-sell-at-lea/brief-italys-gamenet-aims-to-sell-at-least-35-pct-capital-in-ipo-idINL5N1LW1LC'|'2017-09-15T06:42:00.000+03:00'|6806.0|''|-1.0|'' -6807|'ca44ebbd224e62dca0948621cf9c6a800368b5e8'|'METALS-Copper firmer as China industrial outlook brightens'|'SYDNEY, Sept 1 (Reuters) - Copper firmed in early Asian trading on Friday, gaining momentum from a positive outlook for Chinese industrial activity.China''s manufacturing activity expanded at the fastest pace in six months in August, buoyed by a surge in export orders and higher prices, according to the private Caixin manufacturing purchasing managers index.The official Purchasing Managers'' Index (PMI) released on Thursday rose to 51.7 in August from 51.4 the previous month.FUNDAMENTALS * LME COPPER: Three-month copper on the London Metal Exchange was up 0.3 percent at $6,811 a tonne by 0115 GMT, extending gains from the previous session. The contract touched a peak of $6,872 on Thursday, the highest since September 2014.* SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange was up 0.2 percent at 52,730 yuan ($8,003) a tonne shortly after the open.* SPECULATION: A speculative frenzy triggered by a falling dollar, tighter supplies and healthy demand in top consumer China have in recent weeks propelled prices of industrial metals to multi-year highs.* INDONESIA CHEERS: Indonesia''s government left no doubts as to who it believes got the better deal in its landmark agreement with Freeport McMoRan Inc on the future of the Grasberg copper mine.* MINE BOOST: Canadian miner First Quantum Minerals Ltd said on Thursday it would boost its stake in unit Minera Panama SA to 90 percent in a deal valued at $635 million to increase its copper mining operations.* DOLLAR DOWN: The dollar edged down on Friday after tepid U.S. economic data casts doubts on whether the Federal Reserve will raise rates again this year, though investors were cautious ahead of the key monthly U.S. employment data later in the global session.* For the top stories in metals and other news, click orMARKETS NEWS * Asian equities followed Wall Street''s gains overnight and edged higher on Friday while the dollar''s advance slowed ahead of the U.S. jobs report due later in the session.DATA/EVENTS (GMT) 0145 China Caixin manufacturing PMI final Aug 0750 France Markit manufacturing PMI Aug 0755 Germany Markit/BME manufacturing PMI Aug 0800 Euro zone Markit manufacturing PMI final Aug 1230 U.S. Nonfarm payrolls Aug 1230 U.S. Unemployment rate Aug 1400 U.S. ISM manufacturing PMI Aug 1400 U.S. Construction spending Jul 1400 Board of Governors of the Federal Reserve conducts open meetingPRICES Three month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.5888 Chinese yuan renminbi)Reporting by James Regan; Editing by Richard Pullin '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-metals-idINL4N1LI19S'|'2017-09-01T00:00:00.000+03:00'|6807.0|''|-1.0|'' +6807|'ca44ebbd224e62dca0948621cf9c6a800368b5e8'|'METALS-Copper firmer as China industrial outlook brightens'|'SYDNEY, Sept 1 (Reuters) - Copper firmed in early Asian trading on Friday, gaining momentum from a positive outlook for Chinese industrial activity.China''s manufacturing activity expanded at the fastest pace in six months in August, buoyed by a surge in export orders and higher prices, according to the private Caixin manufacturing purchasing managers index.The official Purchasing Managers'' Index (PMI) released on Thursday rose to 51.7 in August from 51.4 the previous month.FUNDAMENTALS * LME COPPER: Three-month copper on the London Metal Exchange was up 0.3 percent at $6,811 a tonne by 0115 GMT, extending gains from the previous session. The contract touched a peak of $6,872 on Thursday, the highest since September 2014.* SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange was up 0.2 percent at 52,730 yuan ($8,003) a tonne shortly after the open.* SPECULATION: A speculative frenzy triggered by a falling dollar, tighter supplies and healthy demand in top consumer China have in recent weeks propelled prices of industrial metals to multi-year highs.* INDONESIA CHEERS: Indonesia''s government left no doubts as to who it believes got the better deal in its landmark agreement with Freeport McMoRan Inc on the future of the Grasberg copper mine.* MINE BOOST: Canadian miner First Quantum Minerals Ltd said on Thursday it would boost its stake in unit Minera Panama SA to 90 percent in a deal valued at $635 million to increase its copper mining operations.* DOLLAR DOWN: The dollar edged down on Friday after tepid U.S. economic data casts doubts on whether the Federal Reserve will raise rates again this year, though investors were cautious ahead of the key monthly U.S. employment data later in the global session.* For the top stories in metals and other news, click orMARKETS NEWS * Asian equities followed Wall Street''s gains overnight and edged higher on Friday while the dollar''s advance slowed ahead of the U.S. jobs report due later in the session.DATA/EVENTS (GMT) 0145 China Caixin manufacturing PMI final Aug 0750 France Markit manufacturing PMI Aug 0755 Germany Markit/BME manufacturing PMI Aug 0800 Euro zone Markit manufacturing PMI final Aug 1230 U.S. Nonfarm payrolls Aug 1230 U.S. Unemployment rate Aug 1400 U.S. ISM manufacturing PMI Aug 1400 U.S. Construction spending Jul 1400 Board of Governors of the Federal Reserve conducts open meetingPRICES Three month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.5888 Chinese yuan renminbi)Reporting by James Regan; Editing by Richard Pullin '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-metals-idINL4N1LI19S'|'2017-09-01T00:00:00.000+03:00'|6807.0|11.0|0.0|'' 6808|'2836a20db3a1563567d24479c64bec5d45fe6be4'|'Chinese border trading hub struggles with housing glut as North Korea ties fray'|'FILE PHOTO - A general view shows the unfinished New Yalu River bridge that was designed to connect China''s Dandong New Zone, Liaoning province, and North Korea''s Sinuiju, September 11, 2016. REUTERS/Thomas Peter/File Photo DANDONG, China (Reuters) - International sanctions on North Korea have helped sustain a housing glut in Chinas border city of Dandong, through which most trade with the North flows, in contrast to falling inventories in much of the rest of China, sales data showed.Dandong, with a population of around 860,000, has accumulated more unsold housing inventory than much larger cities, including Nanjing with a population of 8.2 million, Hangzhou at 9.2 million and Shenzhen with 11.9 million.Based on sales trends over the past six months, it will take Dandong 28.8 months to work through its current inventory overhang - the longest of 80 cities analysed by Shanghai-based E-house China R&D Institute.North Koreas constant talk of war has meant Dandong property prices have never gone up, said local resident Xiao Tengfei, who along with other family members purchased several apartments in Dandongs New Zone seven years ago.Plans for the New Zone, some 15 kilometres from the existing city centre, included a sports centre, concert hall, a hospital and enough high-end real estate developments to house 400,000 new residents.City planners developed the New Zone, expecting trade and tourism with the north to boom. But in its latest round of sanctions in response to North Koreas rapidly advancing missile and nuclear programme, Beijing has ordered North Korean-owned businesses in China to close by January. China is North Koreas main trading partner and many of those businesses are in Dandong.Xiao said she never moved in when her building was finished in 2013 due to a lack of surrounding facilities and was now struggling to find buyers to offload her investment.My money has been tied up in here for years now.BRIDGE TO NOWHERE The Downing One residential project is seen in the Dandong New Zone, in Dandong, Liaoning province, China September 28, 2017. Picture taken September 28, 2017. REUTERS/ Philip Wen The Dandong New Zone was planned in anticipation of the opening of the New Yalu River Bridge, connecting Dandong with Sinuiju in North Korea, and was expected to help bring investment through jointly-run free trade zones.Costing 2.2 billion yuan ($330.37 million) to build and slated to open in November 2015, the dual-carriageway bridge today sits abandoned. The North Korean side of it ends abruptly in a field of dirt and overgrown grass. [nL3N1BN010]Similarly, construction has halted at the New Zones half-finished concert hall and hospital. The gleaming new sport centre, while completed, is barely used, locals said.A city plan for the Dandong New Zone, 15 kilometers from the city centre, is displayed in a sales center, in Dandong, Liaoning province, China September 28, 2017. Picture taken September 28, 2017. REUTERS/ Philip Wen Housing inventories in Dandong have remained stubbornly high since doubling in the space of two years to more than 4 million sq m - the rough equivalent of 44,000 homes - in late 2015.The glut has meant Dandong homeowners and investors have failed to ride a housing boom in the rest of China.With tighter restrictions on property purchases across the countrys top-tier cities, such as Beijing and Shanghai, buyers have turned to smaller so-called third and fourth-tier cities, in many instances sending prices up by double-digit percentages.But in Dandong, prices for new homes rose just 1.9 percent in August from a year earlier. That compares with the average price increase of 8.3 percent among all the 70 major cities surveyed by the National Bureau of Statistics.Staff at six property sales centres that Reuters visited in Dandongs city centre and New Zone, however, tried to put an optimistic face on the drab market.The market is fine right now and these two months are probably the lowest point in terms of (Chinas) relations with North Korea, said one sales manager at a development offering sweeping views across the Yalu River into North Korea. It will only get better from here.($1 = 6.6591 Chinese yuan renminbi)Reporting by Philip Wen in Dandong; Additional reporting by Yawen Chen and Ryan Woo in Beijing; Editing by Bill Tarrant '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/northkorea-missiles-china-property/chinese-border-trading-hub-struggles-with-housing-glut-as-north-korea-ties-fray-idINKCN1C41BS'|'2017-09-29T08:20:00.000+03:00'|6808.0|''|-1.0|'' 6809|'8f489e0ef9d091c581e2a646352e3f0c83f0ef64'|'UPDATE 2-Kroger''s comparable sales forecast misses estimates, shares slide'|'September 8, 2017 / 12:40 PM / Updated 41 minutes ago Kroger results hit by grocery price war, shares slide Lisa Baertlein 3 Min Read (Reuters) - Kroger Co ( KR.N ) on Friday reported a quarterly profit drop after an intensifying grocery price war hit its bottom line, and warned that same-store sales and operating margins would be lower than expected for the remainder of the year. The biggest U.S. supermarket owner with banners such as Ralphs, Harris Teeter and Food 4 Less, also said it would stop providing longer-term earnings growth forecasts due to the dynamic operating environment. Krogers long-term target for 8 to 11 percent earning per share growth had been a key selling point for investors, Pivotal Research analyst Ajay Jain said. Kroger shares, which are down 38 percent year-to-date, were down nearly 9 percent to $20.79, a 3-1/2 year low, in afternoon trading. Kroger, which operates nearly 2,800 U.S. food stores, has cut prices to fend off competition from Wal-Mart Stores Inc ( WMT.N ), discounters Lidl and Aldi and the newly merged Amazon.com ( AMZN.O ) and Whole Foods Market. Krogers net income fell 7.8 percent to $353 million, or 39 cents per share, for the second quarter ended Aug. 12. Closely watched sales at stores open at least 12 months rose 0.7 percent, excluding fuel. Kroger now sees those sales rising 0.5 percent to 1 percent, excluding fuel, for the remainder of the year. Analysts expected them to increase 1.2 percent for the third quarter and 1.7 percent for the fourth quarter, according to Consensus Metrix. FILE PHOTO: A shopper walks out of a Ralphs grocery store, which is owned by Kroger Co, ahead of company results in Pasadena, California U.S., December 1, 2016. REUTERS/Mario Anzuoni/File Photo Kroger also forecast a 30 to 40 basis point decline in its full-year operating margin, excluding items, versus 2016. The forecasts exclude any hit from hurricane damage. Krogers insurance caps losses at $26 million per event. Amazon.coms $13.7 billion Whole Foods purchase has rattled investors, who worry that the online retailer could upend the food business like it did for books and electronics. Amazon last month slashed Whole Foods prices on some popular items including avocados and beef. Kroger has also lowered prices on staples such as milk and eggs. We expect the pricing environment to remain very competitive in 2017, Moodys Vice President Mickey Chadha said in an email. Krogers new strategy includes testing delivery at more than 150 stores and expanding ClickList, its online ordering and curbside pickup service, to more than 1,000 stores by the end of the year, Chief Executive Rodney McMullen said on a conference call. Kroger also is selling Prep+Pared meal kits at more than 50 stores and tapping customer data to generate personalized recipe suggestions on Kroger.com. Reporting by Vibhuti Sharma in Bengaluru and Lisa Baertlein in Los Angeles; Editing by Sai Sachin Ravikumar and Phil Berlowitz '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-kroger-co-results/krogers-profit-dips-on-aggressive-price-cuts-shares-slide-idUSKCN1BJ1HX'|'2017-09-08T16:32:00.000+03:00'|6809.0|''|-1.0|'' 6810|'3239179290dc7a486ac3ade867d39b2bf2fb77ff'|'Air Berlin says on way to securing jobs with Lufthansa, easyJet bids'|'September 25, 2017 / 1:19 PM / Updated 24 minutes ago Air Berlin says on way to securing jobs with Lufthansa, easyJet bids Reuters Staff 3 Min Read Trustee Lucas Floether (L-R) and Thomas Winkelmann, CEO of insolvent German airline Air Berlin hold a news conference in Berlin, Germany September 25, 2017. REUTERS/Stefanie Loos BERLIN (Reuters) - Insolvent German airline Air Berlin ( AB1.DE ) said there were good prospects of repaying a government loan and for 80 percent of its staff to secure jobs if bids for parts of its business from Lufthansa and easyJet go ahead. Air Berlin, which has around 8,000 employees, filed for insolvency in August after major shareholder Etihad said it would stop providing funding. The German government stepped in with a 150 million euro ($178.2 million) loan to prevent the airline being grounded so that talks could be held on selling its assets. Germanys second largest airline said on Monday that Lufthansas ( LHAG.DE ) bid was for units including leisure airline Niki and regional carrier LGW plus other parts, while easyJet ( EZJ.L ) had bid for parts of the fleet. Related Coverage Securing jobs must be top priority for Air Berlin: German minister We are on the way to giving around 80 percent of our colleagues a good chance of new jobs with the bidders, Air Berlin CEO Thomas Winkelmann said in a statement. Talks are due to continue until Oct 12. A source has said Lufthansas bid is for around 200 million euros ($237 million), plus a further 100 million to meet operating costs during a transition phase. Employees of insolvent German airline Air Berlin protest before an Air Berlin news conference in Berlin, Germany September 25, 2017. REUTERS/Stefanie Loos Air Berlin said the parties had agreed not to disclose the purchase price. It hopes the EU will approve the carve-up by the end of the year. Administrator Frank Kebekus said flight operations had to be kept stable to bring talks to a successful conclusion, repeating comments made after the airlines operations were hit by a wave of sickness-related absences among pilots earlier this month. Slideshow (4 Images) However, Air Berlin said Monday it was halting long-haul flights from Oct 15 after lessors recalled planes. It is also stopping flights from Munich to Hamburg and Cologne/Bonn from Sept. 29 and said more would follow. Lufthansa shares hit 23.485 euros on Monday, their highest level since early 2001, on hopes it would pick up some of Air Berlins most attractive assets and strengthen its position in Germany. IAG also made a binding bid for part of Air Berlin but boss Willie Walsh said he expected it would go to Lufthansa. Lufthansa has said it expects to take on 3,000 new employees to grow as a result of the gap left by the Air Berlin insolvency. Lufthansas budget unit Eurowings on Monday extended a recruitment drive, saying it now had over 1,000 open positions, including for 300 pilots, 500 cabin crew and more than 200 ground staff jobs. Reporting by Victoria Bryan and Klaus Lauer; Editing by Keith Weir'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-air-berlin-lufthansa/air-berlin-says-on-way-to-securing-jobs-with-lufthansa-easyjet-bids-idUKKCN1C01T8'|'2017-09-25T17:30:00.000+03:00'|6810.0|''|-1.0|'' @@ -6825,7 +6825,7 @@ 6823|'ef4258b5c5d034da4ad93ff7013cedb8b0bbc858'|'Deals of the day-Mergers and acquisitions'|'(Adds A2A)Sept 29 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Friday:** German drugs and pesticides group Bayer said it had further reduced to just under 25 percent its holding in Covestro, the plastics producer which it demerged in 2015, by selling a 6.9 percent stake for 1 billion euros ($1.2 billion).** Activist group Avaaz stepped up its battle to stop Rupert Murdoch buying Sky, launching a legal challenge to the regulators view that the pay-TV group would still be a fit and proper owner of a broadcasting licence if the deal goes ahead.** The Chinese owner of former European soccer champions AC Milan is looking for one or more investors to share the financial burden, less than six months after buying the loss-making Italian club, two sources said.** The owner of Japanese restaurant chain Genki Sushi Co will buy a one-third stake in bigger rival Sushiro Global Holdings Ltd from private equity firm Permira , a person with direct knowledge of the deal said.** British insurer Aviva said it had agreed to sell its Italian joint venture to Banco BPM for 265 million euros ($313.26 million) in cash.** Carlyle Group LP signed a definitive agreement to sell Klenk Holz AG, its German building materials unit, to Binderholz GmbH, the private equity firm said.** Investors looking to buy at least 51 percent of the property unit of French hotel group AccorHotels are due to submit their letters of intent in October, French daily Les Echos said.** Norwegian utility Statkraft has acquired a 50 percent stake in German energy retailer enQu, the two firms announced in a joint statement.** Italys biggest regional utility A2A said on Friday a court in Montenegro had annulled a decision to seize its stake in power utility Elektroprivreda Crne Gore (EPCG) . ($1 = 0.8460 euros) (Compiled by Sanjana Shivdas in Bengaluru) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day/deals-of-the-day-mergers-and-acquisitions-idINL4N1MA3F3'|'2017-09-29T08:30:00.000+03:00'|6823.0|''|-1.0|'' 6824|'627dd5482c97f9d99813a57a2a7d8f3455fbb504'|'Asian shares wobble as investors await Fed meeting for rate clues'|'Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 31, 2017. REUTERS/Brendan McDermid NEW YORK (Reuters) - Global stock markets edged higher on Tuesday and the dollar dipped as investors awaited signals from the U.S. Federal Reserve on when it will hike interest rates again and start shrinking its balance sheet.Wall Street stocks gained slightly, with the Dow climbing to a fresh record, while an index of stocks across the globe also inched higher.Tuesday marks the start of the U.S. central banks two-day meeting. The Fed is widely expected to announce on Wednesday that it will begin paring its bond holdings, with reductions likely to start in the coming months.Investors will also be watching for signals that the Fed will raise rates in December, and for any clues on personnel changes as the end of Fed Chair Janet Yellens term approaches and after the resignation of Vice Chair Stanley Fischer earlier this month.The quiet nature of (the market) is in anticipation of the Fed meeting. Janet Yellen has a press conference. That and the statement will perhaps provide some insight into what theyre going to do in terms of deleveraging their balance sheet, said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.Theres some concern among investors as to how this will work, and how it will affect long-term rates.The Feds possible move to further roll back stimulus has not stemmed the greenbacks weakness this year as other major central banks are considering steps to either slow their bond purchases or raise interest rates.The dollar had weakened against yen ahead of U.S. President Donald Trumps speech before the United Nations General Assembly.In the speech, Trump warned that the United States will be forced to totally destroy North Korea unless Pyongyang backs down from its nuclear challenge, but the criticism was not enough to spook investors.The greenback was steady at 111.57 yen JPY= , below its eight-week peak of 111.87 set earlier Tuesday.A dollar index .DXY fell 0.14 percent.Weighing on the dollar index earlier was U.S. data showing domestic home construction fell for a second straight month in August.The Dow Jones industrial average .DJI rose 45.56 points, or 0.2 percent, to 22,376.91, the S&P 500 .SPX gained 3.12 points, or 0.12 percent, to 2,506.99 and the Nasdaq Composite .IXIC added 7.22 points, or 0.11 percent, to 6,461.86.Its not a really big move to the upside, (but) stocks still look attractive relative to other investments, Hellwig said.The S&P 500 and Dow had both hit new peaks on Monday despite some late pressure on big tech stocks.The pan-European FTSEurofirst 300 index .FTEU3 closed up 0.1 percent, while MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.20 percent.Tokyo''s Nikkei .N225 surged 2 percent to its highest close in more than two years as investors drew confidence from a weakening yen and hopes of a snap election underpinned the market.In the U.S. bond market, prices were near flat. Benchmark 10-year notes US10YT=RR last fell 4/32 in price to yield 2.2428 percent, from 2.23 percent late on Monday.In energy markets, oil prices retreated from near-five-month highs in advance of data expected to show a build in U.S. crude inventories. Also, refineries were still restarting after recent storm activity.U.S. crude CLcv1 fell 1.06 percent to $49.38 per barrel and Brent LCOcv1 was last at $54.74, down 0.92 percent on the day.Additional reporting by Marc Jones and John Geddie in London; Editing by Dan Grebler and Nick Zieminski '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-global-markets/asian-shares-wobble-as-investors-await-fed-meeting-for-rate-clues-idUSKCN1BU01R'|'2017-09-19T03:50:00.000+03:00'|6824.0|''|-1.0|'' 6825|'aaddd870086b2e64b50a1135f76865faa710b0bc'|'R3, UK regulator and banks team up on blockchain-based mortgage reporting'|'September 12, 2017 / 8:05 AM / Updated 9 hours ago R3, UK regulator and banks team up on blockchain-based mortgage reporting Anna Irrera 3 Min Read The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren NEW YORK (Reuters) - New York-based software company R3 CEV has partnered with Britains financial watchdog and two large banks to develop a blockchain-based application to improve the regulatory reporting of mortgage transactions. R3 said on Tuesday that it had developed a prototype of the system together with the Financial Conduct Authority, the Royal Bank of Scotland Group Plc ( RBS.L ) and another global bank which did not wish to be named. The system, which was built using R3s blockchain called Corda, enables banks to generate automated delivery receipts for the regulator each time a mortgage is booked. The organizations hope that it can reduce the cost of the process and the risk of error. R3 leads a consortium of about 80 financial institutions aimed at building blockchain based technology for the finance industry. Thomson Reuters ( TRI.TO ), the parent of Reuters News, is a member of the consortium. Blockchain, which first came to prominence as the system underpinning crypto currency bitcoin, is a shared record of data maintained by a network of computers on the internet that can be accessed by all authorized parties. Financial institutions have been investing in its development in the hopes that it can help reduce their back office costs and complexity. Proponents of the technology suggest that it is ideally suited for simplifying record-keeping. The FCA prototype can give the regulator a new tool capable of overseeing mortgage activity much more quickly and efficiently than before whilst greatly reducing data inconsistencies, Richard Crook, head of emerging technology at RBS, said in a statement. It could also reduce the amount of work required by the regulator when processing reports that are typically sent in variety of formats, Steve Hey man, a project lead at R3, said in an interview. Participants in the project will continue to work toward a live testing phase, which is expected to involve other lenders and regulatory bodies, R3 said. Regulators across the world are looking to increase their use of innovative financial technology to become more efficient. The FCA has been leading the way globally on this initiative, having launched a dedicated division almost three years ago. Launched in 2015, R3 raised $107 million in May from companies including Bank of America Corp ( BAC.N ), SBI Holdings Inc, HSBC Holdings Plc ( HSBA.L ), Intel Corp ( INTC.O ) and Temasek Holdings. Reporting by Anna Irrera, Editing by Rosalba O''Brien'|'reuters.com'|'http://www.reuters.com/finance'|'https://www.reuters.com/article/us-r3-fca/r3-uk-regulator-and-banks-team-up-on-blockchain-based-mortgage-reporting-idUSKCN1BN0QX'|'2017-09-12T16:05:00.000+03:00'|6825.0|''|-1.0|'' -6826|'34846da7295eb0fa0a59f3d8bb48fce441d70bc2'|'Global economy - Enter the Draghi'|'September 1, 2017 / 2:24 PM / in 13 hours Global economy - Enter the Draghi Balazs Koranyi 5 Min Read European Central Bank (ECB) President Mario Draghi gives a speech during Lindau Nobel Laureate Meetings in Lindau, Germany August 23, 2017. REUTERS/Arnd Wiegmann FRANKFURT (Reuters) - The spotlight shines on Mario Draghi once again. The European Central Bank president has to reconcile an economic dichotomy of robust growth with weak inflation, a dilemma exacerbated by a seemingly unstoppable rise in the euro. The time for thinking is running out, however. The ECBs massive stimulus scheme is due to expire by year-end so Draghi will have to start charting a new course when policymakers meet on Sept 7. The problem is that the ECB is undershooting its near 2 percent inflation target for the fifth year running and will continue to miss into the next decade, failing on its primary mandate and potentially jeopardizing its own credibility despite unprecedented stimulus. Economic growth, now into its 17th straight quarter, is even complicating the problem. The euro naturally firms as the economy roars ahead but that makes imports cheaper and holds back inflation even more. Indeed, the currency is up by 13 percent this year against the dollar, a reflection of the euro zones strength, policy uncertainty in the United States and expectations that one way or another, the ECB will have to tighten policy. That leaves Draghi with a tricky job. He must acknowledge that work is underway on the future of stimulus but he needs to keep details to the minimum to buy a bit more time and temper edgy markets. With few specific decision coming out of the meeting, it will be a communication tightrope with each word carrying extra weight. We think the key reason for staying put on 7 September is the sharp -- more than 5 percent -- rise in the euro since late June, a move that the ECB will not want to turbo-charge through additional hawkish rhetoric, UBS economist Reinhard Cluse said. Indeed, markets see no policy change from the ECB in September and expect a decision only in October with asset buys cut by a third from next year, a Reuters poll of analysts showed. STILL EFFECTIVE? The big headache is that inflation is not behaving like it used to. Even as labour markets tighten, wage growth is not accelerating and prices fail to rise, indicating that models used by central banks may be outdated. The shift could signal a change in the nature of inflation with supply, demand and labour becoming more global, implying that central banks ability to control their own inflation has been reduced. For Draghi, Europes rapid ageing, hidden job market slack and more flexible labour markets may also be a drag. Conservative policymakers argue that the ECB has done all that it could and should now step back, keeping policy easy but not running on all cylinders since that should be reserved for emergencies. Doves fret that stepping back now could risk undoing years of work, damaging the ECBs hard-earned credibility. Draghi will need to find middle ground for now. Announcing new staff forecasts, he will likely upgrade the ECBs growth outlook and reduce inflation projections but only slightly. He is also expected to announce that the ECBs technical committees have been tasked with mapping policy options, a signal that a decision is imminent. Having already expressed concern about the rise of the euro in July, policymakers may also repeat their warning about the currency moving too quick. But no other change is expected with Draghi also seen maintaining the ECBs guidance for even more asset buys if necessary. We expect the guidance will be maintained again because the ECB will want to avoid sending any message that could be prone to over-interpretation, Nomura said. Very little has changed in the underlying euro area fundamental picture. So Draghi will merely set up the market for a decision in October, also leaving the door open for a move in December. Some argue that the real elephant in the room is Italy. Its GDP has yet to recover to pre-crisis levels, unemployment is high and its bank sector is weak. This has given a real platform for euro sceptics, a danger as the country heads towards an election next year. Any big poll gains by anti-euro parties could increase market volatility and some argue that the ECB wants to hang onto its potent tools to soothe sentiment. Its also our long-held belief that it is in the ECBs interest to maintain a significant quantum of purchases throughout the Italian elections period, which potentially take place as late as May 2018, Bank of America Merrill Lynch said. Reporting by Balazs Koranyi Editing by Jeremy Gaunt.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-economy-outlook/global-economy-enter-the-draghi-idUKKCN1BC54D'|'2017-09-02T03:23:00.000+03:00'|6826.0|''|-1.0|'' +6826|'34846da7295eb0fa0a59f3d8bb48fce441d70bc2'|'Global economy - Enter the Draghi'|'September 1, 2017 / 2:24 PM / in 13 hours Global economy - Enter the Draghi Balazs Koranyi 5 Min Read European Central Bank (ECB) President Mario Draghi gives a speech during Lindau Nobel Laureate Meetings in Lindau, Germany August 23, 2017. REUTERS/Arnd Wiegmann FRANKFURT (Reuters) - The spotlight shines on Mario Draghi once again. The European Central Bank president has to reconcile an economic dichotomy of robust growth with weak inflation, a dilemma exacerbated by a seemingly unstoppable rise in the euro. The time for thinking is running out, however. The ECBs massive stimulus scheme is due to expire by year-end so Draghi will have to start charting a new course when policymakers meet on Sept 7. The problem is that the ECB is undershooting its near 2 percent inflation target for the fifth year running and will continue to miss into the next decade, failing on its primary mandate and potentially jeopardizing its own credibility despite unprecedented stimulus. Economic growth, now into its 17th straight quarter, is even complicating the problem. The euro naturally firms as the economy roars ahead but that makes imports cheaper and holds back inflation even more. Indeed, the currency is up by 13 percent this year against the dollar, a reflection of the euro zones strength, policy uncertainty in the United States and expectations that one way or another, the ECB will have to tighten policy. That leaves Draghi with a tricky job. He must acknowledge that work is underway on the future of stimulus but he needs to keep details to the minimum to buy a bit more time and temper edgy markets. With few specific decision coming out of the meeting, it will be a communication tightrope with each word carrying extra weight. We think the key reason for staying put on 7 September is the sharp -- more than 5 percent -- rise in the euro since late June, a move that the ECB will not want to turbo-charge through additional hawkish rhetoric, UBS economist Reinhard Cluse said. Indeed, markets see no policy change from the ECB in September and expect a decision only in October with asset buys cut by a third from next year, a Reuters poll of analysts showed. STILL EFFECTIVE? The big headache is that inflation is not behaving like it used to. Even as labour markets tighten, wage growth is not accelerating and prices fail to rise, indicating that models used by central banks may be outdated. The shift could signal a change in the nature of inflation with supply, demand and labour becoming more global, implying that central banks ability to control their own inflation has been reduced. For Draghi, Europes rapid ageing, hidden job market slack and more flexible labour markets may also be a drag. Conservative policymakers argue that the ECB has done all that it could and should now step back, keeping policy easy but not running on all cylinders since that should be reserved for emergencies. Doves fret that stepping back now could risk undoing years of work, damaging the ECBs hard-earned credibility. Draghi will need to find middle ground for now. Announcing new staff forecasts, he will likely upgrade the ECBs growth outlook and reduce inflation projections but only slightly. He is also expected to announce that the ECBs technical committees have been tasked with mapping policy options, a signal that a decision is imminent. Having already expressed concern about the rise of the euro in July, policymakers may also repeat their warning about the currency moving too quick. But no other change is expected with Draghi also seen maintaining the ECBs guidance for even more asset buys if necessary. We expect the guidance will be maintained again because the ECB will want to avoid sending any message that could be prone to over-interpretation, Nomura said. Very little has changed in the underlying euro area fundamental picture. So Draghi will merely set up the market for a decision in October, also leaving the door open for a move in December. Some argue that the real elephant in the room is Italy. Its GDP has yet to recover to pre-crisis levels, unemployment is high and its bank sector is weak. This has given a real platform for euro sceptics, a danger as the country heads towards an election next year. Any big poll gains by anti-euro parties could increase market volatility and some argue that the ECB wants to hang onto its potent tools to soothe sentiment. Its also our long-held belief that it is in the ECBs interest to maintain a significant quantum of purchases throughout the Italian elections period, which potentially take place as late as May 2018, Bank of America Merrill Lynch said. Reporting by Balazs Koranyi Editing by Jeremy Gaunt.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-economy-outlook/global-economy-enter-the-draghi-idUKKCN1BC54D'|'2017-09-02T03:23:00.000+03:00'|6826.0|11.0|0.0|'' 6827|'d910f2b32b76e4c99c09d2544533304ccbca9877'|'CFTC says Morgan Stanley unit to pay $500,000 over supervision failures'|' 8:40 PM / Updated 12 minutes ago CFTC says Morgan Stanley unit to pay $500,000 over supervision failures Reuters Staff 1 Min Read WASHINGTON, Sept 28 (Reuters) - The U.S. Commodity Futures Trading Commission said on Thursday Morgan Stanley & Co. LLC agreed to pay $500,000 to settle charges it failed to properly supervise reconciliation of exchange and clearing fees with the amounts it ultimately charged customers for certain transactions. The CFTC said in a statement it found that between 2009 and April 2016, the Morgan Stanley subsidiary overcharged customers in the United States $1,550,182 and customers of an affiliate were overcharged $1,439,047. It said the unit fully refunded nearly all of the affected customers and has otherwise taken responsibility for the relevant remaining amounts. (Reporting by Eric Walsh; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/morgan-stanley-cftc/cftc-says-morgan-stanley-unit-to-pay-500000-over-supervision-failures-idUSEMN4NWQQ5'|'2017-09-28T23:40:00.000+03:00'|6827.0|''|-1.0|'' 6828|'9cc584ede9e36f6cad634654fff14e2582e7ae20'|'China''s HNA launches $1 billion offer for Singapore''s CWT'|'FILE PHOTO: The HNA Group logo is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo (Reuters) - Chinese conglomerate HNA Holding Group Co ( 0521.HK ) on Thursday launched a bid to buy Singaporean logistics firm CWT Ltd ( CWTD.SI ) for $1 billion, after getting a green light from its shareholders.HNA unit HNA Belt and Road Investments (Singapore) Pte Ltd offered S$2.33 per CWT share, valuing the deal at S$1.399 billion ($1.04 billion).The offer represents a 2.19 percent premium over CWTs last traded price of S$2.28 on Wednesday.CWT, incorporated in 1970 as a private arm of the Port of Singapore Authority, has interests that include logistics services, commodity marketing, financial services and engineering services.HMA, with businesses spanning aviation to financial services, first announced its intent to buy CWT in April, but was waiting for the go-ahead from its shareholders.That approval came in a general meeting on Thursday, HNA said.HNA had said the acquisition would help it become a leading logistics player and diversify its property investment portfolio.HNA, one of Chinas most acquisitive conglomerates, has been snapping up assets overseas, with the latest being the purchase of a 16.2 percent stake in Swiss airport retailer Dufry AG ( DUFN.S ).Reporting By Anusha Ravindranath in Bengaluru; Editing by Savio D''Souza '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-cwt-ltd-m-a-hna/chinas-hna-launches-1-billion-offer-for-singapores-cwt-idINKCN1BI20T'|'2017-09-07T12:42:00.000+03:00'|6828.0|''|-1.0|'' 6829|'c13c32bbc47cb57451ab97ca05d4ff4a3f447bee'|'SBI Life to launch India''s first billion dollar IPO in seven years'|' 1:19 PM / Updated 39 minutes ago SBI Life to launch India''s first billion dollar IPO in seven years Devidutta Tripathy , S. Anuradha 2 Min Read MUMBAI (Reuters) - Indias SBI Life Insurance Co Ltd will launch an initial public offering next week to raise as much as $1.3 billion, sources with direct knowledge told Reuters, in what will be the countrys first billion-dollar IPO in nearly seven years. SBI Life, a subsidiary of top Indian lender State Bank of India ( SBI.NS ), will open the IPO sale to the public on Sept. 20 and close it on Sept. 22, according to a filing. Two sources said the shares will be sold in a price range of 685 rupees to 700 rupees apiece. The IPO will raise as much as 84 billion rupees ($1.3 billion) for SBI Lifes two main shareholders - State Bank of India and BNP Paribas Cardif - which are paring their stakes. State Bank of India is selling up to an 8 percent stake, or 80 million shares, in SBI Life, while BNP Paribas Cardif is selling up to a 4 percent stake, or 40 million shares. SBI Lifes IPO is the biggest since state-run Coal Indias 155 billion rupee ($2.4 billion) IPO in 2010 and market participants expect 2017 to be a record-setting year for India, with fund-raising from IPOs exceeding 2010s $8.5 billion. The country has already seen more than $3 billion in IPOs this year, according to Thomson Reuters data, and has a number of upcoming listings from insurers, which should take it well past the $4 billion raised from IPOs last year. ICICI Lombard General Insurance Co Ltds IPO to raise up to $890 million opens on Friday, while state-run reinsurer General Insurance Corp of India (GIC Re) and non-life insurer New India Assurance Co Ltd have also filed for IPOs that bankers estimate could raise a total of more than $3 billion. Reporting by Devidutta Tripathy and S. Anuradha; Editing by Louise Heavens and Susan Fenton'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-sbi-life-ins-ipo/indias-sbi-life-insurance-sets-price-range-for-up-to-1-3-billion-ipo-next-week-sources-idUSKCN1BN1O7'|'2017-09-12T21:19:00.000+03:00'|6829.0|''|-1.0|'' @@ -6861,11 +6861,11 @@ 6859|'b2434e9d1b1a16ec12bb8b08c3568344241c7cb5'|'Wall St Week Ahead-Looming debt ceiling deadline pushing some U.S. fund managers to cash'|'(Repeats Friday story without changes)By David RandallNEW YORK, Sept 1 (Reuters) - A potential standoff over the U.S. federal debt ceiling is raising alarm bells among fund managers who fear a repeat of 2011 when a protracted showdown over increasing the governments borrowing limit and subsequent downgrade of U.S. credit quality led to a more than 15 percent slump in the S&P 500 stock index.U.S. investors are raising cash and buying protection, bracing for a messy fight ahead of the Treasury Departments Sept. 29 deadline to raise the debt limit, a legal cap on how much the U.S. government is allowed to borrow.Failure to increase the debt ceiling could lead to a recession and prompt the first significant sell-off of the Trump administration. The benchmark S&P 500 has not fallen by 5 percent or more in over a year, the longest streak without such a decline in more than 20 years.Federal efforts to clean up the devastation after Hurricane Harvey battered Texas have decreased the probability of a federal government shutdown to 35 percent from 50 percent two weeks ago, according to Goldman Sachs, as the legislation could be packaged into a larger disaster relief bill.Yet the danger still remains, Goldman warned in a Tuesday note.A delayed debt ceiling hike is still clearly possible, Goldman strategists wrote. The president continues to raise the possibility of a shutdown if the border wall is not funded, and the upcoming extension of spending authority is likely to be temporary, potentially pushing the risk of a shutdown later into the year.Fund managers say they are not confident that a debt ceiling agreement will be passed as quickly as the broad market expects.Youve got a political environment that is very contentious, not just left versus right but within the Republican Party itself, said Jeff Klingelhofer, a co-portfolio manager of the $1.1 billion Thornburg Strategic Income Fund.If the rhetoric increases it will spook markets and we are taking risk off the table by raising cash and lowering the credit duration in their bond portfolios, he said.David Ader, chief macro strategist at Informa Financial Intelligence, said Treasury bills for October are about 10 basis points higher in yields than they normally would be, owing to debt-ceiling concerns. People are avoiding them, he said.President Donald Trump criticized congressional Republican leadership for not tying the debt ceiling increase into a bill that made it easier for the Department of Veteran Affairs to fire employees for misconduct, calling the situation a mess in an Aug. 24 tweet.When asked about the possibility of attaching debt ceiling legislation to a relief bill for the victims of Harvey, U.S. Treasury Secretary Steven Mnuchin told the Wall Street Journal on Thursday: At the end of the day, I just want it raised.The stock market has so far shaken off concerns this year ranging from increasing tensions over North Koreas missile tests to ongoing investigations into Russias efforts to influence the 2016 U.S. presidential election as U.S. corporate profits have jumped. As of Aug. 29, 73.6 percent of companies in the S&P 500 reported earnings above analyst estimates in the second quarter, pushing earnings up 12.1 percent for the index as a whole, according to Thomson Reuters data.Even so, the stock markets unbroken push higher this year leaves it more vulnerable to a significant decline if a debt ceiling deal is not reached by late September, said Matt Watson, a co-portfolio manager of the $3.2 billion James Balanced Golden Rainbow Fund.As a result, Watsons fund has been raising cash and is preparing to buy shorter-duration Treasury bonds if they see a sign of a sell-off.The stock market is very overvalued, so it makes sense to lighten up on risk going into this, he said. (Reporting by David Randall; Editing by Jennifer Ablan and James Dalgleish; Wall St Week Ahead runs every Friday. For the daily stock market report, please click) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-stocks-weekahead/wall-st-week-ahead-looming-debt-ceiling-deadline-pushing-some-u-s-fund-managers-to-cash-idINL2N1LI16A'|'2017-09-03T09:00:00.000+03:00'|6859.0|''|-1.0|'' 6860|'118831ca35974e00ed8e11668261f59a43e87491'|'UPDATE 1-Freddie Mac to halt evictions, foreclosures in Harvey, Irma-impacted areas'|'A destroyed trailer park is pictured in an aerial photo in the Keys in Marathon, Florida, U.S., September 13, 2017. REUTERS/Carlo Allegri (Reuters) - Freddie Mac ( FMCC.PK ) said on Wednesday it will suspend sales of foreclosed homes until year-end and will stop until further notice evictions of homeowners in eligible areas devastated by Hurricanes Harvey and Irma.The U.S. mortgage finance agency said it is working with loan servicers to ensure that no property inspection costs resulting directly from Harvey or Irma are passed on to borrowers who were impacted.They may be able to put their mortgage payments on hold for up to one year if their mortgage is owned or guaranteed by Freddie Mac. The first step is for borrowers to contact their mortgage servicers -- the companies they send their payments to each month, Yvette Gilmore, Freddie Macs vice president of single-family servicer performance management, said in a statement.Eligible areas for relief are counties or municipalities in Texas and Florida declared as disaster areas by the Federal Emergency Management Agency.Reporting By Richard Leong; Editing by Meredith Mazzilli '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-storm-irma-mortgages/freddie-mac-to-halt-evictions-foreclosures-in-harvey-irma-impacted-areas-idUSKCN1BO2BZ'|'2017-09-13T20:32:00.000+03:00'|6860.0|''|-1.0|'' 6861|'6687d639b950189452ebb6b7bcf00653396922ac'|'Private equity may win in U.S. Republicans'' tax plan'|'WASHINGTON, Sept 26 (Reuters) - U.S. President Donald Trumps promise to close the carried interest tax break that benefits some of Wall Streets wealthiest financiers could be defanged if his administration proceeds with an exemption for certain firms.Treasury Secretary Steven Mnuchin recently hinted at a possible exemption to allow partners of financial firms that create jobs to continue taking advantage of the tax break.Any change is far off as Republican tax reform efforts are moving slowly. But if the carried-interest loophole is closed with an exemption for job creators, the likely winners will include private equity and venture capital firms, experts said.A framework of Republican tax goals is set to be released on Wednesday. The plans authors are discussing the carried interest tax break, but it is not clear if language on it will be included in the framework, lobbyists said.Carried interest is a share of an investment funds profits typically about 20 percent beyond the return guaranteed to investors that goes to the general partners of private equity, venture capital and hedge funds.Under current law, high-income fund partners pay the long-term capital gains rate of 20 percent on their carried interest income, instead of the 39.6 percent individual tax rate that applies to the ordinary wage income of high earners.Critics say this tax break is unfair because it lets fund managers pay the low capital gains tax rate on much of their income. Fund managers say they take risks to generate the profits that produce carried interest so they should be allowed to pay the lower tax.Former Democratic President Barack Obama targeted the carried interest loophole but never closed it. Government estimates show it will cost the federal budget at least $20 billion over the next decade.Carried interest represents a large portion of many fund managers incomes. For years they have employed Washington lobbyists to help defend the tax break.A Treasury spokesman did not respond to requests to comment on the administrations plans for carried interest.Mnuchins remarks about job creators are widely seen as directed at private equity, venture capital and real estate funds, six lobbyists and tax experts told Reuters.GETTING AWAY WITH MURDERTrump pledged during his populist presidential campaign to close the carried-interest loophole, saying hedge fund managers were paper pushers who were getting away with murder.Mnuchin, speaking at an event in Kentucky in August alongside Senate Majority Leader Mitch McConnell, said the Trump administration still planned to close the loophole for hedge funds.What we are focused on is there are many other types of funds that do create jobs and we want to make sure we dont discourage investment, Mnuchin said, according to media reports.When it comes to carried interest, distinctions among different kinds of funds are important.Fast-moving hedge funds typically hold assets for short periods. So they normally gain little from the carried-interest loophole, which levies long-term capital gains rates on assets held for at least a year.Only about a fifth of the tax breaks gains go to hedge funds, estimated University of San Diego School of Law Professor Victor Fleischer.About half the gains from the tax break go to private equity and venture capital funds, which typically invest with longer-time horizons, often in corporate turn-arounds and start-ups.Fleischer said it would be an empty gesture to close the carried interest loophole, but exempt private equity and other firms. The real money here is in the big private equity funds, he said. Its a joke to say that theyve closed the loophole if most of the people who benefit from it continue to use it.Delineating clearly which kinds firms should and should not benefit from the tax break would be difficult.The first reaction of any self-respecting tax geek is How are you going to draw that line?,'' said Donald Marron, an economist with the Urban Institute, a think tank. The second response will be How will people ... game that line?'' (Editing by Kevin Drawbaugh and Diane Craft) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-tax-carriedinterest/private-equity-may-win-in-u-s-republicans-tax-plan-idINL2N1M60SE'|'2017-09-26T16:07:00.000+03:00'|6861.0|''|-1.0|'' -6862|'5ed7f6505517557547c5d5212229e2be5bd7a0c3'|'James Dyson to build electric car by 2020'|' 3:53 PM / Updated 17 minutes ago Inventor James Dyson aims for electric car launch by 2020 Paul Sandle 4 Min Read FILE PHOTO: A sign is pictured on an electric car charging station at the United Nations in Geneva, Switzerland June 2, 2017. REUTERS/Denis Balibouse LONDON (Reuters) - James Dyson, the billionaire British inventor of the bagless vacuum cleaner, said on Tuesday his company was working on developing an electric car to be launched by 2020. Dyson said he was spending 2 billion pounds to exploit his namesake companys expertise in solid-state battery technology and electric motors to be found in his innovative vacuum cleaners and other products like bladeless fans and air purifiers. Battery technology is very important to Dyson, electric motors are very important to Dyson, environmental control is very important to us, Dyson, aged 71, said at his companys flagship shop on Londons Oxford Street. I have been developing these technologies consistently because I could see that one day we could do a car. Dyson said a 400-strong team of engineers had already spent 2-1/2 years working on the hitherto secret car project in Malmesbury, Wiltshire. However, the car itself still has to be designed and the choice of battery to be finalised. The company was backing solid-state rather than the lithium ion technology used in existing electric vehicles because it was safer, the batteries would not overheat, were quicker to charge and potentially more powerful, he said. Dyson said his ambition to go it alone was driven by the car industrys dismissal of an idea he had of applying his cyclonic technology that revolutionised vacuum cleaners to handle diesel emissions in car exhaust systems in the 1990s. We are not a johnny-come-lately onto the scene of electric cars, he said. It has been my ambition since 1998 when I was rejected by the industry, which has happily gone on making polluting diesel engines, and governments have gone on allowing it. There had already been clues that Dyson was working on a car. His company has been hiring executives from Aston Martin and last year the government said in a report it was helping to fund development work on an electric vehicle at the firm, although the entry was quickly changed. Dyson said he was coming clean now because it was becoming harder to talk to subcontractors, government and potential new employees. FAR EAST MARKET But the car does not yet have a design nor a chassis, he said, and the company had not yet decided where it will be made, beyond ruling out working with the big car companies. Wherever we make the battery, well make the car, thats logical, he said. So we want to be near our suppliers, we want to be in a place that welcomes us and is friendly to us, and where it is logistically most sensible. And we see a very large market for this car in the Far East. Dyson gave no details of the concept for the vehicle, beyond saying it would not be like anything else already on the market. Theres no point in doing one that looks like everyone elses, he said, adding that it would not be a sports car and it would not be a very cheap car. Dyson, who was a prominent backer of the campaign for Britain to leave the European Union, has been able to fund the project through the profits of his holding company. The Weybourne Group reported a 55 percent rise in pretax profit to 473 million pounds in 2016 on revenue of 2.53 billion pounds, according to accounts filed earlier this month. On Tuesday Dyson told his workforce, which includes more than 1,000 engineers, that the company finally had the opportunity to bring all its technologies together into a single product. Competition for new technology in the automotive industry is fierce and we must do everything we can to keep the specifics of our vehicle confidential, he said in an email. Writing by Paul Sandle and Costas Pitas; editing by Stephen Addison, Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-dyson/james-dyson-to-build-electric-car-by-2020-idUKKCN1C126W'|'2017-09-26T18:57:00.000+03:00'|6862.0|''|-1.0|'' +6862|'5ed7f6505517557547c5d5212229e2be5bd7a0c3'|'James Dyson to build electric car by 2020'|' 3:53 PM / Updated 17 minutes ago Inventor James Dyson aims for electric car launch by 2020 Paul Sandle 4 Min Read FILE PHOTO: A sign is pictured on an electric car charging station at the United Nations in Geneva, Switzerland June 2, 2017. REUTERS/Denis Balibouse LONDON (Reuters) - James Dyson, the billionaire British inventor of the bagless vacuum cleaner, said on Tuesday his company was working on developing an electric car to be launched by 2020. Dyson said he was spending 2 billion pounds to exploit his namesake companys expertise in solid-state battery technology and electric motors to be found in his innovative vacuum cleaners and other products like bladeless fans and air purifiers. Battery technology is very important to Dyson, electric motors are very important to Dyson, environmental control is very important to us, Dyson, aged 71, said at his companys flagship shop on Londons Oxford Street. I have been developing these technologies consistently because I could see that one day we could do a car. Dyson said a 400-strong team of engineers had already spent 2-1/2 years working on the hitherto secret car project in Malmesbury, Wiltshire. However, the car itself still has to be designed and the choice of battery to be finalised. The company was backing solid-state rather than the lithium ion technology used in existing electric vehicles because it was safer, the batteries would not overheat, were quicker to charge and potentially more powerful, he said. Dyson said his ambition to go it alone was driven by the car industrys dismissal of an idea he had of applying his cyclonic technology that revolutionised vacuum cleaners to handle diesel emissions in car exhaust systems in the 1990s. We are not a johnny-come-lately onto the scene of electric cars, he said. It has been my ambition since 1998 when I was rejected by the industry, which has happily gone on making polluting diesel engines, and governments have gone on allowing it. There had already been clues that Dyson was working on a car. His company has been hiring executives from Aston Martin and last year the government said in a report it was helping to fund development work on an electric vehicle at the firm, although the entry was quickly changed. Dyson said he was coming clean now because it was becoming harder to talk to subcontractors, government and potential new employees. FAR EAST MARKET But the car does not yet have a design nor a chassis, he said, and the company had not yet decided where it will be made, beyond ruling out working with the big car companies. Wherever we make the battery, well make the car, thats logical, he said. So we want to be near our suppliers, we want to be in a place that welcomes us and is friendly to us, and where it is logistically most sensible. And we see a very large market for this car in the Far East. Dyson gave no details of the concept for the vehicle, beyond saying it would not be like anything else already on the market. Theres no point in doing one that looks like everyone elses, he said, adding that it would not be a sports car and it would not be a very cheap car. Dyson, who was a prominent backer of the campaign for Britain to leave the European Union, has been able to fund the project through the profits of his holding company. The Weybourne Group reported a 55 percent rise in pretax profit to 473 million pounds in 2016 on revenue of 2.53 billion pounds, according to accounts filed earlier this month. On Tuesday Dyson told his workforce, which includes more than 1,000 engineers, that the company finally had the opportunity to bring all its technologies together into a single product. Competition for new technology in the automotive industry is fierce and we must do everything we can to keep the specifics of our vehicle confidential, he said in an email. Writing by Paul Sandle and Costas Pitas; editing by Stephen Addison, Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-dyson/james-dyson-to-build-electric-car-by-2020-idUKKCN1C126W'|'2017-09-26T18:57:00.000+03:00'|6862.0|6.0|0.0|'' 6863|'48fabc4748a58c30260a7987322a94cf8d5a5b91'|'U.S. housing starts fall for second straight month'|' 40 PM / Updated 16 minutes ago U.S. housing starts fall for second straight month Reuters Staff 3 Min Read A worker installs a metal roof on the top of a single story family home being built in San Diego, California, U.S., July 17, 2017. REUTERS/Mike Blake WASHINGTON (Reuters) - U.S. homebuilding fell for a second straight month in August as a rebound in the construction of single-family houses was offset by persistent weakness in the volatile multifamily home segment. Housing starts slipped 0.8 percent to a seasonally adjusted annual rate of 1.18 million units, the Commerce Department said on Tuesday. Julys sales pace was revised up to 1.19 million units from the previously reported 1.16 million units. Homebuilding has been treading water for much of this year amid shortages of land and skilled labor as well as rising costs of building materials. Building permits surged 5.7 percent to a rate of 1.30 million units in August, the highest level since January. Single-family home permits fell 1.5 percent, while permits for the construction of multi-family homes soared 19.6 percent. The data suggested limited impact on permits from Hurricane Harvey, which lashed Texas in late August and caused unprecedented flooding in Houston. The Commerce Department said the response rate from areas affected by the storm was not significantly lower. Starts could slump further in September in the aftermath of Harvey and Hurricane Irma, which struck Florida. Though activity could pick up as the hurricane-ravaged communities rebuild, the dearth of labor is hobbling homebuilding. A survey Monday showed confidence among homebuilders fell in September amid concerns that the hurricanes could worsen the labor shortages and make building materials more expensive. Economists polled by Reuters had forecast housing starts rising to a 1.18 million-unit pace last month. Investment in homebuilding contracted in the second quarter at its steepest pace in nearly seven years. Housing subtracted 0.26 percentage point from second-quarter gross domestic product. Homebuilding rose 1.4 percent in August on a year-on-year basis. Housing is being supported by a labor market that is near full employment. In addition, mortgage rates remain close to historic lows. Single-family homebuilding, which accounts for the largest share of the housing market, jumped 1.6 percent to a rate of851,000 units in August. Single-family starts rose in the South and West, but fell in the Midwest and Northeast. Groundbreaking on single-family housing projects has slowed since vaulting to near a 9-1/2-year high in February. Last month, starts for the volatile multi-family housing segment tumbled 6.5 percent to a rate of 329,000 units. Reporting By Lucia Mutikani; Editing by Andrea Ricci'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-economy-housingstarts/u-s-housing-starts-fall-for-second-straight-month-idUSKCN1BU1M1'|'2017-09-19T15:32:00.000+03:00'|6863.0|''|-1.0|'' 6864|'83f9ea26c3de9cdccadc2e8d54190e52427b5520'|'U.S. firm backing ether-based ETF says to refile listing application'|' The U.S. firm behind an effort to start an exchange-traded fund based on the cryptocurrency ether said on Thursday it planned to refile an application to list the security on Intercontinental Exchange Incs NYSE Arca exchange after an initial filing was withdrawn.NYSE withdrew the application with the U.S. Securities and Exchange Commission to list the EtherIndex Ether Trust ETF on Wednesday, according to a regulatory filing. The withdrawal came after EtherIndex LLC, which would issue the funds shares, amended its registration filing for the ETF on Tuesday.The delay is a timing issue and not at all a reflection of our commitment to the product, Joseph Quintilian, chief financial officer of EtherIndex, said in an email.The SEC began proceedings in April on whether to approve the ETF and was due to make a decision by Sept. 20.EtherIndex will refile the application the moment we see the appropriate developments in the marketplace, said Quintilian, who is also a partner at Axiom Markets LLC, a futures trading firm he co-founded in 2005 with Virtu Financial founder Vincent Viola. He did not give more details.A spokeswoman for NYSE declined to comment.Ether is a digital commodity based on the value token of the blockchain of the peer-to-peer Ethereum computer network, and the ETF would provide shareholders with exposure to the daily change in the U.S. dollar price of the token.The rapid rise in value of cryptocurrencies this year has driven fears of a bubble that could burst. That, along with a number of massive cybersecurity breaches affecting digital currency holders and the lack of consistent treatment of the assets by governments has caught the attention of regulators.In April, the SEC said it would review an earlier decision to block the listing of the first U.S. ETF tracking the cryptocurrency bitcoin, on CBOE Holdings Incs Bats exchange. [nL1N1HX17H]And in July the regulator said tokens issued through initial coin offerings (ICOs), where digital currencies based on blockchain technologies are sold publicly and then traded on secondary exchanges, can be considered securities.That means ICOs would fall under laws that require disclosures and are subject to regulatory scrutiny to protect investors, unless a valid exemption applies.China on Monday banned ICOs, which have raised $2.16 billion this year, and have helped fuel the rapid rise in value of cryptocurrencies. The move caused the prices of ether and bitcoin to tumble. [nL4N1LL2S9]Reporting by John McCrank; Editing by Andrew Hay '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-etherindex-etf/u-s-firm-backing-ether-based-etf-says-to-refile-listing-application-idUSKCN1BI2VW'|'2017-09-07T23:57:00.000+03:00'|6864.0|''|-1.0|'' 6865|'35d75426c40beadb89c51d527b45b1e0192a9c2c'|'S&P lowers Hong Kong rating to AA+ following China downgrade'|'September 22, 2017 / 2:30 AM / Updated 8 hours ago S&P lowers Hong Kong rating to AA+ following China downgrade Reuters Staff 1 Min Read FILE PHOTO: A general view of the container terminals at Kwai Chung district in Hong Kong, China May 24, 2016. REUTERS/Bobby Yip/File Photo HONG KONG (Reuters) - Standard and Poors lowered Hong Kongs long-term rating from AAA to AA+ on Friday following its earlier downgrade of Chinas sovereign rating.We see very strong institutional and political linkages between China and the Special Administrative Region of Hong Kong. Following the earlier downgrade of the sovereign credit rating on China, we are lowering the rating on Hong Kong to reflect potential spillover risks to the SAR should deleveraging in China prove to be more disruptive than we currently expect, S&P said in a statement. The rating agency downgraded China from AA- to A+ on Thursday, citing debt risk. S&P changed Hong Kongs outlook to stable from negative on Friday, and said it expected Hong Kong to maintain its strong credit metrics across the board in the next two to three years. Reporting by Sijia Jiang; Editing by Eric Meijer '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-s-p-hong-kong/sp-lowers-hong-kong-rating-to-aa-following-china-downgrade-idUKKCN1BX06X'|'2017-09-22T05:30:00.000+03:00'|6865.0|''|-1.0|'' -6866|'bafbb7a18f9a05a64c7432a092d09ab5b7dd9f5b'|'Exclusive: T-Mobile, Sprint close to agreeing deal terms - sources'|' 11:23 AM / Updated 3 hours ago Exclusive: T-Mobile, Sprint close to agreeing on deal terms - sources Greg Roumeliotis , Arno Schuetze 5 Min Read (Reuters) - T-Mobile US Inc ( TMUS.O ) is close to agreeing tentative terms on a deal to merge with Sprint Corp ( S.N ), people familiar with the matter said on Friday, a major breakthrough in efforts to merge the third and fourth largest U.S. wireless carriers. The transaction would significantly consolidate the U.S. telecommunications market and represent the first transformative U.S. merger with significant antitrust risk to be agreed since the inauguration of U.S. President Donald Trump in January. The progress toward a deal also indicates that T-Mobile and Sprint believe that the U.S. antitrust enforcement environment has become more favorable since the companies abandoned their previous effort to combine in 2014 amid regulatory concerns. The latest development in the talks between T-Mobile and Sprint comes as the telecommunications sector seeks ways to tackle investments in 5G technology that will greatly enhance wireless data transfer speeds. Japans SoftBank Group Corp ( 9984.T ), which controls Sprint, and other Sprint shareholders will own 40 to 50 percent of the combined company, while T-Mobile majority owner Deutsche Telekom ( DTEGn.DE ) and the rest of T-Mobile shareholders will own the majority, the sources said. SoftBank founder Masayoshi Son met with Trump late last year and said in February that the Japanese firm should benefit from Trumps promised deregulation. Once terms are finalized, due diligence by the two companies will follow and a deal is expected by the end of October, though talks may still fall through, the sources said. Related Coverage Sprint hired Trump-connected lobbyist in early September: filing A merger would create a business with more than 130 million subscribers, just behind Verizon Communications Inc ( VZ.N ) and AT&T Inc ( T.N ). Revenues would top $70 billion and analysts say there would be massive scope to cut costs. Sprint shares were up 5 percent in afternoon trading in New York on Friday to $8.44, giving the company a market capitalization of close to $34 billion. T-Mobile shares were up 0.4 percent to $63.66, giving that company a market capitalization of around $53 billion. The sources asked not to be identified because the negotiations are confidential. Sprint and Deutsche Telekom declined to comment. T-Mobile and SoftBank did not immediately respond to requests for comment. SoftBanks Son abandoned an earlier attempt to acquire T-Mobile for Sprint in 2014. Under that deal, SoftBank would have been in control of the merged company, with Deutsche Telekom becoming a minority shareholder. Smartphones with the logos of T-Mobile and Sprint are seen in this illustration taken September 19, 2017. REUTERS/Dado Ruvic/Illustration Since then, T-Mobile has outperformed Sprint under Chief Executive John Legere, who the sources said would lead the combined company. SON IN TRUMP TOWER Earlier this month, Federal Communications Commission Chairman Ajit Pai gave a potential boost to a tie-up when he recommended that the FCC find for the first since 2009 that there is effective competition in the marketplace for mobile wireless services. The FCC is set to vote on Tuesday on the proposed annual report on the state of the wireless competition market required by U.S. Congress. Slideshow (4 Images) T-Mobile and Sprint will likely tout planned investments in 5G and their network that would create jobs, though combining operations would also lead to layoffs, said Roger Entner, an analyst at Recon Analytics. They will argue that the track record of T-Mobile and Sprint shows they are vigorous competitors and that this will not cease to be the case after the deal, said Entner. Son made headlines in early December when he appeared in the marble lobby of Trump Tower in New York alongside the president-elect, dressed in a red vest and red tie nearly identical to that of the tycoon turned commander in chief. He was among the first in a series of Asian billionaires and leaders to pay a congratulatory visit to Trump, who won office in November on a platform that focused on national security and protecting U.S. jobs. Sons pledge to Trump to invest $50 billion in the United States and create 50,000 jobs was light on details but spoke to the presidents election promise to boost economic growth by making deals with individual companies, rather than through complicated trade deals. Last month, Sprint CEO Marcelo Claure said an announcement on merger talks should come in the near future. Sprint had approached cable company Charter Communications Inc ( CHTR.O ) about a potential merger earlier this year, but quickly abandoned that effort. AT&T is in the process of getting its own transformative deal, its $85.4 billion acquisition of media conglomerate Time Warner Inc ( TWX.N ) approved by U.S. regulators. Reporting by Greg Roumeliotis in New York and Arno Schuetze in Frankfurt; Additional reporting by Pamela Barbaglia in London, Douglas Busvine in Frankfurt, David Shepardson in Washington; Writing by Douglas Busvine; Editing by Bernadette Baum and Meredith Mazzilli'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-sprint-m-a-tmobile-exclusive/exclusive-t-mobile-sprint-close-to-agreeing-deal-terms-sources-idUSKCN1BX1EK'|'2017-09-22T14:23:00.000+03:00'|6866.0|''|-1.0|'' +6866|'bafbb7a18f9a05a64c7432a092d09ab5b7dd9f5b'|'Exclusive: T-Mobile, Sprint close to agreeing deal terms - sources'|' 11:23 AM / Updated 3 hours ago Exclusive: T-Mobile, Sprint close to agreeing on deal terms - sources Greg Roumeliotis , Arno Schuetze 5 Min Read (Reuters) - T-Mobile US Inc ( TMUS.O ) is close to agreeing tentative terms on a deal to merge with Sprint Corp ( S.N ), people familiar with the matter said on Friday, a major breakthrough in efforts to merge the third and fourth largest U.S. wireless carriers. The transaction would significantly consolidate the U.S. telecommunications market and represent the first transformative U.S. merger with significant antitrust risk to be agreed since the inauguration of U.S. President Donald Trump in January. The progress toward a deal also indicates that T-Mobile and Sprint believe that the U.S. antitrust enforcement environment has become more favorable since the companies abandoned their previous effort to combine in 2014 amid regulatory concerns. The latest development in the talks between T-Mobile and Sprint comes as the telecommunications sector seeks ways to tackle investments in 5G technology that will greatly enhance wireless data transfer speeds. Japans SoftBank Group Corp ( 9984.T ), which controls Sprint, and other Sprint shareholders will own 40 to 50 percent of the combined company, while T-Mobile majority owner Deutsche Telekom ( DTEGn.DE ) and the rest of T-Mobile shareholders will own the majority, the sources said. SoftBank founder Masayoshi Son met with Trump late last year and said in February that the Japanese firm should benefit from Trumps promised deregulation. Once terms are finalized, due diligence by the two companies will follow and a deal is expected by the end of October, though talks may still fall through, the sources said. Related Coverage Sprint hired Trump-connected lobbyist in early September: filing A merger would create a business with more than 130 million subscribers, just behind Verizon Communications Inc ( VZ.N ) and AT&T Inc ( T.N ). Revenues would top $70 billion and analysts say there would be massive scope to cut costs. Sprint shares were up 5 percent in afternoon trading in New York on Friday to $8.44, giving the company a market capitalization of close to $34 billion. T-Mobile shares were up 0.4 percent to $63.66, giving that company a market capitalization of around $53 billion. The sources asked not to be identified because the negotiations are confidential. Sprint and Deutsche Telekom declined to comment. T-Mobile and SoftBank did not immediately respond to requests for comment. SoftBanks Son abandoned an earlier attempt to acquire T-Mobile for Sprint in 2014. Under that deal, SoftBank would have been in control of the merged company, with Deutsche Telekom becoming a minority shareholder. Smartphones with the logos of T-Mobile and Sprint are seen in this illustration taken September 19, 2017. REUTERS/Dado Ruvic/Illustration Since then, T-Mobile has outperformed Sprint under Chief Executive John Legere, who the sources said would lead the combined company. SON IN TRUMP TOWER Earlier this month, Federal Communications Commission Chairman Ajit Pai gave a potential boost to a tie-up when he recommended that the FCC find for the first since 2009 that there is effective competition in the marketplace for mobile wireless services. The FCC is set to vote on Tuesday on the proposed annual report on the state of the wireless competition market required by U.S. Congress. Slideshow (4 Images) T-Mobile and Sprint will likely tout planned investments in 5G and their network that would create jobs, though combining operations would also lead to layoffs, said Roger Entner, an analyst at Recon Analytics. They will argue that the track record of T-Mobile and Sprint shows they are vigorous competitors and that this will not cease to be the case after the deal, said Entner. Son made headlines in early December when he appeared in the marble lobby of Trump Tower in New York alongside the president-elect, dressed in a red vest and red tie nearly identical to that of the tycoon turned commander in chief. He was among the first in a series of Asian billionaires and leaders to pay a congratulatory visit to Trump, who won office in November on a platform that focused on national security and protecting U.S. jobs. Sons pledge to Trump to invest $50 billion in the United States and create 50,000 jobs was light on details but spoke to the presidents election promise to boost economic growth by making deals with individual companies, rather than through complicated trade deals. Last month, Sprint CEO Marcelo Claure said an announcement on merger talks should come in the near future. Sprint had approached cable company Charter Communications Inc ( CHTR.O ) about a potential merger earlier this year, but quickly abandoned that effort. AT&T is in the process of getting its own transformative deal, its $85.4 billion acquisition of media conglomerate Time Warner Inc ( TWX.N ) approved by U.S. regulators. Reporting by Greg Roumeliotis in New York and Arno Schuetze in Frankfurt; Additional reporting by Pamela Barbaglia in London, Douglas Busvine in Frankfurt, David Shepardson in Washington; Writing by Douglas Busvine; Editing by Bernadette Baum and Meredith Mazzilli'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-sprint-m-a-tmobile-exclusive/exclusive-t-mobile-sprint-close-to-agreeing-deal-terms-sources-idUSKCN1BX1EK'|'2017-09-22T14:23:00.000+03:00'|6866.0|12.0|2.0|'' 6867|'119bf66fa95953cfed8cecab4eb9a5dd61fd103a'|'Halozyme to license drug delivery tech to Roche, Bristol-Myers'|' 12:03 PM / Updated 7 hours ago Halozyme to license drug delivery tech to Roche, Bristol-Myers Reuters Staff 1 Min Read Swiss drugmaker Roche''s logo is seen at their headquarters in Basel, Switzerland January 28, 2016. REUTERS/Arnd Wiegmann (Reuters) - U.S. drugmaker Halozyme Therapeutics Inc said on Thursday it would license its drug delivery technology to Bristol-Myers Squibb Co and Swiss drugmaker Roche in separate collaborations. Shares of Halozyme rose 12.7 percent to $14.85 in premarket trading after the company also raised its 2017 revenue forecast as a result of the deals. The company now expects full-year revenue of $245 million to $260 million, compared with an earlier forecast of $115 million to $130 million. Halozyme will receive $105 million upfront from Bristol-Myers, while Roche will pay $30 million upfront for Halozymes Enhanze technology that helps quicken the administration of injectable drugs. Halozyme is also entitled to future payments of up to $160 million each from both deals, upon achieving development, regulatory and sales-based milestones. Halozyme had licensed Enhanze to Roche in 2006 for the development of two cancer drugs. Reporting by Manas Mishra in Bengaluru; Editing by Sai Sachin Ravikumar'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-halozyme-bristol-myers/halozyme-to-license-drug-delivery-tech-to-roche-bristol-myers-idUSKCN1BP1KG'|'2017-09-14T15:00:00.000+03:00'|6867.0|''|-1.0|'' 6868|'b19af65561ee08bcac25539f7227af6837dd7759'|'RPT-UPDATE 1-Commodity trader Louis Dreyfus sees better signs as H1 profits rise'|' 10 PM / Updated 21 minutes ago RPT-UPDATE 1-Commodity trader Louis Dreyfus sees better signs as H1 profits rise Reuters Staff * First-half net and operating profits rose * Sales boosted by higher volumes * CEO sees renewed optimism after two-year trough * Weaker performance at grains arm * Sugar division hit by tough market By Gus Trompiz PARIS, Sept 28 (Reuters) - Louis Dreyfus, one of the worlds top grain trading firms, pointed to improved signs for its commodity trading activities as it posted higher first-half profits in the face of a continuation of high staple crops supplies. Along with its peers, Louis Dreyfus has been overhauling its businesses as margins for buying, selling and shipping agricultural goods have been eroded by large stockpiles and reduced price volatility. The trading house reported on Thursday group first-half net profits of $160 million, up from $135 million a year ago, while its segment operating profits also rose to $602 million, from $546 million last year. Net sales advanced 18 percent to $27.7 billion, supported by an 8 percent rise in volumes that reflected the release of inventory from 2016, it added. An improving economic climate and restructuring at its business units had helped, although markets were still burdened with high inventories while there was a relatively weak performance at its grain division, Louis Dreyfus said. We are starting to see renewed optimism, most notably in Europe, but still recognise the need for flexibility to adjust our geographic and operational footprint, chief executive Gonzalo Ramirez Martiarena said in a results statement. The group cited generally good profitability, driven by its Merchandising segment that saw operating profits rise to $250 million from $195 million, including improved profits in cotton. Its so-called Value Chain branch saw stable operating profits, at $352 million against $351 million a year earlier. Better results in oilseeds and rice contrasted with a weak performance in grains, lower results in juice and a slow start to the year in sugar due to unclear market trends, it said. Louis Dreyfus, which in April said it expected restructuring to help results in 2017 after a two-year drop in core profits, did not give an outlook for the rest of the year. It recently sold its African fertiliser activity and plans to sell stakes in several other businesses. The group also reported a $30 million gain from the sale of a stake in Brazilian joint venture, which boosted overall first-half net income. The struggling grain division has seen a shakeup in personnel, with global head David Ohayon resigning last month together with several other traders in Europe. Louis Dreyfus is part of the so-called ABCD quartet of global grain trading giants, which also includes Archer Daniels Midland, Bunge Ltd and Cargill. On Wednesday, Cargill reported a 14 percent rise in quarterly profit, as strong demand for beef helped offset weaker results for grain origination and processing. (Reporting by Gus Trompiz; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/louisdreyfus-results/rpt-update-1-commodity-trader-louis-dreyfus-sees-better-signs-as-h1-profits-rise-idUSL8N1M94ER'|'2017-09-28T16:09:00.000+03:00'|6868.0|''|-1.0|'' 6869|'61a949dbf371acaa6a42bc83d2abfedabdd9bd16'|'U.S. bankruptcy judge says will approve loan for Toys ''R'' Us'|'WILMINGTON, Del, Sept 19 (Reuters) - The U.S. Bankruptcy judge overseeing the Chapter 11 of Toys R Us said on Tuesday he would approve the companys request to borrow more than $2 billion to help stabilize the largest U.S. toy chain as it builds inventory for the year-end shopping season.Toys R Us filed for bankruptcy Monday, squeezed by online shopping and discount chains.Reporting by Tom Hals in Wilmington, Delaware; Editing by Nick Zieminski '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/toys-r-us-bankruptcy-judge/u-s-bankruptcy-judge-says-will-approve-loan-for-toys-r-us-idINL2N1M01VW'|'2017-09-19T17:33:00.000+03:00'|6869.0|''|-1.0|'' @@ -6890,7 +6890,7 @@ 6888|'13bb9276bdbfb8a64b64f72dad27d15405bd9b0a'|'Northrop Grumman nears deal to purchase Orbital - Source'|'NEW YORK, Sept 17 (Reuters) - Northrop Grumman Corp neared an agreement to buy Orbital ATK Inc, in a transaction that could be announced as soon as Monday, according to a person familiar with the transaction.Northrop Grumman declined to comment and Orbital did not immediately respond to a request for comment. The Wall Street Journal reported the deal earlier on Sunday. (Reporting by Jessica Resnick-Ault in New York and Mike Stone in Washington; Editing by Richard Chang) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/orbital-atk-northrop-grumman/northrop-grumman-nears-deal-to-purchase-orbital-source-idINL2N1LY0QR'|'2017-09-17T20:57:00.000+03:00'|6888.0|''|-1.0|'' 6889|'81315e331449fabe18cbd3f637efc2a80eafc21e'|'Foreign outflows from Asian equities rise in Aug; analysts stay bullish'|' 9:47 AM / Updated 14 minutes ago Foreign outflows from Asian equities rise in Aug; analysts stay bullish Patturaja Murugaboopathy 4 Min Read A Chinese investor monitors share prices at a securities company in Shanghai November 12, 2003. REUTERS/Claro Cortes IV/File Photo (Reuters) - Foreign outflows accelerated in Asian equities in August as tensions in North Korea prompted global investors to book profits, but analysts predicted money would return on the back of positive earnings momentum and attractive valuations. Data from seven Asian exchanges including India, Indonesia and Thailand showed foreign investors sold about $4 billion (3.01 billion) in total in August, the highest amount this year. Tensions on the Korea peninsula increased, causing investors to book profit (in August), said Jim McCafferty, head of equity research for Asia Pacific at Nomura. We are still optimistic for the second half of the year. Earnings momentum has been good and Asia is cheap compared to the US. Thomson Reuters data showed Asian companies'' total earnings beat their estimated earnings by 7 percent in the June quarter, with South Korea, Japan and Chinese firms taking the lead. According to the data, Chinas industrial firms posted more higher profits, as the building boom fuelled demand and lifted prices for everything from cement and steel to glass and copper wiring. Chinas economy continues to grow strongly. Consumer confidence in Japan is improving and Japans earnings season has been strong, said Nomuras McCafferty. Private purchasing managers indexes (PMIs) for August increased for Taiwan, Singapore, India, Indonesia and South Korea, and in all cases except South Korea, the numbers showed an expansion of manufacturing activity. At the end of August, the MSCI Asia-Pacific index .MIAP PUS had a forward price earnings ratio of 13.9, lower than the MSCI United States indexs MIUS PUS 18.4 and MSCI Europes 14.9. Some analysts say this indicated global funds were still under-invested in the region. And with global liquidity still higher, analysts said Asian equities will benefit from that. Cash levels remain elevated, suggesting markets can remain in an Icarus upside mode for risk assets, said Michael Hartnett, chief investment strategist at BofA Merrill Lynch. While foreign investment has slowed in the region, domestic investors have pitched in to support some equity markets. Domestic investment in Indian markets stood at $2.5 billion for August, which was much higher than the foreign inflows in the month. The rising weight of domestic investors is a powerful one, said Frank Benzimra, head of Asia equity strategy at Societe Generale in Hong Kong. Japan domestic investors flows also take the lead and China investors on the Chinese stocks listed in Hong Kong through the Southbound flows. Reporting by Patturaja Murugaboopathy in Bengaluru; Additional reporting by Gaurav Dogra in Bengaluru'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-asia-stocks-graphics/foreign-outflows-from-asian-equities-rise-in-aug-analysts-stay-bullish-idUKKCN1BO0ZY'|'2017-09-13T12:59:00.000+03:00'|6889.0|''|-1.0|'' 6890|'95fc1084f0ab22c95e19e7d44b78c018a8dfe03e'|'Global markets: Dollar, yields rise on hawkish Yellen; Asian shares still weak'|'Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall NEW YORK (Reuters) - The dollar climbed to a one-month high on Wednesday as bets firmed for an U.S. interest rate hike in December, while world stocks edged up as Republicans rolled out their U.S. tax reform plan.U.S. Treasury yields rose to months- and years-long highs, fueled by a stronger-than-expected reading on durable goods orders that suggested inflation may be picking up.Republicans in the U.S. Congress and the White House called for slashing tax rates on businesses and the wealthy, as part of a new tax plan that offers few details about how to pay for tax cuts without expanding the federal deficit.Unveiling the plan is one thing, and getting it passed is another, said Victor Jones, director of trading at TD Ameritrade.Bets on a near-term interest rate increase firmed following comments from Federal Reserve Chair Janet Yellen, who said on Tuesday that the U.S. central bank needs to continue gradual rate hikes despite broad uncertainty about the path of inflation.Perceived chances of a hike at the Feds December meeting rose to 83 percent from 72 percent on Monday, according to the CME Group.The hawkish rate sentiment helped fuel gains in U.S. financial shares, which gained 1 percent. The S&P 500 tech sector rose 0.7 percent, helped by a 7.6 percent surge in shares of Micron Technology after the chipmakers quarterly report.On Wall Street, the Dow Jones Industrial Average rose 15.08 points, or 0.07 percent, to 22,299.4, the S&P 500 gained 3.12 points, or 0.12 percent, to 2,499.96 and the Nasdaq Composite added 37.69 points, or 0.59 percent, to 6,417.85.The renewed interest in technology coupled with the likelihood of higher interest rates spurring an interest in financials, then the news on tax reform progressing, are all positive catalysts, said Alan Lancz, president of investment advisory firm Alan B. Lancz & Associates Inc. in Toledo, Ohio.The pan-European FTSEurofirst 300 index rose 0.42 percent and MSCIs gauge of stocks across the globe gained 0.03 percent.European banks rose 2 percent and hit their highest in seven weeks.The dollar index rose 0.4 percent, with the euro down 0.41 percent to $1.1743.It really is an extension of the rally kicked off by the Fed last week, said Mazen Issa, senior FX strategist, at TD Securities in New York, referring to its meeting where the Fed signaled it may raise rates for a third time this year.Data showed new orders for key U.S.-made capital goods increased more than expected in August, pointing to strength in the economy despite an anticipated drag to growth from hurricanes Harvey and Irma.Benchmark 10-year notes last fell 19/32 in price to yield 2.2961 percent, from 2.229 percent late on Tuesday.Yields on the 2-year note, the most sensitive to expectations of rate increases by the Fed, rose to 1.483 percent, the highest since November 2008.U.S. crude rose 0.4 percent to $52.10 per barrel while Brent was last at $57.93, down 0.9 percent on the day.Spot gold dropped 0.5 percent to $1,286.83 an ounce.Additional reporting by Saqib Iqbal Ahmed and Dion Rabouin in New York, Sruthi Shankar in Bengaluru and Nigel Stephenson in London; Editing by Hugh Lawson and James Dalgleish '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-global-markets/dollar-yields-rise-on-hawkish-yellen-asian-shares-still-weak-idINKCN1C201Y'|'2017-09-27T03:36:00.000+03:00'|6890.0|''|-1.0|'' -6891|'c0a3562ae641e4b648f7cc4bf682f3580a70b617'|'Former Airbus UK chief Paul Kahn joins Cobham in senior role'|'September 26, 2017 / 6:30 AM / Updated 5 hours ago Former Airbus UK chief Paul Kahn joins Cobham in senior role Reuters Staff 1 Min Read FILE PHOTO - Paul Kahn, former President of Airbus Group UK attends the Confederation of British Industry''s (CBI) annual conference in London, November 21, 2016. REUTERS/Stefan Wermuth LONDON (Reuters) - British defence supplier Cobham ( COB.L ) on Tuesday named Paul Kahn, the former Airbus UK boss, as president of its communications and connectivity sector. Cobham said Kahn, who stepped down as head of Airbus UK in July as part of a corporate shake-up, will take up his new job on Oct. 2. Michel Emelianoff, who currently holds the role, will leave Cobham by the end of the calendar year, following a handover period. Reuters reported on Sept. 21 that Kahn was set to join Cobham to help Chief Executive David Lockwood lead a turnaround of the firm. Reporting by James Davey; editing by Kate Holton '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-cobham-moves/former-airbus-uk-chief-paul-kahn-joins-cobham-in-senior-role-idUKKCN1C10LG'|'2017-09-26T09:30:00.000+03:00'|6891.0|''|-1.0|'' +6891|'c0a3562ae641e4b648f7cc4bf682f3580a70b617'|'Former Airbus UK chief Paul Kahn joins Cobham in senior role'|'September 26, 2017 / 6:30 AM / Updated 5 hours ago Former Airbus UK chief Paul Kahn joins Cobham in senior role Reuters Staff 1 Min Read FILE PHOTO - Paul Kahn, former President of Airbus Group UK attends the Confederation of British Industry''s (CBI) annual conference in London, November 21, 2016. REUTERS/Stefan Wermuth LONDON (Reuters) - British defence supplier Cobham ( COB.L ) on Tuesday named Paul Kahn, the former Airbus UK boss, as president of its communications and connectivity sector. Cobham said Kahn, who stepped down as head of Airbus UK in July as part of a corporate shake-up, will take up his new job on Oct. 2. Michel Emelianoff, who currently holds the role, will leave Cobham by the end of the calendar year, following a handover period. Reuters reported on Sept. 21 that Kahn was set to join Cobham to help Chief Executive David Lockwood lead a turnaround of the firm. Reporting by James Davey; editing by Kate Holton '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-cobham-moves/former-airbus-uk-chief-paul-kahn-joins-cobham-in-senior-role-idUKKCN1C10LG'|'2017-09-26T09:30:00.000+03:00'|6891.0|10.0|0.0|'' 6892|'9d4057ef74d0966032ae44c8332d2d2320ab3636'|'FTSE dips as sterling rises, housebuilders suffer'|' 9:07 AM / Updated 35 minutes ago FTSE dips as sterling rises, housebuilders suffer Helen Reid 4 Min Read A sign displays the crest and name of the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall LONDON (Reuters) - Shares on Britains major market index softened on Tuesday as housebuilders weighed on benchmark gains and rising inflation boosted the pound. The FTSE 100 .FTSE ended the session 0.2 percent lower at 7,400.69 points after stronger-than-expected inflation figures for August sent the pound GBP=EBS to a one-year high against the dollar, weighing on mostly foreign-earning blue-chips. Housebuilders .TRXFLDGBPHBLD were among the worst-performing stocks, after mid-cap residential housing developer Redrow ( RDW.L ) dropped 8.3 percent after chairman and founder Steve Morgans foundation sold 25.9 million shares. Redrows fall sent blue-chips Taylor Wimpey ( TW.L ), Barratt Development ( BDEV.L ), and Persimmon ( PSN.L ) down 1.4 to 2 percent as concerns over the British housebuilding sector, one of the worst hit after the Brexit vote, simmered. Traders cited last weeks Berkeley Group ( BKGH.L ) share sale as another sign of pressure, and pointed to a BAML research note highlighting risks in a sector priced for perfection. Jefferies analysts argued, however, that the sector, which has rallied strongly since the Brexit vote, had not yet peaked. Among leading FTSE gainers was Ashtead ( AHT.L ), jumping 4.5 percent after its first-quarter update showed a profit beat and higher rental revenue in the United States. The firm said hurricanes Harvey and Irma would boost demand for its products. Insurers and reinsurers are clearly the most exposed (though we note the change in Irmas path has given some respite to the share prices of these stocks in the last 24 hours) whilst those exposed to reconstruction and replacing insured capital stock are likely to see a pick-up in demand over the next few months, said Edward Park, investment director at Brooks Macdonald. Costa Coffee owner Whitbread ( WTB.L ) saw its shares weaken 0.4 percent after a double downgrade to sell from Citi analysts, who forecast slower earnings and just 4 to 5 years of growth left in the branded UK coffee market. Mid-cap auto recovery and insurance firm AA ( AAAA.L ) rose 3.4 percent after confirming it held talks with rival Hastings ( HSTG.L ) on a merger, and analysts mulled the implications of such a deal. Although there are likely to have been some cost savings benefits from this deal, possibly in the 10 to 15 million pound range from rationalizing platforms, we think its logic would have been primarily around Intellectual Property, said KBW analysts. JD Sports ( JD.L ) shares surged 9 percent to top mid-cap gainers and posted their best day in nearly four years after the sports fashion retailer reported a record first-half profit. Trouble at Foot Locker led some analysts to start writing the obituary of athleisure, but a big earnings beat from JD Sports Fashion today suggests the trend is very much alive and kicking, said Neil Wilson of ETX Capital. (For a graphic on UK housebuilders click reut.rs/2jj0F2k ) Reporting by Helen Reid and Kit Rees; Editing by Raissa Kasolowsky'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-stocks/ftse-dips-as-sterling-rises-housebuilders-suffer-idUKKCN1BN0W2'|'2017-09-12T12:06:00.000+03:00'|6892.0|''|-1.0|'' 6893|'4a53882e052fe4159c58b6f754f0ca4772537ad1'|'Behind the veil of Saudi Aramco'|'IF SAUDI ARAMCO is a state within a state in Saudi Arabia, then the blandly named Oil Supply Planning and Scheduling (OSPAS) is its deep state. To enter it, you pass tight security at Aramcos suburban-style headquarters in Dhahran, in the east of the kingdom. The transition is eye-opening. Suddenly, English is the common tongue even among Saudi Aramcons, as its workers are known. Female employees, their faces uncovered, lead meetings of male colleagues. The crisp banter is common to engineers everywhere. A toilet break is called a pressure-relief exercise.Deep within, OSPAS is even further removed from the kingdom outside. The few executives with clearance to enter call it the nerve centre of the worlds largest oil company. Using 100,000 sensors and data points on wells, pipelines, plants and terminals, it directs every drop of oil and cubic foot of gas that comes out of the kingdom (10% of the worlds oil supply), monitors it on giant screens as it heads to ports and power stations, and tracks oil tankers as they load. Well managers in the desert outback wait daily for OSPAS to tell them what to do. Its not just pretty graphics, an executive says, purring appreciatively over the 70-metre web of data flashing on the wall. 18 Because Aramco has all its upstream oil-and-gas operations in one country, it says it can justify investing big sumsand a lot of computer capacityon such technology, because it helps cut costs. ExxonMobil operates in 40-plus countries. It just cant do that, the executive adds, before apologising lest he appear to bad-mouth a client and partner, one of Aramcos American founding former shareholders.Such comparisons will become more pertinent as Aramco opens itself up for an initial public offering (IPO). Until recently it was just as cloistered from outside scrutiny as the kingdom itself, giving it more of a mystique than a good reputation. This week it invited The Economist for a visit. It only partially lifted its veil; its finances remain off-limits to everyone except the government, its only shareholder. Affable executives dodge almost every attempt to wheedle out useful ways of comparing the firm with its listed peers (it has no peers, they dissemble).But despite the hermeticism, Aramco has a good tale to tell. Even as its rivals have retrenched owing to low prices, it has stuck to long-term plans, investing heavily in technology, training and the future of oil. Its long-term approach may help explain one mystery. For decades, Saudi Arabias declared oil reserves have confounded the industry; since 1989 they have remained suspiciously constant at around 260bn barrelsa dozen times those of Aramcos nearest listed rival (see chart). As if to rub it in, Aramco says the kingdom has a whopping 400bn further barrels of resources that could one day become reserves.These reserves are under audit ahead of the IPO, and executives are loth to discuss the process. However, they argue that whereas other companies have to go far to find new reserves, Aramco can keep them constant simply by better stewardship of its existing fields. Amin Nasser, the chief executive, says the companys recovery ratesthe share of oil recouped from what is available in a fieldaverage about 50%, but rise as high as 70%, compared with a global average of about 33%. It does this by maintaining the pressure of its wells over the long term through gas re-injection and other means. Raising recovery rates on average to 70% would add 80bn barrels to reserves, an executive says. That is four times ExxonMobils latest total.Unlike big listed companies, which scrapped growth plans when the price of oil slumped in 2014-16, Aramco has also been able to keep on investing because of its low costs, Mr Nasser says. Increasing natural-gas output is now the main focus, but it has also raised oil production in some areas. This is visible at the vast Shaybah field in Saudi Arabias blisteringly hot Empty Quarter, where Aramco last year upped oil output by 250,000 barrels a day (b/d) to 1m b/d, inaugurated a facility to process natural-gas liquids (pictured on previous page) and laid 650km of new pipelines across a mountain range of red sand dunes. (Aramco also set out to repopulate the surrounding desert with oryx, gazelle and ostrich hunted almost to extinction. They are now reproducing, although the first ostrich eggs to fertilise sadly cooked in the heat.)Its second focus is technology. Whereas some of its peers admit that they squandered the chance to invest in big data during the oil boom before 2014, Aramco has no such regrets. Last year it inaugurated its home-grown TeraPowers technology, which uses 1trn pixel-like computational cells to simulate the flow of hydrocarbons through 500m years of geological time, enabling it to model oilfields in granular detail. From Dhahran it can remotely direct drilling of horizontal wells in Shaybah, steering a drill-bit through miles of rock to within a few feet of its target. (Royal Dutch Shell recently boasted of using similar remote-drilling technology in Argentina.) To train young employees in understanding the subsurface, Aramco has a 3D virtual-reality cave in Dhahran, which shows the filigree of wells 1,500 metres below the surface of Shaybah, as if from a submarine.Third, as Saudi Arabias most attractive employer, Aramco has less difficulty than its Western peers in attracting millennial recruits (born between around 1980 and 1996) who are turning away from the oil and gas industry. It has kept up spending on international scholarships during the slump. It plans to raise the share of women in the workforce from 25% to 40%. Its chief engineer and head of human resources are both female. Saudi labour laws still apply, however: female Aramcons may not stay overnight at an oilfield.Aramcons pride themselves on a Westernised culture handed down from their American forefathers before nationalisation in 1980. This makes them confident they can handle the listing. From the way [Aramco] was built, from the beginning I would say it was ready for an IPO, Mr Nasser says. The main change, he adds, will be issuing quarterly results.But that underplays the challenges ahead. For one thing, Aramco is not master of its destiny. The future of the IPO, such as the decision on where and when to list, is in the hands of the government shareholder, represented by Muhammad bin Salman, the crown prince. Domestic political tension and external frictions with Qatar risk delaying the IPO until 2019and further muddying the waters.The potential valuation is also contentious. MBS, as the crown prince is known, has said he believes Aramco is worth $2trn, though many analysts think that is over-ambitious. To improve its chances, the kingdom is leaning toward a listing on the New York Stock Exchange rather than in London, because America has deeper pools of capital. However, that would expose Aramco to legal risks it would prefer to avoid. In order to bring in Chinese investors, the kingdom is also considering issuing some shares in Hong Kong.However strong Aramco may be upstream, its lower-margin refining and petrochemicals divisions will drag down the valuation. Aramco has some intriguing plans to mitigate this, hoping in the next few years to build a plant with new technology to turn crude oil directly into petrochemicalsin essence, leap-frogging refineries. But this is untested.In sum, the IPO is more for the kingdoms benefit than Aramcos. It could have drawbacksexposing the firm to investors with short time horizons or to activists hostile to fossil fuels. But the Aramcons appear determined to make the most of it. Executives argue that oils future is bright, even if electric cars and cleaner fuels emerge. Low costs mean there is no danger Saudi oil will become a sunset industry, says Mohammed al-Qahtani, head of its upstream division. A listing will make Aramco the envy of the rest of the world. "Behind the veil"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21729472-biggest-oil-company-has-good-story-tellif-it-can-disentangle-its-image?fsrc=rss%7Cbus'|'2017-09-21T22:44:00.000+03:00'|6893.0|''|-1.0|'' 6894|'77f332a6a49408c43e121a91d51344d790ec5da7'|'PRESS DIGEST-New York Times business news - Sept 14'|'September 14, 2017 / 4:33 AM / Updated 29 minutes ago PRESS DIGEST-New York Times business news - Sept 14 Reuters Staff 2 Min Read Sept 14 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - U.S. President Donald Trump on Wednesday blocked a China-backed investor from buying an American semiconductor maker over national security concerns, a rare move that could signal more aggressive scrutiny of China''s deal-making ambitions. nyti.ms/2wrp8E8 - The U.S. federal government moved on Wednesday to wipe from its computer systems any software made by a prominent Russian cybersecurity firm, Kaspersky Lab, that is being investigated by the FBI for possible links to Russian security services. nyti.ms/2fknf6B - Martin Shkreli, the former pharmaceutical executive who is awaiting sentencing for a fraud conviction, was sent to jail on Wednesday after a federal judge revoked his bail because he had offered $5,000 for a strand of Hillary Clinton''s hair. nyti.ms/2y0f327 - Toshiba Corp said on Wednesday it had agreed to negotiate with a group led by Bain Capital, the American investment firm, that also includes two organizations controlled by the Japanese government. They will seek to strike a deal over Toshiba''s chip business, the world''s second-largest manufacturer of flash memory chips. nyti.ms/2wqTDK8 Compiled by Bengaluru newsroom'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-sept-14-idUSL4N1LV26Q'|'2017-09-14T12:33:00.000+03:00'|6894.0|''|-1.0|'' @@ -6909,7 +6909,7 @@ 6907|'92b651a9fef8906f15357242d196355f144c9c58'|'UPDATE 1-Portugal''s bond yield gap over Italy shrinks to pre-crisis levels'|'* Demand soars for Portugal as country wins back investment rating* Portugal-Italy yield spread tightest since March 2010 at 33 bps* Euro zone periphery govt bond yields tmsnrt.rs/2ii2BqrBy Abhinav RamnarayanLONDON, Sept 19 (Reuters) - The gap between Portuguese and Italian 10-year government bond yields narrowed on Tuesday to levels not seen since the start of the euro zone debt crisis of 2010-2012.This follows a strong rally in Portuguese debt over the last two sessions after S&P Global became the first major ratings agency to give the country back an investment grade rating on Friday, more than five years after it first sank into junk territory.The rally has seen Portuguese borrowing costs come closer to that of its larger, better-rated south European neighbours, even if it is still the highest yielding of the three.It reflects the narrowing ratings differential and the fact that some political risk premium is still baked into Italian government bonds, said ING strategist Martin van Vliet.Portugals 10-year government bond yield spread over Italy narrowed to 33.5 basis points, the lowest since March 2010. At the start of the year, that difference was as high as 211 basis points.In absolute terms, Portugals 10-year government bond yields dropped 9 basis points to 2.40 percent on Tuesday.Van Vliet said Portugals recovery from the euro zone debt crisis - when it needed a bailout from European authorities - is a strong story, but cautioned that it is still a weaker credit than Italy because of its external debt position.Portugal''s outstanding private debt stood at 280 percent of the country''s economic output last year, comprising 178 percent for companies and 103 percent for households. < reut.rs/2xiwTjp >I think this rally is on speculation that Portugal could now be included in many benchmark indices, Van Vliet said.Many large bond indexes provided by investment banks only include investment grade borrowers, and inclusion in these usually guarantees a new influx of investors and lower yields.However, many index providers require an investment grade rating from at least two of the three main credit ratings agencies, and Portugal now only has one. It is rated Ba1 by Moodys and BB+ by Fitch.Portugal was by far the outperformer in bond markets on Tuesday, but other euro zone yields also edged lower on the day ahead of a key U.S. Federal Reserve meeting, which concludes on Wednesday.The central bank of the worlds biggest economy is expected to provide details on how it will reduce a massive balance sheet run-up through years of post-crisis money printing.This is seen as significant by European investors as the ECB is also expected to tighten policy, possibly by announcing in October its plans for ending its own money-printing scheme.A 2 billion euro sale of German 30-year bonds on Wednesday should show which way investors see this as going - longer-dated bonds are more sensitive to changes in monetary policy.For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarketsReporting by Abhinav Ramnarayan; Editing by Hugh Lawson '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eurozone-bonds/update-1-portugals-bond-yield-gap-over-italy-shrinks-to-pre-crisis-levels-idINL5N1M00WN'|'2017-09-19T05:59:00.000+03:00'|6907.0|''|-1.0|'' 6908|'20de6d9df79d691147005d8a9a57f219123713a0'|'Not such an Easylife when my digital hearing aid fails to charge - Money'|'Several weeks ago we bought a rechargeable digital hearing aid from Easylife. It arrived promptly and worked well on day one, but it would not recharge as instructed. We emailed customer services and were offered a free pickup with a subsequent replacement. We waited in all day in vain. We again contacted it and received an email saying they had tried to call without success to discuss the pickup. We then phoned to be told of a 36-minute delay to speak to an agent. In the end it took 47 minutes, and another 20 minutes for the agent to organise another pickup day. Which, of course, turned into another wasted day nobody came or phoned! Were at the end of our tether. Can you help? JB, Barrow in Furness Take a look at the online reviews of this mail order firm and youll find youre not the first person to complain about long call waits. The company told us it repeatedly tried to call you; youre adamant this was not the case.Greg Caplin, the firms chief executive, told Money it processes 100,000 orders a month, most without problems. Unlike many other service companies, our system advises our customers of the wait time, so they can choose to hold or call back when its not so busy. The wait time costs us money, so its not in our interest to keep anyone waiting longer than necessary.Happily, the non-charging aid has now been replaced by a different courier.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/sep/18/easylife-digital-hearing-aid-not-charging'|'2017-09-18T03:00:00.000+03:00'|6908.0|''|-1.0|'' 6909|'5700b42bd8bcedb348b729834e63bd5aa88a2521'|'UPDATE 3-U.S. Senate opposition to Obamacare repeal bill grows'|'* Treasury secretary says vote going to be very close* One more Republican no vote could doom effort (Adds Treasury Secretary Mnuchin, stock market impact)By Richard CowanWASHINGTON, Sept 24 (Reuters) - A proposal by U.S. Republicans to repeal and replace the Obamacare health insurance program suffered serious new setbacks within the party on Sunday, when Senator Ted Cruz expressed his opposition and Senator Susan Collins dug in with strong criticism of the legislation.Two other Republican senators, John McCain and Rand Paul, already said last week they would vote against the so-called Graham-Cassidy bill. One more no vote among Republicans would effectively kill the partys latest effort in their seven-year mission to overturn Obamacare, while dealing a new blow to President Donald Trump.Senate Majority Leader Mitch McConnell, a Republican, has said he intends to put the bill up for a vote this week, but he has withheld public comment over the past few days as some of his rank-and-file Republicans abandoned Trump.Treasury Secretary Steven Mnuchin, interviewed on CNNs State of the Union, reflected the uncertainty in the battle.It is going to be very close. I hope it passes, he said.Phil Novack, a spokesman for Cruz, confirmed that the Republican senator said at an event in Texas: Right now, they dont have my vote, and I dont think they have (Senator) Mike Lees vote, either.Lee is a conservative Republican and close ally of Cruz. A spokesman for Lee said the senator wanted some technical changes to the legislation, but did not provide details. We havent committed to anything yet, Conn Carroll said in an email.Politico reported that Cruz complained that the latest Obamacare repeal bill did not address his concerns about bringing down the costs of healthcare.On Friday, news of McCains opposition sent shares of health insurance companies up. Centene ended 1.6 percent higher and Humana closed up 0.2 percent.Trump has pressured his fellow Republicans for quick passage on what would be his first victory on major legislation. All Democrats are expected to vote against it.COLLINS SUPPORT IN DOUBT But Collins, perhaps the most moderate of Republican senators, appeared poised to oppose her partys latest replacement plan for the Affordable Care Act, former Democratic President Barack Obamas signature legislative achievement.She, along with McCain and Alaska Senator Lisa Murkowski, voted in July against an earlier version of Obamacare repeal.It is very difficult for me to envision a scenario where I would end up voting for this bill, Collins said on CNNs State of the Union on Sunday, two days after saying she was leaning against the legislation.Collins said her concerns centered on the impact the legislation would have on the federal Medicaid program, which helps disabled children and low-income elderly people get healthcare.The Senate, which Republicans control by 52-48, faces a Saturday deadline for deciding on the bill under an expiring rule that lets the healthcare proposal pass with just a simple majority in the 100-member chamber, instead of the 60-vote threshold needed for most legislation.Paul, interviewed on NBCs Meet the Press, attacked the centerpiece of the Republican bill that would have the federal government basically turn the health insurance system over to states in the form of block grants.They could remove the block grants from it, and we can vote on what we actually agree on, Paul said. I cant in good conscience vote to keep all the spending.Some key Senate Republicans were still pushing to forge ahead.Senator Lindsey Graham, who is leading the charge on the latest version of Obamacare repeal, told ABC he believed he would have the votes to pass the legislation.The only way you know how people will vote is you have the vote, he said.Graham did not detail the path he sees to victory. (Reporting by Richard Cowan and Valerie Volcovici; Additional reporting by Sarah Lynch; Editing by Mary Milliken and Peter Cooney) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-healthcare/update-1-u-s-senate-opposition-to-obamacare-repeal-bill-grows-idINL2N1M50DV'|'2017-09-24T14:59:00.000+03:00'|6909.0|''|-1.0|'' -6910|'addad435a3eacba0af2ecc5edd16c77bda1b142c'|'Wealthy financiers could gain from Trump''s proposed tax cut for small businesses'|'September 28, 2017 / 10:03 AM / Updated an hour ago Wealthy financiers could gain from Trump''s proposed tax cut for small businesses Amanda Becker 4 Min Read U.S. President Donald Trump arrives aboard Air Force One at Joint Base Andrews, Maryland, U.S. September 27, 2017. REUTERS/Jonathan Ernst WASHINGTON (Reuters) - High-income Wall Street financiers could be unintended winners from a section of U.S. President Donald Trumps tax-cut plan that is meant to help mostly small, mom-and-pop businesses. Trump called on Wednesday for a new pass-through tax rate of 25 percent that could mean big savings for owners of sole proprietorships and partnerships who now pay 39.6 percent. But it could also mean a windfall for partners in private-equity, venture-capital and hedge funds, unless Congress can figure out a way to block them from taking advantage of the new rate. Ron Wyden, top Democrat on the tax-writing Senate Finance Committee, said Democrats supported a pass-through rate for small businesses, such as a cleaner, a garage, a restaurant. He said Trumps plan, however, would create a whole new set of wealthy individuals being able to dodge their taxes through this new provision. At issue is the taxation of the roughly 95 percent of American businesses that are not public corporations. Non-public pass-through businesses, such as sole proprietorships, limited liability companies and partnerships, pay no income tax themselves. Instead their profits pass through directly to their owners, who pay tax on them at the individual tax rates. Related Coverage White House''s Cohn says now sees more than 3 percent growth to pay for tax plan A small fraction of those business owners pay the top individual tax rate of 39.6 percent, higher than the current top corporate income tax rate of 35 percent. Those business owners have long complained that the disparity is unfair, especially in view of the fact that many multinationals pay much less than the 35 percent statutory corporate tax rate by exploiting abundant loopholes and tax breaks available to large, global corporations. Republicans have been eager to address the issue. Trumps plan proposes a new tax rate of 25 percent for the pass-through income of small and family-owned businesses. The problem, according to the plans critics, is that financial entities such as private-equity, venture-capital and hedge funds are all partnerships whose wealthy partners would see substantial tax savings on large portions of their income unless congressional tax writers find a way to exclude them. GOOD VERSUS BAD PASS-THROUGH INCOME The White House document that spelled out Trumps plan signaled that the administration was aware of the potential problem but would leave addressing it up to Congress. The document said: The framework contemplates that the (congressional tax) committees will adopt measures to prevent the recharacterization of personal income into business income to prevent wealthy individuals from avoiding the top personal tax rate. Trumps plan also proposes cutting the top corporate tax rate to 20 percent from 35 percent and cutting the top individual tax rate to 35 percent from 39.6 percent. Treasury Secretary Steven Mnuchin said two weeks ago that the administration would ensure partners at services firms such as accounting, law and financial firms would not benefit from a new, lower pass-through rate. A Treasury Department spokesman did not respond to a request for comment on the pass-through rate or plans to exempt certain categories of firms. Frank Clemente, executive director of Americans for Tax Fairness, a liberal advocacy group, said the idea that a new pass-through rate would help small business was simply a hoax. Tax experts said it would be difficult for congressional tax writers to exempt partners at services firms from using the new pass-through rate. There has always been talk of how to carve out good pass-through income from bad pass-through income. The problem is its exceedingly hard to do and there is no way to draw clear lines that wont be manipulated, said Seth Hanlon with the Center for American Progress, a liberal group. Victor Fleischer, a law professor at the University of San Diego, agreed it would be challenging. Still, I think it can probably be done, Fleischer said. Reporting by Amanda Becker; Editing by Kevin Drawbaugh and Peter Cooney '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-tax-passthrough/wealthy-financiers-could-gain-from-trumps-proposed-tax-cut-for-small-businesses-idUSKCN1C3175'|'2017-09-28T13:03:00.000+03:00'|6910.0|''|-1.0|'' +6910|'addad435a3eacba0af2ecc5edd16c77bda1b142c'|'Wealthy financiers could gain from Trump''s proposed tax cut for small businesses'|'September 28, 2017 / 10:03 AM / Updated an hour ago Wealthy financiers could gain from Trump''s proposed tax cut for small businesses Amanda Becker 4 Min Read U.S. President Donald Trump arrives aboard Air Force One at Joint Base Andrews, Maryland, U.S. September 27, 2017. REUTERS/Jonathan Ernst WASHINGTON (Reuters) - High-income Wall Street financiers could be unintended winners from a section of U.S. President Donald Trumps tax-cut plan that is meant to help mostly small, mom-and-pop businesses. Trump called on Wednesday for a new pass-through tax rate of 25 percent that could mean big savings for owners of sole proprietorships and partnerships who now pay 39.6 percent. But it could also mean a windfall for partners in private-equity, venture-capital and hedge funds, unless Congress can figure out a way to block them from taking advantage of the new rate. Ron Wyden, top Democrat on the tax-writing Senate Finance Committee, said Democrats supported a pass-through rate for small businesses, such as a cleaner, a garage, a restaurant. He said Trumps plan, however, would create a whole new set of wealthy individuals being able to dodge their taxes through this new provision. At issue is the taxation of the roughly 95 percent of American businesses that are not public corporations. Non-public pass-through businesses, such as sole proprietorships, limited liability companies and partnerships, pay no income tax themselves. Instead their profits pass through directly to their owners, who pay tax on them at the individual tax rates. Related Coverage White House''s Cohn says now sees more than 3 percent growth to pay for tax plan A small fraction of those business owners pay the top individual tax rate of 39.6 percent, higher than the current top corporate income tax rate of 35 percent. Those business owners have long complained that the disparity is unfair, especially in view of the fact that many multinationals pay much less than the 35 percent statutory corporate tax rate by exploiting abundant loopholes and tax breaks available to large, global corporations. Republicans have been eager to address the issue. Trumps plan proposes a new tax rate of 25 percent for the pass-through income of small and family-owned businesses. The problem, according to the plans critics, is that financial entities such as private-equity, venture-capital and hedge funds are all partnerships whose wealthy partners would see substantial tax savings on large portions of their income unless congressional tax writers find a way to exclude them. GOOD VERSUS BAD PASS-THROUGH INCOME The White House document that spelled out Trumps plan signaled that the administration was aware of the potential problem but would leave addressing it up to Congress. The document said: The framework contemplates that the (congressional tax) committees will adopt measures to prevent the recharacterization of personal income into business income to prevent wealthy individuals from avoiding the top personal tax rate. Trumps plan also proposes cutting the top corporate tax rate to 20 percent from 35 percent and cutting the top individual tax rate to 35 percent from 39.6 percent. Treasury Secretary Steven Mnuchin said two weeks ago that the administration would ensure partners at services firms such as accounting, law and financial firms would not benefit from a new, lower pass-through rate. A Treasury Department spokesman did not respond to a request for comment on the pass-through rate or plans to exempt certain categories of firms. Frank Clemente, executive director of Americans for Tax Fairness, a liberal advocacy group, said the idea that a new pass-through rate would help small business was simply a hoax. Tax experts said it would be difficult for congressional tax writers to exempt partners at services firms from using the new pass-through rate. There has always been talk of how to carve out good pass-through income from bad pass-through income. The problem is its exceedingly hard to do and there is no way to draw clear lines that wont be manipulated, said Seth Hanlon with the Center for American Progress, a liberal group. Victor Fleischer, a law professor at the University of San Diego, agreed it would be challenging. Still, I think it can probably be done, Fleischer said. Reporting by Amanda Becker; Editing by Kevin Drawbaugh and Peter Cooney '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-tax-passthrough/wealthy-financiers-could-gain-from-trumps-proposed-tax-cut-for-small-businesses-idUSKCN1C3175'|'2017-09-28T13:03:00.000+03:00'|6910.0|9.0|0.0|'' 6911|'7edd5b4ce25ebfc53baacfe2cff1a2676d7bf81f'|'Mitchells & Butlers sales up despite poor weather'|' 23 AM / Updated 14 minutes ago Mitchells & Butlers sales up despite poor weather Reuters Staff 1 Min Read (Reuters) - British pubs group Mitchells & Butlers Plc ( MAB.L ) reported a 2.9 percent rise in sales for the 51-week period to Sept. 16 despite poor weather in recent weeks. The group, whose pubs include Harvester, Toby Carvery and All Bar One, said comparable drink sales in the most recent weeks 8 weeks contracted 1.2 percent, an outcome it blamed on poor weather versus a sunny period a year earlier. The company reiterated its warning that margins for the full year will be below last year due to inflationary cost pressures. (This story was refiled to read Sept. 16, paragraph 1) Reporting by Rahul B in Bengaluru; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-mitchells-butler-outlook/mitchells-butlers-sales-up-despite-poor-weather-idUKKCN1BW0NW'|'2017-09-21T09:32:00.000+03:00'|6911.0|''|-1.0|'' 6912|'7cc8b6ea6c6e913a4b504254d22eea3d6a784483'|'Under pressure, Hyundai clashes with China partner over suppliers - sources'|'September 5, 2017 / 7:26 AM / 13 minutes ago Under pressure, Hyundai clashes with China partner over suppliers - sources Norihiko Shirouzu , Hyunjoo Jin 3 Min Read FILE PHOTO: Men cylce past an advertising billboard for Hyundai cars opposite the plant of Hyundai Motor Co in Beijing, China, August 30, 2017. REUTERS/Thomas Peter/File Photo BEIJING/SEOUL (Reuters) - Hyundai Motor Co is at loggerheads with its Chinese partner over efforts to cut supplier costs, as they grapple with cut-throat competition and the impact of a stand-off between Beijing and Seoul, four people familiar with the dispute said. Hyundai, along with affiliate Kia Motors, has been caught up this year in a political row over a missile defence system deployed in South Korea but opposed by China. That came against the backdrop of increased competition from local automakers, already making life tough in the worlds biggest market. Until last year, Hyundai and Kia ranked third in China by sales. But sales for Hyundai alone have slumped 41 percent from January to July, making this the biggest crisis since Hyundai entered the Chinese market in 2002. Hyundai and its local partner BAIC Motor Corp Ltd are divided over how to solve the issue. Hyundai wants to protect its South Korean supply chain, while BAIC favours shifting to cheaper Chinese suppliers, the people said. BAIC wants to solve this aggressively and is aggressively pursuing it by asking Hyundai to change its sourcing strategy significantly and immediately, said the head of a Hyundai supplier based in Seoul familiar with the matter. He added the idea was to source more locally from cheaper suppliers. Hyundai wants to solve this more gradually over perhaps 5-10 years and do so in phases, the person added. BAIC declined to comment. A Hyundai Motor spokesperson told Reuters: Hyundai Motor and Kia Motors have been continuously trying to source competitive parts in China. The stand-off underscores the depth of a crisis facing Hyundai and its suppliers in China, heavily reliant on sales to Hyundai Motor and Kia Motors. South Korea approved the full deployment of the Terminal High Altitude Area Defense (THAAD) system on Monday - a day after North Korea conducted its sixth and most powerful nuclear test - and says it is needed to counter growing threats from North Korea. China has strongly opposed the system and says its powerful radar poses a threat to its national security. China has started to become a grave for South Korean automakers and suppliers, said Lee Hang-koo, a senior research fellow at Korea Institute for Industrial Economics & Trade, adding suppliers were being hit the hardest. South Korean firms are squeezed between cheaper Chinese suppliers and European rivals which are technologically more advanced, making it challenging for them to diversify their customers beyond Hyundai Motor, he said. Parts from South Korean suppliers are around 30-40 percent more expensive than those from local Chinese suppliers, industry sources say. Hyundai last week replaced the head of its China operations, following months of tumbling sales. It was forced to suspend production temporarily at its four China plants last month over issues of non-payment to a supplier. Reporting by Norihiko Shirouzu in BEIJING and Hyunjoo Jin in SEOUL; Writing by Adam Jourdan; Editing by Ian Geoghegan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-hyundai-china-suppliers/under-pressure-hyundai-clashes-with-china-partner-over-suppliers-sources-idUKKCN1BG0NI'|'2017-09-05T10:25:00.000+03:00'|6912.0|''|-1.0|'' 6913|'c99486a1b29a00001e8d7ca373a06324031f27a1'|'Capita staff vote to strike over pension changes - Unite'|' 39 PM / Updated 15 minutes ago Capita staff vote to strike over pension changes - Unite (Reuters) - Capita ( CPI.L ) staff represented by trade union Unite have voted to go on strike for six days from Oct. 5 in protest against changes to the companys pension scheme, Unite said on Thursday. Capita informed its employees of significant changes to their pension arrangements in June which would result in a massive cut in their retirement income, the trade union said. Capita did not immediately respond to a request for comment. Reporting by Radhika Rukmangadhan in Bengaluru; editing by David Clarke'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-capita-strike/capita-staff-vote-to-strike-over-pension-changes-unite-idUKKCN1BW1VB'|'2017-09-21T16:39:00.000+03:00'|6913.0|''|-1.0|'' @@ -7071,7 +7071,7 @@ 7069|'686817ea9e62f95c29a60d6389a333f3e80223ab'|'Saudis prepare for possible delay to Aramco IPO: Bloomberg'|'FILE PHOTO: A Saudi Aramco employee sits in the area of its stand at the Middle East Petrotech 2016, an exhibition and conference for the refining and petrochemical industries, in Manama, Bahrain, September 27, 2016. REUTERS/Hamad I Mohammed/File Photo (Reuters) - Saudi Arabia is preparing contingency plans for a possible delay to the planned initial public share offering of Saudi Aramco ( IPO-ARMO.SE ) by a few months into 2019, Bloomberg reported on Wednesday, citing people familiar with the matter.The government is still aiming for the IPO of the state-owned oil giant in the second half of 2018, but that timetable is increasingly tight for what is likely to be the biggest share sale in history, according to the report. bloom.bg/2eVG9jvSaudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment.Saudi authorities are aiming to list up to 5 percent of the worlds largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100 billion.Reporting by Ismail Shakil in Bengaluru; Editing by Sriraj Kalluvila '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-saudi-aramco-ipo/saudis-prepare-for-possible-delay-to-aramco-ipo-bloomberg-idINKCN1BO2SW'|'2017-09-13T19:50:00.000+03:00'|7069.0|''|-1.0|'' 7070|'06cbd8dbc9080768abe3de7de48d578b02ad7ff3'|'Asia stocks down, dollar on defensive, gripped by risk aversion'|'Signs can be seen above the floor of the New York Stock Exchange April 9, 2009. REUTERS/Lucas Jackson NEW YORK (Reuters) - Shares in Europe and the United States rose on Wednesday, but Asian markets fell and gold neared a 1-year high on investor concern about tensions on the Korean peninsula and a major hurricane barreling towards Puerto Rico and Florida.The U.S. dollar fell against a basket of major currencies .DXY= after weaker-than-expected manufacturing data and after Federal Reserve Vice-Chairman Stanley Fischer said he would resign in October. (Graphic: World FX rates in 2017 - tmsnrt.rs/2egbfVh )This means a sea change in the composition of the Fed, especially as its not clear if Fed Chair (Janet) Yellen is going to get renominated. The composition of the Fed is going to look entirely different than it did just a couple of years ago, said Subadra Rajappa, head of U.S. rates strategy at Societe Generale in New York.The Dow Jones Industrial Average .DJI rose 61.07 points, or 0.28 percent, to 21,814.38, the S&P 500 .SPX gained 3.63 points, or 0.15 percent, to 2,461.48 and the Nasdaq Composite .IXIC dropped 9.92 points, or 0.16 percent, to 6,365.65.The greenback also hit its lowest against the Canadian dollar in more than two years after the Bank of Canada surprised many by raising rates.The dollar fell as much as 1.9 percent against the loonie to C$1.2140 CAD=D4 , its lowest since mid-June 2015.The pan-European FTSEurofirst 300 index .FTEU3 rose 0.14 percent and MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.14 percent.A meeting on Thursday of European Central Bank policymakers is expected to yield clues as to when they will begin to scale back monetary stimulus.A lot will depend on how (ECB President Mario) Draghi addresses the euro, said Commerzbank currency strategist Esther Reichelt, in Frankfurt. The question is whether hell address it strongly enough for the market to react.Risk-averse investors were also still worried about North Koreas nuclear weapons tests. As tensions remained high, Russian President Vladimir Putin said on Wednesday that resolving the crisis is impossible with sanctions and pressure alone.In the Caribbean, dangerous Category 5 Hurricane Irma slammed across islands with pounding winds and raging surf en route to a possible landfall in Florida this weekend.I think it (North Korea) is still going to be a factor with a bit of nervousness out there. We also have another hurricane heading towards Florida, said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. Were already seeing water flying off the shelves at grocery stores.Given the geopolitical tensions and weaker dollar, gold rose. Spot gold XAU= added 0.1 percent to $1,340.01 an ounce. U.S. gold futures GCcv1 gained 0.07 percent to $1,345.40.MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.36 percent lower, while Japan''s Nikkei .N225 lost 0.14 percent.Oil prices rose as strong global refining margins and the reopening of U.S. Gulf Coast refineries provided a more bullish outlook after sharp drops due to Storm Harvey.U.S. crude CLcv1 rose 1.05 percent to $49.17 per barrel and Brent LCOcv1 was last at $53.96, up 1.09 percent.For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarketsReporting by Hilary Russ in New York; Additional reporting by Scott Malone in San Juan, Nigel Stephenson and Julia Payne in London, Sruthi Shankar in Bengaluru and Karen Brettell and Sam Forgione in New York; Graphic by Marc Jones; Editing by James DalgleishOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-global-markets/asia-stocks-down-dollar-on-defensive-gripped-by-risk-aversion-idUSKCN1BH02Z'|'2017-09-06T03:38:00.000+03:00'|7070.0|''|-1.0|'' 7071|'f2d381c74386b73fda7cf30817d0ce369dc98a38'|'Oil and chemical spills from Hurricane Harvey big, but dwarfed by Katrina'|'September 15, 2017 / 11:22 AM / Updated 3 hours ago Oil and chemical spills from Hurricane Harvey big, but dwarfed by Katrina Emily Flitter , Richard Valdmanis 4 Min Read FILE PHOTO: A car dealership is covered by Hurricane Harvey floodwaters near Houston, Texas, U.S. on August 29, 2017. REUTERS/Rick Wilking/File Photo NEW YORK/BOSTON (Reuters) - More than 22,000 barrels of oil, refined fuels and chemicals spilled at sites across Texas in the wake of Hurricane Harvey, along with millions of cubic feet of natural gas and hundreds of tons of other toxic substances, a Reuters review of company reports to the U.S. Coast Guard shows. The spills, clustered around the heart of the U.S. oil industry, together rank among the worst environmental mishaps in the country in years, but fall far short of the roughly 190,000 barrels spilled in Louisiana in 2005 after Hurricane Katrina - the last major storm to take dead aim at the U.S. Gulf Coast. Harvey slammed ashore in Texas on Aug. 26, unleashing record flooding around Houston that destroyed countless homes, displaced around a million people and killed scores. The U.S. Environmental Protection Agency warned people affected by the storm to avoid floodwaters, saying they could contain bacteria and other dangerous substances, but the agency has so far provided few details about spills. The EPA said earlier this week it was responding to more than a dozen spills in the wake of Harvey, but said it could not immediately provide volume estimates. The U.S. Coast Guard reports showed over 22,000 barrels of crude oil, gasoline, diesel, drilling wastewater, and petrochemicals spilled from refineries, storage terminals and other facilities in the days after the storm. Nearly half of those came from a 10,988-barrel spill of unleaded gasoline from Magellan Midstream Partners storage facility in Galena Park, Texas, according to the reports, confirmed by a company official. We expect clean-up operations to be completed within a few weeks, the company said in an email on Thursday. Most of the gasoline had been removed, it said, including quantities that spilled offsite and into the Houston Ship Channel, and remaining work was mainly focused on removing contaminated soil. The Coast Guard filings also showed some 365 tons of toxic chemicals like sulfur dioxide, ammonia, toluene, benzene, and carbon monoxide escaped from facilities during the storm. In addition, some 27 million cubic feet (765,000 cubic meters) of natural gas, 1,000 tons of asphalt, and unknown quantities of other substances from more than 200 other incidents also escaped, according to the data. Officials for the Coast Guard and the EPA did not immediately respond to requests for comment on the filings. As some spill estimates were preliminary, it was too early to assess pollution damage from the storm, said Tom Pelton, a spokesman for environmental advocacy group the Environmental Integrity Project. One company is already raising its spill estimates: Valero Energy Corp told the EPA it probably underestimated the emissions of dangerous chemicals when the roof of a tank at its Houston refinery collapsed in the storm. Katrina caused 190,000 barrels of oil spills along the Louisiana coastline, according to Donald Davis, the administrator of the Louisiana Applied Oil Spill Research and Development Program, who presented his findings to the EPA in 2006. Reporting by Emily Flitter and Richard Valdmanis, Editing by Rosalba O''Brien '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/us-storm-harvey-spills/oil-and-chemical-spills-from-hurricane-harvey-big-but-dwarfed-by-katrina-idINKCN1BQ1E8'|'2017-09-15T09:22:00.000+03:00'|7071.0|''|-1.0|'' -7072|'dfab3c8942d7929f0473146bb4dc219c6805891a'|'Hit factory: British music stars break overseas sales records - Business'|'The popularity of British music abroad has hit a record high as artists including Adele, David Bowie and Coldplay brought in more than 350m from fans around the world last year.Sales of British music outside the UK surged 11% to a record 365m last year the highest level since records began spurred by the phenomenal growth in popularity of streaming music on services such as Spotify, Apple Music and Deezer.UK music trade body the BPI does not break down who was the most popular British artist abroad in terms of sales of all of their music, including back catalogues, but Adeles 25 was the best-selling album by a UK artist in 2016.David Bowies Blackstar, his last album released just before his death last year, ranked second with foreign fans. Bowie was the biggest-selling artist in the UK last year . Facebook Twitter Pinterest A still from Bowies Blackstar video. Photograph: PR The top five was rounded out by The Rolling Stoness Blues & Lonesome, Coldplays A Head Full of Dreams and Radioheads A Moon Shaped Pool.The BPI said the value of British music exports sales of CDs, vinyl, streaming and downloads of singles and albums has rocketed by more than 72% since the start of the decade as legal streaming has replaced widespread piracy.Music by brilliant British artists such as Ed Sheeran, Adele , David Bowie, Coldplay and Sam Smith is streamed and purchased the world over, said Geoff Taylor, chief executive of the BPI and the annual Brit Awards. The global digital streaming market represents a huge new opportunity.Global streaming revenues need to grow by less than 10% this year to pass physical sales, which fell 8% to $5.4bn in 2016. Last year saw a 60% surge to $4.6bn.The BPI, which is to officially release the figures at its annual meeting on Thursday, said that British recording artists and labels made the most from their music overseas since it began keeping records at the turn of the century.Since 2000, the British record industry has made a total of 4.4bn from the sale of music outside the UK.British music proved to be most popular in the USA, the worlds biggest music market, followed by Germany, France, Australia and Canada.The BPI said that fast-emerging markets such as Asia, Turkey, India and South America were becoming increasingly significant in sales terms. However Japan is the only Asian market in a top 10 comprised of six European nations, Canada and the US and Australia.With Britain leaving the European Union, the UK needs businesses that are true global superstars, said Taylor. Government can help seize the opportunity by making sure our artists can tour freely post-Brexit.Best-selling albums by British artists outside the UK in 2016 1. Adele - 25 2. David Bowie - Blackstar 3. The Rolling Stones - Blues & Lonesome4. Coldplay - A Head Full of Dreams5. Radiohead - A Moon Shaped PoolSource: IFPITop 10 markets for British music overseas 1. USA2. Germany3. France4. Australia5. Canada6. Netherlands7. Japan8. Italy9. Sweden10. BelgiumSource: BPI'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/sep/07/hit-factory-british-music-stars-break-overseas-sales-records'|'2017-09-07T03:00:00.000+03:00'|7072.0|''|-1.0|'' +7072|'dfab3c8942d7929f0473146bb4dc219c6805891a'|'Hit factory: British music stars break overseas sales records - Business'|'The popularity of British music abroad has hit a record high as artists including Adele, David Bowie and Coldplay brought in more than 350m from fans around the world last year.Sales of British music outside the UK surged 11% to a record 365m last year the highest level since records began spurred by the phenomenal growth in popularity of streaming music on services such as Spotify, Apple Music and Deezer.UK music trade body the BPI does not break down who was the most popular British artist abroad in terms of sales of all of their music, including back catalogues, but Adeles 25 was the best-selling album by a UK artist in 2016.David Bowies Blackstar, his last album released just before his death last year, ranked second with foreign fans. Bowie was the biggest-selling artist in the UK last year . Facebook Twitter Pinterest A still from Bowies Blackstar video. Photograph: PR The top five was rounded out by The Rolling Stoness Blues & Lonesome, Coldplays A Head Full of Dreams and Radioheads A Moon Shaped Pool.The BPI said the value of British music exports sales of CDs, vinyl, streaming and downloads of singles and albums has rocketed by more than 72% since the start of the decade as legal streaming has replaced widespread piracy.Music by brilliant British artists such as Ed Sheeran, Adele , David Bowie, Coldplay and Sam Smith is streamed and purchased the world over, said Geoff Taylor, chief executive of the BPI and the annual Brit Awards. The global digital streaming market represents a huge new opportunity.Global streaming revenues need to grow by less than 10% this year to pass physical sales, which fell 8% to $5.4bn in 2016. Last year saw a 60% surge to $4.6bn.The BPI, which is to officially release the figures at its annual meeting on Thursday, said that British recording artists and labels made the most from their music overseas since it began keeping records at the turn of the century.Since 2000, the British record industry has made a total of 4.4bn from the sale of music outside the UK.British music proved to be most popular in the USA, the worlds biggest music market, followed by Germany, France, Australia and Canada.The BPI said that fast-emerging markets such as Asia, Turkey, India and South America were becoming increasingly significant in sales terms. However Japan is the only Asian market in a top 10 comprised of six European nations, Canada and the US and Australia.With Britain leaving the European Union, the UK needs businesses that are true global superstars, said Taylor. Government can help seize the opportunity by making sure our artists can tour freely post-Brexit.Best-selling albums by British artists outside the UK in 2016 1. Adele - 25 2. David Bowie - Blackstar 3. The Rolling Stones - Blues & Lonesome4. Coldplay - A Head Full of Dreams5. Radiohead - A Moon Shaped PoolSource: IFPITop 10 markets for British music overseas 1. USA2. Germany3. France4. Australia5. Canada6. Netherlands7. Japan8. Italy9. Sweden10. BelgiumSource: BPI'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/sep/07/hit-factory-british-music-stars-break-overseas-sales-records'|'2017-09-07T03:00:00.000+03:00'|7072.0|12.0|0.0|'' 7073|'48c156dafb8e34480b0b5262d9f3379663aa6921'|'Boeing wins $499 mln U.S. defense contract -Pentagon'|'September 6, 2017 / 9:16 PM / 5 minutes ago Boeing wins $499 mln U.S. defense contract -Pentagon Reuters Staff 1 Min Read WASHINGTON, Sept 6 (Reuters) - Boeing Co was awarded a $499 million multiple award shared ceiling contract for six companies for the Aerospace Systems Air Platform Technology Research program, the Pentagon said on Wednesday. Reporting by Eric Walsh; Editing by Eric Beech'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/boeing-pentagon/boeing-wins-499-mln-u-s-defense-contract-pentagon-idUSL2N1LN2EV'|'2017-09-07T00:15:00.000+03:00'|7073.0|''|-1.0|'' 7074|'feeaf488afa3dd1c57b47fa77eaa111cca16b11f'|'Moscow says Schlumberger Russian oil services deal held up by U.S sanctions - reports'|'MOSCOW, Sept 2 (Reuters) - The acquisition of Russias Eurasia Drilling Co (EDC) by U.S. oilfield services giant Schlumberger has been held up by U.S. sanctions on Russia, Russian Deputy PM Arkady Dvorkovich was Quote: d as saying by local news services.Schlumberger applied to the watchdog for approval to buy the stake in late July in a deal widely seen as testing the state of relations between Russia and the United States.However, since then the United States has introduced additional sanctions against Russia for its alleged meddling in the U.S. presidential elections in 2016. The sanctions restrict cooperation in the Russian energy sector.Several Russian officials, including the Natural Resources minister and the head of anti-monopoly body, have said the deal had been held up due to the political turmoil.I agree that we shouldnt sell it if in a month the company will stop working (due to sanctions), Dvorkovich was Quote: d as saying by RIA news agency late on Friday.Schlumberger has made no comment on the state of the deal.It is Schlumbergers second attempt to buy into EDC, and it would be the first U.S. stake in Russias oil and gas industry since sanctions were imposed on Moscow after its 2014 annexation of Crimea.In 2015, Schlumberger agreed to buy 45.65 percent of EDC for $1.7 billion, but the deal fell through after the Russian anti-monopoly repeatedly postponed its approval. (Reporting by Vladimir Soldatkin; Editing by Hugh Lawson) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/russia-schlumberger-sanctions/moscow-says-schlumberger-russian-oil-services-deal-held-up-by-u-s-sanctions-reports-idUSL8N1LJ06F'|'2017-09-02T17:33:00.000+03:00'|7074.0|''|-1.0|'' 7075|'d79668a7d01f1aa631ea84ca96a0cdad5102b845'|'Uber to defend business model at UK tribunal on worker rights'|'September 26, 2017 / 11:04 PM / Updated 8 hours ago Uber to defend business model at UK tribunal on worker rights Costas Pitas 3 Min Read A message on the Uber app is seen on mobile telephone in London, Britain, September 25, 2017. REUTERS/Hannah McKay LONDON (Reuters) - Uber [UBER.UL] is expected to tell a British employment appeal tribunal on Wednesday that its drivers are self-employed and not workers entitled to a range of extra benefits, less than a week after the firm was told it would lose its London licence. The U.S. ride hailing service has faced regulatory and legal setbacks around the world amid opposition from traditional taxi services and concern among some regulators. It has been forced to quit several countries, such as Denmark and Hungary. Losing its licence in London, one of the worlds wealthiest cities, is one of the U.S. technology firms biggest setbacks so far. The London regulator cited the firms approach to reporting serious criminal offences and background checks on drivers. It can operate during its appeal, which could last months. Last year, two drivers successfully argued at a tribunal that Uber exerted significant control over them to provide an on-demand taxi service and had responsibilities in terms of workers rights. At the two-day appeal hearing starting on Wednesday Uber will argue its drivers are self-employed and work the same way as those at long-established local taxi firms, according to a court document seen by Reuters. The self-employed are entitled to only basic protections such as health and safety, but workers receive benefits such as the minimum wage, paid holidays and rest breaks. This would add to Ubers costs and bureaucracy across Britain. The Uber app is seen on mobile telephone in London, Britain, September 25, 2017. REUTERS/Hannah McKay Those in a third category, called employees, receive all those entitlements as well as other benefits such as statutory sick pay and maternity or paternity leave. Almost all taxi and private-hire drivers have been self-employed for decades before our app existed, an Uber spokesman said before Wednesdays hearing. Uber drivers have more control and are totally free to choose if, when and where they drive with no shifts or minimum hours, he said. Trade union-led protestors are expected to march through central London on Wednesday against what they deem precarious labour in the gig economy, where people work for various employers at the same time without fixed contracts. Uber faces a further challenge as law firm Leigh Day said it would represent a female driver who says Uber is putting her and other women at risk as the driver does not know the passengers destination until they are already in the car and that could mean travelling to a remote or unsafe area. An Uber spokesman said drivers could cancel trips without penalty and did not have to go to a particular area if they did not want to. He said many women worked for Uber due to its safety features. One of the main reasons why women choose to drive with Uber is because of the safety features in the app. All trips are GPS tracked and a driver is able to share a live map of their trip with a friend or loved one, he said. Reporting by Costas Pitas; Editing by Edmund Blair '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-uber-britain-appeal/uber-to-defend-business-model-at-uk-tribunal-on-worker-rights-idUKKCN1C13AB'|'2017-09-27T02:09:00.000+03:00'|7075.0|''|-1.0|'' @@ -7092,7 +7092,7 @@ 7090|'2d4439a7af3d8debc78ba2fbdcc7e13b338c57b8'|'U.S. consumer agency defends student loan reforms from Republican attacks'|'WASHINGTON (Reuters) - The U.S. consumer financial watchdog on Thursday attempted to repel a Trump-administration attack on former President Barack Obamas sweeping student loan reforms and defended itself against Republican attempts to weaken its powers.In a lengthy letter to Education Secretary Betsy DeVos, the Consumer Financial Protection Bureau (CFPB) said it had complied with its remit, despite her departments charges to the contrary.The Education Department announced last week it would no longer work with the bureau on resolving student loan complaints, saying it had complicated the lending process with potentially inaccurate and inconsistent directives.It said the consumer bureau, created after the 2007-09 financial crisis to protect individuals from predatory lending, was not honoring an agreement to promptly refer complaints to the department, but using the departments data to expand its jurisdiction into areas that Congress never envisioned.The Obama-appointed head of the watchdog, Democrat Richard Cordray, said the bureau shares complaint information in near real-time through an on-line portal with the department.It has not exceeded its authority, and only fulfilled its mission under federal law to monitor and respond to individuals complaints about debts as well as enforce federal consumer law, Cordray wrote.Congress created the bureau in part to mediate between consumers and credit card companies, banks, mortgage providers and other lenders.The dispute goes beyond a mere territory fight.Republicans revile the CFPB, saying it reaches too far in its rules and enforcement and should be more accountable to lawmakers. Democrats have said it helps ensure fair treatment for middle-class people unable to fight fraud on their own.Republicans also disapprove of Obamas attempt to make college more affordable by moving almost all of the $1.4 trillion student-loan industry into the federal government. Currently, only servicing is handled outside the Education Department.During last years elections, Trump and fellow Republicans promised to get government out of the business of lending and DeVos is now working to return much of the process to the private sector.She also wants to redo other Obama-era regulations, such as protections for sexual-assault victims on college campuses.DeVos critics consider the departments split from the CFPB as a way to protect for-profit schools, debt collectors and servicers from government intervention.Earlier this year the bureau, which has received nearly 20,000 complaints about student loan servicers since February 2016, sued the countrys largest servicer Navient Corp for systematically failing borrowers. Navient disputes the allegations and is contesting them in court.Reporting by Lisa Lambert, Editing by Rosalba O''Brien '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/usa-education-loans/u-s-consumer-agency-defends-student-loan-reforms-from-republican-attacks-idINKCN1BJ050'|'2017-09-07T23:37:00.000+03:00'|7090.0|''|-1.0|'' 7091|'03a2b145d142208bb06edbc5f73b2431fc8e3270'|'Tyremaker Pirelli to offer 40 percent of share capital in upcoming IPO'|'September 4, 2017 / 6:01 AM / 34 minutes ago Tiremaker Pirelli to offer 40 percent of share capital in upcoming IPO Reuters Staff 1 Min Read FILE PHOTO: Formula One - F1 - Russian Grand Prix - Sochi, Russia - 29/04/17 - Pirelli tyres on display in paddock area. REUTERS/Maxim Shemetov MILAN (Reuters) - Italian tiremaker Pirelli said on Monday it had filed a request to place on the market up to 40 percent of its shares in an initial public offering expected to be completed by October. The worlds fifth-largest tiremaker was delisted from the Milan bourse in 2015 after a mandatory offer launched by Marco Polo, an investment vehicle controlled by China National Chemical and the companys sole shareholder. The group said in a statement it had deposited a request to be listed on the Milan stock exchange on Sept. 1 and that it expected to start trading in October. Following its listing and starting from the approval of its 2018 results, the company expects to pay out 40 percent of its net profit in dividends, the statement added. Reporting by Giulia Segreti; Editing by Christian Schmollinger'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-pirelli-ipo/tiremaker-pirelli-to-offer-40-percent-of-share-capital-in-upcoming-ipo-idUKKCN1BF0JP'|'2017-09-04T08:56:00.000+03:00'|7091.0|''|-1.0|'' 7092|'68e197dc863b50c9888373aa1524d474186bc5ba'|'Exchange-rate shifts have helped the global economy'|'STICKLERS for value have plenty of reasons to frown at financial markets. Much feels out of whack, from squashed bond yields to pricey stockmarkets. Yet currency markets, at least, seem to have shifted in line with fundamentals this year. Take the euro, for instance. Since the start of 2017 it has risen by almost 15% against the dollar, to $1.19 (see chart). That has taken it much closer to fair value by benchmarks such as purchasing-power parity (PPP), the exchange rate at which a basket of goods is worth the same in different countries. The OECD puts the euros PPP at $1.33. That is quite a stretch from $1.04 in January. The elastic had to snap back, says Kit Juckes of Socit Gnrale, a French bank.Of course, the euros revival is a result of more than its being cheap. The anxiety that elections in Europe might bring to power anti-euro populists, such as Marine Le Pen in France, has dissipated. The euro-zone economy has further strengthened, raising the prospect that monetary policy will soon be less accommodating. Even so, the European Central Bank (ECB) seems in no hurry to fulfil these hopes, in part because of the euros recent surge. The banks rate-setting council met on September 7th, as The Economist was going to press, and was expected to keep interest rates unchanged and to put off a decision on how to taper its bond purchases.Latest updates The Republican Party in California continues its long, slow slide Democracy in America 8 hours ago Why Stephen Kings novels still resonate Prospero 13 hours ago Are Americans sacrificing food and clothing to pay their taxes? Graphic detail 13 hours ago Retail sales, producer prices, wages and exchange rates 18 hours ago Foreign reserves 19 hours ago Why affordable housing in Africa is rarely affordable The Economist explains a day ago See all updates The flipside of euro strength is a weaker dollar. It surged in the weeks after the elections in November on a belief that big tax cuts were likely and that a fiscal stimulus of this kind would oblige the Federal Reserve to raise interest rates more quickly than otherwise, pulling capital to America and lifting the dollar. Hopes of tax reform have been dashed. Indeed Americas economy has underperformed. The IMF, for instance, revised down its forecasts for GDP growth in July. A series of surprisingly weak inflation figures has made the Fed more cautious about raising interest rates.All this has hurt the dollar. Since the start of March it has fallen by 6.5% against a broad basket of currencies weighted by their importance to Americas trade. This is good news for the world economy. A weakening dollar has also given a recovery in emerging-market economies room to breathe. A weak dollar allows for cheaper borrowing in dollars in global markets. Central banks have been able to cut interest rates without worrying that this will weaken their own currencies and stoke inflation. The global appetite for risk-taking has also helped. When investors are cautious, they cling to safe haven currencies, such as the dollar, yen or Swiss franc. But when the volatility index (the Vix, or fear index) falls, the riskier (risk-on) emerging-market currencies tend to do well, according to Kevin Daly of Goldman Sachs, a bank (see chart).Can the euros winning streak against the dollar continue? Fundamentals, such as valuations and current-account balances (the euro-zones big surplus; Americas big deficit), suggest it should. But such factors are often a weak pull on currencies. Other influences will soon tug in the opposite direction, notes George Papamarkakis, of North Asset Management, a hedge fund. The ECBs anxiety about euro strength is one. Another is the Feds plan to reverse its programme of quantitative easing, or QE, by letting its holdings of bonds tail off. Because one effect of QE was to weaken the dollar, its reversal ought logically to strengthen it. And the euro has already travelled quite far on improved sentiment. Last year it slid because of a fear of Ms Le Pen, says Mr Papamarkakis. Now there is no fear of anything. Finance and economics "Fear and favour"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21728629-euros-strength-and-dollars-weakness-have-had-benign-effects-exchange-rate?fsrc=rss'|'2017-09-07T22:43:00.000+03:00'|7092.0|''|-1.0|'' -7093|'c9953865943caecc399a804d6f449d5ef7f3b12d'|'BRIEF-Aveva set to unveil 3 billion stg Schneider merger- source'|'Sept 4 (Reuters) -* Aveva set to unveil 3 billion stg Schneider merger; deal structured as reverse takeover that will see Schneider take majority stake in combined co -source* Aveva shareholders will receive more than 800 pence share in cash. Combined entity will have an enterprise value of more than 3 billion pounds- source '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-aveva-set-to-unveil-3-billion-stg/brief-aveva-set-to-unveil-3-billion-stg-schneider-merger-source-idINFWN1LL0D2'|'2017-09-04T16:14:00.000+03:00'|7093.0|''|-1.0|'' +7093|'c9953865943caecc399a804d6f449d5ef7f3b12d'|'BRIEF-Aveva set to unveil 3 billion stg Schneider merger- source'|'Sept 4 (Reuters) -* Aveva set to unveil 3 billion stg Schneider merger; deal structured as reverse takeover that will see Schneider take majority stake in combined co -source* Aveva shareholders will receive more than 800 pence share in cash. Combined entity will have an enterprise value of more than 3 billion pounds- source '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-aveva-set-to-unveil-3-billion-stg/brief-aveva-set-to-unveil-3-billion-stg-schneider-merger-source-idINFWN1LL0D2'|'2017-09-04T16:14:00.000+03:00'|7093.0|6.0|2.0|'' 7094|'50be4378642bf58e26db317a4d9476da7ba0c737'|'JD Sports reports record first-half profit helped by expansion'|' 6:49 AM / Updated 18 minutes ago JD Sports reports record first half profit helped by expansion Reuters Staff 2 Min Read People pass a JD Sports store in London, Britain April 11, 2017. REUTERS/Neil Hall (Reuters) - Britains JD Sports Fashion Plc reported a record half-year pretax profit on Tuesday on demand for athletic leisure clothing and the opening of 35 new stores, sending its shares sharply higher. Strong trading in the half-year helped the seller of trainers and tracksuits predict full-year profit towards the upper end of market expectations of 268-290 million pounds. JD Sports, which also runs fashion and outdoor retail outlets such as Scotts and Blacks, said profit before tax for the 26 weeks to July 29 rose 33 percent to 102.7 million pounds from 77.4 million a year earlier. Revenue from its sports fashion business, made up of brands such as JD , Size? and Sprinter, rose more than 30 percent to 1.17 billion pounds. It opened 12 JD stores in UK and Ireland and 23 across mainland Europe in the first half. JD shares jumped 10 percent to 376 pence in early trade. JD, which sells from more than 1300 stores, has overtaken Sports Direct as the countrys leading sportswear retailer by market value. It opened 12 JD stores in UK and Ireland and 23 across mainland Europe in the first half. Reporting by Rahul B in Bengaluru; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-jd-sports-results/jd-sports-reports-record-first-half-profit-helped-by-expansion-idUKKCN1BN0KG'|'2017-09-12T09:49:00.000+03:00'|7094.0|''|-1.0|'' 7095|'06e3de350c3a855e370c3b6662df22c4c57ffcc1'|'ABB plans expansion in U.S., scouting for acquisitions, CEO says'|'September 6, 2017 / 9:00 PM / 3 hours ago ABB plans expansion in U.S., scouting for acquisitions, CEO says Joseph White 3 Min Read FILE PHOTO: CEO Ulrich Spiesshofer of Swiss power technology and automation group ABB addresses a news conference in Zurich, Switzerland, February 8, 2017. REUTERS/Arnd Wiegmann/File Photo DETROIT (Reuters) - ABB Ltd ( ABBN.S ) plans to expand its U.S. industrial robot factory in Michigan, the companys chief executive officer said on Wednesday, while declining to comment on reports that he is weighing the purchase of a unit of rival General Electric Co ( GE.N ). Ulrich Spiesshofer, who took over as CEO of ABB in 2013, said in an interview that the company plans to expand its industrial robot manufacturing facility in Auburn Hills, Michigan, which delivered its first robot in March. He declined to offer details on new jobs or investment. ABB currently has a workforce of about 1,000 at the Auburn Hills complex. Zurich-based ABB is counting on continued growth in demand for industrial robots from automakers and other sectors, such as the food and beverage industry, Spiesshofer said. U.S. automakers have caught up with Japanese and German rivals in the level of factory automation, Spiesshofer said. The next phase is about portfolio differentiation and expansion, as automakers build more electric cars, he said. Spiesshofer has been reshaping ABBs portfolio of businesses through acquisitions and divestitures for the past four years. He declined to comment on whether he is discussing the acquisition of GEs industrial solutions business. People familiar with the situation said last month that GE and ABB had restarted talks after GE cut the asking price of the business, which sells industrial electrical equipment. ABB is scouting for potential acquisitions in certain areas, such as planning software, and those would likely be smaller deals, Spiesshofer said. ABB will be brutally disciplined in what it buys, he said, noting that the company could have afforded to buy industrial robot maker Kuka last year, but walked away because the economics did not fit what we want to do. In a presentation on Wednesday, Spiesshofer reaffirmed that, after what he called a transitional year in 2017, ABB should begin hitting its goals for revenue growth of 3 to 6 percent, and returns on capital investments in the mid-teens. Spiesshofer said problems with excess capacity in the robotics and motion business that hit second-quarter results should be resolved by growth in business. I am confident for the full year we will be back within a profit margin range of 15 to 18 percent, he said. Operating margins for ABBs robotics and motion business were 14.9 percent in the second quarter. Reporting by Joseph White; Editing by Leslie Adler '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-abb-expansion/abb-plans-expansion-in-u-s-scouting-for-acquisitions-ceo-says-idINKCN1BH309'|'2017-09-06T19:00:00.000+03:00'|7095.0|''|-1.0|'' 7096|'47001694101836266305f238d1a85fd1cd834328'|'China-Russia wide-body C929 jet to rely on western suppliers for systems'|' 10:50 AM / Updated 16 minutes ago China-Russia wide-body C929 jet to rely on western suppliers for systems Brenda Goh 3 Min Read BEIJING (Reuters) - Chinas planned wide-body jet joint venture with Russia will see a higher proportion of work from Chinese suppliers, though for key systems like avionics it will still rely mostly on western manufacturers, the jets chief designer said. China has been plowing billions of dollars into developing jets to raise its profile in global aviation and to disrupt the current Boeing Co ( BA.N ) and Airbus SE ( AIR.PA ) duopoly, most recently with its C919 narrrowbody aircraft. It has also been vocal about wanting to support local industry. Western suppliers need not be too worried, said Chen Yingchun, the Commercial Aircraft Corporation of Chinas (COMACs) chief designer for the C929 wide-body program with Russias United Aircraft Corp. There will be more Chinese contribution to the C929 project, compared with the C919, but all systems, like signaling, wont be affected, Chen said on the sidelines of an aviation conference in Beijing on Wednesday. Overseas suppliers like Honeywell International Inc ( HON.N ) and Safran SA ( SAF.PA ) were instrumental in the making of Chinas C919 jet. The plane took its maiden flight in May and 730 orders have been placed to date, mostly by Chinese parties. In the same month, the C929 wide-body joint venture (JV) was set up with am aim to eventually take 10 percent of the global market dominated by the Boeing 787 and Airbus A350. The JV partners are currently in the joint concept design stage for the C929 and are figuring out how to balance the work share, Chen said. China, at present, is responsible for the planes body and tail, he added. The project is on track to seek bids for the engine by year-end, he said. Rolls Royce ( RR.L ) and General Electric ( GE.N ), who also supply wide-body jets, are expected to be contenders, but China is also trying to develop its own version with Russia. Chen also said the JV was looking to build half of the C929 using composite materials, versus C919s 10 percent, and that talks were underway with European, U.S. and Chinese suppliers who were willing to set up facilities close to COMACs Shanghai headquarters to do so. The JV partners aim to complete the C929s maiden flight and first delivery over 2025-2028. COMACs first two passenger plane projects, the ARJ21 and C919, were, however, far behind schedule with the ARJ21 entering service last year, eight years after it took its first flight. A spokesman for COMAC told Reuters the C919 would take its second flight by the end of this year. China is the worlds fastest growing aviation market. U.S. planemaker Boeing expects Chinese airlines to buy more than 7,000 jets worth $1.1 trillion over 20 years as they grow their fleets to meet robust demand for travel. Reporting by Brenda Goh; Editing by Himani Sarkar'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-china-aviation-comac/china-russia-wide-body-c929-jet-to-rely-on-western-suppliers-for-systems-idUSKCN1BV1BC'|'2017-09-20T13:44:00.000+03:00'|7096.0|''|-1.0|'' @@ -7118,7 +7118,7 @@ 7116|'8552cfbc1bb7e8fe51341ace0826bde0ca9364a1'|'Venezuela craft brewers rare bright spot in crisis economy'|'A worker drafts a glass of craft beer from a pump in a beer garden at the garage of Social Club brewery in Caracas, Venezuela, September 15, 2017. Picture taken September 15, 2017. REUTERS/Marco Bello CARACAS (Reuters) - With Venezuelas economic crisis leaving consumers struggling to buy basic staple foods, small Caracas brewery Social Club might seem out of place selling craft beer that costs per bottle what a worker earning the minimum wage makes in two days.But business is booming.Demand for Social Clubs beer regularly outstrips the 3,000 liters (793 gallons) it produces a month, according to its owners. Most of it is sold on weekends at a beer garden set up in the garage of its small production facility.Brewers like Social Club are a reminder that despite the widespread social misery caused by the countrys economic crisis, an appetite remains among well-heeled Venezuelans for high-end niche products like craft beer.At the same time, these small brewers are carving out a market in preparation for an eventual economic rebound.Venezuelans continue to be vain creatures who like to be in the vanguard, who like to keep up with whats in fashion, said Victor Querales, 32, one of Social Clubs owners, speaking on a Friday afternoon before clients began arriving. Theres still a premium market that isnt very sensitive to prices.The country now has around 30 craft brewers with commercial operations that supply high-end liquor stores and restaurants or deliver made-to-order brews for parties or weddings, according to the Craft Beer Association of Venezuela.Craft brew still represents less than 1 percent of the market, which remains dominated by domestic brewing giant Polar and its smaller rival Regional.But the last five years has seen the emergence of start-ups such as Norte del Sur and Pisse Des Gottes, both of which have won medals in international brewing contests.The fortunes of Venezuelan craft brewers contrast with those of most major industries, which operate well below capacity as triple-digit inflation and byzantine currency controls make large-scale production of almost anything nearly impossible.Social Club offers tours of its small brew facility and an adjacent bar that sells styles ranging from bitter coffee stouts to aromatic Belgian saisons.Its production volume is tiny, reaching about 2 percent of the 1.8 million liters per year that the Colorado-based Brewers Association describes as the maximum for the denomination microbrewer in the United States.Though Social Clubs fare is exorbitant by local standards, it is among the cheapest craft brews in the world at around $0.80 for a 12-ounce (354 milliliter) glass. U.S. brewpubs would likely charge at least five times that for a similar product.Francisco Lopez serves craft beer at Cerveza Caleta brewery in Caracas, Venezuela, September 13, 2017. Picture taken September 13, 2017. REUTERS/Marco Bello NATION OF BEER DRINKERS Costs are nonetheless a concern.Malt and hops must be imported because they dont grow in Venezuelas tropical climate, leaving brewers at the mercy of the steadily depreciating bolivar currency.And brewers often say their biggest challenge is winning over Venezuelans unaccustomed to beers with stronger flavors and higher alcohol content than commercial alternatives.Slideshow (7 Images) But they believe there is room to grow, in large part because Venezuelans have always been avid beer drinkers.In 2010, at the height of an oil-fueled economic boom, the OPEC nation had the highest per capita beer consumption in Latin America and the ninth-highest in the world, according to figures compiled by Japans Kirin Holdings Co Ltd, which owns breweries in Brazil and Australia.But per capita beer consumption fell to 25th in the world by 2015 as the drop in oil prices pushed the economy into free-fall.Such slumping demand means microbreweries are far from a surefire route to success.Some young would-be entrepreneurs take brewing classes with plans to start up businesses, only to end up selling off their equipment as they raise money to emigrate, according to interviews with brewers involved in such training.But there are unlikely success stories too.Architect Gustavo Izarra took up home-brew after visiting his daughter in Belgium in 2012. He set up Caleta brewery in 2015, just as the demand for architectural services was collapsing along with the economy.He has since become the go-to design consultant for breweries including Social Club that are upgrading their facilities.People have limited spending power, so you end up with a product that for most people is out of reach, said Izarra, 60. But nonetheless, people keep getting more and more interested in trying craft beer.Reporting by Brian Ellsworth; Editing by Christian Plumb and Cynthia Osterman '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/venezuela-beer/venezuela-craft-brewers-rare-bright-spot-in-crisis-economy-idINKCN1C20CR'|'2017-09-27T03:13:00.000+03:00'|7116.0|''|-1.0|'' 7117|'73b7c263947ec2f8cb7e210866779b027a96dce2'|'Dollar takes breather after rally; focus on Trump tax plan, Fed outlook'|' 1:39 AM / in 40 minutes Dollar takes breather after rally; focus on Trump tax plan, Fed outlook Masayuki Kitano 3 Min Read FILE PHOTO: Sheets of former U.S. President Abraham Lincoln on the five-dollar bill currency are inspected through a magnifying glass at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron/File Photo SINGAPORE (Reuters) - The dollar inched higher against a basket of major currencies on Friday, having pulled back from one-month highs set this week as investors pondered the Trump administrations tax plan and the outlook for Federal Reserve policy. The dollar index, which tracks the greenback against a basket of six major currencies, rose 0.1 percent to 93.155 .DXY, languishing below Thursdays peak of 93.666, its highest level since Aug. 18. For the week, the dollar index has gained 1.1 percent, putting it on track for its biggest weekly gain since December. The dollar rose this week on renewed hopes for U.S. tax reforms, as well as comments from Federal Reserve Chair Janet Yellen that stressed the need for gradual interest rate hikes. Traders are probably taking profits in the wake of the dollars rally, said Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore. Its also the realisation that weve been down this tax reform road before, and I dont think its going to be easy... Theres going to be a lot of back and forth, a lot of squabbling, Innes added. U.S. President Donald Trump proposed on Wednesday the biggest U.S. tax overhaul in three decades, calling for tax cuts for most Americans. Against the yen, the dollar edged up 0.2 percent to 112.57 yen JPY= . On Wednesday, the dollar had reached a 2-1/2 month high of 113.26 yen. Later on Friday, investors will turn their focus to U.S. economic data including the personal consumption expenditures (PCE) price index for August. The euro held steady at $1.1786 EUR= , having pulled up from Wednesday''s trough of $1.1717, the common currency''s lowest level in more than a month. The common currency has rallied 12 percent against the dollar so far this year as worries about the rise of anti-establishment political forces in Europe faded while expectations rose for tapering the European Central Banks stimulus. The euro, however, has been weighed down this week after the results of elections in Germany on Sunday. Chancellor Angela Merkel won a fourth term in office but will have to build an uneasy coalition to form a government. Sterling eased 0.1 percent to $1.3425 GBP=D3 . On Thursday, it had gained 0.4 percent, after Britain''s Brexit secretary said "considerable progress" had been made in talks and the EU''s chief negotiator praised a "new dynamic" from the prime minister. Reporting by Masayuki Kitano'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-forex/dollar-takes-breather-after-rally-focus-on-trump-tax-plan-fed-outlook-idUKKCN1C406R'|'2017-09-29T04:39:00.000+03:00'|7117.0|''|-1.0|'' 7118|'883dc90962624382d022b0220ed517ea59fa9c9f'|'CEE MARKETS-Forint erases 2017 gains as new round of easing looms'|'By Gergely Szakacs BUDAPEST, Sept 15 (Reuters) - The Hungarian forint eased further on Friday, erasing all of its gains made in 2017, as investors positioned for a new round of monetary easing by the National Bank of Hungary next week. At 0806 GMT, the forint traded at 308.97 versus the euro, marginally weaker on the day and turning into the red for the year, underperforming most other central European peers but for the Romanian leu, the region''s laggard. The forint has lost 2 percent of its value since late August after the National Bank of Hungary, the most dovish central bank in the region, raised the prospect of another round of easing to combat what it sees as a benign underlying inflation picture. In a Sept. 11-13 Reuters survey, all of the 17 analysts who gave a projection for next Tuesday''s meeting said the bank would keep its base rate unchanged at a record-low 0.9 percent. But several analysts said it could ease policy further by boosting market liquidity or by cutting its overnight deposit rate further into negative territory from the current -0.05 percent. "With the promise of new unconventional monetary easing, MNB has injected an ''unknown'' into the equation, which stopped long HUF positions in their tracks," analysts at Commerzbank said in a note. "In our view, the forint is unlikely to recover immediately, at least not until visibility on monetary policy has been restored." Economists at Erste Bank said crossing the 200-day moving average opened the door to further losses in the forint towards the 310 mark in the short term. "The expected easing of monetary conditions in Hungary next Tuesday could unlock the remaining value in Hungarian government bonds," said analyst Stephan Imre at RBI. "In the week-to-date, Hungarian government bonds fell across the curve with the front-end and the belly of the curve slipping to all-time lows." The Polish zloty lost 0.16 percent in early trade, pressured by rising risks on the Korean Peninsula. "The risk related to situation in North Korea weighs on the market at the beginning of the day, which could weigh on Polish assets," economists at BZ WBK said in a note. "In the afternoon, we will learn U.S. data that could boost Polish bonds if they surprise to the downside. In the first part of the next week, domestic labour market and industrial output data will be released which, in our view, could put an upside pressure on Polish yields." CEE SNAPSHOT AT 1006 CET MARKETS CURRENCIES Latest Previous Daily Change bid close change in 2017 Czech crown 26.0770 26.0690 -0.03% 3.57% Hungary forint 308.9700 308.8300 -0.05% -0.05% Polish zloty 4.2830 4.2760 -0.16% 2.82% Romanian leu 4.5985 4.6018 +0.07% -1.38% Croatian kuna 7.4850 7.4834 -0.02% 0.94% Serbian dinar 119.0300 119.0200 -0.01% 3.63% Note: daily change calculated previous close at 1800 from CET STOCKS Latest Previous Daily Change close change in 2017 Prague 1045.56 1043.34 +0.21% +13.45% Budapest 38284.72 38243.20 +0.11% +19.63% Warsaw 2512.34 2507.43 +0.20% +28.98% Bucharest 8089.12 8024.04 +0.81% +14.17% Ljubljana 799.66 799.20 +0.06% +11.44% Zagreb 1831.08 1833.82 -0.15% -8.21% Belgrade 725.05 726.70 -0.23% +1.07% Sofia 684.43 683.53 +0.13% +16.71% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech Republic spread 2-year 0.038 -0.016 +075bp -1bps s 5-year -0.009 0 +031bp +1bps s 10-year s Poland 2-year 1.725 -0.012 +244bp +0bps s 5-year 2.556 -0.003 +287bp +1bps s 10-year s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interbank Czech Rep

Hungary Poland Note: FRA Quote: s are for ask prices (Reporting by Reuters bureaux; Writing by Gergely Szakacs; Editing by Keith Weir) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets/cee-markets-forint-erases-2017-gains-as-new-round-of-easing-looms-idINL5N1LW1LE'|'2017-09-15T06:52:00.000+03:00'|7118.0|''|-1.0|'' -7119|'8c1dcbb9bcbe20e3ccf7a3ffd453dd4eac3dd655'|'U.S. court strikes down Obama-era rule on tax inversions'|' 3:07 AM / in 18 hours U.S. court strikes down Obama-era rule on tax inversions Reuters Staff 3 Min Read A Wall St. sign is seen in New York''s financial district September 16, 2008. REUTERS/Lucas Jackson WASHINGTON (Reuters) - A federal court in Texas on Friday ruled that the Obama administration acted unlawfully last year when its Treasury Department cracked down on U.S. companies that try to reduce their U.S. taxes by rebasing abroad, in a process known as inversion. The U.S. Chamber of Commerce and the Texas Association of Business had filed a lawsuit in Texas federal court that said a regulation from the Treasury Department in April 2016 exceeded what the law allows the department to do. They argued the Internal Revenue Service rule used was arbitrary and capricious because it was instated without notice and opportunity for comment in violation of standards required for rulemaking. The U.S. District Court for Western Texas in Austin agreed, saying the IRS rule was a substantive or legislative regulation that required a notice and comment period before it was instated. The U.S. Treasury, the U.S. Chamber of Commerce and Texas Association of Business could not be immediately reached for comment. The lawsuit was the first to challenge a rule on inversion. The deals are legal, but have drawn criticism from some politicians who say U.S. companies that do them are avoiding their tax obligations. A wave of inversions largely ended after Treasury moved against the deals. The IRS rule had been aimed at transactions involving non-U.S. companies, such as Ireland-based drugmaker Allergan Plc (AGN.N) that have grown through a series of acquisitions. It had helped scuttle what had been a planned $160 billion combination of Allergan and U.S. drugmaker Pfizer Inc (PFE.N) in what would have been the largest inversion ever. Dozens of U.S. companies have done inversions since 1983, when the first such deal was completed. Treasury has periodically moved to curb the flow of deals because inversions erode the U.S. corporate income tax base. Treasury unveiled a package of rules in 2016 meant to further discourage the deals, which typically involve a U.S. multinational buying a smaller company in a foreign country with lower corporate taxes and then rebasing there, if only on paper. Inverting U.S. companies usually leave their core U.S. operations at home, transferring only their legal tax domicile to the home country of the acquired company. Recent popular destinations for the deals are Ireland, Britain and Canada. Reporting by Chris Sanders'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-tax/u-s-court-strikes-down-obama-era-rule-on-tax-inversions-idUKKCN1C503K'|'2017-09-30T06:06:00.000+03:00'|7119.0|''|-1.0|'' +7119|'8c1dcbb9bcbe20e3ccf7a3ffd453dd4eac3dd655'|'U.S. court strikes down Obama-era rule on tax inversions'|' 3:07 AM / in 18 hours U.S. court strikes down Obama-era rule on tax inversions Reuters Staff 3 Min Read A Wall St. sign is seen in New York''s financial district September 16, 2008. REUTERS/Lucas Jackson WASHINGTON (Reuters) - A federal court in Texas on Friday ruled that the Obama administration acted unlawfully last year when its Treasury Department cracked down on U.S. companies that try to reduce their U.S. taxes by rebasing abroad, in a process known as inversion. The U.S. Chamber of Commerce and the Texas Association of Business had filed a lawsuit in Texas federal court that said a regulation from the Treasury Department in April 2016 exceeded what the law allows the department to do. They argued the Internal Revenue Service rule used was arbitrary and capricious because it was instated without notice and opportunity for comment in violation of standards required for rulemaking. The U.S. District Court for Western Texas in Austin agreed, saying the IRS rule was a substantive or legislative regulation that required a notice and comment period before it was instated. The U.S. Treasury, the U.S. Chamber of Commerce and Texas Association of Business could not be immediately reached for comment. The lawsuit was the first to challenge a rule on inversion. The deals are legal, but have drawn criticism from some politicians who say U.S. companies that do them are avoiding their tax obligations. A wave of inversions largely ended after Treasury moved against the deals. The IRS rule had been aimed at transactions involving non-U.S. companies, such as Ireland-based drugmaker Allergan Plc (AGN.N) that have grown through a series of acquisitions. It had helped scuttle what had been a planned $160 billion combination of Allergan and U.S. drugmaker Pfizer Inc (PFE.N) in what would have been the largest inversion ever. Dozens of U.S. companies have done inversions since 1983, when the first such deal was completed. Treasury has periodically moved to curb the flow of deals because inversions erode the U.S. corporate income tax base. Treasury unveiled a package of rules in 2016 meant to further discourage the deals, which typically involve a U.S. multinational buying a smaller company in a foreign country with lower corporate taxes and then rebasing there, if only on paper. Inverting U.S. companies usually leave their core U.S. operations at home, transferring only their legal tax domicile to the home country of the acquired company. Recent popular destinations for the deals are Ireland, Britain and Canada. Reporting by Chris Sanders'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-tax/u-s-court-strikes-down-obama-era-rule-on-tax-inversions-idUKKCN1C503K'|'2017-09-30T06:06:00.000+03:00'|7119.0|10.0|0.0|'' 7120|'24d668eff780653be1d408be4b895c9b8996cd4f'|'Germany asks for Boeing fighter data as weighs order options'|'The Boeing logo is seen at their headquarters in Chicago, April 24, 2013. REUTERS/Jim Young/File Photo BERLIN (Reuters) - Germany has asked the U.S. military for classified data on two Boeing fighter jets as it looks to replace its ageing Tornado warplanes from 2025, giving a boost to the U.S. company locked in a trade dispute with Canada and Britain.A letter sent by the German defence ministrys planning division, reviewed by Reuters, said it had identified Boeings F-15 and F/A-18E/F fighters as potential candidates to replace the Tornado jets, which entered service in 1981.A classified briefing is expected to take place in mid-November, following a similar briefing provided by U.S. officials about the Lockheed Martin Corp F-35 fighter jet in July. [nL1N1K206B]The ministry has said it is also seeking information from European aerospace giant Airbus, which builds the Eurofighter Typhoon along with Britains BAE Systems and Italys Leonardo.The development is a boost for Boeing at a time when it is under fire from Canada and Britain after its complaint prompted the United States to impose a preliminary 220-percent duty on CSeries jets built by Bombardier. [nL2N1M80SO]Boeing said it was working with the U.S. government to provide the information that Germany had requested.Germany, due to decide in mid-2018 about how to replace the Tornado planes, announced plans in July to build a European fighter jet together with France. But the new jet is unlikely to be available by 2025, when Germanys fleet of Tornado fighters are slated to start going out of service.Sources familiar with the process said Germany was pursuing a two-pronged approach under which it would buy an existing fighter to replace the Tornado, while working with France on a new European jet to replace its Eurofighters at a later point.Analysts said the Tornado replacement order could be worth tens of billions of dollars, although Germany is still reviewing how many jets to buy and at what pace.The letter said a formal request for information about the pricing and availability of all three U.S. fighter jets was being compiled and would be issued by the end of the month.BOEING UNDER FIRE Britain told Boeing this week that future defence contracts could be in jeopardy because of its trade dispute with Canadas Bombardier, noting that U.S. tariffs would put up to 4,200 jobs at risk at a plant in the British province of Northern Ireland that makes the CSeries jets carbon wings. [nL8N1M80WQ]Canadian Prime Minister Justin Trudeau has also said he will not go ahead with plans to buy 18 Boeing F/A-18 Super Hornet jets unless the dispute is dropped. [nL2N1M80SO]Any move by Germany to buy a U.S. warplane could run into political resistance from strong labour unions and Airbus, which has also raised concerns about the ministrys plans to choose between two U.S. helicopters for its heavy lift programme.Britain, the Netherlands, Norway, Turkey and Italy - key NATO allies of Germany - are already buying the F-35 fighter jet to replace their current aircraft, and other European countries such as Switzerland, Belgium and Finland are also looking at purchasing the fifth-generation warplane at time when tensions with Russia are running high.Military sources say buying a U.S. jet could make sense for Germany given technical challenges with the Eurofighter.Reporting by Andrea Shalal; Editing by Mark Potter '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/boeing-fighter-germany/germany-asks-for-boeing-fighter-data-as-weighs-order-options-idINKCN1C41U0'|'2017-09-29T16:00:00.000+03:00'|7120.0|''|-1.0|'' 7121|'16270c9546c48482f6a1832277c21b1eccfec2c0'|'EU lost up to 5.4 billion euros in tax revenues from Google, Facebook - report'|'September 13, 2017 / 3:58 PM / 18 minutes ago EU lost up to 5.4 billion euros in tax revenues from Google, Facebook - report Francesco Guarascio 3 Min Read A 3D-printed Facebook logo is seen in front of the logo of the European Union in this picture illustration made in Zenica, Bosnia and Herzegovina on May 15, 2015. REUTERS/Dado Ruvic BRUSSELS (Reuters) - European Union states could have lost 5.4 billion euros (4.87 billion) in tax revenues from Google and Facebook between 2013 and 2015, according to a report of the EU lawmaker responsible for a corporate tax reform that could raise online giants tax bill. The document, seen by Reuters, will be published on Thursday, the day before EU finance ministers begin a two-day meeting in the Estonian capital Tallinn, in which they will discuss how to increase taxes on large online businesses accused of paying too little in Europe. Digital multinationals minimize the overall tax burden in the EU by routing all revenues to low-tax member states such as Ireland and Luxembourg, said the report, prepared by EU socialist lawmaker Paul Tang. The document focuses on the social network Facebook and search engine Google, now part of Alphabet, because the two U.S. companies book most of their EU revenues in low tax-rate Ireland, a move that allows them to pay in the EU much lower taxes than those they face in the rest of the world. It says that Google pays taxes worth up to 9 percent of its revenues outside the EU, but this ratio goes down to no more than 0.82 percent inside the EU. Facebooks taxes as a share of their revenues recorded outside the EU is between 28 percent and 34 percent, whereas in the EU this is a remarkably low ratio of 0.03 percent to 0.10 percent, the report adds. The Google logo is pictured atop an office building in Irvine, California, U.S. August 7, 2017. REUTERS/Mike Blake This resulted in estimated revenue losses for EU states, other than Ireland, of between 51 and 54 billion euros between 2013 and 2015, the report concluded. Tang is in charge of steering through the EU assembly a tax reform, known as common corporate tax base, which aims at harmonising national tax deductions on business profits. He plans to introduce an amendment that would force online multinationals to pay taxes in the EU countries where they are present with a digital platform that generates at least 5 million euros of annual turnover. Existing rules require online companies to pay taxes only where they have a physical presence and a tax residence, regardless of where they generate their profits. Tangs amendment is similar to a proposal made by the Estonian presidency of the EU, and that will be discussed by EU finance ministers this week [nL8N1LN4LQ]. If EU states decided to tax the revenues of digital companies, rather than their profits, as proposed by France with the backing of Germany, Italy and Spain [nL5N1LQ0C5], that could have generated 4 billion euros in tax revenues from Google and Facebook between 2013 and 2015 if a 5 percent rate was applied, the report estimated. That measure would also force Amazon to pay taxes. The U.S. online retailer, with an EU tax residence in Luxembourg, has been mostly exempted from taxes in the 2013-2015 period because it did not make profits, the report said. Reporting by Francesco Guarascio @fraguarascio; Editing by Gareth Jones'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-tax-digital/eu-lost-up-to-5-4-billion-euros-in-tax-revenues-from-google-facebook-report-idUKKCN1BO22I'|'2017-09-13T18:59:00.000+03:00'|7121.0|''|-1.0|'' 7122|'7b973f416bcee4c7626e101e874212480efba629'|'Britain''s Takeover Panel seeks to tighten rules on deals'|'September 19, 2017 / 3:24 PM / Updated 5 hours ago Britain''s Takeover Panel seeks to tighten rules on deals Pamela Barbaglia 3 Min Read A traffic sign is pictured in front of the skyline of the the Canary Wharf financial district in London October 21, 2010. REUTERS/Luke MacGregor LONDON (Reuters) - Britains Takeover Panel wants to introduce a series of changes to its rules to help protect those involved with businesses that are being targeted by potential purchasers. Bidders will need to state their ultimate plans for the merged entity and the repercussions of the deal for the various stakeholders at a much earlier date, in conjunction with their intention to make a firm bid, according to the proposals from the Panels Code Committee. Buyers will also need to spell out what will happen to the targets headquarters and research & development (R&D) operations and whether its entire workforce will be impacted, with potential changes to the mix of skilled and unskilled workers and full time versus part time staff. Such plans -- whether they remain post-offer intentions or legally binding undertakings -- will need to be published in a separate report as part of Britains effort to make bidders accountable for what they promise. The proposals, which have been put out for consultation until Oct. 31, have already been welcomed by Business Secretary Greg Clark stressing Britains reputation for being a dependable and confident place in which to do business. Additionally the new rules say that bidders must wait at least 14 days before announcing their plans to make a firm offer, thus extending the average time for targets to respond. Earlier this year Unilever ( ULVR.L ) boss Paul Polman urged the British government to provide a level playing field for target companies, adding the UK Takeover Code should consider the interests of stakeholders beyond shareholders. Unilever successfully fended off an unsolicited $143 billion (105.93 billion) takeover attempt by Kraft Heinz ( KHC.O ) in February which sparked concern over the vulnerability of large UK-listed companies once Britain leaves the EU. Prime Minister Theresa May has also pledged to protect critical infrastructure and wants her government to intervene in deals that could affect national security. The government said it will set out further measures in the autumn to safeguard national security, while ensuring the UK remains open to free trade and inward investment. Reporting By Pamela Barbaglia; Editing by Keith Weir '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-takeover-code-m-a/britains-takeover-panel-seeks-to-tighten-rules-on-deals-idUKKCN1BU22L'|'2017-09-19T18:23:00.000+03:00'|7122.0|''|-1.0|'' @@ -7225,7 +7225,7 @@ 7223|'f3dd0814b64eda4a89ac1434205036d1a99c5f70'|'New hedging rules will make FX traders put up or shut up - every day'|'September 14, 2017 / 12:25 PM / Updated 5 hours ago New hedging rules will make FX traders put up or shut up - every day 6 Min Read U.S. Dollar and Euro notes are seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration/Files LONDON (Reuters) - New European Union regulations on foreign exchange trading will make it harder and more expensive to manage currency risk, traders said, especially for large financial counterparties such as hedge funds and insurance companies. The regulations will impose variation margins on banks, companies and funds that use currency forwards and other derivatives to hedge exposure to currency swings. That means they will need to put up cash to back their trades every day. Market participants say the rules will make it harder for investors to invest in financial markets, because they will have to set aside a greater chunk of their capital. The whole European regulation on the increased collateral requirements for currency forwards is a shock to the system, and the impact of this will be particularly felt by the investor community at large, said James Binny, head of currencies at EMEA at State Street in London. Others say thats the point: the rules will curtail the kind of reckless trading that culminated in the global financial crisis in 2008 by ensuring some these large players meet daily requirements to track swings in foreign exchange. The idea behind this is to prevent the next Lehman Brothers and AIGs of the world, said Phung Pham at Baker & McKenzies London derivatives practice, referring to the two giant U.S. financial firms who were trapped in the 2008 crisis. The regulations take effect in January 2018, and counterparties will have to get the necessary documentation in place by then. They will also need to exchange margins on a daily basis and calculate the hedges they need in real time, a tough job for users who have been used to doing this over several days or even weeks. Consequently, traders say, they will not be able to fully exploit market opportunities, posing a fresh challenge when they are already battling outflows. Some industry participants say the new rules will make European cities less attractive as currency-trading hubs. Rules in the United States are much looser. Physically deliverable foreign exchange forwards and foreign exchange swaps are not subject to variation margin under the Dodd-Frank reform of Wall Street, according to a briefing note by law firm Macfarlanes LLP. For analysts scratching their head on what the broad market impact will be, separate EU requirements for non-deliverable currency forwards (NDFs) that came into effect earlier this year offer some clues. A global chief operating officer for currencies at a European bank in London said a large chunk of non-deliverable forward transactions are now settled on currency exchanges amid a broader decline in trading volumes. ADDING UP Unlike cash or spot transactions, forwards and other derivatives require a higher capital charge because they are settled at future dates. Investment banks generally offer clients a few days to provide extra capital if currency markets go against them. The new regulations eliminate that cushion. On a single transaction, the capital is small, but it all adds up, and that limits the firepower available for funds to invest in markets, said a trader at a hedge fund. SSGAs Binny said about 35 people were working around the clock in his team to meet the new requirements before the deadline. The rules are set to strengthen risk-management practices at large hedge funds and pension companies. They take a trading view of markets each day, so they are intensive users of derivatives, compared with companies who can show their use is linked to hedging requirements. Even though Britain has voted to leave the EU, law firms say it will adopt the new rules when they go into force next year. Depending on how Brexit negotiations turn out, policymakers may tweak rules in the coming years. That matters, because London is the worlds biggest foreign exchange centre, trading more than $2.4 trillion each day. Cash transactions make up a third of that; the rest are derivatives. Trading in currency forwards and derivatives has grown exponentially in recent years. Companies are buying them to guard against sharp swings in currency markets, such as last Octobers sterling flash crash or the euros 14 percent surge against the dollar this year. UNINTENDED CONSEQUENCES The greater capital requirements may lead some small companies not to hedge their currency exposure at all. For a lot of small companies, moving into a world where they have to collateralize foreign exchange risk, this is a huge step. It is expensive in terms of technology, internal reporting or compliance and so on, said David Clark, chairman of the Wholesale Markets Brokers Association, an industry body. The worst thing is people would end up saying `I wont cover my risk. Some analysts say the new regulations will drive foreign institutions out of London, leading them to route their trades through other centres such as New York or even Singapore, which are mounting a charm offensive to capture more market share Large banks will gravitate towards centres where there are not onerous requirements for posting collateral, said Nick Bradbury, partner at Allen & Overy in London. Additional reporting by Huw Jones; Reporting by Saikat Chatterjee; Editing by Larry King '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/currency-forwards-rules/new-hedging-rules-will-make-fx-traders-put-up-or-shut-up-every-day-idINKCN1BP1KJ'|'2017-09-14T15:23:00.000+03:00'|7223.0|''|-1.0|'' 7224|'327871f14f4f0f4d720dc111ac51ef4284fbfe11'|'Euro hits one-month low after worst day of 2017'|'September 26, 2017 / 12:53 AM / Updated 2 hours ago Euro slips under $1.18 to one-month low as eyes turn to Macron 4 Min Read An illustration picture shows euro coins, April 8, 2017. REUTERS/Kai Pfaffenbach LONDON (Reuters) - The euro slipped below $1.18 for the first time in over a month on Tuesday after its worst day this year, as investors worried that months of coalition talks in Germany could hit the economy and make closer euro zone integration difficult. German Chancellor Angela Merkel, who won a fourth term in elections on Sunday but now faces a tough juggling act to form a government with other parties, on Monday struck a note of caution with respect to French calls for fiscal union. French President Emmanuel Macron, who wants a fundamental overhaul of the European Unions single currency zone and whose ideas include creating a euro zone budget and a euro zone finance minister, will lay out his plans in a speech in Paris at 1300 GMT. But the results of Germanys election have forced Merkel to consider a new coalition including the liberal Free Democrats (FDP), a party critical of Macrons ideas on Europe, and investors are therefore worried the reforms that they would welcome will not end up going through. The German election was a blow for Macron too frankly, not only Merkel, said Neil Jones, Mizuhos head of hedge fund FX sales in London. EU-wide politics is on the back burner right now, in favor of domestic priorities. The euro slipped half a percent to as low as $1.1786 EUR= , its weakest since Aug. 25, after falling around 0.9 percent on Monday - its heaviest one-day loss since December. Commerzbank currency strategist Thu Lan Nguyen, in Frankfurt, said hopes for greater euro zone integration had been the main cause of a more than 10 percent appreciation by the euro against the dollar since the first round of Frances presidential election. Euro, Hong Kong dollar, U.S. dollar, Japanese yen, British pound and Chinese 100-yuan banknotes are seen in a picture illustration shot January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo The euro has been appreciating since the French elections because of the push by Macron for fiscal union, she said. There is some uncertainty (over that) in the market now against the background of the German elections. The euro faced additional pressure on Monday when European Central Bank President Mario Draghi singled out currency volatility as a source of uncertainty that required monitoring and argued that ample ECB accommodation was still needed. YELLEN IN FOCUS The dollar was flat at 111.80 yen JPY= , having earlier dipped against the Japanese currency as worries over North Korea flared up again amid an escalating war of words between it and the United States. The yen made sharp gains versus the greenback on Monday after the North Korean foreign minister said President Donald Trump had declared war on the country and that Pyongyang reserved the right to take countermeasures, including shooting down U.S. bombers even if not in its air space. The dollar index, which measures the greenback against a basket of six major currencies but is heavily skewed toward the euro, hit its highest in four weeks .DXY. Immediate focus was on what views might be expressed by Fed Chair Janet Yellen, who is due to speak in Cleveland at 1645 GMT on inflation, uncertainty, and monetary policy. New Zealand''s dollar extended the previous day''s slide and was down 0.6 percent at $0.7223 NZD=D4 , having sunk after the country''s National Party won the largest number of votes in Saturday''s election but not enough seats to govern outright. Reporting by Jemima Kelly,; Additional reporting by Shinichi Saoshiro in Tokyo,; Editing by John Stonestreet and Ed Osmond'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-forex/north-korea-risks-lift-yen-euro-struggles-near-four-week-lows-vs-dollar-idUKKCN1C1024'|'2017-09-26T11:31:00.000+03:00'|7224.0|''|-1.0|'' 7225|'ef8f50cd982748b4626f7702b26f794557dcd54c'|'EU plans to raise tax bill of online giants gather momentum'|'September 15, 2017 / 2:41 PM / Updated 6 hours ago EU plans to raise tax bill of online giants gather momentum Francesco Guarascio 4 Min Read Newly appointed French Economy minister Bruno Le Maire, arrives to attend the first cabinet meeting at the Elysee Palace in Paris, France, May 18, 2017. REUTERS/Charles Platiau TALLINN (Reuters) - Nearly one third of European Union states backed a plan to tax digital multinationals on their turnover, France said on Friday, as the EU weighs a range of other measures to increase the tax bill of companies like Google and Amazon. The moves are part of a growing campaign in the EU to claim tax revenues that online giants are accused of skirting by routing most of their profits to low tax rate states, like Ireland and Luxembourg. The digital economy should be taxed as the rest of the economy, the EU commissioner for taxation, Pierre Moscovici, told reporters upon his arrival on Friday to a meeting of euro zone and EU finance ministers in Tallinn, the Estonian capital. A report published on Thursday by influential EU lawmaker Paul Tang estimated that Google ( GOOGL.O ), which has its EU tax residence in Ireland, paid taxes not higher than 0.8 percent of its EU revenues between 2013 and 2015. Facebook ( FB.O ), also based in Ireland, had a ratio as little as 0.1 percent in the same period, while Luxembourg-based Amazon ( AMZN.O ) paid almost nothing as it reported nearly no profits. Facebook ( FB.O ) and Google ( GOOGL.O ) were not immediately available to comment on the proposals when contacted by Reuters. COMPETING PLANS Most of the 28 EU states agree in principle with more effective taxation of digital companies, but differences remain on how to move forward. A plan proposed by France to tax large digital corporations on their turnover, rather than on their profits, is gaining supporters, although still needs technical work. Frances Finance Minister Bruno Le Maire told a news conference on Friday that a total of nine countries formally joined the initiative. In addition to France, they are Germany, Italy, Spain, Austria, Bulgaria, Greece, Slovenia and Latvia. A tax on turnover would raise revenues also from companies, like Amazon ( AMZN.O ), that do not report profits, and would be likely applied quickly, a European official said. However, it would need to be made compliant with EU internal market rules. States could also apply it unilaterally, but that would expose them to a higher chance of legal challenges, the official said. Opposition from smaller states would need to be overcome, as countries like Ireland and Luxembourg may lose tax revenues from the new framework. Tax reforms in the EU need unanimity among EU states, a factor that has blocked many overhauls in the past. Estonia, who holds the EU rotating presidency, is pushing for a more structural approach. It wants the EU to agree that a company could be taxed when it is virtually present in a country, through a digital platform for instance. At the moment, businesses are taxed only in countries where they have a concrete presence, such as a plant. This change could be introduced in a review of EU rules on the tax base that are under discussion in the Parliament and among EU states. Tang plans to submit an amendment going in that direction. The European Commission, the EUs executive, said it will present in the coming days a document listing several options for moving forward. A Commission official said the document could propose five or six possible measures, including the French and the Estonian plans. He warned against risks of diverging taxation in EU states and insisted a compromise on a common set of rules should be the objective. The document will be ready for a summit of EU leaders dedicated to digital issues that will be held in Tallinn on Sept. 29, Moscovici said. Reporting by Francesco Guarascio @fraguarascio, editing by Robin Emmott '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-ecofin/nine-eu-states-back-plan-to-tax-online-giants-turnover-le-maire-idUKKCN1BQ20B'|'2017-09-15T20:45:00.000+03:00'|7225.0|''|-1.0|'' -7226|'d6817bfce18cda07f7275ef178d0b337e6145fc5'|'Fortum CEO rules out forced layoffs at Uniper in case of deal: WAZ'|'FILE PHOTO: Fortum CEO Pekka Lundmark listens during an interview at company headquarters in Espoo, Finland, March 22, 2017. REUTERS/Tuomas Forsell FRANKFURT (Reuters) - Finnish energy group Fortum ( FORTUM.HE ) ruled out forced layoffs at Uniper ( UN01.DE ) in case of a successful acquisition of E.ONs ( EONGn.DE ) 46.65 percent stake in the group, its chief executive told a German newspaper.There would be no compulsory layoffs or a relocation of the Duesseldorf headquarters, Pekka Lundmark told Westdeutsche Allgemeine Zeitung in remarks published on Tuesday. If the investment works out there wont be consequences for the employees of Uniper.The remarks come a day after Uniper boss Klaus Schaefer described as hostile an attempt by Fortum to buy the stake currently held by E.ON, which would automatically trigger a takeover offer for the whole group.Reporting by Christoph Steitz; Editing by Arno Schuetze '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-uniper-m-a-fortum-oyj/fortum-ceo-rules-out-forced-layoffs-at-uniper-in-case-of-deal-waz-idUSKCN1C11B8'|'2017-09-26T19:03:00.000+03:00'|7226.0|''|-1.0|'' +7226|'d6817bfce18cda07f7275ef178d0b337e6145fc5'|'Fortum CEO rules out forced layoffs at Uniper in case of deal: WAZ'|'FILE PHOTO: Fortum CEO Pekka Lundmark listens during an interview at company headquarters in Espoo, Finland, March 22, 2017. REUTERS/Tuomas Forsell FRANKFURT (Reuters) - Finnish energy group Fortum ( FORTUM.HE ) ruled out forced layoffs at Uniper ( UN01.DE ) in case of a successful acquisition of E.ONs ( EONGn.DE ) 46.65 percent stake in the group, its chief executive told a German newspaper.There would be no compulsory layoffs or a relocation of the Duesseldorf headquarters, Pekka Lundmark told Westdeutsche Allgemeine Zeitung in remarks published on Tuesday. If the investment works out there wont be consequences for the employees of Uniper.The remarks come a day after Uniper boss Klaus Schaefer described as hostile an attempt by Fortum to buy the stake currently held by E.ON, which would automatically trigger a takeover offer for the whole group.Reporting by Christoph Steitz; Editing by Arno Schuetze '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-uniper-m-a-fortum-oyj/fortum-ceo-rules-out-forced-layoffs-at-uniper-in-case-of-deal-waz-idUSKCN1C11B8'|'2017-09-26T19:03:00.000+03:00'|7226.0|11.0|4.0|'' 7227|'9b02bc13f70a233fc72a3c72fa4bc7400d2447b8'|'UK''s EnQuest gets waiver on quarterly credit test as profits drop'|'September 8, 2017 / 11:26 AM / Updated 12 minutes ago UK''s EnQuest gets waiver on quarterly credit test as profits drop Reuters Staff 2 Min Read LONDON (Reuters) - Heavily indebted North Sea oil producer EnQuest ( ENQ.L ) has received a waiver on a quarterly credit review due in September after a slow ramp up of its flagship project led to a drop in earnings. London-listed EnQuest last year underwent financial restructuring to cope with low oil prices and a large spending programme to get its $2.5 billion (1.89 billion) Kraken field up and running. A slower-than-expected ramp up of the field since it started production in June led to a drop in revenue and a risk that EnQuest would breach terms of its loan covenant. EnQuests debt rose to $1.92 billion 2017. Weve received the waiver for September. We went proactively to the banks to do that, Chief Financial Officer Jonathan Swinney told analysts on Thursday. Companies regularly undergo financial stress tests, also known as a loan test, to check their ability to repay debt. The company said more quarterly waivers might be required in order to maintain its credit facility. Reporting by Ron Bousso; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-enquest-debt/uks-enquest-gets-waiver-on-quarterly-credit-test-as-profits-drop-idUKKCN1BJ1B9'|'2017-09-08T14:26:00.000+03:00'|7227.0|''|-1.0|'' 7228|'c69a12dcdea49fb1388b7a74430b0e7ef381e008'|'Exclusive: Toshiba flips back to favoring Western Digital group for chip unit sale - sources'|'September 19, 2017 / 5:37 PM / Updated 2 hours ago Exclusive: Toshiba flips back towards Western Digital group for chip unit sale - sources Kentaro Hamada , Taro Fuse 3 Min Read The logo of Toshiba Corp is seen behind cherry blossoms at the company''s headquarters in Tokyo, Japan April 11, 2017. REUTERS/Toru Hanai TOKYO (Reuters) - Toshiba Corp ( 6502.T ) is shifting back toward selling its prized semiconductor unit to a group backed by joint venture partner Western Digital Corp ( WDC.O ), people familiar with the deal said. Just days ago the Japanese firm said it was leaning toward a rival bid for the $18 billion business that includes a South Korean chipmaker. California-based Western Digital made key concessions to assure Toshiba it would not seek future control of the chip business, addressing antitrust concerns, said the sources, who asked not to be named as the discussions are private. That had turned the tide away from the bid led by U.S. private equity firm Bain Capital LP and SK Hynix Inc ( 000660.KS ). Toshiba board members are to meet Wednesday, but it was unclear whether they could reach a decision, after saying last Wednesday the company was accelerating talks with the Hynix group. That announcement marked the third time Toshiba had missed targets to sell the business - the worlds second-biggest producer of NAND memory chips. The company needs the cash to plug a giant hole in its finances left by its bankrupt U.S. nuclear unit Westinghouse Electric Corp. Toshiba and SK Hynix could not be reached outside business hours. A Western Digital spokesman declined comment. Bain Capital did not immediately respond to a request for comment. Western Digitals refusal to relinquish future ownership rights in the chip business has hindered a sale, while the rival Hynix-Bain bid was hampered by legal challenges from Western Digital, made on grounds that it would infringe Western Digitals rights in the venture with Toshiba in central Japan. The U.S. company conceded to giving up voting rights in the NAND memory business, boosting the bid it had sought along with U.S. private equity firm KKR & Co LP ( KKR.N ) and Japanese government-backed investors including the Innovation Network Corp of Japan. In the latest proposal, worth about 2 trillion yen ($18 billion), INCJ would take the lead, including a 300 billion yen equity investment, the sources said. INCJ declined to comment. KKR didnt immediately respond to a request for comment. Toshiba needs cash by March to prevent it from being delisted from the Tokyo Stock Exchange. On top of that, the semiconductor business requires huge amounts of investment, and Toshibas chip unit runs the danger of losing its competitive ability as rivals roll out big capital spending plans. ($1 = 111.5700 yen) Reporting by Kentaro Hamada, Taro Fuse and Makiko Yamazaki in Tokyo; Additional reporting by Liana B. Baker in San Francisco; editing by William Mallard and John Stonestreet '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-toshiba-sale-exclusive/exclusive-toshiba-flips-back-to-favoring-western-digital-group-for-chip-unit-sale-sources-idUSKCN1BU2EY'|'2017-09-19T20:41:00.000+03:00'|7228.0|''|-1.0|'' 7229|'7f705097a63e274c97dcce0252ef6b6de5a031be'|'Veteran Silicon Valley venture capital firm raises $1.5 billion fund'|'SAN FRANCISCO (Reuters) - Silicon Valley venture capital firm IVP on Tuesday announced the close of a $1.5 billion fund, the latest in a string of massive new venture funds that are appearing as global investors scramble for a piece of the tech boom.The firm, which was founded in 1980, plans to use the new cash for investments for late-stage, high-growth startups enterprise software, cloud computing, cyber security and social media markets, said Jules Maltz, general partner at IVP, in an interview on Friday.This gets us back to doing what we love doing, which is backing late-stage companies, Maltz said. We can celebrate a little bit but then we have to get back to business and finding new companies.With the fund, the firms 16th, IVP has now raised a cumulative $7 billion in venture capital. In the past, IVP has invested in the likes of Twitter Inc ( TWTR.N ), Snapchat parent Snap Inc ( SNAP.N ), Dropbox and Slack.The new cash comes as more venture firms raise funds of more than $1 billion, including Greylock Partners, Sapphire Ventures and New Enterprise Associates, which this year raised a $3.3 billion fund.IVP chose to limit the size of the fund so it could continue to focus its investments on companies that have about 50 employees and are generating more than $10 million in revenue but have not yet become unicorns, which are startups with valuations of more than $1 billion, Maltz said.We dont want to get too big as a fund that we have to do $50 million-minimum investments, Maltz said. Weve seen other firms raise so much capital that it changes their investment strategies.The fund comes during a tumultuous year for the venture capital and tech industries as they deal with sexism scandals that have resulted in the ouster of notable investors and executives at firms like Ignition Partners and startups like Uber and SoFi. Maltz said IVP is hoping to spend more capital on female entrepreneurs and bring more diversity to venture and tech.More diverse teams and more diverse boards lead to better company performance, Maltz said. Our returns are based on performance. We believe investing in diversity will enhance our returns.Reporting by Salvador Rodriguez; Editing by Cynthia Osterman '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-venture-ivp/veteran-silicon-valley-venture-capital-firm-raises-1-5-billion-fund-idUSKCN1C11CG'|'2017-09-26T19:13:00.000+03:00'|7229.0|''|-1.0|'' @@ -7264,7 +7264,7 @@ 7262|'7b91b586d55ecb51b6a10a093b670f4adcdc5aff'|'Global recovery could be derailed by policy uncertainty, protectionism risk - IMF''s Lagarde'|' 49 AM / Updated 17 minutes ago Global recovery could be derailed by policy uncertainty, protectionism risk: IMF''s Lagarde Reuters Staff 1 Min Read Managing Director Christine Lagarde of the International Monetary Fund, speaks during The 1+6 Round Table Dialogue meeting at Diaoyutai State Guesthouse September 12, 2017 in Beijing, China. REUTERS/Etienne Oliveau/Pool BEIJING (Reuters) - The global economy is recovering, but could easily be derailed by policy uncertainty and the threat of protectionism, International Monetary Fund Managing Director Christine Lagarde said in Beijing on Thursday. Lagarde and the heads of other international organizations including World Bank President Jim Yong Kim are meeting with Chinese Premier Li Keqiang on Tuesday in Beijing. Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-economy-imf/global-recovery-could-be-derailed-by-policy-uncertainty-protectionism-risk-imfs-lagarde-idUKKCN1BN0D5'|'2017-09-12T07:48:00.000+03:00'|7262.0|''|-1.0|'' 7263|'14664929ba44c1160954ee1ce027b04beb058ee5'|'Greece to stay on supervision post bailout, Eurogroup chief tells paper'|'September 23, 2017 / 8:43 AM / Updated 11 hours ago Greece to stay on supervision post bailout, Eurogroup chief tells paper Reuters Staff 2 Min Read Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem arrives at Eurozone finance ministers meeting in Brussels, Belgium July 10, 2017. REUTERS/Francois Lenoir ATHENS (Reuters) - Greece will remain under supervision after it exits its current bailout programme next year, the head of the group of euro zone finance ministers told a Greek newspaper on Saturday. Greece aims to exit its 86-billion-euro (76.1 billion) bailout, its third since its debt crisis exploded in 2010, in August next year. By then, Athens hopes to have fully returned to market financing. In all cases we have applied supervision after the completion of support programmes, as happened in Ireland, Spain, Cyprus, Jeroen Dijsselbloem told Ta Nea newspaper. We will have a supervision programme for Greece as well, especially when there are outstanding loans with long maturities, he was quoted as saying. Dijsselbloem is expected in Athens on Monday to meet Greek officials, including Finance Minister Euclid Tsakalotos. Tsakalotos has said he does not expect Greece to need a precautionary credit line from its official lenders when it exits its bailout next year. The common goal of the Greek government and its European partners must be that August 2018 will be the end of the (bailout) programme. We must ensure that Greece will be fully prepared, Dijsselbloem told the paper. He said Greeces economy is faring better after a deep, multi-year recession but reforms should continue for the remainder of the bailout programme and after August 2018. The chronic and structural problems were among the crucial factors that led Greece to the crisis, Dijsselbloem said. Reporting by George Georgiopoulos; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-greece-bailout-dijsselbloem/greece-to-stay-on-supervision-post-bailout-eurogroup-chief-tells-paper-idUKKCN1BY08I'|'2017-09-23T11:43:00.000+03:00'|7263.0|''|-1.0|'' 7264|'88d5178021c5db3a6ddbd9d824d74590ddfe4f85'|'Benetton''s Edizione sells out of Italy publishing sector: source'|'MILAN (Reuters) - Edizione, the holding company of the Benetton family, has pulled out of the Italian publishing sector by selling stakes in top financial daily Il Sole 24 Ore and publisher Caltagirone Editore ( CED.MI ), a source close to the matter said on Friday.Edizione sold its 2 percent stake in Il Sole 24 Ore and a 2.24 percent stake in Caltagirone in July, the source said.Edizione has already pulled out of Italian publisher RCS Mediagroup ( RCSM.MI ).Reporting by Claudia Cristoferi, writing by Stephen Jewkes; Editing by Isla Binnie '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-italy-publishing-benetton/benettons-edizione-sells-out-of-italy-publishing-sector-source-idINKCN1BC4KM'|'2017-09-01T08:50:00.000+03:00'|7264.0|''|-1.0|'' -7265|'c5d95623b68eba0b11544fe1c5408d1d34303b08'|'Russia''s En+ could launch IPO this week -sources'|'September 24, 2017 / 1:09 PM / Updated 40 minutes ago Russia''s En+ could launch IPO as soon as September 28 - sources Reuters Staff 2 Min Read LONDON/MOSCOW (Reuters) - En+ Group, which manages Russian tycoon Oleg Deripaskas aluminium and hydropower businesses, could launch its initial public offering (IPO) as soon as Sept. 28, three sources familiar with the matter told Reuters. En+ owns assets in metals and energy, including a 48 percent stake in Hong Kong-listed Russian aluminium producer Rusal ( 0486.HK ), which is a big consumer of hydroelectricity produced by companies owned by En+. Preparation for an intention-to-float announcement, which usually starts the public marketing phase of an IPO, is well under way, one of the sources said, adding that a delay was still possible, subject to final decision. En+ declined to comment. Sources told Reuters in April that the initial valuation of the business would be up to $10 billion, a level some in the industry have said is too ambitious. En+ aims to raise about $1.5 billion from the possible IPO in London, Deripaska said in June. This is now more likely to be $1 billion, two of the sources said. Chinas CEFC is considering investing in En+ as part of the IPO, industry sources told Reuters this month. (The story has been refiled to clarify the possible date of IPO launch in the headline.) Reporting by Clara Denina in London, Katya Golubkova and Polina Devitt in Moscow; Additional reporting by Anastasia Lyrchikova; Writing by Polina Devitt; Editing by David Goodman '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-russia-en-ipo/russias-en-could-launch-ipo-this-week-sources-idUKKCN1BZ0DT'|'2017-09-24T16:09:00.000+03:00'|7265.0|''|-1.0|'' +7265|'c5d95623b68eba0b11544fe1c5408d1d34303b08'|'Russia''s En+ could launch IPO this week -sources'|'September 24, 2017 / 1:09 PM / Updated 40 minutes ago Russia''s En+ could launch IPO as soon as September 28 - sources Reuters Staff 2 Min Read LONDON/MOSCOW (Reuters) - En+ Group, which manages Russian tycoon Oleg Deripaskas aluminium and hydropower businesses, could launch its initial public offering (IPO) as soon as Sept. 28, three sources familiar with the matter told Reuters. En+ owns assets in metals and energy, including a 48 percent stake in Hong Kong-listed Russian aluminium producer Rusal ( 0486.HK ), which is a big consumer of hydroelectricity produced by companies owned by En+. Preparation for an intention-to-float announcement, which usually starts the public marketing phase of an IPO, is well under way, one of the sources said, adding that a delay was still possible, subject to final decision. En+ declined to comment. Sources told Reuters in April that the initial valuation of the business would be up to $10 billion, a level some in the industry have said is too ambitious. En+ aims to raise about $1.5 billion from the possible IPO in London, Deripaska said in June. This is now more likely to be $1 billion, two of the sources said. Chinas CEFC is considering investing in En+ as part of the IPO, industry sources told Reuters this month. (The story has been refiled to clarify the possible date of IPO launch in the headline.) Reporting by Clara Denina in London, Katya Golubkova and Polina Devitt in Moscow; Additional reporting by Anastasia Lyrchikova; Writing by Polina Devitt; Editing by David Goodman '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-russia-en-ipo/russias-en-could-launch-ipo-this-week-sources-idUKKCN1BZ0DT'|'2017-09-24T16:09:00.000+03:00'|7265.0|12.0|0.0|'' 7266|'2491741578740c325cde889d1f6428a78297db3f'|'China''s COMAC says signs 130 orders for C919 passenger jet'|'September 19, 2017 / 3:14 AM / Updated 2 hours ago China''s COMAC says signs 130 orders for C919 passenger jet Reuters Staff 1 Min Read China''s home-grown C919 passenger jet lands during its first flight at Pudong International Airport in Shanghai, Friday, May 5, 2017. China Daily/via REUTERS BEIJING (Reuters) - Chinese plane maker Commercial Aircraft Corp of China Ltd (COMAC) [CMAFC.UL] on Tuesday said it had signed 130 new orders for its C919 passenger jet with four Chinese leasing firms, after the plane took its maiden flight earlier this year. COMAC is leading Chinas efforts to become a key player in the global civil aerospace market, threatening the dominance of U.S. and European rivals Boeing Co ( BA.N ) and Airbus ( AIR.PA ). COMAC said last year that orders for its older ARJ-21 jet had reached 413 from 19 customers while its larger C919 passenger jet, which completed its long-delayed maiden flight in May, had 24 customers and 600 orders by June. Reporting by Brenda Goh, writing by Adam Jourdan; Editing by Himani Sarkar '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-comac-orders/chinas-comac-says-signs-130-orders-for-c919-passenger-jet-idUKKCN1BU096'|'2017-09-19T06:14:00.000+03:00'|7266.0|''|-1.0|'' 7267|'03779e7fcf076f6637e584edea03cc3c77415788'|'Loma Negra hires banks for U.S.-Argentina IPO as early as September: sources'|'SAO PAULO (Reuters) - Loma Negra Cia Industrial Argentina SA, the countrys largest cement producer, has hired investment banks for an initial public offering that could be launched as early as this month, according to three sources with knowledge of the plan.Parent company Intercement Brasil SA, whose businesses span from Brazil and Europe to northern Africa, wants to sell shares of Loma Negra in Argentina and New York to raise cash and cut debt, said the people, who requested anonymity to discuss the deal freely this week.Loma Negra filed for an IPO with the U.S. Securities and Exchange Commission late on Tuesday. Underwriters for the IPO include the investment banking units of Morgan Stanley & Co ( MS.N ), Banco Bradesco SA ( BBDC4.SA ), Bank of America Corp. ( BAC.N ), Citigroup Inc ( C.N ), HSBC Holdings Plc ( HSBA.L ), Ita Unibanco Holding SA ( ITUB4.SA ), according to the SEC filing.Camargo Correa SA, the industrial group that owns Intercement, has long considered a partial sale of Loma Negra as Argentina slowly lures back foreign investment with President Mauricio Macris market-friendly policies.The move also shows how Camargo Correas controlling family is battling the effects of Brazils longest recession on record, years of rampant borrowing and a corruption probe that ensnared the groups engineering unit.Proceeds from the Loma Negra IPO, which could offer as much as 30 percent of the company, will be used by Intercement to reduce its debt, which totals five times its annual earnings before interest, taxes, depreciation and amortization, one of the people said.Representatives for Intercement did not immediately comment. Newspaper Valor Economico first reported details of the IPO on Wednesday.Camargo Correa purchased Loma Negra in 2005 for $1 billion, the first in a series of acquisitions to strengthen Intercement in emerging markets. Loma Negra was founded in 1926 by Argentine businessman Alfredo Fortabat.Reuters reported in December that Camargo Correa had contacted investors over a private sale of a minority stake in Loma Negra, but talks did not bear fruit.Over the past two years, with Brazils recession and corruption scandals taking a toll on finances, Camargo Correa undertook a quick effort to downsize. It has since exited power utility CPFL Energia SA ( CPFE3.SA ) and apparel maker Alpargatas SA ( ALPA4.SA ) in 2015, fetching some $3 billion from the sales.($1 = 3.12 reais)Reporting by Tatiana Bautzer; Editing by Richard Chang '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-loma-negra-ciasa-ipo/loma-negra-hires-banks-for-u-s-argentina-ipo-as-early-as-september-sources-idINKCN1BH2YJ'|'2017-09-06T18:40:00.000+03:00'|7267.0|''|-1.0|'' 7268|'99069b2d745d4a5eb6f064bace2d4a3ed8ec1aad'|'Britain''s Aveva set to unveil 3 billion pound Schneider merger - Sky News'|'September 4, 2017 / 6:17 PM / 16 minutes ago Britain''s Aveva set to unveil Schneider deal - source Ben Martin 3 Min Read London (Reuters) - British engineering software company Aveva ( AVV.L ) is poised to announce a tie-up with Frances Schneider Electric ( SCHN.PA ) to create a business worth more than 3 billion pounds, a source close to the matter told Reuters. The deal is expected to be confirmed as soon as Tuesday morning and will be structured as a reverse takeover in which Schneider will take a majority stake in Aveva, with shareholders in the British company receiving more than 800 pence per share in cash, the source said. Schneider''s software assets will move to Aveva, which will remain listed on the London Stock Exchange and will retain its Cambridge headquarters, the source added after the deal was first reported by Sky News.( bit.ly/2wz4fKv ) Aveva, founded in 1967 as a spin-off from Cambridge University, provides software for the oil, shipping and power sectors. The reverse takeover would be Britains biggest technology deal this year. However, the deals structure means Aveva would avoid the fate of other British technology groups that have been lost to foreign buyers in recent years, such as Softbanks $32 billion takeover of Cambridge-based chip designer ARM Holdings. Lazard and Numis ( NUM.L ) are advising Aveva while Morgan Stanley ( MS.N ) is working with Schneider, the source said. The combined company will have an enterprise value, which includes debt, of more than 3 billion pounds, the source said. A spokesman for Schneider declined to comment and Aveva, where James Kidd took over as CEO in January, did not reply immediately to an emailed request for comment. The companies have twice abandoned previous attempts to agree a deal in 2015 and last year. The collapse of the first attempt was blamed by Aveva on the highly complex structure of the proposed transaction and worries about significant integration challenges. The British company did not give a reason for abandoning the second attempt in June last year. However, a source told Reuters at the time that obstacles included the complexities of merging the two businesses. The source did not say how previous hurdles had been overcome. Additional reporting by Parikshit Mishra and Gilles Guillaume; Editing by David Goodman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-avevagroup-m-a-schneider/britains-aveva-set-to-unveil-3-billion-pound-schneider-merger-sky-news-idUKKCN1BF27Y'|'2017-09-04T21:11:00.000+03:00'|7268.0|''|-1.0|'' @@ -7368,7 +7368,7 @@ 7366|'eb3a52312b35c8953fc3619262fbf51a353d1ba0'|'T-Mobile U.S. explores takeover of Sprint - source'|' 2:22 PM / Updated 4 minutes ago T-Mobile US explores takeover of Sprint: source Liana B. Baker 3 Min Read Smartphones with the logos of T-Mobile and Sprint are seen in front of a Soft Bank logo in this illustration taken September 19, 2017. REUTERS/Dado Ruvic/Illustrations (Reuters) - U.S. wireless carrier T-Mobile US Inc ( TMUS.O ) is exploring taking over rival Sprint Corp ( S.N ) in an all-stock deal, after SoftBank Group Corp ( 9984.T ) offered to give up its majority ownership of Sprint, a person familiar with the matter said. The latest negotiations come after Reuters reported earlier this year that Japans SoftBank was prepared to give up control of Sprint to clinch a merger with T-Mobile, and only retain a minority stake in the combined company. Sprint and T-Mobile, which is controlled by Germanys Deutsche Telekom AG ( DTEGn.DE ), are still weeks away from an agreement, and have not settled on a share exchange ratio or even started performing due diligence on each other, the source added. The companies have agreed, however, that John Legere, T-Mobiles outspoken chief executive, would run the combined company should there be a deal, according to the source, who asked not to be identified discussing confidential negotiations. Both Sprint and T-Mobile did not immediately respond to requests for comment. Sprints shares rose 8.2 percent, while T-Mobiles shares were up nearly 5.3 percent after CNBC first reported on the progress of the talks. Despite potential antitrust risks, investors have long expected a deal between T-Mobile and Sprint, the third- and fourth-largest U.S. wireless service providers, hoping for cost cuts and other synergies. T-Mobile has been gaining share from larger U.S. competitors AT&T Inc ( T.N ) and Verizon Communications Inc ( VZ.N ) in a saturated U.S. wireless market, through network improvements and lower prices. Sprint, which had earlier approached cable company Charter Communications Inc ( CHTR.O ) about a potential merger, has now put plans for a bid for Charter on the back burner as it focuses on negotiations with T-Mobile, the source said. French cable mogul Patrick Drahis Altice USA Inc ( ATUS.N ), however, is continuing to work on a potential bid for Charter, another source said. Altice declined to comment while Charter did not respond to a request for comment. Last month, Sprints chief executive said an announcement on merger talks should come in the near future. SoftBank previously abandoned talks to acquire T-Mobile and merge it with Sprint three years ago, amid opposition from U.S. antitrust regulators. That deal would have put SoftBank in control of the merged company, with Deutsche Telekom becoming a minority shareholder. Since then, T-Mobile has overtaken Sprint in market capitalization - the company is valued at about $51 billion, while Sprint has a market value of about $34 billion. Additional reporting by Aishwarya Venugopal and Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty and Jonathan Oatis'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-t-mobile-m-a-sprint/t-mobile-sprint-in-merger-talks-cnbc-idUKKCN1BU1W6'|'2017-09-19T23:21:00.000+03:00'|7366.0|''|-1.0|'' 7367|'833bcd466b8e6a43412b4e04df64155fa9cec258'|'Shanghai''s hard line on soft cheese could hurt European companies'|'September 8, 2017 / 1:57 PM / Updated 2 hours ago Shanghai''s hard line on soft cheese could hurt European companies Dominique Patton 2 Min Read FILE PHOTO - Dutch cheese is displayed in a shop window in Edam near Amsterdam, Netherlands February 10, 2017. REUTERS/Francois Lenoir BEIJING (Reuters) - Shanghai has halted the import of cheeses such as Roquefort, Brie and Camembert in a move set to damage European exporters, diplomatic and industry sources said on Friday. It is not clear why Shanghai, one of the main entry ports for most of the products, has imposed the suspension. Such cheeses are made with cultures not authorised in China, said a European diplomat who confirmed the decision, but the country has allowed them to come in for years. Shanghais inspection and quarantine bureau banned blue cheeses such as Roquefort and other soft cheeses including Brie and Camembert, said Vincent Marion, managing director of Shanghai-based online cheese shop Cheese Republic. The business had been notified of the change by its suppliers in late August, he said. The authority directed questions to the General Administration of Quality Supervision, Inspection and Quarantine in Beijing, which oversees food imports for the entire country. It did not respond to faxed questions on the matter. The European cheese industry is extremely concerned by this ban, said the diplomat who declined to be named because of the sensitivity of the matter. He said the ban impacts European cheeses more than others because of the large variety of cultures used in European cheese. China permits a relatively small number of edible cultures for use in food. There was no immediate comment from the European Commission or the French farm ministry. Cheese sales in China are expected to reach 5.3 billion yuan (620.72 million) this year, up 26 percent from last year, according to research firm Euromonitor. More than 90 percent of cheese sold in the market is imported, with most coming from New Zealand and Australia, which supplies the bulk of mozzarella used on pizzas. Demand for high-end products such as Brie and Camembert is growing too however, with the two cheeses accounting for about 15 percent of sales this year, the Euromonitor data showed. Additional reporting by Beijing Newsroom; Editing by Keith Weir '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-cheese-imports/shanghais-hard-line-on-soft-cheese-could-hurt-european-companies-idUKKCN1BJ1OP'|'2017-09-08T16:57:00.000+03:00'|7367.0|''|-1.0|'' 7368|'bcf06d3f7322a0dc2d37ef8f267080696b997d2d'|'Brazil watchdog arm recommends rejecting ArcelorMittal-Votorantim tie-up'|'SAO PAULO, Sept 5 (Reuters) - A body of Brazils antitrust watchdog Cade has recommended the rejection of ArcelorMittal SAs proposed acquisition of Votorantim Siderurgia SA, saying the tie-up would impact competition in the nations long steel market.In a statement on Tuesday, Cades general superintendency said the combination of two of Brazils top-three long steelmakers could lead to the elimination of relevant market players. The tie-up would also lead to potential price-fixing practices and increased purchasing power in the scrap market in Brazils southeastern region - the nations most industrious, the general superintendency said. (Reporting by Guillermo Parra-Bernal; Editing by Leslie Adler; Editing by Leslie Adler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/votorantim-siderurgia-ma-arcelormitta-an/brazil-watchdog-arm-recommends-rejecting-arcelormittal-votorantim-tie-up-idUSL2N1LM26J'|'2017-09-06T05:33:00.000+03:00'|7368.0|''|-1.0|'' -7369|'22b4fba4ff540cb5494da794cc72fdb21a0c3108'|'The parable of St Paul'|'PAUL POLMAN runs Europes seventh-most valuable company, Unilever, worth $176bn, but he is not a typical big cheese. A Dutchman who once considered becoming a priest, he believes that selling shampoo around the world can be a higher calling and detests the Anglo-Saxon doctrine of shareholder primacy, which holds that a firms chief purpose is to enrich its owners. Instead Mr Polman preaches that companies should be run sustainablyby investing, paying staff fairly, and by making healthy products with as little damage as possible to the environment. This is actually better for profits in the long run, he argues: society and shareholders need not be in conflict.Mr Polmans beliefs were tested in February when Unilever received a bid from Kraft-Heinz, a ketchup-to-hot dog gorilla controlled by Warren Buffett and 3G Capital, a fund known for ripping costs out of multinationals. If, in its own mind, Unilever is a good corporate citizen, then it sees Kraft as an angry American with no interest in the planet, heavy debts, no growth, very little foreign presence, and an obsession with self-harming cost cuts. 12 hours ago What would the FDP do? Kaffeeklatsch 13 hours ago Escobar is dead, but Narcos and the drugs trade live on Prospero 14 hours ago The French president acts on his promise to overhaul jobs laws Europe 15 hours ago An interview with Christian Lindner Kaffeeklatsch 16 hours ago Whatever she may say, Theresa May wont fight the next election Bagehot''s notebook 17 hours ago See all updates Krafts bid fizzled when Mr Buffett got cold feet, but the clash of ideologies is not over. For one thing, Unilever seems to have been pressured into adopting some 3G-style tactics. In April it promised to lift operating margins by 3.6 percentage points by 2020, to carry out a share buy-back and to exit its poorly performing margarine business. Its investment in brands and plant and equipment is expected to be flat in 2017, having risen in former years.After a cooling off spell required by British takeover rules, Kraft can now bid again. Inspired by 3G, activist hedge funds are stalking two rivals, Nestl and Danone, and other peers are slashing costs. Mr Polman will probably stand down within two yearshe wants his successor to be a Unilever insiderraising the question of whether his vision is coherent and will endure.There are two key tests. Has Unilever really been socially virtuous while creating lots of value for its owners? And does the market for corporate control function as it should, so that such a firm can survive? Start with the question of virtue. Since early 2009, when Mr Polman took over, emissions, water usage and waste have fallen by 43%, 38% and 96% respectively, per unit of production. Investment (including capital spending, research, branding and marketing) has risen to 20% of sales, from 18%. Tax payments have risen from 25% to 30% of underlying profits.So far so good. But Mr Polman has not been as nice to staff as you might expect. Their numbers have stayed at 170,000 (Kraft meanwhile has cut its workforce by 20% since 2013) but pay as a share of the firms output, or its gross-value-added, has fallen from 46% to 39%. Unilevers pay per employee has been flat in dollar terms even as its top few managers have got 24% more on average. Mr Polman received $9m last year, a third more than his predecessor got (though less than his American peers).He argues that sustainability is good for shareholders because investment creates growth. Consumers, staff and regulators are attracted to firms that exhibit good conduct. For shareholders the clearest sign of success is Unilevers global market share, which has risen from 16% to 18% since 2008, according to Alliance Bernstein, a brokerage. That is impressive given that local firms are gaining ground from multinationals in the emerging economies where Unilever makes almost two-thirds of its sales.But currency weakness has been a drag. Free cashflow per share has risen by 65% in dollar termsa fairly average performance compared with a basket of ten Unilever rivals. Total return (share price appreciation plus dividends) was 138% in 2008-16 in dollars, behind the average for the peer group, although not by much. Mr Polmans boldest claims about his firm are over the top, but broadly speaking Unilever has been run in a fairly sustainable way and delivered reasonable results for its owners.What about the second questionwhether such a firm can survive with a fragmented base of shareholders, some of whom may be out for a fast buck? Takeovers should happen only when the target is badly run or if combining two firms will yield synergies. But Unilever is well managed and Krafts probable changesmore debt, and cost-cuttingit can do itself.Kraft is a roll-up, a firm that relies on acquisitions and cost cuts to mask low growth. Its sales have declined for the past nine quarters. Roll-up strategies usually end badly for investors. Still, cheap debt means that, while such firms remain on a winning streak, they can operate on a vastly greater scale than before (a combined Kraft-Unilever might have had as much as $120bn of debt). Many bosses, including, probably, Mr Polman, think normal firms need protecting from them. Britain could adjust its takeover rules in favour of target companies. More countries could alter their fiscal codes to stop tax breaks for leveraged buyers or they could copy Frances Florange law, which limits the voting rights of short-term shareholders.Society v shareholder valueIn fact, Unilevers close encounter with Kraft suggests the jury is still out on whether capitalism is too myopic to allow firms to operate virtuously. The outcome so far broadly shows that markets work. Unilevers shares were undervalued. Some of the changes that it has made were actually in the pipeline anyway (for example, in 2016 Mr Polman said margins would rise by up to 3.2 percentage points by 2020). Krafts bid forced the company to fine-tune its strategy and articulate it better. As a result Unilevers total return is now almost at the top of its peer group.But much depends on the next 24 months. Kraft could bid again. An activist may attack Unilever. Mr Polmans successor could repudiate his approach. Mr Polman is no saint, but his legacy is to have made one of Europes biggest companies a test case of how far shareholder primacy should go. If Unilever cant keep half an eye on the greater good, no firm can. Watch it closely.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21727908-unilever-worlds-biggest-experiment-corporate-do-gooding-parable-st-paul?fsrc=rss%7Cbus'|'2017-08-31T22:51:00.000+03:00'|7369.0|''|-1.0|'' +7369|'22b4fba4ff540cb5494da794cc72fdb21a0c3108'|'The parable of St Paul'|'PAUL POLMAN runs Europes seventh-most valuable company, Unilever, worth $176bn, but he is not a typical big cheese. A Dutchman who once considered becoming a priest, he believes that selling shampoo around the world can be a higher calling and detests the Anglo-Saxon doctrine of shareholder primacy, which holds that a firms chief purpose is to enrich its owners. Instead Mr Polman preaches that companies should be run sustainablyby investing, paying staff fairly, and by making healthy products with as little damage as possible to the environment. This is actually better for profits in the long run, he argues: society and shareholders need not be in conflict.Mr Polmans beliefs were tested in February when Unilever received a bid from Kraft-Heinz, a ketchup-to-hot dog gorilla controlled by Warren Buffett and 3G Capital, a fund known for ripping costs out of multinationals. If, in its own mind, Unilever is a good corporate citizen, then it sees Kraft as an angry American with no interest in the planet, heavy debts, no growth, very little foreign presence, and an obsession with self-harming cost cuts. 12 hours ago What would the FDP do? Kaffeeklatsch 13 hours ago Escobar is dead, but Narcos and the drugs trade live on Prospero 14 hours ago The French president acts on his promise to overhaul jobs laws Europe 15 hours ago An interview with Christian Lindner Kaffeeklatsch 16 hours ago Whatever she may say, Theresa May wont fight the next election Bagehot''s notebook 17 hours ago See all updates Krafts bid fizzled when Mr Buffett got cold feet, but the clash of ideologies is not over. For one thing, Unilever seems to have been pressured into adopting some 3G-style tactics. In April it promised to lift operating margins by 3.6 percentage points by 2020, to carry out a share buy-back and to exit its poorly performing margarine business. Its investment in brands and plant and equipment is expected to be flat in 2017, having risen in former years.After a cooling off spell required by British takeover rules, Kraft can now bid again. Inspired by 3G, activist hedge funds are stalking two rivals, Nestl and Danone, and other peers are slashing costs. Mr Polman will probably stand down within two yearshe wants his successor to be a Unilever insiderraising the question of whether his vision is coherent and will endure.There are two key tests. Has Unilever really been socially virtuous while creating lots of value for its owners? And does the market for corporate control function as it should, so that such a firm can survive? Start with the question of virtue. Since early 2009, when Mr Polman took over, emissions, water usage and waste have fallen by 43%, 38% and 96% respectively, per unit of production. Investment (including capital spending, research, branding and marketing) has risen to 20% of sales, from 18%. Tax payments have risen from 25% to 30% of underlying profits.So far so good. But Mr Polman has not been as nice to staff as you might expect. Their numbers have stayed at 170,000 (Kraft meanwhile has cut its workforce by 20% since 2013) but pay as a share of the firms output, or its gross-value-added, has fallen from 46% to 39%. Unilevers pay per employee has been flat in dollar terms even as its top few managers have got 24% more on average. Mr Polman received $9m last year, a third more than his predecessor got (though less than his American peers).He argues that sustainability is good for shareholders because investment creates growth. Consumers, staff and regulators are attracted to firms that exhibit good conduct. For shareholders the clearest sign of success is Unilevers global market share, which has risen from 16% to 18% since 2008, according to Alliance Bernstein, a brokerage. That is impressive given that local firms are gaining ground from multinationals in the emerging economies where Unilever makes almost two-thirds of its sales.But currency weakness has been a drag. Free cashflow per share has risen by 65% in dollar termsa fairly average performance compared with a basket of ten Unilever rivals. Total return (share price appreciation plus dividends) was 138% in 2008-16 in dollars, behind the average for the peer group, although not by much. Mr Polmans boldest claims about his firm are over the top, but broadly speaking Unilever has been run in a fairly sustainable way and delivered reasonable results for its owners.What about the second questionwhether such a firm can survive with a fragmented base of shareholders, some of whom may be out for a fast buck? Takeovers should happen only when the target is badly run or if combining two firms will yield synergies. But Unilever is well managed and Krafts probable changesmore debt, and cost-cuttingit can do itself.Kraft is a roll-up, a firm that relies on acquisitions and cost cuts to mask low growth. Its sales have declined for the past nine quarters. Roll-up strategies usually end badly for investors. Still, cheap debt means that, while such firms remain on a winning streak, they can operate on a vastly greater scale than before (a combined Kraft-Unilever might have had as much as $120bn of debt). Many bosses, including, probably, Mr Polman, think normal firms need protecting from them. Britain could adjust its takeover rules in favour of target companies. More countries could alter their fiscal codes to stop tax breaks for leveraged buyers or they could copy Frances Florange law, which limits the voting rights of short-term shareholders.Society v shareholder valueIn fact, Unilevers close encounter with Kraft suggests the jury is still out on whether capitalism is too myopic to allow firms to operate virtuously. The outcome so far broadly shows that markets work. Unilevers shares were undervalued. Some of the changes that it has made were actually in the pipeline anyway (for example, in 2016 Mr Polman said margins would rise by up to 3.2 percentage points by 2020). Krafts bid forced the company to fine-tune its strategy and articulate it better. As a result Unilevers total return is now almost at the top of its peer group.But much depends on the next 24 months. Kraft could bid again. An activist may attack Unilever. Mr Polmans successor could repudiate his approach. Mr Polman is no saint, but his legacy is to have made one of Europes biggest companies a test case of how far shareholder primacy should go. If Unilever cant keep half an eye on the greater good, no firm can. Watch it closely.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21727908-unilever-worlds-biggest-experiment-corporate-do-gooding-parable-st-paul?fsrc=rss%7Cbus'|'2017-08-31T22:51:00.000+03:00'|7369.0|11.0|0.0|'' 7370|'b00fde17d2694888ca6a741b168bbd60bf2d6356'|'Western Digital offers to exit Toshiba chip bid for better JV terms: sources'|'September 5, 2017 / 10:39 AM / 38 minutes ago Western Digital offers to exit Toshiba chip bid for better JV terms: sources Reuters Staff 2 Min Read FILE PHOTO: A Western Digital Corporation hard drive is pictured here in Encinitas, California April 19, 2011. REUTERS/Mike Blake/File Photo TOKYO (Reuters) - Western Digital Corp ( WDC.O ) has offered to drop out of a bid for Toshiba Corps ( 6502.T ) lucrative semiconductor business in return for a stronger position in the two companies chip joint venture, two sources said on Tuesday. Toshiba needs to sell the chip unit to plug a giant hole in its finances caused by the failure of the conglomerates U.S. nuclear business, but the deal has snagged on such issues as antitrust concerns if the U.S. disk-drive maker were a major owner. To help close the deal, California-based Western Digital has told Toshiba it is prepared to pull out of a consortium bidding for the business in order to address such concerns, said the sources, one with direct knowledge of the transaction and one who was briefed on this development. In return, Western Digital is seeking to strengthen its position in the joint venture operations, they said. A Western Digital spokeswoman said she could not comment on details of the talks. Toshiba was not immediately available for comment outside Tokyo business hours. Toshiba and Western Digital, which jointly invest in Toshibas key plant in central Japan, failed to seal a deal by Toshibas target date last week due to disagreement over the U.S. firms future stake in the business. Reporting by Kentaro Hamada and Makiko Yamazaki; Editing by William Mallard '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-toshiba-accounting/western-digital-offers-to-exit-toshiba-chip-bid-for-better-jv-terms-sources-idUSKCN1BG1E2'|'2017-09-05T13:39:00.000+03:00'|7370.0|''|-1.0|'' 7371|'a045c8e473914921fd36141532b219f8a144815b'|'LPC: Northrop Grumman scores biggest US defense acquisition loan in 6 years'|'FILE PHOTO: The Orbital ATK Antares rocket, with the Cygnus spacecraft onboard, is seen on launch Pad-0A, at NASA''s Wallops Flight Facility in Virginia October 15, 2016. Bill Ingalls/NASA/Handout via REUTERS NEW YORK (Reuters) - Global defense and security systems company Northrop Grumman is backing its US$9.2bn purchase of aerospace and defense technology company Orbital ATK with an US$8.5bn bridge loan, the largest loan for an acquisition by an investment-grade company in the sector in six years.The 364-day senior unsecured bridge financing, which is initially provided by JP Morgan, will be replaced with a permanent financing prior to the closing of the acquisition.The deal comes just two weeks after aerospace and industrial company United Technologies Corp said it would buy avionics supplier Rockwell Collins Inc for US$30bn, including Rockwells debt, in the sectors largest-ever merger.Northrop Grummans bridge loan tops the US$6.5bn 364-day bridge financing that United Technologies launched September 6 to back its merger - the first loan backing M&A in the investment-grade aerospace arena this year - and is the largest since a US$15bn bridge that United Technologies lined up for its purchase of Goodrich Corp that was announced in September 2011, according to Thomson Reuters LPC.Northrop Grumman is acquiring junk-rated Orbital ATK for around US$7.8bn in cash plus US$1.4bn in assumed net debt.GAINING TRACTION The back-to-back deals help prop up investment-grade lending, which had been subdued much of the year by the ongoing wait for legislative action on US tax, trade and healthcare reform. In the absence of new policies well into the year, however, mergers have been gaining traction, particularly among companies eager to grow by acquisition and expecting little regulatory resistance to their tie-ups.Strategic transactions of companies with complimentary businesses that face few antitrust hurdles might still prevail regardless of the unknowns in the marketplace, said one senior banker. I wouldnt be surprised to see more, but Im not expecting it to pick up so much that we have a record year in M&A at this point in the year.Investment-grade loan issuance overall was down 10% through the end of August at US$479bn, compared with US$532bn in the same period last year, LPC data show. Bridge loan volume in that time was down 21% to US$53bn compared with US$67bn at the same time last year.With its merger, Northrop Grumman gains access to lucrative government contracts, expanding its arsenal of missile defense systems and space rockets, at a time when North Korea is testing threatening missiles and nuclear weapons, Reuters reported. Orbital has contracts with NASA and the US Army.Banks will earn about US$25m in fees for arranging the bridge loan, according to Freeman Consulting Services.Were starting to see the deal activity catch up to some of the appetite thats been telegraphed by the capital markets overall, said another senior banker.Companies this year have swiftly replaced bridge loans with longer-term permanent financing, pushing to lock in relatively low borrowing costs at a time when demand for corporate bonds remains elevated, bankers have said.Northrop Grummans acquisition is expected to close in the first half of next year.The company is rated BBB+ by S&P and Baa1 by Moodys Investors Service. Northrop Grumman said in a Monday statement that it is committed to maintaining investment-grade ratings and would use its strong cash flow to support debt reduction.The rating agencies warned of a downgrade after the all-cash acquisition was announced.Reporting by Lynn Adler; Editing By Michelle Sierra '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-northrop-acquisition-loans/northrop-grumman-scores-biggest-u-s-defense-acquisition-loan-in-six-years-idUSKCN1BT2AR'|'2017-09-18T21:05:00.000+03:00'|7371.0|''|-1.0|'' 7372|'e727ef834db6b29a7156353d4b9459424044a4c1'|'Getting it wrong, Finnish-style'|'September 1, 2017 / 9:59 AM / 30 minutes ago Getting it wrong, Finnish-style Reuters Staff 1 Min Read Souvenirs are seen as people shop at a market in Helsinki, Finland, May 3, 2017. REUTERS/Ints Kalnins HELSKINI (Reuters) - Sometimes getting an estimate wrong is a positive thing. Unexpected strength in construction and services turned initial Finnish growth estimates for the second quarter on their head on Friday. The statistics office said growth was 0.4 percent, overturning the 0.5 percent decline it announced in last months flash estimate. Annual GDP growth was revised up to 3 percent from a prior estimate of 1.6 percent.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-finland-gdp-graphic/getting-it-wrong-finnish-style-idUKKCN1BC4F9'|'2017-09-01T13:00:00.000+03:00'|7372.0|''|-1.0|'' @@ -7418,18 +7418,18 @@ 7416|'1f2d1e6eaaf51bb162fde7d26ac19d598e194bd2'|'Spain''s to issue up to 5.25 bln euros in debt this week'|'MADRID, Sept 4 (Reuters) - Spain plans to issue up to 5.25 billion euros ($6.25 billion) in four bonds this week, including an inflation-linked paper, the Treasury said on Monday.The inflation-linked bond is due November 30, 2027 and the Treasury plans to auction between 250 million euros and 750 million euros of this paper.The Treasury will also sell between 3.5 billion and 4.5 billion euros of bonds due April 30, 2022; Oct. 31, 2027; and July 30, 2033.$1 = 0.8400 euros Reporting By Sonya Dowsett; Editing by Jess Aguado '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/spain-debt/spains-to-issue-up-to-5-25-bln-euros-in-debt-this-week-idINE8N18A02Q'|'2017-09-04T10:15:00.000+03:00'|7416.0|''|-1.0|'' 7417|'95d97578c0143fb6e612254ffca4cae59e1d7a88'|'METALS--Shanghai, London metals skid on N.Korea tensions, China credit jitters'|' METALS--Shanghai, London metals skid on N.Korea tensions, China credit jitters Reuters Staff 5 Min Read (Adds detail and updates prices) By Melanie Burton MELBOURNE, Sept 22 (Reuters) - Metals in Shanghai and London tumbled on Friday as investors slashed risk given escalating tensions on the Korean peninsula and ongoing jitters about China debt after a ratings downgrade. "Metals have had quite a rally in the past few months and have done so much faster than fundamentals would suggest they should," said analyst Amy Li of National Australia Bank in Melbourne. A combination of factors had led to the sell-off, Li said, among them, rising geo-political tension with North Korea, expectations for a more aggressive interest rate rise cycle in the United States, and to a smaller extent, the ongoing credit concerns in China. "I would say this is a pullback from the very, very bullish position we have seen in the past few months." FUNDAMENTALS * SHFE: In Shanghai, metals slumped between 1 percent and 6 percent, with the steepest tumble in nickel, which hit limit down as higher trading fees on the Shanghai Futures Exchange (ShFE) came into play. * LME: In London, lead and nickel both plunged 4 percent. Investors had surged into metals on prospects of resilient China demand and environmental curbs that have cut into supply. LME zinc and aluminium both fell by more than 2 percent. * LME COPPER: LME copper tumbled to its lowest since Aug. 16, touching $6,366 a tonne, before trimming losses to $6,409, as of 0740 GMT. * SHFE COPPER: The most-active ShFE copper futures slid 1.5 percent to 49,630 yuan ($7,532) a tonne. * CONFUSION: "Not sure why so aggressive a move, guess the U.S. sanctions, delayed reaction in metals to FOMC," said one trader in Hong Kong. "Confused markets I have to say, and on top of that trying to get out of risk when its all one way only exacerbates the move and creates deeper moves in ever decreasing liquidity." * N. KOREA: China called on all parties on Friday to exercise restraint after North Korea''s foreign minister was quoted as saying he believes the North could consider conducting a hydrogen bomb test in the Pacific Ocean. * CHINA CREDIT: S&P Global Ratings downgraded China''s long-term sovereign credit rating on Thursday, less than a month ahead of one of the country''s most sensitive political gatherings, citing increasing risks from its rapid build-up of debt. * CHINA FACTORIES: Thousands of small factories in China, making everything from steel to chemicals, are scrambling for access to the country''s clogged rail network as Beijing curbs the use of diesel trucks in an effort to tackle air pollution. * MACQUARIE: Australia''s Macquarie Group Ltd has overtaken Goldman Sachs to break into the top three banks for commodities business, having significantly expanded its U.S. energy operations in recent years while rivals cut back. * COMING UP: Germany Markit Mfg PMI flash Sep at 0730 GMT PRICES 0731 GMT Three month LME copper 6409.5 Most active ShFE copper 49610 Three month LME aluminium 2130 Most active ShFE aluminium 16400 Three month LME zinc 3028 Most active ShFE zinc 24675 Three month LME lead 2419.5 Most active ShFE lead 20225 Three month LME nickel 10565 Most active ShFE nickel 0 Three month LME tin 20440 Most active ShFE tin 144180 LME/SHFE COPPER LMESHFCUc3 255.44 LME/SHFE ALUMINIUM LMESHFALc3 86.28 LME/SHFE ZINC LMESHFZNc3 866.12 LME/SHFE LEAD LMESHFPBc3 284.56 LME/SHFE NICKEL LMESHFNIc3 1791.62 ($1 = 6.5894 Chinese yuan) (Reporting by Melanie Burton; Editing by Christian Schmollinger and Sherry Jacob-Phillips)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-metals/metals-shanghai-london-metals-skid-on-n-korea-tensions-china-credit-jitters-idUSL4N1M32OQ'|'2017-09-22T10:54:00.000+03:00'|7417.0|''|-1.0|'' 7418|'056cfb0a1445d19b695c81929b8f50e3098dfcf5'|'Dreyfus says not selling Brazil juice assets, but open to joint ventures'|'SAO PAULO (Reuters) - Louis Dreyfus Co is not looking to sell its Brazilian juice operations, but it is open to partnerships in the area, including possible tie-ups with local bottlers, Murilo Parada, chief executive for the Brazil unit, told Reuters on Monday.Parada, who is also Dreyfus global head for juices, spoke after the Estado de S.Paulo newspaper reported on Monday rumors that Dreyfus wanted to sell its juice assets in Brazil and that Israels Prodalim was interested in buying.Prodalim has not contacted us, and even if it had we are not interested in selling the operation, Parada said.Prodalim and Louis Dreyfus Co announced last month a deal for the Israeli company to buy a juice storage and blending facility in the United States.Under the deal, Dreyfus would continue to use the facility for blending operations and storage on a long-term contract.Prodalim has said it plans to expand in the sector. It closed a deal with Brazilian juice producer Gota Doce Citrus in 2014 granting Prodalim exclusivity to market Gotas products.Dreyfus is open to partnerships, upstream and downstream in the juice sector, but we are not selling the plants, said Parada.He was promoted to lead global juice operations just over a week ago, after Adrian Isman was named to head its Grains and Value Chain Platforms.The Dreyfus Brazil unit CEO said the company had decided to strengthen juice production in Brazil, reducing its presence in the United States due to falling fruit production in Florida.The company has four juice processing plants in Brazil, the worlds largest orange juice exporter, and one port terminal for juice loadings.Regarding the changes in grains management, Parada said Isman would likely work very closely now with Andr Roth, global head for oilseeds. Both worked together in Brazil for some years in the past.Isman, Parada said, will continue to be based in the United States and continue to head Dreyfus operations there as the regions CEO, in addition to his duties as grains head.He declined to say more regarding possible further changes in the companys grains management.Reporting by Marcelo Teixeira; Editing by Phil Berlowitz '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-louis-dryfs-com-brazil/dreyfus-says-not-selling-brazil-juice-assets-but-open-to-joint-ventures-idINKCN1BM2RZ'|'2017-09-11T20:18:00.000+03:00'|7418.0|''|-1.0|'' -7419|'a2bda689902d61eca9c87be0edce8592f1620f1e'|'Nestle to cut up to 450 jobs at Galderma research center in France'|'September 21, 2017 / 9:06 AM / Updated 9 hours ago Nestle to cut jobs at French skin health R&D center Reuters Staff 2 Min Read The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. REUTERS/Pierre Albouy ZURICH (Reuters) - Nestle plans to cut up to 450 jobs at a Galderma research and development center in southern France, the Swiss company said on Thursday, as it seeks to make the underperforming skin health business more efficient. Galderma, which Nestle took over from its joint venture partner LOreal in 2014, will cut as many as 450 of 550 jobs at its R&D center in Sophia Antipolis near Nice. Vevey-based Nestle is under pressure to improve efficiency and shareholder returns after years of slowing growth and its new Chief Executive Mark Schneider is expected to unveil his strategic priorities at an investor event next week. Skin treatments have been a major part of a push by the worlds largest food maker into higher-growth and more profitable health products to counter a slowdown in its traditional food businesses, which range from KitKat chocolate bars to Perrier water. Last month Nestle said it would close a skin cream factory in Switzerland, with the potential loss of 190 jobs, and shift production elsewhere in response to a slowdown. Prescription medicines are moving away from creams towards injections or products taken orally and this shift is being reflected in changes to R&D, a Nestle spokesman said. Nestle wants to combine development of prescription medicines within a single research center, whose location has yet to be decided, where about 100 of the employees would be able to find a new job with some 300 people likely to leave. Nestle plans to review the French site over the next 12 months to decide whether specific activities can be continued. The company does not break out results for its skin health business separately, but said in July it had lower second-quarter sales volumes and pricing, hurt by a soft performance in China and pressure from generic versions of its medicines. Reporting by Silke Koltrowitz and Angelika Gruber; editing by Alexander Smith '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-nestle-galderma/nestle-to-cut-up-to-450-jobs-at-galderma-research-center-in-france-idUSKCN1BW14S'|'2017-09-21T12:05:00.000+03:00'|7419.0|''|-1.0|'' +7419|'a2bda689902d61eca9c87be0edce8592f1620f1e'|'Nestle to cut up to 450 jobs at Galderma research center in France'|'September 21, 2017 / 9:06 AM / Updated 9 hours ago Nestle to cut jobs at French skin health R&D center Reuters Staff 2 Min Read The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. REUTERS/Pierre Albouy ZURICH (Reuters) - Nestle plans to cut up to 450 jobs at a Galderma research and development center in southern France, the Swiss company said on Thursday, as it seeks to make the underperforming skin health business more efficient. Galderma, which Nestle took over from its joint venture partner LOreal in 2014, will cut as many as 450 of 550 jobs at its R&D center in Sophia Antipolis near Nice. Vevey-based Nestle is under pressure to improve efficiency and shareholder returns after years of slowing growth and its new Chief Executive Mark Schneider is expected to unveil his strategic priorities at an investor event next week. Skin treatments have been a major part of a push by the worlds largest food maker into higher-growth and more profitable health products to counter a slowdown in its traditional food businesses, which range from KitKat chocolate bars to Perrier water. Last month Nestle said it would close a skin cream factory in Switzerland, with the potential loss of 190 jobs, and shift production elsewhere in response to a slowdown. Prescription medicines are moving away from creams towards injections or products taken orally and this shift is being reflected in changes to R&D, a Nestle spokesman said. Nestle wants to combine development of prescription medicines within a single research center, whose location has yet to be decided, where about 100 of the employees would be able to find a new job with some 300 people likely to leave. Nestle plans to review the French site over the next 12 months to decide whether specific activities can be continued. The company does not break out results for its skin health business separately, but said in July it had lower second-quarter sales volumes and pricing, hurt by a soft performance in China and pressure from generic versions of its medicines. Reporting by Silke Koltrowitz and Angelika Gruber; editing by Alexander Smith '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-nestle-galderma/nestle-to-cut-up-to-450-jobs-at-galderma-research-center-in-france-idUSKCN1BW14S'|'2017-09-21T12:05:00.000+03:00'|7419.0|6.0|0.0|'' 7420|'9777b58b6d38e5d6a8cc08105ed3a65458b1e588'|'CICC shares soar on sale of strategic stake to Tencent'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets Other Subscription options:'|'ft.com'|'http://rss.ft.com/rss/companies/banks'|'https://www.ft.com/content/83e2168a-9e9e-11e7-8cd4-932067fbf946'|'2017-09-21T12:01:00.000+03:00'|7420.0|''|-1.0|'' 7421|'89a875536098c42d2a29b67b499564f4291b46e2'|'S&P cuts China''s credit rating, citing increasing economic, financial risks'|'September 21, 2017 / 9:54 AM / Updated an hour ago S&P downgrades China, says rising debt is stoking economic, financial risks Elias Glenn 5 Min Read (Reuters) - S&P Global Ratings downgraded Chinas long-term sovereign credit rating on Thursday, less than a month ahead of one of the countrys most sensitive political gatherings, citing increasing risks from its rapid build-up of debt. S&Ps one-notch downgrade to A+ from AA- comes as Beijing grapples with the challenges of containing financial risks stemming from years of credit-fuelled stimulus to meet ambitious government economic growth targets. The downgrade reflects our assessment that a prolonged period of strong credit growth has increased Chinas economic and financial risks, S&P said in a statement, adding that the ratings outlook was stable. S&P had said in June there was a real chance of a downgrade and a decision would be made based on whether China is able to move away from a credit-driven growth strategy. The demotion follows a similar move by Moodys Investors Service in May. While S&Ps move put its China ratings on par with those of Moodys and Fitch, the timing raised eyebrows just weeks ahead of a twice-a-decade Communist Party Congress (CPC), which will see a key leadership reshuffle and the setting of policy priorities for the next five years. The downgrade is a timely reminder for the authorities that China needs to bite the bullet on some of the more painful reforms that have been left to last, namely corporate deleveraging and restructuring of state-owned companies, said Rob Subbaraman, an economist at Nomura in Singapore. The focus needs to shift from quantity to quality of growth. I hope that later this year China lowers its GDP growth target to 6 percent to 6.5 percent, or not have one at all. That would be a positive sign. The International Monetary Fund warned this year that Chinas credit growth was on a dangerous trajectory and called for decisive action, while the Bank for International Settlements said last September that excessive credit growth was signalling a banking crisis in the next three years. The IMF said in August it expected Chinas total non-financial sector debt to rise to almost 300 percent by 2022, up from 242 percent last year. While worries about Chinas sustained strong credit growth are increasing in some quarters, first-half economic growth of 6.9 percent beat expectations and some analysts said the downgrade would have little impact on financial markets. The decision was a catch-up with the other two credit agencies, instead of an initiative. Its impact on financial markets would very limited, said Ken Cheung, senior Asian FX strategist at Mizuho Bank in Hong Kong. For those invested in yuan-denominated bonds, they care more about yuan expectations. The downgrade decision is likely to have limited impact on capital inflows as well. Chinas stock markets had closed Thursday before the downgrade, and there was little reaction in the yuan currency. FILE PHOTO: Buildings are seen against blue sky after the wind dispelled dangerously high levels of air pollution in Beijing, China, December 22, 2016. REUTERS/Jason Lee/File Photo While risks are rising, S&P said the governments recent efforts to reduce corporate leverage could stabilise conditions in the medium term. However, we foresee that credit growth in the next two to three years will remain at levels that will increase financial risks gradually, S&P said. S&P also lowered Chinas short-term rating to A-1 from A-1+. It is in recognition of the reality that, concerns notwithstanding, the authorities are not planning to rein in credit growth in a forceful way, said Louis Kuijs at Oxford Economics in Hong Kong. Indeed, Chinese banks kept the taps open in August, handing out 1.09 trillion yuan ($165.40 billion), and the growth of outstanding loans was higher than expected, at 13.2 percent. MIXED PROGRESS Analysts say Chinas campaign to cut financial risks this year has had mixed success, and opinions differ widely on whether Beijing is moving fast enough, or decisively enough, to avert the risk of a debt crisis down the road. Regulators are making significant inroads in reducing interbank borrowing perhaps the most pressing risk - and have curbed some riskier types of shadow banking. But analysts agree more comprehensive structural reforms are needed. Though the pace of credit growth may be easing, new bank lending and total social financing may hit fresh records this year and continue to outstrip economic growth. A recent Reuters analysis showed corporate debt is growing faster than last year, with few companies using stronger profits to reduce debt. Chinas credit problem is the biggest problem we have ever seen in any country and probably justifies a lower rating, said Claire Dissaux, head of global economics and strategy at Millennium Global Investments in London. One element that models cannot capture is the strength of institutions, such as transparency of regulation of the banking sector and central bank independence. All that is an argument to say Chinas rating might still be too good. Related graphic reut.rs/2jNKb2N ($1=6.5902 Chinese yuan renminbi) Additional reporting Kevin Yao in Bejiing, Sujata Rao-Coverley in London, Winni Zhou and John Ruwitch in Shanghai, and the Bangalore newsroom; Editing by Kim Coghill and Clarence Fernandez '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/china-economy/sp-cuts-chinas-credit-rating-citing-increasing-economic-financial-risks-idINKCN1BW18S'|'2017-09-21T12:50:00.000+03:00'|7421.0|''|-1.0|'' 7422|'e8c67168f87ae705fffdf85e7b219b0e6fb65ed1'|'Japan insurer Sompo plans to sell UK unit Canopius over $909 million: source'|'TOKYO (Reuters) - Japanese insurer Sompo Holdings Inc ( 8630.T ) said on Friday it has agreed to sell British unit Sompo Canopius to private equity consortium led by Centerbridge Partners for $952 million.Sompo, one of Japans three-biggest property and casualty insurers, bought Canopius, a Lloyds of London insurance market player, for about $1 billion in 2014.Sompo has been reviewing its overseas business portfolio after completing the $6.3 billion purchase of U.S. property and casualty insurer Endurance Specialty Holdings Ltd earlier this year.In a statement, Sompo said the sale is likely to close in the first quarter of 2018, subject to regulatory approval.The insurer said it would use sale proceeds for its growth strategy, which could include overseas acquisitions.Sompo said Macquarie Capital and GC Securities were its financial advisors and Mishcon de Reya LLP was its legal advisor.Centerbridge said Royal Bank of Canada acted as its financial advisor and Freshfields Bruckhaus Deringer LLP as legal advisor.(This version of the story corrects to PE consortium, not firm, in first paragraph)Reporting by Taiga Uranaka; Editing by Himani Sarkar '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-sompo-canopius/japan-insurer-sompo-plans-to-sell-uk-unit-canopius-for-over-909-million-source-idINKCN1BC3WR'|'2017-09-01T04:10:00.000+03:00'|7422.0|''|-1.0|'' 7423|'1fffbc5ff330e21e5179bdb6bee36721bf917dfc'|'FCA warns consumers on cryptocurrency fundraisings'|' 9:26 AM / Updated 10 minutes ago FCA crypto-fundraising warning welcomed by industry Huw Jones , Jemima Kelly 4 Min Read A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration LONDON (Reuters) - Start-ups aiming to raise funds through the issuance of new digital currencies, via so-called initial coin offerings (ICOs), welcomed on Tuesday a warning on the very high risk of such investments from Britains financial watchdog. The Financial Conduct Authority (FCA) warned consumers that they must be conscious of risks involved in ICOs and should research each specific project before investing in it. ICOs are very high-risk, speculative investments, the FCA said in a written warning that fell short of last weeks outright ban on such fundraising by China. There is a good chance of losing your whole stake. ICOs are a digital form of raising funds from the public using a virtual currency, with issuers accepting bitcoin or ether in exchange for a proprietary coin or token that is related to a specific company or project and can then - in theory - be traded like other cryptocurrencies. They have provided the fuel for a rapid ascent in the value of cryptocurrencies this year that has driven worries that a crypto-bubble could be set to burst. By creating and issuing digital tokens, entrepreneurs can raise large sums quickly - sometimes hundreds of millions of dollars in minutes - with little or no regulatory oversight. But unlike conventional fundraising, token holders are generally not given any share in the particular project, nor any security. Moneymailme, a social payments app, told Reuters on Tuesday that it was going to issue an ICO in October, with an initial goal of $20 million (15.09 million). Until now, the company has managed to raise just $3 million, through conventional fundraising methods. Part of the reason for raising funds via an ICO - rather than via other means - is that it is an easier, faster way to raise money, said Mihai Ivascu, Moneymailmes founder. But he welcomed the FCAs warning. I think its very good that warnings like this are in the market, he said. We should all be willing to help authorities in creating a regulatory framework (for ICOs). EXPERIMENTAL BUSINESS MODELS Last week China banned ICOs, saying it was necessary to stop illegal fundraising and pyramid schemes, news that briefly sent the value of most cryptocurrencies tumbling. There appeared to be no negative impact on cryptocurrencies from the FCA warning on Tuesday, with both bitcoin and ether trading slightly higher on the day. The U.S. Securities and Exchange Commission also issued an investor alert in July to make investors aware of potential risks from ICOs. And in August, regulators in Singapore and Canada also cautioned investors about the sector. For the buyer, the main reason for buying these highly risky tokens is often simply a speculative bet that their value will rise - a bet that has often paid off handsomely in recent months. The FCA said the digital token issued may represent a share in a firm, a prepayment voucher for future services or in some cases offer no discernible value at all. Typically ICO projects are in a very early stage of development and their business models are experimental, it said. Most ICOs are not regulated by the FCA and many are based overseas and might not intend to use the funds raised in the way set out in marketing brochures, the watchdog said Jakob Drzazga, co-founder of Berlin-based firm Brickblock, which is building a blockchain-based marketplace, said such warnings were important in protecting consumers. Brickblock is aiming to raise $50 million in an ICO in October. (This warning) gives guidance to really research the team thats behind these ICOs and do your due diligence, which I think is really important, he said. Reporting by Huw Jones and Jemima Kelly; Additional reporting by Helen Reid; Editing by Mark Potter and Gareth Jones'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-bitcoin-regulator/fca-warns-consumers-on-cryptocurrency-fundraisings-idUKKCN1BN0XX'|'2017-09-12T12:26:00.000+03:00'|7423.0|''|-1.0|'' -7424|'c5f4f6ae2cbdaf50f55ee716f3ce28fe44c0eb01'|'Independence push in Catalonia dents appeal of Spanish bonds'|' 05 AM / Updated 16 minutes ago Independence push in Catalonia dents appeal of Spanish bonds Reuters Staff 3 Min Read A man is silhouetted in front of an Estelada (Catalan separatist flag) in Ripoll town, north of Barcelona, Spain, August 20, 2017. REUTERS/Albert Gea LONDON (Reuters) - The gap between Italian and Spanish government bonds yields held close to its tightest level in a month on Thursday, reflecting an underperformance of Spanish debt ahead of an independence vote in Catalonia. Catalonias parliament voted on Wednesday to hold an independence referendum on Oct. 1, setting up a clash with the Spanish government that has vowed to stop what it says would be an illegal vote. Polls in the northeastern region show support for self-rule waning as Spains economy improves. But the majority of Catalans want the opportunity to vote on whether to split from Spain. The increased political noise has sparked an underperformance of Spanish bonds against their southern European peers in recent weeks. On Thursday, the gap between 5-year bond yields in Italy and Spain IT5YT=TWEB ES5YT=TWEB, a gauge of how investors view relative risks, was around 47 basis points and its narrowest since early August. The gap between 10-year bond yields in Italy and Spain IT10YT=TWEB ES10YT=TWEB has narrowed 10 bps in the past two weeks, also reflecting an underperformance of Spanish bonds against Italian debt. Italian political risks have moved into the background and while everyone assumes Catalonia wont become independent, the game of chicken continues, said ING senior rates strategist Martin van Vliet. Thats why we see a modest underperformance of Spanish bonds. Spains government bond market has also underperformed the euro zones benchmark issuer, top-rated Germany. The Spanish/German 10-year yield spread was at around 110 bps on Thursday, having hit 111 bps on Wednesday -- its widest since mid-July.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-bonds-spain/independence-push-in-catalonia-dents-appeal-of-spanish-bonds-idUKKCN1BI1DO'|'2017-09-07T14:04:00.000+03:00'|7424.0|''|-1.0|'' +7424|'c5f4f6ae2cbdaf50f55ee716f3ce28fe44c0eb01'|'Independence push in Catalonia dents appeal of Spanish bonds'|' 05 AM / Updated 16 minutes ago Independence push in Catalonia dents appeal of Spanish bonds Reuters Staff 3 Min Read A man is silhouetted in front of an Estelada (Catalan separatist flag) in Ripoll town, north of Barcelona, Spain, August 20, 2017. REUTERS/Albert Gea LONDON (Reuters) - The gap between Italian and Spanish government bonds yields held close to its tightest level in a month on Thursday, reflecting an underperformance of Spanish debt ahead of an independence vote in Catalonia. Catalonias parliament voted on Wednesday to hold an independence referendum on Oct. 1, setting up a clash with the Spanish government that has vowed to stop what it says would be an illegal vote. Polls in the northeastern region show support for self-rule waning as Spains economy improves. But the majority of Catalans want the opportunity to vote on whether to split from Spain. The increased political noise has sparked an underperformance of Spanish bonds against their southern European peers in recent weeks. On Thursday, the gap between 5-year bond yields in Italy and Spain IT5YT=TWEB ES5YT=TWEB, a gauge of how investors view relative risks, was around 47 basis points and its narrowest since early August. The gap between 10-year bond yields in Italy and Spain IT10YT=TWEB ES10YT=TWEB has narrowed 10 bps in the past two weeks, also reflecting an underperformance of Spanish bonds against Italian debt. Italian political risks have moved into the background and while everyone assumes Catalonia wont become independent, the game of chicken continues, said ING senior rates strategist Martin van Vliet. Thats why we see a modest underperformance of Spanish bonds. Spains government bond market has also underperformed the euro zones benchmark issuer, top-rated Germany. The Spanish/German 10-year yield spread was at around 110 bps on Thursday, having hit 111 bps on Wednesday -- its widest since mid-July.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-bonds-spain/independence-push-in-catalonia-dents-appeal-of-spanish-bonds-idUKKCN1BI1DO'|'2017-09-07T14:04:00.000+03:00'|7424.0|10.0|0.0|'' 7425|'816cee04f367af328fa35302adafe071b519b51d'|'Oaktree''s CEO sees room to invest in India, China ''more aggressively'''|'HONG KONG, Sept 25 (Reuters) - Oaktree Capital Group LLC sees opportunities to invest more aggressively in Chinese and Indian distressed debt as the legal and regulatory systems of the countries develop, Chief Executive Jay Wintrob said on Monday.These are countries where the legal system, the bankruptcy code, the sanctimony of the rule of law are still under development, in a very positive way, by the way, especially in China, Wintrob said at a news conference.As those institutions develop and the predictability of the outcomes, their willingness to uphold the priority of creditors vis--vis one another, you will see more opportunities to invest, to invest more aggressively.The company has invested in Chinese non-performing loans (NPLs), Japanese equities as well as Australian private equity and distressed debt, and was looking to make inroads in India. (Reporting by Elzio Barreto; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/oaktree-cap-grp-asia/oaktrees-ceo-sees-room-to-invest-in-india-china-more-aggressively-idUSL4N1M61DO'|'2017-09-25T07:54:00.000+03:00'|7425.0|''|-1.0|'' 7426|'f4f13d64603edf04cafa8c0ac05a64e693da92dc'|'China''s Zhongwang, Aleris extend merger deadline amid smuggling claims'|'(Adds Quote: s in paragraphs 9-10)BEIJING, Sept 16 (Reuters) - Zhongwang USA, an investment firm backed by a Chinese aluminium tycoon, and its acquisition target Aleris Corp have decided to extend a deadline to complete their merger by two weeks, according to representatives of the two companies.The extension comes amid reports of smuggling allegations made this week by the U.S. Department of Justice against Liu Zhongtian, majority owner of Zhongwang USA.It was not clear if there was link between the complaint filed this week by the Department of Justice and the extension.We remain in discussions with Zhongwang USA on the pending acquisition of Aleris, Jason Saragian, a spokesman for the Cleveland, Ohio-based manufacturer of aluminium rolled products, said by email.To allow those discussions to continue, we have decided to extend our merger agreement through September 29, Saragian said. The previous deadline lapsed on Friday.A spokeswoman for Zhongwang, an aluminium extruder, confirmed the extension. Zhongwang USA is not part of Hong Kong- listed China Zhongwang Holdings Ltd, although Liu heads up both companies.Zhongwang USA announced its intention to buy Aleris in August 2016. However, the deal has not yet been completed, and in June this year, 27 U.S. senators urged the Treasury to reject the sale, calling it a strategic misstep.The Wall Street Journal reported that a complaint filed on Thursday by the U.S. Department of Justice accused an alleged Zhongwang affiliate, Perfectus Aluminum Inc, of evading $1.5 billion in tariffs by illegally importing aluminium into the United States.The Zhongwang spokeswoman said Liu does not control and is not the beneficial owner of Perfectus, and therefore he is not in a position to comment on issues relating to Perfectus.China Zhongwang previously denied the allegations and maintains the same position regarding these ungrounded allegations, she said.The U.S. Aluminum Extruders Council (AEC), meanwhile, welcomed the action.We want to applaud the Department of Justices decision to begin civil proceedings against Zhongwangs affiliate, AEC president Jeff Henderson said in a statement.The filing is the culmination of a concerted effort by the AEC and its members in conjunction with Customs and the Department of Commerce to investigate Zhongwangs alleged attempts to avoid paying duties, Henderson said. (Reporting by Tom Daly; Editing by Tom Hogue and John Ruwitch) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-aluminum-china/update-1-chinas-zhongwang-aleris-extend-merger-deadline-amid-smuggling-claims-idINL4N1LX06B'|'2017-09-16T12:34:00.000+03:00'|7426.0|''|-1.0|'' 7427|'116965a9d442bde90ffbd1d721c0b7f407626f6e'|'M&A advisory Zaoui & Co reports first loss from UK business since 2013'|' 3:52 PM / Updated 14 minutes ago M&A advisory Zaoui & Co reports first loss from UK business since 2013 Reuters Staff 3 Min Read LONDON (Reuters) - Zaoui & Co, the London merger and acquisition (M&A) advisory firm set up by investment bankers Michael and Yoel Zaoui, reported a loss in Britain of 1.27 million pounds in 2016, its filings to Companies House showed. It was the first time the firm reported a loss from its business in Britain since inception in 2013, the filings showed. However, it did not give a comparative 2015 figure, instead reporting a 8.7 million pound profit in the 18 months to December 2015. The Moroccan-born French brothers, who previously worked at Morgan Stanley and Goldman Sachs, are among several other experienced bankers to set up small outfits that offer niche expertise and independent advice, taking a different tack to the big banks that tend to sell other services too, like financing. Since 2013, Zaoui & Co has played a role in major deals, such as the $60 billion (44.25 billion) merger in 2014 of Frances Lafarge and Switzerlands Holcim that created the worlds largest cement maker, snatching business from rival advisories and banks. The filings in Britain are only a partial insight into the business, as Zaoui & Cos parent firm is incorporated in Luxembourg, where results are not published. M&A transactions also take months to complete, so proceeds can be delayed. The company declined to comment. Turnover in 2016 was 3.66 million pounds, down from 17.3 million in the 18 months to the end of 2015, mostly coming from Europe, showing the firms reliance on business outside Britain. The Brexit vote could cause disruptions to and create uncertainty surrounding our business, including affecting our relationships with our existing and future counterparties, Yoel Zaoui said in a report signed in April, according to the filing. Bigger and more established boutiques firms include Rothschild, Lazard, Centerview Partners and Perella Weinberg, which are all also based in London. Zaoui & Co ranks No. 66 among top advisory firms in Europe so far this year, Thomson Reuters Eikon data show. It advised on the merger of French and British laundry services firms Elis SA ( ELIS.PA ) and Berendsen BRSN.L and the acquisition by Neptune Oil & Gas of a stake in the exploration and production arm of French utility Engie ( ENGIE.PA ). It also worked on French carmaker PSAs ( PEUP.PA ) purchase of Opel and Vauxhall from General Motors ( GM.N ) and the acquisition by JCDecaux Holding ( JCDX.PA ) of a stake in Eurazeo ( EURA.PA ). Reporting by Clara Denina; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-zaoui-m-a/ma-advisory-zaoui-co-reports-first-loss-from-uk-business-since-2013-idUKKCN1BV25S'|'2017-09-20T18:52:00.000+03:00'|7427.0|''|-1.0|'' 7428|'e661cffe3e552ff7dc2f3884adb58e59f49163ef'|'Thyssenkrupp works council softens opposition to Tata Steel deal'|' 9:53 AM / Updated 20 minutes ago Thyssenkrupp works council softens opposition to Tata Steel deal Reuters Staff 1 Min Read The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company''s annual news conference in Essen, Germany, November 24, 2016. REUTERS/Wolfgang Rattay DUESSELDORF (Reuters) - Thyssenkrupps ( TKAG.DE ) works council is prepared to consider a merger of the groups European steel operations with those of Tata Steel ( TISC.NS ), even though it remains opposed to such a move as a way to restructure the business. Negotiations will be difficult, Wilhelm Segerath, head of Thyssenkrupps works council and member of the groups supervisory board, told reporters on Tuesday. We will examine it and if in the end our conditions are fulfilled and the whole unit is debt-free then its a possibility. The works council wants job and plant guarantees and investment pledges. Thyssenkrupps supervisory board will meet on Sept. 23 to discuss the possible tie-up, which CEO Heinrich Hiesinger says is the best way to take overcapacity out of the market. Labor leaders, however, are concerned it will cost thousands of jobs. Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; Editing by Georgina Prodhan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-thyssenkrupp-tata-steel-labor/thyssenkrupp-works-council-softens-opposition-to-tata-steel-deal-idUKKCN1BU14O'|'2017-09-19T12:47:00.000+03:00'|7428.0|''|-1.0|'' 7429|'b5f23a8e1936cb134edd24e4a0b53673dc2fe927'|'China''s Zhongwang, Aleris extend merger deadline amid U.S. probe'|'September 16, 2017 / 4:13 AM / Updated 9 minutes ago China''s Zhongwang, Aleris extend merger deadline amid U.S. probe Reuters Staff 3 Min Read BEIJING (Reuters) - Zhongwang USA, an investment firm backed by a Chinese aluminum tycoon, and its acquisition target Aleris Corp ( ALSD.PK ) have decided to extend a deadline to complete their merger by two weeks, according to representatives of the two companies. The extension comes amid reports of smuggling allegations made on Thursday by the U.S. Department of Justice against Liu Zhongtian, majority owner of Zhongwang USA. We remain in discussions with Zhongwang USA on the pending acquisition of Aleris, Jason Saragian, a spokesman for the Cleveland, Ohio-based manufacturer of aluminum rolled products, said by email. To allow those discussions to continue, we have decided to extend our merger agreement through September 29, Saragian said. The previous deadline lapsed on Friday. A spokeswoman for Zhongwang, an aluminum extruder, confirmed the extension. She later added that the decision to extend the deadline was a totally separate issue from the U.S. Department of Justice allegations, which Zhongwang denies. Zhongwang USA is not part of Hong Kong-listed China Zhongwang Holdings Ltd ( 1333.HK ), although Liu heads up both companies. Zhongwang USA announced its intention to buy Aleris in August 2016. However, the deal has not yet been completed, and in June this year, 27 U.S. senators urged the Treasury to reject the sale, calling it a strategic misstep. The Wall Street Journal reported that a complaint filed on Thursday by the U.S. Department of Justice accused an alleged Zhongwang affiliate, Perfectus Aluminum Inc, of evading $1.5 billion in tariffs by illegally importing aluminum into the United States. The Zhongwang spokeswoman said Liu does not control and is not the beneficial owner of Perfectus, and therefore he is not in a position to comment on issues relating to Perfectus. China Zhongwang previously denied the allegations and maintains the same position regarding these ungrounded allegations, she said. The U.S. Aluminum Extruders Council (AEC), meanwhile, welcomed the action. We want to applaud the Department of Justices decision to begin civil proceedings against Zhongwangs affiliate, AEC president Jeff Henderson said in a statement. The filing is the culmination of a concerted effort by the AEC and its members in conjunction with Customs and the Department of Commerce to investigate Zhongwangs alleged attempts to avoid paying duties, Henderson said. Reporting by Tom Daly; Editing by John Ruwitch & Simon Cameron-Moore'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-aluminum-china/chinas-zhongwang-aleris-extend-merger-deadline-amid-smuggling-claims-idUKKCN1BR043'|'2017-09-17T06:27:00.000+03:00'|7429.0|''|-1.0|'' -7430|'f943f6aa51e1777ba0ddde6df1c80755425b6885'|'Fed''s Williams sees calm market reaction to balance sheet unwind'|' 11:24 AM / a minute ago Fed''s Williams sees calm market reaction to balance sheet unwind John Revill , Joshua Franklin 4 Min Read President and Chief Executive Officer of the U.S. Federal Reserve Bank of San Francisco, John Williams, gestures as he addresses a news conference in Zurich, Switzerland September 22, 2017. REUTERS/Arnd Wiegmann ZURICH (Reuters) - U.S. central banker John Williams said on Friday he does not expect any market turbulence as the Fed gets under way with reducing the huge balance sheet built during its campaign to stimulate the U.S. economy. I dont anticipate any sudden or large effects on rates or spreads or things like that as we normalize, Williams, president of the San Francisco Federal Reserve, told reporters in Zurich. Obviously weve talked about this endlessly. Weve announced it and the markets have taken totally taken this in stride. But its still an open question as we actually implement this next month and over the next several years - how will markets react? Well obviously be following that very carefully. Normalization was the key theme at the Fed, said Williams. The Fed said on Wednesday it would begin the years-long process of trimming its $4.5 trillion in assets, most of them amassed to encourage investment and growth in the wake of the 2007-09 financial crisis and recession. It also signaled it will likely raise rates again later this year and three more times next year, despite low inflation that has surprised policymakers and has traders convinced the Fed will need to slow its pace of rate hikes. Williams said the Fed could indeed increase rates again this year and three more times next year, but the exact timing was not important, with a gradual increase in interest rates now under way. Provided the U.S. economy continues to progress and inflation was on track to reach the Feds 2 percent goal, I would ascribe to a gradual pace of rate increases, which assuming all thats happening, could have another rate increase this year and three next year, Williams said. President and Chief Executive Officer of the U.S. Federal Reserve Bank of San Francisco, John Williams, addresses a news conference in Zurich, Switzerland September 22, 2017. REUTERS/Arnd Wiegmann But honestly the exact timing of that is not that important. I think the overall view that we would be raising rates gradually over the next two years and getting back to a normal level is the one I think I have a lot more confidence in. Eventually the Fed would reach a new normal of a Fed Funds rate of 2.5 percent, Williams said. My view, based on a lot of research people have done including my own work on this, is that the normal Federal funds rate is likely to be around 2.5 percent, Williams said. Slideshow (4 Images) Obviously, the pace at which that happens and exactly the contour of that will depend on how the economy progresses but thats my baseline case at this point. Interest rates rather than bond buying would become the primary tool of Fed monetary policy in future, Williams said, with the bank also having room to cut them if the U.S. economy hit difficulties. It was also imperative for the vacancies on the Fed to be filled sooner rather than later, Williams said. There will soon be four places to fill on the Fed when Vice Chairman Stanley Fischer retires in October. U.S. President Donald Trump has also not yet said if he will nominate Federal Reserve Chair Janet Yellen for a second term, with her current term due to end next February. It is an important issue to have the vacancies filled... When you only have half the board that is stretching them very thinly in terms of their responsibilities, said Williams. My only plea would be they fill these positions sooner rather than later. Reporting by John Revill and Joshua Franklin, Editing by Michael Shields and Toby Chopra'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-fed-williams/feds-williams-sees-calm-market-reaction-to-balance-sheet-unwind-idUKKCN1BX1EE'|'2017-09-22T15:21:00.000+03:00'|7430.0|''|-1.0|'' +7430|'f943f6aa51e1777ba0ddde6df1c80755425b6885'|'Fed''s Williams sees calm market reaction to balance sheet unwind'|' 11:24 AM / a minute ago Fed''s Williams sees calm market reaction to balance sheet unwind John Revill , Joshua Franklin 4 Min Read President and Chief Executive Officer of the U.S. Federal Reserve Bank of San Francisco, John Williams, gestures as he addresses a news conference in Zurich, Switzerland September 22, 2017. REUTERS/Arnd Wiegmann ZURICH (Reuters) - U.S. central banker John Williams said on Friday he does not expect any market turbulence as the Fed gets under way with reducing the huge balance sheet built during its campaign to stimulate the U.S. economy. I dont anticipate any sudden or large effects on rates or spreads or things like that as we normalize, Williams, president of the San Francisco Federal Reserve, told reporters in Zurich. Obviously weve talked about this endlessly. Weve announced it and the markets have taken totally taken this in stride. But its still an open question as we actually implement this next month and over the next several years - how will markets react? Well obviously be following that very carefully. Normalization was the key theme at the Fed, said Williams. The Fed said on Wednesday it would begin the years-long process of trimming its $4.5 trillion in assets, most of them amassed to encourage investment and growth in the wake of the 2007-09 financial crisis and recession. It also signaled it will likely raise rates again later this year and three more times next year, despite low inflation that has surprised policymakers and has traders convinced the Fed will need to slow its pace of rate hikes. Williams said the Fed could indeed increase rates again this year and three more times next year, but the exact timing was not important, with a gradual increase in interest rates now under way. Provided the U.S. economy continues to progress and inflation was on track to reach the Feds 2 percent goal, I would ascribe to a gradual pace of rate increases, which assuming all thats happening, could have another rate increase this year and three next year, Williams said. President and Chief Executive Officer of the U.S. Federal Reserve Bank of San Francisco, John Williams, addresses a news conference in Zurich, Switzerland September 22, 2017. REUTERS/Arnd Wiegmann But honestly the exact timing of that is not that important. I think the overall view that we would be raising rates gradually over the next two years and getting back to a normal level is the one I think I have a lot more confidence in. Eventually the Fed would reach a new normal of a Fed Funds rate of 2.5 percent, Williams said. My view, based on a lot of research people have done including my own work on this, is that the normal Federal funds rate is likely to be around 2.5 percent, Williams said. Slideshow (4 Images) Obviously, the pace at which that happens and exactly the contour of that will depend on how the economy progresses but thats my baseline case at this point. Interest rates rather than bond buying would become the primary tool of Fed monetary policy in future, Williams said, with the bank also having room to cut them if the U.S. economy hit difficulties. It was also imperative for the vacancies on the Fed to be filled sooner rather than later, Williams said. There will soon be four places to fill on the Fed when Vice Chairman Stanley Fischer retires in October. U.S. President Donald Trump has also not yet said if he will nominate Federal Reserve Chair Janet Yellen for a second term, with her current term due to end next February. It is an important issue to have the vacancies filled... When you only have half the board that is stretching them very thinly in terms of their responsibilities, said Williams. My only plea would be they fill these positions sooner rather than later. Reporting by John Revill and Joshua Franklin, Editing by Michael Shields and Toby Chopra'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-fed-williams/feds-williams-sees-calm-market-reaction-to-balance-sheet-unwind-idUKKCN1BX1EE'|'2017-09-22T15:21:00.000+03:00'|7430.0|10.0|0.0|'' 7431|'07db50bc58e0aaf357845d24fe96f10d00a7d9e9'|'Hummingbird Resources to take wing with Malian gold'|'September 12, 2017 / 10:04 AM / Updated 18 minutes ago Hummingbird Resources to take wing with Malian gold Barbara Lewis 3 Min Read LONDON (Reuters) - London-listed junior miner Hummingbird Resources ( HUMR.L ) is exploring for opportunities and investigating derivatives to manage gold price risk, as it brings online a Malian mine its much bigger previous owner Gold Fields ( GFIJ.J ) rejected. Hummingbirds shares have risen by more than 80 percent this year, boosted by anticipation its Yanfolila project will produce the first gold on schedule in December. When the sector was recovering from the commodity crash of 2015-16, Hummingbird raised debt and equity to cover the roughly $88 million (66.40 million) capital expenditure needed for Yanfolila, which it began to build last year. It acquired the project from Gold Fields in 2014 for $21 million in the form of Hummingbird shares. It was a small project for a major but a big project for a junior. For us it was an amazing opportunity, Hummingbird Chief Executive Dan Betts said in an interview. Were 14 months into a 17-month project and everything is in place for first gold. Betts said he could be interested in other orphaned assets, as projects that dont fit into big miners portfolios are known. The advantage for juniors is initial investment and work has taken place. For now, Betts focus is delivering gold from Yanfolila in December and exploring territory nearby for deposits to offset the depreciation of an asset set to produce 132,000 ounces in the first full year. After that, output is seen at 107,000 ounces annually over the mines life, initially planned for eight years. Betts is also investigating puts, or options to sell at a fixed price, to protect against market falls. Gold XAU= this month has risen to the highest in around a year, above $1,350 an ounce, as geopolitical tension boosted its safe-haven appeal. Miners became wary of hedging, which allows them to lock in the price of their output, after Barrick Gold ( ABX.TO ) and others racked up losses unwinding options that were denying them the upside of a 12-year rally to record highs in 2011 just below $2,000 per ounce. Using derivatives instead provides insurance against downside and for a fee still allows access to price gains. Acacia Mining ( ACAA.L ), which is reducing operations to cut losses as it seeks to resolve a dispute with the Tanzanian government, last week said it had spent $3.2 million on put options at $1,300 per ounce. Gold Fields decided to dispose of non-core projects in 2013. It still has a just over 6 percent stake in Hummingbird. Were watching with interest. It looks fantastic with first gold before the end of the year, Gold Fields spokesman Sven Lunsche said. Editing by Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-hummingbird-gold/hummingbird-resources-to-take-wing-with-malian-gold-idUKKCN1BN136'|'2017-09-12T13:03:00.000+03:00'|7431.0|''|-1.0|'' 7432|'720b53856ec0f0c0534db52b454fd2e506a037f6'|'Bank of England reaches deal with union to end pay dispute'|'September 5, 2017 / 12:32 PM / 17 minutes ago Bank of England reaches deal with union to end pay dispute Reuters Staff 2 Min Read People walk past the Bank of England in the City of London, Britain, August 23, 2017. REUTERS/Hannah McKay LONDON (Reuters) - The Bank of England has settled a dispute over pay with staff that led to the central banks first strike in more than 50 years, the BoE and the Unite trade union said on Tuesday. Some maintenance and security staff stopped work for three days last month and a protest outside the bank by around 15 employees, some wearing masks of Governor Mark Carney, drew widespread media attention. Unite is pleased to bring the Bank of England dispute to an end having secured significant improvements for staff across the organization, Mercedes Sanchez, a regional officer for the union, said. The BoE also welcomed the agreement. The proposal that has been agreed includes a range of measures focused on improving our relationship with Unite and involving them more in pay discussions, a BoE spokesperson said. We hope this leads to a more productive relationship with the union going forward. Unite said it had achieved a payment for lower-paid staff during the 2017/18 pay review as well as extra holiday. Prime Minister Theresa May has come under increasing pressure from lawmakers to end a below-inflation 1 percent cap on public sector pay rises that has been in place since 2013, which replaced a previous pay freeze, as part of efforts to cut government spending. Although it is operationally independent of the government, the BoE has also limited pay rises to 1 percent for most staff, in line with other public bodies. Neither Unite nor the BoE gave indications that larger pay increases were in the pipeline. Earlier on Tuesday, a member of Mays cabinet did not deny media reports that the government will soon relax its public sector pay cap. Unite also said it would now be involved with all future pay negotiations at the Bank from the outset. Sixty percent of members accepted the BoEs offer to end the dispute. Reporting by Andy Bruce; Editing by David Milliken and Gareth Jones'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-britain-boe-pay/bank-of-england-reaches-deal-with-union-to-end-pay-dispute-idUKKCN1BG1PY'|'2017-09-05T15:29:00.000+03:00'|7432.0|''|-1.0|'' 7433|'a0bc8ac50f29b8a3c88c75982a96a5d009420a74'|'Union Pacific says Arkema chemical plant fire hindering line repairs'|'HOUSTON, Sept 2 (Reuters) - Union Pacific Corp said on Saturday repairs to a rail line damaged by Tropical Stormy Harvey are being hindered by a fire at an Arkema chemical plant in Crosby, Texas.The railroad said the repairs to its line between Houston and Beaumont, Texas, are one of its top priorities. However, the line runs next to the smoldering chemical plant, limiting access for its repair crews. (Reporting by Ernest Scheyder) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-union-pacific/union-pacific-says-arkema-chemical-plant-fire-hindering-line-repairs-idUSL2N1LJ0LO'|'2017-09-03T05:31:00.000+03:00'|7433.0|''|-1.0|'' @@ -7463,8 +7463,8 @@ 7461|'3fbd76176842cdb483cfad8dc74185f8c6d5f667'|'Shareholders urge Thyssenkrupp to get on with Tata Steel deal'|' 41 PM / Updated 18 minutes ago Shareholders urge Thyssenkrupp to get on with Tata Steel deal Tom Kckenhoff , Christoph Steitz 3 Min Read FILE PHOTO - The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company''s annual news conference in Essen, Germany, November 24, 2016. REUTERS/Wolfgang Rattay/File Photo DUESSELDORF/FRANKFURT (Reuters) - Thyssenkrupp ( TKAG.DE ) shareholders are urging the group to clinch a deal with Tata Steel TISC.N to merge their European steel businesses this year, warning failure to do so would be a blow to its credibility. Talks between the two firms over a potential combination have been dragging on for a year and a half, held up mainly by lengthy negotiations to cut Tata Steels pension liabilities in Britain that ended with an agreement last month. A deadline for objections against the agreement ends on Friday, with no complaints expected, clearing a further hurdle for the two parties to sign a memorandum of understanding and start a detailed look at one anothers books. A source familiar with the process said this due diligence would start in October, following general elections in Germany later this month, with the subsequent negotiations about further details expected to take several months. A collapse (of talks) would be very negative for Hiesinger. He has worked on the deal for a long time, said Union Investment fund manager Ingo Speich, referring to Thyssenkrupps Chief Executive Heinrich Hiesinger. The uncertainty is a drag on the share price. A fast agreement would be very helpful. Thyssenkrupp - in which Union Investment is a top 20 shareholder with more than 45 million euros ($54 million) worth of stock - has seen its shares outperform German blue-chips so far this year. Investors see further upside if a deal is struck. Everyone expects that the deal is coming. If that doesnt happen it would be a disappointment, said a top-10 shareholder not authorized to speak about listed stocks on the record. If there is a successful tie-up there is upside of 10-20 percent for Thyssenkrupp, the shareholder added. Hiesinger has campaigned for a joint venture as his favorite option to reduce Thyssenkrupps stake in the volatile steel sector, garnering support from investors but drawing complaints from labor unions that fear layoffs. Hiesinger has not committed to a timeline for any deal. Workers also fear Thyssenkrupp could become a minority shareholder in the planned joint venture, which would enable the group to deconsolidate the business and load it with debt to repair its own stretched balance sheet. That would take away the right to co-determination that German workers enjoy over key corporate decisions. Additional reporting by Arno Schuetze; Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-thyssenkrupp-tata-steel-shareholders/shareholders-urge-thyssenkrupp-to-get-on-with-tata-steel-deal-idUKKCN1BJ1IL'|'2017-09-08T15:39:00.000+03:00'|7461.0|''|-1.0|'' 7462|'fcf067bdf7f678fe895f1f70e16b3c22dc2f996d'|'BRIEF-United Technologies CEO Greg Hayes on CNBC says anti-trust risk is very low on deal with Rockwell Collins'|'Sept 5 (Reuters) -* United Technologies CEO Greg Hayes on CNBC says anti-trust risk is very low on deal with Rockwell Collins* United Technologies CEO Greg Hayes on CNBC says will look at splitting up if deal does not work* United Technologies CEO Greg Hayes says on DACA, we have to be compassionate - CNBC '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/brief-united-technologies-ceo-greg-hayes/brief-united-technologies-ceo-greg-hayes-on-cnbc-says-anti-trust-risk-is-very-low-on-deal-with-rockwell-collins-idUSFWN1LM0N8'|'2017-09-05T22:00:00.000+03:00'|7462.0|''|-1.0|'' 7463|'1a34e4f95cb503d470537e05be2ace075fb545ed'|'Bank of England''s Haldane says pay signs encouraging - Sky News'|'September 27, 2017 / 9:23 PM / Updated 9 hours ago BoE''s Haldane - pay signs encouraging, rate hike would be good news Reuters Staff 3 Min Read Pound notes and coins are seen inside a cash register in a bar in Manchester, Britain September 6, 2017. REUTERS/Phil Noble LONDON (Reuters) - Bank of England Chief Economist Andy Haldane said he saw encouraging signs of pay growth and any increase in interest rates should be seen as a good news story for Britains economy, Sky News quoted him as saying on Wednesday. Haldane also said he was among of the majority of BoE rate-setters who, at their meeting this month, felt that Britains first interest rate hike in a decade might be needed in the coming months. In the September minutes in particular, a majority of the committee - of which I am one - said that we could be nearing the point where a reduction in some degree of monetary stimulus might be warranted in the coming months, Haldane said. And lets be clear here: for me that would be a good news story. This would be interest rates getting back to normal, even if the new normal is different to the old normal, he said. The BoE last raised interest rates in 2007, shortly before the global financial crisis. It cut them last year after the shock Brexit vote and until recently most economists had not expected a hike until 2019. But the central bank surprised markets this month when it said most of its policymakers thought a hike would be needed soon, if inflation pressure continued to build. Investors and economists now think rates are likely to rise to 0.50 percent from 0.25 percent as soon as Nov. 2, at the end of the BoEs next meeting. Haldane told Sky that the squeeze on British living standards, caused by rising inflation and weak wage growth, was likely to ease in the coming months. I think the signs are more encouraging on the pay front than they have been for some little while, he said. Higher pay needs to be paid for... so I hope we might be nearing the end of the tunnel on both pay and productivity. At its last meeting, the nine-strong MPC voted 7-2 to keep rates at 0.25 percent, with Haldane siding with the majority. But he has been seen as one of the BoE policymakers most likely to back a rate hike after he said in June that he expected to change his vote in the second half of 2017. Writing by William Schomberg; Editing by Lisa Shumaker '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-boe-haldane/bank-of-englands-haldane-says-pay-signs-encouraging-sky-news-idUKKCN1C2320'|'2017-09-28T00:23:00.000+03:00'|7463.0|''|-1.0|'' -7464|'956b14d2a9e93d5c080fde83f280773c5e2566a4'|'UPDATE 1-U.S. consumer watchdog chief Cordray tests Ohio''s election waters'|'(Adds speech, comments to reporters, background on CFPB, changes dateline and byline)By Lisa LambertCINCINNATI, Sept 4 (Reuters) - Democrat Richard Cordray delivered a campaign-style stump speech at a sprawling Labor Day celebration on Monday, but the U.S. Consumer Financial Protection Bureau chief stopped short of saying whether he intends to run for governor of Ohio.If Cordray were to step down to run for political office it would allow President Donald Trump to appoint a successor as head of the consumer watchdog agency, which has stoked the ire of Wall Street with steep penalties for misconduct and tougher rules on lending.We need to join together to help each other rekindle the hope, the enthusiasm, and the willingness to find and make our own opportunities, Cordray said to hundreds of union members, a key Democratic constituency, at an AFL-CIO picnic in Cincinnati.Cordray is the first director of the CFPB, a consumer watchdog agency created under former President Barack Obama in the aftermath of the 2007-2009 financial crisis.An Ohio native, he has been widely expected to jump into the race for governor and clearly appeared to be testing the political waters with his speech on Monday.Though many had speculated he would use the occasion to announce his candidacy, activists and political leaders said any formal announcement about Cordrays plans to enter the 2018 contest would wait until the CFPB finalizes a long-awaited rule restricting the activity of payday lenders.Current Ohio Governor John Kasich, among more than a dozen Republican candidates to be defeated by Trump in last years presidential primary campaign, is barred by term limits from running again in the pivotal election battleground state.As CFPB director, Cordray has rained down steep penalties on banks, auto dealers, student lenders and credit card companies for alleged predatory lending practices. His reputation as being tough on banks and sticking up for consumers has many Democrats saying he is their best hope for taking the governors mansion, and chipping away at Republicans dominance in state government.Due to a law forbidding public officials from using their office to advance political campaigns, Cordray would have to resign to run for governor. His term does not expire until next summer, when Democrats will already have selected their gubernatorial nominee in primary elections.Members of both parties have said Trump would seize on a vacancy at the top of the CFPB to make good on campaign promises to slash regulations and weaken or perhaps even dismantle the agency.Republicans have long fought to take the agency apart, saying it oversteps its authority and that the single director, who both writes and enforces rules, has too much power.The agency itself has repeatedly declined to comment on Cordray resignation rumors.CFPB critics say Trump could use a 1998 law to slide in a current administration appointee, already confirmed by Congress, as temporary director if Cordray resigns. A legal ruling that Trump can fire Cordray is currently under appeal.Hes done a great job and I dont think he should leave for any reason, said Karl Frisch, executive director of the liberal group Allied Progress. (Additional reporting by Pete Schroeder in Washington; Editing by Bill Trott and Tom Brown) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/cfpb-cordray/update-1-u-s-consumer-watchdog-chief-cordray-tests-ohios-election-waters-idINL2N1LL0PN'|'2017-09-04T19:51:00.000+03:00'|7464.0|''|-1.0|'' -7465|'c345d4d2e015053b5bd3e213f6a8c7b4c175f75d'|'Europe has strongest third quarter for share listings since 2014'|'LONDON, Sept 29 (Reuters) - Proceeds from European initial public offerings (IPO) reached $7.7 billion in the three months ending September, up 45 percent compared with last year and the highest since 2014, according to Thomson Reuters data.Unusually low volatility, strong equity markets and improving global economic growth outlook boosted equity issuance in Europe and globally in 2017 so far after a dismal 2016.Equity offerings rose 21 percent to $572 billion globally in the year-to-date.Theres money available and relative stability in the market, alongside attractive valuations for vendors, Tom Johnson, head of equity capital markets (ECM), Europe, Middle East and Africa (EMEA) at Barclays, said.The biggest equity issue of the quarter and second biggest this year was the $11.5 billion share sale in Japan Post . Banco Santanders 7 billion euro ($8.24 billion) capital raising to buy Popular was the second biggest equity raising of the quarter.We expect the ECM activity in the financial sector in EMEA over the coming months to be driven mainly by sale-downs in government owned institutions such the ones that have been completed recently, and capital rising exercises as a result of consolidation and M&A, said Javier Martinez-Piqueras, the UBS head of ECM in the region.The IPO of Switzerlands Landis+Gyr Group AG was the biggest of the quarter globally and the biggest in Switzerland for 11 years. This also helped to boost European volumes.Landis+Gyrs shares have fallen to about 71.45 Swiss francs ($73.36) from their 78 franc issue price, highlighting that buoyant equity markets are no guarantee for IPO investors.British IPO proceeds lagged behind Europe, rising 7 percent year-to-date. But bankers expected an improvement in the final quarter. Total U.K. equity capital raising proceeds increased 1.8 percent to $28 billion this year so far, compared to a weak 2016.Brexit has led to a slowdown in the British economy, with growth of just 1 percent likely next year, down from 1.8 percent in 2017 and no recovery to its historic trend rate over the coming years, credit rating agency Moodys said last week.Uncertainty over whether Britain can secure a replacement trade deal with the EU has further darkened the economic outlook.UK corporate activity has been low year to date but theres a cohort of issuers who didnt want to test the market before but now are pushing on with their plans Martin Thorneycroft, head of ECM for EMEA at Morgan Stanley.The U.S. investment bank was the top underwriter globally thanks to leading in global follow-on offerings.Investor demand is out there and the uncertainty is not going to dissipate soon anyway, Thorneycroft said.Multi-billion pound masts company Arqiva is among the British companies considering a listing. It has hired advisers for a listing but a sales process is still active, sources said.Utilities firm Verastar, insurance company Sabre, supermarket supplier Bakkavor are among the other British firms looking to float in the coming quarters.Bankers are upbeat on these prospective London floats, but also think that investors may be wary of companies which are exposed to the British consumer.We have a much larger UK IPO pipeline for the second half compared to the first half and theres no reason to believe the investors are not going to be there for good companies, Barclays Johnson said.Its fair to say that they are likely to scrutinise the more domestically focused assets carefully.$1 = 0.9740 Swiss francs $1 = 0.8496 euros Reporting by Dasha Afanasieva. Editing by Jane Merriman '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-equity-deals/europe-has-strongest-third-quarter-for-share-listings-since-2014-idINL8N1M736R'|'2017-09-28T21:03:00.000+03:00'|7465.0|''|-1.0|'' +7464|'956b14d2a9e93d5c080fde83f280773c5e2566a4'|'UPDATE 1-U.S. consumer watchdog chief Cordray tests Ohio''s election waters'|'(Adds speech, comments to reporters, background on CFPB, changes dateline and byline)By Lisa LambertCINCINNATI, Sept 4 (Reuters) - Democrat Richard Cordray delivered a campaign-style stump speech at a sprawling Labor Day celebration on Monday, but the U.S. Consumer Financial Protection Bureau chief stopped short of saying whether he intends to run for governor of Ohio.If Cordray were to step down to run for political office it would allow President Donald Trump to appoint a successor as head of the consumer watchdog agency, which has stoked the ire of Wall Street with steep penalties for misconduct and tougher rules on lending.We need to join together to help each other rekindle the hope, the enthusiasm, and the willingness to find and make our own opportunities, Cordray said to hundreds of union members, a key Democratic constituency, at an AFL-CIO picnic in Cincinnati.Cordray is the first director of the CFPB, a consumer watchdog agency created under former President Barack Obama in the aftermath of the 2007-2009 financial crisis.An Ohio native, he has been widely expected to jump into the race for governor and clearly appeared to be testing the political waters with his speech on Monday.Though many had speculated he would use the occasion to announce his candidacy, activists and political leaders said any formal announcement about Cordrays plans to enter the 2018 contest would wait until the CFPB finalizes a long-awaited rule restricting the activity of payday lenders.Current Ohio Governor John Kasich, among more than a dozen Republican candidates to be defeated by Trump in last years presidential primary campaign, is barred by term limits from running again in the pivotal election battleground state.As CFPB director, Cordray has rained down steep penalties on banks, auto dealers, student lenders and credit card companies for alleged predatory lending practices. His reputation as being tough on banks and sticking up for consumers has many Democrats saying he is their best hope for taking the governors mansion, and chipping away at Republicans dominance in state government.Due to a law forbidding public officials from using their office to advance political campaigns, Cordray would have to resign to run for governor. His term does not expire until next summer, when Democrats will already have selected their gubernatorial nominee in primary elections.Members of both parties have said Trump would seize on a vacancy at the top of the CFPB to make good on campaign promises to slash regulations and weaken or perhaps even dismantle the agency.Republicans have long fought to take the agency apart, saying it oversteps its authority and that the single director, who both writes and enforces rules, has too much power.The agency itself has repeatedly declined to comment on Cordray resignation rumors.CFPB critics say Trump could use a 1998 law to slide in a current administration appointee, already confirmed by Congress, as temporary director if Cordray resigns. A legal ruling that Trump can fire Cordray is currently under appeal.Hes done a great job and I dont think he should leave for any reason, said Karl Frisch, executive director of the liberal group Allied Progress. (Additional reporting by Pete Schroeder in Washington; Editing by Bill Trott and Tom Brown) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/cfpb-cordray/update-1-u-s-consumer-watchdog-chief-cordray-tests-ohios-election-waters-idINL2N1LL0PN'|'2017-09-04T19:51:00.000+03:00'|7464.0|13.0|0.0|'' +7465|'c345d4d2e015053b5bd3e213f6a8c7b4c175f75d'|'Europe has strongest third quarter for share listings since 2014'|'LONDON, Sept 29 (Reuters) - Proceeds from European initial public offerings (IPO) reached $7.7 billion in the three months ending September, up 45 percent compared with last year and the highest since 2014, according to Thomson Reuters data.Unusually low volatility, strong equity markets and improving global economic growth outlook boosted equity issuance in Europe and globally in 2017 so far after a dismal 2016.Equity offerings rose 21 percent to $572 billion globally in the year-to-date.Theres money available and relative stability in the market, alongside attractive valuations for vendors, Tom Johnson, head of equity capital markets (ECM), Europe, Middle East and Africa (EMEA) at Barclays, said.The biggest equity issue of the quarter and second biggest this year was the $11.5 billion share sale in Japan Post . Banco Santanders 7 billion euro ($8.24 billion) capital raising to buy Popular was the second biggest equity raising of the quarter.We expect the ECM activity in the financial sector in EMEA over the coming months to be driven mainly by sale-downs in government owned institutions such the ones that have been completed recently, and capital rising exercises as a result of consolidation and M&A, said Javier Martinez-Piqueras, the UBS head of ECM in the region.The IPO of Switzerlands Landis+Gyr Group AG was the biggest of the quarter globally and the biggest in Switzerland for 11 years. This also helped to boost European volumes.Landis+Gyrs shares have fallen to about 71.45 Swiss francs ($73.36) from their 78 franc issue price, highlighting that buoyant equity markets are no guarantee for IPO investors.British IPO proceeds lagged behind Europe, rising 7 percent year-to-date. But bankers expected an improvement in the final quarter. Total U.K. equity capital raising proceeds increased 1.8 percent to $28 billion this year so far, compared to a weak 2016.Brexit has led to a slowdown in the British economy, with growth of just 1 percent likely next year, down from 1.8 percent in 2017 and no recovery to its historic trend rate over the coming years, credit rating agency Moodys said last week.Uncertainty over whether Britain can secure a replacement trade deal with the EU has further darkened the economic outlook.UK corporate activity has been low year to date but theres a cohort of issuers who didnt want to test the market before but now are pushing on with their plans Martin Thorneycroft, head of ECM for EMEA at Morgan Stanley.The U.S. investment bank was the top underwriter globally thanks to leading in global follow-on offerings.Investor demand is out there and the uncertainty is not going to dissipate soon anyway, Thorneycroft said.Multi-billion pound masts company Arqiva is among the British companies considering a listing. It has hired advisers for a listing but a sales process is still active, sources said.Utilities firm Verastar, insurance company Sabre, supermarket supplier Bakkavor are among the other British firms looking to float in the coming quarters.Bankers are upbeat on these prospective London floats, but also think that investors may be wary of companies which are exposed to the British consumer.We have a much larger UK IPO pipeline for the second half compared to the first half and theres no reason to believe the investors are not going to be there for good companies, Barclays Johnson said.Its fair to say that they are likely to scrutinise the more domestically focused assets carefully.$1 = 0.9740 Swiss francs $1 = 0.8496 euros Reporting by Dasha Afanasieva. Editing by Jane Merriman '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-equity-deals/europe-has-strongest-third-quarter-for-share-listings-since-2014-idINL8N1M736R'|'2017-09-28T21:03:00.000+03:00'|7465.0|14.0|0.0|'' 7466|'0d9b385c46b7fa76b42ab5ddf21b1ad0770e0494'|'British drivers to defend employment rights at Uber tribunal'|'September 28, 2017 / 7:41 AM / Updated an hour ago British drivers to defend employment rights at Uber tribunal Reuters Staff 2 Min Read The Uber logo is seen on mobile telephone in London, Britain, September 25, 2017. REUTERS/Hannah McKay LONDON (Reuters) - Two drivers were set to defend a British tribunal decision giving them workers rights at Uber [UBER.UL] on Thursday, the latest threat to the taxi apps business model which is battling to keep its licence in London. The pair successfully argued last year that the Silicon Valley firm exerted significant control over them to provide an on-demand taxi service and had responsibilities in terms of the working rights it provides. Ubers a transportation services company marketing itself to customers as giving a uniform experience and pricing of what it means to take an Uber, the General Secretary of the Independent Workers Union of Great Britain, which is representing the drivers, Jason Moyer-Lee told Reuters. In order to deliver their service it has to hire workers. Theyre workers rather than in business on their own account, he said. Uber said at the tribunal on Wednesday that its drivers were self-employed, like those at long-standing rivals. The self-employed in Britain are entitled to only basic protections such as health and safety, but those deemed to be workers receive benefits such as the minimum wage, paid holidays and rest breaks. The tribunal is due to end on Thursday with the judge unlikely to deliver a decision for several weeks. Last week London stripped the San Francisco-based business of its licence to operate, citing the firms approach to reporting serious criminal offences, although its 40,000 drivers will still provide rides until an appeals process ends, which could take several months. Reporting by Costas Pitas; editing by Kate Holton'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-uber-britain-appeal/british-drivers-to-defend-employment-rights-at-uber-tribunal-idUKKCN1C30SP'|'2017-09-28T10:41:00.000+03:00'|7466.0|''|-1.0|'' 7467|'2c91e5ed3dc9cdc184f47db5893912b39e6386db'|'Australia''s Seven Group to buy remaining stake in Coates Hire from Carlyle'|'(Reuters) - U.S. private equity firm Carlyle Group is quitting its decade-long mining services play in Australia through the A$517 million ($414 million) sale of its controlling stake in the highly-leveraged earth-moving equipment provider Coates Hire.Australian media billionaire Kerry Stokess Seven Group Holdings ( SVW.AX ) said it would buy the 53.3 percent stake it did not already own in Coates from the U.S. investment firm, sending Seven shares up as much as 10 percent in a slightly lower overall market.Seven, of which Stokes owns three quarters, said it would also assume Coatess net debts, which total about A$1 billion. It added that it would use the acquisition of Australias largest equipment company to boost its industrial services division.If needed, Seven may seek to refinance the debt, as the deal depends on getting approval from its lenders, the company said in a statement to the Australian Securities Exchange.We have had a long history with the Coates Hire business and believe with the visible market opportunity associated with East Coast infrastructure activity, along with the current performance of the business and management team, the company is extremely well positioned, said Seven Group CEO Ryan Stokes, Kerrys son.Diversified investment company Seven Group - which also owns a third of television and magazine company Seven West Media Ltd ( SWM.AX ) - said the deal would increase its fiscal 2017 underlying earnings per share by 15 percent and increase underlying pre-tax profit to A$415 million from A$297 million.It would fund the purchase with existing debt and cash, including proceeds from its sale of WesTrac China.For Carlyle, the deal marks an exit from the Australian mining services sector amid modestly improved conditions, although its plans to float the business remain unfulfilled.Carlyle, Seven Group and minority shareholders bought Coates in 2008, marking Carlyles first leveraged acquisition in Australia. Plans to list the company never materialised and instead Coatess owners used debt markets to refinance the companys debts.Coates is highly exposed to the resources sector but an increased focus on infrastructure projects has helped offset the decline in revenues in the aftermath of the end of Australias mining boom.($1 = 1.2488 Australian dollars)Reporting by Hanna Paul in Bengaluru; Editing by Leslie Adler and Stephen Coates '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-coates-hire-ltd-m-a-seven-group/australias-seven-group-to-buy-remaining-stake-in-coates-hire-from-carlyle-idINKCN1BU2XP'|'2017-09-19T20:30:00.000+03:00'|7467.0|''|-1.0|'' 7468|'d52e7b506e8d5ee4f4db05c864e1bda646c00dab'|'Pricey housing markets mean co-living buildings are on the rise'|'MONDAY is Game of Thrones night at The Collectives Old Oak building. Millennials congregate in TV rooms around the 11-storey, 550-person block. Some gather at the cinema, lounging on bean bags decorated with old graphics from Life magazine. Nothing gets residents out of their rooms like the hit TV show. This is not a student dorm, however. It is home.The Collective is a pioneer of a new property format known as co-living. Instead of self-contained flats, residents live in tiny rooms with 12 square metres of floor space. Most contain just a bed and a bathroom. During a two-night stay your correspondent could barely fit his shoulders into the shower cubicle. It is outside these rooms that the building makes its pitch. It comes with a gym, spa, libraries, a good restaurant and a cinema. Residents get access to all of these amenities, as well as their room, for a rental payment of 800-1,000 ($1,033-$1,292) a month. That includes all bills and high-speed Wi-Fi; they pay extra for meals in the restaurant. Residents have come up with their own services, too. The Collective houses a library of things, or a shared repository of useful objectshammers, tape measures and even tents.Rising rents have opened up a gap in the market. The ratio of average rents to incomes in London rose from a quarter to a third between 2004 and 2014. In New York, average rents have grown from 29% of average income in 2002 to 34% in 2014. Most young professionals moving to thriving cities face a difficult choice between spending a big share of their income on renting their own place, or moving in with strangers in a shared house to save money. The Collective offers something different.Old Oak, the firms first building in north-west London, has been 97% occupied for most of this year. The Collective is putting up two more co-living buildings in London, one in Stratford and one in Canary Wharf. The notion of tiny rooms and shared luxury services is fairly new and little tested, but the property industry is paying attention. Jack Sibley of TH Real Estate, a property investment manager, calls it one of the most promising ideas for the future of living to emerge for some time.The next step for Reza Merchant, The Collectives founder, is expansion abroad. He is close to striking deals on buildings in Boston and New York, and is talking to developers in Berlin, where historically low rents have been rising fast for the citys young, creative types. The Collective has no real competitors in Britain but its move to America will see it run into Ollie, a co-living firm in New York.Both of Ollies existing co-living buildings are smaller than Old Oak (the largest of its kind in the world). But the American firm will soon run a co-living space over 13 floors of a building in Long Island City in the borough of Queens. It is being developed by Quadrum Global, a property investment company, whose financial models predict that co-living will substantially outperform conventional rented flats in future because the return per square foot is so high.WeWork, a private firm that is the worlds largest provider of shared workspaces and is valued at an estimated $20bn, has a residential arm, WeLive, that is running co-living units out of a leased building on Wall Street in Manhattan. It has joined forces with a property firm in Seattle called Martin Selig to construct a new 36-storey building, 23 floors of which will be dedicated to co-living.The model will get tweaked as developers see what works and what doesnt. Mr Merchant is using data gathered from Old Oak to refine The Collectives new buildings. Rooms will be slightly larger, because the tiny square footage is one of the main reasons residents give for moving on. Sensors monitor use of the common spaces, and in the new complexes the kitchens will all be on one floor, rather than scattered around the building. Most of Old Oaks shared spaces are in fact fairly empty; the liveliest area is the launderette, where residents mingle and watch TV as they wait for washing cycles.Maria Carvalho, a social-sciences academic at the London School of Economics, moved into the building because she wanted to live with other people, but did not want to have to find roommates. I would call it a hipster commune, not a hippy commune, she says. She particularly likes meeting friends walking home from the train station but says kitchen utensils often go missing. (With too many co-livers to be able to know everyone personally, CCTV is used in these areas as a guarantor of good conduct and cleanliness.)The Collective and other companies like it have a choice to make, says Roger Southam of Savills, a property firm. They could continue focusing on incoming workers to big cities, providing minimal private living space alongside attractive shared areas. But Mr Southam sees much more potential if co-living spaces can give residents slightly more private space, allowing them to attract people already living in cities. Starting from the smallest of rooms and working up may let co-living firms hit upon the perfect balance of shared and private space. Who, after all, doesnt want a cinema in the basement? Business "Rent collective"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21727948-co-living-hipsters-not-hippies-pricey-housing-markets-mean-co-living-buildings-are?fsrc=rss'|'2017-08-31T22:51:00.000+03:00'|7468.0|''|-1.0|'' @@ -7571,7 +7571,7 @@ 7569|'def9aafb38f9c25cdfdff53a2151d0ead72b789b'|'UK financial services watchdog to investigate debt management firms'|'October 19, 2017 / 12:37 PM / in 3 minutes UK financial services watchdog to investigate debt management firms Reuters Staff 2 Min Read LONDON (Reuters) - Britains Financial Conduct Authority has begun its second in-depth review of firms that help people repay their debts, saying it has refused to authorise some of them due to poor practise. Debt management firms typically offer to draw up plans to consolidate debt repayments, with the borrower paying a firm who then passes on the money to the creditors. The move coincides with a sharp rise in consumer credit, raising concerns among regulators as the Bank of England looks set to raise interest rates in the coming months, making the servicing of loans more expensive. Debt management remains a priority for us as poor practise by debt management firms poses a high risk to consumers, particularly those in vulnerable circumstances, the FCA said in a statement on Thursday. The watchdog had already told firms in the sector in 2014 that they needed to raise their game if they wanted to continue operating, after uncovering poor quality advice. Since then we have refused authorisation to a number of providers while others have left the market, the FCA said. We will take appropriate supervisory action if we find that firms are falling short of the standards that we expect. The FCA said on Wednesday that over 4 million people in Britain are having difficulties paying their monthly bills. Reporting by Huw Jones; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-credit-regulator/uk-financial-services-watchdog-to-investigate-debt-management-firms-idUKKBN1CO1S1'|'2017-10-19T15:36:00.000+03:00'|7569.0|''|-1.0|'' 7570|'b8c1e5a317f958946947c529cde894153c17aeb9'|'Exclusive: Pfizer to launch consumer health sale in November - sources'|'LONDON (Reuters) - Pfizer ( PFE.N ) plans to kick off an auction process for its consumer healthcare business in November, paving the way for a potential $15 billion-plus sale of the headache pill to lip balm business, sources close to the matter told Reuters. FILE PHOTO: The Pfizer logo is seen at their world headquarters in New York, U.S. April 28, 2014. REUTERS/Andrew Kelly/File Photo Several global companies, including GlaxoSmithKline ( GSK.L ) and Reckitt Benckiser ( RB.L ), have expressed interest in bidding for the unit, which had sales of about $3.4 billion in 2016. The prospective sale, which is being led by Centerview Partners, Guggenheim Securities and Morgan Stanley ( MS.N ), was first mooted on Oct. 10, when Pfizer said it was considering strategic options for the unit. But preliminary discussions with interested parties including Reckitt have already taken place, one of the sources said, adding the U.S. drugmaker wants to get the ball rolling before the end of this year. GSK Chief Executive Emma Walmsley confirmed on Wednesday she would look carefully at the business. Three people familiar with the situation said the British drugmaker had hired Citi ( C.N ) to represent it in the auction. GSK declined to comment while Citi was not immediately available. Other possible bidders could include Procter & Gamble ( PG.N ), Sanofi ( SASY.PA ), Johnson & Johnson ( JNJ.N ) and Nestle ( NESN.S ), several sources said. Pfizer plans to send out financial information about the consumer unit to prospective buyers in around three weeks time, one of the sources said. The process is expected to heat up early next year as bids come in and a deal could be sealed around the middle of 2018, the source said. Germanys Merck KGaA ( MRCG.DE ) is also looking to divest its consumer health business and has hired JP Morgan ( JPM.N ) to sell the unit, best known for making Seven Seas vitamins. Some banking and industry sources said Merck could put the divestment on hold since the sale, estimated to be worth around $4.5 billion, risked being eclipsed by the Pfizer auction. One source said Pfizer believed keen competition would allow it to raise at least $20 billion from the sale of the business, whose well-known brands include painkiller Advil, Centrum multivitamins and lip balm Chapstick. As aging populations and health-conscious consumers drive demand for self-medication, the consumer health sector has proved a fertile ground for deal-making in recent years. But the industry remains fragmented and GSKs Walmsley said she expected more merger activity, with GSK in a strong position to act as a consolidator. Although consumer remedies sold over the counter have lower margins than prescription drugs, they are typically very long-lasting brands with loyal customers. Pfizer Chief Executive Ian Read said he was considering the sale of consumer healthcare because it was not integral to the core prescription drug business and might be worth more outside the group. GSK has taken a different view, opting to retain a diverse portfolio in which consumer health offers a hedge against riskier prescription drugs. For Reckitt, meanwhile, over-the-counter medicines offer higher-margin growth than its household business. Chief Executive Rakesh Kapoor, who last week announced plans to separate Reckitt into health and home and hygiene divisions, said he would weigh a bid if Pfizers strategic review resulted in a sale. Nestle could also enter the fight and use the Pfizer consumer business as a platform to expand the intersection of food and healthcare, sources said. The Swiss group has previously identified consumer healthcare as a sector of interest. Reporting By Pamela Barbaglia; Editing by Susan Fenton '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-pfizer-divestiture-exclusive/exclusive-pfizer-to-launch-consumer-health-sale-in-november-sources-idUSKBN1CU2RW'|'2017-10-25T21:39:00.000+03:00'|7570.0|''|-1.0|'' 7571|'cc84eb5153210097ec5de62317c09b2e44b6126a'|'London Mayor joins business demands for Brexit transition deal'|'October 23, 2017 / 8:20 AM / Updated 35 minutes ago London Mayor joins business demands for Brexit transition deal Kate Holton 4 London Mayor Sadiq Khan joined Britains business leaders in warning that companies would start moving jobs and investment out of the country if they do not get a transition deal soon, saying businesses were not bluffing with their concerns. Union Flags and European Union flags fly near the Elizabeth Tower, housing the Big Ben bell, during the anti-Brexit ''People''s March for Europe'', in Parliament Square in central London, Britain September 9, 2017. REUTERS/Tolga Akmen The boss of Goldman Sachs ( GS.N ) tweeted last week that he was looking forward to spending more time in Frankfurt after Brexit, and Britains five leading business organizations warned on Monday that the threat to the economy was becoming critical. Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because Ill be spending a lot more time there. #Brexit, CEO Lloyd Blankfein tweeted last Thursday. Khan, a member of the opposition Labour Party, said Blankfeins comment reflected a wider thinking in the business community and warned that others would follow suit if a transition deal was not quickly agreed with Brussels. Hes articulating publicly what many CEOs and investors who love working in London have been saying privately, which is that unless they have certainty about what happens after March 29, 2019, they have got to make a plan B, he said. Hes not bluffing. When I speak to businesses each day, theyre not bluffing. Prime Minister Theresa May has promised to retain full access to the EUs single market for two years after Brexit to limit the disruption for companies who do not know how they will trade with their neighbors in the future. However, leading Brexit campaigners have started to call on May to walk out of the talks if Brussels does not agree quickly to move on to discuss Britains future trading relationship, weighing on sterling and spooking businesses. May won a brief respite on Friday when EU leaders signaled they were ready to move the negotiations forward in the coming months. With tensions mounting, the five business groups which speak on behalf of companies employing millions of workers, have drawn up a letter to Brexit minister David Davis, warning that time is running out for companies which need to make investment decisions at the beginning of next year. Agreement (on a transition) is needed as soon as possible, as companies are preparing to make serious decisions at the start of 2018, which will have consequences for jobs and investment in the UK, the draft letter says, according to a person familiar with the situation. And the details of any transitional arrangement matter: the economic relationship the UK and EU has during this time-limited period must match as close as possible the status quo. The letter is due to be sent from Britains five leading business groups, the CBI, the British Chambers of Commerce, the Institute of Directors, the Federation of Small Businesses and the manufacturing group, the EEF. In a separate quarterly survey from the CBI, optimism about the business situation was shown to be at its weakest since just after last years Brexit vote. A spokeswoman from the Department for Exiting the European Union said the prime minister had said that an implementation period would help minimize disruption. We are making real and tangible progress in a number of vital areas in negotiations, the department said. Reporting by Kate Holton,; Editing by Toby Chopra and Ed Osmond'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-britain-eu-business/uk-businesses-urge-government-to-reach-brexit-transition-deal-idUKKBN1CS0TK'|'2017-10-23T14:21:00.000+03:00'|7571.0|''|-1.0|'' -7572|'00af332954484d3442af0450d1a6b94a1cf46c9d'|'Monte dei Paschi shares to resume trading after 10-month halt'|'October 24, 2017 / 8:50 AM / in 18 minutes Monte dei Paschi shares to resume trading after 10-month halt Valentina Za , Stephen Jewkes 4 Min Read MILAN (Reuters) - Monte dei Paschi di Siena ( BMPS.MI ) shares will resume trading on Wednesday 10 months after they were suspended when Italys fourth-largest bank failed to raise capital to bolster its finances. The entrance of Monte Dei Paschi di Siena is seen in San Gusme near Siena, Italy, September 29, 2016. REUTERS/Stefano Rellandini Monte dei Paschi said on Tuesday that Italys market watchdog had approved a prospectus for its re-listing. The banks stock is expected to trade below the 6.49 euro price paid by the state in August when it injected 3.85 billion euros into Monte dei Paschi, implying a large paper loss for the countrys taxpayers. Traders have said the stock may fall below the 4.28 euro level at which it was valued last month during an auction held to set the payment due to investors who bought insurance against the banks default. The share price will be strongly influenced by investors emotive reaction (to losses suffered), Roberto Russo, CEO of broker Assiteca SIM, said. Itll take months for the valuation to reflect mainly the banks financial performance. At 4.28 euros per share, Italian taxpayers would be looking at a paper loss of 1.3 billion euros. The worlds oldest bank had to turn to Rome for help in December 2016 after failing to find buyers for a 5 billion euro ($6 billion) share issue needed to keep it afloat. Weakened by mismanagement, a derivatives scandal and bad loans, Monte dei Paschi was at the center of Italys banking crisis and its rescue removed the biggest threat to the countrys financial system. The potential loss is even larger for former junior bondholders, whose debt has been converted into equity due to European rules that require investors to take some losses before the state can step in. Monte dei Paschi raised 4.47 billion euros through the debt to equity conversion which priced shares at 8.65 euros each. The state is compensating some retail bondholders by buying up shares they received in the conversion for up to 1.5 billion euros and offering in exchange Monte dei Paschis senior debt. Consumer group ADUC on Tuesday urged retail shareholders who did not qualify for the swap to sell their shares. The exchange offer, due to run from Oct. 30 to Nov. 17, will lift the Treasurys stake in the bank to 67.8 percent. Russo calculated it will also increase the average price paid by the state to around 7 euros. A share price of 3.5 euros would value Monte dei Paschi at 0.41 times its assets, broadly comparable to that at which rivals such as Banco BPM ( BAMI.MI ) and BPER Banca ( EMII.MI ) trade. To gain approval for the bailout, Monte dei Paschi agreed a restructuring plan with European authorities that envisages cutting 5,500 jobs and selling 26 billion euros in bad debts to reach a net profit of more than 1.2 billion euros in 2021. Italys stock exchange said when the shares resume trading orders without price limits will be banned and the opening price will be the reference price for the day. Price limits aim to curb volatility. Reporting by Valentina Za and Stephen Jewkes, additional reporting by Gianluca Semeraro.; Editing by Alexander Smith and Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-montepaschi-stocks/monte-dei-paschi-shares-to-resume-trading-after-10-month-halt-idUSKBN1CT105'|'2017-10-24T11:49:00.000+03:00'|7572.0|''|-1.0|'' +7572|'00af332954484d3442af0450d1a6b94a1cf46c9d'|'Monte dei Paschi shares to resume trading after 10-month halt'|'October 24, 2017 / 8:50 AM / in 18 minutes Monte dei Paschi shares to resume trading after 10-month halt Valentina Za , Stephen Jewkes 4 Min Read MILAN (Reuters) - Monte dei Paschi di Siena ( BMPS.MI ) shares will resume trading on Wednesday 10 months after they were suspended when Italys fourth-largest bank failed to raise capital to bolster its finances. The entrance of Monte Dei Paschi di Siena is seen in San Gusme near Siena, Italy, September 29, 2016. REUTERS/Stefano Rellandini Monte dei Paschi said on Tuesday that Italys market watchdog had approved a prospectus for its re-listing. The banks stock is expected to trade below the 6.49 euro price paid by the state in August when it injected 3.85 billion euros into Monte dei Paschi, implying a large paper loss for the countrys taxpayers. Traders have said the stock may fall below the 4.28 euro level at which it was valued last month during an auction held to set the payment due to investors who bought insurance against the banks default. The share price will be strongly influenced by investors emotive reaction (to losses suffered), Roberto Russo, CEO of broker Assiteca SIM, said. Itll take months for the valuation to reflect mainly the banks financial performance. At 4.28 euros per share, Italian taxpayers would be looking at a paper loss of 1.3 billion euros. The worlds oldest bank had to turn to Rome for help in December 2016 after failing to find buyers for a 5 billion euro ($6 billion) share issue needed to keep it afloat. Weakened by mismanagement, a derivatives scandal and bad loans, Monte dei Paschi was at the center of Italys banking crisis and its rescue removed the biggest threat to the countrys financial system. The potential loss is even larger for former junior bondholders, whose debt has been converted into equity due to European rules that require investors to take some losses before the state can step in. Monte dei Paschi raised 4.47 billion euros through the debt to equity conversion which priced shares at 8.65 euros each. The state is compensating some retail bondholders by buying up shares they received in the conversion for up to 1.5 billion euros and offering in exchange Monte dei Paschis senior debt. Consumer group ADUC on Tuesday urged retail shareholders who did not qualify for the swap to sell their shares. The exchange offer, due to run from Oct. 30 to Nov. 17, will lift the Treasurys stake in the bank to 67.8 percent. Russo calculated it will also increase the average price paid by the state to around 7 euros. A share price of 3.5 euros would value Monte dei Paschi at 0.41 times its assets, broadly comparable to that at which rivals such as Banco BPM ( BAMI.MI ) and BPER Banca ( EMII.MI ) trade. To gain approval for the bailout, Monte dei Paschi agreed a restructuring plan with European authorities that envisages cutting 5,500 jobs and selling 26 billion euros in bad debts to reach a net profit of more than 1.2 billion euros in 2021. Italys stock exchange said when the shares resume trading orders without price limits will be banned and the opening price will be the reference price for the day. Price limits aim to curb volatility. Reporting by Valentina Za and Stephen Jewkes, additional reporting by Gianluca Semeraro.; Editing by Alexander Smith and Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-montepaschi-stocks/monte-dei-paschi-shares-to-resume-trading-after-10-month-halt-idUSKBN1CT105'|'2017-10-24T11:49:00.000+03:00'|7572.0|6.0|0.0|'' 7573|'ba20d437cd3fa5154281b29ab560e6eb5d19d00a'|'China to tweak property price methodology to address "new challenges"'|'October 25, 2017 / 8:54 AM / Updated 12 minutes ago China to tweak property price methodology to address "new challenges" Reuters Staff 2 Min Read BEIJING (Reuters) - China will make changes to the methodology for calculating its housing price index as the current system has encountered new challenges, the Statistics Bureau said on Wednesday. Apartment blocks are seen in smog on the outskirts of Tianjin, China, October 11, 2017. Picture taken on October 11, 2017. REUTERS/Jason Lee Li Xiaochao, deputy director at the National Bureau of Statistics (NBS), said the current methodology for calculating housing prices has met with new challenges and difficulties, after a work meeting with a visiting German delegation this week, according to a statement posted on the agencys website. Li did not specify what the challenges were, but said China would further improve the housing price statistics system and calculation methodology to better facilitate state macro-control in the property market. He did not give a time table but added the changes would be made as China actively learns from the experiences of the European Union and Germany. China first established the real estate price survey system in 1997 and has since introduced two significant changes in its methodology, including extending the number of cities it covers. The NBS now compiles and publishes every month a property price index that covers 70 large- and medium-sized cities. The countrys property prices have soared since late 2015, led by a price surge in its biggest cities which has since spilled into smaller centres. More than 45 major cities have imposed measures to cool overheating since October 2016. Critics have long questioned the reliability of Chinas official housing price index, as there has been a considerable discrepancy between the official index and peoples general perception of price increases. Prices for new homes in September rose 6.3 percent from a year earlier, slowing from an 8.3 percent increase in August, as government measures to cool a long property boom take hold. Reporting by Yawen Chen and Kevin Yao; Editing by Jacqueline Wong'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-economy-property/china-to-tweak-property-price-methodology-to-address-new-challenges-idUKKBN1CU0ZH'|'2017-10-25T11:53:00.000+03:00'|7573.0|''|-1.0|'' 7574|'f7e7e1e8d24f230f35820b005872648fa88babf6'|'Food services firm Aramark to buy Avendra, AmeriPride in $2.35 billion deal'|' 20 AM / Updated 16 minutes ago Food services firm Aramark to buy Avendra, AmeriPride in $2.35 billion deal Reuters Staff 1 Min Read A Aramark company logo is seen at a facility in San Diego, California December 11, 2013. REUTERS/Mike Blake (Reuters) - Food services company Aramark ( ARMK.N ) said on Monday it would buy Avendra LLC, majority owned by Marriott International Inc ( MAR.O ), and uniform and linen supplier AmeriPride Services Inc for a total of $2.35 billion (1.77 billion pounds), before tax benefit adjustments. Aramark said it would pay Avendra $1.35 billion, or $1.05 billion in net purchase price after adjusting for anticipated tax benefits. AmeriPrides purchase price of $1 billion came in at $850 million after adjusting for anticipated tax benefits, Aramark said. Separately, Marriott, which owns a 55 percent stake in Avendra, said it would receive about $650 million from the sale. Aramark also added it expected cost synergies of about $40 million from the purchase of Avendra and about $70 million from AmeriPride. Reporting by Parikshit Mishra in Bengaluru; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-avendra-m-a-aramark/food-services-firm-aramark-to-buy-avendra-ameripride-in-2-35-billion-deal-idUKKBN1CL0EP'|'2017-10-16T08:20:00.000+03:00'|7574.0|''|-1.0|'' 7575|'c8dab3efdc80839ec31fcf943dcece240be6ac86'|'Fiat Chrysler suspends Maserati Levante output for nine more days - union'|' 45 PM / Updated 20 minutes ago Fiat Chrysler suspends Maserati Levante output for nine more days - union MILAN (Reuters) - Fiat Chrysler ( FCHA.MI ) will halt production of Maserati Levante sport utility vehicles at its plant in northern Italy for another nine days between Nov. 22 and Dec. 7, the FIOM union said in a statement on Friday. A screen displays the trading information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. REUTERS/Brendan McDermid These shutdowns come on top of cuts FCA announced over the past two months for the Levante, the Alfa Romeo Stelvio SUV, and the Giulia sedan. At the time, the company told unions new import rules in China were hurting sales and were the reason for the temporary suspensions. Are we sure this is a temporary situation because of the Chinese market or is this pointing to a structural drop in volumes?, said Federico Bellono, the unions regional secretary general in Turin. FCA declined to comment. Asked about the issue during a call with analysts on Tuesday, FCA Chief Executive Sergio Marchionne said the company needed to work on improving its distribution network for Alfa Romeo in China, but as far as Maserati was concerned, there were no structural issues in China. Reporting by Stefano Rebaudo and Agnieszka Flak, editing by Steve Scherer'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-fiatchrysler-maserati/fiat-chrysler-suspends-maserati-levante-output-for-9-more-days-union-idUKKBN1CW1XZ'|'2017-10-27T16:48:00.000+03:00'|7575.0|''|-1.0|'' @@ -7582,7 +7582,7 @@ 7580|'fe84bf77d6a97f91fd1fc4c368d4cbec3a940e8b'|'EU mergers and takeovers (Oct 13)'|'BRUSSELS, Oct 13 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS -- Italian infrastructure group Atlantia to acquire Spanish rival Abertis (approved Oct. 13)-- French car parts supplier Valeo to acquire German peer FTE Autmotive (approved Oct. 13)-- Private equity firm Warburg Pincus and carmaker Tata Motors to jointly acquire Tata Technologies (approved Oct. 12)NEW LISTINGS NoneEXTENSIONS AND OTHER CHANGES -- Anglo-Dutch oil group Royal Dutch Shell to acquire indirect joint control of natural gas producer Crestwood Permian Basin LLC which is now solely controlled by Crestwood Permian Basin Holdings (notified Sept. 8/deadline Oct. 13/simplified/withdrawn Oct. 9)-- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline suspended on Sept. 21)FIRST-STAGE REVIEWS BY DEADLINE OCT 16 -- Swiss food company Nestle to acquire sole control of Beverage Partners Worldwide, a joint venture between Nestle and the Coca-Cola Co (notified Oct. 11/deadline Oct. 16)OCT 17 -- U.S. specialty material company Celanese and private equity firm Blackstone to combine their cellulose acetate tow units under a new joint venture (notified Sept. 9/deadline Oct. 17)OCT 18 -- U.S. medical equipment supplier Becton Dickinson and Co to acquire U.S. peer C R Bard Inc (notified Aug. 30/deadline extended to Oct.18 after commitments submitted on Sept. 27)-- Bermuda-headquartered reinsurer Axis Capital Holdings Ltd to acquire UK insurer Novae (notified Sept. 13/deadline Oct. 18/simplified)-- German insurer Allianz to acquire UK financial services group Liverpool Victoria Friendly Society Ltds general insurance businesses (notified Sept. 13/deadline Oct. 18/simplified)OCT 20 -- U.S. life sciences company Avantor to acquire U.S. lab supplies company VWR (notified Sept. 15/deadline Oct. 20)OCT 23 -- Dutch warehouse owner Borealis European Holdings B.V., Ontario Teachers Pension Plan Board and SSE to acquire joint control of UK energy meter company Maple (notified Sept. 18/deadline Oct. 23/simplified)OCT 24 -- U.S. company Platinum Equity Group to acquire UK aerospace distributor Pattonair Holdings Ltd (notified Sept. 19/deadline Oct. 24/simplified)-- UK energy company Greenergy to acquire fuel supplier Inver Energy Ltd (notified Sept. 19/deadline Oct. 24)OCT 25 -- Jacobs Engineering Group to acquire technical consulting services provider CH2M Hill Companies (notified Sept. 20/deadline Oct. 25/simplified)OCT 26 -- Luxembourg-based steelmaker ArcelorMittal to acquire Italian steel plant (notified Sept. 21/deadline Oct. 26)-- French car parts maker Valeo to acquire German clutch maker FTE Automotive(notified Sept. 7/deadline Oct. 26/commitments submitted Sept. 7)OCT 27 -- German chemicals company Evonik and Dutch peer DSM to set up a joint venture (notified Sept. 22/deadline Oct. 27/simplified)OCT 30 -- British company CRH plc to acquire XI (RMAT) Holdings GmbH, the German holding company of limestone producer Fels-Werke GmbH which is part of Xella International (notified Sept. 25/deadline Oct. 30)OCT 31 -- French energy company Engie and Caisse des Depots et Consignations to acquire joint control of a wind power producer (notified Sept. 26/deadline Oct. 31/simplified)-- Private equity firm Equistone Partners Europe SAS to acquire French furniture disbributor Groupe Bruneau (notified Sept. 26/deadline Oct. 31/simplified)NOV 3 Private equity firm Leonard Green & Partners to acquire legal services provider CPA Global Group (notified Sept. 27/deadline Nov. 3/simplified)NOV 7 -- Special purpose vehicle ShaMrock Wind to acquire 60 percent of Irish wind farm operator Evalair, which is jointly owned by Luricawne, Fixarra and Luricawne (notified Sept. 29/deadline Nov. 7/simplified)NOV 8 -- Private equity firms Carlyle Group, CVC and China Investment Corp to acquire joint control of French energy company Engies holding company for oil and gas exploration and production business (notified Oct. 2/deadline Nov. 8/simplified)-- Private equity-backed Neptune Oil & Gas to acquire majority stake in French utility Engies exploration and production business (notified Oct.2/deadline Nov.8/simplified)NOV 10 -- German auto components supplier Bosch and Chinese counterpart Hasco to acquire electric power steering products maker ASCN (notified Oct. 4/deadline Nov. 10/simplified)NOV 15 -- Chinas Legend Holdings to acquire 90 percent of Banque Internationale a Luxembourg (BIL) from Qatari investment vehicle Precision Capital (notified Oct. 9/deadline Nov. 15/simplified)Nov 16-- Public pension fund provider ATP and Canadian teachers pension fund OTPP to jointly acquire Danish airport operator Copenhagen airports (notified Oct. 10/deadline Nov. 16/simplified)-- West Midland Holdings Ltd, which is a joint venture between Dutch rail operator Abellio Transport Holding BV, East Japan Railway Co and Mitsui Co, to acquire the West Midlands franchise from London & Birmingham Railway Ltd (notified Oct. 10/deadline Nov. 16/simplified)NOV 17 -- Medical device maker Avantor, which is controlled by private equity firm New Mountain Capital, to acquire laboratory equipment distributor VWR (notified Oct. 11/deadline Nov. 17)FEB 12 -- Italian eyewear maker Luxottica and French lens manufacturer Essilor to merge (notified Aug. 22/deadline extended to Feb. 12 from Sept. 26 after the European Commission opened an in-depth investigation)SUSPENDED -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline suspended from Aug. 17/concessions offered Oct. 5)GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a companys proposed remedies or an EU member states request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eu-ma/eu-mergers-and-takeovers-idINL8N1MO4PB'|'2017-10-13T13:40:00.000+03:00'|7580.0|''|-1.0|'' 7581|'ca9bd7b7e625dd90a1e3d117e3fb52a4c45920ca'|'An epic but inconsequential proxy vote at Procter & Gamble'|'SHAREHOLDER meetings in Ohio are not usually the stuff of high drama, but a recent gathering was a nail-biter. Nelson Peltz of Trian Fund Management, an activist hedge fund, sought a seat on the board of Procter & Gamble (P&G), the worlds largest consumer-goods company, in a proxy vote on October 10th. It was the biggest such battle ever. In the weeks leading up to P&Gs shareholder meeting, the fight resembled a political contest, complete with carefully crafted videos, lengthy white papers, mass mailings and tens of thousands of phone calls urging shareholders to vote blue (P&G) or white (Trian).As The Economist went to press, P&G said it had won and Mr Peltz was contesting the tally. Everybody but [P&Gs] current employees voted for us, he said after P&G declared victory. Maybe thats why they keep so much overhead. So the brawl is not over. Yet the outcome may not matter much. Mr Peltz will push P&G for change regardless of whether he wins a board seat, and it is unclear that he will have much effect, be he on the board or off.Latest updates Taxing the rich Buttonwoods notebook 33 minutes ago The 4 See all updates It is not that Mr Peltz lacks heft. He has taken on consumer firms including Heinz and Wendys in the past. Martin Lipton, a lawyer who has long defended companies from such activists, has noted his impressive record of success with consumer products companies. Even when Trian technically loses a fight, it often wins. It lost a proxy battle against DuPont, a chemical company, in 2015, but the company went on to make many changes that Mr Peltz had sought. Trian recently won a separate victory, securing a seat on the board of General Electric on October 9th.At P&G, new thinking is sorely needed. The 180-year-old company sells products in nearly 200 countries and territories. It has Americas bestselling razors (Gillette), toothpaste (Crest), detergent (Tide) and toilet paper (Charmin), to name but a few of its products, but has lost share in more than a dozen of its top categories. Total shareholder return in the five years to February 13th 2017, the last trading day before Trians stake (of 1.5%) was announced, lagged the median of its peers by 55 percentage points and the S&P 500 Consumer Staples Index by 27 percentage points.P&G has taken steps to become more streamlined. In the past three years it has culled its brands from 170 to 65 and reduced the number of employees by 35,000. But Mr Peltz maintains that the firm remains too insular and slow to adapt to a fast-moving market. His frustrations are shared by many institutional investors. Those recently surveyed by Sanford C. Bernstein, a research firm, were particularly critical of the board, which is packed with other bosses, including Terry Lundgren, the chairman of Macys, a department store, and Meg Whitman, boss of Hewlett Packard Enterprise, an IT firm.Institutional Shareholder Services (ISS), an influential proxy-advisory firm, recently noted that the board had presided over bureaucratic tangles and botched acquisitions. Both it and Glass Lewis, another proxy adviser, backed Mr Peltzs appointment. Many small investors, who own about 40% of P&Gs shares, appear to have disagreed. Employees may have feared bigger layoffs to come. Mr Peltz says he will continue to push P&G even if he fails to prevail in the proxys certified vote count.But his powers may be limited. He is not seeking to sack David Taylor, who became chief executive in 2015 and is thought to be moving P&G in the right direction (albeit too slowly for investors taste). Nor is he trying to split up P&G. Mr Peltzs most substantive change would be to reorganise its ten business units into three, overseen by a lean holding company, to make the firm nimbler. Reorganisationif the board supports itcould take years to yield results.Mr Peltz is also urging P&G to acquire more small and local brands. Yet given the mismanagement of prior deals, it is unclear that it would find suitable targets or sustain their growth. Many of the worlds largest consumer firms are strugglingagainst small online brands on the one hand and the expansion of Amazon and the rise of Aldi and Lidl, two German discount chains, on the other. Dealing with such challenges will require ingenuity and speed not yet seen at P&G. It is far from clear if Mr Peltz has the answers either. "Close shave"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21730236-nelson-peltz-fails-get-consumer-goods-giants-board-epic-inconsequential-proxy?fsrc=rss%7Cbus'|'2017-10-12T22:50:00.000+03:00'|7581.0|''|-1.0|'' 7582|'1cf9eed62b84a5476dfe88f7b2871b0700e930cc'|'Apple''s Cook, Facebook''s Zuckerberg meet China''s Xi in Beijing'|'Reuters TV United States October 30, 2017 / 1:55 PM / a few seconds ago Apple''s Cook, Facebook''s Zuckerberg meet China''s Xi in Beijing Reuters Staff 2 Min Read SHANGHAI (Reuters) - Apple Inc chief executive Tim Cook and Facebook Incs Mark Zuckerberg met Chinese President Xi Jinping on Monday at an annual gathering of advisers to Beijings Tsinghua University business school. FILE PHOTO: Apple CEO Tim Cook attends the China Development Forum in Beijing, China March 18, 2017. REUTERS/Thomas Peter/File Photo Xi was speaking to business leaders and officials at the meeting, state broadcaster China Central Television (CCTV) reported. Cook and Zuckerberg are on the advisory board of the Tsinghua School of Economics and Management. The meeting comes at a particularly key time for Apple as it prepares to launch its much-anticipated iPhone X on Friday, amid hopes the anniversary smartphone can revive the firms sales in the worlds number two economy. Tsinghuas business school, founded in 1984, has seen scores of top Chinese and foreign industry leaders sit on its board, including Chinese central banker Zhou Xiaochuan and Goldman Sachs chief executive Lloyd Blankfein. Facebooks Zuckerberg has also been very active in China, eager to get his popular social network unblocked in the worlds most populous nation, where it has been banned since 2009 and held behind the countrys so-called Great Firewall. An Apple spokeswoman said the firm couldnt comment on Tims schedule and or meetings. Facebook confirmed Zuckerberg was in Beijng, but declined to comment on details of his visit. In a post on his Facebook page on Saturday, Zuckerberg wrote he was in Beijing for the annual meeting. Every year this trip is a great way to keep up with the pace of innovation and entrepreneurship in China, he said. Reporting by Adam Jourdan; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-china-tech/apples-cook-facebooks-zuckerberg-meet-chinas-xi-in-beijing-idUKKBN1CZ1NP'|'2017-10-30T15:50:00.000+02:00'|7582.0|''|-1.0|'' -7583|'06f98d169a00b5a03f206b36bf2a4c510c936a4d'|'Sears Canada wins court nod to extend credit protection to Nov 7'|'TORONTO, Oct 4 (Reuters) - Sears Canada won court approval to extend creditor protection until Nov. 7, the Ontario Superior Court of Justice ruled on Wednesday.The ruling gives the 65 year-old retail chain more time to consider whether to liquidate all its assets or pursue a deal to stay in business.The company, which in 2012 was spun off from U.S. retailer Sears Holdings Corp, filed for creditor protection in June and laid out a restructuring plan that included cutting 2,900 jobs and closing roughly a quarter of its stores. . (Reporting By Nichola Saminather; editing by Diane Craft) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/searscanada-hearing/sears-canada-wins-court-nod-to-extend-credit-protection-to-nov-7-idINL2N1MF1T5'|'2017-10-04T18:18:00.000+03:00'|7583.0|''|-1.0|'' +7583|'06f98d169a00b5a03f206b36bf2a4c510c936a4d'|'Sears Canada wins court nod to extend credit protection to Nov 7'|'TORONTO, Oct 4 (Reuters) - Sears Canada won court approval to extend creditor protection until Nov. 7, the Ontario Superior Court of Justice ruled on Wednesday.The ruling gives the 65 year-old retail chain more time to consider whether to liquidate all its assets or pursue a deal to stay in business.The company, which in 2012 was spun off from U.S. retailer Sears Holdings Corp, filed for creditor protection in June and laid out a restructuring plan that included cutting 2,900 jobs and closing roughly a quarter of its stores. . (Reporting By Nichola Saminather; editing by Diane Craft) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/searscanada-hearing/sears-canada-wins-court-nod-to-extend-credit-protection-to-nov-7-idINL2N1MF1T5'|'2017-10-04T18:18:00.000+03:00'|7583.0|6.0|0.0|'' 7584|'1c1f07978d0c9ac49a2eba37d4d655cffa13ae43'|'Bombardier reviewing CSeries deliveries due to UTC engine fixes'|'October 24, 2017 / 8:44 PM / Updated 20 minutes ago Bombardier reviewing CSeries deliveries due to UTC engine fixes Allison Lampert 3 Min Read (Reuters) - Bombardier Inc ( BBDb.TO ) on Tuesday said it was reviewing 2017 delivery plans for its CSeries jets, after U.S. engine parts maker United Technologies said it was resolving issues with its geared turbofan (GTF) engines to make them more durable. FILE PHOTO - A logo of jet manufacturer Bombardier is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland on May 22, 2017. REUTERS/Denis Balibouse/File Photo United Technologies Corp ( UTX.N ), the maker of Pratt & Whitney jet engines, held back some GTF shipments to plane makers and offered spares to airlines, which had faced problems with engines already in service. Bombardier is working closely with Pratt & Whitney to evaluate and mitigate any potential impact on its customers and will provide a full update on November 2, when it issues its Q3 results, spokeswoman Nathalie Siphengphet said by email. Both Bombardier and Airbus SE ( AIR.PA ) have faced delayed deliveries of separate GTF engines. Airbus Chief Executive Tom Enders said recently that Pratts engine has tremendous potential despite initial teething problems. The European plane maker is taking a majority stake in the CSeries program for $1. Pratt is working very hard to iron these out for our A320 family as well as for the CSeries, he told Reuters in Montreal. Montreal-based Bombardier has forecast deliveries of about 30 CSeries jets this year, but has only delivered 12 so far, raising questions about its ability to meet its guidance. Weve got some supplier challenges so you know, well see how the ramp up goes, Bombardier Commercial Aircraft President Fred Cromer told Reuters on Friday. He did not provide names of suppliers. Korean Air Lines Co Ltd ( 003490.KS ), which in August forecast it would receive five CSeries jets this year, expects to get hopefully one by the end of 2017 and six more in the first half of 2018, President Walter Cho said on Wednesday. Pratt & Whitney was delayed in producing a corrected engine liner required for the deliveries, he told Reuters on the sidelines of an industry conference in Taipei. But I want to be clear I still have full confidence in Pratt & Whitney, Cho said. They have been our choice of power plant for over 30 years and I have no doubt they will fix the problem and it will be a good airplane for our fleet. In April, Bombardier said Pratt would issue the liners for the engines in Koreans order for delivery this past summer. At the time, Bombardier instructed CSeries operators Swiss International Air Lines and airBaltic to inspect their engine combustion liners after 2,000 flight hours. Pratt & Whitney said it had added a combustor lining inspection to its regularly scheduled maintenance of the engine. Reporting by Allison Lampert in Montreal and Yashaswini Swamynathan in Bengaluru, additional reporting by Jamie Freed in Taipei and Hyunjoo Jin in Seoul; Editing by Sai Sachin Ravikumar, Tom Brown and Himani Sarkar'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-bombardier-deliveries-utc/bombardier-reviewing-cseries-deliveries-due-to-utc-engine-fixes-idUKKBN1CT29J'|'2017-10-25T08:31:00.000+03:00'|7584.0|''|-1.0|'' 7585|'a07132e964c90a669bee1fa831893585ab9fdf17'|'Lockheed Martin sales, profit miss Wall Street estimates'|'(Reuters) - Lockheed Martin Corps ( LMT.N ) quarterly profit and sales missed Wall Street estimates on Tuesday and the Pentagons No. 1 weapons provided a tepid profit forecast for 2018, sending shares down more than two percent.Lockheed Martin''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon Despite the first profit miss after five quarters in a row of beating estimates, Lockheed raised its full-year sales forecast, set a higher dividend and forecast sales would grow another 2 percent next year.Analysts noted that Lockheeds 2-percent growth forecast for 2018 was conservative given the markets expectations of higher defence spending under U.S. President Donald Trump.During a conference call with Wall Street analysts, Bruce Tanner, Lockheeds CFO, was upbeat about the companys growth prospects and record $104-billion orders backlog, but he was cautious about the speed of the companys growth projections. It just doesnt happen overnight and especially if you will allow me to call 2018 overnight, he said.During the quarter, operating profit from Lockheeds Space Systems business unit halved to $218 million, partly due to a non-recurring pre-tax gain that had occurred in the third quarter of 2016 as well as slightly lower sales volume in two government satellite programs.Tanner said we expect this timing-related shortfall will be more than made up for during the fourth quarter.The aeronautics division, which makes the F-35 fighter jet, was the only Lockheed business unit to increase profitability from last year.Lockheeds net earnings from operations fell 13.8 percent to $939 million, or $3.24 per share, from $1.1 billion, or $3.61 per share. Increased sales of $12.2 billion from $11.6 billion a year ago, were below Wall Streets expectations.Analysts had expected $3.26 per share on revenue of $12.81 billion, according to Thomson Reuters I/B/E/S.Still, the Bethesda, Maryland-based company increased its full-year 2017 sales forecast to $51.2 billion, from $50 billion, citing its continued focus on operational performance and $200 million worth of property sales.During the quarter, Lockheed had notable wins on several large programs.The U.S. Air Force awarded one of two $900-million contracts to continue development work on a replacement for the air-launched nuclear cruise missile. And the U.S. State Department approved the possible sale of a THAAD anti-missile defence system to Saudi Arabia at an estimated cost of $15 billion.Lockheed said that it was in the process of hiring 1,000 engineers for programs won in 2017.Still, the companys raised sales outlook for 2018 came with caveats as it included a drop in projected cash flow compared with 2017. The company said materials costs for the F-35 multi-year block buy would go up in 2018 and capital investments would be made in facilities for the Space Systems division.The company sees 2017 ending with diluted higher earnings per share between $12.85 and $13.15, up from its previous estimate of $12.30 to $12.60 per share. In addition, Lockheed said it would raise its quarterly dividend rate by 10 percent to $2.00 per share.Lockheed shares were down 2.7 percent at $312.15 in afternoon trading. Despite Tuesdays drop, Lockheed shares trade near record highs and have more than tripled in the last five years.Reporting by Mike Stone in Washington, DC; Editing by Nick Zieminski and Chris Sanders '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/lockheed-results/lockheed-martin-sales-profit-miss-wall-street-estimates-idINKBN1CT1Y9'|'2017-10-24T16:47:00.000+03:00'|7585.0|''|-1.0|'' 7586|'42e9e699d5a7a9755a0c28b09645d4a504ab60e5'|'UPDATE 1-Saudi Arabia''s PIF aims to manage over $400 bln in assets by 2020'|'(Adds details, background)RIYADH, Oct 25 (Reuters) - Saudi Arabias Public Investment Fund (PIF) aims to increase its assets under management to 1.5 trillion riyals ($400 billion) by 2020 as part of the countrys Vision 2030, an economic reform plan aimed at boosting private-sector growth and developing non-oil industries.The countrys main sovereign wealth fund, which is expected to receive proceeds from the planned sale of 5 percent of state oil company Saudi Aramcos ( IPO-ARMO.SE ) shares, has currently around $230 billion worth of assets under management.PIF plans to create 20,000 direct domestic jobs, and 256,000 construction jobs by 2020. This will increase PIFs contribution to Saudi Arabias gross domestic product from 4.4 percent to 6.3 percent, it said in a statement on Wednesday, during a huge investment conference in Riyadh arranged by the fund.Investments will be in sectors such as real estate and infrastructure as well as in new areas of activity in the Saudi economy through the establisment of companies such as the Saudi Arabian Military Industries company and the Saudi Real Estate Refinancing Company.One of the biggest tasks under PIFs responsibility is the delivery of a $500 billion plan to build a business and industrial zone extending into Jordan and Egypt.PIF will also seek to maximise value in the funds existing assets, and has set a new target to increase total shareholder return to 4-5 percent from 3 percent, it said on Wednesday.The PIF Program represents a vital milestone as we work towards realising Vision 2030, Prince Mohammad bin Salman Al-Saud, the plans architect, said in a statement.Outside of Saudi Arabia, PIFs investments will be in a number of assets such as fixed-income, public equity, private equity and debt, real estate, infrastructure and alternative investments such as hedge funds, the fund said. ($1 = 3.7498 riyals) (Reporting by Katie Paul; Writing by Davide Barbuscia; Editing by Jason Neely, Greg Mahlich) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/saudi-economy-funds/update-1-saudi-arabias-pif-aims-to-manage-over-400-bln-in-assets-by-2020-idINL8N1N01LQ'|'2017-10-25T05:40:00.000+03:00'|7586.0|''|-1.0|'' @@ -7622,7 +7622,7 @@ 7620|'169dd7aedaec4375f52c232c415045f2bde54775'|'Tesla''s Model 3 gets an ''average'' as new tech dents auto reliability: Consumer Reports'|'FILE PHOTO: Tesla introduces one of the first Model 3 cars off the Fremont factory''s production line during an event at the company''s facilities in Fremont, California, U.S. on July 28, 2017. REUTERS/Alexandria Sage/File Photo DETROIT (Reuters) - New technology to stream music into dashboards or boost fuel efficiency is making cars less reliable, although electric cars such as the Tesla Model 3 and the Chevrolet Bolt should fare better than many conventional models, Consumer Reports magazine said on Thursday.The magazine said its survey of 640,000 vehicles showed that all-new vehicles or models with newly updated technology are more likely than older models to have a wonky engine, a jerky transmission, or high-tech features that fail outright.Electric cars do away with many of the mechanical systems that prompt consumer complaints about conventional cars, the magazine said. Tesla Incs ( TSLA.O )Model 3, despite recent production problems, should have average reliability because it relies on technology already used on the older Tesla Model S, Jake Fisher, the magazines head of automotive testing said on Thursday at a meeting of the Detroit Automotive Press Association.The Bolt is the most reliable car in General Motors Cos ( GM.N ) Chevrolet brand, he said.FILE PHOTO: Tesla Chief Executive Elon Musk introduces one of the first Model 3 cars off the Fremont factory''s production line during an event at the company''s facilities in Fremont, California, U.S. on July 28, 2017. REUTERS/Alexandria Sage/File Photo Tesla in a statement on Thursday criticized Consumer Reports because it previously declared the Model S to be the best car ever and then revoked the rating after being questioned by Tesla skeptics. As for the Model 3, Tesla said its important to note that Consumer Reports has not yet driven a Model 3, let alone do they know anything substantial about how the Model 3 was designed and engineered.The magazines annual survey of new vehicle reliability predicts which cars will give owners fewer or more problems than their competitors, based on data collected. Its scorecard is influential among consumers and industry executives.FILE PHOTO: Tesla Model 3 cars are seen as Tesla holds an event at the factory handing over its first 30 Model 3 vehicles to employee buyers at the companys Fremont facility in California, U.S. on July 28, 2017. Courtesy Tesla/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. For the fifth straight year, Japanese automaker Toyota Motor Corp ( 7203.T ) placed first in the magazines ranking with the most reliable vehicles on average. General Motors Cos ( GM.N ) Cadillac brand was last among 27 brands ranked. Tesla ranked 21st on the list.With many new cars, customers complain about problems with continuously variable transmissions and eight- and nine-speed gear boxes designed to boost fuel mileage, Fisher said.Hard to use infotainment systems also continue to annoy customers, Fisher said. But over-the-air updates are helping automakers alleviate problems more quickly, he said.Reporting by Joe White; Editing by Susan Thomas and Cynthia Osterman'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-autos-reliability/teslas-model-3-gets-an-average-as-new-tech-dents-auto-reliability-consumer-reports-idUSKBN1CO2IU'|'2017-10-19T19:50:00.000+03:00'|7620.0|''|-1.0|'' 7621|'a4a9c6179983c13f61bfb83a4cfca9055ba9c0a9'|'PRESS DIGEST- British Business - Oct 6'|'Oct 6 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times-Amsterdam-based financial services company TMF Group is to list on the London stock market and move its headquarters to Britain in a 1 billion pound ($1.31 billion) flotation that marks a big boost for the City. bit.ly/2wAJfk6-Sky Plc faces a potentially bruising annual meeting next week after shareholders were urged to vote against the reappointment of James Murdoch as chairman and "excessive rewards for executives. bit.ly/2wzW4uQThe Guardian-Goldman Sachs has begun to make plans for Brexit by leasing space in a new Frankfurt tower block that could hold up to 1,000 staff. bit.ly/2wzXO7D-The whistleblower at the centre of the Tesco Plc accounting scandal told a court that he personally commissioned a detailed analysis of the scale of alleged profits manipulation at the retailer and that his team was "falling apart" in an aggressive environment where his bosses refused to downgrade targets. bit.ly/2wAlXe4The Telegraph-Royal Mail Plc workers are to strike for 48 hours later this month after talks failed to resolve a dispute linked to pensions, pay and jobs, as bosses from the company threaten unions with legal action. bit.ly/2wBfkbr-Ryanair Holdings Plc boss Michael O''Leary has apologised to pilots, and offered them pay increases and improved job security to remain at the airline. bit.ly/2wzZqOJSky News-In a move by social media company to curb fake news, Facebook Inc is testing a new "context" button that would allow users to get more information about who is supplying a news story. bit.ly/2wzSX6b-The founders of JD Sports Fashion Plc are marching back onto the London stock market with plans to float Footasylum, a chain of premium fashion stores. bit.ly/2wAXipWThe Independent-Chancellor of the Exchequer Philip Hammond is expecting to unveil a significantly worse outlook for the public finances in November''s budget, Treasury sources indicated. ind.pn/2wAN9cK$1 = 0.7624 pounds Compiled by Bengaluru newsroom '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-business/press-digest-british-business-oct-6-idINL4N1MG3QN'|'2017-10-05T22:16:00.000+03:00'|7621.0|''|-1.0|'' 7622|'1d4328de2225003cdb1844f4816fc9bdba5efe2f'|'BMW eyes China joint venture with Great Wall - source'|'October 11, 2017 / 5:27 AM / Updated 43 minutes ago BMW eyes China joint venture with Great Wall - source Reuters Staff 3 Min Read FILE PHOTO: A Great Wall Motors Haval HB-02 concept vehicle is presented during the Auto China 2016 auto show in Beijing, China, April 29, 2016. REUTERS/Damir Sagolj/File Photo SHANGHAI/BEIJING (Reuters) - German luxury automaker BMW ( BMWG.DE ) is looking to form a joint venture with Great Wall Motor ( 2333.HK ), a source familiar with the matter said, sending shares in the Chinese automaker up by nearly a fifth on Wednesday. The automakers are considering the possibility of opening an assembly plant in the eastern Chinese city of Changshu, a BMW executive said, while declining to say what type of vehicles would be put together there. A venture with Great Wall would be BMWs second in China, the worlds largest auto market. It has a joint venture with local carmaker Brilliance China Automotive Holdings ( 1114.HK ). Foreign carmakers have to operate in the market with local partners. We are in discussions with Great Wall about setting up a JV to produce cars in Changshu, said the executive, who was not authorised to speak on the matter and declined to be identified. I dont know how far along we have gone nailing this deal, or whether the two companies have official central government approval for the venture, the person said. A BMW spokesman in China did not provide an immediate comment when contacted by Reuters. A Great Wall official declined to comment. Foreign automakers have recently announced a raft of investments and tie-ups in China, especially in electric vehicles. FILE PHOTO: A Great Wall Motors Haval hybrid vehicle is presented during the Auto China 2016 auto show in Beijing, China, April 29, 2016. REUTERS/Damir Sagolj/File Photo China wants electric and hybrid cars to make up at least a fifth of the countrys auto sales by 2025 and plans to loosen joint-venture regulations in the market. Tesla ( TSLA.O ), Ford Motor Co ( F.N ), Daimler AG ( DAIGn.DE ), and General Motors ( GM.N ) are among firms that have already announced plans for making electric vehicles in China. Great Wall, which in August expressed an interest in the Jeep brand of Italian-American automaker Fiat Chrysler Automobiles NVs ( FCHA.MI ), is one of Chinas largest car makers. Last month it struck a deal to secure supplies of lithium, a mineral key for developing electric vehicles. The firms Hong Kong-listed shares soared as much as 19.2 percent to their highest level in over two years, before paring some gains to stand up 14 percent in afternoon trade. Its Shanghai-listed shares ( 601633.SS ) were suspended from trading, pending an announcement. Brilliance China Automotives shares were down 2.76 percent. The BMW and Great Wall plans were first reported by Shanghai-based www.iautodaily.com earlier on Wednesday. Reporting by Adam Jourdan in SHANGHAI and Norihiko Shirouzu in BEIJING; Editing by Edwina Gibbs and Neil Fullick 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-great-wall-bmw/chinas-great-wall-motor-shares-jump-after-report-on-bmw-tie-up-idUKKBN1CG0FR'|'2017-10-11T10:50:00.000+03:00'|7622.0|''|-1.0|'' -7623|'9a594439c886ff3c5e146c912cd3eccb737d3479'|'Chevron approves new tech investment to raise output at North Sea field'|' 39 AM / Updated 13 minutes ago Chevron approves new tech investment to raise output at North Sea field Reuters Staff 2 Min Read (Reuters) - U.S. oil major Chevron ( CVX.N ) has approved an investment to increase output from its Captain oilfield by using a new water-injection technology for the first time in the North Sea, the company said on Friday. FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, in this April 25, 2013 file photo. REUTERS/Mike Blake/File Photo Six long-reach horizontal wells will be drilled in the 20-year-old field, around 90 miles northeast of Aberdeen. They are expected to raise the recovery rate 5 to 7 percent. Polymerised water will be injected into the fields oil reservoir, a new technique to tap oil reserves that are hard to reach with conventional drilling methods. It will be the first time the technology has been applied on this scale in the North Sea. The polymer injection wells will come on stream from 2018 to 2021, a spokeswoman said. She declined to disclose how much they would cost. Approving the investment for the first phase of project is an important milestone in the development of the technology, which we believe will improve the recovery rate from older fields and help extend the life of assets, said Greta Lydecker, managing director of Chevrons European upstream division. Chevron is the operator of the field and owns 85 percent of it. Dana Petroleum [KOILCD.UL] holds a 15 percent stake. Oil and gas output from Britains part of the North Sea has dropped since the turn of the century as old fields are depleted and investment in new projects dwindles. However, some oil companies, like Chevron, are investing in new technologies to reach resources that were previously unavailable, helping British oil and gas production to rise slightly over the past two years. Reporting by Karolin Schaps, editing by Larry King'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-chevron-northsea-captain/chevron-approves-new-tech-investment-to-raise-output-at-north-sea-field-idUKKBN1CP1A4'|'2017-10-20T13:38:00.000+03:00'|7623.0|''|-1.0|'' +7623|'9a594439c886ff3c5e146c912cd3eccb737d3479'|'Chevron approves new tech investment to raise output at North Sea field'|' 39 AM / Updated 13 minutes ago Chevron approves new tech investment to raise output at North Sea field Reuters Staff 2 Min Read (Reuters) - U.S. oil major Chevron ( CVX.N ) has approved an investment to increase output from its Captain oilfield by using a new water-injection technology for the first time in the North Sea, the company said on Friday. FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, in this April 25, 2013 file photo. REUTERS/Mike Blake/File Photo Six long-reach horizontal wells will be drilled in the 20-year-old field, around 90 miles northeast of Aberdeen. They are expected to raise the recovery rate 5 to 7 percent. Polymerised water will be injected into the fields oil reservoir, a new technique to tap oil reserves that are hard to reach with conventional drilling methods. It will be the first time the technology has been applied on this scale in the North Sea. The polymer injection wells will come on stream from 2018 to 2021, a spokeswoman said. She declined to disclose how much they would cost. Approving the investment for the first phase of project is an important milestone in the development of the technology, which we believe will improve the recovery rate from older fields and help extend the life of assets, said Greta Lydecker, managing director of Chevrons European upstream division. Chevron is the operator of the field and owns 85 percent of it. Dana Petroleum [KOILCD.UL] holds a 15 percent stake. Oil and gas output from Britains part of the North Sea has dropped since the turn of the century as old fields are depleted and investment in new projects dwindles. However, some oil companies, like Chevron, are investing in new technologies to reach resources that were previously unavailable, helping British oil and gas production to rise slightly over the past two years. Reporting by Karolin Schaps, editing by Larry King'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-chevron-northsea-captain/chevron-approves-new-tech-investment-to-raise-output-at-north-sea-field-idUKKBN1CP1A4'|'2017-10-20T13:38:00.000+03:00'|7623.0|11.0|0.0|'' 7624|'245680842b00852ffcabd1e40da8b8153e7daa3e'|'Qatar says would support output cut extension if needed - minister'|' 13 AM / Updated 9 minutes ago Qatar says would support output cut extension if needed - minister DOHA (Reuters) - Qatar energy minister Mohammed al-Sada said on Tuesday his country would support an extension of global oil output cuts if needed. FILE PHOTO - Qatar''s Minister of Energy Mohammed al-Sada gestures as he speaks to the media in Doha, Qatar February 8, 2017. REUTERS/Naseem Zeitoon A decision on whether to extend the cuts will be reviewed critically and if the conference sees the benefit of an extension, Qatar will support it, Sada told Reuters at an event in Doha, referring to a Nov. 30 OPEC meeting. Sada said compliance with agreed production cuts totalling 1.8 million barrels per day stood at 120 percent. That shows how committed OPEC and non-OPEC countries are towards implementing the agreement, he said, adding that the market was rebalancing. Reporting by Eric Knecht; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-oil-opec-qatar/qatar-says-would-support-output-cut-extension-if-needed-minister-idUKKBN1CT0VX'|'2017-10-24T11:12:00.000+03:00'|7624.0|''|-1.0|'' 7625|'28f91f1238603d7a9bcd4f3f281fe207f2e0424f'|'Union presses post-bankruptcy Caesars on benefits, worker protections'|'CHICAGO, Oct 11 (Reuters) - A union representing casino workers on Wednesday asked Caesars Entertainment Corps new board of directors to consider safety, protections against discrimination and other concerns during contract negotiations set to kick off next year.Caesars main operating unit last week exited a three-year, $18 billion bankruptcy. The company owns the Caesars Palace, Harrahs and Horseshoe brands with locations across the country but earns the majority of its operating profit in Las Vegas, where contracts expire on May 31, Unite Here said in a letter to the board seen by Reuters on Wednesday.Unite Here represents 20,000 union members who cook, clean and serve at Caesars hotels and casinos, including almost 14,000 Las Vegas workers.Employees ability to provide for their families was eroded following the 2008 leveraged buyout of Caesars and protracted bankruptcy proceedings, the union said. With the casino group on firmer financial footing, Unite Here said it wants to establish a new working relationship with the company.A Caesars spokesman said he had not yet seen the letter.The union in its letter also asked Caesars to come to the bargaining table with proposals on issues such as health care, training, retirement and safety.Las Vegas was the scene of the deadliest mass shooting in modern U.S. history on Oct. 1.The union also urged Caesars to provide additional protections against discrimination based on sexual orientation, gender identity and immigration status.U.S. President Donald Trump ended the Deferred Action for Childhood Arrivals program last month that protected those brought to the country illegally as children and is considering ending the Temporary Protected Status (TPS) program, which applies to more than 300,000 people.Unite Here said hundreds of employees on the Las Vegas Strip have TPS status, which allows nationals of certain countries already in the United States to remain and work there.Last August, billionaire investor Carl Icahn shut the Trump Taj Mahal casino after a bitter strike with Unite Heres Atlantic City chapter. The casino had already been struggling amid a broader gambling slowdown in the New Jersey beach resort.Caesars last week appointed a new board of directors to lead the reorganized company and is targeting expansion in the United States and abroad, though analysts have said it may be too late to catch up with rivals that spent years investing in high-growth markets in Asia. (Reporting by Tracy Rucinski; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/caesars-unions/union-presses-post-bankruptcy-caesars-on-benefits-worker-protections-idINL2N1ML22V'|'2017-10-11T14:22:00.000+03:00'|7625.0|''|-1.0|'' 7626|'527d5e27cbbae0666b9659873891059b5e536325'|'Russia, Saudi Arabia to set up $1 bln technology fund'|'LONDON, Oct 4 (Reuters) - Russia and Saudi Arabia plan to set up a $1 billion fund to invest in technology, the chief executive of a sovereign Russian wealth fund said on Wednesday.The joint venture is the latest in a series of deals expected to be signed during a visit to Russia by King Salman this week, the first to Moscow by a reigning Saudi monarch.Other deals include a $1 billion fund to invest in energy projects and Saudi investment in Russian toll roads, including a new one in Moscow to relieve congestion.Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF) said on a press call that the two countries would seek areas of synergy between Russia and Saudi Arabia and aim to exploit their unique technologies.He cited desalination technologies and energy efficiency for air conditioning, and also highlighted Russias largest tech company Yandex, which specialises in internet-related services and products.Yandex is an interesting company for us because it is already present in the Middle East and Turkey and it has a search engine that beats Google in the Russian market by a large margin, Dmitriev said.The fund will also look at relevant investments outside Russia and Saudi, he added.Saudi Arabias main sovereign wealth fund, the Public Investment Fund has already invested in the SoftBank Vision Fund, a technology-focused private equity fund established with the Japanese company and other big investors.Meanwhile, the RDIF has invested in Hyperloop One, which is developing an advanced transport system. (Reporting by Claire Milhench; Editing by Gareth Jones) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/russia-swf-tech/russia-saudi-arabia-to-set-up-1-bln-technology-fund-idINL8N1MF2WN'|'2017-10-04T10:28:00.000+03:00'|7626.0|''|-1.0|'' @@ -7700,7 +7700,7 @@ 7698|'1d57e2102a760eb3f79f401f355eb69a98bb392a'|'Britain''s Trinity Mirror sees better ad market, third quarter revenue falls 8 percent'|'October 9, 2017 / 6:20 AM / in 40 minutes Britain''s Trinity Mirror sees better ad market, third quarter revenue falls 8 percent Reuters Staff 1 Min Read LONDON (Reuters) - Trinity Mirror ( TNI.L ), publisher of the Daily Mirror tabloid, said on Monday it was seeing signs of stronger demand for advertising in its national titles as a decline in like-for-like revenue improved slightly in the last quarter. The company, which is in talks to buy rival titles from Northern & Shell, said group like-for-like revenue fell 8 percent in the third quarter, an improvement on the 9 percent decline in the first half. We are experiencing improving trends in nationally sourced print advertising revenues, though local advertising, particularly classified remain challenging and volatile, the company said. Reporting by Paul Sandle; editing by Kate Holton'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-trinity-mirror-outlook/britains-trinity-mirror-sees-better-ad-market-third-quarter-revenue-falls-8-percent-idUKKBN1CE0CY'|'2017-10-09T09:20:00.000+03:00'|7698.0|''|-1.0|'' 7699|'987e915840c6660673478483ddf6b7d609cf7682'|'Forecast-beating sales lift LVMH shares towards record high'|'October 10, 2017 / 7:11 AM / Updated 39 minutes ago Forecast-beating sales lift LVMH shares towards record high Reuters Staff 2 Min Read FILE PHOTO: A woman buys a Louis Vuitton bag in a shop in Singapore May 19, 2017. REUTERS/Thomas White/File Photo PARIS (Reuters) - Shares in LVMH ( LVMH.PA ) climbed towards record highs on Tuesday, after the worlds biggest luxury goods company reported stronger-than-forecast revenue growth for the third quarter. The shares were up 1.8 percent at 236.45 euros in early trading, near a record high of 239.65 euros reached in May. The stock was also the top performer on France''s benchmark CAC-40 .FCHI index, with the CAC slipping 0.1 percent, and its gains pushed up shares in other luxury goods companies, with Kering ( PRTP.PA ) advancing by 1.6 percent. While this likely will be read positively across the sector, we think this performance sets LVMH ever more firmly as one of the best performers of the industry, wrote JP Morgan analysts, keeping an overweight rating on LVMH shares. Deutsche Bank, Citigroup and Goldman Sachs also kept buy ratings on the shares. LVMH, home to labels such as Louis Vuitton, Christian Dior and Moet & Chandon champagne, reported on Monday that third-quarter like-for-like revenues, which strip out currency swings and acquisitions or disposals, grew 12 percent from a year earlier to 30.1 billion euros ($35.4 billion). That beat the 9 percent organic growth forecast in an analyst poll compiled for Reuters by Inquiry Financial and was in line with the previous quarter, in spite of a weaker showing by LVMHs spirits unit and a tricky foreign exchange climate. Given LVMHs size and diversity, the continued strong growth in 3Q despite tougher comparisons signals a positive demand environment amongst luxury consumers that is encouraging for the broader luxury sector, Goldman Sachs analysts wrote in a note. LVMH shares are up around 30 percent so far in 2017, beating an 11 percent gain on the STOXX Europe 600 Personal & Household Goods index .SXQP, which contains other luxury goods stocks. Reporting by Sudip Kar-Gupta; Editing by Dominique Vidalon and Mark Potter'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-lvmh-results/lvmh-shares-climb-to-near-record-highs-after-third-quarter-sales-rise-idUKKBN1CF0MP'|'2017-10-10T10:38:00.000+03:00'|7699.0|''|-1.0|'' 7700|'522f4e1e0bbe34f4345350a7b7b5cc1c3e6d351c'|'Barrick Gold''s Tanzania deal may set expensive precedent - shareholders'|'VANCOUVER, Oct 25 (Reuters) - Some mining investors are criticizing Barrick Gold for agreeing to Tanzanian demands in its proposed settlement of a dispute between its Acacia Mining unit and the Tanzanian government, saying this could embolden other host nations to press for bigger concessions from miners.Several shareholders said this week that by agreeing to hand Tanzania 50 percent of the economic benefits from Acacias three gold mines in the East African country, Barrick may have set the baseline for what nations may demand from global mining companies, possibly slowing mine development.Barrick, which owns 63.9 percent of Acacia, reached a framework deal last week with Tanzania under which Acacia would hand the state a 16 percent stake in each of its three in-country mines, part of the economic benefits, including taxes and royalties, that would go to the government. Acacia would also pay the government $300 million.The 50 percent is not a good precedent by any means for a very risky business, said Chris Mancini, an analyst at Gabelli Gold Fund, which owns shares in Barrick.Miners would generally want more than half the profits from mines to give them the incentive to build operations in geopolitically risky parts of the world, Mancini said.They are disincentivising development. Barricks really imperiling the rest of their operations. They are imperiling the industry, he said.Barrick, which is the worlds biggest gold producer and has operations on five continents, said the proposed agreement complies with Tanzanias new mining law, which requires the government to hold a stake in mining operations.That is not a concession, that is complying with the law, Barrick spokesman Andy Lloyd said.Tanzania was long seen as one of Africas brightest mining prospects but new laws have slowed fresh investment amid government efforts to claim a larger slice of the pie.It has accused Acacia of understating its gold shipments, serving it with a $190 billion bill for unpaid taxes and halting most of its exports.Barrick are showing a willingness to cave to ridiculous demands, said another Barrick shareholder who declined to be identified due to company policy.Lloyd said the alternative to an agreement, which requires Acacias approval, would be lengthy international arbitration. Barrick believed a partnership with the government would deliver better outcomes and greater stability for shareholders in the long run, he said.Barrick also owns mines in the Dominican Republic and Papua New Guinea, considered higher risk by investors. It has been teaming up with partners, as seen at its Veladero mine in Argentina and the Porgera mine in Papua New Guinea, to reduce risks.The settlement with Tanzania comes at a time of rising so-called resource nationalism, notably in countries such as Indonesia and Tanzania, in which host governments seek a bigger financial cut from mines.Some Barrick investors voiced confidence in the company.Barrick would likely walk away from a deal if it was too onerous or set an unwanted precedent, said Joe Foster, portfolio manager at Van Eck Associates, Barricks biggest shareholder. The company has shown a discipline to the bottom line that I believe they will respect, Foster said.And some investors said both mining companies and shareholders should get used to such demands from host nations.Some of the richest deposits are in some of the more difficult jurisdictions. It is something you have to be able to deal with and handicap as an investor, said Dan Denbow, senior portfolio manager at USAA Investments, another Barrick shareholder.He added that handing over 40 percent to 50 percent of economic benefits to a host government is not that unusual. (Reporting by Nicole Mordant in Vancouver; Editing by Frances Kerry) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/barrick-gold-acacia-shareholders/barrick-golds-tanzania-deal-may-set-expensive-precedent-shareholders-idINL2N1MZ1F4'|'2017-10-25T14:56:00.000+03:00'|7700.0|''|-1.0|'' -7701|'271db68af9551d2da038a0f5a5017c94e34a87a7'|'AT&T, Verizon, T-Mobile win $994 million U.S. defense contract: Pentagon'|'October 30, 2017 / 9:22 PM / in 15 minutes AT&T, Verizon, T-Mobile win $994 million U.S. defense contract: Pentagon Reuters Staff 1 Min Read WASHINGTON (Reuters) - AT&T Inc ( T.N ), Verizon Communications Inc ( VZ.N ) and T-Mobile US Inc ( TMUS.O ) are being awarded a U.S. defense contract worth $199 million for wireless services and devices, the Pentagon said on Monday. The AT&T logo is pictured during the Forbes Forum 2017 in Mexico City, Mexico, September 18, 2017. REUTERS/Edgard Garrido The contract will include a one-year base period and four one-year option periods which, if exercised, the total value of this contract will be $993.5 million, the Pentagon said. Reporting by Eric Beech; Editing by Eric Walsh'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-telecoms-pentagon/att-verizon-t-mobile-win-994-million-u-s-defense-contract-pentagon-idUSKBN1CZ2LO'|'2017-10-30T23:22:00.000+02:00'|7701.0|''|-1.0|'' +7701|'271db68af9551d2da038a0f5a5017c94e34a87a7'|'AT&T, Verizon, T-Mobile win $994 million U.S. defense contract: Pentagon'|'October 30, 2017 / 9:22 PM / in 15 minutes AT&T, Verizon, T-Mobile win $994 million U.S. defense contract: Pentagon Reuters Staff 1 Min Read WASHINGTON (Reuters) - AT&T Inc ( T.N ), Verizon Communications Inc ( VZ.N ) and T-Mobile US Inc ( TMUS.O ) are being awarded a U.S. defense contract worth $199 million for wireless services and devices, the Pentagon said on Monday. The AT&T logo is pictured during the Forbes Forum 2017 in Mexico City, Mexico, September 18, 2017. REUTERS/Edgard Garrido The contract will include a one-year base period and four one-year option periods which, if exercised, the total value of this contract will be $993.5 million, the Pentagon said. Reporting by Eric Beech; Editing by Eric Walsh'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-telecoms-pentagon/att-verizon-t-mobile-win-994-million-u-s-defense-contract-pentagon-idUSKBN1CZ2LO'|'2017-10-30T23:22:00.000+02:00'|7701.0|10.0|0.0|'' 7702|'3d63a6200c47fd1867f87336428231b8d42fc6f5'|'Gold miner Avocet revenue halves on lower output'|'October 2, 2017 / 7:26 AM / Updated 14 minutes ago Gold miner Avocet revenue halves on lower output Reuters Staff 2 Min Read (Reuters) - Gold miner Avocet Mining Plc ( AVM.L ) reported a 49 percent drop in first-half revenue as the West Africa-focused companys gold production declined. Total gold sold halved to 21,377 ounces in the six months ended June 30 from a year earlier, with an average price of $1,235 an ounce, compared with $1,213 last year, the company said. Restructuring discussion with the creditors of Avocet Minings unit that operates the Inata gold mine in Burkina Faso led to a halt in the mines production, the company said. The subsidiary is struggling to keep the mine operational after former workers seized a shipment of gold last year, and is facing possible insolvency after the expiry of a freeze on loan repayments. Avocet said it was reviewing security measures at the Inata mine, which produced 72,485 ounces of gold in 2016, after unknown attackers killed two paramilitary police officers and wounded two others in an assault on a convoy carrying fuel last week. Avocet reported a pretax loss of $5.5 million for the first half, compared with a profit of $3.9 million, a year ago. Revenue fell to $26.4 million in the period from $51.8 million. Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Amrutha Gayathri'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-avocet-mining-results/gold-miner-avocet-revenue-halves-on-lower-output-idUKKCN1C70ME'|'2017-10-02T10:24:00.000+03:00'|7702.0|''|-1.0|'' 7703|'c400440b23f7bc5cb9780fa7e3e579a85d55005d'|'Mediaset up 5 percent on report of Vivendi mulling 1 billion euros offer to settle pay-TV dispute'|'FILE PHOTO: A woman walks walk past the main entrance of the entertainment-to-telecoms conglomerate Vivendi''s headquarters in Paris, France, April 8, 2015. REUTERS/Gonzalo Fuentes/File Photo MILAN (Reuters) - Shares in Mediaset ( MS.MI ) rose more than 5 percent on Tuesday after a Bloomberg report said French media group Vivendi ( VIV.PA ) was considering making a cash and stock offer to settle its pay-TV dispute with the Italian broadcaster.Bloomberg said in a source-based report that Vivendi was considering giving Mediaset a compensation package that may be valued around 1 billion euros ($1.2 billion).The report also added that Mediasets Premium pay-TV unit could become part of a joint venture that is being set up between Vivendis own pay-TV arm Canal+ and Italian phone group Telecom Italia ( TLIT.MI ). Vivendi is the biggest shareholder in Telecom Italia with a 24 percent stake.Mediaset shares were up 3 percent by 1455 GMT, while Telecom Italia stock was down 1.3 percent.Reporting by Valentina Za, writing by Agnieszka Flak'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-mediaset-vivendi/mediaset-up-5-percent-on-report-of-vivendi-mulling-1-billion-euros-offer-to-settle-pay-tv-dispute-idUSKBN1CF235'|'2017-10-10T23:04:00.000+03:00'|7703.0|''|-1.0|'' 7704|'dfa3d6e2cafb607a5df7de3257f07d5332478852'|'Nigeria Senate to vote on motion to probe Etisalat Nigeria loans'|'ABUJA, Oct 24 (Reuters) - Nigerias parliament plans to vote on a motion to investigate the use of $1.2 billion in loans taken out by telecoms firm Etisalat Nigeria, now called 9mobile, a Senate order paper seen by Reuters showed on Tuesday.The motion if passed would mandate a Senate committee on banking and national security to handle the investigation, which it says would seek to forestall the impact of the debt crisis on foreign investment and hold defaulting parties liable. (Reporting by Paul Carsten, Camillus Eboh, Chijioke Ohuocha and Alexis Akwagyiram in Lagos; editing by Jason Neely) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/nigeria-9mobile/nigeria-senate-to-vote-on-motion-to-probe-etisalat-nigeria-loans-idINL8N1MZ3P0'|'2017-10-24T08:49:00.000+03:00'|7704.0|''|-1.0|'' @@ -7725,7 +7725,7 @@ 7723|'75dfd36876c52acb65b7e62753707dde3cb9dda1'|'Goldman CEO has high hopes for London HQ post-Brexit, much outside his control'|'Reuters TV United States October 30, 2017 / 12:44 PM / Updated 7 hours ago Goldman CEO has high hopes for London HQ post-Brexit, much outside his control Anjuli Davies 2 Min Read LONDON (Reuters) - Goldman Sachs ( GS.N ) chief executive Lloyd Blankfein expects to fill the firms new European headquarters which is currently under construction in London, but said Britains exit from the European Union left much outside the banks control. FILE PHOTO: Goldman Sachs Chairman and CEO Lloyd Blankfein speaks at the Bloomberg Global Business Forum in New York, U.S., September 20, 2017. REUTERS/Brendan McDermid In London. GS still investing in our big new Euro headquarters here. Expecting/hoping to fill it up, but so much outside our control. #Brexit, Blankfein tweeted on Monday, alongside a birds eye picture of the new building. The Wall Street bank is building a 1.1 million square foot office in London with initial occupancy slated for 2019 to house its 6,000 UK employees, but the firm needs to ensure it can still service its EU clients after Brexit and may have limited access to the EUs single market from Britain. Goldman also has flexibility to adjust the number of floors it takes in the new building, according to a source familiar with the situation, so it is not committed to occupying the entire office. That option was put in place prior to the Brexit vote. Earlier this month, Goldman said it had agreed to lease office space at a new building in Frankfurt, giving it space for up to 1,000 staff. That would be five times the current staff of 200 and see it bolstering activities including trading, investment banking and asset management. Blankfein sparked a wave of speculation earlier this month when he tweeted he was planning to spend a lot more time in Frankfurt. Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because Ill be spending a lot more time there. #Brexit, he tweeted on Oct. 19. Frankfurt is so far seen as the biggest beneficiary from Wall Street banks moving jobs out of London as a result of Brexit, with JPMorgan, Citi and Morgan Stanley all setting out plans to expand operations there. Reporting by Anjuli Davies; Editing Rachel Armstrong and Mark Potter'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-britain-eu-goldman-sachs/goldman-ceo-has-high-hopes-for-london-hq-post-brexit-much-outside-his-control-idUKKBN1CZ1HH'|'2017-10-30T15:06:00.000+02:00'|7723.0|''|-1.0|'' 7724|'172bcd262d7bccb1b70f6bf6483b3d0a5d3393b7'|'Phones4U tycoon John Caudwell claims former partner is ''amazing liar'' - Business'|'Phones4U billionaire John Caudwell has accused his former business partner and protg of being an amazing liar who presided over a reign of terror at the wealth management firm they co-founded before their close relationship soured .Caudwell told the high court on Monday that he had loved his former business partner, Nathalie Dauriac, but lost faith in her after allegedly discovering that she falsified 33,000 worth of expenses claims, including a personal trip to Mlaga and gifts for her family.Dauriac, a former Coutts banker, claims she was wrongly dismissed in 2014 from Signia Wealth, the financial management company that she co-founded with Caudwell, and should have received at least 12m for her stake in the business.Caudwell disputed Dauriacs claim that he manipulated her out of her job as boss of Signia Wealth and forced her to sell her 49% stake in the business worth 12m to him for just 2.Both parties deny the allegations made against them.Ms Dauriac is the most amazing liar Ive ever met in my life, said Caudwell. Shes Machiavellian and the vast majority of everything she says is a complete fabrication.He also accused Dauriac of making claims against him in court to ensure they would be publicly reported without risk of a defamation lawsuit. Nathalie Dauriac is claiming wrongful dismissal by Phones 4u billionaire founder John Caudwell. Photograph: Ben Cawthra/Rex/Shutterstock Caudwell said he had since been told by staff at Signia Wealth that she wielded a reign of terror in which she threatened to smear people who crossed her with allegations about drugs [and] illicit sex.Thomas Plewman QC, acting for Dauriac, questioned Caudwells claims that he had become concerned about her as early as 2013 after she alleged that a mutual business acquaintance had threatened to break her fingers.Caudwell said he found this hard to believe and was also concerned about her role as chief executive of Signia because of poor financial performance.Plewman pointed out that Caudwell increased the amount of his money held at the company from about 350m to more than 750m between 2013 and 2014, despite his apparent concerns.Caudwell said he had continued backing Dauriac out of misguided friendship.Plewman said Caudwell was making it up to suit your case, adding testimony that was not included in his witness statement.The entrepreneur and philanthropist, who banked more than 1.2bn in 2006 after selling the Phones4U business he started , previously told the court that his memory may be affected as he suffers from Lyme disease.Plewman told the court that trips that Dauriac and Caudwell took to the Seychelles and ski resort Vail, Colorado were not merely holidays as friends but also involved business discussions.He said this meant that some of Dauriacs expenses claimed for the trips were legitimate expenses incurred working for Signia, which is 51% owned by Caudwell and which also manages his personal wealth.Caudwell said he had invited Dauriac on holiday as a friend and had not wanted to talk business but that Dauriac could be quite forceful.Plewman said Dauriac would rather have spent holidays with her family but instead went abroad with Caudwell for business reasons that warranted the expense claims. Caudwell responded: Then why did she tell me that she loved me?Dauriac has previously said that she believes Caudwell ordered an investigation into her only after she raised concerns that he used false invoices to avoid VAT. Caudwell, a vocal critic of tax avoidance, strongly denies this. He also said that he believed his former protg had been trying to damage his reputation all over London. He said a friend had reported her as saying: Whats that arsehole John Caudwell doing stealing [Dauriacs] shares?The case continues.Topics UK news'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/oct/23/phones4u-tycoon-john-caudwell-claims-former-partner-is-amazing-liar'|'2017-10-23T22:03:00.000+03:00'|7724.0|''|-1.0|'' 7725|'f3a8aba86d1008fd74c072b77963baf0fe356c05'|'Brexit drives Belgium to set up English-language commerce court'|'October 27, 2017 / 12:58 PM / in 10 minutes Brexit drives Belgium to set up English-language commerce court Reuters Staff 2 Min Read BRUSSELS, Oct 27 (Reuters) - Belgium will set up an English-language commercial court to deal with disputes between international companies to make the most of Britains plan to leave the European Union. The Brussels International Business Court (BIBC) will seek to take on cases that are so far handled by British courts or international arbitration tribunals, the Belgian government said on Friday. Cases in Belgiums regular courts are heard in French or Dutch. The government said the demand for arbitration was likely to grow because of Brexit. The same Brexit means moreover that going to a court in London might not be an appropriate option, it said, without giving a date for the start of the English-language hearings. BIBC will be presided over by sector specialists and parties will have to agree in advance to let the court settle their differences. They will not be able to appeal against the decisions. The development of the European Union cannot be slowed down by Brexit. Our country uses this opportunity to offer a new judicial instrument, Belgian Prime Minister Charles Michel said in a statement. Some companies, such as Lloyds of London, the worlds largest specialty insurance market, have already picked Brussels as their European base in order to retain access to the EU market after Britain leaves the bloc in 2019. (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop and David Stamp)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-eu-belgium-court/brexit-drives-belgium-to-set-up-english-language-commerce-court-idUSL8N1N24VN'|'2017-10-27T15:57:00.000+03:00'|7725.0|''|-1.0|'' -7726|'39c4fd5582c2d2d1b693f364ec6ac12919e84d0e'|'UK financial watchdog investigates Equifax hacking'|'October 24, 2017 / 11:45 AM / Updated 22 minutes ago UK financial watchdog investigates Equifax hacking Reuters Staff 2 Min Read LONDON (Reuters) - Britains markets watchdog said it has opened an investigation into the hacking of U.S. credit reporting agency Equifax ( EFX.N ), which affected nearly 700,000 UK citizens. FILE PHOTO: Credit reporting company Equifax Inc. corporate offices are pictured in Atlanta, Georgia, U.S., September 8, 2017. REUTERS/Tami Chappell/File Photo The Financial Conduct Authority announces today that it is investigating the circumstances surrounding a cybersecurity incident that led to the loss of UK customer data held by Equifax Ltd on the servers of its U.S. parent, the watchdog said in a statement on Tuesday. This statement is made given the public interest in these matters. The announcement follows a letter from Nicky Morgan, chair of the House of Commons Treasury Committee to the watchdog, asking if Equifax had violated terms of its licence to operate in the country, and whether the regulator had the power to compel the company to provide compensation to UK consumers. Equifax has said that 15.2 million records on British citizens were involved in the breach, including sensitive data on what it said were 693,665 individuals, for whom credit protection services were offered. The UK data accessed by unknown hackers included credit accounts, user credentials, partial credit card details and driver licence numbers. The remaining 14.5 million records contained names and birth dates of UK consumers were potentially compromised, the company disclosed. Equifax first revealed in September it had been the target of a massive data breach which hit around 143 million people, mostly in the United States. Reporting by Huw Jones; Editing by Rachel Armstrong and David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-equifax-regulator/uk-financial-watchdog-investigates-equifax-hacking-idUKKBN1CT1L6'|'2017-10-24T14:48:00.000+03:00'|7726.0|''|-1.0|'' +7726|'39c4fd5582c2d2d1b693f364ec6ac12919e84d0e'|'UK financial watchdog investigates Equifax hacking'|'October 24, 2017 / 11:45 AM / Updated 22 minutes ago UK financial watchdog investigates Equifax hacking Reuters Staff 2 Min Read LONDON (Reuters) - Britains markets watchdog said it has opened an investigation into the hacking of U.S. credit reporting agency Equifax ( EFX.N ), which affected nearly 700,000 UK citizens. FILE PHOTO: Credit reporting company Equifax Inc. corporate offices are pictured in Atlanta, Georgia, U.S., September 8, 2017. REUTERS/Tami Chappell/File Photo The Financial Conduct Authority announces today that it is investigating the circumstances surrounding a cybersecurity incident that led to the loss of UK customer data held by Equifax Ltd on the servers of its U.S. parent, the watchdog said in a statement on Tuesday. This statement is made given the public interest in these matters. The announcement follows a letter from Nicky Morgan, chair of the House of Commons Treasury Committee to the watchdog, asking if Equifax had violated terms of its licence to operate in the country, and whether the regulator had the power to compel the company to provide compensation to UK consumers. Equifax has said that 15.2 million records on British citizens were involved in the breach, including sensitive data on what it said were 693,665 individuals, for whom credit protection services were offered. The UK data accessed by unknown hackers included credit accounts, user credentials, partial credit card details and driver licence numbers. The remaining 14.5 million records contained names and birth dates of UK consumers were potentially compromised, the company disclosed. Equifax first revealed in September it had been the target of a massive data breach which hit around 143 million people, mostly in the United States. Reporting by Huw Jones; Editing by Rachel Armstrong and David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-equifax-regulator/uk-financial-watchdog-investigates-equifax-hacking-idUKKBN1CT1L6'|'2017-10-24T14:48:00.000+03:00'|7726.0|11.0|0.0|'' 7727|'14dd0e6fdba9b1b5a654de54bceee83cad91b6bf'|'Merck to cut 1,800 U.S. sales jobs, add 960 jobs in chronic care'|'October 20, 2017 / 4:16 PM / Updated 38 minutes ago Merck to cut 1,800 U.S. sales jobs, add 960 in chronic care Deena Beasley 2 Min Read (Reuters) - Drugmaker Merck & Co Inc ( MRK.N ), moving to a new sales team structure in the United States, plans to cut 1,800 sales positions, while adding 960 jobs to a new chronic care sales force, the company said on Friday. The logo of Merck is pictured in this illustration photograph in Cardiff, California April 26, 2016. REUTERS/Mike Blake/Illustration/File Photo Three of Mercks U.S. sales teams will be cut: primary care, disease-focused endocrinology and hospital chronic care, spokeswoman Claire Gillespie said in an emailed statement. The aim is to better support changes in our business in the United States, she said. The spokeswoman said Mercks new chronic care team will focus on diabetes drug Januvia, as well as other primary care products such as sleep medication Belsomra, and products for respiratory conditions and womens health. She noted that Mercks pipeline also has potential new candidates in primary care - for Alzheimers disease, asthma, chronic cough and heart failure. Mercks stock was little changed in midday trading on the New York Stock Exchange, at $63.78. Earlier this month, Merck said it would not seek regulatory approval for once-promising cholesterol drug anacetrapib after disappointing trial results. Last month, the drugmaker discontinued developing an experimental drug combination for chronic hepatitis C, as competition rises and patient population shrinks. The company has previously written off an earlier hepatitis C program. Other pharmaceutical companies have also downsized. Eli Lilly & Co ( LLY.N ) earlier this month said it would lay off about 8 percent of its employees as the drugmaker, which has suffered setbacks over the past year in the development of two potential blockbuster drugs, works to cut costs. Merck said none of the jobs being eliminated are being moved outside of the United States. Reporting By Deena Beasley; Editing by Dan Grebler'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-merck-layoffs/merck-to-cut-1800-u-s-sales-jobs-add-960-jobs-in-chronic-care-idUKKBN1CP26S'|'2017-10-20T19:11:00.000+03:00'|7727.0|''|-1.0|'' 7728|'0d29c4ce4ba0417000bcd95bbba6f99c1c411086'|'VW CEO says unaware of price fixing in cartel investigation'|'Reuters TV United States October 25, 2017 / 8:50 AM / in 16 minutes VW CEO says unaware of price fixing in cartel investigation Reuters Staff 1 Min Read STUTTGART, Germany (Reuters) - Volkswagen ( VOWG_p.DE ) has no information that price fixing was part of the alleged collusion between German carmakers, chief executive Matthias Mueller said. FILE PHOTO: Volkswagen CEO Matthias Mueller attends the opening of the Frankfurt Motor Show (IAA) in Frankfurt, Germany September 11, 2017. REUTERS/Kai Pfaffenbach The European Commission on Monday widened an investigation and searched the premises of Volkswagen (VW) and Daimler ( DAIGn.DE ) on suspicion they had conspired to fix prices in diesel and other technologies over several decades. The alleged secret committees set up by German carmakers discussed standardization issues, Mueller said on Thursday at an auto-industry conference hosted by Germanys Handelsblatt newspaper in Stuttgart. Separately, Mueller said VW can live well with a Chinese compromise on electric vehicle quotas. To combat air pollution, China wants electric and hybrid cars to make up at least a fifth of the countrys auto sales by 2025 and plans to loosen joint-venture regulations to achieve its aim. Reporting by Ilona Wissenbach. Writing by Andreas Cremer'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-volkswagen-cartel/vw-ceo-says-unaware-of-price-fixing-in-cartel-investigation-idUKKBN1CU0YR'|'2017-10-25T11:48:00.000+03:00'|7728.0|''|-1.0|'' 7729|'315798fbd384177439f6c8742707939684049812'|'Tesla moves closer to deal to build cars in China'|'October 22, 2017 / 2:54 PM / Updated 11 minutes ago Tesla moves closer to deal to build cars in China Joseph White , Norihiko Shirouzu 3 Min Read (Reuters) - Electric car maker Tesla Inc ( TSLA.O ) said on Sunday it is talking with the Shanghai municipal government to set up a factory in the region and expects to agree on a plan by the end of the year. FILE PHOTO: Tesla Model 3 cars are seen as Tesla holds an event at the factory handing over its first 30 Model 3 vehicles to employee buyers at the companys Fremont facility in California, U.S. on July 28, 2017. Courtesy Tesla/Handout via REUTERS China levies a 25 percent duty on sales of imported vehicles and has not allowed foreign automakers to establish wholly owned factories in the country, the worlds largest automaker. Those are problems for Tesla, which wants to expand its presence in Chinas growing electric vehicle market without compromising its independence or intellectual property. Chinas government has considered allowing foreign automakers to set up wholly owned factories in free trade zones in part to encourage more production of electric and hybrid vehicles - which the government calls new energy vehicles - to meet ambitious sales quotas. Tesla would still have to pay a 25 percent duty on cars built in a free trade zone, but it could lower its production costs. Tesla is working with the Shanghai Municipal Government to explore the possibility of establishing a manufacturing facility in the region to serve the Chinese market. As weve said before, we expect to more clearly define our plans for production in China by the end of the year, a Tesla spokesperson said in a statement emailed to Reuters. Tesla said in June it was beginning talks with Shanghai. The Wall Street Journal reported that Tesla and the Shanghai government have already reached a deal in that citys free trade zone. Shanghai is Chinas de facto automotive capital and a significant market for luxury vehicles of all kinds. Chinese internet company Tencent Holdings Ltd( 0700.HK ) has a five percent stake in Tesla and is seen as a potential ally for Teslas efforts to enter the Chinese market. It was unclear if the Chinese government will conclude a deal with Tesla to coincide with U.S. President Donald Trumps visit next month. Tesla Chief Executive Elon Musk has said the company eventually will need vehicle and battery manufacturing centers in Europe and Asia. Tesla is wrestling with production problems at its sole factory, in Fremont, California. It is trying to accelerate output of its new Model 3 sedan, but conceded earlier this month that production bottlenecks had held third-quarter production to just 260 vehicles, well short of the 1,500 previously planned. Reporting by Joe White and Nori Shirouzu; Editing by Dan Grebler'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-tesla-china-factory/tesla-moves-closer-to-deal-to-build-cars-in-china-idUKKBN1CR0ME'|'2017-10-22T17:50:00.000+03:00'|7729.0|''|-1.0|'' @@ -7741,7 +7741,7 @@ 7739|'80a57e3cd7b633b60f6e0e789139b517aaffa56c'|'Brazil''s JBS withdraws plan for U.S. processed food unit IPO'|'October 16, 2017 / 8:30 PM / a few seconds ago Brazil''s JBS withdraws plan for U.S. processed food unit IPO Guillermo Parra-Bernal , Jake Spring 3 Min Read The logo of Brazilian meatpacker JBS SA is seen in the city of Jundiai, Brazil June 1, 2017. Picture taken June 1, 2017. REUTERS/Paulo Whitaker SAO PAULO/BRASILIA (Reuters) - JBS SA ( JBSS3.SA ) has pulled a planned $500 million U.S. initial public offering of processed food subsidiary JBS Foods International BV, almost six months after a spree of corruption and food safety scandals in Brazil hurt investor demand for the deal. In a Friday filing with the U.S. Securities and Exchange Commission, JBS Foods International requested a withdrawal of the IPO. While neither company gave a new timetable for the IPO, JBS said in a statement to Reuters that a U.S. listing of JBS Foods is the best way possible to maximize shareholder value. Parent JBS and the processed food subsidiary first announced plans for a U.S. offering on Dec. 5. So Paulo-based JBS, the worlds No. 1 meatpacker, reaffirmed plans to list the subsidiary in August, saying a transaction could take place by the end of next year. The proposal for the JBS Foods International IPO was first put to test in March, after a scandal over an alleged bribery of health officials triggered bans on Brazilian meat exports. Two months later, two members of the family that controls JBS agreed to a plea bargain deal in Brazil relating to a corruption probe. A collapse of the plan is a setback for Brazils billionaire Batista family, which owns 42 percent of JBS and saw the IPO as a way to improve JBSs global standing. The transaction was seen as a way to help decouple JBSs businesses from Brazil -- where reputational issues have impaired share performance in recent months. Reuters reported in March and in May, shortly after the food safety and corruption scandals, respectively, that JBS would press ahead with the $1 billion IPO plan despite dwindling investor confidence. Common shares ( JBSS3.SA ) fell 0.6 percent to 8.60 reais on Monday. The stock is down 25 percent so far this year. Brothers Wesley and Joesley Batista were arrested last month in connection with insider trading and other offenses related to their plea deal. Wesley, the elder of them and also JBSs former chief executive, quit as a result. Both brothers will face trial for carrying out stock and foreign exchange transactions based on knowledge of their plea deal, a federal court confirmed on Monday. Both have been charged last week on the same case. Both Batistas worked personally on the refinancing of 21 billion reais ($6.7 billion) in short-term debt of JBS and spearheaded the sale of several assets. ($1 = 3.1562 reais) Editing by Steve Orlofsky and Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-jbs-usa-ipo/brazils-jbs-withdraws-plan-for-u-s-processed-food-unit-ipo-idUKKBN1CL1KN'|'2017-10-16T23:24:00.000+03:00'|7739.0|''|-1.0|'' 7740|'45da63c945b5b8267c2372a6f5648f2436bf8732'|'Creditors win closely watched appeal in Momentive bankruptcy'|'WILMINGTON, Del., Oct 20 (Reuters) - A U.S. appeals court in New York on Friday ruled in favor of senior creditors who had contested interest rates imposed on them during the bankruptcy of silicone maker Momentive Performance Materials, reversing a decision that had sparked alarm among lenders.The ruling by the 2nd U.S. Circuit Court of Appeals found the U.S. Bankruptcy Court in White Plains, New York, erred by not using market rates to determine the interest paid on new notes Momentive forced on holders of about $1.25 billion of secured notes.The replacement notes carried much lower rates, which were set by the court using a formula developed in a consumer bankruptcy case involving a subprime loan for a used truck.Secured creditors opposed getting notes with below-market interest and argued they were not getting the full value of their claim. Their appeal led to Fridays ruling.Lenders and bankruptcy lawyers had warned that the lower court ruling ramped up the risk in financing distressed companies. They also argued it gave struggling companies more leverage when negotiating with lenders because they could essentially threaten to impose new loans on them with below-market rates.Momentive, owned by Apollo Global Management, filed for bankruptcy in 2014. Apollo continues to own 40 percent of the company, according to securities filings, and the case bolstered Apollos reputation as a savvy investor that is willing to test legal boundaries.The case now goes back to U.S. Bankruptcy Judge Robert Drain, who was directed to determine if a market interest rate exists for the replacement notes, and if it does, to apply that rate.The Loan Syndications and Trading Association, which urged the Appeals Court to overturn the Momentive ruling, welcomed the decision.A Momentive spokesman did not immediately respond to a request for comment.Momentive filed for an initial public offering in September and said in a securities filing that a loss on the interest rate issue in the 2nd Circuit could reduce its liquidity and could increase interest costs.Holders of the secured notes had said a market rate would have led to an additional payment from Momentive of at least $150 million, according to the Appeals Court opinion.Following the ruling, Momentives notes due 2021 traded to a record high of 104.75 cents on the dollar on Friday, up over 2 points from their latest trade on Wednesday, according to MarketAxess data. (Reporting by Tom Hals in Wilmington, Delaware; Additional reporting by Davide Scigliuzzo in New York; Editing by Leslie Adler) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/momentive-bankruptcy-ruling/creditors-win-closely-watched-appeal-in-momentive-bankruptcy-idINL2N1MV1J2'|'2017-10-20T18:13:00.000+03:00'|7740.0|''|-1.0|'' 7741|'9a087f9704e4442e6c9ed3d4b5390234281a09bf'|'Samsung Electronics shares fall 3 percent, easing from record-high on profit-taking'|' 19 AM / a minute ago Samsung Electronics shares fall 3 percent, easing from record-high on profit-taking Reuters Staff 1 Min Read The logo of Samsung Electronics is seen at its office building in Seoul, South Korea South Korea, October 11, 2017. REUTERS/Kim Hong-Ji SEOUL (Reuters) - Shares of Samsung Electronics Co Ltd extended losses on Thursday, easing from a record-high reached on Tuesday due to profit-taking. Samsung Electronics shares fell as much as 3.2 percent to their lowest intraday level since Oct. 10. Reporting by Hyunjoo Jin and Dahee Kim 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-samsung-elec-shares/samsung-electronics-shares-fall-3-percent-easing-from-record-high-on-profit-taking-idUKKBN1CO0G1'|'2017-10-19T08:17:00.000+03:00'|7741.0|''|-1.0|'' -7742|'7095aea425e5a0932af8222781a832ee793cae15'|'UPDATE 1-Hiscox expects $225 mln net claims from hurricanes Harvey, Irma'|'October 2, 2017 / 6:37 AM / Updated an hour ago UPDATE 1-Hiscox expects $225 mln net claims from hurricanes Harvey, Irma Reuters Staff 3 Min Read (Adds CEO comment, details, background) Oct 2 (Reuters) - Lloyds of London underwriter Hiscox Ltd estimated on Monday that it would face net claims totalling about $225 million from Harvey and Irma, as insurers and reinsurers count the cost of the hurricanes. The company said that despite continuing uncertainty around the losses from Harvey and Irma, the estimates were within its modelled range of claims for events of this nature and that it still had depth of cover in its reinsurance business. Hiscox had previously estimated that it would see net claims of about $150 million from Hurricane Harvey. Harvey lashed Texas causing flooding that put it on the scale of Hurricane Sandy in 2012 and Irma, one of the most powerful Atlantic storms on record, ravaged several islands in the northern Caribbean, before moving into Floridas Gulf Coast. The Lloyds of London insurance market has forecast that it expects net losses for the market of $4.5 billion from the two hurricanes. Hiscox Chief Executive Bronek Masojada said the storms meant insurance and reinsurance rates were on an uptrend, impacting rates in affected areas and specific sectors. After a number of years of rate reductions, we are starting to see price corrections, most acutely in affected lines such as large property insurance and catastrophe reinsurance, which we expect to spread to non-affected lines, he said. Industry experts have said that some big reinsurers could be tipped into the red this year, following Hurricane Maria, the third major hurricane of the past few weeks, which caused an island-wide power outage in Puerto Rico. The outage will mean a surge in insurance claims for lost business income that will increase the already high cost of damage caused by Maria. Last week, rival Lloyds insurer Beazley said it reckoned that its losses from hurricanes Harvey, Irma and Maria in the Caribbean and southern United States and a series of earthquakes in Mexico would reduce its 2017 earnings by about $150 million. Hiscox is set to publish its third-quarter interim trading statement on November 7. (Reporting by Esha Vaish in Bengaluru; editing by Carolyn Cohn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/hiscox-outlook/update-1-hiscox-expects-225-mln-net-claims-from-hurricanes-harvey-irma-idUSL8N1MD0TH'|'2017-10-02T09:37:00.000+03:00'|7742.0|''|-1.0|'' +7742|'7095aea425e5a0932af8222781a832ee793cae15'|'UPDATE 1-Hiscox expects $225 mln net claims from hurricanes Harvey, Irma'|'October 2, 2017 / 6:37 AM / Updated an hour ago UPDATE 1-Hiscox expects $225 mln net claims from hurricanes Harvey, Irma Reuters Staff 3 Min Read (Adds CEO comment, details, background) Oct 2 (Reuters) - Lloyds of London underwriter Hiscox Ltd estimated on Monday that it would face net claims totalling about $225 million from Harvey and Irma, as insurers and reinsurers count the cost of the hurricanes. The company said that despite continuing uncertainty around the losses from Harvey and Irma, the estimates were within its modelled range of claims for events of this nature and that it still had depth of cover in its reinsurance business. Hiscox had previously estimated that it would see net claims of about $150 million from Hurricane Harvey. Harvey lashed Texas causing flooding that put it on the scale of Hurricane Sandy in 2012 and Irma, one of the most powerful Atlantic storms on record, ravaged several islands in the northern Caribbean, before moving into Floridas Gulf Coast. The Lloyds of London insurance market has forecast that it expects net losses for the market of $4.5 billion from the two hurricanes. Hiscox Chief Executive Bronek Masojada said the storms meant insurance and reinsurance rates were on an uptrend, impacting rates in affected areas and specific sectors. After a number of years of rate reductions, we are starting to see price corrections, most acutely in affected lines such as large property insurance and catastrophe reinsurance, which we expect to spread to non-affected lines, he said. Industry experts have said that some big reinsurers could be tipped into the red this year, following Hurricane Maria, the third major hurricane of the past few weeks, which caused an island-wide power outage in Puerto Rico. The outage will mean a surge in insurance claims for lost business income that will increase the already high cost of damage caused by Maria. Last week, rival Lloyds insurer Beazley said it reckoned that its losses from hurricanes Harvey, Irma and Maria in the Caribbean and southern United States and a series of earthquakes in Mexico would reduce its 2017 earnings by about $150 million. Hiscox is set to publish its third-quarter interim trading statement on November 7. (Reporting by Esha Vaish in Bengaluru; editing by Carolyn Cohn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/hiscox-outlook/update-1-hiscox-expects-225-mln-net-claims-from-hurricanes-harvey-irma-idUSL8N1MD0TH'|'2017-10-02T09:37:00.000+03:00'|7742.0|6.0|0.0|'' 7743|'bf8fdc7c18c88727f98ad1c609c5211dbcbd2ce8'|'High Noon.com: Battle for Saudi e-commerce market begins'|'October 15, 2017 / 10:26 AM / Updated 20 minutes ago High Noon.com: Battle for Saudi e-commerce market begins Katie Paul 5 Min Read RIYADH (Reuters) - In Saudi Arabia, a kingdom where postal codes are rarely used, most people pay in cash, and shopping is done in giant air-conditioned malls, building an online retail business is no easy task. But two powerfully-backed companies are trying to do just that, betting a young, tech-savvy population will eventually deliver up a large slice of the Arab worlds largest consumer market. After months of delays, Noon.com launched in the United Arab Emirates (UAE) on Oct. 1 and said it would enter the Saudi market within the coming weeks. That will start a race for dominance in a largely untapped market against Dubai-based Souq.com, which is already present in Saudi Arabia and poised for expansion after its acquisition this year by Amazon ( AMZN.O ). Both companies are well armed for the fight. Investors in Noon.com, including Dubai billionaire Mohamed Alabbar and Saudi Arabias sovereign wealth fund, have put $1 billion into the project. The business also plans to leverage existing assets from Alabbars Emaar Malls, Aramex delivery service and Namshi and JadoPado online marketplaces. Souq.com was known as the Amazon of the Middle East even before its purchase by the worlds biggest online retailer, having built up a following and brand relationships since its launch in 2005. Amazon and Souq.com will benefit from early-mover advantage in our view, said Josh Holmes, a consumer analyst at market researcher BMI. But with online sales in Saudi Arabia expected to surge to $13.9 billion by 2021 from a projected $8.7 billion this year, he said there would be plenty for Noon.com to play for. While the rivalry between Amazon/Souq and Noon.com will be intense, we believe there is more than enough room for both players to thrive in Saudi Arabia and the wider region, Holmes said. SEA CHANGE FOR COMMERCE Shifting retail online would be a sea change for commerce in the Middle East, where internet sales now represent less than two percent of total retail, twelve times less than in the United Kingdom, according to a Boston Consulting Group report. In Saudi Arabia, which has lagged behind regional leader the UAE, it is only 0.8 percent of the total, and both Noon.com and Souq.com will have to adapt to the particular challenges of the market to prosper. One is getting deliveries right. Currently, delivery companies in Saudi Arabia regularly ask for landmarks rather than addresses, with drivers often requesting WhatsApped locations. Then there is payment. With less than half the population owning credit cards, e-commerce businesses often have to offer cash on delivery options, increasing their risks. There are other dangers too. High unemployment among the kingdoms millennials could cap spending power in the long term. Yet analysts point to the young population, high rate of technology adoption and high-quality transport networks as reasons for optimism. Some companies are already thriving. E-commerce now represents more than 40 percent of logistics provider DHLs inbound parcel business into Saudi Arabia, said country general manager Faysal ElHajjami, forecasting this would continue to grow. Start-ups are also developing ways to accommodate the kingdoms last-mile delivery quirks. Dubai-based Fetchr, for example, operates an app that allows users to identify their location by using GPS, like Uber. We realised nobody in Saudi really has a formal address, but everybody has a smart phone attached to their hip, said co-founder Joy Ajlouny, speaking with partner Idriss Al Rifai. Over the last year, Fetchr has grown its presence in the kingdom from three to 84 cities, with plans to tackle another 25 by the end of the year, and now employs about 1,000 people. Ajlouny and Rifai estimate market growth of 20 to 30 percent per year over the next five years, but caution that a five percent value added tax, planned for introduction next year across the Gulf, could check that forecast. As planned, the tax would be applied each time a product crosses a border, they said, which could be a 15 percent total by the time a customer receives the parcel and 20 percent if he or she decided to return it. It would be a huge hindrance, said Ajlouny. Everybody is talking about the growth of e-commerce, but this would completely cripple that growth. Reporting by Katie Paul; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-saudi-retail-ecommerce/high-noon-com-battle-for-saudi-e-commerce-market-begins-idUKKBN1CK0DN'|'2017-10-15T13:26:00.000+03:00'|7743.0|''|-1.0|'' 7744|'e70f9cfb58709ef654ec9ba4d327480f55704d50'|'China speculators target ''Huning'' elevator firm on political namesake''s promotion'|'October 25, 2017 / 9:16 AM / Updated 11 minutes ago China speculators target ''Huning'' elevator firm on political namesake''s promotion Reuters Staff 3 Min Read SHANGHAI (Reuters) - A little-known Chinese elevator maker saw its Shenzhen-listed shares surge the maximum 10 percent on Wednesday. China''s Politburo Standing Committee member Wang Huning attends a plenary session of China''s National People''s Congress (NPC) at the Great Hall of the People in Beijing, China March 8, 2017. Picture taken March 8, 2017. REUTERS/Jason Lee The reason? The companys name resembles that of Wang Huning, a Chinese Communist Party theoretician who was elevated on Wednesday to Chinas apex of power. The frenzied buying in Hangzhou Huning Elevator Parts Co ( 300669.SZ ), whose business has nothing to do with Wang, offers the latest example of the enduring influence of short-term speculators, despite regulators stepped-up campaign against pump and dump trading. The government is introducing more foreign institutional investors, hoping they can help improve the trading culture in the countrys stock market - sometimes likened to a casino. U.S. index publisher MSCI will include China A-shares in its global indexes next year. But Wednesdays surge in Huning Elevator shows that many investors still pick stocks merely by name, not fundamentals. This is pure speculation, spurred by irrational euphoria. It has nothing to do with fundamentals, said Yang Hai, analyst at Kaiyuan Securities. Heady investors who chased the stock will be burnt. Trading in Huning Elevator was calm in the morning, but that changed after the Communist Party revealed around midday its new Politburo Standing Committee, the countrys top policy-making body. The seven-man unit included Wang, a one-time law professor from Shanghai who has risen steadily up the partys ranks but mostly operated behind the scenes. When the stock resumed trading in the afternoon, a buying spree pushed it up the maximum 10 percent. It gave up some gains in afternoon trading and closed up 6 percent. The elevator maker, which cannot be immediately reached for comment, forecast roughly flat nine-month profit on Oct. 13. Name-based stock-picking is not uncommon in China, especially during major political events. Last November, when news headlines pointed to a likely presidential election win for Donald Trump, shares in Wisesoft Co Ltd ( 002253.SZ ) - whose Chinese name sounds like Trumps big win - surged, while Yunan Xiyi Industrial ( 002265.SZ )- whose Chinese name bears resemblance to Aunt Hillary - slumped. And when Barack Obama won the U.S. presidential election in 2008, speculators piled into home appliances maker Aucma Co Ltd ( 600336.SS ), which sounds roughly like the Chinese pronunciation of Obama. Some listed firms in China even took advantage of speculators preference for sexy names. In 2015, property developer Shanghai Duolun Industry ( 600696.SS ) changed its name to P2P Financial Information Services Co, in an apparent attempt to tap into investors mania toward fin tech at the time, triggering a surge in its shares, before the bubble burst. Reporting by Samuel Shen and John Ruwitch; Editing by Sam Holmes'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-congress-stock-speculation/china-speculators-target-huning-elevator-firm-on-political-namesakes-promotion-idUKKBN1CU120'|'2017-10-25T12:15:00.000+03:00'|7744.0|''|-1.0|'' 7745|'6dec008d83f1d2c2b83356b2cbff432c5d3f274a'|'FTSE scales two-month peak'|'October 6, 2017 / 9:07 AM / in 25 minutes FTSE at two-month peak as sterling falters Kit Rees , Julien Ponthus 3 Min Read FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett/File Photo - RC125F2CFE80 LONDON (Reuters) - British shares edged higher on Friday and held to their highest level in two months as political uncertainties linked to Theresas Mays premiership pushed the pound lower, giving a boost to dollar-earning groups such as pharma stocks. The FTSE 100 index .FTSE closed 0.2 percent up at 7,522.87 points, with Britain''s pound on track for its worst week in a year as the Prime Minister hit back at a plot to topple her, saying she would provide "calm leadership" to the country. The talk of a leadership plot against the Prime Minister is eroding the pounds value and propping up the FTSE 100, CMC Markets analyst David Madden wrote in a note to clients. Last month sterling strength helped the FTSE 100 to post a slight decline for September, but the currency has since been losing steam and the index has posted its biggest one-week gain since December last year. Health stocks, which source a sizeable chunk of their revenue from the United States, were among the biggest gainers. Heavyweights GlaxoSmithKline ( GSK.L ) and AstraZeneca ( AZN.L ) rose by about 0.3 percent and 1 percent respectively. British American Tobacco ( BATS.L ) was up 1.6 percent and Imperial Brands ( IMB.L ) advanced by 0.2 percent. Shares in budget airline easyJet ( EZJ.L ) dropped by 1.6 percent, the biggest FTSE 100 faller, after a price target cut from broker Credit Suisse. The airline also posted a mixed pre-close update, with analysts pointing to pricing pressures despite easyJet reporting a record summer and saying that it expects to reach the higher end of its profit range. Revenue trends are improving, but pricing remains under pressure, Liberum analysts said in a note. Credit Suisse analysts saw some supportive factors, however. With Monarchs failure, Air Berlins break-up, Alitalias administration and Ryanair capacity cuts, we expect this confluence of positives must help EZJ (easyJet) pricing, they said in a note. Shares in building materials company CRH ( CRH.L ) fell by 1.3 percent after its offer for U.S. Ash Grove Cement Co ( ASHG.PK ) was surpassed. Reporting by Kit Rees and Julien Ponthus; Editing by Keith Weir and David Goodman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-stocks/ftse-scales-two-month-peak-idUKKBN1CB0XV'|'2017-10-06T12:06:00.000+03:00'|7745.0|''|-1.0|'' @@ -7769,13 +7769,13 @@ 7767|'fd6f973859916758d051ff9b92e2077f575d10ad'|'Amazon and Alphabet cheer stock markets by smashing forecasts - business live'|'Close Skip to main content switch to the International edition switch to the UK edition switch to the US edition switch to the Australia edition current edition: International edition The Guardian - Back to home become a supporter subscribe find a job jobs sign in my account Comment activity Edit profile Email preferences Change password Sign out news opinion sport arts life All sections news headlines world news UK news science cities global development tech business environment obituaries opinion opinion home the guardian view columnists cartoons opinion videos letters sport sport home football rugby union cricket tennis cycling F1 golf US sports arts culture home books music tv & radio art & design film games classical stage life lifestyle home fashion food recipes love & sex health & fitness home & garden women family travel money What term do you want to search? Search with google become a supporter subscribe Sign in/up my account Comment activity Edit profile Email preferences Change password Sign out International edition switch to the UK edition switch to the US edition switch to the Australia edition jobs dating holidays the guardian app video podcasts pictures newsletters today''s paper the observer digital archive crosswords Facebook Twitter jobs dating holidays business economics banking money markets eurozone b2b more sign in Comment activity Edit profile Email preferences Change password Sign out become a supporter subscribe search jobs dating more from the guardian: dating jobs change edition: switch to the UK edition switch to the US edition switch to the AU edition International edition switch to the UK edition switch to the US edition switch to the Australia edition The Guardian - Back to home home business markets eurozone economics banking retail home UK world sport football opinion culture business selected lifestyle fashion environment tech travel browse all sections close Business Business live US GDP growth beats forecasts; tech giants drive Nasdaq to record high as it happened Rolling coverage of a crucial growth report on the US economy, after strong results from Americas tech giants cheer the marketsUS economy grew by 3% (annualised) in Q3. Consumer spending and business investment drove growth Exports also rose, and businesses expanded their inventories Tech rally sends Nasdaq to new record high Amazon and Alphabet smashed forecasts yesterday Updated Traders on the floor of the New York Stock Exchange. Photograph: Richard Drew/AP Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme Wearden Friday 27 October 2017 16.46 BST First published on Friday 27 October 2017 08.32 BST Key events Show 4.46pm BST 16:46 European markets close higher, but Spain slides 4.14pm BST 16:14 Chart: Nasdaq''s record high 3.58pm BST 15:58 Oil hits two-year high 3.41pm BST 15:41 Greek PM faces criticism over F16 fighter deal 2.53pm BST 14:53 Amazon and Alphabet''s shares spike over $1,000 1.48pm BST 13:48 US GDP: Snap reaction 1.40pm BST 13:40 US GDP: The key details Live feed Show 4.46pm BST 16:46 European markets close higher, but Spain slides And finally, European stock markets have closed higher - but Spain has bucked the trend as the Catalan crisis escalates further. Britains FTSE 100 closed 18 points higher at 7505, while the French CAC and German DAX both gained around 0.7%. Consumer-focused companies did well, as did oil firms following the jump in Brent crude to a two-year high .Americas solid growth report reassured investors that the global economy is in decent shape.But, Spains IBEX closed down 1%, as traders are spooked by this afternoons declaration of independence by MPs in Catalonia - which is likely to lead to Madrid imposing direct rule.Spain imposes direct rule after Catalonia votes to declare independence Read more David Madden of CMC Markets says:The political outlook is very uncertainty, and investors are getting more nervous by the minute. Investors will be reluctant to hold Spanish stocks over the weekend, for fear we could see a repeat of the violence that took place on the referendum day.Sigma Squawk (@SigmaSquawk) EUROPEAN CLOSING REPORT: Spanish IBEX and Euro drop as Catalan parliament votes for independence . . . pic.twitter.com/lPOKBwZBqR October 27, 2017 Over on Wall Street, though, the Nasdaq continues to hit new highs.Heres a reminder of why, from CMC Markets:Alphabet revealed a 24% jump in third quarter profits to $27.8 billion and earnings per share (EPS) jumped by 5.6% to $9.57, easily exceeding the $8.33 analysts were expecting. The core advertising business and the other operations are performing well, but investors are as bit concerned about the rising costs. Cost per click fell by 18% and traffic acquisition costs exceeded dealers forecasts. Alphabet is still pouring more money and resources into its cloud division, and this is an area that has huge growth potential. The tock is up over 5% today.Amazon registered a 34% jump in revenue to $43.7 billion and that compared with the forecast of $42.14. The EPS came in at 52 cents, which smashed the estimate of 3 cents. Amazon saw sales in North America jump by 35%, the rest of the world saw sales rise by 29%. Amazon Web Services (AWS) posted a 42% jump in sales it is the most profitable division in the company. Amazon is expanding in the cloud commuting, and it is proving to be successful. The share price has gained 11% today.And, thats probably all for today. Thanks for reading and commenting. GW Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 4.29pm BST 16:29 This is a great fact:John Authers (@johnauthers) Stunning factoid: Combined market cap increase in AMZN, GOOG and MSFT so far today, of $141bn, is up with total market cap of IBM ($143bn).October 27, 2017 By my reckoning, Amazon is now valued at around $546bn, Microsoft is worth $650bn and Alphabet has a market capitalisation of some $723bn.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 4.21pm BST 16:21 Amazons share price has now surged by 11%, raising the chances that Jeff Bezos will overtake Bill Gates and become the worlds richest person. Align Technology, the dental equipment firm, is keeping Amazon off the top spot, though, after posting its own record results yesterday .The top risers on the Nasdaq today Photograph: Thomson Reuters Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 4.14pm BST 16:14 Chart: Nasdaq''s record high Heres a chart showing the rise, and fall, and rise again of the technology-focused Nasdaq over the last two decades:The Nasdaq, from 1997-2007 Photograph: Thomson Reuters Updated at 4.14pm BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 4.03pm BST 16:03 This rally in the oil price will cheer the Opec cartel, who have been restricting production in an attempt to push prices higher. But...it may also persuade rival producers, such as Americas shale industry, to increase their own output.It is also likely to push inflation up globally, once it pushes up fuel and energy prices.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.58pm BST 15:58 Oil hits two-year high Boom! Brent crude has pushed over $60 per barrel for the first time since July 2015.Javier Blas (@JavierBlas2) #BREAKING : Brent crude #oil hits $60 a barrel for first time since July 2015 #OOTT #OPEC pic.twitter.com/xBObjq4Qe2 October 27, 2017 Updated at 3.59pm BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.50pm BST 15:50 Anyone who bought tech stocks at the depths of the last recession, in 2009, is sitting on some massive profits:Charlie Bilello (@charliebilello) The combined market cap of $AAPL , $GOOGL , $MSFT , and $AMZN ...March 9, 2009: $327 billionToday: $2.734 trillion pic.twitter.com/D0l7w3Euqp October 27, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.41pm BST 15:41 Greek PM faces criticism over F16 fighter deal Helena SmithGreek Prime Minister Alexis Tsipras giving a thumbs up inside an Air Force fighter jet F16 earlier this month Photograph: ANTREA BONETTI / GREEK PRIME MINISTERS PRESS OFFICE / HANDOUT/EPA Over in Greece prime minister Alexis Tsipras has attempted to quash heated speculation the his government is about to cut a 2.4bn deal with the Washington to upgrade its F16 fighter planes .Helena Smith reports from Athens Addressing parliament the leftist leader insisted that no agreement had as yet been reached, saying it is still under negotiation. Far from being a 2.4bn deal the government had a ceiling of 1.1bn Tsipras insisted.The Greek prime minister has come under fierce attack for the deal initially announced by U.S president Donald Trump during Oval Office talks last week.Senior members of Tsipras own Syria part have deplored the deal, calling it outrageous that so much should be spent on a military agreement when the debt stricken country could ill afford ambulances and basic equipment in schools because of budget restraints.Trump had said the 2.4bn deal would be a job creator in the United States.Tsipras himself recently checked out Greeces air capabilities, when flew in an F16 fighter during a visit to the military airport of Larissa earlier this month...Photograph: ANTREA BONETTI / GREEK PRIME MINISTERS PRESS OFFICE / HANDOUT/EPA Updated at 3.41pm BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.21pm BST 15:21 Heres some more expert reaction to the news that the US economy grew faster than expected in the last quarter :Neil Birrell, Chief Investment Officer at Premier Asset Management: The US GDP data released today shows that the economy is stronger than expected. It grew at 3% in the third quarter against consensus expectations of 2.6%.The hurricanes made consumer spending hard to predict but overall they do not seem to have had a negative impact on growth. Inflationary pressures also look higher than expected, but the rate is still well below the Feds target. This news is positive for the Dollar and expectations for an interest rate increase will be on the up as well. Overall, the US economy is performing well.Charlie Bilello of Pension Partners points out that the current recovery has been slower than previous expansions, although its also lasted a long time....Charlie Bilello (@charliebilello) This has been the slowest growth expansion in history but also the smoothest, w/ real GDP in a very narrow range. Up 2.3% over past yr. pic.twitter.com/tpUs5lz0rN October 27, 2017 Charlie Bilello (@charliebilello) U.S. Expansion hits 99 months - if continues 2 more years will be longest in history. Real GDP remains at 2.2%. pic.twitter.com/n8oAVunGki October 27, 2017 Nancy Curtin, chief investment officer at Close Brothers Asset Management, says the US has shrugged off the devastation of the hurricane season. In spite of the obstacles thrown in its path by two devastating hurricanes, the US economy is flying at a fair clip. We may even see this accelerate in the last part of the year as economic activity that was hit by hurricanes Harvey and Irma recovers, and in the longer-term, we should see infrastructure investment in the areas most heavily affected.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.04pm BST 15:04 The Nasdaq index of tech stocks has jumped by 1.8% in early trading, to a new all-time high. Amazon, Microsoft , Alphabet (Googles parent company) and Intel are all among the top risers.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.53pm BST 14:53 Amazon and Alphabet''s shares spike over $1,000 BREAKING: Tech stocks are rallying hard on Wall Street. Amazons shares have spiked by over 8% at the start of trading in New York, following last nights impressive financial results . That takes them back over the $1,000 mark.Investors are impressed that Amazon achieved earnings of 52 cents a share, way ahead of forecasts of 3 cents a share.Alphabet has also opened strongly, gaining almost 5%, after it also beat revenue and earnings forecasts . Traders are also driving Microsoft and Intels shares higherPhotograph: Bloomberg TV Daniel Ives, head of technology research at GBH Insights, explains why Wall Street is so impressed:We would characterize last nights Amazon September results as a Picasso-like quarter with the company handily beating all metrics across the board, Last nights quarter ... is another feather in Bezos cap.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.38pm BST 14:38 Back in Europe, Spanish government bonds are being sold off after the Catalan parliament voted to declare independence. Madrids stock market is also suffering, with the IBEX index of leading shares plunging by 2% as the crisis in the region escalates further.Peter Hoskins (@PeterHoskinsTV) Spains IBEX share index slides as #Catalan parliament votes to implement independence pic.twitter.com/1J48AV7GGX October 27, 2017 My colleagues Sam Jones and Stephen Burgen report from Barcelona:The Catalan parliament has voted to establish an independent republic in defiance of the Spanish government, which is expected to fire the regions president and impose direct rule within the next few hours.On Friday afternoon, Catalan MPs voted for independence by a margin of 70 votes to 10. Two ballot papers were blank. The proposal, brought by the regions ruling Together for Yes coalition and their far-left allies the CUP party, was bitterly attacked by oppostion MPs who boycotted he vote....Catalan parliament votes to declare independence from Spain Read more Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.28pm BST 14:28 Donald Trump will surely be pleased by todays GDP report , as it shows Americas economy has grown at a healthy rate on his watch. But....how long will it last? Capital Economics predicts that GDP will accelerate next year, if the US president delivers on his tax and spending plans. But it could then slow sharply in 2019.Paul Ashworth, their chief US economist, explains:GDP growth for 2017 as a whole is currently tracking at around 2.1% and, assuming we see a modest fiscal stimulus in early 2018, we expect GDP growth to accelerate to 2.5% next year, even after allowing for a more aggressive pace of monetary tightening.As the stimulus wears off and the cumulative monetary tightening begins to bit, however, 2019 could be a very different story. We expect GDP growth to slow to only 1.5%.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.03pm BST 14:03 Americas economy has now posted two successive quarters of 3% annualised growth, for the first time in three years. US GDP Photograph: BEA Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.00pm BST 14:00 The Bureau of Economic Analysis says that Americas growth in the last quarter came from personal consumption expenditures (PCE), private inventory investment, nonresidential fixed investment, exports, and federal government spending.But residential fixed investment and state and local government spending both had a negative impact on growth.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.49pm BST 13:49 The US dollar is strengthening, as Wall Street traders calculate that this solid growth raises the chances of an interest rate rise in December: Katherine Greifeld (@kgreifeld) Dollar''s good week just got better with 3Q GDP +3% pic.twitter.com/hkm4M5UQ7O October 27, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1 of 3 Newest Newer Older Oldest Topics Business Business live Amazon Microsoft Technology sector Alphabet Google'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/live/2017/oct/27/amazon-alphabet-tech-giants-smash-forecasts-us-gdp-economy-growth-trump-business-live'|'2017-10-27T03:00:00.000+03:00'|7767.0|''|-1.0|'' 7768|'c957166588ad137b83ca437019c0ffa451f5b1e3'|'Kobe Steel plant is under inspection by Japan ministry: Kyodo'|'TOKYO (Reuters) - Japanese authorities are conducting safety checks at a Kobe Steel Ltd aluminium plant that supplied components for a domestically built aircraft and seeking to inspect other plants owned by the embattled company.FILE PHOTO: A man walks past the signboard of Kobe Steel at the group''s Tokyo headquarters in Tokyo, Japan October 10, 2017. REUTERS/Issei Kato/File Photo Kobe Steels revelations of widespread tampering in the specifications of its products have sent a chill through global supply chains for cars, trains, airplanes and other equipment. While no safety issues have been identified, the company is the subject of a U.S. Department of Justice inquiry and has said it is losing customers.The inspection of Kobe Steels Daian plant in central Japan was focusing on the safety of components being used in Mitsubishi Regional Jet (MRJ) passenger aircraft being developed by Mitsubishi Heavy Industries Ltd, Transport Minister Keiichi Ishii told reporters on Tuesday.As a country of design and manufacturing, we have an unmistakable commitment to safety, Ishii said. We want to be absolutely sure of product safety as the MRJ heads towards mass production.The repeatedly delayed MRJ is central to the Japanese governments plans to revive an aerospace industry dismantled after World War Two. The aircraft has yet to enter service.Products with fabricated data have been used in the aircraft, a spokeswoman for Mitsubishi Heavy said on Tuesday, adding no safety issues have been found. There is no impact on testing schedules for the MRJ, she said.MORE CHECKS Japans industry minister also said on Tuesday he was seeking checks on other plants run by Japans third-largest steelmaker to see whether they were in compliance with statutory industrial standards.Industry minister Hiroshige Seko told reporters he asked companies that certify whether manufacturers comply with Japanese Industrial Standards (JIS) to consider rechecking all Kobe Steel plants that have the certification.Twenty Kobe Steel plants, including some overseas, are certified under JIS, an industry ministry official told Reuters by phone. The ministry can carry out its own inspections if Kobe Steel does not open its plants to the certification companies, he said.A Kobe Steel spokesman said on Tuesday the company is cooperating with the transport ministry inspection and will allow certification companies to carry out their checks if requested.One of the plants is already being checked, Kobe Steel said on Friday, when it revealed it had found more data fabrication and an attempt to cover up tampering.Kobe Steel admitted this month it falsified specifications on the strength and durability of aluminium, copper and steel products, along with materials for optical disks.The falsifications stretch back for more than 10 years, and the company last week said it had lost some customers to competitors because of the widespread tampering.Kobe Steel may drop its earnings forecast when it announces its first-half results next week, a senior executive told reporters late on Monday.The company is forecasting net profit of 35 billion yen for the year through March, 2018, after two consecutive annual losses. It is due to announce earnings for the April-September half on Oct 30.The company is considering dropping the forecast or revising it to take into account the known impact of the scandal, the executive said.Kobe Steel shares, which have fallen nearly 40 percent since the scandal broke, closed up 0.9 percent on Tuesday. The main Nikkei index was up 0.5 percent.Additional reporting by Ritsuko Shimizu, Kentaro Hamada and Ami Miyazaki; Writing by Aaron Sheldrick; Editing by Stephen Coates and Raju Gopalakrishnan '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/kobe-steel-scandal/kobe-steel-plant-is-under-inspection-by-japan-ministry-kyodo-idINKBN1CT00V'|'2017-10-24T03:25:00.000+03:00'|7768.0|''|-1.0|'' 7769|'15fd664474939200e123f6c67c8d9667493f17d5'|'Exxon Mobil''s profit jumps 50 percent on higher oil, natgas prices'|'October 27, 2017 / 12:15 PM / Updated 9 minutes ago Exxon Mobil''s profit jumps 50 percent on higher oil, natgas prices Reuters Staff 1 Min Read HOUSTON (Reuters) - Exxon Mobil Corp ( XOM.N ), the worlds largest publicly-traded oil producer, said on Friday its quarterly profit jumped 50 percent on higher crude and natural gas prices. The Exxon Mobil gas station in Denver, Colorado United States July 28, 2017. REUTERS/Rick Wilking The company posted net income of $3.97 billion(3.03 billion), or 93 cents per share, in the third quarter, compared to $2.65 billion, or 63 cents per share, in the year-ago period. Exxon said Hurricane Harvey, which tore through the U.S. Gulf Coast region in August, dented quarterly earnings by 4 cents per share. Production rose about 2 percent to 3.9 million barrels of oil equivalent per day. Reporting by Ernest Scheyder; Editing by Paul Simao'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-exxon-results/exxon-mobils-profit-jumps-50-percent-on-higher-oil-natgas-prices-idUKKBN1CW1N1'|'2017-10-27T15:14:00.000+03:00'|7769.0|''|-1.0|'' -7770|'951e84c605e99635689a50362eb4c81223aa6492'|'Japan ministry says unauthorised staff certified cars at five Nissan plants'|'October 6, 2017 / 2:33 AM / Updated an hour ago Japan ministry says unauthorised staff certified cars at five Nissan plants Reuters Staff 1 Min Read FILE PHOTO: A Nissan logo is seen at a car dealership in Ciudad Juarez, Mexico May 30, 2017. Picture taken May 30, 2017. REUTERS/Jose Luis Gonzalez/File Photo TOKYO (Reuters) - Japanese Transport Minister Keiichi Ishii said on Friday that unauthorised technicians had been found certifying vehicles at five Nissan Motor Co ( 7201.T ) plants that the ministry has been inspecting. The unauthorised technicians included contract workers, Ishii told a news conference. Its extremely regrettable, causing anxiety for users and shaking the foundation of the certification system, he said. The ministry said it has carried out spot inspections at all of Nissans six assembly plants in Japan and found stamps of certified technicians were used at five plants on documents to sign off final vehicle checks conducted by non-certified technicians. Nissan has decided to recall all 1.2 million new passenger cars it sold in Japan over the past three years after discovering final vehicle inspections were not performed by authorised technicians. Ishii said Nissan was expected to file the recall with the ministry on Friday afternoon. Reporting by Maki Shiraki; Editing by Michael Perry'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-nissan-recall/japan-transport-minister-says-unauthorised-technicians-certified-cars-at-five-nissan-plants-idUKKBN1CB06O'|'2017-10-06T06:32:00.000+03:00'|7770.0|''|-1.0|'' +7770|'951e84c605e99635689a50362eb4c81223aa6492'|'Japan ministry says unauthorised staff certified cars at five Nissan plants'|'October 6, 2017 / 2:33 AM / Updated an hour ago Japan ministry says unauthorised staff certified cars at five Nissan plants Reuters Staff 1 Min Read FILE PHOTO: A Nissan logo is seen at a car dealership in Ciudad Juarez, Mexico May 30, 2017. Picture taken May 30, 2017. REUTERS/Jose Luis Gonzalez/File Photo TOKYO (Reuters) - Japanese Transport Minister Keiichi Ishii said on Friday that unauthorised technicians had been found certifying vehicles at five Nissan Motor Co ( 7201.T ) plants that the ministry has been inspecting. The unauthorised technicians included contract workers, Ishii told a news conference. Its extremely regrettable, causing anxiety for users and shaking the foundation of the certification system, he said. The ministry said it has carried out spot inspections at all of Nissans six assembly plants in Japan and found stamps of certified technicians were used at five plants on documents to sign off final vehicle checks conducted by non-certified technicians. Nissan has decided to recall all 1.2 million new passenger cars it sold in Japan over the past three years after discovering final vehicle inspections were not performed by authorised technicians. Ishii said Nissan was expected to file the recall with the ministry on Friday afternoon. Reporting by Maki Shiraki; Editing by Michael Perry'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-nissan-recall/japan-transport-minister-says-unauthorised-technicians-certified-cars-at-five-nissan-plants-idUKKBN1CB06O'|'2017-10-06T06:32:00.000+03:00'|7770.0|10.0|0.0|'' 7771|'1366b07e0ff4432246fdf091e07008f76cb9d3ba'|'Saudi Aramco in talks to shelve IPO - FT'|'October 13, 2017 / 5:27 PM / in 36 minutes Saudi Aramco in talks to shelve international IPO - Financial Times Reuters Staff 2 Min Read A view shows Saudi Aramco''s Manifa oilfield, Saudi Arabia January 22, 2015. Picture taken January 22, 2015. Saudi Aramco/Handout via REUTERS (Reuters) - Saudi Aramco is considering shelving plans for an international public offering in favour of a private share sale to world sovereign funds and institutional investors, the Financial Times reported, citing people familiar with the matter. Talks for a private sale to foreign governments, including China, and other investors have gathered pace in recent weeks, according to the report. ( on.ft.com/2gBheCT ) The company is still looking to list its shares on Saudi Arabias Tadawul exchange next year if it pursues the private sale, the report said. No final decision has yet been made and an international listing could still occur next year, the FT reported. A range of options, for the public listing of Saudi Aramco, continue to be held under active review. No decision has been made and the IPO process remains on track, a Saudi Aramco spokesman said. Saudi Aramco had formally appointed JPMorgan Chase & Co ( JPM.N ), Morgan Stanley ( MS.N ) and HSBC ( HSBA.L ) as international financial advisers for its initial public offering, sources familiar with the matter had told Reuters in March. Both JPMorgan and Morgan Stanley declined to comment. A plan to list Aramco in 2018 was on track, senior Saudi officials had said in Moscow earlier this month. Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Shounak Dasgupta and Martina D''Couto 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-saudiaramco-ipo/saudi-aramco-in-talks-to-shelve-ipo-ft-idUKKBN1CI2H9'|'2017-10-13T20:43:00.000+03:00'|7771.0|''|-1.0|'' 7772|'da053a5356dbf180e891726cdce503894b0fc58f'|'Ready meals firm Bakkavor prepares $2 billion London listing'|'October 10, 2017 / 9:29 AM / Updated an hour ago Ready meals firm Bakkavor prepares $2 billion London listing Reuters Staff 3 Min Read LONDON (Reuters) - Ready meals supplier Bakkavor plans to list at least a quarter of its shares on the London Stock Exchange in early November, in a deal that sources say could value it at up to 1.5 billion pounds ($2 billion). The company, which counts Marks & Spencer ( MKS.L ), Waitrose and Tesco ( TSCO.L ) as major customers, said on Tuesday it aimed to raise around 100 million pounds from issuing new shares and would also sell part of the stakes held by U.S. hedge fund Baupost and Icelandic founders Agust and Lydur Gudmundsson. London is seeing a pick up in listings, with this years total already far outpacing 2016 when volatility caused by Britains vote to leave the European Union caused a number of initial public offerings (IPO) to be postponed or canceled. Over the past week, half a dozen companies have announced plans to list on Londons main market, between them aiming to raise as much as $3.7 billion, compared with around $4 billion in the third quarter. These include Dutch business services firm TMF Group and Russias En+ Group, which is launching an IPO in London and Moscow, testing investors appetite for Russian assets three years after Western countries imposed sanctions on Moscow over its role in the Ukraine crisis. [nASM000ER2] [nL8N1MG0Q3] Bakkavor, which is using the IPO to reduce its leverage and make more investments, generated revenues of almost 1.8 billion pounds and pretax profits of 63.1 million pounds last year. It started as a cod roe manufacturer and exporter before the Gudmundsson brothers expanded the business with acquisitions financed with debt, borrowings that meant the company was swept up in Icelands financial crisis before it eventually restructured and attracted new investors. [nL8N1MD5FR] The company has also appointed Simon Burke as its independent non-executive chairman, replacing Lydur Gudmundsson, who co-founded the business 31 years ago and will remain a non-executive director. Burke, a former accountant, was previously the chairman and chief executive of Hamleys, the worlds oldest toy shop which under his leadership was sold to Icelandic firm Baugur in 2003. Baugur later collapsed and Hamleys is currently owned by Chinese retailer C. Banner. HSBC ( HSBA.L ) and Morgan Stanley ( MS.N ) are leading the IPO process. Barclays ( BARC.L ), Citigroup ( C.N ), Rabobank and Peel Hunt are also working on the deal. ($1 = 0.7594 pounds) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-bakkavor-group-ipo/ready-meals-firm-bakkavor-prepares-2-billion-london-listing-idINKBN1CF0ZL'|'2017-10-10T07:29:00.000+03:00'|7772.0|''|-1.0|'' 7773|'d493a0493519082ba3fcd4d2c7db847e8d94d329'|'Asia stocks edge up, await China GDP, dollar rises as yields spike'|'October 19, 2017 / 1:00 AM / in 5 minutes Stocks dip but off session lows, U.S. Treasury yields fall Chuck Mikolajczak , Stephanie Kelly 4 Min Read The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, October 17, 2017. REUTERS/Staff/Remote NEW YORK (Reuters) - World stock markets slipped from a record high on Thursday after a flurry of tepid corporate earnings reports but were off session lows as Wall Street pared losses, while demand for safe-haven assets pushed U.S. Treasury yields lower. Signs of poor demand for Apples iPhone 8 dragged each of the major Wall Street indexes down a day after the Dow Industrials cracked the 23,000 barrier for the first time. Shares of Apple ( AAPL.O ) fell 2.5 percent to $155.78. Clearly, Apple is one of the biggest contributors every year when it comes to earnings, so you have to keep an eye on it, said Andres Garcia-Amaya, CEO at Zoe Financial in New York. More important, one of the things I am going to be keeping an eye on this season is the breadth of earnings beats. In other words, is it just coming from one sector or is it coming from across a number of sectors. Of the 11 major S&P sector groups, technology .SPLRCT, off 0.52 percent, was the biggest drag. Traders were marking 30 years to the day since the 1987 Black Monday stock market crash, although many market participants considered another such crash unlikely. The Dow Jones Industrial Average .DJI fell 19.61 points, or 0.08 percent, to 23,137.99, the S&P 500 .SPX lost 1.56 points, or 0.06 percent, to 2,559.7 and the Nasdaq Composite .IXIC dropped 30.59 points, or 0.46 percent, to 6,593.64. European shares notched their largest drop in two months on concerns over political upheaval in Spain and after disappointing results from large companies such as Unilever, Frances Publicis and Germanys Kion. Spains central government said it would suspend Catalonias autonomy and impose direct rule after the regions leader threatened to go ahead with a formal declaration of independence if Madrid refused to hold talks. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.60 percent and MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.10 percent. Madrid''s IBEX .IBEX ended down 0.74 percent, after dropping as much as 1 percent. Also putting a damper on risk appetite was data from China, which showed economic growth cooled slightly to 6.8 percent in the third quarter from a year earlier, compared with the second quarters 6.9 percent. Other data showed Chinas industrial output rose a stronger-than-expected 6.6 percent in September, while retail sales also outperformed. But property sales fell for the first time in over two years. In addition, Peoples Bank of China Governor Zhou Xiaochuan spoke of the risks of a Minsky moment in the economy, referring to a sudden collapse in asset prices sparked by debt or currency pressures. The dollar index .DXY fell 0.15 percent after touching a six-day low of 93.055, with the euro EUR= up 0.41 percent to $1.1835. Benchmark 10-year notes US10YT=RR last rose 6/32 in price to yield 2.3196 percent, from 2.339 percent late on Wednesday. Reporting by Chuck Mikolajczak; Editing by Bernadette Baum and Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-markets/asia-stocks-edge-up-await-china-gdp-dollar-rises-as-yields-spike-idUKKBN1CO037'|'2017-10-19T03:53:00.000+03:00'|7773.0|''|-1.0|'' 7774|'ab07f40d12c023dca50c05c6ee98d9c1370d04c7'|'Suncor reports better-than-expected third quarter profit'|'CALGARY, Alberta, Oct 25 (Reuters) - Suncor Energy Inc , Canadas second-largest energy producer, reported a higher-than-expected third-quarter profit on Wednesday due to record oil sands production and strong refinery output.The Calgary-based company reported net earnings of C$1.289 billion ($1.01 billion), or 78 Canadian cents per share in the three months ended Sept. 30. In the year-prior quarter net earnings were C$392 million, or 24 Canadian cents per share.Suncors operating profit, which excludes one-time items, was C$867 million, or 52 Canadian cents per share, in the third quarter, from C$346 million, or 21 Canadian cents per share, in the year-ago period.Analysts had predicted earnings of 36 Canadian cents per share, according to Reuters data.Suncor produced a quarterly record of 739,900 barrels of oil equivalent per day in the third quarter of 2017, up from 728,100 boepd in the same period a year earlier.Refinery throughput was 466,800 barrels per day, compared to 465,600 bpd in the year-prior quarter. ($1 = 1.2800 Canadian dollars) (Reporting by Nia Williams; Editing by Sandra Maler) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/suncor-energy-results/suncor-reports-better-than-expected-third-quarter-profit-idINL2N1N100Q'|'2017-10-25T22:22:00.000+03:00'|7774.0|''|-1.0|'' 7775|'b6c25680805f11b90228703c0045bd782875d02b'|'Thyssenkrupp unions fear loss of rights in Tata deal structure'|'October 5, 2017 / 7:09 PM / Updated an hour ago Thyssenkrupp unions fear loss of rights in Tata deal structure Reuters Staff 2 Min Read A man wears a helmet with glasses attached during a Thyssenkrupp steel workers protest rally in Bochum, Germany, September 22, 2017, against the planned combination of the group''s European steel operations with those of Tata Steel. REUTERS/Wolfgang Rattay BERLIN (Reuters) - Labor bosses at Germanys Thyssenkrupp ( TKAG.DE ) said workers legal say in strategic decisions at the corporate level could be diluted in the planned holding structure for the new venture with Indias Tata Steel ( TISC.NS ). The two firms agreed last month to merge their European steel operations to create the continents second-biggest steelmaker after ArcelorMittal ( MT.AS ) with combined sales of about 15 billion euros ($17.55 billion). The venture would be based in Amsterdam. Unions at Thyssenkrupp have opposed the deal and are concerned more steel jobs may go in the long term in addition to as many as 4,000 job losses already announced as part of the merger. In a statement published late on Thursday, the German groups works council welcomed a pledge by chief executive Heinrich Hiesinger to stand by workers so-called co-determination rights but were skeptical about how this would play out under the joint ventures future holding structure. Co-determination in the coal and steel industries gives equal numbers of labor and capital representatives on company supervisory boards and is seen as key to winning over workers. What worries us is that through the planned move of the holding (company) of a potential joint venture to the Netherlands, existing co-determination structures in the group will be undermined, labor leaders said. The strategic decisions that are taken in such a holding (company) would in this case be largely removed from the legitimate exertion of influence by labor representatives, staff leaders and unions, they said, adding that preserving co-determination in a future venture with Tata would be their fervent wish. Reporting by Andreas Cremer; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-thyssenkrupp-tata-steel-workers/thyssenkrupp-unions-fear-loss-of-rights-in-tata-deal-structure-idUKKBN1CA2HD'|'2017-10-05T22:06:00.000+03:00'|7775.0|''|-1.0|'' -7776|'a3fe9d85b2cdb6ace111fe57a502dbe2c63b1d26'|'HomeServe steps up U.S. push with Dominion Energy deal'|'LONDON (Reuters) - British home repairs provider HomeServe is stepping up its expansion in the United States by buying Dominion Energys home services unit, which has 500,000 customers across 16 states.The company said it would raise up to 125 million pounds ($165 million) in a share placing to fund the deal, which has an enterprise value of $143 million. That also gives it the firepower to do more, with opportunities in the United States, its European markets and in new regions such as Latin America.It gets us closer to our medium-term target, which is to be marketing to 80 million households (in the U.S.), and to get 10 percent of those signed up to cover, Chief Executive Richard Harpin said in an interview.The deal gives HomeServe access to 7.1 million additional households in 16 states in the mid-Atlantic region, he said.Harpin said its U.S. operations could achieve a 20 percent net profit margin, generating $160 million of profit a year in the medium term, which is more money than the whole group made last year.He said the group could have funded the deal from its existing finances and debt, but it was raising equity because it had a really exciting pipeline of acquisition opportunities in the United States, Britain and France, and could potentially enter markets such as Latin America.HomeServe said it had a good first six months of the year and it remained on track to deliver further strong growth for the full financial year.Reporting by Paul Sandle; Editing by Keith Weir'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-dominion-inc-m-a-homeserve/homeserve-steps-up-u-s-push-with-dominion-energy-deal-idINKBN1CO0WV'|'2017-10-19T06:11:00.000+03:00'|7776.0|''|-1.0|'' +7776|'a3fe9d85b2cdb6ace111fe57a502dbe2c63b1d26'|'HomeServe steps up U.S. push with Dominion Energy deal'|'LONDON (Reuters) - British home repairs provider HomeServe is stepping up its expansion in the United States by buying Dominion Energys home services unit, which has 500,000 customers across 16 states.The company said it would raise up to 125 million pounds ($165 million) in a share placing to fund the deal, which has an enterprise value of $143 million. That also gives it the firepower to do more, with opportunities in the United States, its European markets and in new regions such as Latin America.It gets us closer to our medium-term target, which is to be marketing to 80 million households (in the U.S.), and to get 10 percent of those signed up to cover, Chief Executive Richard Harpin said in an interview.The deal gives HomeServe access to 7.1 million additional households in 16 states in the mid-Atlantic region, he said.Harpin said its U.S. operations could achieve a 20 percent net profit margin, generating $160 million of profit a year in the medium term, which is more money than the whole group made last year.He said the group could have funded the deal from its existing finances and debt, but it was raising equity because it had a really exciting pipeline of acquisition opportunities in the United States, Britain and France, and could potentially enter markets such as Latin America.HomeServe said it had a good first six months of the year and it remained on track to deliver further strong growth for the full financial year.Reporting by Paul Sandle; Editing by Keith Weir'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-dominion-inc-m-a-homeserve/homeserve-steps-up-u-s-push-with-dominion-energy-deal-idINKBN1CO0WV'|'2017-10-19T06:11:00.000+03:00'|7776.0|13.0|4.0|'' 7777|'702b12593e8a560d4022468733f319240db5de0d'|'Dara Khosrowshahi is off to a strong start but there are miles to go'|'HERES the job spec. Unite a deeply divided board. Keep a strong-willed founder under control. Immediately recruit a new chief financial officer. Negotiate with angry local regulators intent on closing down the business in their city. Convince courts that the company does not have to provide its contract workers with the benefits due to full-time employees. Change a cut-throat culture without curbing employees drive. On top of all this, deal not only with an intellectual-property (IP) lawsuit that could cost the firm nearly $2bn, but also cope with a criminal investigation by the FBI that could see some managers end up in prison.No one sane, you would think, would even apply for such misery. But after some hesitation Dara Khosrowshahi (pronounced cause-ro-SHAH-hee), until recently the chief executive of Expedia, an online travel agency, returned the headhunters call. Now he is boss of Uber, which, at $68bn, is the worlds most highly valued privately-held company. Can he turn the firm, which in many ways has been a caricature of a disruptive Silicon Valley startup, into a more benign forceand take it public by late 2019?Latest updates How Oslo turned diplomatic negotiation into compelling theatre Prospero 31 minutes ago This 2 hours ago Flyers See all updates Three weeks into the job, Mr Khosrowshahi has already made meaningful progress. On October 3rd he paid a hastily-arranged visit to Transport for London (TfL), the regulator that recently ruled that Uber was not fit and proper to hold an operating licence in the British capital. Both sides described the talks as constructive and announced further discussions. Later that day, Ubers new boss attendedvia video linka crucial board meeting that ended in a promising truce. It not only limits the power of Travis Kalanick, the firms co-founder and former chief executive, but creates the conditions for a $10bn investment by a consortium led by SoftBank, a Japanese tech firm run by Masayoshi Son.One of Mr Sons main conditions was that power be shifted to more recent investors. Early Uber backers, including Mr Kalanick, will have to give up their super-voting rights. Mr Khosrowshahis concession was that Mr Kalanick now has at least a theoretical chance to become chief executive again (rules proposed earlier would have made that all but impossible). Benchmark, a venture-capital firm and an early investor in Uber, agreed to drop a lawsuit against Mr Kalanick.All could still unravel. The governance compromise is contingent on the SoftBank investment, which has two stages, going through. It may seem a done deal that SoftBank and its partners would invest a first round of $1bn-1.25bn at Ubers present valuation of $68bn. That way the new capital injection is not considered a down-round, ie, one that produces a lower valuation. But much about the second round is still unknown. The stake could be anywhere between 14% and 17% of Uber, for example, at a valuation of as low as $50bn.Before Mr Khosrowshahi made it to London he had placed a full-page ad in the Evening Standard , a local newspaper, apologising for the mistakes weve made and acknowledging that we must change. This was meant to signal to regulators all over the world that Ubers swashbuckling culture is a thing of the past. But he must show that this is not just a change in style, but substance.He will not lack for opportunities to do so. A big question will be to what extent Uber will still insist on being a technology, rather than a transport, firma question which is on the agenda of the European Court of Justice. London, where Uber has appealed the regulators decision, is likely to be the test case. TfLs complaints about the firm, for instance that it did not properly vet its drivers, suggest that the regulator wants to treat it exactly like any other taxi operator. Yet Ubers willingness to make concessions may be limited. On September 26th it said it would pull out of the province of Quebec rather than accept new regulations.Another unknown is the extent to which Uber will change how it deals with its drivers. It is still fighting efforts that would require it to treat many as full-time employees. On September 27th, for instance, it started an appeal against the ruling of a British court that would guarantee its drivers a minimum wage and holiday pay. But Uber seems to realise that it has to make life easier for them. It now allows tipping. And in some cities its algorithms take into account where a driver wants to end up after work.And then there are Ubers cultural and legal troubles. Mr Khosrowshahi appears to think that he can soften, though not dull, the firms edge by being more transparent than Mr Kalanick and his team. A bonus system that led to counter-productive levels of internal competition is under review. He can only hope that legal actions pending against the company do not cause too much damage, such as the one from Waymo, Alphabets autonomous-car unit, over IP, or a criminal probe into its Greyball app, developed to outwit regulators.Yet turning Uber into a kinder firm may make it harder to clear the highest hurdle: making it as profitable as a valuation of $68bn requires it to be. The theory behind Uber is that by subsidising rides it sets an economic flywheel in motion that at some point powers itself. More riders attract more drivers, which will attract more riders and so on. In some big cities the flywheel is turning, generating profits, the firm has said, while acknowledging that these are still fragile. But with accumulated losses of about $6bn (see chart), it seems to be more expensive than Uber expected to get up to speed. One reason is that other firms, such as Lyft in America, have piled in. And it is not clear whether the flywheel will keep spinning once the subsidies are cut. Sceptics argue that the model is unsustainable.Mr Khosrowshahi has yet to say publicly whether he will continue pushing for growth or focus more on profits. But he could make Uber more efficient by leaving small markets and reining in its freewheeling organisation, in which regional managers operated like entrepreneurs, doing largely what they liked to generate growth. A deal with SoftBank would also help. If he cannot invest in Uber, Mr Son, who has already made several bets on ride-hailing, would certainly finance its rivals.But if he wants Uber to have a successful share flotation soon, Mr Khosrowshahi must give it a new Gestalt , or personality, beyond that of a ruthless disrupter. The big neighbour of his former firm near Seattle may be a good model. Amazon, the e-commerce giant, has built a well-oiled logistics and computing platform that allows it to test and introduce ever more offerings, from smart speakers to drone delivery. Similarly, a reformed Uber could become the platform for all kinds of logistics services and more (though it will need to focus more on profits than Amazon does). UberEats, its delivery arm, is growing fast. The firm is testing a similar service for medicines, called UberHealth.The danger, if Ubers flywheel really gets going, is that it may attract even more regulatory attention. In other words, to justify its valuation, Uber would have to become really big. Yet that, in turn, risks triggering yet more of a backlash, as Facebook and Google, which have both got into political trouble recently, can attest.This article appeared in the Business section of the print edition under the headline "From Uber to kinder"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21730049-board-battle-partially-won-and-new-investment-softbank-near-dara-khosrowshahi?fsrc=rss%7Cbus'|'2017-10-05T22:54:00.000+03:00'|7777.0|''|-1.0|'' 7778|'b29a9ea4bd9aa28a2ba5396f89cfb3358d147af2'|'GE names Trian co-founder Ed Garden to board'|'Oct 9 (Reuters) - U.S. industrial conglomerate General Electric Co said on Monday it had elected Ed Garden, the founding partner and chief investment officer of activist investment firm Trian Fund Management, to its board of directors.Garden will replace Robert Lane, who is retiring due to health reasons, GE said in a statement.Nelson Peltz-led Trian, which has a stake of about 1 percent in GE, according to Thomson Reuters data, has been putting pressure on the company to improve its profit performance.GE in March, after discussions with Trian, set a $2 billion cost-reduction target and linked the bonuses of its senior management to meeting profit-related goals.Like other GE shareholders, I am disappointed by the recent performance of GEs stock. But I continue to believe that GE represents an attractive long-term investment opportunity with significant upside, Garden said in a statement.Garden is also a director at Bank of New York Mellon Corp and Pentair Plc. (Reporting by Rachit Vats in Bengaluru; Editing by Savio DSouza)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/ge-board/ge-names-trian-co-founder-ed-garden-to-board-idINL4N1MK2CF'|'2017-10-09T09:40:00.000+03:00'|7778.0|''|-1.0|'' 7779|'67bde8325535865772c0edfef806f7ee3dd8cae9'|'GE to make payments to U.S. government over delayed Baker Hughes divestiture'|'October 17, 2017 / 3:49 PM / Updated 25 minutes ago GE to make payments to U.S. government over delayed Baker Hughes divestiture Reuters Staff 1 Min Read WASHINGTON, Oct 17 (Reuters) - General Electric has agreed to make payments to the U.S. government after failing to divest a subsidiary as quickly as agreed following a merger approval, the Justice Department said on Tuesday. The department, which did not say how big the payments are, said that they are to begin on Jan. 1 and continue until the divestitures in each international jurisdiction are completed, the department said. General Electric won U.S. antitrust approval to merge its oil and gas business with Baker Hughes Inc to form a new publicly traded company in June. The deal was approved on condition that GE sell its Water & Process Technologies business to the French waste and water group Suez. In its release, the department said the delays were due to various administrative challenges. (Reporting by Diane Bartz; Editing by Paul Simao) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/ge-baker-hughes-antitrust/ge-to-make-payments-to-u-s-government-over-delayed-baker-hughes-divestiture-idUSL2N1MS10O'|'2017-10-17T18:47:00.000+03:00'|7779.0|''|-1.0|'' @@ -7818,7 +7818,7 @@ 7816|'ec5d3047612b600fd2b51ce2a959c7d2f0b47b60'|'Tesla''s seat strategy goes against the grain...for now'|'October 26, 2017 / 5:06 AM / Updated 17 minutes ago Tesla''s seat strategy goes against the grain...for now 7 Min Read SAN FRANCISCO (Reuters) - Elon Musk was fed up. The interior of the Tesla Model 3 sedan is seen in this undated handout image as the car company handed over its first 30 Model 3 vehicles to employee buyers at the company''s Fremont facility in California, U.S., July 28, 2017. Tesla/Handout via REUTERS The seats on Tesla Incs ( TSLA.O ) new Model X SUV were a mess. An outside contractor was having trouble executing the complicated design, spurring frustration and finger-pointing between Tesla and its supplier. How would Tesla ever pull off mass production of the upcoming Model 3, the car intended to catapult the niche automaker into the big leagues, if it could not deliver on something as fundamental as a seat? Musk made a decision: Tesla would build the seats itself. Teslas demanding chief executive vowed years ago to shake up the automotive industry with his line of electric vehicles and a futuristic manufacturing facility in Fremont, Calif. But industry experts say Musks insistence on performing much of the work in-house is among the reasons Tesla is nowhere close to its stated goal of building 500,000 vehicles annually by next year, most of them Model 3s. The automaker this month revealed it built just 260 of the vehicles between July and September, badly missing its target of 1,500 Model 3s in the third quarter. In a statement, Tesla blamed manufacturing bottlenecks. It declined to elaborate, but assured investors there are no fundamental issues with the Model 3 production or supply chain. Tesla has demonstrated a commitment to vertical integration not seen in the auto industry for decades. The company has so far sunk $2 billion into a sprawling Nevada factory to manufacture its vehicles batteries. In-house programmers design the bulk of the complex software that runs the Model 3, which Musk has described as a computer on wheels. Tesla controls its own retail chain, selling its cars directly to customers and bypassing dealers. But it is Teslas 2015 decision to build its own seats that has some industry veterans scratching their heads. Seat making is a low-margin, labor-intensive enterprise that big automakers generally farm out to specialists. Tesla is operating its own seat assembly line inside its factory, and it is hiring engineers and technicians to figure out a way to fully automate the process. Is that really the core competency of an auto company? It is not, said analyst Maryann Keller, who has been tracking the car industry since the early 1970s. Why would you want to do that? Tesla declined requests from Reuters to discuss its seat assembly efforts. The company is expected to reveal more about its production issues on Nov. 1, when it announces third-quarter results. There is no indication that the bottlenecks mentioned previously by the company are associated with seat production. Analyst Keller and others suspect Tesla eventually will be forced to farm out seat assembly to suppliers as the company transitions from a niche producer of pricey, hand-built luxury cars to a mass manufacturer. Seat makers including Germanys ZF Friedrichshafen AG [ZFF.UL], Frances Faurecia SA ( EPED.PA ) and Detroit-based Lear Corp ( LEA.N ) already are trying to win that business. A lot is riding on Teslas ability to scale up operations quickly. Starting at $35,000, the Model 3 is Teslas attempt to bring its electric technology to a wider audience. More than a half-million customers have already put down deposits. Tesla has never turned an annual profit and it is burning through cash. Yet investors are betting big on its future. It is now the second most valuable U.S. automaker, behind only General Motors Co ( GM.N ). Tesla shares on Wednesday closed at $325.84, down 3.4 percent. FROM STOP-GAP TO STRATEGY Musk has defended Teslas hands-on approach as the way to ensure reliability, as well as an opportunity to rethink industry norms. FILE PHOTO: Tesla Chief Executive Elon Musk introduces one of the first Model 3 cars off the Fremont factory''s production line during an event at the company''s facilities in Fremont, California, U.S., July 28, 2017. REUTERS/Alexandria Sage/File Photo It is also a reflection of the entrepreneurs obsession with detail. One of the hardest things to design is a good seat, Musk said at the September 2015 launch of the Model X in Fremont. Problems first surfaced with the flagship Model S sedan in 2012. Musk complained that the seats made by its contract manufacturer, Australia-based Futuris Group, were not comfortable nor of the quality expected for a car whose price tag started at around $57,400, according to a former Tesla executive who described Musks thinking to Reuters. Troubles accelerated with the Model X, leading Tesla to wrest assembly from Futuris just after the vehicles release in late 2015. If seats could be entirely redesigned from the ground up, Musk reasoned, maybe their assembly could be automated in preparation for the high volumes anticipated for the Model 3. He saw the opportunity to do it differently and better, the former Tesla executive said. The short term was a stop gap, but the long-term idea was to rethink the design of how a seat works to include how a seat is built. Slideshow (8 Images) Futuris did not respond to requests for comment. It continues to supply seat parts to Tesla. Detroit-based seating supplier Adient PLC ( ADNT.N ) acquired Futuris for $360 million last month. Meanwhile, Teslas seat woes continue. In all, the automaker has issued four seating-related recalls since 2013. The latest came this month with the recall of 11,000 Model Xs manufactured between Oct. 28, 2016 and Aug. 16, 2017. SUPPLIERS CIRCLING Making car seats is a complex business. Choosing materials, dying and cutting, shaping foam and metal frames, and adding heaters, recliners and other gadgets can involve nearly a dozen suppliers for top models. Final assembly requires lots of labor. Thats why most automakers opted decades ago to outsource seats for their lower-cost models to specialty seatmakers whose market is expected to reach $79 billion by 2022, according to market researcher Lucintel. Although Musks philosophy has always been build it right and then figure out how to get the cost down later, according to the ex-Tesla executive, observers say Tesla can ill afford more production headaches. Philippe Houchois, an auto analyst with the investment bank Jefferies, wrote in a September note to clients that scalability was now the main challenge at Tesla, whose manufacturing prowess is still unproven when it comes to building large numbers of vehicles. We dont think Teslas vertically integrated business model can be scaled up as profitably and quickly as consensus thinks, Houchois wrote. Despite Teslas previous battles with Futuris, seat suppliers smell opportunity. ZF Friedrichshafen and Faurecia have opened Silicon Valley labs, in part to woo Tesla. Lear, which cuts and sews material for Tesla, is likewise pressing to get the automakers seat manufacturing business, according to Matthew Simoncini, the companys chief executive. In general Tesla has a philosophy: Well do it ourselves. Well change the mold,'' Simoncini said. (Outsourcing)is a much more efficient use of capital. That would allow them to focus on what they do best. Reporting By Alexandria Sage; Editing by Peter Henderson and Marla Dickerson'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-tesla-seats/teslas-seat-strategy-goes-against-the-grain-for-now-idUKKBN1CV0DS'|'2017-10-26T08:11:00.000+03:00'|7816.0|''|-1.0|'' 7817|'f2bcbb08aec442449c2ff5aa0a3de43e7102f355'|'Aldermore/FirstRand: unchallenging'|' The UKs challenger banks curry more favour with politicians than patrons. Dishing out new licences to opponents of incumbents deemed too big to fail is one thing. Convincing savers and borrowers to sign up with unfamiliar names is another. An approach for niche lender Aldermore suggests greater scale is needed. South African group FirstRand is mulling a 313p per share cash offer for the Reading based-bank that no one seems minded to oppose. Aldermores shares jumped 19 per cent on the news and the board sounds keen on the 1.1bn valuation. FirstRands addendum that the offer will not rest on unanimous boardroom support looks superfluous. The financial services group has made an astute choice for its first foray into UK banking. Aldermore may be small but its growth has been sure-footed. As the number of buy-to-let landlords has fallen, the lender has skimmed market share from larger rivals. Mortgage lending in the first half of the year rose 9 per cent to 6.2bn. Cheap financing under the Bank of Englands term funding scheme, which ends early next year, has helped to cut cost of funds. If the BoE rethinks heavy capital requirements for small lenders, it has more to gain. There is an obvious link between FirstRands second-hand UK car financier MotoNovo, with its 3bn loan book, and Aldermores 7bn of deposits. And the bid price looks fair at a 63 per cent premium to the banks float price in early 2015. At 1.7 times book, Aldermore is being bought on similar terms as Shawbrook , another challenger bank that agreed to a takeover in July. With two challenger banks taken private so far this year, speculation is hot over who will be next. The government had hoped challenger banks would spark competition for customers, rather than a bidding scramble. But there is a chance the former will be assisted by the latter. Do you want to receive Lex in your inbox? Sign up for the weekly Best of Lex email at ft.com/newsletters . Copyright '|'ft.com'|'http://rss.ft.com/rss/companies/banks'|'https://www.ft.com/content/d0947130-b267-11e7-aa26-bb002965bce8'|'2017-10-16T18:15:00.000+03:00'|7817.0|''|-1.0|'' 7818|'0c972430916e3ea6f6306cebdc8074cd010af785'|'Nike gives upbeat forecast at investor conference, shares rise'|'October 25, 2017 / 8:05 PM / in 22 minutes Nike gives upbeat forecast at investor conference, shares rise Reuters Staff 2 Min Read (Reuters) - Nike Inc ( NKE.N ) said on Wednesday it expects earnings per share to grow in the mid-teens over the next five years, driven by online sales and new product categories, sending its shares up by about three percent. FILE PHOTO: The logo of Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson/File Photo The stock was the top gainer on the Dow on a day when the broader market was down. Nike Chief Executive Mark Parker said at an investor conference that he expects digital revenues to grow from 15 to 30 percent over five years, while revenue growth would be up in the high-single digits over the same period. The company has already set a target of $50 billion in annual sales by 2020. The sports-wear giant said at the conference it expects about 50 percent of its future sales growth to come from new categories and about 75 percent growth from outside the U.S. Nike posted its weakest quarterly sales growth in nearly seven years in September as it fights to retain market share from rivals like Adidas AG ( ADSGn.DE ). Analysts have remained upbeat on the companys plans to invest in a variety of different distribution channels but have cautioned that it may come too late as the company struggles with declining revenue in North America. Reporting by Uday Sampath in Bengaluru'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-nike-outlook/nike-gives-upbeat-forecast-at-investor-conference-shares-rise-idUSKBN1CU2XW'|'2017-10-25T23:03:00.000+03:00'|7818.0|''|-1.0|'' -7819|'0fce684fc086bbcdef9f71d643e8db34cf76c8cb'|'China''s CEFC, Russia''s VTB may close $5 bln loan deal by year-end - source'|' 17 AM / Updated 5 minutes ago China''s CEFC, Russia''s VTB may close $5 bln loan deal by year-end - source MOSCOW (Reuters) - CEFC China Energy is in talks with Russian state bank VTB ( VTBR.MM ) to raise around $5 billion (3.78 billion) in loan to finance acquisition of a stake in Russias largest oil firm Rosneft VTBRT.MM, a banking source familiar with the talks told Reuters. A CEFC logo is seen at CEFC China Energy''s Shanghai headquarter in Shanghai, China September 14, 2016. REUTERS/ Aizhu Chen The source added that VTB and CEFC might close the loan transaction by year-end. Reporting by Andrey Ostroukh; writing by Katya Golubkova; editing by Dmitry Solovyov'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-cefc-rosneft-oil-loans-vtb/chinas-cefc-russias-vtb-may-close-5-bln-loan-deal-by-year-end-source-idUKKBN1CT0WQ'|'2017-10-24T11:16:00.000+03:00'|7819.0|''|-1.0|'' +7819|'0fce684fc086bbcdef9f71d643e8db34cf76c8cb'|'China''s CEFC, Russia''s VTB may close $5 bln loan deal by year-end - source'|' 17 AM / Updated 5 minutes ago China''s CEFC, Russia''s VTB may close $5 bln loan deal by year-end - source MOSCOW (Reuters) - CEFC China Energy is in talks with Russian state bank VTB ( VTBR.MM ) to raise around $5 billion (3.78 billion) in loan to finance acquisition of a stake in Russias largest oil firm Rosneft VTBRT.MM, a banking source familiar with the talks told Reuters. A CEFC logo is seen at CEFC China Energy''s Shanghai headquarter in Shanghai, China September 14, 2016. REUTERS/ Aizhu Chen The source added that VTB and CEFC might close the loan transaction by year-end. Reporting by Andrey Ostroukh; writing by Katya Golubkova; editing by Dmitry Solovyov'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-cefc-rosneft-oil-loans-vtb/chinas-cefc-russias-vtb-may-close-5-bln-loan-deal-by-year-end-source-idUKKBN1CT0WQ'|'2017-10-24T11:16:00.000+03:00'|7819.0|11.0|4.0|'' 7820|'0f6af65aa232bc6ff8af032af79a50a0e727684d'|'Britain''s Lloyds launches 500 million pounds fund for small companies'|'October 23, 2017 / 11:06 PM / Updated 7 hours ago Britain''s Lloyds launches 500 million pounds fund for small companies Reuters Staff 3 Min Read LONDON (Reuters) - Lloyds Banking Group ( LLOY.L ) opened a 500 million pound fund to help British businesses finance equipment on Tuesday, targeting small and medium-sized companies which banks froze out of credit following the financial crisis. FILE PHOTO - A man walks past a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett The bank said the fund will deliver quick access to finance by allowing companies to spread the cost of assets over their lifetime, enabling big investments that dont eat into working capital. The government sees small- and medium-sized companies as key to unlocking higher productivity, which has fallen back to below pre-crisis levels this year, and to the success of the UK economy post-Brexit. These businesses have struggled to invest in the decade since the financial crisis as banks have shied away from lending to smaller businesses. The Lloyds fund will be open to businesses of all sizes, but the bank said it would be of particular benefit to SMEs and mid-market companies in sectors with high and regular requirements for expensive assets, such as manufacturing and agriculture. The bank is trying to boost its support for start-ups, smaller firms and productivity, including by increasing its net lending to SMEs by 2 billion pounds in 2017 - a target it missed last year by around 400 million pounds last year. Out of more than 40 participating banks and building societies, it has drawn by far the most under an extended Bank of England scheme to encourage more lending, with the extension from 2014 until January 2018 focused on boosting lending to SMEs. According to BoE data published in September, Lloyds had drawn 23 billion pounds under the extension followed by Santander, with 3.18 billion pounds. But HSBC ( HSBA.L ) and CYBG ( CYBGC.L ), which do not participate in the BoEs scheme, launched larger funds solely for SMEs this year, worth 10 billion pounds and 6 billion pounds, respectively. A government drive to increase small businesses access to credit has seen improvements, but many still report difficulties. In a survey of over 3,000 SMEs globally, published by American Express ( AXP.N ) in February, 57 percent of UK respondents said they struggled to access the finance needed to grow their business. Reporting by Emma Rumney, editing by Alex Smith and David Evans '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-lloyds-smes/britains-lloyds-launches-500-million-pounds-fund-for-small-companies-idUKKBN1CS2VJ'|'2017-10-24T02:05:00.000+03:00'|7820.0|''|-1.0|'' 7821|'0170b8eaf4838b8bf3d4f48ca2fc43f95457d254'|'Extent of Volkswagen emissions cheating discussed earlier than known - Spiegel'|' 55 PM / Updated 13 minutes ago Extent of Volkswagen emissions cheating discussed earlier than known - Spiegel FRANKFURT (Reuters) - Volkswagen ( VOWG_p.DE ) engineers told top managers that diesel emissions manipulations went far beyond issues in the United States two days before the carmaker made a public announcement to that effect in 2015, Der Spiegel reported on Friday. A man uses phone under a Volkswagen logo at the Shanghai Auto Show, in Shanghai, China April 20, 2017. REUTERS/Aly Song Volkswagen (VW) admitted on Sept. 20, 2015, to installing secret software in hundreds of thousands of U.S. diesel cars to cheat exhaust emissions tests and make them appear cleaner than they were on the road. The news wiped billions of euros off its market value, but its stock price took another hit when it said two days later, on Sept. 22, 2015, that the issue affected not only vehicles in the United States but rather around 11 million cars worldwide. German securities law requires firms to publish any market sensitive news in a timely fashion. A probe by German prosecutors includes investigating whether VW disclosed the possible financial damage to its investors promptly. VW said in a statement it believed its management fulfilled its obligations under German disclosure rules. It declined to comment further, citing the prosecutors ongoing investigation. Der Spiegel said, without citing sources, that former Chief Executive Martin Winterkorn and finance chief Hans Dieter Poetsch were told by engineers in a meeting on Sept. 20 that the emissions manipulation was a global issue. It said the participants of that meeting also discussed whether VW was obliged to inform the public under German disclosure rules. Winterkorn, who resigned shortly after the diesel scandal broke, has told a government committee that he informed Germanys Transport Minister Alexander Dobrindt on Sept. 21, a day before the public statement, that VWs problems were global. Der Spiegel quoted a document drawn up by VWs lawyers as saying the company did not have reliable numbers on the possible damage until the evening of Sept. 21. Reporting by Maria Sheahan; Additional reporting by Andreas Cremer; Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-volkswagen-emissions-disclosure/extent-of-volkswagen-emissions-cheating-discussed-earlier-than-known-spiegel-idUKKBN1CW1Z9'|'2017-10-27T16:54:00.000+03:00'|7821.0|''|-1.0|'' 7822|'77463383f83f016f13bbb3678ef3b216673669c9'|'Treasury secretary says officials caught off-guard by extent of wages slowdown - Business'|'Australian economy Treasury secretary says officials caught off-guard by extent of wages slowdown John Fraser says economic scars of global financial crisis remain but low wages growth could have bottomed out John Fraser and the finance minister, Mathias Cormann. The Treasury secretary says there are signs Australias workers could soon have real wages growth. Photograph: Mick Tsikas/AAP Australian economy Treasury secretary says officials caught off-guard by extent of wages slowdown John Fraser says economic scars of global financial crisis remain but low wages growth could have bottomed out View more sharing options Wednesday 25 October 2017 05.50 BST Last modified on Wednesday 25 October 2017 05.51 BST The Treasury secretary, John Fraser, has expressed optimism that Australias record-low wages growth could have bottomed out as wages pick up in some pockets of the country. But he has admitted Treasury officials were caught off-guard by the extent of the wages slowdown since the global financial crisis, saying the economic scars from the crisis have run deeper than expected in Australia. Nigel Ray, the deputy secretary of Treasurys macroeconomic group, has also revealed that someone has lodged a freedom-of-information request to get their hands on internal Treasury analysis that the treasurer, Scott Morrison, has been promoting in recent weeks but refusing to release publicly. Australias unemployment rate falls to four-year low of 5.5% Read more Morrison told the Business Council of Australia last month that Treasury had found, in specific analysis, that wages were growing slowly across most industries in the economy, and most regions of the country, which demonstrated that income inequality was not growing in Australia. Excerpts of Morrisons BCA speech were printed in a story in the Australian newspaper the morning before his speech, along with details from the unreleased Treasury analysis. Ray said on Wednesday that Treasury had not given its analysis to anyone in the media it had only given its analysis to Morrisons office. Fraser told senators that there were signs Australias workers could soon enjoy real wages growth, after years of stagnating wages. We would welcome wages growth to get back to something like the longer-term norms, he said. Im encouraged, actually, that there are signs of it. I rely very heavily on the heads of Treasury group and at the meeting we had in Adelaide there were pockets, and I dont want to over-egg this, there were pockets or signs of wages growth. And in the consultations we did as part of the report for the Council on Federal Financial Relations later this week we saw pockets also where there were increased wages demand in construction in Victoria, there are signs in the semi-skilled area in north-west Sydney and, interestingly, in some of the regional centres for construction workers. As I said, I dont want to over-egg it but I think it is starting to pick up a little. That has been the experience overseas as well. Home ownership for under-35s fell by a third since 1989 report Read more Fraser said that, as with business investment, it was clear many workers had been shaken by the experience of the GFC, adding Treasury was caught off-guard by the protracted slowdown in wages growth after the crisis. The scars of the GFC probably run deeper and broader, and rawer, than we expected, Fraser said. I know a lot of people in the farming sector, for instance, they still feel it. Theyre worried about that. The construction sector, thats certainly the case with tradies and whatever. We havent uninvented the business cycle but its certainly a much longer business cycle that, in my experience, Ive ever seen. Overall, he said the economy was evolving broadly in line with Treasurys expectations in the 2017-18 budget. The International Monetary Fund earlier this month said Australia was among countries with the highest growth in income inequality in the world over the past 30 years . Vitor Gaspar, the IMFs director of fiscal affairs, told an audience at the launch of the IMFs latest Fiscal Monitor that Australias income inequality growth has been similar to the US, South Africa, India, China, Spain and the UK since the 1980s. Most people around the world live in countries where inequality has increased, Gaspar said. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/oct/25/treasury-secretary-says-officials-caught-off-guard-by-extent-of-wages-slowdown'|'2017-10-25T12:50:00.000+03:00'|7822.0|''|-1.0|'' @@ -7847,7 +7847,7 @@ 7845|'aeb469e0e0d41385f7e88c321d757a36db21334a'|'Peugeot bets on utility cars, premium SUVs to boost Brazil sales'|'October 4, 2017 / 11:47 PM / Updated 7 minutes ago Peugeot bets on utility cars, premium SUVs to boost Brazil sales Alberto Alerigi 3 Min Read Raindrops cover the logo of French car manufacturer Peugeot on a automobile seen in Nantes, France, July 20, 2017. REUTERS/Stephane Mahe SAO PAULO (Reuters) - French car maker Peugeot SA ( PEUP.PA ) on Wednesday said it was focusing on utility vehicles to lift its market share in Brazil and would offer a similar set of models as it sells in Europe. The plan is part of the companys strategy to improve consumer perception of its products and, as a result, its performance in the Brazilian market. It follows Peugeots 207 project, in which the company adapted a small, older European model for the Brazil market to lure customers with a cheaper car, but saw disappointing results. Brazil is seen by Peugeot, a Groupe PSA company, as one of five priority markets in the world, said Chief Executive Jean-Philippe Imparato to reporters in Sao Paulo on Wednesday. Sales volumes are not our outright target. I prefer to boost our brand image, he said. We are not going to fall again in the temptation of developing a small car specifically for Brazil, we are not going to sell at any price, he added, detailing the plan for the Brazilian market to converge to the same set of models Peugeot offers in Europe in five years time. France, Iran and China are currently the largest markets for Peugeot. He declined to cite a target for Brazil or Latin America, but said the fact the firm has defined the country as a priority underscores the potential it sees for future brand development. According to Brazilian car dealers association Fenabrave, Peugeot sold 19,128 vehicles in the country this year, accounting for a market share of 1.22 percent. Its French rival Renault has 7.79 percent share while the leader General Motors, 17.9 percent. Peugeot is also looking to offer high-end models such as premium SUVs. In June it launched its 3008 model in Brazil and said there was a four-month wait for interested buyers to get the car. Imparato said the situation was a problem, due to higher than expected demand, but also an opportunity. The company will next year sell the 5008 version of the car in Brazil. Reporting by Alberto Alerigi; Writing by Marcelo Teixeira; Editing by Andrew Hay'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-peugeot-brazil/peugeot-bets-on-utility-cars-premium-suvs-to-boost-brazil-sales-idUKKBN1C935S'|'2017-10-05T02:47:00.000+03:00'|7845.0|''|-1.0|'' 7846|'493465a56d3baeb5a886e7787731c8e017d2d657'|'UPDATE 1-Nigeria''s new 650,000 bpd Dangote refinery seen online end 2019'|'October 24, 2017 / 12:07 PM / Updated 11 minutes ago UPDATE 2-Nigeria''s 650,000 bpd Dangote refinery seen onstream by end 2019 Reuters Staff 3 Min Read * Nigeria working to end reliance on refined product imports * OPEC member aims to lift oil output to 1.8 mln bpd by Jan (Adds comments on output, OPEC) By Wendell Roelf CAPE TOWN, Oct 24 (Reuters) - A refinery with capacity to process 650,000 barrels per day (bpd) of oil being built in Nigeria is due to come onstream by the end of 2019, the oil minister said on Tuesday. That should be enough to meet local needs, Minister of State for Petroleum Resources Emmanuel Ibe Kachikwu told an oil and conference in Cape Town, referring to the Dangote refinery. State oil firm NNPC last year launched bidding to find partners to overhaul its ailing refineries, which hardly produce any petrol due to decades of mismanagement and widespread graft, leaving OPEC member Nigeria reliant on imported oil products. Kachikwu said Nigeria was close to finalising the process for private partners to revamp three existing refineries, adding a total of 450,000 bpd, part of the effort by Africas biggest economy to reduce its reliance on imports. Kachikwu said 26 firms had indicated their interest in the revamp projects that will require investment of $2 billion. We are almost at a threshold of finalising the process of selection, he said, adding that it could announce its selection by January or February. The government has previously said it was in talks with Chevron, Total and ENI. Kachikwu told reporters that Nigeria aimed to lift oil output in January to 1.8 million bpd from about 1.6 million to 1.7 million bpd now, but would not breach a ceiling agreed with the Organization of the Petroleum Exporting Countries. If we get to 1.8 (million), then we need to say hey, close off the taps, because we need to comply, he said. He also said oil prices were now encouraging but OPEC had not ruled out further cuts to shore up the market. The market is balancing fast .... But do we need to see more cuts? Well see, he said. OPEC, Russia and other producers cut oil output by about 1.8 million bpd since January. The pact runs to March 2018, but they are considering extending it. (Additional reporting by Ed Stoddard; Editing by James Macharia and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/africa-oil-nigeria/update-1-nigerias-new-650000-bpd-dangote-refinery-seen-online-end-2019-idUSL8N1MZ478'|'2017-10-24T15:05:00.000+03:00'|7846.0|''|-1.0|'' 7847|'b235ec09f08ab29a624f06c9ae797e1f7151e721'|'Irish housebuilder Glenveagh to raise up to 550 million euros in IPO'|'October 2, 2017 / 7:38 AM / in 13 minutes Irish housebuilder Glenveagh to raise up to 550 million euros in IPO Padraic Halpin 3 Min Read DUBLIN (Reuters) - Glenveagh Properties plans to raise up to 550 million euros (484.4 million) in Irelands second largest initial public offering since the 2008 financial crisis to add much needed housing supply to Europes fastest growing economy. While Ireland was left with a surplus of houses after values were cut in half following the property crash a decade ago, a recovery in the construction sector has badly lagged the general economy, causing house prices and rents to rise sharply again. Glenveagh will become just the second Irish housebuilder to float since the economy began to turn around, following Cairn Homes ( CRN.L ) in 2015. Cairns share price has almost doubled since then as the value of its portfolio grew sharply. Glenveaghs IPO will also beat the 385 million euros Cairn raised and be the second largest on the Irish stock exchange, behind the 3.4 billion euros raised by Allied Irish Banks ( ALBK.I ) in June. One of the structural weaknesses in the housing market in Ireland is the fragmented nature of the housebuilding sector and its lack of scale, Glenveagh co-founder and chairman John Mulcahy, a former senior executive at Irelands state-run bad bank NAMA, said in a statement. We believe there is an opportunity through publicly quoted companies like Glenveagh. Glenveagh, which will combine development land acquired in Ireland by U.S. private equity firm Oaktree with the assets of Irish builder Bridgedale, has some 1,700 units ready for construction and plans to build at least 1,000 new homes a year by 2020, with 2,000 more a year to follow on a long-term basis. Glenveagh will focus on building in and around Dublin, where supply is particularly tight, and has committed one-third of the IPO proceeds to 27 sites it has agreed to buy. Economists estimate that 35,000 new homes are needed a year to address the shortage in Ireland and keep up with demand in a country that also has the EUs fastest growing population. However a report by Goodbody Stockbrokers on Monday suggested just over 5,000 houses were completed last year, a third of the official completions data that the government has acknowledged may overstate the true level of homebuilding. Conditional trading on the Irish and London Stock Exchange is expected to begin on October 10. Credit Suisse and Irelands Davy have been appointed as joint global coordinators. Reporting by Padraic Halpin; editing by Jason Neely/Keith Weir'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-glenveagh-ipo/irish-housebuilder-glenveagh-to-raise-up-to-550-million-euros-in-ipo-idUKKCN1C70NK'|'2017-10-02T10:38:00.000+03:00'|7847.0|''|-1.0|'' -7848|'6c4a76090b925500facf2fcba1533a05c1571283'|'Saudi Arabia ready to extend oil output cut deal - Crown Prince'|'October 28, 2017 / 1:21 PM / Updated 4 hours ago Saudi Arabia ready to extend oil output cut deal - Crown Prince Reuters Staff 2 Min Read KHOBAR, Saudi Arabia (Reuters) - Crown Prince Mohammed bin Salman on Saturday reiterated Saudi Arabias readiness to support the extension of a global oil production cut agreement. Saudi Crown Prince Mohammed bin Salman attends the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Hamad I Mohammed The Kingdom affirms its readiness to extend the production cut agreement, which proved its feasibility by rebalancing supply and demand, the crown prince said in a statement. The high demand for oil has absorbed the increase in shale oil production, Prince Mohammad added. Prince Mohammad made similar comments to Reuters in an interview published on Thursday about the position of the kingdom towards the extension of the oil deal and condition of the market. We will support anything to stabilise the oil demand and supply, he told Reuters when asked whether the kingdom would support extending the agreement until the end of 2018. I think now the oil market swallowed the shale oil supply, now we are regaining things again, he told Reuters. His comments gave a boost to oil prices, with Brent crude on Friday trading above $60 a barrel for the first time since July 2015.[O/R] Saudi Arabia, OPECs biggest producer is leading OPEC and other oil producers such as Russia to restrict oil supplies under a global oil pact to drain global inventories and boost oil prices. The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January. The pact runs to March 2018, but an extension is under consideration. OPEC and non-OPEC producers meet on Nov. 30 to set oil policy. Reporting by Reem Shamseddine; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-saudi-oil/saudi-arabia-ready-to-extend-oil-output-cut-deal-crown-prince-idUKKBN1CX0FB'|'2017-10-28T16:21:00.000+03:00'|7848.0|''|-1.0|'' +7848|'6c4a76090b925500facf2fcba1533a05c1571283'|'Saudi Arabia ready to extend oil output cut deal - Crown Prince'|'October 28, 2017 / 1:21 PM / Updated 4 hours ago Saudi Arabia ready to extend oil output cut deal - Crown Prince Reuters Staff 2 Min Read KHOBAR, Saudi Arabia (Reuters) - Crown Prince Mohammed bin Salman on Saturday reiterated Saudi Arabias readiness to support the extension of a global oil production cut agreement. Saudi Crown Prince Mohammed bin Salman attends the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Hamad I Mohammed The Kingdom affirms its readiness to extend the production cut agreement, which proved its feasibility by rebalancing supply and demand, the crown prince said in a statement. The high demand for oil has absorbed the increase in shale oil production, Prince Mohammad added. Prince Mohammad made similar comments to Reuters in an interview published on Thursday about the position of the kingdom towards the extension of the oil deal and condition of the market. We will support anything to stabilise the oil demand and supply, he told Reuters when asked whether the kingdom would support extending the agreement until the end of 2018. I think now the oil market swallowed the shale oil supply, now we are regaining things again, he told Reuters. His comments gave a boost to oil prices, with Brent crude on Friday trading above $60 a barrel for the first time since July 2015.[O/R] Saudi Arabia, OPECs biggest producer is leading OPEC and other oil producers such as Russia to restrict oil supplies under a global oil pact to drain global inventories and boost oil prices. The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January. The pact runs to March 2018, but an extension is under consideration. OPEC and non-OPEC producers meet on Nov. 30 to set oil policy. Reporting by Reem Shamseddine; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-saudi-oil/saudi-arabia-ready-to-extend-oil-output-cut-deal-crown-prince-idUKKBN1CX0FB'|'2017-10-28T16:21:00.000+03:00'|7848.0|10.0|0.0|'' 7849|'7fb4075c48cca6541c3edc2a7d348762eb86a5a1'|'Japan Aug core machinery orders rise in signs of pick-up in capex'|'October 11, 2017 / 1:30 AM / in a minute Japan August core machinery orders rise in signs of pick-up in capex Tetsushi Kajimoto 4 Min Read Heavy machineries are seen next to a subway train at a construction site in Tokyo, Japan, March 13, 2016. REUTERS/Yuya Shino TOKYO (Reuters) - Japans core machinery orders rose for a second straight month in August, handily beating market expectations, signaling a pickup in capital expenditure that should encourage Prime Minister Shinzo Abe ahead of a general election this month. The premier hopes to convince voters in the Oct.22 elections that his Abenomics recipe of aggressive monetary stimulus, fiscal spending and reform plans has improved the economy enough to stoke a sustainable recovery. Cabinet Office data showed on Wednesday that core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, rose 3.4 percent on-month in August. That beat the median estimate of a 1.1 percent increase seen in a Reuters poll of economists, following an 8.0 percent gain in July. The value of core orders, which exclude those of ships and utilities electrical power equipment, stood at 882.4 billion yen ($7.86 billion), the highest since July 2016. There are uncertainties such as the outlook for U.S. trade policy, North Korea, and Japans political risks, but conditions surrounding capital spending remain basically favorable, said Takeshi Minami, chief economist at Norinchukin Research Institute.Capital expenditure will perform well in the coming one to two years. Analysts expect capital expenditure to pick up gradually, backed by refurbishing demand, infrastructure investment for the 2020 Tokyo Olympic Games, and spending on labor-saving equipment, as well as spending encouraged by low borrowing costs enabled by the Bank of Japans negative interest rate policy. The current level of orders remains consistent with a further increase in capital spending last quarter, Marcel Thieliant, senior Japan economist at Capital Economics noted in a report. The continued recovery in capital goods shipments excluding transport equipment also suggests that the expansion in investment spending remains intact. Orders from manufacturers jumped 16.1 percent month-on-month in August, driven by general-purpose production machinery such as machine tools, while service-sector orders grew 3.1 percent, led by orders for boilers and turbines. The Cabinet Office raised its assessment of machinery orders from stalling to showing signs of pick-up. Overseas orders, which are not counted as core orders, grew 11.5 percent in August, due to some big-ticket orders including power generators and aircraft. The BOJs closely-watched quarterly tankan survey showed last week that big firms plan to increase capital spending by 7.7 percent in the current fiscal year ending in March 2018, underscoring the view business expenditure is on a firm footing. A sustained recovery in business expenditure should support the central banks view that a virtuous circle of private sector-led growth will take hold in the economy. Still, wage growth and inflation remain stubbornly low despite recent signs of rebounding private consumption, keeping the BOJ under pressure to maintain its massive monetary stimulus. Reporting by Tetsushi Kajimoto; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-japan-economy-orders/japan-august-core-machinery-orders-rise-in-signs-of-pick-up-in-capex-idUKKBN1CG045'|'2017-10-11T04:25:00.000+03:00'|7849.0|''|-1.0|'' 7850|'280072ac8c8b814f426b959abbee97010e29fe6b'|'Analysis: Could the 1987 stock market crash happen again?'|'October 19, 2017 / 5:26 AM / Updated 10 hours ago Analysis: Could the 1987 stock market crash happen again? John McCrank , Chuck Mikolajczak 5 Min Read U.S. flags hang at the New York Stock Exchange in Manhattan, New York City, U.S., December 21, 2016. REUTERS/Andrew Kelly NEW YORK (Reuters) - On the 30th anniversary of the 1987 stock market crash, U.S. stocks are at a record high and investors are concerned that steep valuations may mean a correction is overdue, despite healthy corporate earnings and economic growth. But could a repeat of Black Monday happen today? Modern trading technology, changes to the way stock exchanges operate and in the way investor funds are managed should make a repeat of the 1987 crash unlikely. Yet cautious traders refuse to rule it out. We have learned a lot from the mistakes of the past in terms of the reaction or over reaction, said Ken Polcari, director of the NYSE floor division at ONeil Securities in New York. On Monday Oct. 19, 1987, following large declines on Asian and European markets the previous week, the Dow Jones Industrial Average plunged 508 points, or 22.6 percent, for the biggest-ever single day decline in percentage terms by the blue-chip benchmark. A decline of up to 20 percent in one day is possible today, but it would likely be a more orderly process, said Art Hogan, chief market strategist at Wunderlich Securities in New York. We have the ability to shut things down for a period of time and reassess and try to ascertain what is the best way to get back in business and take a calmer look at things, he said. In response to the 1987 crash, the U.S. Securities and Exchange Commission mandated the creation of market-wide circuit breakers that call a temporary halt to trading after the Dow declines 10, 20 and 30 percent. Only one market-wide halt has been triggered since then, in 1997. The circuit breakers were adjusted in 2012, lowering the thresholds needed to trigger a trading pause, with the Dow replaced by the S&P 500 stock index as the benchmark index. Under current rules, if the broader S&P 500 index falls more than 7.0 percent before 3:25 p.m. New York time, trading is paused for 15 minutes. If the decline continues once trading resumes, and it is still before 3:25 p.m., the market is again paused at 13 percent. If the decline happens after 3:25 p.m, trading continues. But if the decline reaches 20 percent, trading is suspended for the session, regardless of the time of day. A statue of George Washington stands across from the New York Stock Exchange in Manhattan, New York City, U.S., December 21, 2016. REUTERS/Andrew Kelly The industry has come an awfully long way from 87, said Larry Tabb, who heads capital markets advisory firm TABB Group. The regulators have done a good job at implementing rules that help the markets ensure that they stay stable at a time when there is not a reason for them not to be stable. Many of the current measures aimed at taming market chaos were implemented after the May 2010 flash crash, when the Dow Jones Industrial Average careened nearly 1,000 points, around 9.0 percent, in a matter of minutes before mostly rebounding in a similarly short period. The SEC approved a regulation in 2012 called Limit-Up Limit-Down, which prevents stocks from trading outside of a specific range based on recent prices, pausing trading in the stocks in question when prices run afoul of the bands. The U.S. regulator and exchanges were forced to readjust the bands again, and the re-opening procedures for paused stocks, after a chaotic trading session in August 2015. Then, concerns over the health of the Chinese economy led to panic-selling and a dearth of buyers, spurring a record intra-day drop in the Dow. On that day more than 1,250 trading halts in 455 individual stocks and exchange-traded funds spawned confusion that may have compounded the problem and led to some investors getting worse prices than they otherwise would have. Anything is possible, said Peter Costa, president of Empire Executions Inc in New York. With the advent of computer technology and the speed at which that technology has transformed the market, it is very possible. The safeguards in place would likely prevent another 1987- style crash from taking place, but with the Dow hitting a frothy 23,000 points for the first time ever on Wednesday this week and the advent of high-speed automated trading, some traders are not so sure. Could it happen, something similar to that? asked Gordon Charlop, a managing director at Rosenblatt Securities in New York. Yeah. How will it pan out and what will be the outcome? That is why they play the game. Reporting by John McCrank and Chuck Mikolajczak in New York; Editing by Clive McKeef and Dan Grebler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-stocks-crash-structure/analysis-could-the-1987-stock-market-crash-happen-again-idINKBN1CO0FH'|'2017-10-19T08:22:00.000+03:00'|7850.0|''|-1.0|'' 7851|'d87d8a12a27734033157fd6356256700465d71b4'|'Copper miner explores standalone energy options in Australia'|'October 17, 2017 / 9:25 AM / Updated 19 minutes ago Copper miner explores standalone energy options in Australia James Regan 3 Min Read SYDNEY (Reuters) - Oz Minerals ( OZL.AX ) could build standalone renewable power plants to ensure uninterrupted electrical supplies to its copper mines, managing director Andrew Cole said on Tuesday, a move that would protect it from blackouts of the type seen last year. Cole said he was open to developing independent sources of energy - solar, wind and thermal - to mitigate the uncertainty in price and availability of electricity in South Australia state, which is notorious for sudden power outages. Were certainly looking at those technologies for our current operations, our projects and future projects, Cole told Reuters. It makes more sense to use a combination of techniques to give you a sustainable supply of power, he said. Oz Minerals is not the only one in Australia weighing standalone renewable power sources for industrial sites. Fellow copper miner Sandfire Resources ( SFR.AX ) last year installed Australias largest off-grid solar and battery storage facility in the country, while Sun Metals invested A$183 million ($143 million) to build a solar farm to run its zinc refinery. Besides worries about power failure such as September 2016s statewide blackout, Oz Minerals contract with an energy provider to supply power for its flagship Prominent Hill mine expires at the end of 2018. It has also yet to sign a supply contract to deliver power to a second mine under development. Last years blackout cut power for nearly 24 hours after a series of storms and lightning strikes, halting production at BHPs Olympic Dam copper mine for nearly two weeks and forcing Oz Minerals to stockpile copper ore at its Prominent Hill mine. BHP Billiton ( BHP.AX ), which lost $105 million as a result of the outage, has since told Oz Minerals it would not renew an agreement allowing Oz Minerals to use power lines that connect the Olympic Dam site to the states power grid. Power makes up about 10 percent of operating costs for Oz Minerals, much lower than for BHP, which in addition to mining, operates a smelter at Olympic Dam. Australias government on Tuesday rejected calls to set a clean energy target, instead scrapping aid for renewable projects and adopting a fuel-neutral energy policy it said could keep the countrys lights on and cut power prices. ($1 = 1.2762 Australian dollars) Reporting by James Regan; Editing by Tom Hogue 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-oz-minerals-australia-interview/copper-miner-explores-standalone-energy-options-in-australia-idUKKBN1CM10S'|'2017-10-17T12:25:00.000+03:00'|7851.0|''|-1.0|'' @@ -7856,7 +7856,7 @@ 7854|'1a9251c0b91181ec683ab41f2053f2c01357dcfa'|'UBS chairman joins in bitcoin bashing by bankers'|'October 4, 2017 / 2:41 PM / Updated 6 hours ago UBS chairman joins in bitcoin bashing by bankers Joshua Franklin 2 Min Read The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 29, 2017. Picture taken on March 29, 2017. REUTERS/Arnd Wiegmann ZURICH (Reuters) - UBS Chairman and former Bundesbank President Axel Weber said on Wednesday bitcoin does not fulfil some of the most important functions of currency, the latest senior banker to express scepticism about the cryptocurrency. I get often asked why Im so skeptical about bitcoin, it probably comes from my background as a central banker, Weber said at a conference organized by the Swiss Finance Institute. The important function of a currency is, its a means of payment, it has to be generally accepted, it has to be a store of value and its a transaction currency. Bitcoin is only a transaction currency. Webers comments follow JPMorgan Chase & Co ( JPM.N ) Chief Executive Jamie Dimon last month saying bitcoin is a fraud and will blow up. Bitcoin is a digital currency that enables individuals to transfer value to each other and pay for goods and services bypassing banks and the mainstream financial system. While banks have largely steered clear of bitcoin since it emerged following the financial crisis, the virtual currency has a range of supporters, including technology enthusiasts, libertarians skeptical of government monetary policy and speculators attracted by its price swings. Weber was more upbeat about blockchain, which was first developed to power bitcoin and is a shared ledger of data that is maintained by computers rather than a central authority, and said over time the idea of a digital ledger would be widely accepted. Earlier on Wednesday, Commerzbank AG, Bank of Montreal, Erste Group Bank AG and CaixaBank SA said they had joined an initiative launched by UBS and IBM Corp aimed at building blockchain-based technology to support trade finance transactions. Reporting by Joshua Franklin; Editing by Mark Potter '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-ubs-group-chairman-tech/ubs-chairman-joins-in-bitcoin-bashing-by-bankers-idUSKBN1C91ZX'|'2017-10-04T17:40:00.000+03:00'|7854.0|''|-1.0|'' 7855|'b77c2880b4285874aab8eb7f5d55e28806cf10cb'|'U.S. oil output may be set for last spike in 2018: Vitol - Reuters'|'LONDON (Reuters) - U.S. oil output could be set for a last spike in 2018 before growth flattens for a number of years as rising costs make a big chunk of production uneconomic, the head of top oil trader Vitol, Ian Taylor, told Reuters.The United States has turned into a major oil exporter in recent years on the back of a shale revolution, which created a global oil glut and sent prices plunging to below $30 per barrel last year from as high as $110 in 2014.I think the question, a little bit in the longer term is - is this the last big rise in U.S. production? said Taylor, chief executive at Vitol, which trades more than 7 percent of global oil and has a large presence in U.S. markets.He said Vitol expected U.S. output to climb by 0.5-0.6 million barrels per day (bpd) next year but the increase would cause cost inflation and make some production loss-making.If you look at the economics on most of the big Permian players, not many of them make a lot of money, Taylor said, referring to the oil-rich Permian basin in the United States.The anticipated slowdown in U.S. output combined with robust growth in global demand for oil should push prices above the current range of $50-60 per barrel LCOc1, Taylor said.But in the short and medium term, the oil market will remain boringly rangebound with prices possibly coming under downward pressure in the first few months of 2018, when demand would typically weaken.The market is tightening up. But its very shallow ... There will be moments when we must get closer to $60 and moments Im sure when well flirt with a number with a 4 in front of it. But its a pretty narrow range, Taylor said.Vitol has sold most of its oil in storage as it believes the market is tightening, supported by robust demand growth of around 1.5-1.6 million bpd this year and next as well as a paucity of investments by oil majors in new projects.Taylor said Vitol was trading larger volumes than in 2016, when it shifted around 7 million bpd of oil and products, while margins this year were down.He said 2017 was probably as challenging as 2013, when gross margins for most trading houses fell below 1 percent due to a lack of market direction and volatility.The prices havent moved, the disconnects arent really there, so its a tougher business ... We traders dont like instant volatility. Were very useless at that. We do like to see a trend for more than a nanosecond.Were doing a bit more volume for a little less return ... Its not rocket science, but margins are very, very tight. Extremely tight, he said.Writing by Dmitry Zhdannikov; Editing by Dale HudsonOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://www.reuters.com/finance/summits'|'https://www.reuters.com/article/us-commodities-summit-vitol/u-s-oil-output-may-be-set-for-last-spike-in-2018-vitol-idUSKBN1CF1MZ'|'2017-10-10T21:01:00.000+03:00'|7855.0|''|-1.0|'' 7856|'b50ce45b1f8e0f69a1ba72271540c50c44a024b1'|'Brazil''s Temer sees $30 billion pre-salt investments, $130 billion in royalties'|'October 28, 2017 / 4:25 AM / in 8 hours Brazil''s Temer sees $30 billion pre-salt investments, $130 billion in royalties Reuters Staff 1 Min Read BRASILIA (Reuters) - Brazilian President Michel Temer said Fridays auction of pre-salt offshore oil blocks will generate investments of more than 100 billion reais ($30.8 billion) in Brazil by the winning oil companies. Brazil''s President Michel Temer and Brazil''s Lower House''s President Rodrigo Maia arrive to a ceremony at the Planalto Palace in Brasilia, Brazil October 26, 2017. REUTERS/Adriano Machado We had an excellent result, Temer said in a statement. He said the exploration of the pre-salt reserves should bring in about $130 billion in royalties and other revenues, and the investments will create 500,000 new jobs for Brazil. ($1 = 3.2462 reais) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/brazil-oil-auction-temer/brazils-temer-sees-30-billion-pre-salt-investments-130-billion-in-royalties-idINKBN1CX03I'|'2017-10-28T07:24:00.000+03:00'|7856.0|''|-1.0|'' -7857|'3430bfd0bda125c73bc750ddc5379f9239cca501'|'Three biggest U.S. clearing houses pass liquidity stress tests - CFTC'|'October 16, 2017 / 4:07 AM / Updated 4 minutes ago Three biggest U.S. clearing houses pass liquidity stress tests - CFTC Michelle Price 2 Min Read WASHINGTON (Reuters) - The three largest U.S. clearing houses have all passed stress tests assessing whether they could handle a major market shock, the countrys derivatives regulator said on Monday. CME Clearing, a unit of CME Group Inc ( CME.O ); ICE Clear U.S., a unit of Intercontinental Exchange Inc ( ICE.N ); and LCH Ltd, a unit of London Stock Exchange Group Plc ( LSE.L ), could all generate enough liquidity to settle payments if two of their largest members defaulted, the Commodity Futures Trading Commission (CFTC) said in a statement. Clearing houses sit in between a trade to guarantee payment in the event either counterparty defaults. New rules introduced in the wake of the 2007-2009 financial crisis have forced banks to push hundreds of billions of dollars worth of trades through clearing houses, sparking fears they have become too big to fail. Because clearing houses connect multiple large banks through a shared pool of trades and collateral, the failure of a clearing firm to meet its payment obligations could cause panic across the market, potentially leading other firms to default. The CFTC assessed the impact of a hypothetical extreme but plausible market scenario in which two systemically important members at each clearing house defaulted. The test encompassed cleared futures and options, and interest rate swaps. They were based on actual positions and collateral as of Aug. 16, 2017, the CFTC said. All of the clearing houses demonstrated the ability to generate sufficient liquidity to fulfil settlement obligations on time, the CFTC said. The regulator said it would assess other potential scenarios in future stress tests, including other types of liquidity that clearers might be required to generate and how derivatives markets might react if a clearing house needed to liquidate positions.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-cftc-clearing-tests/three-biggest-u-s-clearing-houses-pass-liquidity-stress-tests-cftc-idUKKBN1CL09O'|'2017-10-16T07:06:00.000+03:00'|7857.0|''|-1.0|'' +7857|'3430bfd0bda125c73bc750ddc5379f9239cca501'|'Three biggest U.S. clearing houses pass liquidity stress tests - CFTC'|'October 16, 2017 / 4:07 AM / Updated 4 minutes ago Three biggest U.S. clearing houses pass liquidity stress tests - CFTC Michelle Price 2 Min Read WASHINGTON (Reuters) - The three largest U.S. clearing houses have all passed stress tests assessing whether they could handle a major market shock, the countrys derivatives regulator said on Monday. CME Clearing, a unit of CME Group Inc ( CME.O ); ICE Clear U.S., a unit of Intercontinental Exchange Inc ( ICE.N ); and LCH Ltd, a unit of London Stock Exchange Group Plc ( LSE.L ), could all generate enough liquidity to settle payments if two of their largest members defaulted, the Commodity Futures Trading Commission (CFTC) said in a statement. Clearing houses sit in between a trade to guarantee payment in the event either counterparty defaults. New rules introduced in the wake of the 2007-2009 financial crisis have forced banks to push hundreds of billions of dollars worth of trades through clearing houses, sparking fears they have become too big to fail. Because clearing houses connect multiple large banks through a shared pool of trades and collateral, the failure of a clearing firm to meet its payment obligations could cause panic across the market, potentially leading other firms to default. The CFTC assessed the impact of a hypothetical extreme but plausible market scenario in which two systemically important members at each clearing house defaulted. The test encompassed cleared futures and options, and interest rate swaps. They were based on actual positions and collateral as of Aug. 16, 2017, the CFTC said. All of the clearing houses demonstrated the ability to generate sufficient liquidity to fulfil settlement obligations on time, the CFTC said. The regulator said it would assess other potential scenarios in future stress tests, including other types of liquidity that clearers might be required to generate and how derivatives markets might react if a clearing house needed to liquidate positions.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-cftc-clearing-tests/three-biggest-u-s-clearing-houses-pass-liquidity-stress-tests-cftc-idUKKBN1CL09O'|'2017-10-16T07:06:00.000+03:00'|7857.0|12.0|0.0|'' 7858|'1a1c0673c0a5e15eea6aeb74706cadf94e152393'|'U.S. Midwest oil refiners boost output, cut region''s dependence on Gulf Coast'|' 11 AM / Updated 14 minutes ago U.S. Midwest oil refiners boost output, cut region''s dependence on Gulf Coast Jarrett Renshaw 6 U.S. refineries from Ohio to Minnesota are capitalizing on access to cheap crude from Western Canada and North Dakota oilfields, helping their region break a historic dependence on fuel from the Gulf Coast while redrawing oil trade maps. Since the early 2000s, crude and fuel flows from the Gulf Coast into the U.S. heartland have been cut in half, as crude coming from Canada and North Dakota has pushed U.S. Midwest refining activity to record levels. In 2016, Midwest refining capacity rose to 3.9 million barrels per day (bpd) of crude, the highest annual volume on record. Midwest refiners such as Marathon Petroleum Corp, Phillips 66, BP PLC and Husky Energy have invested billions of dollars on new units capable of turning sludgy crude from Canada into gasoline and diesel. Investments in the Dakota Access Pipeline and other avenues have helped bring in shale oil from North Dakota. Ten years ago, we were 1 million barrels per day short on products, with the Gulf Coast supplying the product. Today, the midcontinent is flush with products, Marathon Petroleum Chief Executive Gary Heminger said in a recent Reuters interview at the companys Findlay, Ohio, headquarters. Yet analysts warned that weakening U.S. gasoline demand will make it challenging for Midwest refiners to sell their growing output. The Midwest is land-locked, making it hard to get products to new markets, especially as rival refiners defend their turf. Philadelphia area refiners are currently fighting efforts to reverse a pipeline so Midwest companies can move fuel to western Pennsylvania. (Graphic: Midwest Breaks Free of Gulf, Looks North Instead: tmsnrt.rs/2jZ07Pt ) CHANGING FLOWS For years, Gulf refiners with access to cheaper crudes could underprice their Midwest rivals in Chicago, Indianapolis and other cities in the region. Traders made easy money sending gasoline north in the summer. Now, Midwest plants can compete more effectively thanks to booming production in western Canada and North Dakota of crude that routinely sells at a discount against the U.S. benchmark price. The Midwest is well positioned to supply its region and parts of southern Canada, and will even have excess supplies to send to the East Coast. Its in a good spot, said Mark Routt, chief economist at KBC Advanced Technologies. At the turn of the century, the Midwest received 3.4 million bpd of crude and refined products from the Gulf. In 2016, that figure was halved. Chicago gasoline peaked at a premium of 14 cents a gallon versus the future contract this summer, much less than the summer premiums of nearly 40 cents in 2014 and 2015. The trade was as slow as Ive ever seen it, said one scheduler who sends barrels along the line. Hurricane Harvey knocked out half of the Gulfs capacity, while Midwest refiners processed a record 4.06 million barrels per day (bpd) of crude oil in late August and early September, 12 percent more than the 2016 average. The Rockies, which includes Bakken oil fields, sent 550,000 bpd to the Midwest last year. That is triple the volumes seen in 2010 before Dakota Access opened. Phillips 66 and Marathon Petroleum are minority partners in the line, which opened in 2017 and can pump as much as 525,000 bpd. Canada has sent an average of 2.1 million bpd of crude through June of this year, more than triple the rate from two decades ago, according to EIA data. SPENDING ON UPGRADES Midwest refiners invested billions of dollars to handle the heavier Canadian crude. For instance, Marathon and BP spent over $6 billion to install new coking units to handle the heaviest parts of the Canadian oil. Marathons 144,000 bpd Detroit refinery nearly tripled its usage of Canadian crude last year, hitting a record high of 137,400 bpd, EIA data showed. BPs 430,000 bpd Whiting, Indiana, refinery can now process up to 85 percent heavy crude, up from 20 percent before the upgrades. But analysts predict that ebbing U.S. gasoline demand will eventually force Midwestern refiners to find other markets, including exports. To facilitate this, some pipelines that used to carry product to the Midwest have already been reversed. But Philadelphia-area refiners are pressuring state regulators to reject reversal of a pipeline that would bring Midwest fuel to the Pittsburgh area. The owners of the 1.2 million bpd Capline Pipeline, the nations largest crude pipeline by volume, will soon gauge shipper interest in reversing that line, which currently runs from Louisiana to Illinois. The line is owned by Marathon, BP and Plains All American, and the group said reversal would not come until 2022. Shippers abandoned the line in recent years due to the waning financial incentive to move barrels north. But BP, which has an ownership interest in the pipeline, has slowed the reversal over concerns that it could erode the discount on Canadian oil enjoyed by its Whiting refinery. BP did not respond to questions about that pipeline. Analysts expect regional market-share battles to intensify. The Midwest will go from being short roughly 500,000 bpd of gasoline this year to a surplus of roughly 200,000 bpd by 2030, according to Wood Mackenzie refinery analyst Andrew Shepard. A gasoline supply glut would pressure prices and weaken profit margins for refiners, Shepard said. Eventually, Midwest refiners will have to close plants if they cannot access new markets. The Midwest must gain increased access to the East Coast market, Shepard said. Reporting By Jarrett Renshaw; Editing by David Gaffen and David Gregorio'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-refiners-midwest/u-s-midwest-oil-refiners-boost-output-cut-regions-dependence-on-gulf-coast-idUKKBN1CS0B7'|'2017-10-23T07:11:00.000+03:00'|7858.0|''|-1.0|'' 7859|'d5511f224caa0146f92642e2dae980ba7fcc444e'|'China steel output slips from record as smog war bites; further drop seen'|'October 19, 2017 / 5:59 AM / in 8 minutes China steel output slips from record as smog war bites; further drop seen Ruby Lian , Manolo Serapio Jr 3 Min Read FILE PHOTO: A worker observes melted steel in an electric arc furnace in a steel factory of Store Steel in Store, Slovenia November 17, 2016. REUTERS/Srdjan Zivulovic/File Photo SHANGHAI/MANILA (Reuters) - Chinas steel output dropped in September from a record high the previous month as mills in the worlds top producer cut production in line with Beijings campaign for clearer skies, pointing to further drops as winter curbs set in. Crude steel output hit 71.83 million tonnes in September, the lowest since February and down from 74.59 million tonnes in August, National Bureau of Statistics data showed on Thursday. Septembers average daily output was 2.39 million tonnes, down 0.8 percent from August, according to Reuters calculations. Before slipping last month, Chinese mills had mostly been churning out steel at a record rate from March to August amid strong domestic demand, fatter profit margins and an environmental crackdown that shut out some other producers. Mills in the northern part of China are expected to cut output during the winter season - four months from mid-November - on government orders to fight smog in part by cutting pollution from industrial plants. Some analysts have estimated at least 30 million tonnes of Chinas steel output may be lost during the four-month period, or nearly 4 percent of last years production. But that number could be bigger, with mills in several cities already slashing output as early as this month, including those in the top steelmaking city of Tangshan. Definitely we will see production decrease in coming months. Several mills have started to cut production already, said CRU consultant Richard Lu. Small mills will be heavily impacted but larger mills, particularly the government-backed ones, can do better. Xia Junyan, investment manager at Hangzhou CIEC Trading Co in Shanghai, estimates crude steel output will drop as much as 40 million tonnes between November and March. Chinese mills ramped up output earlier this year as higher prices, boosted by the governments supply-side reforms and infrastructure push, boosted profit margins particularly for construction steel products like rebar. Rebar futures in China SRBcv1 have risen 41 percent this year. That meant output in September was still 5.3 percent higher than in the same month a year ago. Production for the first three quarters of the year came in at 638.73 million tonnes, up 6.3 percent. Rebar prices sank nearly 4 percent on Thursday as worries over demand, which typically slows in winter, surfaced. We think when supply-demand fundamentals take hold, margins will narrow and costs will go down and we forecast prices will follow, said CRUs Lu. Reporting by Ruby Lian in SHANGHAI and Manolo Serapio Jr. in MANILA; Editing by Christian Schmollinger and Kenneth Maxwell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-economy-output-steel/china-steel-output-slips-from-record-as-smog-war-bites-further-drop-seen-idUKKBN1CO0J2'|'2017-10-19T08:57:00.000+03:00'|7859.0|''|-1.0|'' 7860|'c6afae9e0fe69e164a418f8b4267a7103b6b42c6'|'British builder Bellway expects higher prices and sales in 2018'|'October 17, 2017 / 7:07 AM / Updated 8 minutes ago British builder Bellway expects higher prices and sales in 2018 Reuters Staff 2 Min Read A Bellway sign is seen at a housing construction site in London, Britain, February 5, 2017. Picture taken February 5, 2017. REUTERS/Toby Melville (Reuters) - British housebuilder Bellway ( BWY.L ) said it expects rising sales and higher prices in 2018 after reporting a 12.6 percent jump in full-year profit. Bellway, which also raised its proposed total dividend to 122 pence per share, said its order book stood at 1.36 billion pounds ($1.80 billion) as of Oct. 1, an increase of 17.4 percent. The pricing environment remained positive, with modest low, single-digit house price inflation benefiting the average selling price on most sites across the country, the company said in a statement on Tuesday. Bellway said it expects the overall average selling price to rise to around 280,000 pounds in the current financial year. The average selling price in 2017 was 260,354 pounds. The company said it also expects the number of houses it sells to rise 5 percent this year. Bellway said it completed a record number of 9,644 homes in the year ended July 31, 10.6 percent higher than in 2016. Full-year profit before tax rose to 560.7 million pounds, up from 497.9 million pounds a year earlier. ($1 = 0.7547 Arathy S Nair in Bengaluru, editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-bellway-results/british-builder-bellway-expects-higher-prices-and-sales-in-2018-idUKKBN1CM0LO'|'2017-10-17T10:05:00.000+03:00'|7860.0|''|-1.0|'' @@ -7868,14 +7868,14 @@ 7866|'b4c8b7ac636a68c53dda62a303cd46662ef86a63'|'Wall Street stalls as industrials lag'|'October 23, 2017 / 6:23 PM / Updated 12 minutes ago Wall Street retreats from record as industrials, tech lag Chuck Mikolajczak 4 Min Read NEW YORK (Reuters) - U.S. stocks declined on Monday as each of the major Wall Street indexes retreated from a record, weighed down by a drop in technology and industrial shares. FILE PHOTO - Morning commuters are seen outside the New York Stock Exchange, July 30, 2012. REUTERS/Brendan McDermid/File Photo General Electric ( GE.N ), down 6.3 percent, suffered its biggest one-day percentage decline in more than six years after a host of brokerages cut their price targets on the stock, citing higher chances of a dividend cut at the industrial conglomerate. After holding near the unchanged mark for most of the session, losses accelerated late in the session on downturn in technology .SPLRCT, off 0.40 percent. Last week, the Dow and S&P managed to close at a record high all five days, after a strong start to third-quarter earnings and on hopes President Donald Trumps tax plans move forward after the Senates approval of a budget resolution on Friday. On the one hand, the market is very extended, overbought, on the other hand so far earnings have come through, said Andrew Slimmon, portfolio manager at Morgan Stanley Investment Management in Chicago. The question becomes what happens if tax reform doesnt happen in 2017, does the market sell off into the year-end? Investors are also waiting for news on the next Federal Reserve chief. Trump told reporters on Monday he is very, very close to making his decision on who should chair the Fed. Of the 97 S&P 500 companies that have reported earnings so far, 73.2 percent have topped expectations, according to Thomson Reuters data, versus the 72-percent average for the past four quarters. The Dow Jones Industrial Average .DJI fell 54.25 points, or 0.23 percent, to 23,274.38, the S&P 500 .SPX lost 10.19 points, or 0.40 percent, to 2,565.02 and the Nasdaq Composite .IXIC dropped 42.23 points, or 0.64 percent, to 6,586.83. Industrials .SPLRCI, were off 0.8 percent as one of the biggest drags to the S&P of the 11 major sectors. Aside from GE, the group was also pulled lower by a 10.4-percent tumble in Arconic ( ARNC.N ) after the specialty metals maker missed profit estimates and announced a new chief executive. The energy index .SPNY stumbled 0.59 percent, driven by losses in Schlumberger ( SLB.N ), Baker Hughes ( BHGE.N ) and Halliburton ( HAL.N ), which reported results on Monday. Hasbro ( HAS.O ) plunged 8.6 percent after the toymakers forecast for the holiday season fell below estimates as ToysRUs bankruptcy began to hurt its operations. Shares of peer Mattel ( MAT.O ) fell 3.2 percent. The S&P 500 posted 91 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 104 new highs and 41 new lows. About 5.84 billion shares changed hands in U.S. exchanges, compared with the 5.83 billion daily average over the last 20 sessions. Reporting by Chuck Mikolajczak; Editing by Nick Zieminski'|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/usa-stocks/wall-street-stalls-as-industrials-lag-idINKBN1CS2GJ'|'2017-10-23T16:23:00.000+03:00'|7866.0|''|-1.0|'' 7867|'01a3292ab0e195f07c9493dd49eeaac615f90f27'|'EU takes Ireland to court for not claiming Apple tax windfall'|'October 4, 2017 / 9:32 AM / in 4 hours EU takes Ireland to court for not claiming Apple tax windfall Philip Blenkinsop 3 Min Read A 3D printed Apple logo is seen in front of a displayed European Union flag in this illustration taken September 2, 2016. REUTERS/Dado Ruvic/Illustration BRUSSELS (Reuters) - The European Commission said on Wednesday it was taking Ireland to the European Court of Justice for its failure to recover up to 13 billion euros ($15.3 billion) of tax due from Apple Inc ( AAPL.O ), a move labeled as regrettable by Dublin. The Commission ordered the U.S. tech giant in August 2016 to pay the unpaid taxes as it ruled the firm had received illegal state aid, one of a number of deals the EU has targeted between multinationals and usually smaller EU states. More than one year after the Commission adopted this decision, Ireland has still not recovered the money, EU Competition Commissioner Margrethe Vestager said, adding that Dublin had not even sought a portion of the sum. We of course understand that recovery in certain cases may be more complex than in others, and we are always ready to assist. But member states need to make sufficient progress to restore competition, she added. The Commission said the deadline for Ireland to implement its decision had been Jan. 3 this year and that, until the aid was recovered, the company continued to benefit from an illegal advantage. Apple is appealing the case. Vestager, who was also announcing a demand for Amazon ( AMZN.O ) to pay about 250 million euros in taxes to Luxembourg, declined to comment on possible penalties on Ireland if it were not to comply with an eventual ECJ ruling against it. Irelands finance ministry said it had never accepted the Commissions analysis in the Apple state aid decision, but was committed to collecting the money due pending Dublins own appeal of the ruling. Ireland, it said, had been in constant contact with the Commission and Apple for more than a year and was close to setting up an escrow account. This would include the hiring of at least one investment manager to handle the fund. It is extremely regrettable that the Commission has taken this action, especially in relation to a case with such a large scale recovery amount, the ministry said in a statement. Vestager told a news conference that in other cases of illegal tax advantages, such as Fiat ( FCHA.MI ) in Luxembourg, Starbucks ( SBUX.O ) in the Netherlands and a Belgian scheme for 35 companies, the money was recovered even before appeals were exhausted. However, the amounts involved were far smaller. The Commission said that Ireland had made progress on calculating the exact amount due, but was only planning to conclude the work by March 2018 at the earliest. Ireland, like the Benelux countries, faces criticism from bigger EU states that they are siphoning off tax revenues and the blocs governments are negotiating reforms ($1 = 0.8507 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-eu-apple-taxavoidance-court/eu-takes-ireland-to-eu-court-over-13-billion-euro-apple-tax-bill-idUKKCN1C913I'|'2017-10-04T17:38:00.000+03:00'|7867.0|''|-1.0|'' 7868|'3b4d1eb41564a50f1cc0adc481c8bb8632a7108f'|'South Korea''s Lotte Corp soars in debut on investor hopes for better returns'|'SEOUL (Reuters) - Shares in Lotte Corp, the new holding company for South Koreas No. 5 conglomerate, soared some 45 percent on their debut above their issue price, bolstered by hopes for better corporate governance and shareholder returns.FILE PHOTO: Lotte Group chairman Shin Dong-bin speaks during a news conference in Seoul, South Korea, October 25, 2016. REUTERS/Kim Hong-Ji Although the debut comes at a difficult time for the conglomerate, which has been hit by political tensions between Beijing and Seoul, combined valuations for the groups main listed firms on Monday were some 17 percent above levels for comparable entities in late September.In early afternoon trade, Lotte Corps stock was trading at 68,400 won per share, above its issue price of 47,100 won.Koreas stock exchange, however, calculates moves on the first day of trade by comparing with an opening price which it works out from an average of orders before trade. On that basis, it was up about 7 percent on the day.The holding company was created to simplify the groups complex ownership structure and enhance the control of Chairman Shin Dong-bin, who survived a power struggle with his elder brother.Under the restructuring, four key group firms - Lotte Shopping, Lotte Confectionery, Lotte Chilsung Beverage and Lotte Food were each split into two companies, with half of the resulting eight firms combined into one holding company.The remaining four companies resumed trading on Monday after having been suspended since Sept. 28.Lotte Confectionery, which has previously served as a proxy for the whole Lotte group for many investors, tumbled 13.5 percent as they switched out of the firm and into Lotte Corp.Lotte Shopping, the groups flagship retail unit, was down 6.6 percent. One of the South Korean firms most hurt by the political tensions between Beijing and Seoul, it has had to close most of its stores in China and last week posted a 58 percent drop in third-quarter operating profit.The Lotte group agreed to hand over land to the South Korean government for a U.S.-made missile defense system in late February - a plan that has angered Beijing, which argues the radar can penetrate far into its territory.Lotte Corp currently controls 42 of the groups 91 units, a spokeswoman said, and plans to add others like Lotte Chemical and Hotel Lotte in the longer term.Reporting by Joyce Lee and Dahee Kim; Additional reporting by Hyunjoo Jin; Editing by Edwina Gibbs '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-lotte-corporation-listing/south-koreas-lotte-corp-soars-in-debut-on-investor-hopes-for-better-returns-idINKBN1CZ0AC'|'2017-10-30T01:25:00.000+02:00'|7868.0|''|-1.0|'' -7869|'ff86a05e03672e454810614e5e8c3a4ebd27d6f2'|'Indonesia may require miners to pay share of after-tax profit under proposed rules'|'FILE PHOTO: Trucks operate in the open-pit mine of PT Freeport''s Grasberg copper and gold mine complex near Timika, in the eastern region of Papua, Indonesia on September 19, 2015 in this photo taken by Antara Foto. REUTERS/Muhammad Adimaja/Antara Foto/File Photo JAKARTA (Reuters) - Miners operating in Indonesia will have to pay a share of their after-tax profits to both the central and local governments under new tax rules under consideration for next year, according to documents outlining the proposal reviewed by Reuters.Indonesia is revamping its tax code for metal miners as part of a broader shift to a system of special mining permits, which will replace existing mining contracts.The most high-profile company involved in the transition to the new permit system is the local unit of Freeport McMoRan Inc, which operates the Grasberg mine in the eastern province of Papua, the worlds second-biggest copper mine.Freeport agreed in August to divest a 51 percent stake in Grasberg in exchange for a 10-year extension of its operations from 2021 with potential control kept through 2041.Under the new rules, special mining permit holders would need to pay a levy on their after-tax profits of 4 percent to the Indonesian central government and 6 percent to the regional governments where they operate, the document said.The proposed plan would set an income tax rate of 25 percent, alongside a value-added tax on financial transactions and a land tax.Most companies currently pay a 25 percent rate or less if they are publicly listed.However, Freeports current contract, signed in 1991, sets an income rate of 35 percent, which was fixed higher in exchange for certainty that the government would not change the rate for the duration of the contract, which expires in 2021.Freeport and other miners currently do not pay a share of profits to central or regional governments.On Tuesday, Finance Minister Sri Mulyani Indrawati declined to confirm the details in the draft, but said the government is preparing new rules that will regulate companies that need fiscal and non-fiscal certainty and that the tax and royalty rates they pay will follow prevailing rules.Indrawati also declined to comment on a Freeport letter addressed to her ministry and reviewed by Reuters, reflecting persistent and deep divisions between Freeport and the government over the valuation of the shares it must divest.Reporting by Jakarta bureau; Writing by Gayatri Suroyo and Fergus Jensen; Editing by Christian Schmollinger '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-indonesia-taxation-mining/indonesia-may-require-miners-to-pay-share-of-after-tax-profit-under-proposed-rules-idUSKCN1C819I'|'2017-10-03T14:52:00.000+03:00'|7869.0|''|-1.0|'' +7869|'ff86a05e03672e454810614e5e8c3a4ebd27d6f2'|'Indonesia may require miners to pay share of after-tax profit under proposed rules'|'FILE PHOTO: Trucks operate in the open-pit mine of PT Freeport''s Grasberg copper and gold mine complex near Timika, in the eastern region of Papua, Indonesia on September 19, 2015 in this photo taken by Antara Foto. REUTERS/Muhammad Adimaja/Antara Foto/File Photo JAKARTA (Reuters) - Miners operating in Indonesia will have to pay a share of their after-tax profits to both the central and local governments under new tax rules under consideration for next year, according to documents outlining the proposal reviewed by Reuters.Indonesia is revamping its tax code for metal miners as part of a broader shift to a system of special mining permits, which will replace existing mining contracts.The most high-profile company involved in the transition to the new permit system is the local unit of Freeport McMoRan Inc, which operates the Grasberg mine in the eastern province of Papua, the worlds second-biggest copper mine.Freeport agreed in August to divest a 51 percent stake in Grasberg in exchange for a 10-year extension of its operations from 2021 with potential control kept through 2041.Under the new rules, special mining permit holders would need to pay a levy on their after-tax profits of 4 percent to the Indonesian central government and 6 percent to the regional governments where they operate, the document said.The proposed plan would set an income tax rate of 25 percent, alongside a value-added tax on financial transactions and a land tax.Most companies currently pay a 25 percent rate or less if they are publicly listed.However, Freeports current contract, signed in 1991, sets an income rate of 35 percent, which was fixed higher in exchange for certainty that the government would not change the rate for the duration of the contract, which expires in 2021.Freeport and other miners currently do not pay a share of profits to central or regional governments.On Tuesday, Finance Minister Sri Mulyani Indrawati declined to confirm the details in the draft, but said the government is preparing new rules that will regulate companies that need fiscal and non-fiscal certainty and that the tax and royalty rates they pay will follow prevailing rules.Indrawati also declined to comment on a Freeport letter addressed to her ministry and reviewed by Reuters, reflecting persistent and deep divisions between Freeport and the government over the valuation of the shares it must divest.Reporting by Jakarta bureau; Writing by Gayatri Suroyo and Fergus Jensen; Editing by Christian Schmollinger '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-indonesia-taxation-mining/indonesia-may-require-miners-to-pay-share-of-after-tax-profit-under-proposed-rules-idUSKCN1C819I'|'2017-10-03T14:52:00.000+03:00'|7869.0|12.0|0.0|'' 7870|'e732dc01a929b0aac8eeac57f81bdbefe7a71a7b'|'Honda CEO to hold news conference at 0630 GMT'|'October 4, 2017 / 2:35 AM / Updated 16 minutes ago Honda CEO to hold news conference at 0630 GMT Reuters Staff 1 Min Read FILE PHOTO: Honda Chief Executive Officer Takahiro Hachigo attends a news conference in Tokyo, Japan, February 7, 2017. REUTERS/Kim Kyung-Hoon/File Photo TOKYO (Reuters) - Honda Motor Co ( 7267.T ) said Chief Executive Takahiro Hachigo would hold a news conference at 3:30 p.m. (0630 GMT / 0730 British time) on Wednesday at the companys headquarters. The subject of the news conference was not immediately known. Reporting by Chris Gallagher'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-honda-strategy-ceo/honda-ceo-to-hold-news-conference-at-0630-gmt-idUKKCN1C906C'|'2017-10-04T05:36:00.000+03:00'|7870.0|''|-1.0|'' 7871|'aaec2c62723b0d28f8d6073e3542423f73696740'|'Can an interest rate rise halt UK inflation? Experts debate the data'|'David Blanchflower P rofessor of economics at Dartmouth College, New Hampshire, and member of the Bank of Englands monetary policy committee (MPC) from June 2006 to May 2009 Facebook Twitter Pinterest David Blanchflower. Photograph: Bloomberg/Bloomberg via Getty Images The big news this month was the mea culpa from the Office for Budget Responsibility (OBR) that they had got it all wrong for years. They admitted the 16 forecasts they had done since they were set up had under-estimated the impact of austerity on output. In each of the disastrous 16 they predicted that productivity would rise like a rocket when in fact it has remained as flat as a pancake. Despite the fact that growth never happened they continued to forecast each successive time that output per man would follow exactly the same path; so there was no learning. Output per man hour today is essentially unchanged ever since the austerity was imposed by the coalition too effect.Q&A What is inflation and why does it matter? Show Hide Inflation is when prices rise. Deflation is the opposite price decreases over time but inflation is far more common.If inflation is 10%, then a 50 pair of shoes will cost 55 in a year''s time and 60.50 a year after that.Inflation eats away at the value of wages and savings if you earn 10% on your savings but inflation is 10%, the real rate of interest on your pot is actually 0%.A relatively new phenomenon, inflation has become a real worry for governments since the 1960s.As a rule of thumb, times of high inflation are good for borrowers and bad for investors.Mortgages are a good example of how borrowing can be advantageous annual inflation of 10% over seven years halves the real value of a mortgage.On the other hand, pensioners, who depend on a fixed income, watch the value of their assets erode.The government''s preferred measure of inflation, and the one the Bank of England takes into account when setting interest rates, is the consumer price index (CPI).The retail prices index (RPI) is often used in wage negotiations.Was this helpful? Thank you for your feedback. This means the OBRs next forecast which will come in November for the budget will inevitably mean their predictions for growth will have to be slashed by at least half. As a consequence, the public finances are in much worse shape than the chancellor has claimed, given there is likely much less growth. It remains unclear whether the OBR are just incompetent or are the governments poodle. The public pays for this nonsense.Fears of Brexit continue to have a major negative effect on the economy. The fall in the pound, which picked up recently, has had a major impact on inflation, which hit 3% this month. Inflation will likely fall back in 2018 as these one-off effects drop out of the calculations which means this is no time for a rate rise as the economy slows.How has the Brexit vote affected the UK economy? October verdict Read more While the jump in inflation will damage the spending power of consumers, the September figures will prove a boost to pensioners as they are used to set the increase in pension payments for next year. Workers continue to be hit hard as real wages fall, because prices are rising faster than wages. Both the OBR and MPC have also been much too optimistic on wage growth wrongly expecting 4% with outcomes around 2% for the last six years. Consequently, high street sales also slumped in September, pushing the British retail sector to its lowest growth rate in four years. The economy continues to slow. Oh dear.Andrew Sentance Senior economic adviser at the PwC consultancy and member of the Banks MPC from October 2006 to May 2011 Facebook Twitter Pinterest Andrew Sentance. Photograph: David Levene for the Guardian The past month has seen a further surge in inflation, while the data on economic growth has been relatively subdued. The main drag on the UK economy at present is consumer spending, with retail sales volumes recording the slowest growth since 2013. However, anecdotal and survey evidence also supports the view that Brexit is holding back investment activity. With the world economy growing quite healthily, and our key export markets in Europe strengthening, we should expect UK business investment to be powering ahead. Instead, capital spending by UK businesses declined last year and has been pretty flat through the first half of this year.Both of these drags on the UK economy are Brexit-related, with the rise in inflation heavily driven by the decline in the value of the pound since the EU referendum. The weakness of domestic investment and consumer spending is preventing the UK benefiting from a general upswing in the global economy and an improvement in growth in the rest of the EU. As a result, there is a significant risk that the UK will find itself at the bottom of the G7 growth league in 2017, after being No1 or No2 in the previous four years 2013 to 2016.The Brexit economy: the storm clouds are gathering Read more The most positive indicators continue to be found in the labour market, with employment continuing to rise and unemployment registering further falls. But there must be a question mark over how long the labour market will continue to be so resilient when economic growth remains relatively weak.The MPC is expected to push through an interest rate rise next month, despite subdued growth , and I believe the committee would be right to do so. A rate rise and the promise of more to come should help sterling and take some of the inflationary pressure off consumers. A gradual policy of edging interest rates up would also head off an unwanted surge in borrowing which is at risk of developing on the back of prolonged low interest rates. The MPC has already left it too long to start the process of gradually raising interest rates and should not put it off any longer.Topics Business Guardian Brexit watch Economics Sterling Economic growth (GDP) Bank of England Currencies comment'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/oct/24/can-interest-rate-rise-halt-uk-inflation-experts-debate-data-brexit-watch'|'2017-10-24T19:13:00.000+03:00'|7871.0|''|-1.0|'' 7872|'3c26aa2b48b79ed9715df44be7111e33b314fcda'|'Tech giants are building their own undersea fibre-optic networks'|'WHEN Cyrus Field, an American businessman, laid the first trans-Atlantic cable in 1858, it was hailed as one of the great technological achievements of its time and celebrated with bonfires, fireworks and 100-gun salutes. Alas, the reason for the festivities soon went away. Within weeks the cable failed.On September 21st the completion of another trans-Atlantic cable was welcomed with much less ado. But it is remarkable nevertheless: dubbed Marea , Spanish for tide, the 6,600km bundle of eight fibre-optic threads, roughly the size of a garden hose, is the highest-capacity connection across the ocean. Stretching from Virginia Beach, Virginia, to Bilbao, Spain, it is capable of transferring 160 terabits of data every second, the equivalent of more than 5,000 high-resolution movies. It is jointly owned by Facebook and Microsoft. Such ultra-fast fibre networks are needed to keep up with the torrent of data flowing around the world. In 2016 traffic reached 3,544 terabits per second, roughly double the figure in 2014, according to TeleGeography, a market-research firm. And demand for international bandwidth is growing by 45% annually. Much traffic still comes from internet users, but a large and growing share is generated by big internet and cloud-computing companies syncing data across their networks of data centres around the world.These firms used to lease all of their bandwidth from carriers such as BT and Level 3. But now they need so much network capacity that it makes more sense to lay their own dedicated pipes, particularly on long routes between their data centres. The Submarine Telecoms Forum, an industry body, reckons that 100,000km of submarine cable was laid in 2016, up from just 16,000km in 2015. TeleGeography predicts that a total of $9.2bn will be spent on such cable projects between 2016 and 2018, five times as much as in the previous three years.Owning a private subsea fibre-optic network has several advantages, including more bandwidth, lower costs, and reduced delay, or latency. Having access to multiple cables on different routes also provides redundancy. If a cable is severedby fishing nets, sharks, or an earthquake, among other thingstraffic can be rerouted to another line. Most important, however, owning cables gives companies greater say over how their data traffic is managed and how equipment is upgraded. The motivation is not so much saving money. Its more about control, says Julian Rawle, a submarine cable-industry expert.Some people worry that owning the pipes that carry their customers data will give big tech firms even more power than they already have, likening the situation to Amazons owning the roads on which its packages are delivered and the lorries that carry them. Others fret that conventional network operators may struggle to adapt their business models, as companies such as Facebook are moving onto their turf. Within the next 20 years, predicts Mr Rawle, the whole concept of the telecom carrier as the provider of the network is going to disappear. "Pipe dreams"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21730057-google-facebook-and-microsoft-want-more-control-over-internets-basic-infrastructure-tech?fsrc=rss'|'2017-10-05T22:54:00.000+03:00'|7872.0|''|-1.0|'' 7873|'b94f3c69fdde7fa384bd79b8a9c6a0b4e993bbca'|'Goldman Sachs to buy mortgage lender Genesis Capital'|'FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company Goldman Sachs (GS) is seen on the clothing of a trader working at the Goldman Sachs stall on the floor of the New York Stock Exchange, United States April 16, 2012. REUTERS/Brendan McDermid/File Photo (Reuters) - Goldman Sachs Group Inc ( GS.N ) has agreed to buy private mortgage lender Genesis Capital LLC as the Wall Street bank looks to new businesses for growth while trading revenue remains sluggish.Los Angeles-based Genesis, which had been backed by private equity firm Oaktree Capital Management LP, provides financing for real estate developers looking to buy, renovate and sell single-family homes.Terms of the deal, announced by Genesis on Thursday, were not disclosed.Goldman is grappling with ways to boost revenue as trading, its traditional profit engine, has slowed amid post-financial crisis regulations.Pushing more deeply into lending to both large corporations and consumers, Goldman purchased $17 billion worth of online retail deposits last year from GE Capital Bank.It also launched Marcus, its first major foray into consumer lending, and in July announced a new digital platform where customers of other wealth management firms can apply for loans.Lending to house-flippers is another way in which Goldman can put its deposits to work.Genesis, which was founded in 2007, lent $1 billion during 2016.Genesis was advised by Wells Fargo Securities.Goldman Sachs was advised by Goldman Sachs & Co LLC and legal counsel was provided by Davis Polk & Wardwell and Mayer Brown LLP.Reporting by Olivia Oran in New York and Aparajita Saxena in Bengaluru; Editing by Jonathan Oatis and Tom Brown'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-goldman-sachs-m-a-genesis-capital/goldman-sachs-to-buy-mortgage-lender-genesis-capital-idINKBN1CH2J4'|'2017-10-12T15:04:00.000+03:00'|7873.0|''|-1.0|'' 7874|'74a67965eb862d525b458cc54126c63ffe1a48e9'|'The bosses of two famous French firms struggle to keep customers'|'ALEXANDRE RICARD wants to talk boxing. He runs Pernod Ricard, a firm that sells Chivas whisky and Absolut vodka, among other drinks. Formed by his grandfather in 1975, with roots in a Pernod distiller set up in 1805, it is the worlds second-largest seller of wine and spirits, with a market capitalisation of 32bn ($37bn). He brags that Floyd Mayweather, an American pugilist with 19m Instagram followers, recently endorsed one of the companys tequila brands. Such a key influencer on a digital channel gives us speed and scale, says Mr Ricard.Celebrity endorsements are an old ploy: French singers, actors and racing drivers used to push Pernod Ricards liquor. But with 90% of sales in markets outside of France, punchier efforts are needed. Two years ago the firm commissioned a global study of boozing habits, which totted up all moments of consumption for drinkers, identifying 20 important ones in America, the biggest market. Teams of marketers are now told to push a brand for each such experience: the firms tequila when American friends gather to watch sport; its cognac at Chinese weddings; gin for Spaniards sharing an aperitif.Latest updates How Oslo turned diplomatic negotiation into compelling theatre Prospero 31 minutes ago This 2 hours ago Flyers See all updates The firm must respond somehow, because drinkers, especially millennials (the generation which roughly includes those born between 1980 and 1996), are no longer loyal, says Mr Ricard. Back in the day, you had a one-brand consumer, who took a favoured tipple on almost any occasion. Now it depends who you are with, where you are, the time of day. A consumer might have six brands, he says.Across Paris, Emmanuel Faber, the head of another large French consumer-goods firm, Danone, is facing a similar challenge as consumers of yogurt and bottled water prove fickle too. His styleascetic and almost monkish, as an acquaintance puts itdiffers sharply from that of his compatriot. But the two bosses are responding to the same phenomenon: a lack of growth in food-and-drinks sales at big firms. People are walking out of brands that theyve been consuming for decades, says Mr Faber. To stop feeling disconnected from the origin of food, he says, they are switching to small, local firms that might produce organic foods, for example.Of the two firms, Danone faces the biggest and most immediate shift in consumer tastes. Although he heads a global food firm with a market value of 46bn, Mr Faber warns that time may be up for standardisation in food-making. The food industry is going nowhere, he adds, because short-sighted companies see only a transactional relationship, not a deeper one based on values, with their customers.These days people have little faith in the makers of their food and drink. Mr Faber talks at length about disenchantment shown by voters and consumers alike towards elites. Surveys show the public barely trusts CEOs such as himself when they speak about their companies, he says. Consumers care about the sovereignty of their food, taking control back.Danones response, like that of Pernod Ricard, is partly about niftier marketingit runs an ad campaign called One Planet. One Health. But the company is also changing some basics. Two decades ago Danone sold beer, wine, chocolates and candies, he points out. It has switched entirely to healthier products, betting that long-term growth lies there. The firm aims to be entirely carbon-neutral.Most striking, Danone wants to get certified as a B-Corpa for-profit firm that shows high social and environmental standards. It would be the largest company globally to do so. In America that requires registration as a public benefit firm, letting board directors legally promote the interests of staff, customers and others, along with those of shareholders.Markets are not entirely convinced by Danones strategy, however. An American activist investor, Corvex, has taken a small stake, worth $400m, in the company, and is agitating for its operations to be improved and growth lifted.Yet investors have drunk in the simpler story at Pernod Ricardof a mix of resilient Western markets and growth from developing ones. Its share price has risen by roughly 50% in the past decade, whereas Danones has been flat (though it has climbed since Mr Faber took over in 2014).Still, there is a risk for Pernod Ricard, too: that younger, health-conscious consumers, who increasingly shun tobacco and sugary drinks, will also turn against liquor. Sales of spirits have been robust in recent years, even as consumption of wine and beer has fallen in many countries, but millennial shoppers sound increasingly puritan. Goldman Sachs notes in a recent report on millennials that 72% of such young consumers in America disapprove of others who drink nearly every day.Mr Fabers bet is on the trend towards healthy behaviour. To survive and regain leadership as a big brand, we must do big things, he says. If he is right about a revolution among consumers, then the firm must fight to keep their trust. Mr Ricards view is more old-school: consumers are less loyal, but he still believes many will long be happy to enjoy a drink.This article appeared in the Business section of the print edition under the headline "Be a sinner, be a saint"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21730050-pernod-ricard-drinks-giant-has-none-danones-saintliness-faces-similar-challenges?fsrc=rss%7Cbus'|'2017-10-05T22:54:00.000+03:00'|7874.0|''|-1.0|'' 7875|'f57566c49f8fec2cd96ac84a0e9878079271c3c2'|'Singapore online gaming firm Sea raises about $890 million in U.S. IPO: IFR'|'(Reuters) - Singapore-based online gaming and e-commerce firm Sea Ltd has raised about $884 million in its U.S IPO after pricing the offering above expectations, the company said on Friday.Supported by strong demand, the shares were sold at $15 each, more than its marketed range of $12 to $14, and the company also boosted the original offer size of 49.69 million shares by 18.7 percent. ( bit.ly/2yw5T16 )The deal also includes a greenshoe option for 7.45 million shares, which could lift the value of the offering to $1 billion.Reporting by S Anuradha of IFR; Writing and additional reporting by Aradhana Aravindan, additional reporting by Aparajita Saxena in Bengaluru; Editing by Edwina Gibbs '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-sea-ipo/singapore-online-gaming-firm-sea-raises-about-890-million-in-u-s-ipo-ifr-idINKBN1CP0LB'|'2017-10-20T04:57:00.000+03:00'|7875.0|''|-1.0|'' -7876|'b5abbaa0a542407b09eb27e137e212b007ea3d6e'|'Exclusive - OPEC''s head says Saudi, Russia statements ''clear fog'' before November 30 meeting'|'Reuters TV United States October 27, 2017 / 2:38 PM / in a minute Exclusive: OPEC''s head says Saudi, Russia statements ''clear fog'' before November 30 meeting Alex Lawler 3 Min Read LONDON (Reuters) - The fog has been cleared ahead of OPECs next policy meeting by Saudi Arabia and Russia declaring their support for extending a global deal to cut oil supplies for another nine months, OPECs secretary general told Reuters on Friday. FILE PHOTO: OPEC Secretary General Mohammad Barkindo attends a meeting of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia July 24, 2017. REUTERS/Anton Vaganov The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut output by about 1.8 million barrels per day (bpd) to get rid of a supply glut. The pact runs to March 2018 and they are considering extending it. Saudi Arabias Crown Prince Mohammad bin Salman said this week he was in favor of extending the term of the agreement for nine months, following on from similar remarks by Russian made by President Vladimir Putin on Oct 4. OPEC welcomes the clear guidance from the crown prince of Saudi Arabia on the need to achieve stable oil markets and sustain it beyond the first quarter of 2018, OPECs Mohammad Barkindo told Reuters on the sidelines of a conference. Together with the statement expressed by President Putin this clears the fog on the way to Vienna on Nov. 30. Its always good to have this high-level feedback and guidance, Barkindo added, when asked if the crown princes comments suggested a nine-month extension of the pact looked more likely. Reuters reported on Oct. 18, citing OPEC sources, that producers were leaning towards extending the deal for nine months, though the decision could be postponed until early next year depending on the market. Discussions are continuing in the run-up to the Nov. 30 meeting, which oil ministers from OPEC and the participating non-OPEC countries will attend. The deal has supported the oil price, which on Friday reached $59.91 a barrel, the highest level since July 2015, but a backlog of stored oil has yet to be run down and prices are still at half the level of mid-2014. The supply pact is aimed at reducing oil stocks in OECD industrialized countries to their five-year average, and the latest figures suggest producers are just over half way there. Stock levels in September stood at about 160 million barrels above that average, according to OPEC data, down from Januarys 340 million barrels above the five-year average. Editing by Dmitry Zhdannikov, Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-opec-oil-exclusive/exclusive-opecs-head-says-saudi-russia-statements-clear-fog-before-november-30-meeting-idUKKBN1CW22Y'|'2017-10-27T17:32:00.000+03:00'|7876.0|''|-1.0|'' +7876|'b5abbaa0a542407b09eb27e137e212b007ea3d6e'|'Exclusive - OPEC''s head says Saudi, Russia statements ''clear fog'' before November 30 meeting'|'Reuters TV United States October 27, 2017 / 2:38 PM / in a minute Exclusive: OPEC''s head says Saudi, Russia statements ''clear fog'' before November 30 meeting Alex Lawler 3 Min Read LONDON (Reuters) - The fog has been cleared ahead of OPECs next policy meeting by Saudi Arabia and Russia declaring their support for extending a global deal to cut oil supplies for another nine months, OPECs secretary general told Reuters on Friday. FILE PHOTO: OPEC Secretary General Mohammad Barkindo attends a meeting of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia July 24, 2017. REUTERS/Anton Vaganov The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut output by about 1.8 million barrels per day (bpd) to get rid of a supply glut. The pact runs to March 2018 and they are considering extending it. Saudi Arabias Crown Prince Mohammad bin Salman said this week he was in favor of extending the term of the agreement for nine months, following on from similar remarks by Russian made by President Vladimir Putin on Oct 4. OPEC welcomes the clear guidance from the crown prince of Saudi Arabia on the need to achieve stable oil markets and sustain it beyond the first quarter of 2018, OPECs Mohammad Barkindo told Reuters on the sidelines of a conference. Together with the statement expressed by President Putin this clears the fog on the way to Vienna on Nov. 30. Its always good to have this high-level feedback and guidance, Barkindo added, when asked if the crown princes comments suggested a nine-month extension of the pact looked more likely. Reuters reported on Oct. 18, citing OPEC sources, that producers were leaning towards extending the deal for nine months, though the decision could be postponed until early next year depending on the market. Discussions are continuing in the run-up to the Nov. 30 meeting, which oil ministers from OPEC and the participating non-OPEC countries will attend. The deal has supported the oil price, which on Friday reached $59.91 a barrel, the highest level since July 2015, but a backlog of stored oil has yet to be run down and prices are still at half the level of mid-2014. The supply pact is aimed at reducing oil stocks in OECD industrialized countries to their five-year average, and the latest figures suggest producers are just over half way there. Stock levels in September stood at about 160 million barrels above that average, according to OPEC data, down from Januarys 340 million barrels above the five-year average. Editing by Dmitry Zhdannikov, Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-opec-oil-exclusive/exclusive-opecs-head-says-saudi-russia-statements-clear-fog-before-november-30-meeting-idUKKBN1CW22Y'|'2017-10-27T17:32:00.000+03:00'|7876.0|6.0|0.0|'' 7877|'0635d8e095e2195ef1001b1a8f13a83d6e0447a6'|'Flood of Chinese capital seen shaking up aviation finance'|'HONG KONG/PARIS (Reuters) - A flood of low-cost Chinese funding is shaking up the global aircraft leasing market, with Chinese capital now accounting for 28 percent of the $261 billion deployed by leasing firms worldwide, a study suggested on Monday.A model of China''s ARJ21 aircraft by Commercial Aircraft Corp of China Ltd (COMAC) is displayed at Aviation Expo China 2017 in Beijing, China September 19, 2017. REUTERS/Stringer That is up from 5 percent nine years ago.The influx of more than $70 billion to the leasing industry from Chinese banks and other investors over the past decade is helping airlines expand their fleets. But it is also curbing returns to be made by traditional players in a sector fast emerging as a significant new asset class.In the last cycle (2003-2008), lease rates went up significantly whereas in this cycle they havent. Thats partly because there are more people looking for the same deals, said Rob Morris, global head of consultancy at Flightglobal Ascend.Record interest from China, the worlds fastest-growing aviation market, will be evident in meetings of 1,500 financiers in Hong Kong at two major conferences this week.For years, some experts have warned that record production by Airbus and Boeing and over-ordering by some airlines would burst a demand bubble for jetliners.But Morris sees a greater long-term threat from the supply side as new investors pour money into aviation. He predicts much of that capital is in the industry to stay, pressuring rivals.In a study coinciding with the Airline Economics conference, Flightglobal Ascend said Chinese capital will account for over a third of the aircraft leasing industry within five years.Many such investors are willing to accept lower returns and that is a warning sign for other players, Morris said.If this money is resetting the rules, you have to learn to play by the new rules or you lose the game.Some market veterans disagree, saying new money will retreat as quickly as it arrived when the market turns lower, making it hard for inexperienced players to redeploy unwanted jets.So far signs are that the market is holding up, although there has been turbulence in the market for some long-haul jets.Recent bankruptcies of Air Berlin and Monarch Airlines in Europe angered passengers but the aircraft were absorbed relatively quickly due to high demand, bankers say.Another key test will be expected interest rate rises and a rollback in stimulus from central banks who have pumped money into the economy, a chunk of which found its way into aviation.Historically, aircraft investors sought double-digit returns and many now have to settle for mid-to-high single figures, Morris told Reuters.Those figures may be acceptable in a low-interest-rate environment, but as interest rates start to increase can people start to increase their returns? That may not be possible.The U.S. Federal Reserve has raised rates twice this year and is widely expected to do so again in December.Editing by Susan Fenton '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/aviation-finance/flood-of-chinese-capital-seen-shaking-up-aviation-finance-idINKBN1CZ0D4'|'2017-10-30T07:22:00.000+02:00'|7877.0|''|-1.0|'' 7878|'93a1ce6c505f5f9f5837ce8ef5903f6b1fd22184'|'Ivascyn''s Pimco Income fund surpasses $100 bln despite fee raise sources'|'NEW YORK, Oct 13 (Reuters) - The Pimco Income Fund (PIMIX), widely seen by investors and analysts as Pacific Investment Managements new flagship fund, surpassed $100 billion in assets under management this week in spite of increasing management fees set on October 2, two sources familiar with the matter said Friday.The Pimco Income fund, overseen by Dan Ivascyn and Alfred Murata, increased its fees 5 cents per $100 at the beginning of this month for most share classes, bringing expenses for the institutional-class shares to 50 cents per $100. (Reporting By Jennifer Ablan; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/funds-pimco/ivascyns-pimco-income-fund-surpasses-100-bln-despite-fee-raise-sources-idINL2N1MO17G'|'2017-10-13T14:40:00.000+03:00'|7878.0|''|-1.0|'' 7879|'7c955be6a523c9948bd3377d76e7e322f2bd9ead'|'UPDATE 2-Caught in the crossfire, Britain says will fight Boeing- row'|'(Adds comments from British trade minister)By Kate Holton and Elizabeth PiperMANCHESTER, England, Oct 1 (Reuters) - Britain, caught in the crossfire of a damaging trade dispute between planemakers Boeing and Bombardier, said on Sunday it would fight its corner to protect thousands of jobs put at risk in Northern Ireland.Trade minister Liam Fox said Britain was working to find a resolution after the United States last week responded to a complaint by Boeing by imposing a 220-percent preliminary duty on Bombardiers CSeries jets, whose wings are made in Belfast.Weve said that we will fight our corner, Fox told the annual Conservative Party conference. Weve been caught in the crossfire of a much larger dispute.It worries me that were seeing a rise in protectionist behaviour ... the OECD (Organisation for Economic Cooperation and Development) itself has pointed out protectionism always ends badly. If we can get them to have a resolution, which is what we are trying to do quietly, so much the better.The tariff, which will take effect only if the U.S. International Trade Commission backs Boeing in a final decision expected in 2018, has dealt a major blow to the Canadian companys flagship project.It has also cast a huge shadow over Northern Ireland, where Bombardier is by far the most important manufacturer and a pillar of Belfasts economy, employing 4,200 people and supporting thousands more in the supply chain.And it also undermines the assurances by Brexit campaigners such as Fox that free trade and Londons close ties with Washington will drive Britains prosperity and global influence after it leaves the European Union in 2019.James Brokenshire, the British minister for Northern Ireland, echoed Prime Minister Theresa May in saying that Boeing was not behaving in a way the British government would expect a long-term defence partner to behave.May and other senior ministers have been highly critical of Boeing, suggesting it could miss out on future defence contracts, after the row put into jeopardy the local economy in Northern Ireland, home to a small party that May relies on to govern in Westminster.I say to Boeing this case is unjustified and unwarranted. This action is not what is expected of a long-term partner to the UK. They need to get round the table and secure a negotiated outcome to this dispute quickly, Brokenshire said.May has warned that Boeing was undermining its commercial relationship with Britain and has spoken to U.S. President Donald Trump on the issue.However, May is unlikely to retaliate against Boeing, which says the firm and its suppliers account for more than 18,700 jobs in the UK. Fox implied the government was working behind the scenes to find a resolution.Northern Ireland is the poorest of the United Kingdoms four parts and is mired in political difficulties after emerging from decades of armed sectarian conflict.Boeing, the worlds largest aerospace company, says it is upholding trade rules and not trying to damage the CSeries. It accuses Canada and Britain of unfairly subsidising Bombardier and says Bombardier has illegally dumped its products in the U.S. single-aisle airplane market out of desperation.The support that the UK provided to the Bombardier operation in Belfast was and remains compliant with international requirements, Brokenshire said.Editing by Elizabeth Piper and Dale Hudson '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/boeing-bombardier-brokenshire/update-1-uk-minister-urges-boeing-to-hold-talks-to-end-bombardier-dispute-idINL8N1MC0UK'|'2017-10-01T15:19:00.000+03:00'|7879.0|''|-1.0|'' @@ -7883,7 +7883,7 @@ 7881|'b6b2c6b0a803672b169568d7a295c1584ede2df5'|'Swiss Amicus and Brazil''s EMS bid for Serbian drugmaker Galenika'|'BELGRADE (Reuters) - Swiss-based drugs company Amicus SRB and Brazilian pharma group EMS SA have both made binding bids for a 93 percent stake in Serbian drugmaker Galenika, Serbias Economy Ministry said.Belgrade wants to sell Galenika as part of an effort to privatize, shut or trim unprofitable state firms under a 1.2 billion euro ($1.4 billion) deal with the International Monetary Fund, but the drugmakers debts have so far put off investors.The Economy Ministry said in a statement on Wednesday that the envelopes with financial offers will be opened after the bids have been verified.Reporting by Aleksandar Vasovic; Editing by '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-serbia-galenika-sale/swiss-amicus-and-brazils-ems-bid-for-serbian-drugmaker-galenika-idUSKBN1C9252'|'2017-10-04T23:10:00.000+03:00'|7881.0|''|-1.0|'' 7882|'03ef6a6962c8b552650628479712da5ae2214d7e'|'Pay-TV group Sky launches advertising review'|'October 19, 2017 / 9:57 AM / in 5 minutes Pay-TV group Sky launches advertising review Reuters Staff 1 Min Read Workers remove the advertising of Sky TV provider after the German Bundesliga second leg relegation playoff soccer match between Karlsruhe SC and Hamburg SV in Karlsruhe, Germany June 1, 2015. REUTERS/Ralph Orlowski/File Photo LONDON (Reuters) - European pay-TV group Sky ( SKYB.L ) has launched a review of how it places and plans advertising, its first review in 13 years that could shake up which agencies it employs. Sky, one of the biggest ad spenders in the industry, currently works with several companies, including agencies within the WPP ( WPP.L ) group. Skys business, the media landscape and the media buying market have evolved considerably since our last review, Sky said. As one of Europes largest advertisers we feel it is simply good business practice to review our communications planning and media buying relationships. Reporting by Kate Holton; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-sky-advertising/pay-tv-group-sky-launches-advertising-review-idUKKBN1CO193'|'2017-10-19T12:58:00.000+03:00'|7882.0|''|-1.0|'' 7883|'4e8f0451222c019efad211849ea8f797da462bd4'|'Apple should shrink its finance arm before it goes bananas'|'IT IS fashionable to say that tech firms will conquer the financial services industry. Yet in the case of Apple, it seems that the opposite is happening and finance is taking over tech by stealth. Since the death of Steve Jobs, its co-founder, in 2011, the worlds biggest firm by market value has sold hundreds of millions of phones with bionic chips and know-it-all digital assistants. But it has also grown a financial operation that is already, on some measures, roughly half the size of Goldman Sachs.Apple does not organise its financial activities into one subsidiary, but Schumpeter has lumped them together. The resultcall it Apple Capitalhas $262bn of assets, $108bn of debt, and has traded $1.6trn of securities since 2011. It appears to be run fairly cautiously and is part of a thriving firm, but it still deserves scrutiny. Companies have a history of being hurt by their financial arms; think General Electric (GE) or General Motors (GM). 38 an hour Apple Capital has lots of responsibilities but three stand out. It invests the firms mountain of surplus profits, mainly in highly rated instruments (this task seems to fall to Braeburn Capital, a subsidiary in Nevada, which uses some external fund managers). Apple Capital also uses derivatives in order to protect the firm against currency and interest-rate gyrations. And it manages Americas fifth-biggest corporate-debt pile by issuing Apple bonds as part of an elaborate strategy to limit tax bills.Apple Capital has become important to its parent. Since Jobs died, its assets have risen by 221%, twice as fast as the companys sales, reflecting Apples huge build-up of profits. Its investments are worth 32% of Apples market value, and its profits (investment income, plus gains on derivatives, less interest costs) have been 7% of Apples pre-tax profits so far this year. It is also sizeable compared with other financial firms. Consider four measures: assets, debt, credit exposure and profits. Depending on the yardstick, Apple Capital is 30-85% as big as Goldman Sachs. It is 22-42% as large as GE Capital was at its peak in 2007, just before things went down the tubes during the subprime crisis.Apple Capital is different from these firms in important ways. It does not take deposits and has much lower leverage. In their prime Goldman and GE Capital were run by hard-charging financiers, and made lots of loans. By contrast, Apple Capital does not make loans, and is not meant to be a profit centre in its own right. Nonetheless, it has become riskier, in three ways.First, Apple Capital is investing in racier assets, which involves taking credit risk. In 2011 a majority of its assets were risk-free: cash or government bonds. Today 68% are invested in other kinds of securities, mainly corporate bonds, which Apple says are generally investment grade. The shift may explain why Apples annual interest rate earned on its portfolio (2%) is now higher than that of the four other Silicon Valley firms with money mountains, Microsoft, Alphabet, Cisco and Oracle. In total, they still have 66% of their portfolios squirrelled away in risk-free assets.Second, Apples derivatives book has got much bigger. Since 2011 its notional sizethe face value of its contractshas risen by 425%, to $124bn. This is still much smaller than big banks positions, but is the third-largest book of any non-financial firm in America, after GE and Ford. For every dollar of foreign sales, Apple has 89 cents of derivatives, compared with 57 cents for the other four tech giants. At points these derivatives have yielded big rewards. In 2015 they contributed $4bn, or 6% of Apples profits. But they have dangers, too. Apple says that its value-at-risk (VAR), a statistical measure of the maximum likely loss in an average day, is $434m. That is huge: similar to the combined VAR of the worlds top ten investment banks. In theory losses on derivatives would be offset by gains in the value of Apples underlying business. But the sheer size of these positions gives pause for thought.The last area of higher risk is Apples divided geography. Its foreign operation swims in cash while its domestic one drowns in debt. Profits made abroad are kept in foreign subsidiaries. That way Apple does not pay the 35% levy America charges when earnings are repatriated. Some 94% of Apple Capitals assets are offshore and cannot be tapped for ordinary purposes. The domestic business must do the hard work of paying for dividends and buy-backs. Its profits are not big enough to cover these, so it borrows. Domestic net debts have risen to $92bn, or five times domestic gross operating profits. Each year Apple must issue $30bn of bonds (including refinancing), similar to the average of Wall Streets five largest firms.Apples core business is so profitable that it isalmostinconceivable that a blow-up at Apple Capital could lead to it needing taxpayer or central-bank support, as was the case for GM and GE. Still, it is easy to imagine how Apple Capital could hurt its parent. A market shock could lead to losses on its portfolios. A two-percentage-point rise in interest rates would result in a loss of $10bn. If bond markets dried up, Apple might struggle to issue so much debt and have to bring home funds, incurring a big tax bill. It might also become tricky to run such a big derivatives portfolio.Dont upset the Apple cartApple Capital has grown in a forgiving period for financial markets. That wont last. Over time, the risk of mission creep will rise, as will the temptation to invest in riskier assets. On the current trajectory, by 2022 its assets will reach $400bn and debts $250bn. By then financial regulators, who do not supervise Apple, will be grinding their teeth at night.According to a former manager who left in 2012, Apples financial gurus were careful because nobody wanted that 3am call from Steve Jobs. But Jobs isnt there any more. In any case, a fear of rebuke is not enough. If the tax laws change Tim Cook, Apples boss should wind down the structure that the firm has created. But even if the rules dont Apple Capital should be shrunk. Tech firms should seek to disrupt finance, not be seduced by it.This article appeared in the Business section of the print edition under the headline "Apple Capital LLC"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21730631-worlds-biggest-firm-has-financial-arm-half-size-goldman-sachs-apple-should-shrink?fsrc=rss'|'2017-10-28T08:00:00.000+03:00'|7883.0|''|-1.0|'' -7884|'1f038ad12cec5d2f9f74fb0594d3304c5e70220b'|'Australia''s Crown hit by accusations of poker machine-fixing, shares tumble'|' 54 AM / in 44 minutes Australia''s Crown hit by accusations of poker machine-fixing, shares tumble Reuters Staff 2 Min Read SYDNEY (Reuters) - Australias Crown Resorts Ltd ( CWN.AX ) was hit by allegations of tampering with poker machines on Wednesday when a lawmaker tabled a video of whistleblowers in parliament, sending shares in the casino firm sliding. Independent lawmaker and anti-gambling campaigner Andrew Wilkie used parliamentary privilege, which allows lawmakers to make sensitive allegations without legal repercussions, to make the video public and call for an investigation by authorities. On the recording, unidentified people accuse Crowns flagship casino in Melbourne of fixing poker machines to remove built-in controls designed to regulate gambling rates. They also allege that customers were encouraged to disguise their identity to avoid detection by anti-money-laundering agency AUSTRAC, and that the casino failed to stop drug use and domestic violence on its premises. Wilkie told a news conference he had verified the identity of the people on the video as former employees of Crown but declined to comment further on the accuracy of the allegations. Crown said in a statement that it rejected the allegations and that Wilkie should immediately provide to the relevant authorities all information relating to the matters alleged. Crown shares fell 7 percent by midsession, their biggest single-day loss in a year. Reporting by Byron Kaye and Colin Packham Editing by Jane Wardell and Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-crown-resorts-scandal/australias-crown-hit-by-accusations-of-poker-machine-fixing-shares-tumble-idUKKBN1CN0BS'|'2017-10-18T06:53:00.000+03:00'|7884.0|''|-1.0|'' +7884|'1f038ad12cec5d2f9f74fb0594d3304c5e70220b'|'Australia''s Crown hit by accusations of poker machine-fixing, shares tumble'|' 54 AM / in 44 minutes Australia''s Crown hit by accusations of poker machine-fixing, shares tumble Reuters Staff 2 Min Read SYDNEY (Reuters) - Australias Crown Resorts Ltd ( CWN.AX ) was hit by allegations of tampering with poker machines on Wednesday when a lawmaker tabled a video of whistleblowers in parliament, sending shares in the casino firm sliding. Independent lawmaker and anti-gambling campaigner Andrew Wilkie used parliamentary privilege, which allows lawmakers to make sensitive allegations without legal repercussions, to make the video public and call for an investigation by authorities. On the recording, unidentified people accuse Crowns flagship casino in Melbourne of fixing poker machines to remove built-in controls designed to regulate gambling rates. They also allege that customers were encouraged to disguise their identity to avoid detection by anti-money-laundering agency AUSTRAC, and that the casino failed to stop drug use and domestic violence on its premises. Wilkie told a news conference he had verified the identity of the people on the video as former employees of Crown but declined to comment further on the accuracy of the allegations. Crown said in a statement that it rejected the allegations and that Wilkie should immediately provide to the relevant authorities all information relating to the matters alleged. Crown shares fell 7 percent by midsession, their biggest single-day loss in a year. Reporting by Byron Kaye and Colin Packham Editing by Jane Wardell and Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-crown-resorts-scandal/australias-crown-hit-by-accusations-of-poker-machine-fixing-shares-tumble-idUKKBN1CN0BS'|'2017-10-18T06:53:00.000+03:00'|7884.0|6.0|0.0|'' 7885|'e6233582adfb0ce3280db63d768b03f8f615cdee'|'Sinochem to re-evaluate oil exploration business, expand fine chemicals - Chairman'|'October 24, 2017 / 5:17 AM / in 11 minutes Sinochem to re-evaluate oil exploration business, expand fine chemicals - Chairman Chen Aizhu 2 Min Read BEIJING (Reuters) - Chinas Sinochem Group is reviewing its struggling oil exploration business and plans expansions into material and life sciences over the next decade in major strategy shift, the chairman of the state-run conglomerate said. FILE PHOTO: A logo of Sinochem is seen outside an office building of Sinochem in Beijing, China, February 21, 2017. REUTERS/Damir Sagolj/File Photo Last week, Reuters reported that Sinochem had retained three banks to work on a possible listing of its oil refining, fuel marketing, and trading and storage assets while the upstream oil business might be sold to the government. Based on current market conditions, we are re-evaluating our strategy in the upstream oil and gas business, Ning said in an email to Reuters in response to interview questions sent on Monday as part of the 19th Communist Party Congress taking place in Beijing this week. Sinochem has tapped Morgan Stanley ( MS.N ), Citic Securities ( 600030.SS ) and BOC International to work on the possible Hong Kong listing to raise capital and revive the company, Reuters reported. Sinochem aims to build itself into a conglomerate using petrochemicals as the foundation but led by material science and life sciences, a change from previously scattered resource allocation and lack of focus in core businesses, said Ning. The new business strategy comes as Sinochem is anticipated to merge with China National Chemicals Corp, or ChemChina, under a state-orchestrated restructuring to join the companies. Reporting by Chen Aizhu; Editing by Christian Schmollinger'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-congress-sinochem/sinochem-to-re-evaluate-oil-exploration-business-expand-fine-chemicals-chairman-idUKKBN1CT0G0'|'2017-10-24T08:17:00.000+03:00'|7885.0|''|-1.0|'' 7886|'dc69224bdab10934437946bdb881d80db66f0c59'|'ECB survey sees higher euro zone inflation in 2022'|' 23 AM / Updated 27 minutes ago ECB survey sees higher euro zone inflation in 2022 Reuters Staff 2 Min Read FRANKFURT (Reuters) - Euro zone inflation could be higher than earlier expected in five years time, the European Central Banks survey of professional forecasters showed on Friday, partly underpinning the ECBs decision to curb stimulus a day earlier. European Central Bank (ECB) President Mario Draghi adddresses the European Banking Congress at the Old Opera house in Frankfurt, Germany November 20, 2015. REUTERS/Ralph Orlowski Price growth is seen rising to 1.9 percent by 2022, in line with the ECBs target and above the 1.8 percent predicted three months ago, according to the survey of 58 forecasters, an important input in the ECBs policy deliberations. The ECB decided on Thursday to halve asset buys from next year but extend them by 9 months, arguing that the improved outlook allows for reduced stimulus, even if lengthy central bank support is still needed. Inflation projections for the coming years were left unchanged, though both 2018 and 2019 forecasts remained above projections by the ECBs staff, suggesting these may be revised up when they are updated in December. Indeed, the euro is trading weaker than the ECB expected and oil prices are sharply higher, indicating that the September projections may be too pessimistic. Economic growth is also likely to be faster than earlier expected, with forecasts raised for both 2018 and 2019. The survey now sees growth at 1.9 percent in 2018 and 1.7 percent in 2019, both 0.1 percentage point higher than three months ago. But longer term growth, defined as expansion in 2022, is still seen at 1.6 percent. Unemployment is now seen falling faster than earlier thought with 2018, 2019 and longer term forecasts all cut by 0.2 percentage point. Reporting by Balazs Koranyi; Editing by Francesco Canepa'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ecb-policy-survey/ecb-survey-sees-higher-euro-zone-inflation-in-2022-idUKKBN1CW0XL'|'2017-10-27T11:22:00.000+03:00'|7886.0|''|-1.0|'' 7887|'98e5351295690a6edcb2d224e723f9df6b6f6dc2'|'Chevron returns staff to Gulf platforms; no timeline on operations'|'October 9, 2017 / 8:37 PM / Updated 11 minutes ago Chevron returns staff to Gulf platforms; no timeline on operations Reuters Staff 1 Min Read HOUSTON, Oct 9 (Reuters) - Chevron Corp said on Monday it has sent staff back to U.S. Gulf of Mexico platforms that were shuttered ahead of Hurricane Nate, but would not speculate on when operations would return to normal. The shutdowns ahead of the storm took more than 120,000 barrels of oil per day of Chevrons production offline. Chevron also said its pipeline subsidiary, Chevron Pipe Line Co, has re-opened its Whitecap pipeline and Fourchon and Empire terminals to receive and ship crude. (Reporting by Ernest Scheyder; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-nate-chevron/chevron-returns-staff-to-gulf-platforms-no-timeline-on-operations-idUSL2N1MK168'|'2017-10-09T23:36:00.000+03:00'|7887.0|''|-1.0|'' @@ -7925,7 +7925,7 @@ 7923|'93908d5fe547d3fd104f225bccacabdd69748ed2'|'Activist investors increase Clariant stake: Finanz und Wirtschaft'|'October 6, 2017 / 3:08 PM / Updated 5 hours ago White Tale activists increase Clariant stake: Finanz und Wirtschaft Reuters Staff 2 Min Read The logo of Swiss specialty chemicals company Clariant is seen at the company''s headquarters in Pratteln, Switzerland August 9, 2017. REUTERS/Arnd Wiegmann ZURICH (Reuters) - Activist investors seeking to block specialty chemical maker Clariants $20 billion merger with Huntsman Corp own significantly more than 15 percent of Clariant shares and want to increase their stake, they told a Swiss newspaper. We already own more than 15 percent and were not done buying, White Tale investors David Millstone and David Winter told Finanz und Wirtschaft in a joint interview released on Friday. The next disclosure threshold would be 20 percent. They had previously reported a stake of just over 15 percent. Calling themselves long-term oriented investors who are here to stay, Millstone and Winter reiterated their opposition to the planned merger that would give Clariant 52 percent of the combined entity should shareholders approve. We want Clariant to become a better and stronger company, and we dont see that happening with Huntsman. The proposed deal, they said, significantly undervalued Clariant and overvalued Huntsman. The Swiss chemical manufacturer should instead sell its plastics and coatings business, they said, and reinvest the proceeds into acquisitions within the higher-margin specialty chemicals businesses. Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields '|'reuters.com'|'http://www.reuters.com/finance'|'https://www.reuters.com/article/us-clariant-huntsman/activist-investors-increase-clariant-stake-finanz-und-wirtschaft-idUSKBN1CB1X1'|'2017-10-06T23:08:00.000+03:00'|7923.0|''|-1.0|'' 7924|'93302ca4923b68ae5da73d159c0d815687f0c5f5'|'OPEC, others may take some extraordinary measures in 2018 to rebalance oil market: Barkindo'|'October 8, 2017 / 1:23 PM / in 2 hours Extraordinary steps may be needed in 2018 to rebalance oil market: OPEC''s Barkindo Nidhi Verma , Promit Mukherjee 3 Min Read The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria September 21, 2017. REUTERS/Leonhard Foeger OPEC and other oil producers may need to take some extraordinary measures next year to rebalance the oil market, the OPEC secretary-general said on Sunday. There is a growing consensus that ... a rebalancing process is under way. We are gradually but steadily achieving our common and noble objectives, Mohammad Barkindo told reporters at the India Energy Forum organised by CERAWeek in New Delhi. To sustain this into next year, some extraordinary measures may have to be taken in order to restore this stability on a sustainable basis going forward, he said, without elaborating. Saudi Arabia and Russia helped secure a deal between the Organization of the Petroleum Exporting Countries and 10 rival producers to cut output by about 1.8 until the end of March 2018 in an effort to reduce a glut. Barkindo said consultations were under way for the extension of the OPEC-led pact beyond March 2018 and that more oil producing nations may join the supply pact, possibly at the next meeting of OPEC in Vienna on Nov. 30. He also said that Nigeria and Libya, who are exempted from the pact, are making progress towards full recovery of production, after which they could join the OPEC-led agreement. Oil futures fell more than 2 percent on Friday, ending Brent crudes longest multi-week rally in 16 months as oversupply concerns reappeared as producers have started hedging future drilling. [O/R] But Barkindo said he was not worried about the rise in U.S. shale oil and gas output. It is a big market and demand is very strong. Between the first half and second half this year, demand growth is almost about 2 million barrels (per day), which is very robust, he said. So everybody has a role to play. On Friday, Saudi Energy Minister Khalid al-Falih said he hoped to reach a consensus with Russia and other major oil producers on the future of the deal before Novembers meeting. Falih was speaking in Moscow two days after Russian President Vladimir Putin said it was possible that the supply reduction deal could run to the end of next year, although Russia has not made any commitment. Reporting by Nidhi Verma and Promit Mukherjee; Writing by Rania El Gamal; Editing by Alison Williams'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/opec-india/opec-others-may-take-some-extraordinary-measures-in-2018-to-rebalance-oil-market-barkindo-idINKBN1CD0HS'|'2017-10-08T16:22:00.000+03:00'|7924.0|''|-1.0|'' 7925|'f95c88b061f9f9f1872e41b6c3325ad9671bf53e'|'Bain bid for Japan ad agency Asatsu-DK too low - shareholder Silchester'|' 40 AM / Updated 9 minutes ago Bain bid for Japan ad agency Asatsu-DK too low - shareholder Silchester Reuters Staff 2 Min Read The logo of Bain Capital is displayed on the screen during a news conference in Tokyo, Japan October 5, 2017. REUTERS/Kim Kyung-Hoon TOKYO (Reuters) - U.S. private equity firm Bain Capital LPs $1.35 billion (1.02 billion) offer to buy Japans third-largest advertising agency Asatsu-DK Inc ( 9747.T ) is too low, its second-largest shareholder Silchester International Investors LLP has said. London-based fund Silchester, which owns 17.3 percent of the ad agency, joins largest shareholder WPP PLC ( WPP.L ) in questioning the bid price, with WPP believing the buyout plan significantly undervalues Asatsu-DK, a person familiar with the matter previously told Reuters. The current offer price substantially undervalues ADK, its assets, franchise and future opportunities, Silchester said in a statement dated Wednesday. It encourages other prospective buyers of ADK to come forward. Asatsu-DK shares have risen above Bains 3,660 yen ($32.49) per share offer price, closing at 3,845 yen in Tokyo trading on Thursday, indicating some investors expect Bain will have to improve its bid or that a rival bid is likely. Bain declined to comment on the matter. Asatsu-DK supports Bains offer, saying private ownership represents the best option to position the ad agency for sustainable growth. It intends to dissolve its longstanding alliance with WPP, the worlds largest advertising group. Bains latest bid for a Japanese firm comes only days after a consortium led by the Boston-based firm signed an $18 billion deal to buy Toshiba Corps ( 6502.T ) microchip business. Reporting by Sam Nussey; Editing by Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-asatsu-dk-m-a-bain/bain-bid-for-japan-ad-agency-asatsu-dk-too-low-shareholder-silchester-idUKKBN1CA0LX'|'2017-10-05T10:40:00.000+03:00'|7925.0|''|-1.0|'' -7926|'82165b84b07fcaa752d6d197779db72c1bb734ec'|'CORRECTED-RPT-U.S. farmers tighten belts to compete with cheap LatAm grain - Reuters'|'(Corrects first paragraph to read punctured a tire on his combine instead of on his tractor)By Mark Weinraub and P.J. HuffstutterCHICAGO, Oct 26 (Reuters) - When Kansas farmer Tom Giessel drove over a deer carcass and punctured a tire on his combine during harvest this fall, he did not have the time or cash to fix it. He borrowed his neighbors combine to finish.U.S. farmers are cutting costs any way they can to compete against cheaper producers in Argentina and Brazil. Four years of global oversupply have pushed down grain prices, reduced agricultural revenues and put more expensive producers under financial pressure.In response, U.S. farmers have bought cheaper seeds, spent less on fertilizers and delayed equipment purchases as they seek to ride out the downturn. But more bumper harvest forecasts and rising energy prices herald another tough year for farmers in 2018.The logical thing to do is stop farming, said Giessel, 64, who farms about 5,000 acres and has worked on the land all of his adult life.Giessel has cut spending on what he can control - seeds, chemicals, fertilizer, rented land - and chewed through his farms savings. He stands to lose $93 an acre, or nearly $15,000, on one corn field alone this year.My burn rate is a raging fire. And I am no different than anyone else out here, Giessel said.Some farmers have had to sell assets to keep afloat. Others have gone into bankruptcy.U.S. farmers have taken another hit this year because of rising prices of labor, fuel and electricity. Those costs together account for about 14.5 percent of total expenses and are largely out of farmers control. Interest expenses have also risen as banks have tightened credit to the agricultural sector.These items were expected to push overall costs up 1.3 percent in 2017, which would mark the first year since 2014 that farmers have failed to reduce total costs.Farmers cut $40.20 billion to bring total costs down to $350.49 billion between 2014 and 2016, according to the U.S. Agriculture Departments Economic Research Service.The downturn in spending has hurt farm equipment manufacturers.Sales in the agriculture division at Deere & Co and CNH Industrial fell sharply during 2015 and 2016. Deere expects farm equipment sales in the United States and Canada to be down another 5 percent this year, and CNH said in July that sales in North America were down.CROP PRICES, YIELD Falls in crop prices have outpaced the cuts farmers have made in spending.Corn futures have dropped about 12 percent during 2017 from 2014 averages while soybean prices are 17 percent lower and wheat has tumbled 24 percent.Farmers are looking for bigger yields through better seed and pesticide technology to improve their ability to compete with their counterparts in Latin America and elsewhere. But they are struggling to afford the expensive latest varieties as they tighten their belts.Hardier seed breeds and rising yields have for years boosted U.S. farm productivity. But they have also contributed to the massive oversupply in global grains markets.Saving money on capital purchases is one thing. But cuts to farm inputs from reducing how many seeds are planted to cutting back on fertilizer use will eventually hurt productivity, say farmers.You find yourself in a Catch-22, said Jeff Fisher, who grows corn and soybeans on 1,600 acres in Illinois.You just hope the yield wont be hit too bad next year.David Miller, who grows corn and soybeans on 500 acres in southern Iowa, saved about $8 per acre for beans and some $20 per acre for corn by using cheaper seeds.The risk is that they will produce a smaller harvest. Adding to that concern: After a dry summer, he expects his poorest soybean field to yield around 20 bushels per acre, 65 percent off the state average.Even with the cuts, U.S. farmers are still spending more per acre than their competitors in Latin America.In Argentina, corn was expected to cost just under $200 per acre in the 2017/2018 season, according to Ezequiel de Freijo, analyst at farm association Sociedad Rurals Institute of Economic Studies, well below the around $310 per acre in the United States in 2016.Soy farmers in the Latin American country are spending around $115 an acre, compared to around $163 in the United States during 2016The lower costs have helped Latin American producers take market share from their competitors in the United States. Brazil and Argentina combined are expected to capture nearly 42 percent of the global corn export market in the 2017/2018 crop year, up from under 38 percent in 2014/2015.During the same period, the United States saw its share of global corn exports drop to around 31 percent of the market from 33.5 percent.Latin American farmers, like their counterparts in the north, are also searching for ways to cut costs to boost their margins and take more of the global market from competitors.We are cutting use of fertilisers, for example, said Jos Fernandes, who farms 400 hectares, or nearly 1,000 acres, of soy in Brazils key Mato Grosso production region.We have been burning fat for a long time here on costs. (Additional reporting by Maximilian Heath in Buenos Aires and Ana Mano and Marcelo Teixeira; Editing by Simon Webb and Cynthia Osterman) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-agriculture-costs/rpt-u-s-farmers-tighten-belts-to-compete-with-cheap-latam-grain-idINL2N1N01UV'|'2017-10-26T09:02:00.000+03:00'|7926.0|''|-1.0|'' +7926|'82165b84b07fcaa752d6d197779db72c1bb734ec'|'CORRECTED-RPT-U.S. farmers tighten belts to compete with cheap LatAm grain - Reuters'|'(Corrects first paragraph to read punctured a tire on his combine instead of on his tractor)By Mark Weinraub and P.J. HuffstutterCHICAGO, Oct 26 (Reuters) - When Kansas farmer Tom Giessel drove over a deer carcass and punctured a tire on his combine during harvest this fall, he did not have the time or cash to fix it. He borrowed his neighbors combine to finish.U.S. farmers are cutting costs any way they can to compete against cheaper producers in Argentina and Brazil. Four years of global oversupply have pushed down grain prices, reduced agricultural revenues and put more expensive producers under financial pressure.In response, U.S. farmers have bought cheaper seeds, spent less on fertilizers and delayed equipment purchases as they seek to ride out the downturn. But more bumper harvest forecasts and rising energy prices herald another tough year for farmers in 2018.The logical thing to do is stop farming, said Giessel, 64, who farms about 5,000 acres and has worked on the land all of his adult life.Giessel has cut spending on what he can control - seeds, chemicals, fertilizer, rented land - and chewed through his farms savings. He stands to lose $93 an acre, or nearly $15,000, on one corn field alone this year.My burn rate is a raging fire. And I am no different than anyone else out here, Giessel said.Some farmers have had to sell assets to keep afloat. Others have gone into bankruptcy.U.S. farmers have taken another hit this year because of rising prices of labor, fuel and electricity. Those costs together account for about 14.5 percent of total expenses and are largely out of farmers control. Interest expenses have also risen as banks have tightened credit to the agricultural sector.These items were expected to push overall costs up 1.3 percent in 2017, which would mark the first year since 2014 that farmers have failed to reduce total costs.Farmers cut $40.20 billion to bring total costs down to $350.49 billion between 2014 and 2016, according to the U.S. Agriculture Departments Economic Research Service.The downturn in spending has hurt farm equipment manufacturers.Sales in the agriculture division at Deere & Co and CNH Industrial fell sharply during 2015 and 2016. Deere expects farm equipment sales in the United States and Canada to be down another 5 percent this year, and CNH said in July that sales in North America were down.CROP PRICES, YIELD Falls in crop prices have outpaced the cuts farmers have made in spending.Corn futures have dropped about 12 percent during 2017 from 2014 averages while soybean prices are 17 percent lower and wheat has tumbled 24 percent.Farmers are looking for bigger yields through better seed and pesticide technology to improve their ability to compete with their counterparts in Latin America and elsewhere. But they are struggling to afford the expensive latest varieties as they tighten their belts.Hardier seed breeds and rising yields have for years boosted U.S. farm productivity. But they have also contributed to the massive oversupply in global grains markets.Saving money on capital purchases is one thing. But cuts to farm inputs from reducing how many seeds are planted to cutting back on fertilizer use will eventually hurt productivity, say farmers.You find yourself in a Catch-22, said Jeff Fisher, who grows corn and soybeans on 1,600 acres in Illinois.You just hope the yield wont be hit too bad next year.David Miller, who grows corn and soybeans on 500 acres in southern Iowa, saved about $8 per acre for beans and some $20 per acre for corn by using cheaper seeds.The risk is that they will produce a smaller harvest. Adding to that concern: After a dry summer, he expects his poorest soybean field to yield around 20 bushels per acre, 65 percent off the state average.Even with the cuts, U.S. farmers are still spending more per acre than their competitors in Latin America.In Argentina, corn was expected to cost just under $200 per acre in the 2017/2018 season, according to Ezequiel de Freijo, analyst at farm association Sociedad Rurals Institute of Economic Studies, well below the around $310 per acre in the United States in 2016.Soy farmers in the Latin American country are spending around $115 an acre, compared to around $163 in the United States during 2016The lower costs have helped Latin American producers take market share from their competitors in the United States. Brazil and Argentina combined are expected to capture nearly 42 percent of the global corn export market in the 2017/2018 crop year, up from under 38 percent in 2014/2015.During the same period, the United States saw its share of global corn exports drop to around 31 percent of the market from 33.5 percent.Latin American farmers, like their counterparts in the north, are also searching for ways to cut costs to boost their margins and take more of the global market from competitors.We are cutting use of fertilisers, for example, said Jos Fernandes, who farms 400 hectares, or nearly 1,000 acres, of soy in Brazils key Mato Grosso production region.We have been burning fat for a long time here on costs. (Additional reporting by Maximilian Heath in Buenos Aires and Ana Mano and Marcelo Teixeira; Editing by Simon Webb and Cynthia Osterman) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-agriculture-costs/rpt-u-s-farmers-tighten-belts-to-compete-with-cheap-latam-grain-idINL2N1N01UV'|'2017-10-26T09:02:00.000+03:00'|7926.0|8.0|0.0|'' 7927|'236054fc0aff738a6e5bee82b3e1cf02d2966b8f'|'Nordstrom family suspends attempt to take retailer private'|'A sign directs shoppers to a Nordstrom store at a shopping mall in La Jolla, California, U.S., May 17, 2017. REUTERS/Mike Blake/File Photo (Reuters) - Nordstrom Inc said on Monday that a founding family group had suspended attempts to take the U.S. department store operator private because of difficulties in arranging debt financing for its bid ahead of the key holiday shopping season.Nordstrom shares dropped as much as 7 percent as investors were again reminded of the challenges of the U.S. brick-and-mortar retail sector, which has seen a record number of bankruptcies this year amid competition from e-commerce firms such as Amazon.com Inc and off-price stores like TJX Cos Inc.Nordstroms rival Hudsons Bay Co, owner of the Saks Fifth Avenue and Lord & Taylor retail chains, has also been exploring going private, Reuters has reported. Its shares dropped 5 percent on Monday as analysts said the chances of other retailers clinching such deals had become slimmer.Its difficult to make a case for private equity investing in these legacy retail companies when the play is really not about growing the company so much as right sizing it, said Neil Saunders, retail analyst at Global Data.Nordstrom shares dropped to $39.64, their lowest level in five months, giving the company a market capitalization of around $6.6 billion.Nordstrom said in June that the family group, which owns 31.2 percent of the storied retailer, was looking to take the company private. Sources said the family believed it could better manage the companys operational restructuring and transition to e-commerce away from the public markets.Nordstrom, which has sought to become more competitive by investing in its off-price discount chain Nordstrom Rack, in August reported better-than-expected quarterly same-store sales, as more people shopped at its online stores.The family was seeking to partner with buyout firm Leonard Green & Partners LP on the bid, sources had said. But investment banks balked at providing the debt financing required for the bid, estimated at between $7 billion and $8 billion.Last Friday, representatives of the Nordstrom family group informed Nordstroms special board committee handling the potential deal that it had given up on efforts to take the company private until the end of the year because of the difficult of obtaining debt financing, according to a Nordstrom regulatory filing. It added that the group would explore a take-private bid after the holiday season.A source close to the family group said Nordstroms upcoming holiday sales did not have to be particularly strong for a deal to materialize, and that it was the uncertainty of what the shopping season will look like that weighed on the banks appetite to finance the bid.However, the market for leveraged buyouts in the retail sector has been very choppy of late, with debt investors licking their wounds after participating in recent deals.The $2 billion of bonds issued by specialty pet retailer PetSmart in May to finance its $3 billion acquisition of online rival Chewy have suffered steep losses.When private equity firm Sycamore Partners acquired office supplies retailer Staples Inc for $6.9 billion last month, it separated its retail from its business-to-business delivery operations to make financing more palatable to investors.However, Sycamore was forced to cut the size of the planned bond deal by $300 million to $1 billion to pay a higher yield than originally targeted to sell the debt. The bonds have lost some of their value since then.Neiman Marcus, another Nordstroms rival, canceled plans earlier this year for an initial public offering after struggling with its soaring debt pile.Some activist investors are pushing ailing retailers to explore other strategies.Hedge fund Snow Park Capital Partners LP has advocated for department store operator Dillards Inc to unlock the value of its real estate by replacing some of its own stores with other, potentially higher value, occupants.Reporting by Carl O''Donnell and Greg Roumeliotis in New York; Andrew Berlin and Davide Sc Siddharth Cavale in Bengaluru; editing by Arun Koyyur and Meredith Mazzilli'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/nordstrom-m-a-urgent/nordstrom-family-suspends-attempt-to-take-retailer-private-idINKBN1CL2EC'|'2017-10-16T19:11:00.000+03:00'|7927.0|''|-1.0|'' 7928|'d9403d61eef26e8527aaa1bbf1b3637d5c76df7a'|'Telecom Italia''s network should be spun off and listed - minister'|'October 20, 2017 / 11:05 AM / Updated 10 minutes ago Telecom Italia''s network should be spun off and listed - minister Reuters Staff 1 Min Read ROME (Reuters) - Italian Industry Minister Carlo Calenda said on Friday that Telecom Italias fixed line network should be spun off from the rest of the company and listed. FILE PHOTO: A Telecom Italia tower is pictured in Rome, Italy, March 22, 2016. REUTERS/Stefano Rellandini/File Photo Yes, yes, it should be separated and put on the stock market ... that way the market can make its judgements, Calenda said in a radio interview when asked if this would be the best option for the company. Reporting By Gavin Jones'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-telecome-italia-network-minister/telecom-italias-network-should-be-spun-off-and-listed-minister-idUKKBN1CP1CP'|'2017-10-20T14:04:00.000+03:00'|7928.0|''|-1.0|'' 7929|'39e7ffd61d1a9e91e6852c1c0b2e737457b60fc5'|'EU parliament head raps Draghi over bad loan guidelines'|'October 10, 2017 / 6:22 AM / a minute ago EU parliament head raps Draghi over bad loan guidelines Reuters Staff 2 Min Read European Parliament President Antonio Tajani speaks at the EU summit in Brussels, Belgium, June 22, 2017. REUTERS/Gonzalo Fuentes MILAN (Reuters) - The European Central Bank must involve the European Parliament in the decision-making process about new guidelines for bank bad loans, the head of the parliament told ECB President Mario Draghi in a letter published by the Italian press on Tuesday. The ECB last week issued new proposals that will force banks from 2018 to set aside more cash against newly classified bad loans and, early next year, could revise recent guidelines for the reduction of the soured debt stock. Italy - whose banks hold nearly 30 percent of the blocs 915 billion euro bad loans - has reacted angrily to the proposals, asking the ECB to soften them following a public consultation that runs until Dec. 8. European Parliament president Antonio Tajani, an Italian national, told Draghi he was deeply concerned about how the new bad loan initiative was being undertaken. I seriously wonder whether specific additional obligations...can be imposed on supervised entities without appropriately involving the co-legislators in the decision-making process, Tajani was quoted as saying in the letter. I would urge you to take all steps in order to ensure that parliaments prerogatives as co-legislator are duly respected, so as to avoid an inter-institutional dispute about this issue. Reporting by Silvia Aloisi'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-eurozone-banks-loans-dispute/eu-parliament-head-raps-draghi-over-bad-loan-guidelines-idUKKBN1CF0I5'|'2017-10-10T09:10:00.000+03:00'|7929.0|''|-1.0|'' @@ -8029,7 +8029,7 @@ 8027|'7e0a39740f55ebdba794e0d10998e2aacba47ba1'|'UPDATE 1-Flybe warns on first-half profit, blames higher maintenance costs'|'October 18, 2017 / 6:40 AM / Updated 11 minutes ago UPDATE 2-Higher costs prompt Flybe profit warning in tough year for airlines Reuters Staff * Regional airline warns that interim profit to fall * Higher maintenance costs weigh on performance * Flybe is latest example of tough airline market (Adds share price, analyst reaction) LONDON, Oct 18 (Reuters) - British regional airline Flybe warned on Wednesday that first-half profit would be lower than expected, sending shares tumbling as higher maintenance costs compounded a tough airline market. Flybe said it would review its maintenance strategy with the aim of improving aircraft performance and costs. It would attempt to enhance the reliability of the Bombardier Q400 turboprop in particular. Shares fell as much as 18 percent after a warning which comes against a backdrop of intense competition in the sector that has kept prices low and put several larger companies out of business. Flybe said it now expected a first-half adjusted profit before tax in the range of 5-10 million pounds ($6.6-$13.2 million), down from 15.9 million pounds in the first half of its 2016-17 year. While half-year profits are lower than expected, I am confident that we are still on a clear sustainable path to profitability in line with our stated plan, CEO Christine Ourmieres-Widener said in a statement. The increased maintenance costs are disappointing, but we are already addressing these in the second half and remain focused on improving our cost base and reliability performance. This year has been a tough one for the airline sector, with Air Berlin, Alitalia and Monarch all going into administration. They struggled to stay competitive as rivals laid on more seats to vie for market share, hitting fares. Analysts at house broker Liberum said that the announcement was a clear disappointment in the short term, and that overcapacity in the industry could also weigh on the stock. Until there is greater clarity on maintenance costs, along with further evidence of capacity cuts supporting better unit revenue trends, we believe the shares will struggle to perform, the analysts at Liberum said in a note. Flybe said it would provide further information in its interim results on November 9. ($1 = 0.7586 pounds) (Reporting by Alistair Smout and James Davey; editing by Kate Holton/Keith Weir) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/flybe-outlook/update-1-flybe-warns-on-first-half-profit-blames-higher-maintenance-costs-idUSL8N1MT0ZH'|'2017-10-18T09:40:00.000+03:00'|8027.0|''|-1.0|'' 8028|'fdb0d129deb62287b7920bdc79061f30b3006717'|'Union demands VW workers in Germany get 6 percent pay rise'|'October 24, 2017 / 2:51 PM / Updated 13 minutes ago Union demands VW workers in Germany get 6 percent pay rise Reuters Staff 2 Min Read FRANKFURT (Reuters) - Germanys biggest labour union called on Tuesday for a 6 percent pay rise for Volkswagen ( VOWG_p.DE ) workers in the carmakers home market. FILE PHOTO - A Volkswagen logo is seen at Serramonte Volkswagen in Colma, California, U.S., October 3, 2017. REUTERS/Stephen Lam/File Photo The wage demand for more than 120,000 staff at Volkswagens (VW) German plants and its financial services division matches the increase IG Metall is seeking for about 3.9 million engineering and metalworking staff in Europes largest economy. Growing profit and vehicle sales at the worlds largest automaker justify calls for strong wage gains even as VW faces billions of costs for its diesel emissions test scandal and a strategic shift to electric cars, IG Metall said. Despite the emissions scandal the employees have gone the extra mile over the last two years, Bernd Osterloh, head of VWs works council, said in an emailed statement. Nine-month sales of VWs core brand rose 2.7 percent to 4.49 million vehicles, with growth in China, the Americas and Central Europe offsetting a 3.1 percent drop in Western Europe. But VWs management is expected to push for a lower pay deal as it struggles to restore customer confidence in Germany, where brand sales have fallen 7.4 percent this year. IG Metall said it will also seek an entitlement for individual employees to temporarily shortened working hours in pay negotiations due to start in December. VWs current in-house wage contract for German staff expires at the end of January 2018. In the previous 2016 wage round, labour leaders at the Wolfsburg-based automaker had sought a 5 percent pay increase over 12 months, before settling for a 4.8 percent raise in two stages over 20 months. Reporting by Andreas Cremer; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-volkswagen-pay/union-demands-vw-workers-in-germany-get-6-percent-pay-rise-idUKKBN1CT249'|'2017-10-24T17:50:00.000+03:00'|8028.0|''|-1.0|'' 8029|'8421e7dcc97492f6b7844e9b30638d1cc95d67a0'|'Caesars bankruptcy ends amid Asia market shift, Vegas shooting'|'The marquee sign at Caesars Palace hotel is seen on the strip in Las Vegas, Nevada, U.S. February 16, 2011. REUTERS/Steve Marcus/File Photo CHICAGO (Reuters) - Caesars Entertainment Corp has an eye on expanding its Caesars, Harrahs and Horseshoe brands in the United States and abroad after its casino operating unit emerges from nearly three years of bankruptcy as soon as Friday with $10 billion less in debt.Industry analysts said it may be too late to catch up with rivals like MGM Resorts International, Wynn Resorts Ltd and Las Vegas Sands Corp that have spent years investing in high-growth Asian markets like Macau as U.S. gambling has cooled.Twenty-five years ago Caesars was the premiere name internationally but they dropped the ball, said Greg Bousquette of investment banking firm G.C. Andersen Partners, which advised unsecured creditors during the Caesars bankruptcy.Caesars has spent years struggling to manage more than $25 billion in debt, much of it taken on in 2008 when Apollo Global Management and TPG Capital led a leveraged buyout of the company. The operating unit filed for bankruptcy in early 2015.Caesars emerges from Chapter 11 with a simplified structure by merging with Caesars Acquisition Corp and other affiliates, and former creditors will hold a majority of the stock.The U.S.-focused company may be more vulnerable than its peers if any downturn follows this weeks mass shooting on the Las Vegas Strip, where Caesars owns some of its most valuable resorts and casinos and derives most of its revenue.Las Vegas resort operators like Caesars may have to cut hotel rates and spend more on security and marketing to draw customers back, analysts said, though they expect business to bounce back over the longer term.Related Coverage Factbox: A new Caesars Entertainment to emerge from bankruptcyCaesars declined to comment on any potential decline in its business stemming from the shooting, which resulted in 59 deaths.The companys stock fell in early trading on Monday, but soon recovered and market sentiment toward Caesars had been largely positive. Its shares, which had lagged rivals through much of the bankruptcy proceedings, have risen 74 percent from a year ago, and investors last week snapped up its first bond offering since 2014.Were primed for growth, Caesars Chief Executive Mark Frissora told investors in September, pointing to a leaner post-bankruptcy structure, $2 billion of cash and plans for branding and licensing agreements, and M&A. [L2N1MG19E]The company in July hired two executives to oversee new projects and expansion in the United States and abroad.Target markets include Brazil and Japan, which are considering opening up gaming and resorts licenses. Caesars has already received preliminary approval for a foreigners-only destination in South Korea.But while Caesars spent years struggling under the debt from the leveraged buyout, its rivals were planting their flags in Macau and Singapore. Macau, a Chinese territory about an hour from Hong Kong, long ago surpassed Las Vegas in terms of gaming revenue.Companies that already have experience operating in Asia are frontrunners to receive licenses to run Japanese casino resorts, according to analysts.THE PERKS OF TOTAL REWARDS Caesars may have an edge in a tight U.S. market thanks to its Total Rewards loyalty program, the biggest in the industry with over 50 million members, analysts said.At Caesars Horseshoe Hammond outside Chicago, one retired couple said the rewards program is what draws them to the casino twice a week to try their luck at the slot machines and gaming tables.The more we spend, the more points we get for food and other perks, said Mrs. Johnson of Crete, Illinois. She declined to give her first name.Caesars has shown it can plug a hotel or casino into Total Rewards and immediately boost returns. In a Sept. 14 presentation, Caesars said underlying operating profit at the Planet Hollywood Resort & Casino in Las Vegas rose 232 percent in the year after it was acquired in 2010.As pure gambling declines in the United States, casino operators are relying increasingly on hotel visits and dining and entertainment, as well as new online and mobile platforms to engage the next generation of gamblers.Still, experts said Asia offers more attractive growth opportunities.Really what these companies should be focusing on in terms of best return on investment is Asian markets, particularly Japan, said Morningstar gaming analyst Dan Wasiolek.Reporting by Tracy Rucinski in Chicago; additional reporting by Jane Cheung in Seoul and Thomas Wilson in Tokyo; Editing by Tom Hals and Meredith Mazzilli '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-caesars-bankruptcy-analysis/caesars-bankruptcy-ends-amid-asia-market-shift-vegas-shooting-idUSKBN1CA2R4'|'2017-10-06T00:33:00.000+03:00'|8029.0|''|-1.0|'' -8030|'bc814052f39b0906cd4ccd8b16e36db9e5116a78'|'EMERGING MARKETS-LatAm currencies up on doubts over Trump tax plan'|'October 11, 2017 / 4:39 PM / Updated 6 minutes ago EMERGING MARKETS-LatAm currencies up on doubts over Trump tax plan Reuters Staff 4 Min Read By Bruno Federowski SAO PAULO, Oct 11 (Reuters) - Latin American currencies strengthened on Wednesday as doubts that President Donald Trump would push through his planned tax reforms fueled bets that U.S. interest rates will rise more slowly than expected. Trump''s public feud with Tennessee Senator Bob Corker, an influential fellow Republican, raised concern among investors that his push for a tax-code overhaul could be harmed. Many investors say the tax changes could boost the U.S. economy and generate inflationary pressures, potentially driving the Federal Reserve to accelerate rate-hiking. That would likely reduce the allure of high-yielding assets, weighing on the value of emerging market currencies. Investors will look for further clues over the future path of U.S. monetary policy in the minutes of the Fed''s latest policy meeting set for release on Wednesday. "The document will likely reinforce the arguments of the last policy statement, corroborating bets on a December hike," economists at SulAmrica Investimentos wrote in a report. The currencies of Brazil, Chile, Mexico and Colombia firmed between 0.1 and 0.6 percent. Brazil''s benchmark Bovespa stock index slipped 0.5 percent as investors booked profits from the previous day''s gains, when it hit an all-time high. Shares of for-profit college operator Kroton Educacional SA led the decline after reporting a 1 percent decline in the number of students in its undergraduate programs. Analysts at Banco BTG Pactual highlighted "worrying signs" of increasing dropouts. "2018 is expected to feature a higher level of graduating students, which combined with the worrying retention dynamics seen in 2017 could result in downward revisions to student base forecasts," they wrote. Key Latin American stock indexes and currencies at 1625 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1117.33 0.43 29.02 MSCI LatAm 2952.46 -0.44 26.69 Brazil Bovespa 76508.61 -0.51 27.03 Mexico S&P/BVM IPC 50121.96 0.28 9.81 Chile IPSA 5475.46 -0.03 31.89 Chile IGPA 27392.36 -0.03 32.11 Argentina MerVal 27297.96 0.74 61.36 Colombia IGBC 11060.39 -0.05 9.21 Venezuela IBC 532.30 0.22 -98.32 Currencies daily % YTD % change change Latest Brazil real 3.1669 0.52 2.60 Mexico peso 18.7220 0.60 10.80 Chile peso 626.5 0.40 7.06 Colombia peso 2954.19 0.10 1.60 Peru sol 3.258 0.18 4.79 Argentina peso (interbank) 17.4225 0.01 -8.88 Argentina peso (parallel) 17.8 0.34 -5.51 (Reporting by Bruno Federowski; Editing by James Dalgleish) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-latam/emerging-markets-latam-currencies-up-on-doubts-over-trump-tax-plan-idUSL2N1MM1BR'|'2017-10-11T19:39:00.000+03:00'|8030.0|''|-1.0|'' +8030|'bc814052f39b0906cd4ccd8b16e36db9e5116a78'|'EMERGING MARKETS-LatAm currencies up on doubts over Trump tax plan'|'October 11, 2017 / 4:39 PM / Updated 6 minutes ago EMERGING MARKETS-LatAm currencies up on doubts over Trump tax plan Reuters Staff 4 Min Read By Bruno Federowski SAO PAULO, Oct 11 (Reuters) - Latin American currencies strengthened on Wednesday as doubts that President Donald Trump would push through his planned tax reforms fueled bets that U.S. interest rates will rise more slowly than expected. Trump''s public feud with Tennessee Senator Bob Corker, an influential fellow Republican, raised concern among investors that his push for a tax-code overhaul could be harmed. Many investors say the tax changes could boost the U.S. economy and generate inflationary pressures, potentially driving the Federal Reserve to accelerate rate-hiking. That would likely reduce the allure of high-yielding assets, weighing on the value of emerging market currencies. Investors will look for further clues over the future path of U.S. monetary policy in the minutes of the Fed''s latest policy meeting set for release on Wednesday. "The document will likely reinforce the arguments of the last policy statement, corroborating bets on a December hike," economists at SulAmrica Investimentos wrote in a report. The currencies of Brazil, Chile, Mexico and Colombia firmed between 0.1 and 0.6 percent. Brazil''s benchmark Bovespa stock index slipped 0.5 percent as investors booked profits from the previous day''s gains, when it hit an all-time high. Shares of for-profit college operator Kroton Educacional SA led the decline after reporting a 1 percent decline in the number of students in its undergraduate programs. Analysts at Banco BTG Pactual highlighted "worrying signs" of increasing dropouts. "2018 is expected to feature a higher level of graduating students, which combined with the worrying retention dynamics seen in 2017 could result in downward revisions to student base forecasts," they wrote. Key Latin American stock indexes and currencies at 1625 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1117.33 0.43 29.02 MSCI LatAm 2952.46 -0.44 26.69 Brazil Bovespa 76508.61 -0.51 27.03 Mexico S&P/BVM IPC 50121.96 0.28 9.81 Chile IPSA 5475.46 -0.03 31.89 Chile IGPA 27392.36 -0.03 32.11 Argentina MerVal 27297.96 0.74 61.36 Colombia IGBC 11060.39 -0.05 9.21 Venezuela IBC 532.30 0.22 -98.32 Currencies daily % YTD % change change Latest Brazil real 3.1669 0.52 2.60 Mexico peso 18.7220 0.60 10.80 Chile peso 626.5 0.40 7.06 Colombia peso 2954.19 0.10 1.60 Peru sol 3.258 0.18 4.79 Argentina peso (interbank) 17.4225 0.01 -8.88 Argentina peso (parallel) 17.8 0.34 -5.51 (Reporting by Bruno Federowski; Editing by James Dalgleish) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-latam/emerging-markets-latam-currencies-up-on-doubts-over-trump-tax-plan-idUSL2N1MM1BR'|'2017-10-11T19:39:00.000+03:00'|8030.0|12.0|0.0|'' 8031|'9b6460ace942994433b5821e6ad37e5a70a704b2'|'Brazil lender Caixa Economica not up for sale: chairwoman'|'BRASILIA (Reuters) - Brazils state lender Caixa Econmica Federal [CEF.UL] will not be privatized, Caixa chairwoman and Brazils Treasury secretary Ana Paula Vescovi told journalists on Thursday.Vescovi reiterated the banks board is discussing to reform Caixas bylaws to turn it into an incorporated company, but said that does not mean the government is willing to sell a stake in it. She said Caixa needs additional funds to meet Basel III requirements, which may come from a potential 10-billion-real ($3.05 billion) transfer from a workers severance fund known as FGTS.($1 = 3.2793 reais)Reporting by Silvio Cascione; editing by Diane Craft '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-caixa-ec-federal-privatization/brazil-lender-caixa-economica-not-up-for-sale-chairwoman-idINKBN1CV34B'|'2017-10-26T16:23:00.000+03:00'|8031.0|''|-1.0|'' 8032|'e32d715c36acd3889f7def911f6b8296efbdff6b'|'Deals of the day-Mergers and acquisitions'|'October 4, 2017 / 9:42 AM / Updated 16 minutes ago Deals of the day-Mergers and acquisitions Reuters Staff 5 Min Read (Adds Russian Direct Investment Fund, Bayer SA, Prudential, CEZ, Abraaj Group, Panasonic, Gas Natural, Banco do Estado do Rio Grande do Sul SA, Italia, Petrleo Brasileiro, Ullink) Oct 4 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1300 GMT on Wednesday: ** The state-backed Russian Direct Investment Fund (RDIF) is discussing a possible investment in conglomerate Sistemas agriculture business, the funds chief executive said. ** A unit of Brazils competition regulator Cade said the $66 billion takeover of Monsanto Co. by German life sciences firm Bayer AG could be detrimental to competition, a document released on the agencys website shows. ** Prudential Plc has kicked off the sale of its Vietnam consumer finance unit, which could fetch up to $150 million, as the UK firm sharpens focus on its core insurance business in the Southeast Asian nation, people familiar with the process said. ** CEZ strategy director Pavel Cyrani tells Reuters energy services unit ESCO aims to complete an acquisition in Poland by year-end or early 2018. ** Dubai-based private equity firm Abraaj Group said it made an investment in Pakistans top cinema operator, Cinepax, to drive expansion over the next four years. ** Executives at Panasonic were surprised when Russell Ellwanger, CEO of Israeli chipmaker TowerJazz, asked to partner in three of their factories without putting any cash on the table. ** Spains Gas Natural has approved the sale of its Italian retail business to EDF unit Edison while the companys Italian distribution network will go to 2i Rete Gas, two sources said. ** The government of Brazilian state Rio Grande do Sul may sell a non-controlling stake in state bank Banco do Estado do Rio Grande do Sul SA, according to a securities filing on Wednesday. ** Telecom Italia on Wednesday kicked off the process to sell its majority stake in broadcasting services group Persidera, valued between 350-400 million euros, a source close to the matter told Reuters. ** Brazilian state-controlled oil company Petrleo Brasileiro SA has sent additional information on several shallow water oil fields to interested parties as it kickstarts the non-binding stage of the asset-sale process, according to a securities filing on Wednesday. ** Bankers are working on debt financings totalling 380m to back a potential buyout of French trading software provider Ullink, banking sources said. ** Brazils state-controlled oil company Petroleo Brasileiro SA said on Tuesday it had started the binding stage for a proposed stake sale in the Maromba field, located in the Campos basin, according to a securities filing. ** ESR Pte Ltd, a unit of Asian logistics firm ESR Cayman Ltd, said it had taken an 18 percent stake in Propertylink Group, buying 60.2 million shares via off-market purchases. ** Royal Dutch Shell said it had cancelled the sale of gas field stakes in Thailand to Kuwait Foreign Petroleum Exploration Company (KUFPEC). ** Hong Kong developer Chinese Estates Holdings said it holds a 6 percent stake in rival property group China Evergrande, having bought HK$11.1 billion ($1.42 billion) of shares between April and October 3. ** Mexico will offer the rights to partner with state oil company Pemex on three major projects on Wednesday, one in the shallow waters of the Gulf of Mexico and two more onshore, the latest step in opening countrys oil and gas industry. ** Australian fund manager QIC has reached a deal to buy out 10 regional malls in the United States from its joint venture partner Forest City Realty Trust Inc on behalf of a client which it did not identify. ** Malaysian state energy firm Petroliam Nasional Berhad, or Petronas, is looking to sell some oil and gas assets owned by its Canadian unit Progress Energy, its adviser BMO Capital Markets said. ** Norways Statoil is taking its first step into the solar sector, partnering up with Oslo-listed renewable energy firm Scatec Solar in a joint venture aiming to build several large-scale solar plants in Brazil. ** Portugals state-rescued Novo Banco said it has secured bondholders approval for a discounted debt buyback, a key condition for completing the sale of the lender to U.S. private equity firm Lone Star. Compiled by Sonam Rai in Bengaluru'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/deals-day/deals-of-the-day-mergers-and-acquisitions-idUSL4N1MF1NG'|'2017-10-04T16:00:00.000+03:00'|8032.0|''|-1.0|'' 8033|'a96e938c5a121fce2ac4a6052493aab7ac1f07f5'|'EU mergers and takeovers (Oct 12)'|'BRUSSELS, Oct 12 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS -- French carmaker Renault to acquire a 25 percent stake in electric car charging services Jedlix (approved Oct. 10)NEW LISTINGS -- Medical device maker Avantor, which is controlled by private equity firm New Mountain Capital, to acquire laboratory equipment distributor VWR (notified Oct. 11/deadline Nov. 17)-- Public pension fund provider ATP and Canadian teachers pension fund OTPP to jointly acquire Danish airport operator Copenhagen airports (notified Oct. 10/deadline Nov. 16/simplified)-- West Midland Holdings Ltd, which is a joint venture between Dutch rail operator Abellio Transport Holding BV, East Japan Railway Co and Mitsui Co, to acquire the West Midlands franchise from London & Birmingham Railway Ltd (notified Oct. 10/deadline Nov. 16/simplified)-- Private equity firms Carlyle Group, CVC and China Investment Corp to acquire joint control of French energy company Engies holding company for oil and gas exploration and production business (notified Oct. 2/deadline Nov. 8/simplified)-- Special purpose vehicle ShaMrock Wind to acquire 60 percent of Irish wind farm operator Evalair, which is jointly owned by Luricawne, Fixarra and Luricawne (notified Sept. 29/deadline Nov. 7/simplified)EXTENSIONS AND OTHER CHANGES NoneFIRST-STAGE REVIEWS BY DEADLINE OCT 13 -- Italian infrastructure group Atlantia to acquire Spanish rival Abertis (notified Sept. 8/deadline Oct. 13)-- Anglo-Dutch oil group Royal Dutch Shell to acquire indirect joint control of natural gas producer Crestwood Permian Basin LLC which is now solely controlled by Crestwood Permian Basin Holdings (notified Sept. 8/deadline Oct. 13/simplified)OCT 16 -- Swiss food company Nestle to acquire sole control of Beverage Partners Worldwide, a joint venture between Nestle and the Coca-Cola Co (notified Oct. 11/deadline Oct. 16)OCT 17 -- U.S. specialty material company Celanese and private equity firm Blackstone to combine their cellulose acetate tow units under a new joint venture (notified Sept. 9/deadline Oct. 17)OCT 18 -- U.S. medical equipment supplier Becton Dickinson and Co to acquire U.S. peer C R Bard Inc (notified Aug. 30/deadline extended to Oct.18 after commitments submitted on Sept. 27)-- Bermuda-headquartered reinsurer Axis Capital Holdings Ltd to acquire UK insurer Novae (notified Sept. 13/deadline Oct. 18/simplified)-- German insurer Allianz to acquire UK financial services group Liverpool Victoria Friendly Society Ltds general insurance businesses (notified Sept. 13/deadline Oct. 18/simplified)OCT 20 -- U.S. life sciences company Avantor to acquire U.S. lab supplies company VWR (notified Sept. 15/deadline Oct. 20)OCT 23 -- Dutch warehouse owner Borealis European Holdings B.V., Ontario Teachers Pension Plan Board and SSE to acquire joint control of UK energy meter company Maple (notified Sept. 18/deadline Oct. 23/simplified)OCT 24 -- U.S. company Platinum Equity Group to acquire UK aerospace distributor Pattonair Holdings Ltd (notified Sept. 19/deadline Oct. 24/simplified)-- UK energy company Greenergy to acquire fuel supplier Inver Energy Ltd (notified Sept. 19/deadline Oct. 24)OCT 25 -- Jacobs Engineering Group to acquire technical consulting services provider CH2M Hill Companies (notified Sept. 20/deadline Oct. 25/simplified)-- Private equity firm Warburg Pincus and carmaker Tata Motors to jointly acquire Tata Technologies (notified Sept. 20/deadline Oct. 25/simplified)OCT 26 -- Luxembourg-based steelmaker ArcelorMittal to acquire Italian steel plant (notified Sept. 21/deadline Oct. 26)-- French car parts maker Valeo to acquire German clutch maker FTE Automotive(notified Sept. 7/deadline Oct. 26/commitments submitted Sept. 7)OCT 27 -- German chemicals company Evonik and Dutch peer DSM to set up a joint venture (notified Sept. 22/deadline Oct. 27/simplified)OCT 30 -- British company CRH plc to acquire XI (RMAT) Holdings GmbH, the German holding company of limestone producer Fels-Werke GmbH which is part of Xella International (notified Sept. 25/deadline Oct. 30)OCT 31 -- French energy company Engie and Caisse des Depots et Consignations to acquire joint control of a wind power producer (notified Sept. 26/deadline Oct. 31/simplified)-- Private equity firm Equistone Partners Europe SAS to acquire French furniture disbributor Groupe Bruneau (notified Sept. 26/deadline Oct. 31/simplified)NOV 3 Private equity firm Leonard Green & Partners to acquire legal services provider CPA Global Group (notified Sept. 27/deadline Nov. 3/simplified)NOV 8 -- Private equity-backed Neptune Oil & Gas to acquire majority stake in French utility Engies exploration and production business (notified Oct.2/deadline Nov.8/simplified)NOV 10 -- German auto components supplier Bosch and Chinese counterpart Hasco to acquire electric power steering products maker ASCN (notified Oct. 4/deadline Nov. 10/simplified)NOV 15 -- Chinas Legend Holdings to acquire 90 percent of Banque Internationale a Luxembourg (BIL) from Qatari investment vehicle Precision Capital (notified Oct. 9/deadline Nov. 15/simplified)JAN 22 -- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline extended to Jan. 22 from Jan. 8 after the companies asked for more time)FEB 12 -- Italian eyewear maker Luxottica and French lens manufacturer Essilor to merge (notified Aug. 22/deadline extended to Feb. 12 from Sept. 26 after the European Commission opened an in-depth investigation)SUSPENDED -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline suspended from Aug. 17/concessions offered Oct. 5)GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a companys proposed remedies or an EU member states request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eu-ma/eu-mergers-and-takeovers-idINL8N1MN5P8'|'2017-10-12T14:14:00.000+03:00'|8033.0|''|-1.0|'' @@ -8057,7 +8057,7 @@ 8055|'8db4416d9363fc394c5d54ecaf2eed35a03d335f'|'Oil eases on profit-taking but sentiment remains strong as OPEC-led supply cuts bite'|'October 31, 2017 / 12:50 AM / Updated 17 minutes ago Oil eases on profit-taking but sentiment remains strong as OPEC-led supply cuts bite Henning Gloystein 3 Min Read SINGAPORE (Reuters) - Oil prices eased on Tuesday as traders took profits following days of gains and as the prospect of increasing U.S. exports dampened overall bullish sentiment that has driven Brent above $60 per barrel. FILE PHOTO - A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson Traders said that Iraqs move to increase oil exports from its southern ports by 220,000 barrels per day (bpd) to 3.45 million bpd to make up for supply disruptions from its northern Kirkuk fields had also weighed on Brent. Brent crude futures LCOc1, the international benchmark for oil prices, were at $60.76 per barrel at 0540 GMT. That was 14 cents, or 0.2 percent, below their last settlement, but still not far off July 2015-highs reached earlier this week, and up some 37 percent since their 2017-lows last June. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $54.04 a barrel, 11 cents below their last close. But that was still near their highest level since February and up around 28 percent since 2017-lows marked in June. Traders said there was profit-taking after crude prices rose by around 5 percent in October. Amid generally upbeat market sentiment, analysts were cautious after several days dominated by strong price rises. U.S. shale output could keep a lid on prices over the medium to long-term, said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers. WTIs $6.7 per barrel discount to Brent CL-LCO1=R is a result of rising American crude production C-OUT-T-EIA, which is up almost 13 percent since mid-2016 to 9.5 million barrels per day (bpd), making U.S. crude exports highly profitable. Despite Tuesdays price dips, market sentiment remained confident, fuelled by an effort led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to hold back about 1.8 million barrels per day (bpd) in oil production to tighten markets and prop up prices. The pact runs to March 2018, but Saudi Arabia and Russia have voiced support to extend the agreement. OPEC is scheduled to meet officially at its headquarters in Vienna, Austria, on Nov. 30. The fear of oversupply could easily turn to a fear of undersupply if inventories keep declining like they have been and demand continues to grow, said William OLoughlin, investment analyst at Rivkin Securities. Reporting by Henning Gloystein; Editing by Editing by Joseph Radford'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-oil/oil-prices-stable-as-opec-led-supply-cuts-tighten-market-idUKKBN1D0028'|'2017-10-31T08:09:00.000+02:00'|8055.0|''|-1.0|'' 8056|'cb2c5ca31d7fad49bfad11cb7430203108889138'|'Brazilian antitrust official says AT&T, Time Warner must keep operations separate'|' 12 PM / Updated 4 minutes ago Brazilian antitrust official says AT&T, Time Warner must keep operations separate The AT&T logo is pictured during the Forbes Forum 2017 in Mexico City, Mexico, September 18, 2017. REUTERS/Edgard Garrido BRASILIA (Reuters) - A key official on Brazils antitrust watchdog Cade voted on Wednesday to approve AT&T Incs ( T.N ) acquisition of Time Warner Inc ( TWX.N ) as long as both companies continued to run their Brazilian operations separately. Councillor Gilvandro Arajo, who is leading the antitrust analysis of the merger in Brazil, said both companies would have to commit to not exchanging sensitive information and allow external auditors to verify the separation of their activities in the South American country. Reporting by Bruno Federowski; Writing by Tatiana Bautzer; Editing by Paul Simao 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-time-warner-m-a-at-t-antitrust/brazilian-antitrust-official-says-att-time-warner-must-keep-operations-separate-idUSKBN1CN2F2'|'2017-10-18T19:06:00.000+03:00'|8056.0|''|-1.0|'' 8057|'5325a81cdbf705f6d6e5eb0aab7d920de2384b48'|'Japanese workers'' wages rise in a positive sign for consumer spending'|'October 6, 2017 / 12:02 AM / in 18 minutes Japanese workers'' wages rise in a positive sign for consumer spending Reuters Staff 2 Min Read People walk at a business district in central Tokyo, Japan September 29, 2017. Picture taken September 29, 2017. REUTERS/Toru Hanai TOKYO (Reuters) - Wages of Japanese workers rose in August from a year earlier, reversing from the previous months decline, in a sign of a gradual pick-up in workers income amid a tightening labour market. Wages rose in both nominal and inflation-adjusted real terms, labour ministry data showed on Friday. The data is likely to ease some worry over the sustainability of a recent improvement in consumer spending. Still, wage growth may not be strong enough to dispel questions over the central banks assertions that a tightening labour market will eventually lead to higher wages, which will boost economic activity and inflation. Wage earners nominal cash earnings rose an annual 0.9 percent in the year to August, reversing from the prior months revised 0.6 percent decline and the fastest gain since July 2016, the data showed. Reflecting a 0.8 percent rise in consumer prices, however, inflation-adjusted real wages rose a meagre 0.1 percent, up for the first time in eight months. Many Japanese companies remain hesitant to spend their record cash piles on raising wages, in part because they are unable to pass on costs to their customers who are accustomed to nearly two decades of mostly falling prices. Special payments -- which include summer bonuses -- jumped 6.1 percent in August from a year ago, the biggest gain since March 2016. Regular pay, which determines base wages, rose 0.4 percent in the year to August, rising for a fifth straight month. Overtime pay, a barometer of strength in corporate activity, rose 1.5 percent year-on-year in August, up two months in a row. Reporting by Tetsushi Kajimoto; Editing by Kim Coghill'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-japan-economy-wages/japanese-workers-wages-rise-in-a-positive-sign-for-consumer-spending-idUKKBN1CB003'|'2017-10-06T03:02:00.000+03:00'|8057.0|''|-1.0|'' -8058|'78792bf44275f874b22dbd12707f3c57c507cc7a'|'Coca-Cola beats on higher U.S. sales of Sprite, non-soda drinks'|'October 25, 2017 / 12:27 PM / in 17 minutes Coca-Cola beats on higher U.S. sales of Sprite, non-soda drinks Reuters Staff 2 Min Read (Reuters) - Coca-Cola Co ( KO.N ) reported better-than-expected profit and revenue for the third quarter as North America sales rose 3 percent on higher demand for Sprite, tea and coffee. The wall of the Coca Cola bottling plant is seen in Los Angeles, California, U.S. October 24, 2017. REUTERS/Lucy Nicholson The company said it was gaining marketshare against rivals, echoing sector analysts views ahead of the results that it was eating into the sales of arch rival PepsiCo Inc ( PEP.N ). While the Coca-Colas overall volume sales in North America remained flat in the third quarter, Sprite sales rose in the mid-single digits and tea and coffee sales increased in the low-single digits. Diet Coke sales were down. PepsiCo this month reported a drop in quarterly beverage sales in North America for the first time in two years, hit by weak demand for Gatorade and marketing missteps. A woman walks past the Coca Cola bottling plant in Los Angeles, California, U.S. October 24, 2017. REUTERS/Lucy Nicholson Coca-Cola is gaining share from rival Pepsi due to better performance in the territories it has franchised to bottlers and a more aggressive push in the non-carbonated drink business, RBC Capital Markets analyst Nik Modi wrote in a pre-earnings note. Coca-Cola has also been cutting costs, including by the refranchising of its low-margin bottling operations and reducing workforce. Cost of goods sold fell 18 percent in the quarter, and general and selling expenses dropped 20 percent. Net income attributable to Coca-Colas shareholders rose to $1.45 billion (1.1 billion), or 33 cents per share, in the third quarter ended Sept. 29, from $1.05 billion, or 24 cents per share, a year earlier. Excluding items, the company earned a profit of 50 cents per share, beating the average analyst estimate of 49 cents, according to Thomson Reuters I/B/E/S. Revenue fell 14.6 percent to $9.08 billion as the company refranchised some bottling operations, but beat the average estimate of $8.72 billion. Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-coca-cola-results/coca-cola-beats-on-higher-u-s-sales-of-sprite-non-soda-drinks-idUKKBN1CU1R4'|'2017-10-25T15:27:00.000+03:00'|8058.0|''|-1.0|'' +8058|'78792bf44275f874b22dbd12707f3c57c507cc7a'|'Coca-Cola beats on higher U.S. sales of Sprite, non-soda drinks'|'October 25, 2017 / 12:27 PM / in 17 minutes Coca-Cola beats on higher U.S. sales of Sprite, non-soda drinks Reuters Staff 2 Min Read (Reuters) - Coca-Cola Co ( KO.N ) reported better-than-expected profit and revenue for the third quarter as North America sales rose 3 percent on higher demand for Sprite, tea and coffee. The wall of the Coca Cola bottling plant is seen in Los Angeles, California, U.S. October 24, 2017. REUTERS/Lucy Nicholson The company said it was gaining marketshare against rivals, echoing sector analysts views ahead of the results that it was eating into the sales of arch rival PepsiCo Inc ( PEP.N ). While the Coca-Colas overall volume sales in North America remained flat in the third quarter, Sprite sales rose in the mid-single digits and tea and coffee sales increased in the low-single digits. Diet Coke sales were down. PepsiCo this month reported a drop in quarterly beverage sales in North America for the first time in two years, hit by weak demand for Gatorade and marketing missteps. A woman walks past the Coca Cola bottling plant in Los Angeles, California, U.S. October 24, 2017. REUTERS/Lucy Nicholson Coca-Cola is gaining share from rival Pepsi due to better performance in the territories it has franchised to bottlers and a more aggressive push in the non-carbonated drink business, RBC Capital Markets analyst Nik Modi wrote in a pre-earnings note. Coca-Cola has also been cutting costs, including by the refranchising of its low-margin bottling operations and reducing workforce. Cost of goods sold fell 18 percent in the quarter, and general and selling expenses dropped 20 percent. Net income attributable to Coca-Colas shareholders rose to $1.45 billion (1.1 billion), or 33 cents per share, in the third quarter ended Sept. 29, from $1.05 billion, or 24 cents per share, a year earlier. Excluding items, the company earned a profit of 50 cents per share, beating the average analyst estimate of 49 cents, according to Thomson Reuters I/B/E/S. Revenue fell 14.6 percent to $9.08 billion as the company refranchised some bottling operations, but beat the average estimate of $8.72 billion. Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-coca-cola-results/coca-cola-beats-on-higher-u-s-sales-of-sprite-non-soda-drinks-idUKKBN1CU1R4'|'2017-10-25T15:27:00.000+03:00'|8058.0|10.0|0.0|'' 8059|'6c188124d5dba45c5023c1880af6aceac3217588'|'Tesla to raise pay by 30 pct at German division - works council'|'October 18, 2017 / 3:07 PM / Updated 37 minutes ago Tesla to raise pay by 30 pct at German division - works council Reuters Staff 3 Min Read HAMBURG, Oct 18 (Reuters) - Luxury electric car maker Tesla Inc and labour leaders at its German engineering unit have agreed a new pay structure that will raise workers salaries by about 30 percent from current levels, the divisions works council said. We will now get to a competitive wage level, a spokesman for the works council said on Wednesday after a staff gathering at Tesla Grohmann Automation GmbH, based in western Germany. The workforce was informed today that we will introduce a pay structure at Grohmann, which has about 650 workers, he said, without elaborating. In an emailed statement, Tesla said the new remuneration structure, retroactively effective from Oct. 1, guarantees staff a fair and competitive salary and will include a pay raise for apprenticeships, but it did not confirm the 30 percent figure. In April, Tesla pledged a 5-year job guarantee for all Grohmann employees up to at least 2022. Workers also received a 10,000-euro ($11,800) grant each of Tesla stock and an additional bonus of 1,000 euros with their April pay and a monthly salary increase of 150 euros, it said. Tesla faces higher wage costs in Germany as it wrestles with what Chief Executive Elon Musk has described as production hell in launching its new Model 3 sedan, which Tesla hopes will make it a mass-market producer. The company warned earlier this month that production bottlenecks had left the company behind with its planned ramp-up for the Model 3. German daily newspaper Die Welt reported the wage pact earlier on Wednesday. Before being bought by Tesla last year, Grohmann, based in the town of Pruem near the Luxembourg border, helped clients build highly automated and efficient factories, including battery assembly lines for electric cars. The U.S. carmaker is counting on Grohmanns automation and engineering expertise to help it ramp up production to 500,000 cars per year by 2018 through the design of ultra-efficient factories. ($1 = 0.8490 euros) (Reporting by Jan Schwartz. Writing by Andreas Cremer,; Editing by Douglas Busvine and Adrian Croft) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/tesla-germany-wages/tesla-to-raise-pay-by-30-pct-at-german-division-works-council-idUSL8N1MT3XZ'|'2017-10-18T18:07:00.000+03:00'|8059.0|''|-1.0|'' 8060|'2568c450d2468d5586f74b0b61cf427bc480bdac'|'Microsoft looks at whether Russians bought U.S. ads on search engine'|' 48 PM / Updated 14 minutes ago Microsoft looks at whether Russians bought U.S. ads on search engine Reuters Staff 1 Min Read SAN FRANCISCO, Oct 9 (Reuters) - Microsoft Corp said on Monday it was looking into whether Russians bought U.S. election ads on its Bing search engine or on other Microsoft-owned products and platforms, after rival Google said it had discovered such ads on its products. A spokeswoman for Microsoft said in a statement in response to questions from Reuters that the company did not yet have any other information to share. (Reporting by David Ingram; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-trump-russia-microsoft/microsoft-looks-at-whether-russians-bought-u-s-ads-on-search-engine-idUSL2N1MK1AZ'|'2017-10-10T00:45:00.000+03:00'|8060.0|''|-1.0|'' 8061|'45dd496e0a4b9159eb8b396c888ccc6f52448e36'|'UPDATE 1-GM more than doubles self-driving car test fleet in California - Reuters'|'(Recasts with size of General Motors self-driving car test fleet in California)By David ShepardsonWASHINGTON, Oct 4 (Reuters) - General Motors Cos self-driving unit, Cruise Automation, has more than doubled the size of its test fleet of robot cars in California during the past three months, a GM spokesman said on Wednesday.As the company increases the size of its test fleet, it has also reported more run-ins between its self-driving cars and human-operated vehicles and bicycles, telling California regulators its vehicles were involved in six minor crashes in the state in September.All our incidents this year were caused by the other vehicle, said Rebecca Mark, spokeswoman for GM Cruise.In the past three months, the Cruise unit has increased the number of vehicles registered for testing on California streets to 100 from the previous 30 to 40, GM spokesman Ray Wert said.Cruise is testing vehicles in San Francisco as part of its effort to develop software capable of navigating congested and often chaotic urban environments.Investors are watching GMs progress closely, and the automakers shares have risen 17 percent during the past month as some analysts have said the company could deploy robot taxis within the next year or two.A U.S. Senate panel approved legislation on Wednesday that would allow automakers to greatly expand testing of self-driving cars. Some safety groups have objected to the proposal, saying it gives too much latitude to automakers.As Cruise, and rivals, put more self-driving vehicles on the road to gather data to train their artificial intelligence systems, they are more frequently encountering human drivers who are not programmed to obey all traffic laws.In filings to California regulators, Cruise said the six accidents in the state last month involved other cars and a bicyclist hitting its test cars.The accidents did not result in injuries or serious damage, according to the GM reports. In total, GM Cruise vehicles have been involved in 13 collisions reported to California regulators in 2017, while Alphabet Incs Waymo vehicles have been involved in three crashes.California state law requires that all crashes involving self-driving vehicles be reported, regardless of severity.Most of the crashes involved drivers of other vehicles striking the GM cars that were slowing for stop signs, pedestrians or other issues. In one crash, a driver of a Ford Ranger was on his cellphone when he rear-ended a Chevrolet Bolt stopped at a red light.In another instance, the driver of a Chevrolet Bolt noticed an intoxicated cyclist in San Francisco going the wrong direction toward the Bolt. The human driver stopped the Bolt and the cyclist hit the bumper and fell over. The bicyclist pulled on a sensor attached to the vehicle causing minor damage.While we look forward to the day when autonomous vehicles are commonplace, the streets we drive on today are not so simple, and we will continue to learn how humans drive and improve how we share the road together, GM said in a statement on Wednesday.Reporting by David Shepardson in Washington; Additional reporting by Joseph White in Detroit; Editing by Sandra Maler and Peter CooneyOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/autos-selfdriving-crashes/update-1-gm-more-than-doubles-self-driving-car-test-fleet-in-california-idINL2N1MG01F'|'2017-10-04T23:49:00.000+03:00'|8061.0|''|-1.0|'' @@ -8083,9 +8083,9 @@ 8081|'1056f8537ba0347636def9ab266b128254d0fe67'|'EU, Britain agree to seek same WTO quotas after Brexit - sources'|'October 3, 2017 / 9:00 PM / Updated 35 minutes ago EU, Britain agree to seek same WTO quotas after Brexit - sources Reuters Staff 3 Min Read A European Union flag flies in front of Union Jack flags in London, Britain, September 13, 2017. REUTERS/Hannah McKay BRUSSELS (Reuters) - Britain and its European Union partners have agreed to ask the other members of the World Trade Organization (WTO) to maintain the current level of quotas for farm produce after Brexit, EU sources said on Tuesday. Since negotiations began in June between London and Brussels on how to extract Britain from the bloc in March 2019, the two sides have been working to establish a common approach to dividing up their relationship with other members of the WTO, as at present all 28 EU states are represented as a single bloc. The sources said that the other 27 EU members would discuss this week what was described as a very preliminary agreement with Britain. The British economy accounts for about 16 percent of the EU economy but its share of EU imports from other WTO countries at preferential tariffs varies according to products. It remains to be seen what those other WTO members will say to the European proposals. Even before Brexit, some were looking at possible changes in their trading terms with the EU as the Union has added new members since some such deals were struck. We have to see if other WTO states agree, one EU diplomat said, adding that it would take time to reach agreement at the WTO. No official comment was immediately available from the European Commission or the British government. Neither the remaining EU states nor Britain want to have to accept greater quantities of low- or zero-duty farm imports from the rest of the world to avoid increasing competition for their own producers. But determining where such goods currently end up being consumed inside the EU customs union is problematic. TRANSITION PERIOD Britain will leave the EU in 18 months but Prime Minister Theresa May asked last month for a transition period of about two years to help smooth its departure, during which it would remain in the EU single market and customs union. That may give more time to reach final agreements with other WTO countries. May also wants a close free trade agreement with the EU, though the bloc is holding off starting negotiations until London agrees basic divorce terms. Discussions on the WTO quotas are not technically part of direct Brexit negotiations. The Financial Times, which first reported the deal, quoted a letter from EU and British negotiators to the other 27 EU governments as saying: The EU and the UK intend to maintain the existing levels of market access available to other WTO members. Both the UK and the EU would look to reassure our WTO partners that we will strive to minimise disruption. Reporting by Francesco Guarascio and Alastair Macdonald; Editing by Gareth Jones'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-eu-wto/eu-britain-agree-to-seek-same-wto-quotas-after-brexit-sources-idUKKCN1C82O5'|'2017-10-04T00:00:00.000+03:00'|8081.0|''|-1.0|'' 8082|'7a90056c6f97b34c10b0a38cf3b89d70a0aea98b'|'AT&T extends deadline to close Time Warner deal'|' 11 PM / Updated 15 minutes ago AT&T extends deadline to close Time Warner deal Reuters Staff 1 Min Read (Reuters) - AT&T Inc ( T.N ) said on Monday it had extended by a short period the deadline to close its proposed deal to acquire Time Warner Inc ( TWX.N ), to buy time to get the required regulatory approvals for the deal. FILE PHOTO - An AT&T logo is seen at a AT&T building in New York City, October 23, 2016. REUTERS/Stephanie Keith/File Photo The deal had a termination date of Oct. 22. AT&Ts $85.4 billion acquisition of Time Warner is expected to give it control of cable TV channels HBO and CNN, film studio Warner Bros and other coveted media assets. Reporting by Munsif Vengattil in Bengaluru; Editing by Savio D''Souza'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-time-warner-m-a-at-t/att-extends-deadline-to-close-time-warner-deal-idUKKBN1CS1JO'|'2017-10-23T15:08:00.000+03:00'|8082.0|''|-1.0|'' 8083|'7376c363b17bcce69aed68c86592936e1fa46d88'|'Ford has a clear plan to fix its present failings'|'LIKE any mechanic with a misfiring car, Fords new boss has had his head under the bonnet working out what needs attention. Jim Hackett emerged on October 3rd with a checklist of repairs to present to investors, who have been awaiting his diagnosis since he took over in May. The list is short but the engineering is complicated: restore Fords competitiveness while preparing for a future of electric vehicles (EVs), self-driving cars and transport services. But those expecting a radical overhaul were probably disappointed.Mr Hacketts predecessor, Mark Fields, was shown the door by Bill Ford, the firms chairman, for failing to make a persuasive case that he was reinventing Ford as a mobility firm at the forefront of automotive technology. Despite acknowledging to investors that he and Mr Ford agreed that his new job was about the future not the past, Mr Hackett was clearest about how to make Ford fit for the present. Ford has struggled in recent years. It has underperformed even amid the lowly stockmarket valuations of carmakers challenged by tech firms with bolder ideas about transport in the future. Mr Hackett admitted to investors that, despite record profits of late, Ford had fallen short on margins, depriving them of billions of dollars. He hopes to put that right chiefly by using old-fashioned meanscutting costs.Reducing complexity by pruning the huge variety of different specifications available for each vehicle (in the case of the Focus, from 35,000 to 96) and sharing parts across more cars will help to lower costs, which have risen almost as fast as revenues since 2010. Bringing better technology to the industrial process should also cut the time it takes to develop new vehicles, by up to a fifth. This will all bring savings of $14bn over the next five years, according to Mr Hackett. Plans are also afoot to make more of the sort of cars that people want to buy. Buyers are turning against saloon cars and are demanding SUVs and trucks, so Ford will make more of them. But altering the line-up of products is hardly a step-change.These are sensible fixes. But it is unlikely that Mr Hacketts measured tone will reassure investors that Ford is taking a lead in the new technologies that will determine success in the longer term. Neither does it help that its rival in Detroit, General Motors (GM), is doing a much better job. It launched a long-range EV, the Chevrolet Bolt, last year, and on October 2nd said that it planned 20 electric models by 2023. Despite announcing that it would reduce spending on internal combustion engines by a third by 2022 and divert that cash to electric powertrains, Ford will not launch a similar vehicle until 2020. Ford insists that it is only interested in profitable EVs. But withstanding losses while learning how to make and market battery-powered cars may give GM and other carmakers a long-term advantage.Ford also aims to become the worlds most trusted mobility company. Much like all bosses of carmakers faced with the puzzle of finding business models around ride-hailing and autonomous cars, Mr Hackett was vague about how Ford might provide services profitably. He did at least signal that it would find partners for self-driving technology, abandoning Mr Fieldss riskier strategy of doing everything internally.Striking the right balance between thinking and doing is important, according to Mr Hackett, who wants to bend the arc towards doing. That is certainly what catching up with GM will require. Deutsche Bank recently suggested that Fords rival may have commercial driverless cars on the road within the next couple of years, well ahead of any competitors.Ford has plenty of ground to regain. As Barclays, a bank, points out, it went from being the darling of the industry a few years ago to a firm that investors now treat with indifference, disinterest [and] apathy. Mr Hackett has announced more than mild tinkering. Investors will doubtless welcome the attack on costs but he has no revolutionary scheme that might make them love Ford again. "Waiting for parts"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21730056-puzzle-future-carmaking-remains-unsolved-ford-has-clear-plan-fix-its?fsrc=rss'|'2017-10-05T22:54:00.000+03:00'|8083.0|''|-1.0|'' -8084|'a625926657d1a13f773a933644e9a7e9136c6210'|'Xis report card - has met China economic goals but can he keep it going?'|'October 16, 2017 / 10:50 AM / in 27 minutes Xis report card - has met China economic goals but can he keep it going? Elias Glenn 7 Min Read FILE PHOTO: A night view of the old houses surrounded by new apartment buildings at Guangfuli neighbourhood in Shanghai, China, April 10, 2016. I REUTERS/Aly Song/File Photo BEIJING (Reuters) - As Chinese President Xi Jinping prepares to consolidate his power for a second five-year term at the 19th Communist Party Congress, beginning on Oct. 18, he can point to another impressive period of growth for the nations economy. While the turbocharged days of double-digit annual expansion achieved in previous decades may be over, the Chinese economy still managed to expand more than 50 percent in yuan terms in the five years to the middle of 2017. Real gross domestic product has clocked an annual growth rate of 7.2 percent over that period. The question he will need to address in the next five years is was this growth achieved on a sustainable basis or was it too reliant on surging housing prices and massive levels of borrowing. Two years ago, President Xi affirmed targets set in 2012 to double GDP and per capita income by 2020, and growth is on target to hit those goals. The leadership has also vowed to rein in a rapid buildup in debt, and to shift the focus of the economy to domestic consumption from capital investment to put growth on a more sustainable long-term footing and avoid a painful adjustment later. Economic growth accelerated to 6.9 percent in the first half of this year, thanks to a construction boom, well ahead of the governments target of around 6.5 percent. Still, disposable income growth had slowed for several years through the end of last year, though it picked up again in the first half of this year. Chinas central bank governor Zhou Xiaochuan made a bullish and uncharacteristically explicit growth forecast over the weekend, saying growth could accelerate to 7 percent in the second half of the year. COMPARISON TO U.S. Chinas economy is often measured against that of the United States, and is projected to become the largest economy in the world anywhere from between 2018 and 2030. It has continued to gain on the United States over the last five years, rising from 53 percent of the U.S. economy in 2012 to 60 percent in 2016 based on U.S. dollar figures, but on a per capita basis, U.S. GDP is still seven times the size of China. Chinas rapid economic progress has been a lightening rod for critics, led by U.S. President Donald Trump, who claim it uses unfair practices to gain a trade advantage, stoking fears of a trade spat with the U.S. REBALANCING ACT A big reason for Chinas strong GDP growth is its abnormally large reliance on investment to backstop growth. Yet despite years of government rhetoric on rebalancing the growth drivers, progress has been slow as investment is still a bigger part of the economy than household spending. HOUSEHOLD CONSUMPTION Household consumption accounted for 39.3 percent of Chinas economy last year, according to data from the National Bureau of Statistics, up from 38.05 percent in 2015 and 36.7 percent in 2012. Despite last years improvement for household consumption, the global average of over 200 countries was still much higher at 58 percent in 2015, according to data from the World Bank. Government spending, meanwhile, has grown faster than personal spending as Beijing adopted an active fiscal policy to stabilise the economy. CREDIT-DRIVEN GROWTH High investment levels in China means credit growth is high. Indeed, outstanding bank loans have grown faster than GDP for decades. DEBT BUILDUP Reliance on ever increasing investment means its debt load is also rising. But even as policymakers have moved to wean the economy off its credit addiction, progress has been slow as debt continues to grow. The ratio of total debt to GDP reached 257.8 percent in the first quarter of 2017, according to the Bank of International Settlement, from 187.5 percent five years ago. There are some indications that debt in some parts of the economy has declined after the government stepped up efforts to reduce leverage, but it is too early to declare victory. RELIANCE ON REAL ESTATE Real estate has been a key growth driver, and is the main source of wealth for most Chinese citizens. Authorities have announced a flurry of curbs to rein the red-hot property sector as home ownership has become increasingly unaffordable for a large portion of the population - gains in income have lagged house price growth in recent years. The cooling measures appear to have dampened speculation as Chinas new home prices in August rose at the slowest pace in seven months and fell or levelled off in more cities. Reporting by Elias Glenn; Editing by Martin Howell & Shri Navaratnam 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-congress-economy/xis-report-card-has-met-china-economic-goals-but-can-he-keep-it-going-idUKKBN1CL1A4'|'2017-10-16T13:50:00.000+03:00'|8084.0|''|-1.0|'' +8084|'a625926657d1a13f773a933644e9a7e9136c6210'|'Xis report card - has met China economic goals but can he keep it going?'|'October 16, 2017 / 10:50 AM / in 27 minutes Xis report card - has met China economic goals but can he keep it going? Elias Glenn 7 Min Read FILE PHOTO: A night view of the old houses surrounded by new apartment buildings at Guangfuli neighbourhood in Shanghai, China, April 10, 2016. I REUTERS/Aly Song/File Photo BEIJING (Reuters) - As Chinese President Xi Jinping prepares to consolidate his power for a second five-year term at the 19th Communist Party Congress, beginning on Oct. 18, he can point to another impressive period of growth for the nations economy. While the turbocharged days of double-digit annual expansion achieved in previous decades may be over, the Chinese economy still managed to expand more than 50 percent in yuan terms in the five years to the middle of 2017. Real gross domestic product has clocked an annual growth rate of 7.2 percent over that period. The question he will need to address in the next five years is was this growth achieved on a sustainable basis or was it too reliant on surging housing prices and massive levels of borrowing. Two years ago, President Xi affirmed targets set in 2012 to double GDP and per capita income by 2020, and growth is on target to hit those goals. The leadership has also vowed to rein in a rapid buildup in debt, and to shift the focus of the economy to domestic consumption from capital investment to put growth on a more sustainable long-term footing and avoid a painful adjustment later. Economic growth accelerated to 6.9 percent in the first half of this year, thanks to a construction boom, well ahead of the governments target of around 6.5 percent. Still, disposable income growth had slowed for several years through the end of last year, though it picked up again in the first half of this year. Chinas central bank governor Zhou Xiaochuan made a bullish and uncharacteristically explicit growth forecast over the weekend, saying growth could accelerate to 7 percent in the second half of the year. COMPARISON TO U.S. Chinas economy is often measured against that of the United States, and is projected to become the largest economy in the world anywhere from between 2018 and 2030. It has continued to gain on the United States over the last five years, rising from 53 percent of the U.S. economy in 2012 to 60 percent in 2016 based on U.S. dollar figures, but on a per capita basis, U.S. GDP is still seven times the size of China. Chinas rapid economic progress has been a lightening rod for critics, led by U.S. President Donald Trump, who claim it uses unfair practices to gain a trade advantage, stoking fears of a trade spat with the U.S. REBALANCING ACT A big reason for Chinas strong GDP growth is its abnormally large reliance on investment to backstop growth. Yet despite years of government rhetoric on rebalancing the growth drivers, progress has been slow as investment is still a bigger part of the economy than household spending. HOUSEHOLD CONSUMPTION Household consumption accounted for 39.3 percent of Chinas economy last year, according to data from the National Bureau of Statistics, up from 38.05 percent in 2015 and 36.7 percent in 2012. Despite last years improvement for household consumption, the global average of over 200 countries was still much higher at 58 percent in 2015, according to data from the World Bank. Government spending, meanwhile, has grown faster than personal spending as Beijing adopted an active fiscal policy to stabilise the economy. CREDIT-DRIVEN GROWTH High investment levels in China means credit growth is high. Indeed, outstanding bank loans have grown faster than GDP for decades. DEBT BUILDUP Reliance on ever increasing investment means its debt load is also rising. But even as policymakers have moved to wean the economy off its credit addiction, progress has been slow as debt continues to grow. The ratio of total debt to GDP reached 257.8 percent in the first quarter of 2017, according to the Bank of International Settlement, from 187.5 percent five years ago. There are some indications that debt in some parts of the economy has declined after the government stepped up efforts to reduce leverage, but it is too early to declare victory. RELIANCE ON REAL ESTATE Real estate has been a key growth driver, and is the main source of wealth for most Chinese citizens. Authorities have announced a flurry of curbs to rein the red-hot property sector as home ownership has become increasingly unaffordable for a large portion of the population - gains in income have lagged house price growth in recent years. The cooling measures appear to have dampened speculation as Chinas new home prices in August rose at the slowest pace in seven months and fell or levelled off in more cities. Reporting by Elias Glenn; Editing by Martin Howell & Shri Navaratnam 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-congress-economy/xis-report-card-has-met-china-economic-goals-but-can-he-keep-it-going-idUKKBN1CL1A4'|'2017-10-16T13:50:00.000+03:00'|8084.0|12.0|0.0|'' 8085|'bd79cbd32f39995745aa9404c8739f2adf95d739'|'An Indian aviation visionary runs into bureaucratic turbulence'|'ALL great aviation ventures start with mavericks willing to defy both the laws of physics and the scepticism of their peers. William Boeing, Oleg Antonov and Howard Hughes are some of the best-known examples. Next, perhaps, is Amol Yadav, who for much of the past decade has been building aeroplanes on the roof of the Mumbai flat he shares with 18 family members, and battling the Indian authorities to let him fly them.Admittedly, only experts would be able to distinguish the six-seater propeller plane (pictured) Mr Yadav has designed from scratch from a run-of-the-mill Cessna. But his plane is the only one in decades with wholly Indian credentials, he says. Much larger outfits have tried but struggled to get an indigenous craft certified for production, including National Aerospace Laboratories, one of several state-owned aviation mastodons. Self-identified visionaries are commonplace in business. But politicians have fallen over themselves to support Mr Yadav. His plane was the surprise star of a Make in India jamboree in 2016 to promote manufacturing in the country. The chief minister of Maharashtra, the state Mumbai is in, has promised not only government backing but land for Mr Yadav to develop and build his follow-up act, a 19-seater that is currently taking up space in his improvised domestic hangar. He has spent about 50m rupees ($800,000) of friends and familys money to pursue his goal. Helping him is a staff of ten full-time aeroplane builders, assisted by a group of volunteers.Even Narendra Modi, the prime minister, has been briefed on Mr Yadavs rooftop activities, and directed officials to help him. But Indian bureaucrats are unmoved. The continued development of the 19-seater hinges on the smaller plane being certified as airworthy by the civil aviation authority. It has been so long since its officials have had to sign off on a new plane design that they seem to have forgotten how. Inspecting the six-seater plane had been on its to-do list since 2011. Mr Yadav complains that repeated rule changes have been designed to block him. Even entreaties from the prime ministers office have failed to sway the regulator.Having been hoisted off its rooftop hangar, the smaller plane is now languishing on the tarmac of Mumbai airport as if lashed to the ground by red tape. Whether Mr Yadavs aircraft are airworthy is unproven. He says they are, and might know, given his day job as a captain for Jet Airways, a private airline. Mr Yadav wants Americas Federal Aviation Administration to certify his planeshe will soon apply to itand Indias bureaucrats to accept its verdict.Private backers want to invest in his budding aviation venture, Mr Yadav says, but that might alter its destiny as a future national champion. No aircraft-maker anywhere has thrived without state backing, he notes, usually through defence contracts. He also has blueprints for a fighter jet, development of which would cost half the $250m or so India pays to buy a single jet from Dassault, a French manufacturerif only bureaucrats would grasp his vision, that is. "Winging it"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21730465-amol-yadavs-six-seater-plane-still-lashed-ground-red-tape-indian-aviation?fsrc=rss'|'2017-10-19T22:56:00.000+03:00'|8085.0|''|-1.0|'' -8086|'2b4612ad90259f04bfb6736f36cd2f1230970876'|'ThaiBev acquires Myanmar distilleries as TPG exits'|' 22 AM / Updated 18 minutes ago ThaiBev acquires Myanmar distilleries as TPG exits Kane Wu 2 Min Read HONG KONG, Oct 13 (Reuters) - Thai Beverage Public Co has acquired a combined 75 percent stake in two Myanmar distilleries in a deal worth $742 million, hoping to tap into growth in the countrys nascent spirits market. ThaiBev acquired the 75 percent stake in Myanmar Supply Chain and Services Go (MSCS) and Myanmar Distillery Co (MDC) from four third-party vendors, including Texas-based private equity firm TPG which sold its 50 percent stake in MDC, according to their separate announcements. The deal gives Singapore-listed ThaiBev access to an expanded distribution network in Myanmar, as the food and beverage conglomerate looks to overseas market for growth after a recent sales dip. ThaiBev sales in the first nine months of its fiscal year, from October 2016 to June 2017, dropped 6 percent year-on-year to 142 billion baht ($4.3 billion), due to slow economic growth and the observance of a national mourning period. ThaiBev executives said earlier this month it planned to launch two new spirit products in November and that M&A activities in key markets such as Vietnam, Cambodia and Myanmar were needed. The two Myanmar companies operate two production facilities in Yangon and Mandalay under the spirits brand Grand Royal, the largest whisky player in the country. TPG, one of early global investors in the Southeast Asian country after it opened up to foreign investors a few years ago, more than tripled its investment in a sooner-than-expected exit. TPGs 50 percent stake in MDC via an investment vehicle was sold for $494.4 million, according to a person with direct knowledge of the deal. The firm bought the stake for $150 million in Dec 2015, the person said. ThaiBev acquired a five percent direct stake in the two companies and another 70 percent indirect stake held by two investment holding companies, in a combined cash deal of $741.6 million. The transaction was funded with internal cash and bank financing, ThaiBev said. (Reporting by Kane Wu; Editing by Stephen Coates) 0 : 0'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/myanmar-ma-thai-beverage/thaibev-acquires-myanmar-distilleries-as-tpg-exits-idUSL4N1MO26A'|'2017-10-13T13:22:00.000+03:00'|8086.0|''|-1.0|'' +8086|'2b4612ad90259f04bfb6736f36cd2f1230970876'|'ThaiBev acquires Myanmar distilleries as TPG exits'|' 22 AM / Updated 18 minutes ago ThaiBev acquires Myanmar distilleries as TPG exits Kane Wu 2 Min Read HONG KONG, Oct 13 (Reuters) - Thai Beverage Public Co has acquired a combined 75 percent stake in two Myanmar distilleries in a deal worth $742 million, hoping to tap into growth in the countrys nascent spirits market. ThaiBev acquired the 75 percent stake in Myanmar Supply Chain and Services Go (MSCS) and Myanmar Distillery Co (MDC) from four third-party vendors, including Texas-based private equity firm TPG which sold its 50 percent stake in MDC, according to their separate announcements. The deal gives Singapore-listed ThaiBev access to an expanded distribution network in Myanmar, as the food and beverage conglomerate looks to overseas market for growth after a recent sales dip. ThaiBev sales in the first nine months of its fiscal year, from October 2016 to June 2017, dropped 6 percent year-on-year to 142 billion baht ($4.3 billion), due to slow economic growth and the observance of a national mourning period. ThaiBev executives said earlier this month it planned to launch two new spirit products in November and that M&A activities in key markets such as Vietnam, Cambodia and Myanmar were needed. The two Myanmar companies operate two production facilities in Yangon and Mandalay under the spirits brand Grand Royal, the largest whisky player in the country. TPG, one of early global investors in the Southeast Asian country after it opened up to foreign investors a few years ago, more than tripled its investment in a sooner-than-expected exit. TPGs 50 percent stake in MDC via an investment vehicle was sold for $494.4 million, according to a person with direct knowledge of the deal. The firm bought the stake for $150 million in Dec 2015, the person said. ThaiBev acquired a five percent direct stake in the two companies and another 70 percent indirect stake held by two investment holding companies, in a combined cash deal of $741.6 million. The transaction was funded with internal cash and bank financing, ThaiBev said. (Reporting by Kane Wu; Editing by Stephen Coates) 0 : 0'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/myanmar-ma-thai-beverage/thaibev-acquires-myanmar-distilleries-as-tpg-exits-idUSL4N1MO26A'|'2017-10-13T13:22:00.000+03:00'|8086.0|9.0|4.0|'' 8087|'31ac3d984b99e1d7beea746362b8c4f57fa532f7'|'BRIEF-Kirin says terminating shareholders'' agreement of JV with Amgen'|' 44 AM / Updated 12 minutes ago BRIEF-Kirin says terminating shareholders'' agreement of JV with Amgen Kirin Holdings: * Says terminating shareholders agreement of joint venture with Amgen * Says termination to be completed when the JV, Kirin-Amgen, pays $780 million to redeem Kirin''s 50 percent ownership stake Source text: here (Reporting By Chris Gallagher)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-kirin-says-terminating-shareholder/brief-kirin-says-terminating-shareholders-agreement-of-jv-with-amgen-idUSL4N1N62ZH'|'2017-10-31T08:43:00.000+02:00'|8087.0|''|-1.0|'' 8088|'81a80c13423de65bb4ea95dd81c7c0994af06378'|'UPDATE 1-White Tale takes Clariant stake above 20 pct- source'|'(Adds further details and background)By Oliver HirtZURICH, Oct 26 (Reuters) - Activist investors seeking to block Clariants $20 billion merger deal with Huntsman Corp have increased their stake in the Swiss specialty chemical maker to above 20 percent, triggering a disclosure filing, a source close to the matter said.White Tale Holdings, which is backed by two hedge funds, had told a Swiss newspaper earlier this month it had significantly more than 15 percent of Clariant shares and wanted to increase its stake.We already own more than 15 percent and were not done buying, White Tale investors David Millstone and David Winter had told Finanz und Wirtschaft in a joint interview.White Tale, the biggest investor in Clariant, has repeatedly declined to respond to Reuters enquiries about its plans.After years of mutual approaches, Clariant and Huntsman struck the deal in May that would give Clariant 52 percent of the combined entity and targets around $400 million in annual cost synergies.But doubts have been growing among some of Clariants investors over whether it will be able to get the deal done in the face of White Tales opposition.Baader Helvea analyst Markus Mayer has written that a 20 percent stake would be enough to derail the deal given that only around 80 percent of Clariant shares have in the past been registered with the company, making them eligible to vote.The deal needs two-thirds majority support from Clariant shareholders to go through.Clariant declined to comment, reiterating only that a large majority of shareholders still backed the deal.Calling themselves long term-oriented investors who are here to stay, Millstone and Winter oppose the planned merger that they say significantly undervalues Clariant and overvalues Huntsman.The Swiss chemical manufacturer should instead sell its plastics and coatings business, they have said, and reinvest the proceeds in acquisitions within the higher-margin specialty chemicals businesses. (Additonal reporting by John Miller; Editing by Michael Shields, Greg Mahlich) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/clariant-huntsman/update-1-white-tale-takes-clariant-stake-above-20-pct-source-idINL8N1N1993'|'2017-10-26T14:48:00.000+03:00'|8088.0|''|-1.0|'' 8089|'9c4808b93cac8d9aeba2991274979079ed62661f'|'Chief of Credit Agricole expresses interest in Commerzbank: Report'|'Philippe Brassac, Chief Executive Officer of Credit Agricole S.A., poses prior to a press conference in Paris, France, March 8, 2016. Picture taken March 8, 2016. REUTERS/Philippe Wojazer FRANKFURT (Reuters) - Credit Agricoles ( CAGR.PA ) chief, Philippe Brassac, has expressed interest in Commerzbank ( CBKG.DE ) if the German lender were to be up for sale, according to an interview with the Handelsblatt newspaper.Brassac was Quote: d as saying that he would like the French bank to be better positioned in Germany, as it is in Italy.Credit Agricoles strategy plan states that it will focus on organic growth until 2019. But this doesnt mean that we wouldnt take a look at interesting possibilities, Brassac said in the interview published on Sunday.If such a big institute like Commerzbank were really to be on the market, we would surely have to analyse it as one of the significant institutes in the euro zone, he said.There has been speculation that the German government could sell its roughly 15 percent stake in Commerzbank, making the lender a takeover target.Italys UniCredit ( CRDI.MI ) has told Berlin it was interested in eventually merging with Commerzbank, two people familiar with the matter said last month, a combination that would create one of Europes biggest banks.The German government has denied a report that it favoured a merger of Commerzbank with Frances BNP Paribas ( BNPP.PA ).Reporting by Tom Sims; Editing by Alison Williams '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-europe-banks-m-a/chief-of-credit-agricole-expresses-interest-in-commerzbank-report-idUSKBN1CD0P5'|'2017-10-08T19:12:00.000+03:00'|8089.0|''|-1.0|'' @@ -8130,7 +8130,7 @@ 8128|'a2c3b9515d06a5a0f11c9835b4039e340169ba7c'|'Caterpillar posts 25 percent jump in revenue; raises forecast'|'(Reuters) - Caterpillar Inc ( CAT.N ) blew past Wall Streets profit and revenue estimates for the third quarter, driven by surprisingly strong demand for its construction equipment in North America and robust sales in China.Caterpillar Inc. equipment is on display for sale at a retail site in San Diego, California, U.S., March 3, 2017. REUTERS/Mike Blake The companys shares rose as much as 7 percent to a record high of $140.44, helping push the Dow Jones Industrial Average to an all-time high.The bellwether for the industrial sector posted strong growth across its key businesses, signalling a resurgence in its construction, energy and mining markets.The company also raised its full-year forecasts for sales and earnings, expecting revenue in its construction business to surge about 20 percent, and mining business to jump 30 percent.Caterpillar continues to post results that far outpace expectations, said Stifel analyst Stanley Elliott, adding that the recovery in the companys business now seemed to be in full swing.Profit beat expectations for the sixth straight quarter even after analysts had raised their estimates for July-September period by nearly 30 percent in the past three months. Revenue beat estimates for the third straight quarter.The construction industry in North America is turning around after years of slow demand, fuelled by a steady housing recovery, an improving labour market and higher spending by oil and gas companies.Sales in North America, Caterpillars biggest market, jumped 27 percent in the third quarter ended Sept 30. Construction revenue in the region rose 31 percent, building upon a 3 percent rise in the second quarter after eight quarters of declines.Sales in Asia-Pacific jumped 57 percent, their seventh quarter of growth, helped by construction demand in China.While China has been the bright spot for Caterpillar, the pace of growth in the countrys property sector cooled in the third quarter, potentially hurting demand for the companys iconic yellow earth-moving equipment in the near future.Excluding restructuring costs, Caterpillar earned $1.95 per share, compared with the average analyst estimate of $1.27 per shares, according to Thomson Reuters I/B/E/S.Total revenue rose to $11.41 billion, ahead of market estimates of $10.65 billion.The company said it now expects 2017 sales and revenue of $44 billion, up from its previous forecast of $42 billion to $44 billion. It expects adjusted earnings of $6.25 per share, up from the $5.00.The company is coming out of a trough and will have to show earnings of $10 per share annually for any further stock price appreciation, Jefferies analyst Stephen Volkmann said.So far, however, its fair to say that CAT is providing plenty of reason to keep that dream alive.Caterpillar''s shares pared some gains to trade up 5 percent at $138.37. The stock has risen 42 percent this year, up to Monday''s close, compared with an 18 percent increase in the Dow Jones Industrial Average .DJI .Reporting by Rachit Vats and Sweta Singh in Bengaluru; Editing by Saumyadeb Chakrabarty and Sayantani Ghosh '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/caterpillar-results/caterpillar-posts-25-percent-jump-in-revenue-raises-forecast-idINKBN1CT1LV'|'2017-10-24T14:47:00.000+03:00'|8128.0|''|-1.0|'' 8129|'90b724ab7981f489e0e6e15e9d90cf11cfc7da9c'|'GM''s Ammann says company moving "really quickly" on autonomous cars'|'October 17, 2017 / 11:20 PM / in 12 hours GM''s Ammann says company moving ''really quickly'' on autonomous cars Heather Somerville 3 Min Read Dan Ammann President of General Motors Company talks about autonomous vehicles at the Wall Street Journal Digital Conference in Laguna Beach, California, U.S., October 17, 2017. REUTERS/Mike Blake Laguna Beach, Calif. (Reuters) - After a series of acquisitions, General Motors Co has the building blocks it needs to deploy a large-scale fleet of robot cars, the automakers president said on Tuesday. GMs acquisition earlier this month of LIDAR technology company Strobe may have been the final missing piece, GM President Dan Ammann told Reuters. More acquisitions are unlikely, as Ammann said GMs autonomous business is, for the moment, complete. We feel pretty good about what we have, he said. Since buying San Francisco self-driving car startup Cruise GM last year for a price that could total about $1 billion, GM has accelerated efforts to build both autonomous driving software and mass produce electric cars that can pilot themselves. GM has indicated that it could start testing robot taxi services within two to three years. Investors have responded by pushing GMs stock to $45 a share recently, up 29 percent from the beginning of the year. By having all those capabilities under our control and making sure we have the ability to do that is enabling us to move really quickly, said Ammann, who spoke on stage at The Wall Street Journal DLive conference in Southern California and with Reuters on the conference sidelines Tuesday. Ammann said GM is focused on building large autonomous fleets, and he rejected the idea, put forward by some analysts, that GM could spin off its autonomous vehicle unit or Maven, the app-based car-sharing business. The unique advantage is having all capability under one roof, Ammann said. As to when GMs autonomous cars will be ready for prime time, Ammann was elusive. We will see some pretty interesting developments by 2021, he said. Nearly two years after GM struck a partnership with Lyft Inc, and invested $500 million into the ride-services company, the future of that relationship remains unclear. Everybody is better off having worked together, said Ammann, and pointed to the success of Express Drive, a program through which Lyft drivers can rent cars from Maven. But there are no firm plans for the partnership going forward. Lyft in July formed a self-driving car division to build its own autonomous car systems, becoming something of a competitor to GM. Whether GM will collaborate with Lyft on those efforts is not defined at this time, Ammann said. Lyft last month formed an alliance with GMs arch-rival, Ford Motor Co, to deploy self-driving Ford vehicles in its fleet. Reporting by Heather Somerville '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-wsjd-conference-gm/gms-ammann-says-company-moving-really-quickly-on-autonomous-cars-idUSKBN1CM3B5'|'2017-10-18T02:11:00.000+03:00'|8129.0|''|-1.0|'' 8130|'b2c85ec753c8ff79fb181adeb37e4b96be4235f7'|'EM fund managers move to more exotic currencies as dollar hits lows'|'FILE PHOTO: A businessman looks at a screen displaying a photo of U.S. 100 dollar bank notes in Tokyo April 8, 2013. REUTERS/Toru Hanai/File Photo NEW YORK (Reuters) - Some of 2017s top-performing emerging market fund managers are reshuffling their currency holdings, paring back bets on some of the asset class big names and shifting to more exotic currencies like the Czech koruna, Uruguayan peso and the Egyptian pound.The dollars bounceback in September, including its best week of the year to close the month, has not changed managers underlying bearishness on the currency. The shift represents a sense that the greenbacks remarkable slide against rivals like the Mexican peso and Brazilian real may stall - the dollar bounced to a three-month high versus the peso on Thursday - while other currencies are due for a rally.Fund managers embrace of these lesser known and less liquid currencies is a sign that even within emerging markets, long considered an exotic and volatile area to begin with, investors are pushing out their risk profile. That could represent either a savvy wager or irrational exuberance.( tmsnrt.rs/2z031Hb )Data from research firm eVestment shows that local currency bond and outright currency exposure to Uruguay more than doubled from the second quarter of 2016 to the second quarter of 2017, long positions in the Czech Republics local currency bonds have surged to 44.9 percent from 11.4 percent during that period and the proportion of investors with currency exposure to the Czech koruna has soared to 68.0 percent from 12.7 percent.Investors with currency exposure to Egypt have grown from 2.53 percent in the second quarter of 2016 to 45.3 percent in the same quarter this year.EVestment tracks the number of investors in its emerging markets local currency universe who report they own the bonds or have long exposure to the currency of the specified country.Fund managers who spoke to Reuters described a range of investment instruments including currency forwards, local currency bonds and some government T-bills.Leah Traub, partner and portfolio manager at Lord Abbett, said her emerging market funds have recently entered positions, into some off-market names or currencies outside the JP Morgan emerging market diversified global bond index that she uses as a benchmark, including Uruguay, Egypt and India.Her funds have rotated some exposure out of currencies correlated to the euro in emerging Europe, such as Hungary and Poland, and Traub said she is looking for emerging market currencies with lower levels of correlation to developed market currencies.If there was any theme to it its just that the much better global backdrop allows some of these more idiosyncratic stories to really unfold, she said in a phone interview last week.Andy Keirle, who manages T Rowe Prices EM local currency bond fund, has also added positions in Egypt as well as the Sri Lankan rupee. At the same time, he reduced a long position in the Mexican peso he took ahead of the U.S. election.Egypt has been favoured by investors following the countrys decision to float its currency, adopt a value-added tax and cut energy subsidies as part of a loan package from the International Monetary Fund. The IMF has called Egypts reforms bold and said the North African nation is gathering strength as the fund prepares to issue a $12 billion loan, its third tranche in the package.Jean-Dominique Btikofer, Voya Investment Managements head of emerging markets fixed income, said he is now looking for relative value trades, such as taking long positions on the Turkish lira against the South African rand.When it comes to the market cycle, we dont expect the market to sell off, but we have peaked, Btikofer said. You can stay at a high level and you can plateau for a long time. The beauty of fixed income, including local currency and local rates, is you have a decent coupon. So going defensive too early might cost you a lot of money.Btikofer and others said they will be closely watching next weeks IMF/World Bank meeting in Washington for clues about the next potential catalyst for global fund flows.While fund managers are diversifying - and some said they are taking a bit of risk off the table after a profitable 2017 so far - none of the 13 interviewed said they expect to see emerging market currencies bull run come to an end soon.Historically since the 1970s, dollar cycles have travelled in multi-year paths, so it wouldnt be surprising to be in a three-year, four-year cycle, said Jim Barrineau, portfolio manager and head of emerging markets debt for Schroders.The dollar index .DXY, which tracks the greenback against six major currency rivals, has sunk from a high of 103.82 on Jan. 2 to a 2017 low of 91.15. But the index had been as low as 79.52 as recently as 2014.Its hardly been a collapse of the dollar, Barrineau said. Arguably, if history is any guide, we have more to go.(To view graphic on EM''s new, more exotic currency frontier click - tmsnrt.rs/2xjwqz0 )Reporting by Dion Rabouin; Editing by Christian Plumb and Matthew Lewis '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/emerging-markets-dollar/em-fund-managers-move-to-more-exotic-currencies-as-dollar-hits-lows-idINKBN1CA2CQ'|'2017-10-05T16:15:00.000+03:00'|8130.0|''|-1.0|'' -8131|'7ccc02192ddb0bf41e226bf0b042bc4355932beb'|'UK interest rate rise would not hit house prices, says Moody''s - Business'|'UK interest rate rise would not hit house prices, says Moody''s Ratings agency says property market is resilient despite Brexit uncertainty but outlook for buy-to-let has got worse Moodys said the UK property market is holding up OK despite the impact of the Brexit vote. Photograph: Matt Cardy/Getty Images UK interest rate rise would not hit house prices, says Moody''s Ratings agency says property market is resilient despite Brexit uncertainty but outlook for buy-to-let has got worse View more sharing options Tuesday 31 October 2017 17.59 GMT First published on Tuesday 31 October 2017 17.17 GMT The UKs property market will take this weeks expected rise in interest rates in its stride, according to ratings agency Moodys, but it warned that the outlook for the buy-to-let market has worsened significantly. The agency, which along with Standard & Poors was widely condemned for awarding triple-A ratings to sub-prime mortgage books before the 2008 financial crisis, said the British property market is more resilient than is widely believed. Moodys economist Colin Ellis said: We havent seen quite the negative impact from the Brexit referendum that some had forecast, but then we werent as bearish as the OECD [Organisation for Economic Cooperation and Development] or the NIESR [National Institute of Economic and Social Research]. Confidence in UK housing market falls to five-year low Read more The [property] market is holding up OK. There is an underlying resilience in prices even if transaction activity has been affected. If you look at the balance between the cost of renting or buying, then UK house prices are not overexposed. Shocks are being dealt with, and even in the event of a Brexit no-deal, then its not looking like the UK economy falling off a sharp cliff. On Thursday the Bank of England is expected to raise interest rates for the first time in 10 years from 0.25% to 0.5% . But Moodys said it was relaxed about the impact on households and their ability to continue paying mortgages. We have expected a rate rise for some time. This is about taking away emergency stimulus introduced after the referendum vote. A rise of 25 basis points [0.25%] is not going to move the dial. A rise of 0.25% pales into insignificance compared to the 8%-10% decline in the currency. Estate agents, faced with the first rate hike for a decade, have been keenly talking up the housing market. Russell Quirk of eMoov said: Any increase in monthly payments, like interest rates themselves, will be marginal and manageable for those impacted. On the typical 150,000 loan, homeowners will be out of pocket around 15 to 30 a month, certainly no grounds to shout financial meltdown. House price growth and the markets overall stability have been incredibly resilient despite the EU vote and a snap general election. A few quid added to the average mortgage repayment will not deter this growth in the medium to long term. Buy-to-let UK property sales fall by almost 50% in a year Read more However, Moodys warned that buy to let is the weak link in the property market. It said it expected a rise in arrears and defaults within packages of buy-to-let mortgage loans, particularly on borrowing in recent years. It warned landlords to expect falling rental income, particularly in London and the south-east, while rising taxes will also make it more difficult for landlords to cover their mortgage payments. Landlords will have much less wiggle room, said Moodys analyst Annabel Schaafsma. Arrears will go up, although the increases will not be astronomical and they are increasing from a low base. Most books of UK mortgages which have been packaged up as instruments to be traded on markets remain triple-A-rated, said Moodys. But the agency insisted that it has tightened up standards since the financial crash exposed some triple-A mortgage books as sub-prime junk loans. Topics '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/oct/31/uk-interest-rate-rise-house-prices-moodys-property-market-brexit'|'2017-10-31T19:17:00.000+02:00'|8131.0|''|-1.0|'' +8131|'7ccc02192ddb0bf41e226bf0b042bc4355932beb'|'UK interest rate rise would not hit house prices, says Moody''s - Business'|'UK interest rate rise would not hit house prices, says Moody''s Ratings agency says property market is resilient despite Brexit uncertainty but outlook for buy-to-let has got worse Moodys said the UK property market is holding up OK despite the impact of the Brexit vote. Photograph: Matt Cardy/Getty Images UK interest rate rise would not hit house prices, says Moody''s Ratings agency says property market is resilient despite Brexit uncertainty but outlook for buy-to-let has got worse View more sharing options Tuesday 31 October 2017 17.59 GMT First published on Tuesday 31 October 2017 17.17 GMT The UKs property market will take this weeks expected rise in interest rates in its stride, according to ratings agency Moodys, but it warned that the outlook for the buy-to-let market has worsened significantly. The agency, which along with Standard & Poors was widely condemned for awarding triple-A ratings to sub-prime mortgage books before the 2008 financial crisis, said the British property market is more resilient than is widely believed. Moodys economist Colin Ellis said: We havent seen quite the negative impact from the Brexit referendum that some had forecast, but then we werent as bearish as the OECD [Organisation for Economic Cooperation and Development] or the NIESR [National Institute of Economic and Social Research]. Confidence in UK housing market falls to five-year low Read more The [property] market is holding up OK. There is an underlying resilience in prices even if transaction activity has been affected. If you look at the balance between the cost of renting or buying, then UK house prices are not overexposed. Shocks are being dealt with, and even in the event of a Brexit no-deal, then its not looking like the UK economy falling off a sharp cliff. On Thursday the Bank of England is expected to raise interest rates for the first time in 10 years from 0.25% to 0.5% . But Moodys said it was relaxed about the impact on households and their ability to continue paying mortgages. We have expected a rate rise for some time. This is about taking away emergency stimulus introduced after the referendum vote. A rise of 25 basis points [0.25%] is not going to move the dial. A rise of 0.25% pales into insignificance compared to the 8%-10% decline in the currency. Estate agents, faced with the first rate hike for a decade, have been keenly talking up the housing market. Russell Quirk of eMoov said: Any increase in monthly payments, like interest rates themselves, will be marginal and manageable for those impacted. On the typical 150,000 loan, homeowners will be out of pocket around 15 to 30 a month, certainly no grounds to shout financial meltdown. House price growth and the markets overall stability have been incredibly resilient despite the EU vote and a snap general election. A few quid added to the average mortgage repayment will not deter this growth in the medium to long term. Buy-to-let UK property sales fall by almost 50% in a year Read more However, Moodys warned that buy to let is the weak link in the property market. It said it expected a rise in arrears and defaults within packages of buy-to-let mortgage loans, particularly on borrowing in recent years. It warned landlords to expect falling rental income, particularly in London and the south-east, while rising taxes will also make it more difficult for landlords to cover their mortgage payments. Landlords will have much less wiggle room, said Moodys analyst Annabel Schaafsma. Arrears will go up, although the increases will not be astronomical and they are increasing from a low base. Most books of UK mortgages which have been packaged up as instruments to be traded on markets remain triple-A-rated, said Moodys. But the agency insisted that it has tightened up standards since the financial crash exposed some triple-A mortgage books as sub-prime junk loans. Topics '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/oct/31/uk-interest-rate-rise-house-prices-moodys-property-market-brexit'|'2017-10-31T19:17:00.000+02:00'|8131.0|12.0|0.0|'' 8132|'e9f7740c4251651c7ee2a8fed5ece6321a6bbc12'|'German carmakers relying on volume to confront Tesla'|'October 4, 2017 / 2:31 PM / Updated 5 hours ago German carmakers relying on volume to confront Tesla 8 Min Read A Tesla charging station is seen in Salt Lake City, Utah, U.S. September 28, 2017. REUTERS/Lucy Nicholson FRANKFURT (Reuters) - BMW ( BMWG.DE ) and Mercedes ( DAIGn.DE ) are betting they can mass produce new electric cars based on conventional vehicles, defying sceptics who say they will need more radical designs to head off the threat from Tesla and other start-up carmakers. There are two ways to make battery-driven vehicles: use a clean-sheet design like Tesla ( TSLA.O ), or a traditional vehicle platform that can use all types of motor: combustion, electric or a hybrid of the two. Electric motors are smaller than petrol or diesel engines, so electric vehicles designed from scratch can benefit from better interior packaging which allows a bigger passenger space. The problem: their unique design requires a dedicated production line and expensive new factories. BMW learned this the hard way after pouring billions into bespoke carbon-fibre based electric cars, the i3 and i8, which failed to sell in large numbers. It is easy to build an electric car. It is difficult to earn money with it, said BMW research and development chief Klaus Froehlich. Since BMW started selling the i3 in 2013, vehicle battery performance has improved by 40 percent, allowing carmakers to make electric cars with the same heavy underpinnings used by petrol cars and still get a range of 500 km from one charge. This, they believe, gives them an advantage over makers of custom built electric vehicles. As Tesla enters the mainstream with its cheaper Model 3, BMW has made a strategy u-turn to produce electric cars in large numbers, pledging to offer battery-powered variants of regular models. Froehlich said vehicle designs dedicated to only one powertrain were no longer required. BMW is preparing to launch an all-electric version of its popular X3 offroader by 2020, and Mercedes-Benz will launch the electric EQ in 2019, based on its best-selling SUV, the GLC. A new electric BMW, the i Vision Concept, will use the same underpinnings as future versions of the BMW 3-Series. Electric and petrol versions will be built on the same production lines, allowing a flexible response to demand for electric vehicles. To prolong the life of its i3, BMW has given it a fresh design and a new battery. But the companys strategic bet is on overhauling volume production lines to rapidly scale up production if needed. Demand for electric cars remains weak due to their high purchase price and limited charging infrastructure. But this may change if battery prices keep falling. Battery costs are coming down. We believe that we can bring economies of scale to bear beyond just the battery and drivetrain. I think we will be in a good competitive position from that perspective, Daimler Chief Executive Dieter Zetsche, whose company owns Mercedes-Benz, told Reuters. Mercedes is also working on a platform just for electric and autonomous cars, to be introduced after its initial wave of electric vehicles hit the road. Germanys three big premium carmakers - Mercedes, BMW and VW Groups Audi ( NSUG.DE ) - have most to lose if Teslas volume assault on the premium car market succeeds. Loss-making Tesla, which made 83,922 cars last year, is already far ahead of the German luxury brands in electric car sales. BMW sold 25,528 electric i3s last year and Mercedes wont disclose sales figures for its electric B-Class. Overall, Mercedes and BMW sold more than 2 million cars apiece last year. The Germans long resisted mass electrification, saying no competitor could make electric cars at a profit because the batteries were too expensive. Battery prices have slumped but a 500-km battery still costs $14,000, while a combustion engine is less than $5,000, analysts at Bernstein Research calculate. FUNDAMENTALLY FLAWED FILE PHOTO: A BMW logo is pictured before the annual news conference of German premium automaker BMW in Munich March 19, 2014. REUTERS/Michaela Rehle/File Carsten Breitfeld, chief executive of start-up Chinese carmaker Byton, says vehicles must be rethought to unlock their potential, both as new electric cars and as platforms for a new consumer experience. Trying to adapt a volume architecture to produce electric, diesel and plug-in hybrids is fundamentally flawed, because these products will be compromised, Breitfeld told Reuters. Breitfeld used to be a top electric vehicle engineer at BMW, where he headed the i8 sportscar programme before he defected, believing that volume carmakers were no longer setting the pace in electric vehicle design. Breitfeld sees the German carmakers answer to the expected surge in electric car demand - putting an electric motor in a conventional car - as a mistake. He believes it leaves the industry vulnerable to a Nokia moment: when a new player uses a transformational design to seize control of an established market, as Apples ( AAPL.O ) iPhone stole a march on Finnish mobile phone giant Nokia a decade ago. Tesla was pathbreaking with its electric car, and thats what everybody is seeking to develop now. The next step is the connected car, which gives consumers a completely new digital experience. Thats equivalent to a step from the Nokia to a smartphone, Breitfeld said. Breitfeld is so convinced of this that he left his job at BMW in 2015, where he was part of a small team working on clean sheet electric cars - a project that caught the attention of Apple. BMW and Apple explored a partnership on cars in 2014, but ultimately went their separate ways. Since then German carmakers have worked hard to marginalise the influence consumer electronics and technology companies could have over their vehicles, jointly buying digital mapping firm HERE as a way to reduce the industrys dependence on maps provided by Apple and Google ( GOOGL.O ). Breitfeld says this defensive approach means carmakers are failing to take advantage of consumer electronics innovations. By contrast, Byton vehicles are designed to take advantage of the passenger economy: watching movies, chatting with friends or surfing the Internet while in your car. Apple created a platform and profits from every transaction made with their objects. We will offer content for our consumers, Breitfeld said of his strategy to make money from selling movies and other entertainment or services. For this you need a completely different architecture and computing power, Breitfeld said. BLUE SCREEN OF DEATH Car industry veterans caution that toppling incumbents may be harder than many consumer tech executives assume. Harry Kroeger, a former director at Tesla and now president of automotive electronics at parts supplier Bosch ROBG.UL, said plenty of tech companies had failed in the car business. I think there is a risk of a certain arrogance that you totally underestimate what kind of sophistication is in that good old fashioned hardware. There is 130 years of evolution in those parts and some of those lessons were learned the hard way, Kroeger told Reuters. A gadget, we dont care if that malfunctions, but we are talking about something which might run at 100 mph. Here you dont want a blue screen of death appearing, Kroeger said. Truly disruptive design is further restrained by stringent safety regulations for cars. A chip controlling car brakes would not also be allowed to run an in-car infotainment system. It should not be that a malfunction in loading a song creates a braking manoeuvre, Kroeger said, adding that hackers have been able to manipulate a vehicle by breaking into its infotainment system. Tesla may pose a threat to the Germans, but only if it can raise production to 500,000 cars by next year. And in the end, Silicon Valley may succeed in the car business by copying the Germans, rather than behaving like a start-up, Kroeger said. Tesla has thousands of old economy car guys, Kroeger said. I think thats the secret why they managed to come up with a car. Editing by Giles Elgood '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-autos-electric-analysis/german-carmakers-relying-on-volume-to-confront-tesla-idUSKBN1C921T'|'2017-10-04T17:31:00.000+03:00'|8132.0|''|-1.0|'' 8133|'f6b35c7061111db91ff048bb506b26f14992ef1a'|'UPDATE 1-UK discussing Monarch compensation with credit, debit card firms'|'(Adds further Quote: s, background)LONDON, Oct 9 (Reuters) - Britains transport minister said on Monday the costs of bringing home 110,000 customers of airline Monarch, which collapsed last week, were being discussed with credit and debit card companies.Monarch went bust last week amid intense competition over passengers and a weaker pound following the Brexit vote decimated company profits.It is the largest British airline to collapse and its demise left thousands of customers stranded abroad. That led the government to ask the Civil Aviation Authority (CAA) to charter aircraft to bring them home - Britains biggest peacetime repatriation operation.I am also aware of the duty this government has to the taxpayer and ... weve entered into discussions with several third parties with the aim of recovering costs of the operation, transport minister Chris Grayling told parliament.Were currently engaged in constructive discussions with the relevant credit and debit card providers so we recoup from them some of the costs to taxpayers of these repatriation flights, he said in a statement.Were also having similar discussions with other travel providers through which passengers may have booked a Monarch holiday.Administrators at KPMG are currently in the process of selling off Monarchs assets, a spokeswoman said, including airport slots, prepaid fuel, property and equipment.Three-quarters of Monarch passengers who were abroad when the company folded have now been brought home, Grayling said, with the operation requiring up to 35 planes at any one time, borrowed from 27 different airlines.Monarchs demise also left over 1,800 workers redundant but Grayling said the airlines experienced former employees were in high demand from rivals.Virgin Atlantic are offering a fast track recruitment process for cabin crew and pilots, and easyJet have invited applications for 500 cabin crew vacancies, Grayling said.The British Airline Pilots Association and the trade union Unite have both separately criticised Monarch for its handling of staff redundancies last week and said they would take action to secure compensation for them. (Reporting by Polina Ivanova; editing by Mark Heinrich) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/monarch-airlines-licence-minister/update-1-uk-discussing-monarch-compensation-with-credit-debit-card-firms-idINL8N1MK4KV'|'2017-10-09T14:07:00.000+03:00'|8133.0|''|-1.0|'' 8134|'0e7b04145ea049c9addf600797652a06d0e4c1d8'|'Express Scripts to buy eviCore healthcare for $3.6 billion'|'(Reuters) - Express Scripts Holding Co ( ESRX.O ) said on Tuesday it would buy privately held specialty healthcare benefits manager eviCore healthcare for $3.6 billion to bolster its medical benefits management business amid the threat of losing a major client.The deal comes as a pre-emptive move with Express Scripts exposed to more competition and the possibility of the pharmacy benefit manager losing Anthem Inc ( ANTM.N ) and rumored entry of Amazon.com Inc ( AMZN.O ) into the prescription drug market.The deal signals Express Scripts desire to remain independent even with the likely Anthem loss, said Baird analyst Eric Coldwell, adding that the decision may disappoint some who hoped the company would pursue strategic options.Medical benefits management spending is estimated to be roughly $300 billion annually, Express Scripts said. The acquisition of eviCore would plant the company firmly in the growing market, Leerink analyst David Larsen wrote in a client note.Express Scripts has a minor presence in medical benefit management, the companys spokesman Brian Henry told Reuters, and the deal would expand it to get into the market in a bigger way.Bluffton, South Carolina-based eviCore provides healthcare benefits management and administrative services on behalf of clients consisting mainly of commercial health insurers and other third-party payers, including Medicaid and Medicare Advantage plans.Reuters reported in May that eviCore was exploring a sale or an initial public offering.The deal is expected to close in the fourth quarter of this year, Express Scripts said, adding that eviCore would operate as a standalone business unit.Shares of Express Scripts, which expects the deal to add to its adjusted earnings in the first full year, were down 1.6 percent at $58.28 in afternoon trading.In April, Express Scripts said it might lose its top client health insurer Anthem, which added about 19 percent of the companys total consolidated revenue in the latest quarter.Anthem had sued Express Scripts last year over claims of being overcharged.Lazard and TripleTree LLC are Express Scripts financial advisers in the deal, while its legal adviser is Skadden, Arps, Slate, Meagher & Flom LLP.J.P. Morgan Securities LLC and Morgan Stanley & Co LLC advised eviCore and Paul, Weiss, Rifkind, Wharton & Garrison LLP is its legal adviser.Reporting by Manas Mishra and Divya Grover in Bengaluru; Editing by Savio D''Souza and Bernard Orr '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-evicore-healthcare-m-a-express-script/express-scripts-to-buy-evicore-healthcare-for-3-6-billion-idINKBN1CF1Q3'|'2017-10-10T11:20:00.000+03:00'|8134.0|''|-1.0|'' @@ -8179,7 +8179,7 @@ 8177|'6c04c46fe8f2a30fde023bea9094cfacd2931fc3'|'ECB should decide next week to take foot off gas on QE - Nowotny'|'Reuters TV United States 30 AM / Updated 2 minutes ago ECB should decide next week to take foot off gas on QE: Nowotny Reuters Staff 1 Min Read VIENNA (Reuters) - The European Central Bank is likely to decide next week to ease its asset purchases while avoiding an abrupt cut in their volume, ECB policymaker Ewald Nowotny said on Friday. European Central Bank (ECB) Governing Council member and OeNB governor Ewald Nowotny addresses a news conference in Vienna, Austria, June 9, 2017. REUTERS/Leonhard Foeger The ECBs asset purchases are due to expire at the end of the year, and policymakers are set to decide on Oct. 26 whether to prolong them. They will have to reconcile the blocs best growth run in a decade with an inflation rate expected to undershoot the banks target of almost 2 percent for years. The question (next week) will be whether the program should be continued at the current intensity or whether hitting the brakes is called for, Nowotny told an investment conference. I think it would be dangerous to abruptly slam on the brakes. But I also think the ECB will slowly take its foot off the gas. Reporting by Francois Murphy; Editing by Catherine Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-ecb-policy-nowotny/ecb-should-decide-next-week-to-take-foot-off-gas-on-qe-nowotny-idUKKBN1CP10M'|'2017-10-20T12:26:00.000+03:00'|8177.0|''|-1.0|'' 8178|'8292dc0d7c71c3307b5c95d120bd0e3d03821cc6'|'London''s financial district wants Brexit transition deal by year-end'|'October 3, 2017 / 11:03 PM / in an hour London''s financial district wants Brexit transition deal by year-end Reuters Staff 2 Min Read FILE PHOTO: A clock is seen in London''s Financial centre at Canary Wharf In London, Britain, May 25, 2017. REUTERS/Russell Boyce/File Photo LONDON (Reuters) - The City of London needs a watertight Brexit transition deal by the year-end for banks to plan ahead and avoid a cliff edge hurting the economy, the financial districts mayor will say. Lord Mayor of London Andrew Parmley will tell the annual City Banquet on Wednesday evening that government backing for a transition deal of about two years between leaving the European Union and the start of new trading terms will be our bridge to the future. But the idea must become reality, translated into a legal agreement before the end of the year, Parmley will say in remarks released in advance to the media. The longer this is left, the more it damages all our futures not only in the UK, but the economy right across the EU. Parmley, who holds the ceremonial post of mayor of the municipal authority that oversees Londons financial district, will say the financial sector needs to know more about the final state or future trading terms with the EU. How can the UKs most profitable industry be expected to programme its satnav without knowing the destination? Banks in London are already announcing they will move some staff and activities to the EU before Britains departure from the EU in March 2019 to be sure of serving European customers. Parmley criticised economically illiterate calls of those who want to put up cross-border barriers - Britain opposes plans by Brussels that could force the clearing of euro-denominated trades to move from London to the EU after Brexit. The banquet in the Square Mile will also hear speeches from the heads of the Financial Conduct Authority, and the Bank of Englands Prudential Regulation Authority. Parmley will say there is a need to maintain existing financial rules, remarks that will take a swipe at those who have suggested Brexit could be an opportunity to ditch some EU-originated regulation to improve competitiveness. Reporting by Huw Jones; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-banks/londons-financial-district-wants-brexit-transition-deal-by-year-end-idUKKCN1C82VD'|'2017-10-04T02:03:00.000+03:00'|8178.0|''|-1.0|'' 8179|'ce76fa1e9901600d4792b56cf4069bb2a313b6d0'|'Bank of England''s Ramsden says sees little inflation risk from pay'|'October 17, 2017 / 8:54 AM / in 34 minutes New Bank of England deputy says not ready to vote for rate hike 4 Min Read People walk past the Bank of England in London, Britain, October 17, 2017. REUTERS/Hannah McKay LONDON (Reuters) - The Bank of Englands new deputy governor distanced himself from the central banks majority view that interest rates probably need to rise soon, and another newcomer said her support for that position was very contingent on the data. Sterling and government bond yields fell as investors took the comments from Deputy Governor Dave Ramsden and policymaker Silvana Tenreyro as a sign that even if the Bank raises rates in November, further increases are unlikely to happen quickly. Ramsden said he was not part of the majority of BoE policymakers who believe a rate hike is likely to be needed in the coming months because he saw little sign of inflation pressure building in Britains labour market. Despite continued robust growth in employment, there is no sign of second-round effects onto wages from higher recent inflation, he told a committee of MPs in his first public comments on monetary policy. Ramsden joined the Bank last month after serving as the British finance ministrys top economic adviser. Tenreyro, an external member of the Monetary Policy Committee, said she might back a rate hike in the coming months if inflation pressure builds in the labour market, but she was keeping a close eye on how the economy performs. Related Coverage My view is that we are approaching a tipping point at which it would be necessary or justified to remove some of that stimulus, she said, also making her first policy comments to parliaments Treasury Committee. However that is very contingent on the data. Tenreyro, a professor at the London School of Economics, said raising rates too soon would be a costly mistake. A man speaks on his mobile phone outside the Bank of England in London, Britain, October 17, 2017. REUTERS/Hannah McKay CARNEY SEES CONTINUED GROWTH-INFLATION TRADE-OFF Britains economy has slowed this year, hurt by the rise in inflation since the 2016 Brexit vote and uncertainty about the countrys future trading ties with the European Union. Even so, the Bank said last month that most of its rate-setters expected to increase borrowing costs in the coming months, partly because Brexit would lead to higher inflation. Financial markets now see a roughly 80 percent chance that a first hike will come on Nov. 2, after the Banks next policy meeting. The debate is now about what message the BoE will send alongside the first hike. We expect the BoE to strike a cautious tone in November, while indicating that further tightening will still probably be required next year, JP Morgan economist Allan Monks said. BoE Governor Mark Carney told the committee on Tuesday that the central bank still had to balance the need to support job creation and growth with an inflation rate that is running above target. Data on Tuesday showed British inflation hit 3 percent in September, its highest level in more than five years and above the Banks 2 percent target. But much of the increase has been caused by the fall in the value of the pound since the Brexit vote, which is likely to be a temporary driver of price increases. Sterling lost half a cent against the U.S. dollar and British government bond yields fell to their lowest since immediately after last months surprise comment from the Bank that a rate hike could come soon. [GBP/][GB/] Neil Jones, Mizuhos head of currency sales for hedge funds in London, said Tuesdays BoE comments signalled a dovish and cautious stance among policymakers. Writing by William Schomberg; Editing by Stephen Addison 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-boe/bank-of-englands-ramsden-says-sees-little-inflation-risk-from-pay-idUKKBN1CM0XA'|'2017-10-17T11:54:00.000+03:00'|8179.0|''|-1.0|'' -8180|'ac47f36b3cb8318a2538fd43b1036cc50bb280f8'|'Leaders to agree on EU, euro zone reform calendar'|'October 18, 2017 / 4:37 PM / in 18 minutes Leaders to agree on EU, euro zone reform calendar Jan Strupczewski 3 Min Read A Union Jack flag flutters next to European Union flags ahead of a visit of Britain''s Prime Minister Theresa May and Britain''s Secretary of State for Exiting the European Union David Davis at the European Commission headquarters in Brussels, Belgium October 16, 2017. REUTERS/Francois Lenoir BRUSSELS (Reuters) - European Union leaders are to agree on Friday on a calendar until the middle of 2019 detailing when to tackle various changes to the bloc, including deeper euro zone integration, to strengthen the EU after Britain leaves. The calendar, called the Leaders Agenda sets out a timetable for discussions on migration, defense, the next seven- year budget, European parliament composition, trade, top EU jobs and deepening the economic and monetary union. The discussions are inspired by French President Emmanuel Macron, who last month offered an ambitious vision for European renewal as a counterweight to the negative impact of Britains exit from the EU in 2019, officials said. Macrons ideas, however, put strong emphasis on the further development of the euro zone, now encompassing 19 countries, which some officials say creates the risk of alienating the EUs eight remaining members. The trick is how to use Macron and his energy without deepening divisions, but rather to push forward the whole flock of 27, one senior official said. According to the leaders calendar, they will kick off the discussion on the reform of the euro zone and completing their banking union at a euro summit in the middle of December. Among the main ideas for a deeper integration of the single currency area are a separate euro zone budget, managed by a euro zone finance minister who would be responsible before a euro zone parliament. There are also ideas of transforming the euro zone bailout fund into a European Monetary Fund, creating a euro zone unemployment insurance scheme or a rainy day fund as well as setting up a sovereign insolvency mechanism. The calendar sets the summit on June 28-29 next year as the time when concrete decisions on such reforms must be taken. To complete the banking union, leaders need to agree that the euro zone bailout fund is the financial backstop for the euro zones single resolution fund for banks, in case it runs out of money. This could be agreed already in December, officials said. But the key element still mission from the banking union -- a pan-European scheme to protect deposits -- is likely to be more difficult because Germany is strongly against it, fearing its banking system might be called upon to pay off depositors of failing banks in other euro zone countries. The calendar sets March 21-22 in 2019, a week before Britain leaves the EU, as the time when leaders should take any further decisions on euro zone reform. Reporting by Jan Strupczewski; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-eu-summit-calendar/leaders-to-agree-on-eu-euro-zone-reform-calendar-idUKKBN1CN2HN'|'2017-10-18T19:34:00.000+03:00'|8180.0|''|-1.0|'' +8180|'ac47f36b3cb8318a2538fd43b1036cc50bb280f8'|'Leaders to agree on EU, euro zone reform calendar'|'October 18, 2017 / 4:37 PM / in 18 minutes Leaders to agree on EU, euro zone reform calendar Jan Strupczewski 3 Min Read A Union Jack flag flutters next to European Union flags ahead of a visit of Britain''s Prime Minister Theresa May and Britain''s Secretary of State for Exiting the European Union David Davis at the European Commission headquarters in Brussels, Belgium October 16, 2017. REUTERS/Francois Lenoir BRUSSELS (Reuters) - European Union leaders are to agree on Friday on a calendar until the middle of 2019 detailing when to tackle various changes to the bloc, including deeper euro zone integration, to strengthen the EU after Britain leaves. The calendar, called the Leaders Agenda sets out a timetable for discussions on migration, defense, the next seven- year budget, European parliament composition, trade, top EU jobs and deepening the economic and monetary union. The discussions are inspired by French President Emmanuel Macron, who last month offered an ambitious vision for European renewal as a counterweight to the negative impact of Britains exit from the EU in 2019, officials said. Macrons ideas, however, put strong emphasis on the further development of the euro zone, now encompassing 19 countries, which some officials say creates the risk of alienating the EUs eight remaining members. The trick is how to use Macron and his energy without deepening divisions, but rather to push forward the whole flock of 27, one senior official said. According to the leaders calendar, they will kick off the discussion on the reform of the euro zone and completing their banking union at a euro summit in the middle of December. Among the main ideas for a deeper integration of the single currency area are a separate euro zone budget, managed by a euro zone finance minister who would be responsible before a euro zone parliament. There are also ideas of transforming the euro zone bailout fund into a European Monetary Fund, creating a euro zone unemployment insurance scheme or a rainy day fund as well as setting up a sovereign insolvency mechanism. The calendar sets the summit on June 28-29 next year as the time when concrete decisions on such reforms must be taken. To complete the banking union, leaders need to agree that the euro zone bailout fund is the financial backstop for the euro zones single resolution fund for banks, in case it runs out of money. This could be agreed already in December, officials said. But the key element still mission from the banking union -- a pan-European scheme to protect deposits -- is likely to be more difficult because Germany is strongly against it, fearing its banking system might be called upon to pay off depositors of failing banks in other euro zone countries. The calendar sets March 21-22 in 2019, a week before Britain leaves the EU, as the time when leaders should take any further decisions on euro zone reform. Reporting by Jan Strupczewski; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-eu-summit-calendar/leaders-to-agree-on-eu-euro-zone-reform-calendar-idUKKBN1CN2HN'|'2017-10-18T19:34:00.000+03:00'|8180.0|10.0|0.0|'' 8181|'ece9e64d07e3e78d902a0909bbab4861d54177e2'|'EU orders Amazon to repay $295 million in Luxembourg back taxes'|'October 4, 2017 / 9:38 AM / Updated 2 hours ago EU orders Amazon to repay $295 million in Luxembourg back taxes Robert-Jan Bartunek 5 Min Read BRUSSELS (Reuters) - Amazon was told on Wednesday to pay about 250 million euros (221.44 million pounds) in back taxes to Luxembourg, the latest U.S. tech company to be caught up in a European Union crackdown on unfair tax deals. The fine was much lower than some sources close to the case had expected and is only a fraction of the 13 billion euros that Apple Inc was ordered to pay to Ireland last year. EU Competition Commissioner Margrethe Vestager, who has other big U.S. tech companies in her sights, has taken a tough line on multinational companies approach to tax. Luxembourg gave illegal tax benefits to Amazon. As a result, almost three quarters of Amazons profits were not taxed, Vestager said. Amazon said it was considering an appeal. We believe that Amazon did not receive any special treatment from Luxembourg and that we paid tax in full accordance with both Luxembourg and international tax law, Amazon said in a statement after the announcement. Amazon shares were little changed in early Wednesday trading. Though the EU has taken on several U.S. tech companies, both in antitrust and in tax avoidance cases, Vestager said that her approach was not biased against foreign companies This is about competition in Europe, no matter your flag, no matter you ownership, Vestager said. She also welcomed the debate kicked off by French President Emmanuel Macron who called for more integrated corporate tax regimes in Europe, aiming to close the loopholes used to reduce tax bills. RAZOR THIN MARGINS While the exact amount Amazon needs to repay is yet to be calculated, the 250 million euros is significantly less than the 400 million euros which sources close to the matter told Reuters a year ago was under consideration by Vestager. The logo of the web service Amazon is pictured in this June 8, 2017 illustration photo. REUTERS/Carlos Jasso/Illustration The bill suggests the Commission believes Amazon shielded around 900 million euros in EU profits from tax, calculations by Reuters show. For most of its existence, Amazon has worked on razor thin profit margins to fuel its global expansion, making only $2.4 billion profit on global revenues of $136 billion in 2016. The Commission said Luxembourg allowed Amazon to channel a significant portion of its profits to a holding company without paying tax. The holding company was allowed to do this because it held certain intellectual property rights. Tax advisers say an important way for companies to shift profits out of the United States is to sell intellectual property, like brands or patents, to a subsidiary in a country where such profits are not taxed and have that unit license the intellectual property to other overseas affiliates. Amazons corporate set up with subsidies in Luxembourg was also subject of a $1.5 billion court case with U.S. tax authorities, which Amazon won in March. Amazon, which employs 1,500 in the grand duchy, is one of the biggest employers in the country of half a million people. It has a Europe-wide staff of some 50,000. Luxembourg, whose tiny economy has benefited from providing a European base for multinational companies, rejected the finding and said it was looking at its legal options. European Commission President Jean-Claude Juncker was prime minister of Luxembourg for almost two decades until 2013 and has been criticised for his role in enabling the many tax deals that are now being unravelled. He denies doing anything wrong and says the Commission is committed to ensuring fair taxation. In 2014, Luxembourg made international headlines in the wake of the publication of LuxLeaks, documents that showed how large accounting firms helped multinational companies channel proceeds through the country while paying little or no tax. Luxembourg is also under EU scrutiny over tax deals with fast food chain McDonalds and French energy company Engie. Luxembourg has appealed against a ruling in 2015 that carmaker Fiat should pay it back taxes. As well as Ireland, tax for multinationals in Belgium and the Netherlands have also come under Commission scrutiny. Luxembourg has been fully cooperating with the Commission in its investigation and is strongly committed to tax transparency and the fight against harmful tax avoidance, the countrys finance ministry said on Wednesday. Amazon revamped its European tax practices in 2015 so that it can book sales and pay taxes in Britain, Germany, Spain and Italy instead of channelling all sales through Luxembourg where it is headquartered, a move that may raise its tax bill. Addtional reporting by Tom Bergin, Editing by Alastair Macdonald, Jane Merriman and Mark Potter'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-amazon-taxavoidance/eu-orders-amazon-to-pay-back-250-million-euros-in-taxes-to-luxembourg-idUKKCN1C9145'|'2017-10-04T20:24:00.000+03:00'|8181.0|''|-1.0|'' 8182|'025f7cb7190fcb6daf2d7ae2938c46a529701255'|'CVS-Aetna deal gets Wall Street thumbs up amid Amazon entry fears'|'(Reuters) - U.S. pharmacy operator CVS Health Corps move to buy health insurer Aetna Inc will broaden their reach in the industry and could spark another round of dealmaking in a sector dreading Amazons arrival, analysts said. FILE PHOTO: The CVS logo is seen at one of their stores in Manhattan, New York, U.S., August 1, 2016. REUTERS/Andrew Kelly/File Photo Shares of Aetna, the third-largest U.S. health insurer, were marginally up in early trading on Friday, after closing 12 percent higher on Thursday following reports of the deal. CVS Health was down about 1 percent. CVS Health has made an offer to acquire No. 3 U.S. health insurer Aetna for more than $200 per share, or over $66 billion, making it the biggest deal of the year, Reuters reported on Thursday. A potential combination would diversify CVS profit streams ahead of an Amazon entry and set the stage for a new healthcare-retail delivery model, Morgan Stanley analysts wrote in a note. Amazon.com Incs speculated entry has hit shares of most drugstore operators on fears that the online retailer would leverage its vast ecommerce platform to take market share from traditional pharmacies. We believe CVS does need to respond to the potential threat and strike a different path, Cowen & Co analyst Charles Rhyee said in a note. A deal would make CVS-Aetna a one-stop shop for customers health care needs - ranging from employer healthcare and government plans to managing benefits and running drug stores. The vertical integration of retail pharmacy, PBM, and insurers fits with broader healthcare themes of expanded access, consumerism and cost reduction, Jefferies analysts said, adding that the deal chatter was not a complete surprise. It would address each companys need for a fresh script. Some analysts said the deal could also trigger a wave of consolidation across the industry. It could be a possible catalyst for higher health insurance sector valuation, BMO Capital Markets analyst Matt Bosch said, adding that WellCare Health Plans, Humana and Centene could be possible acquisition targets. Aetna earlier this year closed the door on a deal with rival insurer Humana Inc after antitrust regulators said that the combination and a rival deal between Anthem Inc and Cigna Corp were anti-competitive. Reporting by Ankur Banerjee in Bengaluru; Editing by Saumyadeb Chakrabarty '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-aetna-m-a-cvs-health-research/cvs-aetna-deal-gets-wall-street-thumbs-up-amid-amazon-entry-fears-idUSKBN1CW1YC'|'2017-10-27T16:47:00.000+03:00'|8182.0|''|-1.0|'' 8183|'32b8dd52369f0486d79d2edf9529e1a4d057d638'|'Chubb expects Hurricane Maria-related third quarter insurance losses of $200 million'|'October 2, 2017 / 12:30 PM / Updated 2 hours ago Chubb expects Hurricane Maria-related third quarter insurance losses of $200 million Reuters Staff 1 Min Read Damaged houses in Canovanas. REUTERS/Carlos Garcia Rawlins (Reuters) - Property and casualty insurer Chubb Ltd ( CB.N ) on Monday estimated that the maximum net insurance and net reinsurance losses related to Hurricane Maria would be about $200 million after tax for the third quarter. The worlds largest listed property and casualty insurer said it estimated that all other natural catastrophe net insured losses in the quarter, other than those announced for Hurricanes Harvey and Irma, would about $86 million after tax. Reporting by Roopal Verma in Bengaluru; Editing by Savio D''Souza'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-chubb-hurricane-maria/chubb-expects-hurricane-maria-related-third-quarter-insurance-losses-of-200-million-idUSKCN1C71H4'|'2017-10-02T15:30:00.000+03:00'|8183.0|''|-1.0|'' @@ -8196,7 +8196,7 @@ 8194|'64e9d81dbcd5f3c63b9f1f75108660381b612b52'|'Deutsche Boerse steps up clearing fight with London ahead of Brexit'|'October 9, 2017 / 7:10 AM / in 17 minutes Deutsche Boerse steps up clearing fight with London ahead of Brexit Reuters Staff 1 Min Read A notebook with the logo of Deutsche Boerse Group (German stock exchange) is pictured before their New Year''s reception at the headquarters in Eschborn, outside Frankfurt, Germany, January 25, 2016. REUTERS/Kai Pfaffenbach LONDON (Reuters) - Deutsche Boerse has introduced a profit-sharing scheme to wrest volumes from the London Stock Exchange as banks face uncertainty over cross-border markets ahead of Britains departure from the European Union. The German exchanges clearing unit, Eurex Clearing, said it will launch a partnership program in November to attract more volume in clearing interest rate swaps or IRS. An IRS is a popular derivatives contract used by companies to insure themselves against adverse moves in borrowing costs. The clearing of IRS in Europe is dominated by the LSEs LCH unit. Reporting by Huw Jones; Editing by Rachel Armstrong'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-deutsche-boerse-markets-clearing/deutsche-boerse-steps-up-clearing-fight-with-london-ahead-of-brexit-idUKKBN1CE0H9'|'2017-10-09T10:07:00.000+03:00'|8194.0|''|-1.0|'' 8195|'63c861c7d5e15d7873ac5237069f7c071cc0067c'|'FDA panel votes in favor of Spark''s blindness gene therapy'|'October 12, 2017 / 7:42 PM / Updated 4 minutes ago FDA panel backs gene therapy for rare form of blindness Toni Clarke 3 Min Read FILE PHOTO: A view shows the U.S. Food and Drug Administration (FDA) headquarters in Silver Spring, Maryland August 14, 2012. REUTERS/Jason Reed/File Photo (Reuters) - Spark Therapeutics Incs experimental gene therapy for a rare form of blindness improves vision and should be approved, advisers to the Food and Drug Administration concluded on Thursday, paving the way for the first U.S. gene therapy for an inherited disease. The panel voted unanimously in favor of the treatment, Luxturna, which is designed to treat inherited retinal diseases caused by defects in a gene known as RPE65, which tells cells to produce an enzyme critical to normal vision. The FDA is not obliged to follow the recommendations of its advisers but typically does. Michael Yee, an analyst at Jefferies, said in a recent research report that approval of the therapy would thematically mark a watershed moment for the entire field. The panels vote followed scientific presentations from Spark and the FDA and testimonies from patients who described the impact of the therapy, such as allowing them for the first time to see the moon and stars, go out with friends at night, and see food on their plate. The agency is due to makes its decision by Jan. 12, 2018. Jeffrey Marrazzo, Sparks chief executive, declined in a recent interview to say what the company would charge for the treatment. He said one benchmark would be the price of drugs for other ultra-rare diseases such as Pompe disease, Hunter Syndrome and paroxysmal nocturnal hemoglobinuria, which can range from $300,000 a year to $600,000 a year or more. If approved, analysts expect Luxturna to generate annual sales of more than $400 million by 2021. The companys shares have risen 160 percent over the past 12 months, reaching a high of $91.00 on Sept. 29, amid optimism the product would be approved. They were halted during the committee meeting. Retinal disease caused by defects to the RPE gene affect between 1,000 and 2,000 people in the United States. Roughly half of those become legally blind by the age of 16 and all are legally blind by the age of 34. Most progress to complete blindness. Legal blindness refers to people whose vision is 20/200 or less. A person with normal vision can see an object 200 feet away. A legally blind person must stand 20 feet in front of it. People who are completely blind cannot see any light or shapes. Clinical trial results showed 93 percent of participants experienced some improvement in their functional vision as measured by their ability to navigate obstacles in poor light. Reporting by Toni Clarke in Washington; Editing by Steve Orlofsky and Diane craft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-spark-blindness-fda/fda-panel-votes-in-favor-of-sparks-blindness-gene-therapy-idUSKBN1CH2UP'|'2017-10-12T22:31:00.000+03:00'|8195.0|''|-1.0|'' 8196|'3245908cb8a2c22008a7a9689ff2a51acb7a9fa9'|'Emerging market tech stock boom gives fund managers a headache'|'October 9, 2017 / 10:00 AM / in 22 minutes Emerging market tech stock boom gives fund managers a headache Reuters Staff * Emerging markets index returns get more concentrated * Tech sector drives lions share of performance * Alibaba, Tencent valuations balloon as ETF inflows increase * Active manager stock picks move closer to the index By Helen Reid LONDON, Oct 9 (Reuters) - The boom in emerging market technology stocks is becoming a problem for fund managers of all stripes. The soaring market capitalisation of a handful of companies such as Chinas Alibaba and Tencent is steadily lifting their weighting in the MSCI emerging equities index. This means investors in funds that track indexes (exchange traded funds or ETFs) - who want exposure to a range of companies for a lower fund management fee - are finding themselves increasingly exposed to a single sector. Meanwhile, active fund managers, who justify charging higher fees for their individual stock-picking expertise, are under pressure to buy those tech stocks to ensure their funds keep up with the indexs gains. And with both sets of investor chasing the same thing, the risk of dramatic outflows increases if the sector falters. Its the opposite of what you are trying to do with an ETF - you want cheap diversified exposure but you end up being concentrated in basically 10 stocks, said Rory McPherson, head of investment strategy at Psigma, who holds active EM funds. The biggest five emerging market companies in the index are tech firms Alibaba, Tencent, Samsung, Naspers and Taiwan Semiconductor. They comprise almost 19 percent of the indexs market capitalization. That is a bigger chunk than the S&P 500 where the top five firms - Alphabet , Apple, Facebook, Microsoft, and Amazon - make up 13 percent. The increasing use of ETFs has helped boost valuations further because they must follow the index weighting. And the indexs concentration has intensified as valuations rose - the five companies share was 13.9 percent in January. DISCOMFORT The shift towards passive investing, evident across most asset classes, has come into focus in emerging equities, which have enjoyed a sparkling 60 percent rally since early-2016. But the sector may also illustrate the concentration risks that exchange-traded funds can bring to portfolios. Emerging equity funds have received some $56 billion so far this year, Lipper data shows. Of this, $23 billion went into ETFs. Investors are keen on tech companies which are making profits by disrupting the status quo in sectors from media and advertising to retail and industrials. But the dependence on technology for returns is causing some discomfort among investors who prefer shares in emerging market car or beverage makers for instance for exposure to consumer demand in the developing world. Ed Kerschner, chief portfolio strategist at Columbia Threadneedle, says the tech companies performance mostly reflects that of their U.S. peers rather than providing exposure to developing countries. The question is are you buying emerging markets or are you buying technology? Kerschner said. The risk of buying EM benchmarks is that you are not diversifying away from the S&P. As a result of the tech rally, the conventional market-cap weighted emerging equity index, with bigger weightings in companies with the largest market caps, has begun strongly outperforming the index where all companies are assigned the same weighting. The success can also be reversed. Any faltering by the tech leaders would have a proportionally weighty effect on ETFs, potentially spurring big outflows. Scott Snyder, co-portfolio manager of the ICON emerging markets fund, estimates that the four biggest tech firms have accounted for a third of 2017s emerging equity returns. A lot of people that might just be piling into passive strategies in EM could be overly exposed to technology right now, ICONs Snyder said. THE WRONG REASON There are also signs that many active emerging market managers, who would have had more diverse investments than ETF funds, are sticking more closely to the benchmark. Data from Copley Fund Research shows the average active share of global emerging market funds - the extent to which their holdings differ from the index - has fallen to 74.7 percent from a peak of 78 percent in April 2016. Partly this is due to the addition in May 2016 of U.S.-listed Chinese firms to the emerging benchmark - because active investors held these stocks before their inclusion in the index - but competition from ETFs may also play a role. The effect of rising ETF flows and narrowing breadth has been to push active investors to get closer to their benchmarks, said Edward Cole, a portfolio manager at GLG Man Group. Even among active managers, many may be holding tech stocks for the wrong reason - fear of underperforming the index, said Kiran Nandra-Koehrer, senior product specialist in Pictet Asset Managements emerging equities team. While many investors are wary of paying higher fees for funds to replicate the index, active managers dont want to risk missing out on meaty returns from tech. A streak of losses and fund closures remains fresh in their mind, with 746 emerging market funds liquidated in the last five years, according to Lipper data. But Psigmas McPherson cited one of his holdings, Mirabauds Emerging Markets fund, which has returned over 33 percent this year, outgunning the MSCI indexs 29 percent. That shows an active manager can overcome concentration risks. We would rather our active managers weight to the small tech companies that are better value, McPherson said. Additional reporting by Sujata Rao and Claire Millhench, Graphics by Helen Reid and Ritvik Carvalho; editing by Anna Willard'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-stocks/emerging-market-tech-stock-boom-gives-fund-managers-a-headache-idUSL8N1MG2AN'|'2017-10-09T13:00:00.000+03:00'|8196.0|''|-1.0|'' -8197|'baa85cdb3f3415334efc911d185a0c31c8644a65'|'China will not set target to double GDP from 2021 - party official'|'October 26, 2017 / 2:57 AM / Updated 21 minutes ago China will not set target to double GDP from 2021 - party official Reuters Staff 2 Min Read BEIJING (Reuters) - China will no longer set a target to double gross domestic product (GDP) from 2021, a senior Communist Party official said on Thursday, as top leaders look to high-quality growth in the long term. Chinese deputy minister of the Office of the Central Leading Group for Finance and Economic Affairs Yang Weimin attends a news conference during the 19th National Congress of the Communist Party of China in Beijing, China October 23, 2017. REUTERS/Tyrone Siu The government will not solely pursue economic growth and will emphasise the quality of its growth, Yang Weimin, vice minister of the Office of the Central Leading Group on Financial and Economic Affairs, told a news conference. China aims to double GDP and per capita income by 2020 from 2010 levels, and growth is on track to hit those goals. In the opening speech of a key twice-a-decade Communist Party Congress this week, President Xi Jinping said China would deepen economic and financial reforms and further open its markets to foreign investors as it looks to move from high-speed to high-quality growth. Xi set bold long-term goals for Chinas development, envisioning it as a basically modernised socialist country by 2035, and a modern socialist strong power with leading influence on the world stage by 2050. Reporting by Ben Blanchard; Writing by Kevin Yao; Editing by Jacqueline Wong'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-congress-growth/china-will-not-set-target-to-double-gdp-from-2021-party-official-idUKKBN1CV083'|'2017-10-26T05:56:00.000+03:00'|8197.0|''|-1.0|'' +8197|'baa85cdb3f3415334efc911d185a0c31c8644a65'|'China will not set target to double GDP from 2021 - party official'|'October 26, 2017 / 2:57 AM / Updated 21 minutes ago China will not set target to double GDP from 2021 - party official Reuters Staff 2 Min Read BEIJING (Reuters) - China will no longer set a target to double gross domestic product (GDP) from 2021, a senior Communist Party official said on Thursday, as top leaders look to high-quality growth in the long term. Chinese deputy minister of the Office of the Central Leading Group for Finance and Economic Affairs Yang Weimin attends a news conference during the 19th National Congress of the Communist Party of China in Beijing, China October 23, 2017. REUTERS/Tyrone Siu The government will not solely pursue economic growth and will emphasise the quality of its growth, Yang Weimin, vice minister of the Office of the Central Leading Group on Financial and Economic Affairs, told a news conference. China aims to double GDP and per capita income by 2020 from 2010 levels, and growth is on track to hit those goals. In the opening speech of a key twice-a-decade Communist Party Congress this week, President Xi Jinping said China would deepen economic and financial reforms and further open its markets to foreign investors as it looks to move from high-speed to high-quality growth. Xi set bold long-term goals for Chinas development, envisioning it as a basically modernised socialist country by 2035, and a modern socialist strong power with leading influence on the world stage by 2050. Reporting by Ben Blanchard; Writing by Kevin Yao; Editing by Jacqueline Wong'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-congress-growth/china-will-not-set-target-to-double-gdp-from-2021-party-official-idUKKBN1CV083'|'2017-10-26T05:56:00.000+03:00'|8197.0|10.0|0.0|'' 8198|'39a05da48b7fdb3a412c79bc00a7b8ebb5f4cd2b'|'DFS Furniture''s profit falls 13 percent in ''very challenging'' UK market'|'October 5, 2017 / 6:50 AM / Updated 13 minutes ago DFS Furniture''s profit falls 13 percent in ''very challenging'' UK market Reuters Staff 2 Min Read LONDON (Reuters) - British retailer DFS Furniture DFS.L on Thursday reported a 13 percent fall in full-year core profits, blaming a very challenging market in its second half. The firm had warned on profits in June, highlighting a dip in demand amidst the UKs uncertain economic and political outlook. British consumers spending power has been dented by a rise in inflation, caused in large part by the fall in the value of the pound since last years vote to leave the European Union, and by a slowdown in wages growth. Sofas are seen as a discretionary big ticket purchase. DFSs earnings before interest, tax, depreciation and amortisation fell to 82.4 million pounds in the year to July 29, down from 94.4 million pounds in the previous year and at the lower end of the companys forecast in June. Gross sales rose 1.1 percent to 990.8 million pounds. Our financial performance reflects the current challenges of the UK furniture market, said Chief Executive Ian Filby. Our recent strategic investments and operating efficiency programme support our confidence in our ability to deliver modest profit growth and cash returns in the current (2017-18)financial year. Shares in DFS, down 14 percent over the last year, closed on Tuesday at 225 pence, valuing the business at 476 million pounds. The firm is paying a total ordinary dividend of 11.2 pence for the year, up 1.8 percent. It has also paid a special dividend of 9.5 pence in the year. Reporting by James Davey; Editing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-dfs-furniture-results/dfs-furnitures-profit-falls-13-percent-in-very-challenging-uk-market-idUKKBN1CA0H4'|'2017-10-05T09:50:00.000+03:00'|8198.0|''|-1.0|'' 8199|'e2d64636697ac7b24c09aae3d69ee0bf6cff5c33'|'Metro Inc to buy Jean Coutu Group in $3.60 billion deal'|'FILE PICTURE: pedestrian walks past a Jean Coutu pharmacy in downtown Montreal, April 28, 2010. REUTERS/Shaun Best (Reuters) - Metro Inc, Canadas third biggest food retailer, said on Monday it would buy pharmacy chain Jean Coutu Group for C$4.5 billion ($3.60 billion).Shares of Jean Coutu rose as much as 2.1 percent to touch a more than two-year high at C$24.81 in afternoon trading on the Toronto Stock Exchange.Metro Inc, which had last week said it was in talks to buy Jean Coutu, offered C$24.50 per share for the Varennes, Qubec-based company.Jean Coutu operates drugstores in Quebec, New Brunswick and Ontario, and it acquired a generic drug maker in 2007. Metro operates more than 600 food stores across Canada.BMO Capital Markets and CIBC World Markets were the financial advisers to Metro and Norton Rose Fulbright Canada LLP its legal counsel.National Bank Financial Inc was the financial adviser for Jean Coutu and Stikeman Elliott LLP was its legal counsel.Reporting by Anirban Paul in Bengaluru; Editing by Arun Koyyur '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-jeancoutu-m-a-metroinc/metro-inc-to-buy-jean-coutu-group-in-3-60-billion-deal-idINKCN1C713H'|'2017-10-02T08:39:00.000+03:00'|8199.0|''|-1.0|'' 8200|'205c3233ddf53ef7187bb87c0d05569b49f4402e'|'Rio Tinto adds alumina refineries to aluminium smelters sale - sources'|' 17 AM / in an hour Rio Tinto adds alumina refineries to aluminium smelters sale - sources James Regan 3 Min Read SYDNEY (Reuters) - Rio Tinto ( RIO.AX ) ( RIO.L ) is attracting renewed interest in selling its Pacific Aluminium smelting unit by adding two alumina refineries in Australia to the portfolio, according to three sources familiar with the matter. FILE PHOTO - A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo Rio Tinto had tried to sell the division minus the refineries in 2011 and again in 2015 without success. Switzerland-headquartered Glencore ( GLEN.L ), Liberty House of Britain, and Russias Rusal ( 0486.HK ) have all expressed interest, according to the sources, who declined to be named because they are not authorised to speak to media. By including the refineries, Rio could potentially double the original $1 billion price tag for Pacific Aluminium, the sources said. Pacific Aluminium originally included Rio Tintos Bell Bay, Boyne Island and Tomago smelters in Australia, and the Tiwai Point smelter in New Zealand. Glencore, Liberty House and Rio Tinto declined to comment on a potential sale or any discussions on the matter. Rusal could not be reached. Glencore, a global trader of aluminium, already ships copper, and other commodities from ports near the refineries. Liberty House purchased Rios Lochaber aluminium smelter in Scotland a year ago for $412 million. More recently it acquired Australian steel group Arrium. By including its QAL and Yarwun alumina refineries in the sale, Rio stands to lift the odds of ridding its books of the holdings, after the failure of the most recent attempt under former chief executive Sam Walsh, the sources said. We view inclusion of the refineries into the mix as a stamp of the new leadership at Rio, increasing the chances of a sale, a fund manager with exposure to Rio Tinto said. Current chief executive, Jean-Sebastien Jacques, who took over in July 2016, is acting rapidly to divest all but Rio Tintos best-performing units. Rio sold its coal & Allied thermal coal division in June for $2.7 billion. It is also in the process of selling two Australian coking coal mines. Adding the refineries to the sale comes amid a strong market for alumina, which is derived from bauxite and used to make aluminium. Alumina prices have gained 50 percent since August to $450 a tonne on expectations that China will boost imports to compensate for production cuts at home to fight pollution. If ever there was a time to have a supply source for alumina outside of China, its now, said Argonaut analyst James Wilson. For Rio, it make sense. For a buyer, such as a Glencore or a Rusal, it makes sense. Rusal already controls 6 percent of the global alumina market and is a 20 percent partner with Rio in the QAL refinery. Reporting by James Regan; Editing by Tom Hogue'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-metals-lmeweek-rio-tinto/rio-tinto-adds-alumina-refineries-to-aluminium-smelters-sale-sources-idUKKBN1D00NT'|'2017-10-31T09:16:00.000+02:00'|8200.0|''|-1.0|'' @@ -8237,7 +8237,7 @@ 8235|'e8770dbb96a33edf01fc333e389cd693d17ddf1b'|'FTSE edges down, Merlin collapses on poor summer trading'|'October 17, 2017 / 8:50 AM / in an hour FTSE inches down, Merlin collapses on poor summer trading 4 Min Read The London Stock Exchange is seen attached to the building London, Britain August 15, 2017. REUTERS/Neil Hall LONDON (Reuters) - British shares edged lower on Tuesday, with a flurry of trading updates driving sharp swings in individual stocks including tourist attractions operator Merlin Entertainments, which plummeted after disappointing summer sales. The FTSE .FTSE ended the day 0.1 percent lower, weighed down by a pullback in mining stocks as metals slipped from three-year peaks hit on Monday. The index was driven higher earlier, when the pound slipped after Bank of England policymakers speaking in parliament were interpreted by the market as broadly dovish and indicating internal debate over a November rate hike. Data showing inflation rose to its highest level in more than five years in September made a rate hike more likely, market participants said. [nU8N13000D] On the day, sharp moves in Merlin and Pearson took centre stage. Shares in Merlin ( MERL.L ) plunged as much as 21 percent before ending the day down 15.9 percent, its biggest fall ever, after the Madame Tussauds and Legoland operator blamed a series of attacks in Britain and unfavourable weather for a dip in trading in its key summer period. Given all this additional uncertainty we see less and less reasons to own the shares, Liberum analysts said. While the market may be quiet, it is currently extremely intolerant of any company that dares to miss forecasts, Chris Beauchamp, an IG market analyst, wrote. Convatec ( CTEC.L ) however, which had plummeted 26 percent after a profit warning on Monday, bounced back 3.9 percent, despite several broker downgrades on the medical devices maker. Education group Pearson ( PSON.L ) was the top performer, up 7.3 percent after it said it expected full-year operating profit to come in at the top half of its forecast range. [nL8N1MS0W7] Mediclinic ( MDCM.L ) retreated 4.1 percent after the South African private hospital group said it expects half-year earnings to drop due to weak performance in the United Arab Emirates. A downgrade to market perform from Bernstein analysts sent recently merged asset manager Standard Life Aberdeen ( SLA.L ) down 3.9 percent. The stock feels like a consensus long post-deal and we see limited scope for remaining catalysts to drive the shares materially higher over the next twelve months, analysts said in a note. Challenger bank Virgin Money ( VM.L ) shone at the top of the mid-cap index after reporting steady gross mortgage lending in the third quarter thanks to robust customer demand due to low unemployment and a resilient housing market. Investec analyst Ian Gordon said he expected the stunning performance to lead to new consensus upgrades on the stock. Shares in online fashion retailer ASOS ( ASOS.L ) rose 1.8 percent after it raised its sales growth forecast, saying new products, competitive prices and better customer services continued to attract millennials to its website. Reporting by Julien Ponthus; Editing by Andrew Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-stocks/britains-ftse-edges-down-merlin-collapses-on-poor-summer-trading-idUKKBN1CM0WS'|'2017-10-17T11:50:00.000+03:00'|8235.0|''|-1.0|'' 8236|'760067ad9b6c582417eb4c30a490370eb196cf02'|'Emerson Electric made multiple offers for Rockwell Automation - CNBC'|'(Reuters) - Automation equipment maker Rockwell Automation Inc ( ROK.N ) said on Tuesday it had rejected another unsolicited acquisition bid from bigger rival Emerson Electric Co ( EMR.N ) for more than $27 billion as the offer undervalued the company.The Emerson Electric Company logo. REUTERS/Mike Cassese Rockwells shares rose as much as 12.7 percent before paring gains to 7.6 percent at $201.09 in late-afternoon trading, and Emersons shares fell about 4.4 percent to $64.35.Milwaukee, Wisconsin-based Rockwell said it had previously rejected Emersons first buyout offer made on Aug. 2 worth $200 per share, with about half of the consideration in cash and the rest in Emerson stock.On Oct. 10, St. Louis, Missouri-based Emerson raised its cash and stock offer to $215 per share. But Rockwells board, after a careful review, rejected it, Rockwell said.FactoryTalk Analytics from Rockwell Automation. REUTERS/Courtesy Rockwell Automation Up to Mondays close Rockwells shares had risen 13.2 percent, helped by improving sales in the United States and emerging markets.A combination would provide increased scale and help expand industrial product and service offerings, CFRA Research analyst Joe Agnese said.CNBC television on Tuesday was the first to report that Rockwell had rejected the multiple offers from Emerson. ( cnb.cx/2zVEeUm )Emerson said it made a private offer to Rockwell, proposing a combination of the companies, adding that currently no discussions were ongoing between the two entities.Emerson is looking to expand in areas such as industrial automation amid increasing competition from European rivals such as Siemens ( SIEGn.DE ), ABB Automation Group and Schneider Electric.Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty and Arun Koyyur '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-rockwell-automat-m-a-emerson-electric/emerson-electric-made-multiple-offers-for-rockwell-automation-cnbc-idUSKBN1D01SM'|'2017-10-31T15:22:00.000+02:00'|8236.0|''|-1.0|'' 8237|'e2f92b78affde8800c153de2776045fc94f3caf7'|'Nokia plans to cut up to 310 jobs, halt VR camera development'|'October 10, 2017 / 7:01 AM / in 11 minutes Nokia plans to cut up to 310 jobs, halt VR camera development Reuters Staff 2 Min Read A Nokia logo is seen at the company''s headquarters in Espoo, Finland, May 5, 2017. REUTERS/Ints Kalnins HELSINKI (Reuters) - Nokia ( NOKIA.HE ) plans to reduce up to 310 jobs from its Nokia Technologies unit and halt development of its virtual reality camera OZO and hardware, the Finnish company said on Tuesday. The unit has about 1,090 employees and the potential cuts are expected to affect staff in Finland, the United States and Britain. Nokia employed about 102,000 employees as of end-June. The unit will continue to focus on digital health and patent and brand licensing business, Nokia said. The slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities, it said in a statement. Nokia, whose main business is now telecoms network equipment, launched the camera last year as the first device for its digital media business, one of its new hopes for future growth. It was designed for making 3D movies and games that can be watched and played with virtual reality headsets. Nokia cut the price of the camera by 25 percent to $45,000 (34,172) later last year. Reporting by Jussi Rosendahl; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-nokia-redundancies/nokia-plans-to-cut-up-to-310-jobs-halt-vr-camera-development-idUKKBN1CF0KZ'|'2017-10-10T10:01:00.000+03:00'|8237.0|''|-1.0|'' -8238|'f6cb25bb097b6a1351b586080f84f00c32c102cc'|'More fuel on way to Puerto Ricans, power still down for most'|'October 2, 2017 / 2:21 PM / in 36 minutes More fuel on way to Puerto Ricans, power still down for most 6 Min Read A man stands inside of a destroyed supermarket by Hurricane Maria in Salinas, Puerto Rico. REUTERS/Alvin Baez SAN JUAN, Puerto Rico (Reuters) - Puerto Rico Governor Ricardo Rossello reported progress in getting fuel supplies to the islands 3.4 million inhabitants on Monday as they faced a 13th day largely without power after the U.S. territory was devastated by Hurricane Maria. U.S. President Donald Trump, who has faced criticism for his administrations response to the disaster, is scheduled to visit Puerto Rico on Tuesday, as food and drinking water remain in short supply. Nearly two weeks after the fiercest hurricane to hit the island in 90 years, some residents got cell phone service back on Sunday. Others gathered at bars for drinking and dancing after a dry law was lifted this weekend. The ramping up of fuel supplies should allow more Puerto Ricans to operate generators and travel more freely where the state of the roads allows. Weve been increasing the number of gas stations that are open, Rossello said at a news briefing, with more than 720 of the islands 1,100 gas stations now up and running. Puerto Rico relies on fuel supplies shipped from the mainland United States and distribution has been disrupted by the bad state of roads. We will be receiving more fuel supplies in the coming days, said Rossello, who is expecting some 300,000 barrels of diesel on Wednesday and 100,000 barrels of gasoline. Within the next couple of days, he expects 500,000 barrels of diesel and close to 1 million of gasoline to arrive on the island. One of the territorys main oil ports, Yabucoa, received its first tanker on Monday after resuming restricted operations during the weekend while Ponce, another large port, resumed work, according to the U.S. Department of Energy and Thomson Reuters vessel tracking data. The islands largest port, San Juan, fully reopened on Thursday. Related Coverage Puerto Rico oversight board to assess damage effects on economy: member The flow is coming, gasoline is getting here, Rossello said. We have been able to reduce the time that it takes to get gasoline and diesel at different stations. He said 8,800 people now were housed in 140 shelters. There were as many as 500 shelters in operation 10 days ago. He said 47 percent of water and sewer service is up but there is variation across the island. Federal and local authorities were working together to keep 50 hospitals operational and Rossello said the U.S. Navy hospital ship Comfort would arrive in Puerto Rico between Tuesday and Wednesday. At least 5.4 percent of customers in Puerto Rico had their power restored by mid-morning on Monday, according to the U.S. Energy Department, with San Juans airport and marine terminal and several hospitals back on the power grid. It said the head of Puerto Ricos power utility expects 15 percent of electricity customers to have power restored within the next two weeks. FINANCIAL WOES As it tries to get back on its feet, Puerto Rico is in danger of running out of cash in a matter of weeks because the economy has come to a halt in the hurricanes aftermath, Rossello told the local El Nuevo Dia newspaper in an interview published on Monday. After filing for the largest U.S. local government bankruptcy on record in May, Puerto Rico owes about $72 billion to creditors and another $45 billion or so in pension benefits to retired workers before it even accounts for the extra expense of recovery. There is no cash on hand. We have made a huge effort to get $2 billion in cash, Rossello said in the interview. But let me tell you what $2 billion means when you have zero collection: its basically a month governments payroll, a little bit more. It is not yet clear how the United States will help finance Puerto Ricos recovery, which likely will cost more than $30 billion. Rossello said last week his government would ask the U.S. Treasury and Federal Reserve for lines of credit at reasonable rates. Rossello generally has praised the Trump administrations help so far, despite public criticism of the response from some officials in Puerto Rico. Ahead of his visit, Trump has defended his administrations handling of the disaster. We have done a great job with the almost impossible situation in Puerto Rico, he posted on Twitter on Sunday. Outside of the Fake News or politically motivated ingrates people are now starting to recognize the amazing work that has been done by FEMA and our great Military. Earlier, Trump attacked San Juan Mayor Carmen Yulin Cruz on Twitter after she criticized the administrations response to Maria. The White House has not released any details on Trumps visit. Insurers and reinsurers continued to count the cost of hurricanes this season. Lloyds of London underwriter Hiscox Ltd estimated on Monday that it would face net claims of about $225 million from hurricanes Harvey and Irma. The Lloyds of London [SOLYD.UL] insurance market has forecast that it expects net losses for the market of $4.5 billion from the two hurricanes. Maria alone could ultimately cause $15 billion to $30 billion in insured losses, including business interruption, according to risk modeling firm RMS. AIR Worldwide put the number at $40 billion to $85 billion. With another two months of the Atlantic hurricane season to go, 2017 could end up as the most expensive year ever for insurers and reinsurers, if the final tally exceeds the $143 billion in losses from 2011, the year a massive earthquake and tsunami hit Japan. Reporting by Robin Respaut, Gabriel Stargardter, Nicholas Brown and Carlos Barria in SAN JUAN, Puerto Rico; Doina Chiacu, Roberta Rampton, Tim Ahmann and Makini Brice in WASHINGTON; Marianna Parraga in HOUSTON; Rodrigo Campos and Herb Lash in NEW YORK and Esha Vaish in BENGALURU; Writing by Bill Rigby; Editing by Bill Trott and Mary Milliken'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-puertorico/more-fuel-on-way-to-puerto-ricans-power-still-down-for-most-idUSKCN1C71S9'|'2017-10-02T17:13:00.000+03:00'|8238.0|''|-1.0|'' +8238|'f6cb25bb097b6a1351b586080f84f00c32c102cc'|'More fuel on way to Puerto Ricans, power still down for most'|'October 2, 2017 / 2:21 PM / in 36 minutes More fuel on way to Puerto Ricans, power still down for most 6 Min Read A man stands inside of a destroyed supermarket by Hurricane Maria in Salinas, Puerto Rico. REUTERS/Alvin Baez SAN JUAN, Puerto Rico (Reuters) - Puerto Rico Governor Ricardo Rossello reported progress in getting fuel supplies to the islands 3.4 million inhabitants on Monday as they faced a 13th day largely without power after the U.S. territory was devastated by Hurricane Maria. U.S. President Donald Trump, who has faced criticism for his administrations response to the disaster, is scheduled to visit Puerto Rico on Tuesday, as food and drinking water remain in short supply. Nearly two weeks after the fiercest hurricane to hit the island in 90 years, some residents got cell phone service back on Sunday. Others gathered at bars for drinking and dancing after a dry law was lifted this weekend. The ramping up of fuel supplies should allow more Puerto Ricans to operate generators and travel more freely where the state of the roads allows. Weve been increasing the number of gas stations that are open, Rossello said at a news briefing, with more than 720 of the islands 1,100 gas stations now up and running. Puerto Rico relies on fuel supplies shipped from the mainland United States and distribution has been disrupted by the bad state of roads. We will be receiving more fuel supplies in the coming days, said Rossello, who is expecting some 300,000 barrels of diesel on Wednesday and 100,000 barrels of gasoline. Within the next couple of days, he expects 500,000 barrels of diesel and close to 1 million of gasoline to arrive on the island. One of the territorys main oil ports, Yabucoa, received its first tanker on Monday after resuming restricted operations during the weekend while Ponce, another large port, resumed work, according to the U.S. Department of Energy and Thomson Reuters vessel tracking data. The islands largest port, San Juan, fully reopened on Thursday. Related Coverage Puerto Rico oversight board to assess damage effects on economy: member The flow is coming, gasoline is getting here, Rossello said. We have been able to reduce the time that it takes to get gasoline and diesel at different stations. He said 8,800 people now were housed in 140 shelters. There were as many as 500 shelters in operation 10 days ago. He said 47 percent of water and sewer service is up but there is variation across the island. Federal and local authorities were working together to keep 50 hospitals operational and Rossello said the U.S. Navy hospital ship Comfort would arrive in Puerto Rico between Tuesday and Wednesday. At least 5.4 percent of customers in Puerto Rico had their power restored by mid-morning on Monday, according to the U.S. Energy Department, with San Juans airport and marine terminal and several hospitals back on the power grid. It said the head of Puerto Ricos power utility expects 15 percent of electricity customers to have power restored within the next two weeks. FINANCIAL WOES As it tries to get back on its feet, Puerto Rico is in danger of running out of cash in a matter of weeks because the economy has come to a halt in the hurricanes aftermath, Rossello told the local El Nuevo Dia newspaper in an interview published on Monday. After filing for the largest U.S. local government bankruptcy on record in May, Puerto Rico owes about $72 billion to creditors and another $45 billion or so in pension benefits to retired workers before it even accounts for the extra expense of recovery. There is no cash on hand. We have made a huge effort to get $2 billion in cash, Rossello said in the interview. But let me tell you what $2 billion means when you have zero collection: its basically a month governments payroll, a little bit more. It is not yet clear how the United States will help finance Puerto Ricos recovery, which likely will cost more than $30 billion. Rossello said last week his government would ask the U.S. Treasury and Federal Reserve for lines of credit at reasonable rates. Rossello generally has praised the Trump administrations help so far, despite public criticism of the response from some officials in Puerto Rico. Ahead of his visit, Trump has defended his administrations handling of the disaster. We have done a great job with the almost impossible situation in Puerto Rico, he posted on Twitter on Sunday. Outside of the Fake News or politically motivated ingrates people are now starting to recognize the amazing work that has been done by FEMA and our great Military. Earlier, Trump attacked San Juan Mayor Carmen Yulin Cruz on Twitter after she criticized the administrations response to Maria. The White House has not released any details on Trumps visit. Insurers and reinsurers continued to count the cost of hurricanes this season. Lloyds of London underwriter Hiscox Ltd estimated on Monday that it would face net claims of about $225 million from hurricanes Harvey and Irma. The Lloyds of London [SOLYD.UL] insurance market has forecast that it expects net losses for the market of $4.5 billion from the two hurricanes. Maria alone could ultimately cause $15 billion to $30 billion in insured losses, including business interruption, according to risk modeling firm RMS. AIR Worldwide put the number at $40 billion to $85 billion. With another two months of the Atlantic hurricane season to go, 2017 could end up as the most expensive year ever for insurers and reinsurers, if the final tally exceeds the $143 billion in losses from 2011, the year a massive earthquake and tsunami hit Japan. Reporting by Robin Respaut, Gabriel Stargardter, Nicholas Brown and Carlos Barria in SAN JUAN, Puerto Rico; Doina Chiacu, Roberta Rampton, Tim Ahmann and Makini Brice in WASHINGTON; Marianna Parraga in HOUSTON; Rodrigo Campos and Herb Lash in NEW YORK and Esha Vaish in BENGALURU; Writing by Bill Rigby; Editing by Bill Trott and Mary Milliken'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-puertorico/more-fuel-on-way-to-puerto-ricans-power-still-down-for-most-idUSKCN1C71S9'|'2017-10-02T17:13:00.000+03:00'|8238.0|10.0|0.0|'' 8239|'4aaa112f71f1f36b1aac22373a3ae3e9f5313c28'|'Deals of the day-Mergers and acquisitions'|'Oct 5 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Thursday:** German industrial gases group Linde urged investors to tender their shares in an exchange offer for its planned $80 billion merger with U.S. peer Praxair as a deadline approaches to reach 75 percent acceptance.** Germanys Dialog Semiconductor is to acquire California-based Silego Technology Inc for up to $306 million, helping to strengthen its position in the market for the so-called Internet of Things.** Polish anti-monopoly office said Polands biggest power firm PGE can take over the local assets of Frances EDF on condition that it sells most of the electricity generated by the Rybnik coal-fuelled power plant via the power exchange.** U.S. private equity firm Bain Capital LPs $1.35 billion offer to buy Japans third-largest advertising agency Asatsu-DK Inc is too low, its second-largest shareholder Silchester International Investors LLP has said.** Japans biggest private-sector life insurer, Nippon Life Insurance Co, is in talks to buy a majority stake in U.S.-based MassMutual Financial Groups Japan unit, two people with knowledge of the negotiations said.** UK-based theme park operator Merlin Entertainments Plc has approached marine park operator SeaWorld Entertainment Inc about a potential deal, according to a person familiar with the matter. (Compiled by Sonam Rai in Bengaluru) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day/deals-of-the-day-mergers-and-acquisitions-idINL4N1MG1JX'|'2017-10-05T08:05:00.000+03:00'|8239.0|''|-1.0|'' 8240|'cc71f7b4b4c743bf62894be397f268a5fe635e3d'|'CalSTRS says it supports Nelson Peltz nomination to P&G board'|'Nelson Peltz founding partner of Trian Fund Management LP. speak at the WSJD Live conference in Laguna Beach, California October 25, 2016. REUTERS/Mike Blake (Reuters) - The California State Teachers Retirement System (CalSTRS) said on Thursday it would support the nomination of Nelson Peltz, chief executive of Trian Fund Management, to the board of directors at Procter & Gamble Co ( PG.N ).CalSTRS believes the addition of Peltz to the board is best for P&G, the CalSTRS fund and ultimately, the teachers of California, CalSTRS Director of Corporate Governance Anne Sheehan said in a statement.The U.S. public pension fund holds close to 5.6 million shares of P&G stock valued at about $508 million, and has been an investor with Trian since April 2011, the fund said in a statement.P&G could not be immediately reached for comment outside regular business hours.Reporting by Munsif Vengattil in Bengaluru; Editing by Richard Chang '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-procter-gamble-trian-calstrs/calstrs-says-it-supports-nelson-peltz-nomination-to-pg-board-idUSKBN1CA2ZF'|'2017-10-06T02:32:00.000+03:00'|8240.0|''|-1.0|'' 8241|'2dd5cac62dc98d0333e6355331cfc8604a1fb1a9'|'Australia''s competition watchdog to probe Accor buyout of Mantra'|'October 18, 2017 / 6:50 AM / in 14 hours Australia''s competition watchdog to review Accor''s planned buyout of Mantra Reuters Staff 2 Min Read A sign bearing the logo of the Mantra Group Ltd is displayed on the wall of a hotel in central Sydney, Australia, October 9, 2017. REUTERS/David Gray SYDNEY (Reuters) - Australias competition regulator said on Wednesday it will review French hotelier Accor SAs ( ACCP.PA ) planned $920 million buyout of Australian hotel operator Mantra Group Ltd ( MTR.AX ). The Australian Competition and Consumer Commission (ACCC) said it is monitoring the transaction and a public review will be commenced in due course once certain information is provided by Accor and Mantra. The deal, a takeover of Australias second-largest hotelier by its bigger rival, would create the biggest hotel group in the country, with about 50,000 rooms and roughly 11 percent of the market, according to IBISWorld statistics. The buyout requires the approval of the ACCC, as well as approval from Australias Foreign Investment Review Board. Analysts expect a green light as the market is quite fragmented and particularly if regulators regard newer rivals such as Airbnb as competitors in the sector. But some doubt is priced in to the market and there are concerns that divestments could be required in towns where the two hoteliers are the only players.. The ACCC announcement was made after market hours on Wednesday. Mantra shares had closed flat at A$3.89 below the offer price of A$3.96 per share. The broader S&P/ASX 200 index was also flat, while Accor shares were flat in early trade in Paris. Reporting by Tom Westbrook; Editing by Edwina Gibbs 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-mantra-group-m-a-accor/australias-competition-watchdog-to-probe-accor-buyout-of-mantra-idUSKBN1CN0O2'|'2017-10-18T09:44:00.000+03:00'|8241.0|''|-1.0|'' @@ -8395,14 +8395,14 @@ 8393|'13373679da7abd3a8a32e5b710812e9ad66a0d47'|'Confidence in euro zone expansion strong among economists - Reuters poll'|'November 17, 2017 / 7:14 AM / Updated 14 minutes ago Confidence in euro zone expansion strong among economists - Reuters poll Mumal Rathore , Shrutee Sarkar 5 Min Read BENGALURU (Reuters) - The euro zone economy will mark its best year in a decade and maintain solid growth well into 2018, according to economists in a Reuters poll who said the risk was that their forecasts might not be optimistic enough. FILE PHOTO - European Union (EU) flags fly in front of the European Central Bank (ECB) headquarters in Frankfurt, Germany, December 3, 2015. REUTERS/Ralph Orlowski/File Photo Inflation, last clocked at 1.4 percent, is expected to stay below the European Central Banks target of just under 2 percent until at least the second half of 2019, according to the poll of over 80 economists taken Nov. 13-16. Euro zone economic growth has been surprisingly robust this year, outpacing both the United States and Britain simultaneously for the first time since the 2007-08 financial crisis, and also one of the most synchronous upturns across the euro zone economies. Over 90 percent of 40 economists who answered an extra question said they were confident the current upswing in economies across the 19-nation euro zone would last through the forecast horizon. Only four respondents said they were not. Such a high degree of confidence in above-average performance for the euro zone has never been captured in Reuters polls stretching back since the financial crisis, and indeed has been a rarity ever since the euro was launched in 1999. If you look at forward-looking indicators...then you actually see that the expansion has momentum, which will continue into 2018, and so that is definitely good news - and it is broad-based, said Peter Vanden Houte, chief euro zone economist at ING. Sixty percent of respondents also said the risks to their growth forecasts were skewed more to the upside, with 30 percent saying they were balanced and only 10 percent said it could be worse. For inflation, a little over half said the risks to their forecasts were balanced, over 35 percent of the economists said they were skewed more to the upside and less than 10 percent said the risks were inflation would be even weaker. All stars remain aligned for the euro zone: lower fiscal drag, accommodative monetary policy, decent level for the euro, strong economic confidence, noted Louis Harreau, economist at CA-CIB, adding that inflation would pick up next year. The only increasing risk for 2018 is the Italian election, but that should have a limited impact on economic confidence. The results suggest forecasters appear unfazed by political risks to the euro zone economy, including the negotiations with Britain on its exit from the European Union, set for 2019. The UK economic outlook is looking much less positive. A Reuters poll last month said the most likely eventual outcome of those negotiations would be an EU-UK free trade agreement. But the chances of a disorderly Brexit - where no deal is agreed - crept up to 30 percent. The solid outlook for euro zone growth supports the European Central Banks decision last month to begin reducing its quantitative easing programme by half to 30 billion euros per month from January, with purchases through September 2018. But the ECB left the door open for an extension to the monthly asset purchases beyond September next year, in its fight to bring inflation back to its target. That has kept a lid on expectations for further appreciation in the euro - already up over 11 percent in 2017 against the dollar - over the coming year, according to a Reuters poll of foreign exchange strategists earlier this month. The latest poll showed the ECB is expected to hold its refinancing rate at zero percent and deposit rate at -0.4 percent through the end of next year. Expansion has picked up speed in the euro zone this year, with the economy growing 0.6 percent in the third quarter on a quarterly basis. It was expected to grow 0.5 percent in the current quarter through to the end of next year and then at 0.4 percent quarterly in each quarter after that for the first half of 2019. Annual growth was forecast to average 2.2 this year, 1.9 percent in 2018 and 1.7 percent in 2019, compared to 2.2 percent, 1.8 percent and 1.6 percent respectively in the previous poll. While the ECB has already spent over 2 trillion euros buying mainly government bonds since March 2015 in an effort to bring inflation back up to target, price pressures still remain weak. Inflation is forecast to average 1.5 percent this year, 1.4 percent next year and 1.6 percent in 2019, similar to predictions made in an October poll. Polling by Indradip Ghosh and Anisha Sheth; Editing by Ross Finley/Mark Heinrich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-economy-poll/confidence-in-euro-zone-expansion-strong-among-economists-reuters-poll-idUKKBN1DH0ON'|'2017-11-17T09:14:00.000+02:00'|8393.0|''|-1.0|'' 8394|'14ac6800453bd918a50aaf2c8bab15845663dd61'|'Toshiba $5 billion stock issue results in huge dilution but delisting risk removed'|'TOKYO (Reuters) - Toshiba Corps plan to raise some $5.4 billion through a sale of new shares will help it avoid a delisting, but will also see more than 30 overseas investors, including activist funds, own 35 percent of the embattled conglomerate.FILE PHOTO: The logo of Toshiba Corp is seen as window cleaners work on the company''s headquarters in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo The move, decided at a board meeting on Sunday, will allow Toshiba to pay off billions of dollars in liabilities at its bankrupt U.S. nuclear power business, Westinghouse. That in turn gives it the funds to return to positive net worth by the end of the financial year in March, as an $18 billion sale of its prized memory chip unit is unlikely to close before then.The issue of 2.28 billion new shares at 262.8 yen per share, a 10 percent discount to Fridays close, will result in a massive 54 percent dilution in earnings per share.Toshibas shares were, however, down just 5 percent in early afternoon trade as the delisting risk was removed and as the capital raising had been expected. The stock was last trading at 277 yen - a level above the sale price.Toshibas fund raising news eliminates the risk of Toshiba being delisted so that part is positive, said Takatoshi Itoshima, chief portfolio manager at Commons Asset Management.Whats also positive is that the fund raising will improve the companys financial health. There is an argument that the company will be left with nothing (without the chip business), but its good that the companys capital will recover.Third Point LLC, Oasis Management Company and Cerberus Capital Management were among the more than 30 investors which invested through some 60 funds.Singapore-based fund Effissimo Capital Management, established by former colleagues of Japans best-known activist investor, Yoshiaki Murakami, will become the largest shareholder in Toshiba with an 11.34 percent stake.Payments for the new investment are due to be completed on Dec. 5.Toshiba also confirmed that it is looking at selling Westinghouse assets.Sources told Reuters in September that Westinghouse is working with investment bank PJT Partners Inc on a sale process.Private equity firms Blackstone Group LP and Apollo Global Management LLC have teamed up to bid for the business while Cerberus Capital Management LP was in talks with U.S. nuclear power plant component provider BWX Technologies Inc about submitting a joint bid, the sources said at the time.Toshiba had initially planned to use funds from the sale of its chip unit to cover its Westinghouse liabilities, but a highly competitive and contentious auction process led to delays in deciding on the buyer and has meant that Toshiba may not obtain the necessary anti-trust clearance by the end of March.The chip deal still faces legal challenges from its chip joint venture partner Western Digital, which argues no deal can proceed without its consent and has sought an injunction through an international arbitration court.Toshiba is demanding that Western Digital drop the litigation as a condition over a coming round of a joint investment in Toshibas new flash-memory chip production line in Yokkaichi, Japan. The two companies held talks in the United States last week for settlements, but have yet to agree on details, sources familiar with the matter said.(This story adds dropped word than in first paragraph, clarifies number of investors in paragraph 7.)Additional reporting by Ran Kim and Naomi Tajitsu in Tokyo and Miyoung Kim in Singapore; Editing by Edwina Gibbs '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-toshiba-financing/toshiba-shares-drop-after-plan-to-issue-5-4-billion-in-new-shares-idINKBN1DK007'|'2017-11-20T06:51:00.000+02:00'|8394.0|''|-1.0|'' 8395|'57c9bb1a21285bff8b899b6826e19d3f27369cc9'|'B of A''s Montag says Q4 trading environment ''remains muted'''|'November 14, 2017 / 2:02 PM / Updated 12 minutes ago B of A''s Montag says Q4 trading environment ''remains muted'' Reuters Staff 1 Min Read Nov 14 (Reuters) - Bank of America Corp chief operating officer Tom Montag said the trading environment in the fourth quarter remains muted, and looks similar to the third quarter. Montag, who declined to give any numbers to describe the banks trading performance, made the comments during a presentation at an industry conference his bank hosted Tuesday. (Reporting by Dan Freed in New York)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-banks-conference-bank-of-america/b-of-as-montag-says-q4-trading-environment-remains-muted-idUSL1N1NK0UA'|'2017-11-14T16:00:00.000+02:00'|8395.0|''|-1.0|'' -8396|'67c601e5d9c6a1637e7f5942b5bad680335969d2'|'City of Buenos Aires repurchases dollar bonds, to issue peso bonds'|'BUENOS AIRES, Nov 16 (Reuters) - The city of Buenos Aires has repurchased $458 million of dollar-denominated bonds of differing maturities averaging one year, and on Thursday will issue 10-year peso bonds worth at least $500 million, a local official told Reuters.By doing this we are extending the duration and changing the mix of currencies, Abel Fernndez, undersecretary of finance of the Argentine capital. (Reporting by Eliana Raszewski; Writing by Caroline Stauffer Editing by Chizu Nomiyama) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/argentina-bonds/city-of-buenos-aires-repurchases-dollar-bonds-to-issue-peso-bonds-idINE6N1M700U'|'2017-11-16T10:04:00.000+02:00'|8396.0|''|-1.0|'' +8396|'67c601e5d9c6a1637e7f5942b5bad680335969d2'|'City of Buenos Aires repurchases dollar bonds, to issue peso bonds'|'BUENOS AIRES, Nov 16 (Reuters) - The city of Buenos Aires has repurchased $458 million of dollar-denominated bonds of differing maturities averaging one year, and on Thursday will issue 10-year peso bonds worth at least $500 million, a local official told Reuters.By doing this we are extending the duration and changing the mix of currencies, Abel Fernndez, undersecretary of finance of the Argentine capital. (Reporting by Eliana Raszewski; Writing by Caroline Stauffer Editing by Chizu Nomiyama) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/argentina-bonds/city-of-buenos-aires-repurchases-dollar-bonds-to-issue-peso-bonds-idINE6N1M700U'|'2017-11-16T10:04:00.000+02:00'|8396.0|6.0|0.0|'' 8397|'9e9e97c1bea3b55070211af2e9f99098c26a1151'|'Second British Libor trader to have conviction examined'|'November 9, 2017 / 5:12 PM / in 5 hours Second British Libor trader to have conviction examined Kirstin Ridley 3 Min Read LONDON (Reuters) - A second former trader who was jailed in Britain for manipulating Libor interest rates will have his conviction reviewed by a public body that investigates potential miscarriages of justice. Former Barclays employee Jonathan Mathew arrives at Southwark Crown Court in London March 3, 2014. REUTERS/Toby Melville/Files The Criminal Cases Review Commission (CCRC) will review the conviction of former Barclays ( BARC.L ) banker Jonathan Mathew alongside that of jailed Libor trader Tom Hayes, a CCRC spokesman said on Thursday. We are not at all surprised that they have accepted it (for review), said Mathews lawyer Matthew Frankland, a partner at Byrne and Partners. It is a powerful and legitimate invitation to the CCRC to consider the safety of that conviction. The CCRC, which has the power to refer cases back to the appeal courts, can investigate convictions or sentences on the basis of compelling new evidence or arguments in cases where people have exhausted other legal appeals. Mathew was sentenced to four years in jail in 2016 after being found guilty of conspiring to rig Libor, the London interbank offered rate, that serves as a benchmark for interest rates on around $450 trillion of financial contracts and loans. His lawyer said that very real issues had arisen since Mathews conviction, including compelling evidence that more than one witness has misled the court during the trial. Scrutiny of Libor cases has been growing on both sides of the Atlantic. A U.S. appeals court in July overturned the convictions of two British former Rabobank traders over the use of compelled testimony in their trials. The CCRC in April started examining the conviction of Hayes, a mildly autistic former UBS ( UBSG.S ) and Citigroup ( C.N ) trader, who was the first person jailed worldwide over Libor-rigging in 2015. He was initially handed a 14-year sentence, before his sentence was cut to 11 years on appeal. Hayes and Mathew, who are among five men who have been convicted of Libor manipulation in Britain, will have their cases investigated by the same CCRC team, the spokesman said, although each case will ultimately turn on its own facts. Mathew was jailed last year alongside three other former Barclays traders. The jury was unable to reach a verdict on two others, who were later acquitted after a retrial in April. The retrial raised questions about the credibility of the Serious Fraud Office prosecutors key banking witness. Only a fraction of all cases received by the CCRC are referred back to the appeal courts. The commission says cases are only referred if there is a real possibility that an appeal court would quash the conviction or change a sentence. Reporting by Kirstin Ridley; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-libor-appeal-conviction/second-british-libor-trader-to-have-conviction-examined-idUKKBN1D92IL'|'2017-11-09T19:08:00.000+02:00'|8397.0|''|-1.0|'' 8398|'5818b85343ecf1b1c8be64b33b4f35791b66e82c'|'European shares set to snap 2-week losing streak as consumer stocks buoyant'|'LONDON, Nov 24 (Reuters) - European shares edged higher in early deals on Friday, underpinned by gains among heavyweight consumer goods firms as the pan-European STOXX 600 index was set to snap a two-week losing streak.The STOXX 600 index was 0.1 percent higher, while Germanys DAX advanced 0.2 percent.The growing prospect of a grand coalition in Germany also boosted sentiment around the regions equities, as the DAX has been stuck around the 13,000-point level for the past two weeks.Germanys Social Democrats said that they were ready to hold talks with other parties on breaking the political deadlock.Though corporate news was sparse, shares in consumer staples firms were in focus after China said that it would cut import tariffs on some consumer products. Shares in Danone rose 1.2 percent, as did shares in Diageo.Europes food and beverages index was the standout sectoral gainer, up 0.5 percent.Provident Financial was among the biggest fallers, down 1.3 percent after the subprime lender said that its Executive Chairman Manjit Wolstenholme died on Thursday.Wolstenholme had been appointed to the position in August, with the aim of turning around the troubled lender.Reporting by Kit Rees; Editing by Georgina Prodhan '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/europe-stocks/european-shares-set-to-snap-2-week-losing-streak-as-consumer-stocks-buoyant-idUSL8N1NU14L'|'2017-11-24T10:19:00.000+02:00'|8398.0|''|-1.0|'' -8399|'2c72f61c69ed1dca8887f42a86f2cd92a2ad82eb'|'One-year since Trump''s win, U.S. funds enjoy strong growth'|'Reuters TV United States November 7, 2017 / 11:27 AM / a few seconds ago One-year since Trump''s win, U.S. funds enjoy strong growth Reuters Staff 2 Min Read LONDON (Reuters) - Assets managed by U.S.-based funds have grown substantially, led by equity funds, since Donald Trump won the U.S. presidential elections a year ago. An electoral poster of Donald Trump is displayed on the floor of the New York Stock Exchange (NYSE) the morning after the U.S. presidential election in New York City, U.S., November 9, 2016. REUTERS/Brendan McDermid Though financial markets have been broadly skeptical about the ability of the Trump presidency to pass significant political reforms since he won the U.S. elections, funds have enjoyed inflows and have seen the value of their holdings rise as global financial markets enjoyed double-digit returns. As the Trump presidency approached a one-year anniversary on Wednesday, total net assets under management of U.S. mutual funds including exchange-traded funds climbed by a sixth to $21.1 trillion over the one-year period ending Sept. 30, according to data from Thomson Reuters. Equity funds were the leaders with assets under management for stock funds seeing the biggest increase over that period with total assets rising by a fifth to $11.4 trillion as of end-September global stock markets hit new peaks. U.S. stocks hit a record high on Monday with stocks up more than 15 percent year-to-date while an index of high yield U.S. bonds is up by a similar quantum in that period. While performance has been a key driver as rising markets pushed up valuations, inflows have also been robust, especially to passively managed funds as active managers faced another year of fierce competition from their exchange-traded counterparts. Of the $691 billion of net inflows that was pumped into U.S. mutual funds over the one-year period ending Sept. 30 2017, about $685 billion have gone into passively managed funds. Of that amount, nearly $500 billion have gone into passively managed equity funds, while actively-managed equity funds saw $235 billion of outflows during that period. In the fixed-income space, inflow trends were a bit more evenly matched with actively managed funds seeing $145 billion of net inflows compared with $191 billion of inflows into bond exchange-traded funds in that period. Reporting by Saikat Chatterjee; Editing by Raissa Kasolowsky'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-funds-assets-trump/one-year-since-trumps-win-u-s-funds-enjoy-strong-growth-idUKKBN1D71EU'|'2017-11-07T13:15:00.000+02:00'|8399.0|''|-1.0|'' +8399|'2c72f61c69ed1dca8887f42a86f2cd92a2ad82eb'|'One-year since Trump''s win, U.S. funds enjoy strong growth'|'Reuters TV United States November 7, 2017 / 11:27 AM / a few seconds ago One-year since Trump''s win, U.S. funds enjoy strong growth Reuters Staff 2 Min Read LONDON (Reuters) - Assets managed by U.S.-based funds have grown substantially, led by equity funds, since Donald Trump won the U.S. presidential elections a year ago. An electoral poster of Donald Trump is displayed on the floor of the New York Stock Exchange (NYSE) the morning after the U.S. presidential election in New York City, U.S., November 9, 2016. REUTERS/Brendan McDermid Though financial markets have been broadly skeptical about the ability of the Trump presidency to pass significant political reforms since he won the U.S. elections, funds have enjoyed inflows and have seen the value of their holdings rise as global financial markets enjoyed double-digit returns. As the Trump presidency approached a one-year anniversary on Wednesday, total net assets under management of U.S. mutual funds including exchange-traded funds climbed by a sixth to $21.1 trillion over the one-year period ending Sept. 30, according to data from Thomson Reuters. Equity funds were the leaders with assets under management for stock funds seeing the biggest increase over that period with total assets rising by a fifth to $11.4 trillion as of end-September global stock markets hit new peaks. U.S. stocks hit a record high on Monday with stocks up more than 15 percent year-to-date while an index of high yield U.S. bonds is up by a similar quantum in that period. While performance has been a key driver as rising markets pushed up valuations, inflows have also been robust, especially to passively managed funds as active managers faced another year of fierce competition from their exchange-traded counterparts. Of the $691 billion of net inflows that was pumped into U.S. mutual funds over the one-year period ending Sept. 30 2017, about $685 billion have gone into passively managed funds. Of that amount, nearly $500 billion have gone into passively managed equity funds, while actively-managed equity funds saw $235 billion of outflows during that period. In the fixed-income space, inflow trends were a bit more evenly matched with actively managed funds seeing $145 billion of net inflows compared with $191 billion of inflows into bond exchange-traded funds in that period. Reporting by Saikat Chatterjee; Editing by Raissa Kasolowsky'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-funds-assets-trump/one-year-since-trumps-win-u-s-funds-enjoy-strong-growth-idUKKBN1D71EU'|'2017-11-07T13:15:00.000+02:00'|8399.0|11.0|0.0|'' 8400|'c793f5b9629fc64d4a5753446d4a63e22a0e369e'|'Comcast approached Twenty-First Century Fox to buy some assets - source'|'November 16, 2017 / 10:07 PM / Updated 37 minutes ago Comcast, Verizon approached Twenty-First Century Fox to buy some assets - sources Anjali Athavaley 2 Min Read (Reuters) - Comcast Corp and Verizon Communications Inc have both approached Twenty-First Century Fox Inc to express interest in buying Fox assets that were the subject of recent talks between Fox and Walt Disney Co, two people familiar with the situation told Reuters on Thursday. FILE PHOTO: The Twenty-First Century Fox Studios flag flies over the company building in Los Angeles, California U.S. on November 6, 2017. REUTERS/Lucy Nicholson /File Photo News of the approaches came the same day the U.S. Federal Communications Commission voted to end a 42-year-old restriction on ownership of multiple TV stations in a major market, removing a major roadblock to media company mergers. It is unclear whether Foxs broadcast assets are part of any of the conversations. Fox shares jumped nearly 8 percent in after-hours trading. Shares of Viacom Inc and CBS Corp also rose more than 2 percent, a sign investors may see then as potential targets. Disney was in talks to buy Foxs movie and TV production studios, cable networks FX and National Geographic and international assets such as the Star network in India and European pay TV provider Sky Plc , CNBC reported last week. The assets would give Comcast, the largest cable provider in the United States which bought NBCUniversal in 2011, an international distribution footprint. For Verizon, the U.S. No. 1 wireless carrier, it would provide movies and TV shows to stream to its mobile subscribers. Comcast and Verizon declined comment. Fox did not immediately respond to requests for comment. Reporting by Yashaswini Swamynathan and Sweta Singh in Bengaluru and Anjali Athavaley in New York; Editing by Shounak Dasgupta and Bill Rigby'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-fox-m-a-comcast/comcast-approaches-twenty-first-century-fox-for-buying-some-assets-idUKKBN1DG356'|'2017-11-17T00:29:00.000+02:00'|8400.0|''|-1.0|'' 8401|'7a04ed738bb52c8585063b2886e3e15dd7453f7e'|'PRESS DIGEST- Financial Times - Nov 27'|'Nov 27 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesBig pharma to unveil 1 bln stg boost for May''s post-Brexit vision on.ft.com/2jq88cHMeredith and Koch brothers buy Time Inc in $2.8 bln deal on.ft.com/2joYjvRChemChina''s chief dealmaker joins Beijing fund on.ft.com/2jqeMjoOverviewTheresa Mays vision of a vibrant post-Brexit economy will receive a much-needed boost today when two large pharmaceutical companies unveil more than 1bn of investment in research hubs creating up to 1,750 high-skilledTime Inc has been sold to rival media group Meredith Corp in a deal valued at $2.8bn and backed by the Koch brothers, giving the conservative billionaires a stake in one of Americas best-known publishers.Robert Lu who orchestrated ChemChinas $44 billion acquisition of Swiss agrochemical giant Syngenta AG has left the state-owned chemicals group to join a government-controlled investment fund in Beijing.Compiled by Bengaluru newsroom '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-press-ft/press-digest-financial-times-nov-27-idUSL3N1NX14O'|'2017-11-27T03:51:00.000+02:00'|8401.0|''|-1.0|'' 8402|'a7327f8925b3c2d1b1987e91436401d680a3fbf9'|'Top Glencore executive quits Katanga board after accounting lapse'|'November 20, 2017 / 7:56 AM / Updated an hour ago Top Glencore executive quits Katanga board after accounting lapse Reuters Staff 3 Min Read (Reuters) - Three Glencore Plc ( GLEN.L ) executives, including the head of its copper group, have stepped down from the board of subsidiary Katanga Mining Ltd ( KAT.TO ) after an internal review identified weaknesses in its financial reporting controls, Katanga said on Monday. FILE PHOTO - The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo Katanga, which operates cobalt and copper mines in Democratic Republic of Congo, said Aristotelis Mistakidis, Liam Gallagher and Tim Henderson had tendered their resignations, effective immediately. As head of the copper group, one of six groups in Glencores metals and minerals unit, Mistakidis is one of Glencores most senior executives. Katanga the three men had cooperated fully with the review. They will be replaced by three other Glencore executives, including Chief Financial Officer Steven Kalmin. Glencore owns 86 percent of Katanga. Katangas shares, listed on the Toronto Stock Exchange, fell as much as 8 percent in early trade but by midday had recovered to trade flat at C$1.26. Glencores shares fell more than a percent in early trade in London, but recovered later to trade 1.6 percent higher. A statement from Katanga said the review found it had over-stated copper production by 6,650 tonnes, which was provisionally invoiced to Glencore for $41.9 million. Glencores statement said there was no material impact on its consolidated income or cash flow, but it would be taking steps to strengthen procedures and ensure the weaknesses identified in the review are addressed and do not re-occur. Katanga had said in August it would restate some past financial statements to correct inaccuracies in its recorded copper production during 2014 and 2015. Katanga has previously disclosed that it is being investigated by the Ontario Securities Commission (OSC). The commission is reviewing whether the companys previously filed financial statements contain statements that are misleading in a material respect. The OSC is also investigating whether Katangas corporate governance practices are adequate and the related conduct of certain unnamed company directors and officers, Katanga said. Scrutiny has increased on Democratic Republic of Congo following a series of investigations by non-governmental organisations and the release of the Paradise Papers - a trove of documents about offshore investments, which named Glencore. Glencore has denied any wrong-doing. The countrys importance has at the same time increased because it is home to almost 60 percent of the worlds supply of cobalt, a mineral expected to be in strong demand for batteries for electric vehicles. In addition to Kalmin, the new appointments to Katangas board are Mike Ciricillo, responsible for Glencores copper smelting and refining, and Tony Moser from Glencores finance department. Reporting by Sanjeeban Sarkar in Bengaluru, Barbara Lewis in London and Nicole Mordant in Vancouver; Editing by Jason Neely, Edmund Blair and Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-glencore-katanga-mng/glencore-appoints-cfo-to-katangas-board-after-review-idUKKBN1DK0PK'|'2017-11-20T19:42:00.000+02:00'|8402.0|''|-1.0|'' -8403|'29edf91993b86d924ca1adc207495cc581f60c42'|'Sports Direct investors to vote on 11 million pound payment to founder''s brother'|'November 24, 2017 / 10:13 AM / Updated 24 minutes ago Sports Direct''s Ashley expects investors to veto paying brother 11 million pounds Alistair Smout 3 Sports Directs ( SPD.L ) billionaire founder Mike Ashley expects shareholders to vote against paying his brother 11 million pounds in the latest investor stand-off. FILE PHOTO: Mike Ashley, founder and majority shareholder of sportwear retailer Sports Direct, leads journalists on a factory tour after the company''s AGM, at the company''s headquarters in Shirebrook, Britain, September 7, 2016. REUTERS/Darren Staples/File Photo The British retailer run by Ashley said on Friday it would hold a general meeting on Dec. 13 after a report by law firm RPC found his brother John was entitled to the money for his work as an IT expert since Sports Direct floated in 2007. The review, which said John Ashley had not received what he was owed because of concerns at the time about public relations, was launched after pressure from shareholder groups. Independent shareholders would vote on the resolution to pay the 11 million pounds, with Mike Ashley and other board members abstaining from the vote, Sports Direct said in a statement. I fully expect that independent shareholders will vote against this proposal due to the passage of time involved, although in my opinion, technically the money is owed and therefore should be paid, Mike Ashley, who is Sports Directs chief executive and a 61 percent shareholder, said. Its important for me to say that if John had owed one pound to Sports Direct, I would have ensured any sum was repaid in full, he added. Shareholder Royal London Asset Management said that investors hadnt been given a plausible reason why John Ashley was owed money, and would vote against the resolution. We will not be supporting this vote because we feel it is a consequence of poor governance, Ashley Hamilton Claxton, Head of Responsible Investment at Royal London Asset Management said. If appropriate governance measures were in place at Sports Direct in the first place, there would have been a clear and transparent process for paying John Ashley what he was due and there would be no need to review his compensation after the fact. The latest showdown comes after years of clashes between shareholders and the board. Chairman Keith Hellawell, blamed by investors for a string of management and governance failures, narrowly survived a vote to oust him in September. Paul Lee, head of corporate governance at Aberdeen Standard Investments, said that while a decision had not yet been taken, it was really difficult to see how its in our clients interest to support the proposal to pay John Ashley the money. Reporting by Alistair Smout; Editing by Jason Neely/Edmund Blair/Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-sports-direct-investors/sports-direct-investors-to-vote-on-11-million-pound-payment-to-founders-brother-idUKKBN1DO110'|'2017-11-24T12:12:00.000+02:00'|8403.0|''|-1.0|'' +8403|'29edf91993b86d924ca1adc207495cc581f60c42'|'Sports Direct investors to vote on 11 million pound payment to founder''s brother'|'November 24, 2017 / 10:13 AM / Updated 24 minutes ago Sports Direct''s Ashley expects investors to veto paying brother 11 million pounds Alistair Smout 3 Sports Directs ( SPD.L ) billionaire founder Mike Ashley expects shareholders to vote against paying his brother 11 million pounds in the latest investor stand-off. FILE PHOTO: Mike Ashley, founder and majority shareholder of sportwear retailer Sports Direct, leads journalists on a factory tour after the company''s AGM, at the company''s headquarters in Shirebrook, Britain, September 7, 2016. REUTERS/Darren Staples/File Photo The British retailer run by Ashley said on Friday it would hold a general meeting on Dec. 13 after a report by law firm RPC found his brother John was entitled to the money for his work as an IT expert since Sports Direct floated in 2007. The review, which said John Ashley had not received what he was owed because of concerns at the time about public relations, was launched after pressure from shareholder groups. Independent shareholders would vote on the resolution to pay the 11 million pounds, with Mike Ashley and other board members abstaining from the vote, Sports Direct said in a statement. I fully expect that independent shareholders will vote against this proposal due to the passage of time involved, although in my opinion, technically the money is owed and therefore should be paid, Mike Ashley, who is Sports Directs chief executive and a 61 percent shareholder, said. Its important for me to say that if John had owed one pound to Sports Direct, I would have ensured any sum was repaid in full, he added. Shareholder Royal London Asset Management said that investors hadnt been given a plausible reason why John Ashley was owed money, and would vote against the resolution. We will not be supporting this vote because we feel it is a consequence of poor governance, Ashley Hamilton Claxton, Head of Responsible Investment at Royal London Asset Management said. If appropriate governance measures were in place at Sports Direct in the first place, there would have been a clear and transparent process for paying John Ashley what he was due and there would be no need to review his compensation after the fact. The latest showdown comes after years of clashes between shareholders and the board. Chairman Keith Hellawell, blamed by investors for a string of management and governance failures, narrowly survived a vote to oust him in September. Paul Lee, head of corporate governance at Aberdeen Standard Investments, said that while a decision had not yet been taken, it was really difficult to see how its in our clients interest to support the proposal to pay John Ashley the money. Reporting by Alistair Smout; Editing by Jason Neely/Edmund Blair/Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-sports-direct-investors/sports-direct-investors-to-vote-on-11-million-pound-payment-to-founders-brother-idUKKBN1DO110'|'2017-11-24T12:12:00.000+02:00'|8403.0|7.0|0.0|'' 8404|'3e64f35ffab1740c7232dd18b444017b4371084c'|'UK terrorism reinsurance fund to include cyber coverage from next year'|'November 28, 2017 / 4:51 PM / Updated 14 minutes ago UK terrorism reinsurance fund to include cyber coverage from next year Reuters Staff 1 Min Read (Reuters) - Britains Pool Re, which helps insurers pay out claims on property damage caused by terror attacks, said it will extend its cover to include damage and business interruption caused by acts of terrorism involving a cyber attack from April 2018. Pool Re, set up in 1993, acts as a backstop to insurers paying out claims on property damage and business interruption. It is financed by the insurance industry with government backing, and pay outs depend on the British government deeming an attack to be terror-related. Pool Re said in March that it hoped to extend its cover to include cyber attacks on property. Reporting by Rahul B in Bengaluru; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-insurance-cyber-pool-re/uk-terrorism-reinsurance-fund-to-include-cyber-coverage-from-next-year-idUKKBN1DS28S'|'2017-11-28T18:51:00.000+02:00'|8404.0|''|-1.0|'' 8405|'0b17457d7916db527386a32400cc842e873ab8f4'|'Exclusive - Greece''s Energean weighs IPO to fund Israel gas plan: sources'|'November 13, 2017 / 5:13 PM / Updated 16 minutes ago Exclusive: Greece''s Energean weighs IPO to fund Israel gas plan - sources Ron Bousso , Karolina Tagaris 3 Min Read LONDON/ATHENS (Reuters) - Greek energy firm Energean is considering listing on the London stock exchange to raise cash for a $1.5 billion development of gas fields off Israels coast, sources familiar with the matter told Reuters. Energean, Greeces sole oil producer, said in a statement it was in the process of developing Israels Karish and Tanin offshore fields and was engaged in a range of contracting and financing discussions to achieve this. We are currently examining all options of funding the projects requirements, a company spokesman said in an email, without saying if this included a public listing. Four sources, including three banking sources, told Reuters that investment banks Morgan Stanley ( MS.N ) and Citi ( C.N ) were advising the firm on the initial public offering (IPO) process. The banks did not immediately respond to requests for comment. If management opted for an IPO, the listing would take place next year although it was unclear how much cash Energean would seek to raise, the sources said. Energean, a private exploration and production firm operating in the eastern Mediterranean, and private equity fund Kerogen Capital bought the Karish and Tanin licenses from Israels Delek Group ( DLEKG.TA ) in December 2016 for an upfront cost of $40 million and $108.5 million in contingent payments. Led by Chief Executive Mathios Rigas, Energean expects to make a final investment decision on developing the fields, estimated to hold 2.4 trillion cubic feet of gas, by the end of 2017. The development is expected to cost $1.3 billion to $1.5 billion, according to the company website. Energean said in May it had signed contracts to supply up to 23 billion cubic meters of natural gas to private Israeli power stations from the fields. London energy listings have been sporadic and small in the past three years as a dip in oil prices dried up investor interest. But 2017 has seen eight such listings on Londons junior market so far, compared to five in the whole of 2016, when oil prices reached a 12-year low of around $26 a barrel. Benchmark Brent crude LCOc1 was trading above $62 a barrel on Monday. Additional reporting by Clara Denina in London; Editing by Veronica Brown and Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-energean-ipo-exclusive/exclusive-greeces-energean-weighs-ipo-to-fund-israel-gas-plan-sources-idUKKBN1DD23V'|'2017-11-13T19:08:00.000+02:00'|8405.0|''|-1.0|'' 8406|'db19cfc01de606946e01df061a912ee985cdcea6'|'Uber seeks to appeal UK workers'' rights decision at Supreme Court'|'LONDON (Reuters) - Uber submitted a request to appeal to the Supreme Court a decision by a British tribunal which said its drivers deserved workers rights such as the minimum wage, the taxi app said on Friday.A photo illustration shows the Uber app on a mobile telephone, as it is held up for a posed photograph, with London Taxis in the background, in London, Britain November 10, 2017. REUTERS/Simon Dawson Last year, two drivers successfully argued at a British employment tribunal that Uber exerted significant control over them to provide an on-demand taxi service and should grant them workers rights such as holiday entitlement and rest breaks.Uber appealed to the Employment Appeal Tribunal which ruled against it earlier this month.We have this afternoon requested permission to appeal directly to the Supreme Court in order that this case can be resolved sooner rather than later, said a spokesman.Uber says its drivers enjoy the flexibility of their work and are self-employed, entitling them in British law to only basic entitlements such as health and safety.Reporting by Costas Pitas; editing by Stephen Addison '|'reuters.com'|'https://in.reuters.com/finance'|'https://in.reuters.com/article/uber-britain/uber-seeks-to-appeal-uk-workers-rights-decision-at-supreme-court-idINKBN1DO1TM'|'2017-11-24T12:13:00.000+02:00'|8406.0|''|-1.0|'' @@ -8439,7 +8439,7 @@ 8437|'b709c4cc75adfbad07ff219287bba55d2c6eeed1'|'Emirates places provisional order for 40 Boeing 787-10'|'November 12, 2017 / 7:30 AM / Updated 10 minutes ago Emirates places provisional order for 40 Boeing 787-10 DUBAI (Reuters) - Dubais Emirates unveiled a provisional order for 40 Boeing ( BA.N ) 787-10 jetliners, worth $12.5 billion (9.48 billion pounds) at list prices, at the Dubai Airshow on Sunday. FILE PHOTO: The new Boeing 787-10 Dreamliner taxis on the runway during it''s first flight at the Charleston International Airport in North Charleston, South Carolina, United States March 31, 2017. REUTERS/Randall Hill Emirates chairman, Sheikh Ahmed bin Saeed al-Maktoum, said the carrier had chosen the latest version of Boeings mid-sized wide-body jet after comparing it with the Airbus ( AIR.PA ) A350. Deliveries will start in 2022, he added. Reuters earlier reported that Boeing was close to clinching a deal for around 40 of the 787-10 jets. Reporting by Tim Hepher'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-emirates-airshow-boeing/boeing-nears-deal-with-emirates-for-787-10-jets-sources-idUKKBN1DC06L'|'2017-11-12T11:49:00.000+02:00'|8437.0|''|-1.0|'' 8438|'84a933c5ac612cc706671d60e5a07cc9e04d7a40'|'PRESS DIGEST- British Business - November 28'|'November 28 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times- The promise of nationalisation and tax rises on the rich will help Labour recapture its former heartland from the SNP, the party''s new leader Richard Leonard in Scotland predicted. bit.ly/2AiCwhlThe Guardian- The head of Germany''s domestic intelligence agency, Hans-Georg Maassen, has accused U.S. tech giants such as Facebook Inc of failing to take enough responsibility for content on their sites. bit.ly/2AcS347- Brexit Minister David Davis has been told he could be in contempt of parliament after his department heavily edited government analyses on the impact of Brexit on 58 industrial sectors before handing them to a select committee. bit.ly/2AE0Ih9The Telegraph- Male employees at easyJet earn over 50 percent more than their female colleagues on average, the budget airline revealed on Monday. bit.ly/2zuQn2Q- British Airways owner IAG has confirmed it is buying the majority of the Gatwick take-off and landing slots being sold by the administrators for fallen carrier Monarch Airlines. bit.ly/2AeqVSYSky News- Victoria Beckham''s luxury fashion brand Victoria Beckham Limited has secured a 30 million pounds investment to help fund its expansion. bit.ly/2zwFa1I- Simon Robertson, whose former roles included the deputy chairmanship of HSBC Holdings Plc, has been drafted for secret talks aimed at defusing the boardroom crisis at the owner of the London Stock Exchange.Compiled by Bengaluru newsroom; Editing by Richard Chang '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-business/press-digest-british-business-november-28-idINL3N1NY1A6'|'2017-11-27T22:35:00.000+02:00'|8438.0|''|-1.0|'' 8439|'0cd2bc0844e8551a29f2eceddb11a2136b31c0d4'|'UPDATE 1-BA-owner IAG secures failed airline Monarch''s Gatwick slots'|'(Changes sourcing to administrator and IAG, adds Quote: s)By Alistair SmoutLONDON, Nov 27 (Reuters) - British Airways owner IAG has acquired valuable take-off and landing slots at Londons Gatwick airport from failed carrier Monarch Airlines, the latters administrators said on Monday, beating off competition from other airlines.The administrators said they were in the process of completing an exchange of Monarchs slots for others currently held by IAG but did not disclose how much IAG was paying under the swap arrangement to get the more valuable slot times.As well as representing an excellent recovery for creditors from one of Monarch Airlines significant assets, the clarity that this sale will bring is very positive for other stakeholders such as Gatwick Airport and its customers, Blair Nimmo, partner at KPMG and joint administrator, said in a statement.IAG said in a statement that these slots will be used by the groups airlines, primarily British Airways, enabling them to grow their presence at the airport and launch new destinations and add extra frequencies.The agreement comes after Monarch won an appeal last Wednesday to have the right to sell their airport slots even though it was no longer capable of operating any flights, a court ruling which was criticised by the International Air Transport Association (IATA) which sets guidelines for how slots at busy airports should be allocated and swapped.EasyJet, Wizz and Norwegian had also expressed their interest in acquiring Monarchs slots at Londons Gatwick and Luton airports, while sources said that travel firm Thomas Cook had also bid for the Gatwick slots.Monarchs administrator had estimated its slots could be worth around 60 million pounds ($80 million) although that figure was disputed by some airlines, including easyJet.Nimmo said that the continuing focus of the administrators would now switch to the sale of the Luton slots, as well as other residual assets such as Monarchs brand. (Reporting by Alistair Smout Editing by Greg Mahlich) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/monarch-airlines-licence-iag/update-1-ba-owner-iag-secures-failed-airline-monarchs-gatwick-slots-idINL8N1NX5LC'|'2017-11-27T17:40:00.000+02:00'|8439.0|''|-1.0|'' -8440|'b4c5421291725ceaa29dba585962805e0b287312'|'Google faces antitrust investigation in Missouri'|'November 13, 2017 / 7:17 PM / Updated an hour ago Google faces antitrust investigation in Missouri Paresh Dave 3 Min Read SAN FRANCISCO (Reuters) - Missouris attorney general said Monday his office would investigate whether Alphabet Incs Google violated the states consumer protection and antitrust laws. FILE PHOTO - The Google logo is pictured atop an office building in Irvine, California, U.S. August 7, 2017. REUTERS/Mike Blake/File Photo Josh Hawley, a Republican seeking to unseat Democratic U.S. Senator Claire McCaskill in next years elections, announced at a press conference that he issued an investigative subpoena to Google. He expressed concern over the accuracy of the companys privacy policy, allegations it misappropriated content from rivals and claims it demoted competitors websites in search results. Google said it had not yet received the subpoena. However, we have strong privacy protections in place for our users and continue to operate in a highly competitive and dynamic environment, spokesperson Andrea Faville said in a statement. Google has come under growing scrutiny globally as it has become a top provider of online search, mobile software and advertising technology. But formal investigations have reached varying results in the last seven years. Attorney generals of 37 states reached a $7 million settlement in 2013 over Googles unauthorized collection of Wi-Fi data through its Street View digital-mapping cars. A Federal Trade Commission inquiry also prompted Google that year to agree to provide advertisers and patent licensees more flexible terms. The FTC, though, did not bring the stronger antitrust charges that Google rivals such as Microsoft Corp and Yelp Inc sought. States including Ohio, Mississippi and Texas saw inquiries falter without substantive consequences. Missouris Hawley said the FTCs inaction created an opening. We are going to act to hold corporate giants accountable ... for the good of the people of Missouri, Hawley said. Asked at the press conference whether his senate candidacy played a role in opening the Google inquiry, Hawley said he acted upon his oath of office and desire to get to the truth. He pointed to the European Union fining Google $2.7 billion in June for unfairly favoring links to its own shopping service over those from other e-commerce websites. Hawley said he was moved to act because of concern that Google is engaging in similar behavior domestically. Google is appealing the EU fine. The other issue cited by Hawley may be tied to complaints from Yelp. The business reviews website wrote the FTC and the attorney generals of all 50 states in September that Google has copied images from its service without permission in violation of a commitment made to the U.S. antitrust regulator. Reporting by Paresh Dave; Editing by Cynthia Osterman '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-alphabet-antitrust/google-faces-antitrust-investigation-in-missouri-idUSKBN1DD2CE'|'2017-11-13T21:16:00.000+02:00'|8440.0|''|-1.0|'' +8440|'b4c5421291725ceaa29dba585962805e0b287312'|'Google faces antitrust investigation in Missouri'|'November 13, 2017 / 7:17 PM / Updated an hour ago Google faces antitrust investigation in Missouri Paresh Dave 3 Min Read SAN FRANCISCO (Reuters) - Missouris attorney general said Monday his office would investigate whether Alphabet Incs Google violated the states consumer protection and antitrust laws. FILE PHOTO - The Google logo is pictured atop an office building in Irvine, California, U.S. August 7, 2017. REUTERS/Mike Blake/File Photo Josh Hawley, a Republican seeking to unseat Democratic U.S. Senator Claire McCaskill in next years elections, announced at a press conference that he issued an investigative subpoena to Google. He expressed concern over the accuracy of the companys privacy policy, allegations it misappropriated content from rivals and claims it demoted competitors websites in search results. Google said it had not yet received the subpoena. However, we have strong privacy protections in place for our users and continue to operate in a highly competitive and dynamic environment, spokesperson Andrea Faville said in a statement. Google has come under growing scrutiny globally as it has become a top provider of online search, mobile software and advertising technology. But formal investigations have reached varying results in the last seven years. Attorney generals of 37 states reached a $7 million settlement in 2013 over Googles unauthorized collection of Wi-Fi data through its Street View digital-mapping cars. A Federal Trade Commission inquiry also prompted Google that year to agree to provide advertisers and patent licensees more flexible terms. The FTC, though, did not bring the stronger antitrust charges that Google rivals such as Microsoft Corp and Yelp Inc sought. States including Ohio, Mississippi and Texas saw inquiries falter without substantive consequences. Missouris Hawley said the FTCs inaction created an opening. We are going to act to hold corporate giants accountable ... for the good of the people of Missouri, Hawley said. Asked at the press conference whether his senate candidacy played a role in opening the Google inquiry, Hawley said he acted upon his oath of office and desire to get to the truth. He pointed to the European Union fining Google $2.7 billion in June for unfairly favoring links to its own shopping service over those from other e-commerce websites. Hawley said he was moved to act because of concern that Google is engaging in similar behavior domestically. Google is appealing the EU fine. The other issue cited by Hawley may be tied to complaints from Yelp. The business reviews website wrote the FTC and the attorney generals of all 50 states in September that Google has copied images from its service without permission in violation of a commitment made to the U.S. antitrust regulator. Reporting by Paresh Dave; Editing by Cynthia Osterman '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-alphabet-antitrust/google-faces-antitrust-investigation-in-missouri-idUSKBN1DD2CE'|'2017-11-13T21:16:00.000+02:00'|8440.0|10.0|0.0|'' 8441|'ee7e3902c0f7f19cc3580c69bab2d0e63b7f6fb6'|'Irish PM says future of $1 billion Apple data center uncertain'|'November 4, 2017 / 10:32 AM / in 11 hours Irish PM says future of $1 billion Apple data center uncertain Reuters Staff 2 Min Read DUBLIN (Reuters) - A planned $1 billion Apple data center is in doubt after Irish Prime Minister Leo Varadkar said the U.S. companys Chief Executive Tim Cook would no longer commit to it, adding that Dublin would do whatever necessary to get it built. A 3D printed Apple logo is seen in front of a displayed European Union flag in this illustration taken September 2, 2016. REUTERS/Dado Ruvic/Illustration/File Photo Apple announced plans in February 2015 to build the facility in a rural location in the west of Ireland to take advantage of green energy sources nearby, but the project has faced a two-year delay due to planning objections. In a meeting on Thursday, Cook did not commit to going ahead with it, Varadkar told state broadcaster RTE. We didnt get a start date, or a definite commitment or anything like that, said Varadkar, who is on a tour of the United States to meet investors, adding he had told Cook that the government would do anything within our power to facilitate the resumption of the project. Ireland relies on foreign multinational companies like Apple for the creation of one in every 10 jobs across the economy and sees major investments such as data centers as a means of securing their presence in the country. Apple did not respond to an e-mail query asking about whether it was committed to the project. A similar Apple center announced at the same time in Denmark is due to begin operations later this year and Apple in July announced it would build its second EU data center there. The government has said it is considering amending its planning laws to include data centers as strategic infrastructure, thus allowing them to get through the planning process much more quickly. Reporting by Conor Humphries; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-apple-ireland/irish-pm-says-future-of-1-billion-apple-data-center-uncertain-idUSKBN1D40BI'|'2017-11-04T12:32:00.000+02:00'|8441.0|''|-1.0|'' 8442|'52a3c484106042a6ce56074f852b50c8d6f2ebfb'|'Gold mining firms set aside 5 billion rand for South Africa silicosis law suit'|'November 22, 2017 / 3:34 PM / Updated 31 minutes ago Gold mining firms set aside $360 million for South Africa silicosis law suit Reuters Staff 1 Min Read CAPE TOWN (Reuters) - Six gold mining firms, including Anglo American, have made a 5 billion rand ($361 million) provision to settle a class action law suit with thousands of miners who contracted fatal lung diseases while working in South African mines, an industry document said on Wednesday. Earlier on Wednesday, lawyers acting for miners who contracted silicosis and TB said settlement talks with implicated gold companies for an out-of-court deal could be reached by December. Reporting by Wendell Roelf; Editing by Joe Brock'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-safrica-silicosis-provision/gold-mining-firms-set-aside-360-million-for-south-africa-silicosis-law-suit-idUKKBN1DM1ZV'|'2017-11-22T17:30:00.000+02:00'|8442.0|''|-1.0|'' 8443|'4615c56f7bcfb409ac82d9c2fd71adbf89aaeaf4'|'EU wants feedback on impact of fake news to help draft strategy'|'November 13, 2017 / 11:10 AM / Updated 8 hours ago EU wants feedback on impact of fake news to help draft strategy Reuters Staff 2 Min Read BRUSSELS (Reuters) - The European Union is seeking feedback on the impact of fake news as part of a move to help the blocs 500 million citizens assess news sources and make sure that social platforms such as Facebook live up to their responsibilities. Concerns about fake news arose after accusations of Russian meddling in last years U.S. presidential election to prevent Democrat Hillary Clinton winning and in this years French presidential election in which eventual winner Emmanuel Macrons team complained his campaign was targeted by a massive and coordinated hacking operation. Russia has denied meddling in foreign elections. The European Commission, the EU executive, said it wanted input from EU citizens, online platforms and news media in the public consultation which kicked off on Monday. It will also set up a group of academics, online platforms, news media and civil society organisations to assist it. We live in an era where the flow of information and misinformation has become almost overwhelming, Commission Vice President Frans Timmermans said in a statement. That is why we need to give our citizens the tools to identify fake news, improve trust online, and manage the information they receive. Respondents have until February to comment on the issue after which the Commission will present a strategy next spring. Reporting by Foo Yun Chee'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-eu-data-fakenews/eu-wants-feedback-on-impact-of-fake-news-to-help-draft-strategy-idUSKBN1DD18K'|'2017-11-13T13:00:00.000+02:00'|8443.0|''|-1.0|'' @@ -8488,8 +8488,8 @@ 8486|'2413bab1efef3fc71e4996adcd99a82622b57a00'|'India''s economic growth rebounds to 6.3 percent in September quarter'|'NEW DELHI (Reuters) - Indias economic growth rebounded in the three months ending in September, halting a five-quarter slide as businesses started to overcome teething troubles after the bumpy launch of a national sales tax.A man makes iron frying pans at his workshop in an industrial area in Mumbai, India, November 30, 2017. REUTERS/Shailesh Andrade Data released on Thursday showing faster growth could help Prime Minister Narendra Modi, who has been facing criticism over the hasty July launch of a goods and services tax (GST).The tax was aimed at transforming Indias 29 states into a single customs union but it has hit millions of small businesses due to complex rules and technical glitches.Gross domestic product grew 6.3 percent in July-September, its fastest pace in three quarters, compared with 7.5 percent a year earlier, the data showed.Analysts polled by Reuters had forecast annual growth of 6.4 percent in the quarter. The economy has also broadly moved past the disruptions encountered after a shock ban on high-value banknotes in November 2016, economists said.Perhaps the impact of two very significant structural reforms - demonetisation and the GST is now behind us, Finance Minister Arun Jaitley told reporters after the release of data.Hopefully, in the coming quarters we can look for an upward trajectory.Economic growth picked up from 5.7 percent in April-June, but lagged Chinas 6.8 percent and the Philippines 6.9 percent for the three months through September.Many private-sector economists expect faster growth in the current quarter and January-March as consumers and businesses step up spending and the global recovery gains traction.Thursdays data showed that the manufacturing sector grew 7 percent in the September quarter compared with 1.2 percent the previous quarter, as companies build up stocks ahead of the festival season.Earnings for major Indian companies rose at their best pace in six quarters during July-September, according to Thomson Reuters Eikon data, showcasing how profits are finally looking up after a prolonged spell of sluggish growth.RATINGS UPGRADE On Nov. 17, Moodys upgraded Indias sovereign credit rating for the first time in nearly 14 years, saying continued progress on economic and institutional reforms would boost its growth potential.The agency expects the economy to grow 6.7 percent in the fiscal year ending March 31, and 7.5 percent the following year.Modis administration hopes the ratings upgrade can attract more foreign investors, who pumped $15 billion into Indian equities in July-September, up 44 percent from the previous quarter.The main NSE share index is up 25 percent in 2017.Analysts said the Monetary Policy Committee of the Reserve Bank of India, which left the repo rate unchanged at 6 percent last month, could hold rates when it meets for a policy review next week.We expect RBI to remain on pause in December and February, given upside risks to inflation as well as the fiscal deficit, said Sumedh Deorukhlar, economist, BBVA in Hong Kong.Rising oil prices and a gradually tightening global rates environment pose new risks, he said.SLOWDOWN IN SPENDING The worlds seventh largest economy, which grew at more than 9 percent a year from 2005 through 2008, is still far from firing on all cylinders. Domestic demand and private investment remain weak.Analysts said the growth pick-up could have been sharper if not for a slowdown in government and consumer spending.Government spending slowed in the quarter, growing just 1.3 percent year-on-year compared with near 17.2 percent year-on-year growth in the June quarter.Annual growth in consumer spending, which powers more than half of the $2.3 trillion economy, slowed to 1.5 percent in the September quarter from 6.7 percent in the previous quarter.After front-loading state spending in the fiscal years first half, Finance Minister Jaitley has limited room to spend amid slowing revenue growth.India reported a fiscal deficit of $81.36 billion for April-October, or 96 percent of the budgeted target for the fiscal year. Nidhi Verma in NEW DELHI, Suvashree Dey Choudhury in MUMBAI, Tanvi Mehta in BENGALURU; Editing by Robert Birsel and Peter Graff '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-economy-gdp/indias-economic-growth-rebounds-to-6-3-percent-in-september-quarter-idINKBN1DU1LO'|'2017-11-30T09:13:00.000+02:00'|8486.0|''|-1.0|'' 8487|'e2328dd0dedc7b1455aaf9ddf9c1b1bd91c4a322'|'T-Mobile to pursue growth after Sprint talks end: Deutsche Telekom'|'FRANKFURT (Reuters) - T-Mobile US will pursue a growth strategy in the United States after ending merger talks with Sprint Corp on Saturday, majority owner Deutsche Telekom said.T-Mobile sign on top of a T-Mobile retail store in Manhattan, New York, U.S. on September 22, 2017. REUTERS/Amr Alfiky/Files T-Mobile US, of which Deutsche Telekom holds 64 percent of the shares, plans to continue its successful growth strategy, the German company said in a statement.Reporting by Douglas Busvine; Editign by Victoria Bryan '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/sprint-corp-m-a-t-mobile-us-deutsche-tel/t-mobile-to-pursue-growth-after-sprint-talks-end-deutsche-telekom-idINKBN1D503M'|'2017-11-05T00:45:00.000+02:00'|8487.0|''|-1.0|'' 8488|'c7544a6ee5fda99aef101229007debfcbdb169e9'|'As Venezuela pumps below OPEC target, oil rivals begin filling gap'|'HOUSTON/DUBAI (Reuters) - As Venezuelas dilapidated energy sector struggles to pump enough crude oil to meet the countrys OPEC output target, rival producers within the exporters group have started to plug the gap, OPEC and industry sources said.Pedestrians walk next to a gas station of Venezuelan state-owned oil company PDVSA in Caracas, Venezuela November 16, 2017. REUTERS/Marco Bello The South American countrys oil output hit a 28-year low in October as state-owned oil giant PDVSA struggled to find the funds to drill wells, maintain oilfields and keep pipelines and ports working.Venezuela''s oil production, which has been falling by about 20,000 barrels per day (bpd) per month since last year, is on track to fall by at least 250,000 bpd in 2017 according to numbers reported to the Organization of the Petroleum Exporting Countries (OPEC), as U.S. sanctions and a lack of capital hobble operations. [For a graphic on Venezuelan and Iraqi oil shipments to the United States and India, click tmsnrt.rs/2A9EKCH ]Some OPEC members expect the fall to accelerate in 2018, reaching at least 300,000 bpd, OPEC sources said. At a recent internal OPEC meeting, Venezuelan officials were asked to give a clearer picture of the countrys declining output.A lot of questions have been raised by Saudis and others to the Venezuelans to present a real picture on the production status and decline, one of the sources said. The topic could come up later this month at the groups next meeting.Saudi Arabia will not raise its output to compensate for this decline as OPECs de facto leader is focused on reducing global oil stocks, one OPEC source familiar with Saudi oil policy told Reuters this month.But heavy oil from OPEC member Iraq and non-OPEC producers Canada and Brazil are already replacing Venezuelan barrels to key customers the United States and India, according to the sources and Thomson Reuters data.Iraq has increased shipments of crude and condensate to India by 80,000 bpd this year as Venezuelan deliveries fell by 84,000 bpd. The second largest OPEC producer also has exported 201,000 bpd more oil to the United States this year through October as Venezuelan shipments dropped about 90,000 bpd, according to the Reuters data.Venezuelas weaker output could be good for market rebalance and we could see price stay at $60 for a slightly longer time, one OPEC source said. That doesnt mean there will be no free riders, the source added.PLUGGING THE GAP Venezuela pumped 1.863 million bpd in October, undershooting its OPEC target by 109,000 bpd, according to an assessment that OPEC uses to monitor members output. Venezuela said it had pumped 1.955 million bpd, still below its output target of 1.972 million bpd.There often are discrepancies between the assessment and official figures reported by the OPEC members.When member countries have suffered supply disruptions in the past, other OPEC members have covered the gap, often without changing official production quotas.Saudi Arabia boosted its output in 2003 to offset Iraqs falling exports after the U.S. invasion, but the agreement was never formally disclosed.OPEC discussions of Venezuelas quota is not new. Proposals to change the countrys quota have been raised and batted down several times in OPEC meetings since the South American countrys production started declining in 2012, a Venezuelan government source said.Venezuela has argued in the past, when faced with questions about falling output, that it was working to reverse declines from its sizeable proven oil reserves.But it could be difficult for Venezuelan officials to convince OPEC that an upturn is likely in the near future as the country seeks to restructure $60 billion in debt. Dependent on oil revenues, Venezuela has seen its economy contract sharply in the three years since crude prices collapsed from over $100 a barrel.Reviews of quotas and reallocation of market share can be contentious, and the group may prefer to allow market forces to fill the supply gap left by Venezuelas decline rather than make an official share revision and reallocation to other members, one senior OPEC source said. A formal change would be opening a can of worms that OPEC would not want to do, the source added.OPECs oil ministers will meet in Vienna later this month to discuss supply policy. The group is expected to extend beyond March an agreement under which its members and rival producers, including Russia, have reduced joint output by about 1.8 million bpd.We want a successful meeting on Nov. 30, re-discussing quotas will not be accepted by Venezuela and talking about it at the meeting will just open the door for others to do the same, the senior OPEC source said.Reporting by Rania El Gamal in Dubai and Marianna Parraga in Houston; Editing by Simon Webb and Marguerita Choy '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/opec-venezuela-quotas/as-venezuela-pumps-below-opec-target-oil-rivals-begin-filling-gap-idINKBN1DK1UD'|'2017-11-20T17:33:00.000+02:00'|8488.0|''|-1.0|'' -8489|'85c0ff3f2317ab18d4139db0365ab5521056e5df'|'Uber seeks to appeal UK workers'' rights decision at Supreme Court'|'LONDON (Reuters) - Uber submitted a request to appeal to the Supreme Court a decision by a British tribunal which said its drivers deserved workers rights such as the minimum wage, the taxi app said on Friday.A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London September 22, 2017. REUTERS/Toby Melville Last year, two drivers successfully argued at a British employment tribunal that Uber exerted significant control over them to provide an on-demand taxi service and should grant them workers rights such as holiday entitlement and rest breaks.Uber appealed to the Employment Appeal Tribunal which ruled against it earlier this month.We have this afternoon requested permission to appeal directly to the Supreme Court in order that this case can be resolved sooner rather than later, said a spokesman.Uber says its drivers enjoy the flexibility of their work and are self-employed, entitling them in British law to only basic entitlements such as health and safety.Reporting by Costas Pitas; editing by Stephen Addison '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-uber-britain/uber-seeks-to-appeal-uk-workers-rights-decision-at-supreme-court-idUSKBN1DO1TP'|'2017-11-24T17:09:00.000+02:00'|8489.0|''|-1.0|'' -8490|'ec3e35f6cce58e148460f9c66509ca794b8bd364'|'Germany''s Continental buys Israeli auto cyber firm Argus'|'November 3, 2017 / 12:58 PM / in 7 hours Germany''s Continental buys Israeli auto cyber firm Argus Reuters Staff 2 Min Read HAMBURG/FRANKFURT (Reuters) - Germanys Continental AG ( CONG.DE ) said on Friday it was buying Israels Argus Cyber Security, whose technology guards connected cars against hacking. The logo of Continental AG, a German automotive manufacturing company specialized in tyres, brakes and car safety products is pictured on a rim at the company''s stand during the Hannover Fair in Hanover, Germany, April 25, 2016. REUTERS/Wolfgang Rattay Cybersecurity experts have criticized the automotive industry for failing to do more to secure internal communications of vehicles with network-connected features. The danger, they say, is that once external security is breached, hackers can have free rein to access onboard vehicle computer systems which manage everything from engines and brakes to air conditioning and infotainment. Argus already collaborates with Continental - last month it jointly launched a technology for delivering over-the-air vehicle software updates with Continental subsidiary Elektrobit. Continental said that Argus would now become part of Elektrobit and would continue to engage in commercial relations with all automotive suppliers globally. The purchase price was not disclosed though Israeli media reported earlier this week that Continental would pay about $400 million (305.4 million) for Argus. Founded in 2013, Argus has raised $30 million, including $26 million two years ago from Magna International ( MG.TO ), Allianz ( ALVG.DE ), SBI Group and Israeli venture capital funds Magma and Vertex. Reporting by Jan Schwartz and Maria Sheahan; Editing by Arno Schuetze and Elaine Hardcastle '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-argus-m-a-continental/germanys-continental-buys-israeli-auto-cyber-firm-argus-idUSKBN1D31DR'|'2017-11-03T19:58:00.000+02:00'|8490.0|''|-1.0|'' +8489|'85c0ff3f2317ab18d4139db0365ab5521056e5df'|'Uber seeks to appeal UK workers'' rights decision at Supreme Court'|'LONDON (Reuters) - Uber submitted a request to appeal to the Supreme Court a decision by a British tribunal which said its drivers deserved workers rights such as the minimum wage, the taxi app said on Friday.A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London September 22, 2017. REUTERS/Toby Melville Last year, two drivers successfully argued at a British employment tribunal that Uber exerted significant control over them to provide an on-demand taxi service and should grant them workers rights such as holiday entitlement and rest breaks.Uber appealed to the Employment Appeal Tribunal which ruled against it earlier this month.We have this afternoon requested permission to appeal directly to the Supreme Court in order that this case can be resolved sooner rather than later, said a spokesman.Uber says its drivers enjoy the flexibility of their work and are self-employed, entitling them in British law to only basic entitlements such as health and safety.Reporting by Costas Pitas; editing by Stephen Addison '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-uber-britain/uber-seeks-to-appeal-uk-workers-rights-decision-at-supreme-court-idUSKBN1DO1TP'|'2017-11-24T17:09:00.000+02:00'|8489.0|11.0|0.0|'' +8490|'ec3e35f6cce58e148460f9c66509ca794b8bd364'|'Germany''s Continental buys Israeli auto cyber firm Argus'|'November 3, 2017 / 12:58 PM / in 7 hours Germany''s Continental buys Israeli auto cyber firm Argus Reuters Staff 2 Min Read HAMBURG/FRANKFURT (Reuters) - Germanys Continental AG ( CONG.DE ) said on Friday it was buying Israels Argus Cyber Security, whose technology guards connected cars against hacking. The logo of Continental AG, a German automotive manufacturing company specialized in tyres, brakes and car safety products is pictured on a rim at the company''s stand during the Hannover Fair in Hanover, Germany, April 25, 2016. REUTERS/Wolfgang Rattay Cybersecurity experts have criticized the automotive industry for failing to do more to secure internal communications of vehicles with network-connected features. The danger, they say, is that once external security is breached, hackers can have free rein to access onboard vehicle computer systems which manage everything from engines and brakes to air conditioning and infotainment. Argus already collaborates with Continental - last month it jointly launched a technology for delivering over-the-air vehicle software updates with Continental subsidiary Elektrobit. Continental said that Argus would now become part of Elektrobit and would continue to engage in commercial relations with all automotive suppliers globally. The purchase price was not disclosed though Israeli media reported earlier this week that Continental would pay about $400 million (305.4 million) for Argus. Founded in 2013, Argus has raised $30 million, including $26 million two years ago from Magna International ( MG.TO ), Allianz ( ALVG.DE ), SBI Group and Israeli venture capital funds Magma and Vertex. Reporting by Jan Schwartz and Maria Sheahan; Editing by Arno Schuetze and Elaine Hardcastle '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-argus-m-a-continental/germanys-continental-buys-israeli-auto-cyber-firm-argus-idUSKBN1D31DR'|'2017-11-03T19:58:00.000+02:00'|8490.0|13.0|1.0|'' 8491|'733374030c78c4f1bfd8d11871c9c9c120442861'|'Mubadala makes binding offer for majority stake in Brazil''s Invepar'|'SAO PAULO, Nov 17 (Reuters) - Abu Dhabis Mubadala Development Co PJSC has made a binding offer for a majority stake in Brazilian infrastructure company Invepar SA involving injecting capital and buying shares held by pension funds, Invepar said in a securities filing on Friday.The transaction, which would give Mubadala a 50.1 percent stake if completed, would involve buying shares from the Petros, Funcef and Previ pension funds and the conversion of preferred Invepar shares into common shares.Reuters first reported on Mubadalas talks to buy an Invepar stake in February. (Reporting by Brad Haynes; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/invepar-ma-mubadala/mubadala-makes-binding-offer-for-majority-stake-in-brazils-invepar-idUSE5N1M800F'|'2017-11-17T13:47:00.000+02:00'|8491.0|''|-1.0|'' 8492|'a4ae890db639d0ac9c44ea4335eb6a4e6a813283'|'US STOCKS-Tech tugs Wall St lower, investors fret about cut delays'|'November 9, 2017 / 9:32 PM / Updated 6 hours ago US STOCKS-Tech tugs Wall St lower, investors fret about tax cut delays Reuters Staff * Chip stocks tumble ahead of Nvidias quarterly report * Roku soars after strong forecast, quarterly results * Oracle, Microsoft, Alphabet weigh on S&P 500 * Indexes end down: Dow 0.43 pct, S&P 0.38 pct, Nasdaq 0.58 pct (Updates to close) By Noel Randewich Nov 9 (Reuters) - Wall Street stocks dropped on Thursday, weighed down by losses in Microsoft and other technology issues as investors turned their attention to a U.S. Senate Republican plan that would delay corporate tax cuts that investors want very much. The S&P 500 has surged about 21 percent since the election of President Donald Trump a year ago, fueled by his promises to cut corporate taxes and other business-friendly measures. Senate Republicans are unveiling a tax proposal that differs markedly on corporate, business and individual tax cuts from legislation detailed by their counterparts in the House of Representatives, Republican aides said. The Senate proposal delays a corporate tax rate cut to 20 percent by a year and provides small-business owners with a deduction rather than a special business rate, said the aides. Earlier, uncertainty about the future of corporate tax rates pushed the S&P 500 down as much 1 percent, underscoring how much Wall Street is banking on a tax reduction. The S&P 500 is trading at 18 times expected earnings, expensive compared with its 10-year average of 14.3, according to Thomson Reuters Datastream. Cutting corporate taxes would boost earnings and make stocks relatively less expensive. Its been a year since the election. Weve gone up 22 percent on hopes of what the Trump agenda would bring, and while theyre trying to work toward this thing, they havent really accomplished much yet, said Michael ORourke, chief market strategist at JonesTrading in Greenwich, Connecticut. If progress is not made, the equity market should either pause or correct until meaningful progress is made. The Dow Jones Industrial Average lost 0.43 percent to end at 23,461.94, while the S&P 500 declined 0.38 percent to 2,584.62. The Nasdaq Composite dropped 0.58 percent to 6,750.05. The Philadelphia Semiconductor index, a top performer in 2017, slumped 2 percent ahead of a quarterly report by Nvidia , which fell 1.84 percent. Six of the 11 major S&P 500 sectors fell, with industrials down 1.28 percent and the technology index off 0.85 percent. Apple, Microsoft, Alphabet, Oracle and Facebook were among the stocks weighing most on the S&P 500. Technology has been the best-performing S&P 500 sector so far this year, with a 37 percent rise. The sectors stretched valuations make it vulnerable to selling as investors worry that promised tax reductions might not emerge. Roku soared 55 percent after the video streaming device makers quarterly results and guidance beat expectations. Macys jumped 10.98 percent after the department store operators profit came in above expectations. In extended trade, Nordstrom dropped 4 percent after that retailer reported quarterly sales short of analysts expectations. Walt Disney Co lost 3 percent after the bell following its quarterly report. During the session, Dish Network rose 3.22 percent after the satellite and internet TV provider added subscribers in the United States in the third quarter and reduced the rate at which it lost existing customers. Declining issues outnumbered advancing ones on the NYSE by a 1.67-to-1 ratio; on Nasdaq, a 1.62-to-1 ratio favored decliners. About 7.4 billion shares changed hands on U.S. exchanges, above the 6.6 billion daily average over the last 20 sessions. (Additional reporting by Tanya Agrawal and Caroline Valetkevitch; Editing by James Dalgleish and Dan Grebler) '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/usa-stocks/us-stocks-tech-tugs-wall-st-lower-investors-fret-about-tax-cut-delays-idINL1N1NF2FM'|'2017-11-09T18:32:00.000+02:00'|8492.0|''|-1.0|'' 8493|'0f35e0061de6816bbf72c58992afde1541228036'|'Airbus A350-1000 jetliner granted safety certification by U.S., EU watchdogs'|'Reuters TV United States 11 PM / Updated 16 minutes ago Airbus A350-1000 jetliner granted safety certification by U.S., EU watchdogs Reuters Staff 1 Min Read PARIS (Reuters) - Airbus ( AIR.PA ) said on Tuesday the largest member of its A350 long-range jetliner family, the A350-1000, had received safety certification from European and U.S. regulators. An Airbus A350-1000 is taking part in a flying display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 22, 2017. REUTERS/Pascal Rossignol The decision paves the way for the 369-seat jetliner to be delivered to its first customer, Qatar Airways, before the end of the year, it said. Reporting by Michel Rose; editing by Tim Hepher'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-airbus-certification/airbus-a350-1000-jetliner-granted-safety-certification-by-u-s-eu-watchdogs-idUKKBN1DL1SO'|'2017-11-21T16:59:00.000+02:00'|8493.0|''|-1.0|'' @@ -8554,7 +8554,7 @@ 8552|'e07b00a2ab1862e2931b40b24b2562b3ee880ee5'|'S.Korea celebrity appears in Chinese ad in subtle sign of thawing diplomatic tension'|'November 13, 2017 / 9:37 AM / Updated 16 minutes ago S.Korea celebrity appears in Chinese ad in subtle sign of thawing diplomatic tension Reuters Staff * S.Korean actress promotes cosmetics on Alibabas Taobao mall * S.Koreans vanished from Chinese ads during missile spat -exec * S.Korean entertainment shares up on hope of earnings rebound By Joyce Lee and Heekyong Yang SEOUL, Nov 13 (Reuters) - A South Korean actress is promoting cosmetics on Chinas biggest online mall, in a subtle sign of easing diplomatic tension that has seen once-ubiquitous South Korean celebrities vanish from Chinese marketing campaigns. Jun Ji-hyun, who has played the lead roles in hit movies and dramas such as 2013s My Love from the Star, featured prominently on Monday on the product page of health goods maker Mentholatum on Alibaba Group Holding Ltds Taobao.com. Juns appearance comes toward the end of a year in which South Koreas entertainment industry suffered a drop in Chinese demand for South Korean cultural exports. The drop came as Beijing objected to Seouls use of a U.S. anti-missile system, prompting popular anti-South Korean sentiment in China. South Korean celebrities soon reported being unable to attend promotional events and having work visa applications delayed, officials at South Korean talent agencies told Reuters. Chinese TV ads featuring South Korean celebrities were suddenly dropped and new ones aired with Chinese celebrities, said a director of a South Korean talent agency, declining to be identified due to the sensitivity of the matter. Chinese foreign ministry spokesman Geng Shuang, at a regular briefing on Monday, said he was not aware of any restrictions on South Korean cultural exports, and that China will work hard with South Korea to promote the early return to the correct and healthy track of bilateral exchanges and cooperation. Mentholatums Asia-Pacific headquarters did not have an immediate comment. Alibaba could not be immediately reached. In late October, Beijing and Seoul agreed to move beyond their year-long stand-off over the missile issue. We havent seen any immediate tangible change, but we hope the agreement will have a positive impact on future cultural exchange, South Korean entertainment and media firm CJ E&M Corp told Reuters. The impact of the stand-off has been deep. K-Pop agency YG Entertainment Inc has not scheduled any concerts in China since July 2016. In its most recent earnings report, it said July-September operating profit fell 88 percent. Peer S.M. Entertainment Co has also not scheduled a concert in China since September 2016. Its latest earnings showed a 61 percent profit drop for January-June. But analysts expect the agreement ending the stand-off to see earnings at entertainment firms begin to recover from as soon as early 2018. Reflecting that expectation, shares of CJ E&M rose 5.6 percent on Monday, while S.M. was up 3.9 percent and YG was 6.1 percent higher. The benchmark Kospi index fell 0.5 percent. Reporting by Joyce Lee and Heekyong Yang; Additional reporting by Christine Kim and Ben Blanchard; Editing by Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/southkorea-china-entertainment/s-korea-celebrity-appears-in-chinese-ad-in-subtle-sign-of-thawing-diplomatic-tension-idUSL3N1NJ1K1'|'2017-11-13T11:37:00.000+02:00'|8552.0|''|-1.0|'' 8553|'fc03cc99954347239c5ecaffdd64ae77ac238633'|'Finland no longer the ''sick man of Europe'' but mid-term problems loom - FinMin'|'November 29, 2017 / 2:54 PM / Updated 8 minutes ago Finland no longer the ''sick man of Europe'' but mid-term problems loom - FinMin Jussi Rosendahl , Tuomas Forsell 3 Min Read HELSINKI (Reuters) - Finland is recovering at rapid pace from decade-long stagnation but the government must push more economic reforms because of the ageing population and growing public debt, Finance Minister Petteri Orpo said in an interview. Finlands Finance Minister Petteri Orpo speaks to the media in Helsinki, Finland, November 29, 2017. REUTERS/Tuomas Forsell The Finnish economy -- dubbed by Orpos predecessor Alexander Stubb as the sick man of Europe -- expanded 3.6 percent in the third quarter from a year ago, preliminary data showed. The government projects 2.9 percent for this year as a whole, a number Orpo said may well be lifted in December. This is not just a peak, it is broad-based growth that seems to hold up in the coming years, and that is a big thing, Orpo, sitting in his office in the government palace, told Reuters. But to cope with the upcoming challenges, we need to make more structural reforms to boost employment and secure continuing growth. Finlands output is still below levels prior to the financial crisis, having taken a string of internal and external hits, including a decline in the once dominant Nokias phone business, labour market rigidity, and recession in neighbouring Russia. A fast-ageing population will also increase public spending and government debt after 2020, a problem which the three-party centre-right government has sought to tackle with spending cuts and complicated reforms in labour markets and health care. Orpo said a 2016 labour reform pact, which cut workers benefits for the first time in a century, helped to boost growth but wasnt enough. The employment rate has increased to around 70 percent now. We need 75 percent for the 2020s. He said there remained welfare traps to cut, while wage negotiations should be held more often at companies rather than unions. POLITICS Orpo said he believed the government -- led by Prime Minister Juha Sipila -- was more united now following the co-ruling Finns partys split-up in June. A leadership change at the nationalist party led to its dismissal from the coalition, while a group of its lawmakers formed a new, more moderate Blue Reform party that kept a ruling position. Health care reform, a key plan to cut future annual costs by3 billion euros, will be completed after years of talks that almost brought down the government in 2015, Orpo said. We are very close already, no-one in the government wants to fail in this. Reporting by Jussi Rosendahl and Tuomas Forsell Editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-finland-economy-financeminister/finland-no-longer-the-sick-man-of-europe-but-mid-term-problems-loom-finmin-idUKKBN1DT27Z'|'2017-11-29T16:54:00.000+02:00'|8553.0|''|-1.0|'' 8554|'0e9725ec39f613b077f7fe1463e63ae5a945edde'|'WPP agrees to sell stake in Japan''s Asatsu-DK to Bain'|'November 21, 2017 / 3:50 AM / Updated 23 minutes ago WPP agrees to sell stake in Japan''s Asatsu-DK to Bain Reuters Staff 2 Min Read TOKYO (Reuters) - Advertising giant WPP PLC ( WPP.L ) on Tuesday said it has agreed to sell its stake in Japanese partner Asatsu-DK Inc (ADK) ( 9747.T ) to Bain Capital LLC for 3,660 yen ($32.53) a share, heralding the end of a row over the $1.35 billion buyout offer. FILE PHOTO: The logo of Bain Capital is displayed on the screen during a news conference in Tokyo, Japan October 5, 2017. REUTERS/Kim Kyung-Hoon/File Photo ADK had sought to end a two-decade-old business alliance with WPP, asking it to sell its shares to the U.S. private equity firm. WPP and other large shareholders had sought a higher offer, but the agreed price was unchanged from the initial offer. ADK shares jumped more 5 percent to 3,660 yen in Tuesday afternoon trade, as investors bet on the likelihood of Bains takeover bid succeeding. Apart from WPP, London-based fund manager Silchester International Investors LLP and Hong Kong-based activist hedge fund Oasis Management Co Ltd had also said Bains offer was too low. WPP did not comment on why it had changed its mind, whereas an ADK spokeswoman declined to comment. Neither Silchester nor Oasis could be reached for comment on Tuesday. WPP and Asatsu-DK formed an alliance in 1998 to set up joint ventures and cultivate clients together, exchanging equity stakes. But the Japanese firm has said synergies from the tie-up failed to materialize. Reporting by Junko Fujita; Editing by Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-asatsu-dk-m-a-wpp/bain-capital-says-wpp-agrees-to-sell-stake-in-japans-asatsu-dk-idUKKBN1DL095'|'2017-11-21T06:27:00.000+02:00'|8554.0|''|-1.0|'' -8555|'9f01acf5a82a1cc00593dcc08b7318b46a1e7042'|'Creditors file bankruptcy plea against two China Huishan subsidiaries'|'HONG KONG, Nov 28 (Reuters) - China Huishan Dairy Holdings , burdened by billions of dollars worth of debt, said on Tuesday its creditors had filed a plea in a local court for bankruptcy restructuring against two if its wholly-owned subsidiaries.The application was filed on Tuesday against Huishan Dairy China Co Ltd and Liaoning Huishan Dairy Group Shenyang Co Ltd by the embattled companys onshore creditors, it said in a filing to the Hong Kong stock exchange.Shares in China Huishan, once a hot property with investors, have been suspended since they plunged 85 percent in March, after which the company said it had fallen behind with some loan repayments.The companys debts totalled at least 38 billion yuan ($5.73 billion) at the end of July, according to a work-out plan seen by Reuters.Huishan, billed as Chinas biggest integrated dairy firm when it went public in 2013, said this month it was preparing for provisional liquidation. In response to its creditors latest action, Huishan said on Tuesday it was taking legal advice on the banks bankruptcy restructuring plea and would take such steps to preserve the assets of the company. (Reporting by Sumeet Chatterjee. Editing by Jane Merriman) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/china-huishan/creditors-file-bankruptcy-plea-against-two-china-huishan-subsidiaries-idINL3N1NY483'|'2017-11-28T09:51:00.000+02:00'|8555.0|''|-1.0|'' +8555|'9f01acf5a82a1cc00593dcc08b7318b46a1e7042'|'Creditors file bankruptcy plea against two China Huishan subsidiaries'|'HONG KONG, Nov 28 (Reuters) - China Huishan Dairy Holdings , burdened by billions of dollars worth of debt, said on Tuesday its creditors had filed a plea in a local court for bankruptcy restructuring against two if its wholly-owned subsidiaries.The application was filed on Tuesday against Huishan Dairy China Co Ltd and Liaoning Huishan Dairy Group Shenyang Co Ltd by the embattled companys onshore creditors, it said in a filing to the Hong Kong stock exchange.Shares in China Huishan, once a hot property with investors, have been suspended since they plunged 85 percent in March, after which the company said it had fallen behind with some loan repayments.The companys debts totalled at least 38 billion yuan ($5.73 billion) at the end of July, according to a work-out plan seen by Reuters.Huishan, billed as Chinas biggest integrated dairy firm when it went public in 2013, said this month it was preparing for provisional liquidation. In response to its creditors latest action, Huishan said on Tuesday it was taking legal advice on the banks bankruptcy restructuring plea and would take such steps to preserve the assets of the company. (Reporting by Sumeet Chatterjee. Editing by Jane Merriman) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/china-huishan/creditors-file-bankruptcy-plea-against-two-china-huishan-subsidiaries-idINL3N1NY483'|'2017-11-28T09:51:00.000+02:00'|8555.0|10.0|0.0|'' 8556|'92250525eb7c5d052670b950e60f1713bb5f9f7a'|'Fed''s Williams joke shows how a novel policy could work, or fail'|'November 18, 2017 / 10:07 PM / Updated an hour ago Fed''s Williams joke shows how a novel policy could work, or fail Ann Saphir 3 Min Read BERKELEY, Calif. (Reuters) - Economists presenting at a conference earlier this week blew through the organizers four-slides-per-speaker limit, and the host, San Francisco Fed President John Williams, vowed to take action. FILE PHOTO: San Francisco Federal Reserve President John Williams speaks to Reuters in San Francisco, California, U.S. on September 27, 2016. REUTERS/Stephen Lam/File Photo I am going to try, over the rest of my time at the Fed, to undo that damage by not showing any slides, he said on Saturday at a separate conference at the University of California, Berkeley. His joke elicited chuckles from the audience of scholars who had suffered through an immense number of equation-packed slides at the San Francisco Feds just-concluded conference. By paying for that excess with a promise not to show any slides himself, Williams said, he hoped to ultimately bring the total number back in line with the original limit. The approach neatly illustrates the logic behind a bold and nearly untried monetary policy idea that Williams has lately embraced. The idea, known as price-level targeting, calls for a central bank to make up for bouts of low inflation by encouraging high inflation later on. It differs from the Feds current approach of targeting inflation at 2 percent while taking a position of let bygones be bygones to past periods when it is above or below that level. Williams, Chicago Fed President Charles Evans and former Fed Chair Ben Bernanke have in recent months championed price-level targeting as a way to give central banks more scope to combat a severe downturn when merely cutting interest rates is not enough. If people believe the central bank will stick to this policy, they will try to spend what they can during a downturn, before their moneys value is eroded by future inflation. That spending will itself pull the economy from recession faster, shortening any future period of high inflation induced by the central bank. If such a policy were put in place now, the Fed would need to allow inflation to run at 3 percent, about twice as high as it is today, for about the next five years. But the idea that the Fed would subject Americans to such a paycheck-draining policy strains belief, critics say. I find that quite implausible, former Minneapolis Fed President Narayana Kocherlakota said earlier this week. One economist at the Saturday conference said: Wed probably bail on the policy halfway through. Williams completed his 15-minute talk there without showing a single slide. It remains to be seen whether he will stick to his policy in the 10 years before he reaches the Feds mandatory retirement age. Reporting by Ann Saphir; Editing by Lisa Von Ahn'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-usa-fed-williams/feds-williams-joke-shows-how-a-novel-policy-could-work-or-fail-idUKKBN1DI0SZ'|'2017-11-19T00:07:00.000+02:00'|8556.0|''|-1.0|'' 8557|'b577b94da1cc61291794fc85617cf7bc81f9bbc2'|'European shares weighed down by disappointing updates, downgrades'|'November 17, 2017 / 8:36 AM / Updated 22 minutes ago European shares weighed down by disappointing updates, downgrades Reuters Staff 2 Min Read MILAN (Reuters) - European shares steadied on Friday with disappointing company updates and broker downgrades weighing on the broader market, while pay-TV firm Sky rose on speculation of takeover interest. FILE PHOTO - The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, November 16, 2017. REUTERS/Staff/Remote Elior ( ELIOR.PA ) fell 18 percent after Europes third-largest catering group cut its profit guidance, while media group Vivendi ( VIV.PA ) fell at the open after its third quarter results fell short of analyst expectations. Their declines and weakness among industrial stocks weighed on the STOXX 600 index, which was flat at 385 points by 0824 GMT following a strong rebound in the previous session. Shares in H&M ( HMb.ST ) and Inditex ( ITX.MC ) fell more than 2 percent following broker downgrades. The pan-European benchmark index is down around 0.9 percent so far this week, set for its second weekly loss in a row, as investors have been locking in profits following a strong year. Outside the STOXX, Carillion ( CLLN.L ) wiped out more than half of its stock market value after the UK builder said it would breach its financial covenant and warned on profits for the third time this year. Among the gainers, Sky ( SKYB.L ) rose 2.7 percent after reports that Comcast ( CMCSA.O ) and Verizon ( VZ.N ) had both expressed interest in acquiring a significant part of Rupert Murdochs Twenty-First Century Foxs ( FOXA.O ) assets. Reporting by Danilo Masoni, Editing by Helen Reid'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks/european-shares-weighed-down-by-disappointing-updates-downgrades-idUKKBN1DH0W8'|'2017-11-17T10:35:00.000+02:00'|8557.0|''|-1.0|'' 8558|'8d735267a0de5c38712ba02146434ec679d32870'|'UPDATE 1-Board of South Africa''s PPC rejects Fairfax offer, AfriSam merger'|'* PPC board says Fairfax offer not fair and reasonable* Talks with CRH and LafargeHolcim continue* PPC shares up more than 2 pct (Adds details, share price, background)By Nqobile DludlaJOHANNESBURG, Nov 22 (Reuters) - South African cement producer PPCs board on Wednesday turned its back on a takeover attempt by AfriSam, backed by Canadian firm Fairfax Africa Investments, but PCC said it was still talking to Irelands CRH and Swiss group LafargeHolcim.PPC has been a takeover target on-and-off for several years, with local-based AfriSam, Nigerias Dangote Cement Irish building materials firm CRH and Switzerlands LafargeHolcim all interested in it.But in a move anticipated by analysts, PPCs independent board said it had advised Fairfax that it will not be recommending the Canadian companys partial offer to shareholders and that it will not convene a general meeting to approve the proposed merger by AfriSam.The Independent Expert ... is of the opinion that the partial offer, both in the context of the proposed merger as well as on a stand-alone basis, is not fair and reasonable, PPC said in a statement.Fairfax offered to buy 22 percent of PPC in September for 5.75 rand per share, or 2 billion rand ($144 million), on condition that it was approved by shareholders in order to allow AfriSams merger plan.PPC, which has operations in six countries across Africa, said the board took into account the cement producers own valuation work, forecasts and recent financial and business performance as well as feedback from shareholders.Shares in PPC, which has a market capitalisation of 10.29 billion rand and had net debt of 4.7 billion rand at the end of March, were up 2.47 percent to 6.63 rand by 1248 GMT.It said it will continue its engagements with CRH and LafargeHolcim. ($1 = 13.9172 rand) (Reporting by Nqobile Dludla; Editing by Mark Potter and Alexander Smith) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/ppc-ma-afrisam-fairfax-africa/update-1-board-of-south-africas-ppc-rejects-fairfax-offer-afrisam-merger-idINL8N1NS3EC'|'2017-11-22T10:19:00.000+02:00'|8558.0|''|-1.0|'' @@ -8595,7 +8595,7 @@ 8593|'1cc11635328387b9082e21ebe3e8772837ac20f8'|'PRESS DIGEST-New York Times business news - Nov 21'|'Nov 21 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Marvell Technology Group Ltd, which has its headquarters in Bermuda, is buying Cavium Inc based in San Jose, California. The resulting company will produce chips used in hard disk controllers, data processors and network channels. The companies expect to save as much as $175 million within 18 months of closing the deal. nyti.ms/2hHPb58- The New York Times said it was suspending Glenn Thrush, one of its most prominent reporters, after he was accused of inappropriate sexual behavior. nyti.ms/2jcN2hV- The Justice Department sued to block AT&T Inc ''s$85.4 billion bid for Time Warner Inc on Monday, setting up a showdown over the first blockbuster acquisition to be considered by the Trump administration and drawing limits on corporate power in the fast-evolving media landscape. nyti.ms/2AhzXin- The Mumbai-based Mahindra Group, said it would begin producing off-road recreational and work vehicles at the plant, in Auburn Hills, early next year. It indicated that this might be just a first step in its ambitions for the American market. nyti.ms/2hGLfRTCompiled by Bengaluru newsroom '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-nov-21-idINL3N1NR29N'|'2017-11-21T03:21:00.000+02:00'|8593.0|''|-1.0|'' 8594|'cfd9d0cf52c6927c0134bc799b2249aedeaa0d93'|'Third Point takes stake in mall-owner Macerich: Bloomberg'|'(Reuters) - Dan Loebs Third Point LLC has taken a stake in U.S. shopping mall owner Macerich Co ( MAC.N ), Bloomberg reported on Thursday, citing people familiar with the matter.The New York-based hedge fund owns about 5 percent of the real estate investment trust (REIT) and is expected to push for change at the company, which could include a potential sale, the report said. ( bloom.bg/2iIV3eq )It was unclear whether there have been talks between the activist investor and Macerichs management or board, the report said.Macerich was not immediately available for comment.Shares of the REIT were up 8 percent in afternoon trading.Reporting by Sanjana Shivdas; Editing by Arun Koyyur '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-macerich-stake-third-point/third-point-takes-stake-in-mall-owner-macerich-bloomberg-idINKBN1D92TM'|'2017-11-09T16:08:00.000+02:00'|8594.0|''|-1.0|'' 8595|'e7790c43ead705c0c70b13e8da182b503fc39d37'|'SandRidge Energy to buy Bonanza Creek in a deal worth $746 mln'|'Nov 15 (Reuters) - Oil and gas producer SandRidge Energy said on Wednesday it would buy rival Bonanza Creek in a cash-and-stock deal valued at $746 million.SandRidge Energys offer of $36 per Bonanza Creek share is a 17.4 percent premium to the stocks closing price on Tuesday.The offer consists of $19.20 in cash and $16.80 of SandRidge shares for each Bonanza Creek share. (Reporting by Anirban Paul in Bengaluru; Editing by Arun Koyyur) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/bonanz-creek-egy-ma-sandridge/sandridge-energy-to-buy-bonanza-creek-in-a-deal-worth-746-mln-idINL3N1NL4EF'|'2017-11-15T09:42:00.000+02:00'|8595.0|''|-1.0|'' -8596|'9ae4a5cbdc67946dcea98cb0f68ac0c104870dad'|'Digital mapping company HERE to acquire ATS in connected-car play'|'LONDON, Nov 28 (Reuters) - Digital mapping firm HERE said on Tuesday it plans to acquire Advanced Telematic Systems (ATS), a Germany-based company that provides over the air software updates for connected and autonomous vehicles.The deal, whose terms were not disclosed and which should close in early 2018, would strengthen HEREs position as a provider of location and cloud services for self-driving cars that could hit the road in large numbers within a few years.The acquisition of ATS is a hugely important strategic investment for us to complement our portfolio as a premium automotive cloud provider, said Ralf Herrtwich, SVP Automotive of HERE Technologies.HERE was itself sold to Nokia to Audi, BMW and Daimler in 2015 for more than $2 billion and functions as a research lab for the carmakers as they seek to counter the competitive threat from U.S. electric vehicle maker Tesla.Its mapping technology competes with Alphabets Google Maps and Dutch rival TomTom.HERE, the biggest provider of digital maps for the automotive industry, spent 640 million euros ($760 million) on research and development in 2016, or around 55 percent of its sales of 1.16 billion euros, according to documents reviewed by Reuters. reut.rs/2i0MTOJOver-the-air technology, or OTA, is in increasing demand as companies developing cars as digital devices and autonomous vehicles seek to keep their technology updated and user experience fresh.It is similar to the way smartphones receive operating system and application updates over mobile networks, and has been pioneered by Tesla for updates to its car models. reut.rs/2zMLfeNSecurity against hacker attacks is vital for such connected cars, and ATSs flagship product, OTA Plus v3, is supported by Uptane, a security framework that is being developed by the U.S. Department of Homeland Security.HERE says its plans for ATSs OTA technology includes both developing it as a standalone product and using it to boost other parts of its business that could also support secure map and software updates for other connected devices including drones. ($1 = 0.8420 euros) (Reporting by Jamillah Knowles; Editing by Douglas Busvine/Mark Heinrich) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/tech-here-ats/digital-mapping-company-here-to-acquire-ats-in-connected-car-play-idINL3N1NY4U7'|'2017-11-28T13:36:00.000+02:00'|8596.0|''|-1.0|'' +8596|'9ae4a5cbdc67946dcea98cb0f68ac0c104870dad'|'Digital mapping company HERE to acquire ATS in connected-car play'|'LONDON, Nov 28 (Reuters) - Digital mapping firm HERE said on Tuesday it plans to acquire Advanced Telematic Systems (ATS), a Germany-based company that provides over the air software updates for connected and autonomous vehicles.The deal, whose terms were not disclosed and which should close in early 2018, would strengthen HEREs position as a provider of location and cloud services for self-driving cars that could hit the road in large numbers within a few years.The acquisition of ATS is a hugely important strategic investment for us to complement our portfolio as a premium automotive cloud provider, said Ralf Herrtwich, SVP Automotive of HERE Technologies.HERE was itself sold to Nokia to Audi, BMW and Daimler in 2015 for more than $2 billion and functions as a research lab for the carmakers as they seek to counter the competitive threat from U.S. electric vehicle maker Tesla.Its mapping technology competes with Alphabets Google Maps and Dutch rival TomTom.HERE, the biggest provider of digital maps for the automotive industry, spent 640 million euros ($760 million) on research and development in 2016, or around 55 percent of its sales of 1.16 billion euros, according to documents reviewed by Reuters. reut.rs/2i0MTOJOver-the-air technology, or OTA, is in increasing demand as companies developing cars as digital devices and autonomous vehicles seek to keep their technology updated and user experience fresh.It is similar to the way smartphones receive operating system and application updates over mobile networks, and has been pioneered by Tesla for updates to its car models. reut.rs/2zMLfeNSecurity against hacker attacks is vital for such connected cars, and ATSs flagship product, OTA Plus v3, is supported by Uptane, a security framework that is being developed by the U.S. Department of Homeland Security.HERE says its plans for ATSs OTA technology includes both developing it as a standalone product and using it to boost other parts of its business that could also support secure map and software updates for other connected devices including drones. ($1 = 0.8420 euros) (Reporting by Jamillah Knowles; Editing by Douglas Busvine/Mark Heinrich) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/tech-here-ats/digital-mapping-company-here-to-acquire-ats-in-connected-car-play-idINL3N1NY4U7'|'2017-11-28T13:36:00.000+02:00'|8596.0|6.0|2.0|'' 8597|'59215310d009de7ea2cf7e7229c2b5d7685a0976'|'Adidas ''would have problem'' with FIFA if it has broken law - Bild am Sonntag'|'FRANKFURT, Nov 19 (Reuters) - Adidas, a long-standing sponsor of FIFA, would have a problem with the global soccer body if it was found to have broken the law by a U.S. investigation into bribery, the companys chief executive told a German paper.We expect from our partners that they abide by the laws. If a partner is convicted we have a problem with that. We then have to solve that, Kasper Rorsted told Bild am Sonntag, without elaborating.Along with companies including Coca-Cola, Gazprom and Visa, Adidas is one of FIFAs top partners that contribute every four years to support the World Cup. Adidass current contract with FIFA runs until 2030.Zurich-based FIFA has been trying to overhaul its operations in the wake of the worst crisis in its history, sparked in 2015 by the indictment in the United States of several dozen soccer officials on corruption-related charges.FIFA president Gianni Infantino was elected in February 2016 to rebuild FIFA after it became embroiled in the scandal.A prosecution witness last week testified that Mexicos Grupo Televisa and Brazils Globo took part in a $15 million bribe to a FIFA executive to secure media rights to the 2026 and 2030 World Cup tournaments. (Reporting by Christoph Steitz; Editing by Mark Potter) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/adidas-fifa/adidas-would-have-problem-with-fifa-if-it-has-broken-law-bild-am-sonntag-idINL8N1NP05Y'|'2017-11-19T07:38:00.000+02:00'|8597.0|''|-1.0|'' 8598|'cbb10de81fb231ed107562ec26392496372e4c6e'|'LPC-Opportunistic US leveraged loans face investor pushback'|'NEW YORK, Nov 23 (Reuters) - Opportunistic leveraged loans for US companies, including nutritional supplement maker General Nutrition Centers (GNC) and digital research company Research Now, are facing pushback from investors and two lower-rated companies pulled deals this week citing adverse market conditions.GNC is attempting to extend a looming 2019 maturity in the loan market after last weeks US high-yield wobble sank its plans to raise bonds and investors are lobbying Research Now to cut the size of a proposed dividend payment to its private equity owners.Rising volatility in the wider capital markets is putting pressure on loans for riskier and more indebted companies, which are trying to take advantage of strong investor appetite and near perfect borrowing conditions to cut their borrowing costs.Orthopedic company DJO canceled a proposed amendment and extension of its existing loan and midstream energy company EagleClaw shelved a repricing transaction this week.Obviously a strong market brings less than stellar deals forward, said one investor. A lot of the terms have been fairly aggressive. There are credits that arent performing great, and these havent necessarily syndicated so well.Investors have been rattled by weak third quarter earnings for troubled sectors and banks predictions that the US could be facing a cyclical downturn and are pointing to specific credit issues for each of the firms that are experiencing a rougher ride in the market.Vitamin retailer GNC has not been immune to the problems within the industry as online sellers continue to take a toll on bricks-and-mortar stores. The company launched a US$705m five-year loan on November 8 to push out its maturity profile from 2019.GNC was also trying to sell US$500m of bonds but high-yield buyers showed no interest. The company is now considering a loan only deal with a shorter tenor and pricing of up to 1000bp over Libor.That puts the yield at around 11.45%, which is 2.25 times the average primary yield of 5.07%, according to Thomson Reuters LPC data.GNC has asked Bank of America Merrill Lynch to find a clearing price as it needs to get a deal done before its existing loan due in 2019 becomes current next year, one investor said. GNC is rated B1.Bank of America Merrill Lynch declined to comment.DIVIDEND CUT? Investors are also pushing back on a US$191m dividend payment to Research Nows private equity owners, which is part of a deal that finances the companys merger with Survey Sampling, and also includes a US$700m first-lien loan and a US$250m second-lien loan.Guidance on the first-lien loan opened in the 450bp-475bp over Libor and in the 850bp-875bp over Libor range on the second-lien.Sources are also sceptical about US$68.3m of synergies totaling 33.7% of Ebita which are being used to get Ebitda to the marketed US$202.4m level. Loan agreements generally cap add-backs at 20%.The dividend and Ebitda add-backs have made leverage too high for the investors, who are putting pressure on the sponsors to cut the size of the dividend to make the deal more palatable, investors said.Commitments were due on November 16, but the deal is still in syndication. The sponsors are Court Square Capital Partners and HGGC. Goldman Sachs is leading the deal and declined to comment.Research Now is rated B2. The first-lien loan is rated B2 with the second-lien loan rated Caa1.The two postponed loans also faced pushback from investors on terms and floundered against a backdrop of outflows from retail loan funds, including another US$529.8m of outflows for the week ending November 15 and US$4.4bn of high-yield bond outflows. (Additional reporting by Andrew Berlin. Editing by Tessa Walsh) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/gnc-loans/lpc-opportunistic-us-leveraged-loans-face-investor-pushback-idINL8N1NT39B'|'2017-11-23T09:51:00.000+02:00'|8598.0|''|-1.0|'' 8599|'5b71d051ec227a80d705f378aba0953ee8b878bb'|'Former Lloyds boss says takeover of HBOS was no act of charity'|' 04 PM / in 33 minutes Former Lloyds boss says takeover of HBOS was no act of charity Emma Rumney 4 Min Read LONDON (Reuters) - The former head of Lloyds Banking Group ( LLOY.L ) told a court on Monday the decision to buy troubled rival HBOS at the height of the financial crisis nine years ago was purely commercial and not an act of charity. FILE PHOTO - Eric Daniels, CEO of Lloyds TSB, speaks to journalists after a news conference, in the City of London on September 18, 2008. REUTERS/Luke MacGregor Eric Daniels, the most senior executive to take the stand in a trial where 6,000 shareholders are claiming around 550 million pounds in damages over the takeover, told Londons High Court that although he was aware that HBOS could be nationalised if the Lloyds deal did not go ahead, the bank only acted in the interests of shareholders. I did not look at it as a rescue, Daniels said, while being cross-examined by a lawyer for the claimants. Lloyds takeover of HBOS in September 2008 came at a moment of high crisis for its rival, whose share price had plunged following the collapse of Lehman Brothers and concerns about its exposure to bad loans. The deal valued HBOS at around 5.9 billion pounds. But as the economic recession deepened in the wake of the credit crisis, Lloyds itself had to be rescued with a 20.5 billion-pound government bailout in 2009. Daniels, who led Lloyds from 2003 to 2011 and throughout the takeover, is one of five former directors who, along with the bank itself, shareholders allege concealed crucial information about HBOSs financial circumstances and breached their duties by recommending the reverse takeover in 2008. This was something we would do only for the benefit of our shareholders, we were not a charitable institution ... weve got a foundation for that, Daniels said. Britains largest retail bank and the individual defendants, who also include ex-chairman Victor Blank, former finance director Tim Tookey and Helen Weir and Truett Tate, the former heads of retail and wholesale banking respectively, deny any wrongdoing. Lloyds is defending itself and its former executives against the claim. The shareholders also allege that Lloyds should have told its investors about a 10 billion-pound loan it had extended to HBOS and emergency support its rival was receiving from the Bank of England and the U.S. Federal Reserve - information their lawyer has said showed HBOS was a bust, failed bank. NATIONALISATION Daniels said that around Sept. 17, 2008 the governor of the Bank of England at the time, Mervyn King, told him HBOS could face nationalisation if the takeover did not go ahead, confirming wide speculation in the market of this possibility. But it was the funding issues HBOS was facing that provided a possible route towards a takeover, he told the court. The government had already suggested competition hurdles could be circumvented if the deal was done quickly. The lawyer for the shareholders, Richard Hill, has alleged that Lloyds agreed to pay a significant premium to HBOSs market value and trading share price when its struggling rival was in fact worthless. Daniels said while the aim was to pay as little as possible the bank had to balance this with the need to convince HBOSs board and shareholders that they should approve the takeover. I would have enjoyed greatly paying less, he said. The trial, which got under way in October, continues. Additional reporting by Lawrence White; Editing by Greg Mahlich and Keith Weir'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-trial-lloyds-shareholders/former-lloyds-boss-says-takeover-of-hbos-was-no-act-of-charity-idUKKBN1D623R'|'2017-11-06T18:03:00.000+02:00'|8599.0|''|-1.0|'' @@ -8671,7 +8671,7 @@ 8669|'affe15432bf2e7195f50caf4b34e85022288b408'|'UK''s Fenner FY operating profit surges on order uptick'|'November 15, 2017 / 7:30 AM / Updated 11 minutes ago UK''s Fenner FY operating profit surges on order uptick Reuters Staff 1 Min Read (Reuters) - British engineering firm Fenner Plc ( FENR.L ) posted a 59 percent jump in underlying operating profit on Wednesday, boosted by improved order intake and robust growth across its businesses. The company, which makes polymer products and conveyor belts for industrial customers including miners, said operating profit rose to 59.1 million pounds for the year ended Aug. 31 from 37.1 million pounds a year earlier. Revenue rose 14 percent to 655.4 million pounds. Reporting By Justin George Varghese in Bengaluru; Editing by Amrutha Gayathri'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-fenner-results/uks-fenner-fy-operating-profit-surges-on-order-uptick-idUKKBN1DF0TP'|'2017-11-15T09:30:00.000+02:00'|8669.0|''|-1.0|'' 8670|'038bc5aad193ed5a34ca81886a5b9b6c71a4e327'|'U.S. consumer agency sues Freedom Debt Relief for misleading consumers'|'November 8, 2017 / 7:49 PM / in a few seconds U.S. consumer agency sues Freedom Debt Relief for misleading consumers Reuters Staff 1 Min Read WASHINGTON (Reuters) - The Consumer Finance Protection Bureau said on Wednesday it filed a lawsuit against Freedom Debt Relief, the largest U.S. debt-settlement services provider, and its co-Chief Executive Andrew Housser for deceiving consumers. The CFPB said its suit alleges that Freedom charges consumers without settling their debts as promised, makes customers negotiate their own settlements, misleads them about its fees and the reach of its services and fails to inform them of their rights to funds they deposited with the company. The agency is also seeking compensation for affected consumers, civil penalties, and an injunction against the San Mateo, California-based company and Housser to end their unlawful conduct, it said in a statement. Reporting by Eric Walsh'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-freedomdebt-cfpb/u-s-consumer-agency-sues-freedom-debt-relief-for-misleading-consumers-idUSKBN1D82X4'|'2017-11-08T21:45:00.000+02:00'|8670.0|''|-1.0|'' 8671|'76683940b6c07bd62ee3f725c667fa4a27119255'|'PRESS DIGEST-New York Times business news - Nov 9'|'November 9, 2017 / 7:39 AM / in 4 minutes PRESS DIGEST-New York Times business news - Nov 9 Reuters Staff 2 Min Read Nov 9 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Russian Finance minister Anton Siluanov announced that Venezuela and Russia have agreed to the restructuring of roughly $3 billion in Kremlin loans. nyti.ms/2zuQe0n - Senate Republicans, under pressure to pass a sweeping tax rewrite before year''s end, are expected to unveil legislation on Thursday that would eliminate the ability of people to deduct state and local taxes but would stop short of fully repealing the estate tax, according to lobbyists and other people familiar with the bill. nyti.ms/2zw70fp - AT&T Inc''s pending $85.4 billion acquisition of Time Warner Inc could hinge on whether they agree to sell Turner Broadcasting, the group of cable channels that includes CNN. nyti.ms/2zudECU - Apple Inc has secured one of the most sought-after new projects in television, landing the rights to a new drama centered on a morning TV show and starring Reese Witherspoon and Jennifer Aniston, the company announced on Wednesday. nyti.ms/2ztqNvR - Responding to what one travel expert categorized as "a wake-up call," TripAdvisor Inc has begun placing symbols next to hotels and resorts that have been identified as locations of sexual assault and other major concerns. nyti.ms/2ztYOML (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-nov-9-idUSL3N1NF386'|'2017-11-09T09:35:00.000+02:00'|8671.0|''|-1.0|'' -8672|'165c5e4f9a18af2c328a17be83ff75f437f2c961'|'U.S. commerce chief Ross says nothing improper about investments - BBC reporter'|'LONDON, Nov 6 (Reuters) - U.S. Commerce Secretary Wilbur Ross said there was nothing improper about his investments in a shipping firm with significant ties to Russian President Vladimir Putins inner circle, a BBC journalist reported on Monday.U.S. media, citing leaked documents from an offshore law firm, said partnerships used by Ross have a 31 percent stake in Navigator Holdings, which the New York Times said earns millions of dollars a year transporting gas for Russian petrochemical firm Sibur.The fact that (Sibur) happens to be called a Russian company does not mean theres any evil in it, Ross said, according to a BBC journalist on Twitter reporting the content of an interview with Ross. (Reporting by Andy Bruce; editing by Michael Holden) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/paradise-tax-ross-bbc/u-s-commerce-chief-ross-says-nothing-improper-about-investments-bbc-reporter-idUSL9N1ML007'|'2017-11-06T20:15:00.000+02:00'|8672.0|''|-1.0|'' +8672|'165c5e4f9a18af2c328a17be83ff75f437f2c961'|'U.S. commerce chief Ross says nothing improper about investments - BBC reporter'|'LONDON, Nov 6 (Reuters) - U.S. Commerce Secretary Wilbur Ross said there was nothing improper about his investments in a shipping firm with significant ties to Russian President Vladimir Putins inner circle, a BBC journalist reported on Monday.U.S. media, citing leaked documents from an offshore law firm, said partnerships used by Ross have a 31 percent stake in Navigator Holdings, which the New York Times said earns millions of dollars a year transporting gas for Russian petrochemical firm Sibur.The fact that (Sibur) happens to be called a Russian company does not mean theres any evil in it, Ross said, according to a BBC journalist on Twitter reporting the content of an interview with Ross. (Reporting by Andy Bruce; editing by Michael Holden) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/paradise-tax-ross-bbc/u-s-commerce-chief-ross-says-nothing-improper-about-investments-bbc-reporter-idUSL9N1ML007'|'2017-11-06T20:15:00.000+02:00'|8672.0|11.0|0.0|'' 8673|'c7c86dbdf55136f041fcc1289991a4b7795cfbc8'|'TransCanada ''cautiously optimistic'' after Nebraska decision - Alberta premier'|'CALGARY, Alberta, Nov 22 (Reuters) - TransCanada Corp is cautiously optimistic about the chances of its Keystone XL pipeline after the state of Nebraska denied the companys preferred route, the leader of the oil producing province of Alberta said on Wednesday.Premier Rachel Notleys comments were the first indications of the companys stance on the announcement on Monday from the Nebraska Public Service Commission. TransCanada has so far said only that it will evaluate the decision.Reporting by Ethan Lou Editing by Chizu Nomiyama '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-transcanada-nebraska/transcanada-cautiously-optimistic-after-nebraska-decision-alberta-premier-idUSL1N1NS14V'|'2017-11-23T00:33:00.000+02:00'|8673.0|''|-1.0|'' 8674|'c7b602e38fe5ec2e2458c88f2c33f8787f8501da'|'India''s aviation ministry proposes rules for commercial use of drones'|'November 1, 2017 / 1:48 PM / Updated 8 hours ago India''s aviation ministry proposes rules for commercial use of drones Aditi Shah 2 Min Read NEW DELHI (Reuters) - Indias civil aviation ministry on Wednesday proposed a number of regulations for the use of drones in the country as it looks to legalise the use of unmanned aerial systems. An Israeli-made Heron unmanned aerial vehicle (UAV) flies over Porbandar, during its commissioning into the Indian Navy, January 17, 2011. REUTERS/Amit Dave/Files Used by the military for monitoring and imagery, drones have become popular worldwide in recent years, with people posting breath-taking videos on social media and e-commerce companies looking to use them for deliveries. In India, however, it is illegal for the general public to fly drones without the approval of government authorities, because of concern over the safety of other users of airspace and people on the ground. Users of drones weighing more than two kilograms will need a security clearance, operating permit, unique identification number and a remote pilot licence, according to the draft regulations. Drones have several commercial uses, such as in agriculture and mining, said Jayant Sinha, junior minister for civil aviation, adding that the policies were expected to encourage the drone industry. The ministry has asked for public comments within 30 days, after which the regulations will be finalised. The policy is expected to come out by the end of the year. The use of drones would be banned within a certain distance from airports, the countrys borders and some areas excluded by the home ministry. Violators would be charged under provisions of the Indian penal code, according to the proposed rules. Once the regulations are finalised, e-commerce companies would be allowed to use drones to deliver goods, said civil aviation secretary RN Choubey, adding that the government was working on technologies to curb the use of rogue drones. Aviation regulator Directorate General of Civil Aviation will oversee the use of drones once the rules are come into effect. Reporting by Aditi Shah in NEW DELHI; Writing by Abhirup Roy; Editing by Larry King'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-drones-regulations/indias-aviation-ministry-proposes-rules-for-commercial-use-of-drones-idINKBN1D14VG'|'2017-11-01T15:44:00.000+02:00'|8674.0|''|-1.0|'' 8675|'19d8ff03dfae8a02471305708d97d0ec28c3d11f'|'Global crypto-currency crackdown sparks search for safe havens'|'NEW YORK (Reuters) - When U.S. entrepreneur Bharath Rao looked around for the best place to raise money for his crypto-currency derivatives trading business, the United States did not make his list. Instead he chose the East African island nation Seychelles to sell the trading platforms tokens. FILE PHOTO: Bitcoin (virtual currency) coins placed on Dollar banknotes, next to computer keyboard, are seen in this illustration picture, November 6, 2017. REUTERS/Dado Ruvic/Illustration/File Photo Rao, a San Diego-based technology veteran who has worked for major Wall Street banks, is not alone. Confronted with national regulators intensifying scrutiny of digital currency fund-raising, known as initial coin offerings, many entrepreneurs are moving businesses to locations more welcoming to crypto-currencies and known for low taxes. Dozens of start-ups have flocked to Singapore, Switzerland, Eastern Europe and the Caribbean this year, according to interviews with entrepreneurs and company registration data made available to Reuters. Like bitcoin, the best-known crypto-currency created in 2009, the coins use encryption and a blockchain transaction database enabling fast and anonymous transfer of funds without centralized payment systems. The numbers compiled by crypto-currency research firm Smith + Crown show how national regulators attempts to curb coin sales may just shift business elsewhere. The United States leads with 34 digital currency start-up registrations so far this year, but that reflects Silicon Valleys role as a technology hub and the depth of U.S. financial markets rather than a welcoming regulatory climate. Singapore registered 21 entities, up from one in 2016, followed by 19 in Switzerland, up from three last year, according to Smith + Crown. Central Europe saw 14 companies registered this year, compared with one in 2016 and the Caribbean hosted 10, up from two last year. The data affirms our sense that Switzerland and Singapore remain go-to locations, but the U.S. could remain for companies raising large amounts of money, said Matt Chwierut, Smith + Crowns research director. SWISS ADVANTAGE Switzerland does not have specific rules on digital coin sales, but some parts of an offer may fall under existing regulations, the Swiss Financial Market Supervisory Authority (FINMA) said in September. So far, four of the five largest token sales, raising a total of over $600 million, were carried out by firms registered in Zug, a low-tax region south of Zurich known as the crypto-valley of the world. In contrast, China and South Korea banned digital coin sales this year and regulators in the United States, Malaysia, Dubai, United Kingdom and Germany warned investors that current scant oversight exposed them to risks of fraud, hacking or theft. Soaring registrations in friendly jurisdictions show how hard it is for national watchdogs to regulate digital coin sales. It is a challenge regulators begin to recognize. We are talking to other regulators, and we know that there are a lot of bilateral discussions taking place, the Dubai Financial Services Authority said in an email to Reuters. The U.S. Securities Exchange Commission declined to comment about the migration of coin issuers to remote jurisdictions. The United Kingdoms Financial Conduct Authority and Securities Commission Malaysia reiterated their stance that digital coin sales are high-risk, speculative investments and that retail investors should be aware of that. A spokesman for Germanys Federal Financial Supervisory Authority (BaFin) told Reuters hopping within the European Union would be largely futile since the EU supervisory authority has adopted the same stance as BaFin on the issue. The Dubai regulator pointed out that seeking out friendly jurisdictions was not unusual, but regulators still needed to warn about the inherent risks in digital coin sales. FILE PHOTO: A bitcoin sign is seen during Riga Comm 2017, a business technology and innovation fair in Riga, Latvia November 9, 2017. REUTERS/Ints Kalnins/File Photo Financial regulators from South Korea and China were not immediately available for comment. In the United States, the SECs July 25 ruling that digital coins should be regulated as securities had a short-lived chilling effect on the crypto-currency market. Short-lived, because many U.S. startups thought they could avoid such scrutiny by selling utility tokens, which gave buyers access to products or services rather than a stake in the company. Still, concerns that regulators views might evolve, have made potential U.S. coin issuers consider sales overseas. Our lawyers certainly think regulations on utility tokens could change. So for safety, the ICO should be done outside the U.S., said Arran Stewart, co-founder of U.S.-based Job.com, an online employment platform which plans a token offering in the Cayman Islands in February. In fact, out of 15 start-ups interviewed by Reuters only one, Airfox, sold digital tokens in the United States, raising $15 million last month. Others have either carried out a coin sale overseas or are planning one. Rao, who started Leverj, a decentralized crypto-currency futures trading platform, said he picked Seychelles for fund-raising because of its openness to crypto-currencies. It has not issued anything negative on crypto, Rao said. GONE IN MINUTES Digital coin sales soared to about $3.6 billion by mid-November, compared with just over $100 million in the whole of 2016, according to Autonomous NEXT, which tracks technology in the financial services industry. Typically, issuers publish a white paper describing their business plan and the news of new coin sales spread via online forums and websites tracking new offers. Investors pay for them with bitcoins or ether - two most widely accepted crypto-currencies - via a companys website. The ease with which start-ups can raise millions of dollars with little scrutiny in as little as minutes, has alarmed regulators, but without unified approach they hold little sway over that new funding market. Its very difficult for governments to work together in any organized fashion, said Lewis Cohen, a partner at Hogan Lovells in New York, which has a team of lawyers specializing in blockchain. Different jurisdictions will look at token sales through different lenses and it would be very difficult to get on a completely harmonized place. Nimble and lightly-regulated crypto-currency companies can straddle borders with ease. For example, BANKEX, which aims to convert illiquid assets into tokens to be traded on its crypto-currency platform, is registered in Delaware and plans a coin offering in the Cayman Islands this month, said the companys CEO Igor Khmel. Hogan Lovells Cohen said that while it would be foolish to shut token sales down, they should be regulated, or self-regulated. We may need to have some guard rails, he said. I dont think its really fair for legitimate platforms that are trying to create new and innovative business models to be thrown in with other less scrupulous parties who may see token sales as a way of making a fast buck. (For a graphic on blockchain the key, click here ) (For a graphic on ICO jurisdictions, click here ) Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Angela Moon in New York and Heekyong Yang in Seoul; Editing by Tomasz Janowski '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-blockchain-regulation-tokens-insight/global-crypto-currency-crackdown-sparks-search-for-safe-havens-idUSKBN1DS0F2'|'2017-11-28T08:03:00.000+02:00'|8675.0|''|-1.0|'' @@ -8680,7 +8680,7 @@ 8678|'c7e597645498ec9b0b65e739cbcc078bbeb2efae'|'RPT-AIRSHOW-Record Airbus order as Franke ups bet on budget airlines'|'(Repeats NOV 15 story to add link to graphic)* Preliminary wholesale deal worth $50 bln at list prices* A320neo-family planes for Frontier, Volaris, JetSMART, Wizz Air* Boeing in $27 bln deal with flydubai* Boeing vs Airbus: tmsnrt.rs/2ktNsm1By Tim Hepher and Alexander CornwellDUBAI, Nov 15 (Reuters) - Airbus hailed its biggest ever airliner deal on Wednesday with an umbrella agreement to sell 430 planes worth up to $50 billion to U.S. budget airlines investor Bill Franke.The preliminary deal for A320neo-family narrowbody jets was signed at the Dubai Airshow and offers a major boost to Airbus, which has lagged arch-rival Boeing in orders this year.It also ensures veteran sales chief John Leahy retires on a high in the coming months.Boeing immediately hit back with a provisional agreement to sell 175 planes to budget airline flydubai. Including options to buy a further 50 planes, that deal could be worth $27 billion at list prices.The deal between Airbus and Frankes Indigo Partners is billed as the industrys largest by number of aircraft.For Airbus, the $49.5 billion list price value is seen as a record, though it is eclipsed by a $76 billion Emirates deal with Boeing in 2013.I think we could buy several countries GDP with it, said Franke, a gentlemanly but hard-nosed negotiator who is said to have won unusually steep discounts to advertised prices.Hopefully I can do better than that, he added.The package technically covers four separate agreements jointly negotiated through Franke as a common investor, and Airbus billed the deal only as a record announcement.Franke did not take part in a signing by airline chiefs.A person close to the talks said that such wholesale aircraft deals could become more common as more private equity and new sources of funding come into the airline business.HERDING CATSIndigo plans to supply the narrowbody jets to four airlines in which it has stakes: U.S. carrier Frontier Airlines, Mexicos Volaris, Chilean JetSMART and Hungarys Wizz Air.Ultra-low-cost carriers such as these have rewritten the industry rule book by combining bargain fares with optional services and upgrades for passengers prepared to pay extra.Franke went to Airbus several months ago with a proposal to pool the needs of his airlines, setting in train a complex negotiation that one observer described as herding cats.Airbus, shares of which rose by 2.4 percent on Wednesday, said it expects to finalise the transaction directly with the airlines in the coming weeks as it tries to close a 250-plane deficit in its order race with Boeing. Franke described this as an aggressive but achievable target.For now, the headline total of almost 700 jets covered by air show announcements fails to change the order battle as barely 30 of the deals so far represent finalised contracts.The framework deal, along with flydubais deal for Boeings 737 MAX narrowbody jets, underscores how airlines are taking advantage of slowing global demand to negotiate competitive deals to add to their fleets.SWAN SONG The Franke deal also marks a dramatic swan song for Airbus sales chief Leahy, who is due to retire in the coming months from a role he has held since 1994. The 67-year-old has overseen the sale of jets worth $1.7 trillion at list prices and helped to lift Airbuss market share from a mere 18 percent to stand roughly at par with Boeing. The two rivals account for the vast majority of the market.This year, however, Airbuss share of the order tally had dropped to 35 percent before the Dubai show, with a rejuvenated Boeing management having made advances in Singapore and elsewhere.The blockbuster finale to the main part of the Nov. 12-16 show lifted a despondent mood that had settled over the Airbus chalet when a deal for A380 superjumbos collapsed on day one.I think both sides will take stock and see if something can be agreed later this year, an industry source told Reuters.Reporting by Tim Hepher and Alexander Cornwell; Editing by Mark Potter and David Goodman '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emirates-airshow/rpt-airshow-record-airbus-order-as-franke-ups-bet-on-budget-airlines-idINL8N1NM20B'|'2017-11-16T05:28:00.000+02:00'|8678.0|''|-1.0|'' 8679|'dab4583f4a23688038f99ec7eb18a72c79a3e71b'|'UK''s Indivior posts profit compared with year-ago loss'|' 24 AM / in 19 minutes UK''s Indivior posts profit compared with year-ago loss Reuters Staff 1 Min Read (Reuters) - British drugmaker Indivior ( INDV.L ) posted a quarterly profit compared with a year-ago loss, helped by strength in its U.S. business and lower costs. The maker of drugs that treat opioid addiction posted a net profit of $50 million (37.8 million), for the three months ended Sept. 30, compared with a loss of $149 million, a year ago. The company said its best-selling drug Suboxone Films U.S. marketshare slipped to 58 percent year to date from 61 percent in the same period last year, hurt by competition from generic versions. Reporting By Justin George Varghese in Bengaluru; Editing by Saumyadeb Chakrabarty'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-indivior-results/uks-indivior-posts-profit-compared-with-year-ago-loss-idUKKBN1D21E4'|'2017-11-02T13:24:00.000+02:00'|8679.0|''|-1.0|'' 8680|'4bf54b609266f8e2afcc5a90ec76ead50b25877f'|'CEE MARKETS-Zloty firms after minor rise in central bank''s CPI forecasts'|'* Polish central bank keeps rates on hold * Zloty keeps gains after rise in CPI, GDP forecasts (Recasts with Polish central bank decision and comments) By Sandor Peto BUDAPEST, Nov 8 (Reuters) - The zloty held onto its gains against the euro on Wednesday, outperforming Central European peers, after the Polish central bank revised its economic output and inflation forecasts mildly upwards. The bank kept is main interest rate on hold as expected. Governor Adam Glapinski reiterated at a news conference that interest rates should remain unchanged until the end of next year, and said a recent firming of the zloty meant monetary conditions had tightened. The zloty has gained more than 2 percent since late September, and has 4 percent this year, outperforming regional peers apart from the Czech crown. On Wednesday it firmed 0.2 percent by 1624 GMT, to 4.2365. "At this point, the inflation rate is not expected to overshoot the target, yet the inflationary pressure is likely to gradually build throughout 1H18 (the first half of 2018)," Erste analyst Katarzyna Rzentarzewska said in a note. She said she expected the bank''s first rate hike to come in the last quarter of 2018, "yet the risks for monetary tightening to begin sooner have increased". The Czech central bank is the only one in Central Europe to have increased interest rates due to a rise in inflation in the past year. The bank delivered its second hike since August last week, but its less-hawkish-than-expected guidance has pushed back the crown from 4-year highs. On Wednesday it eased 0.1 percent against the euro, in tandem with the Hungarian forint. Expectations for interest rate rises have also helped bank stocks listed in Warsaw. Their index and the bourse''s bluechip index steadied, after hitting multi-year highs on Tuesday. The index <.WIG2)> fell almost one percent. It was knocked mainly by a more than 5 percent plunge in the shares of Poland''s biggest power producer PGE after Chief Financial Officer Emil Wojtowicz said it was too early to resume paying dividends. CEE MARKETS SNAPSH AT 1724 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 25.592 25.561 -0.12% 5.53% 0 0 Hungary 311.94 311.58 -0.12% -1.00% forint 00 00 Polish zloty 4.2365 4.2457 +0.22 3.95% % Romanian leu 4.6304 4.6316 +0.03 -2.06% % Croatian 7.5400 7.5410 +0.01 0.20% kuna % Serbian 118.85 118.76 -0.08% 3.79% dinar 00 00 Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1054.0 1055.7 -0.16% +14.3 7 3 7% Budapest 40122. 39809. +0.79 +25.3 07 00 % 7% Warsaw 2513.3 2536.3 -0.91% +29.0 4 7 3% Bucharest 7777.2 7747.6 +0.38 +9.77 7 9 % % Ljubljana 792.07 784.85 +0.92 +10.3 % 8% Zagreb 1839.3 1816.5 +1.26 -7.79% 9 7 % Belgrade 730.57 729.68 +0.12 +1.84 % % Sofia 672.49 674.34 -0.27% +14.6 8% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.321 0.023 +108b +2bps ps 5-year 0.738 0.037 +112b +4bps ps 10-year 1.591 -0.007 +127b -1bps ps Poland 2-year 1.605 -0.014 +237b -2bps ps 5-year 2.629 -0.008 +301b -1bps ps 10-year 3.399 -0.015 +307b -1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets/cee-markets-zloty-firms-after-minor-rise-in-central-banks-cpi-forecasts-idINL5N1NE762'|'2017-11-08T14:10:00.000+02:00'|8680.0|''|-1.0|'' -8681|'58fbac4a6ef842683c57673f41c7db9fefb011df'|'RPT-Russia''s Otkritie bailout hits home in Ireland'|'(Repeats with no changes to text)* Bailed-out Russian bank used Irish funding vehicles* Loans of $500 million terminated* Experts say episode will hurt Russia, IrelandBy John ODonnellFRANKFURT, Nov 2 (Reuters) - Russias bailed-out bank Otkritie will not repay $500 million of loans raised in Ireland, potentially making it harder for other Russian private banks to borrow abroad and casting a cloud over Dublin as a shadow banking hub.Otkrities refusal to pay sees shockwaves from Russias biggest ever bank bailout reach Ireland, which has been used by international firms including Russian banks to raise hundreds of billions of euros in such loans.In a stock-exchange filing on Tuesday, OFCB, a vehicle that had issued $300 million of loan notes and lent the proceeds to Otkritie, said the Russian bank had terminated the repayment of the debt and more than $7 million of interest.BKM Finance, another vehicle that borrowed $200 million on behalf of Otkritie, made a similar filing on Oct. 27, saying the bank could not repay the money and interest of $4.7 million.A spokeswoman for Otkritie said it had grounds to terminate its obligations related to subordinated instruments and that it had acted in accordance with the law.Russias central bank, which orchestrated a multi-billion dollar rescue of Otkritie after a run on the bank, had earlier warned that subordinated debt could be hit.OFCB has issued a further $500 million of subordinated debt, according to Otkrities website, although the status of this was not immediately clear.Otkrities fall was dramatic for a group that, with support from President Vladimir Putins inner circle, snapped up rivals and even Lukoils diamond business to become Russias biggest private bank.As Russia is gearing to raise more capital through international bonds ... this may well dampen investors appetite for Russian assets, Anastasia Nesvetailova, an expert in financial crises at Londons City University, said.Sergey Dergachev, a bond investor with Germanys Union Investment, said he feared others could suffer a similar fate.If global economic conditions worsen, what will happen to Russia and its banks? I think the chances of seeing more subordinated debt out of Russian banks are slim.REPUTATIONAL RISK? Also potentially at stake is Irelands shadow banking system, which has boomed since the financial crisis and given groups such as hedge funds increasing clout in global finance.The International Monetary Fund and Financial Stability Board, which monitors the financial system, have highlighted concerns over Irelands outsized financial sector.The country is one of the euro zones largest centres for financial special purpose vehicles, according to central bank data, many of which are used to borrow by international groups.The sector had total assets such as loans of 345 billion euros ($402 billion) in the middle of this year - bigger than the Irish economy. Russian companies have sponsored 14 percent of those vehicles in Ireland.But fund raising by companies such as Otkritie, poses a potential threat to Irelands standing, said James Stewart of Trinity College Dublin who has written a report on the issue.In terms of Irelands reputation, these cases indicate a problem, said Stewart.It reveals the absence of regulation and oversight of this important market. They create a systemic risk, if not to Ireland, then internationally.The Irish Stock Exchange, which listed the debt, declined to comment, while a spokeswoman for Irelands central bank said the debt issues were restricted to qualified investors and that it had approved the prospectuses.The veracity of that information is the responsibility of the issuer and its directors, said a spokeswoman.The Irish law underpinning special purpose vehicles was created by the government in the early 1990s to build an international financial services centre in a then derelict part of Dublin, a central plank to the countrys economy and success.Many vehicles are shell companies set up to borrow and critics, including Stewart, say similar conduits hosted by Ireland helped trigger bank problems in Germany during the financial crisis.However, lobbyists, lawyers and many government officials want to keep the regime to attract business from London after Britain leaves the European Union. ($1 = 0.8579 euros) (Additional reporting by Ekaterina Golubkova in Moscow; editing by Alexander Smith) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/russia-ireland/rpt-russias-otkritie-bailout-hits-home-in-ireland-idINL8N1N919J'|'2017-11-03T04:17:00.000+02:00'|8681.0|''|-1.0|'' +8681|'58fbac4a6ef842683c57673f41c7db9fefb011df'|'RPT-Russia''s Otkritie bailout hits home in Ireland'|'(Repeats with no changes to text)* Bailed-out Russian bank used Irish funding vehicles* Loans of $500 million terminated* Experts say episode will hurt Russia, IrelandBy John ODonnellFRANKFURT, Nov 2 (Reuters) - Russias bailed-out bank Otkritie will not repay $500 million of loans raised in Ireland, potentially making it harder for other Russian private banks to borrow abroad and casting a cloud over Dublin as a shadow banking hub.Otkrities refusal to pay sees shockwaves from Russias biggest ever bank bailout reach Ireland, which has been used by international firms including Russian banks to raise hundreds of billions of euros in such loans.In a stock-exchange filing on Tuesday, OFCB, a vehicle that had issued $300 million of loan notes and lent the proceeds to Otkritie, said the Russian bank had terminated the repayment of the debt and more than $7 million of interest.BKM Finance, another vehicle that borrowed $200 million on behalf of Otkritie, made a similar filing on Oct. 27, saying the bank could not repay the money and interest of $4.7 million.A spokeswoman for Otkritie said it had grounds to terminate its obligations related to subordinated instruments and that it had acted in accordance with the law.Russias central bank, which orchestrated a multi-billion dollar rescue of Otkritie after a run on the bank, had earlier warned that subordinated debt could be hit.OFCB has issued a further $500 million of subordinated debt, according to Otkrities website, although the status of this was not immediately clear.Otkrities fall was dramatic for a group that, with support from President Vladimir Putins inner circle, snapped up rivals and even Lukoils diamond business to become Russias biggest private bank.As Russia is gearing to raise more capital through international bonds ... this may well dampen investors appetite for Russian assets, Anastasia Nesvetailova, an expert in financial crises at Londons City University, said.Sergey Dergachev, a bond investor with Germanys Union Investment, said he feared others could suffer a similar fate.If global economic conditions worsen, what will happen to Russia and its banks? I think the chances of seeing more subordinated debt out of Russian banks are slim.REPUTATIONAL RISK? Also potentially at stake is Irelands shadow banking system, which has boomed since the financial crisis and given groups such as hedge funds increasing clout in global finance.The International Monetary Fund and Financial Stability Board, which monitors the financial system, have highlighted concerns over Irelands outsized financial sector.The country is one of the euro zones largest centres for financial special purpose vehicles, according to central bank data, many of which are used to borrow by international groups.The sector had total assets such as loans of 345 billion euros ($402 billion) in the middle of this year - bigger than the Irish economy. Russian companies have sponsored 14 percent of those vehicles in Ireland.But fund raising by companies such as Otkritie, poses a potential threat to Irelands standing, said James Stewart of Trinity College Dublin who has written a report on the issue.In terms of Irelands reputation, these cases indicate a problem, said Stewart.It reveals the absence of regulation and oversight of this important market. They create a systemic risk, if not to Ireland, then internationally.The Irish Stock Exchange, which listed the debt, declined to comment, while a spokeswoman for Irelands central bank said the debt issues were restricted to qualified investors and that it had approved the prospectuses.The veracity of that information is the responsibility of the issuer and its directors, said a spokeswoman.The Irish law underpinning special purpose vehicles was created by the government in the early 1990s to build an international financial services centre in a then derelict part of Dublin, a central plank to the countrys economy and success.Many vehicles are shell companies set up to borrow and critics, including Stewart, say similar conduits hosted by Ireland helped trigger bank problems in Germany during the financial crisis.However, lobbyists, lawyers and many government officials want to keep the regime to attract business from London after Britain leaves the European Union. ($1 = 0.8579 euros) (Additional reporting by Ekaterina Golubkova in Moscow; editing by Alexander Smith) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/russia-ireland/rpt-russias-otkritie-bailout-hits-home-in-ireland-idINL8N1N919J'|'2017-11-03T04:17:00.000+02:00'|8681.0|13.0|0.0|'' 8682|'906e309dba4163669c8379767941031bdd57f324'|'Emirates may order 36-38 Airbus A380 jets - source'|'November 11, 2017 / 9:44 AM / Updated an hour ago Emirates may order 36-38 Airbus A380 jets - source Reuters Staff 1 Min Read DUBAI (Reuters) - Dubais Emirates [EMIRA.UL] may place an order at the Dubai Airshow for 36-38 Airbus A380 superjumbo jets, worth some $16 billion (12 billion) at list prices, a person familiar with the matter told Reuters on Saturday. FILE PHOTO: An Airbus A380 is taking part in a flying display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 23, 2017. REUTERS/Pascal Rossignol Emirates and Airbus ( AIR.PA ) both declined to comment. Reporting by Tim Hepher; Writing by Noah Browning; Editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-emirates-airshow/emirates-may-order-36-38-airbus-a380-jets-source-idUKKBN1DB09J'|'2017-11-11T11:43:00.000+02:00'|8682.0|''|-1.0|'' 8683|'8bac969b68117e388a4647871655208b9b9baf10'|'Amnesty wants probe into Shell''s alleged role in 1990s Nigeria violence'|'November 28, 2017 / 4:47 PM / Updated 8 minutes ago Amnesty wants probe into Shell''s alleged role in 1990s Nigeria violence Libby George , Alexis Akwagyiram 3 Min Read LONDON/LAGOS (Reuters) - Amnesty International has called for a criminal investigation into the alleged role of Royal Dutch Shell in human rights abuses in Nigerias oil-rich Ogoniland in the 1990s, accusations the Anglo-Dutch oil company has denied. Logos of Shell is pictured at a gas station in the western Canakkale province, Turkey April 25, 2016. REUTERS/Murad Sezer The rights group urged the British, Dutch and Nigerian governments carry out probes in a report that it said included evidence showing Shells involvement in suppression of protesters by the military government in the 1990s. Shell Petroleum Development Company of Nigeria Limited (SPDC) said the allegations were false and without merit. Shell, the largest oil producer in Nigeria, has faced several court cases relating to the turbulent period that culminated with the execution of rights campaigner Ken Saro-Wiwa and eight others in 1995. Saro-Wiwa led a campaign to against environmental damage caused by the oil production in the lands of the Ogoni people in the Niger Delta, a major crude producing region. Several communities from the Niger Delta have pursued civil claims against Shell in international courts relating to oil spills and environmental damage, saying they cannot secure a fair trial in Nigeria. Amnesty said they now believe that there are grounds for a criminal investigation relating to the 1990s violence. Amnesty issued a similar report in June on the issue, coinciding with a fresh civil lawsuit filed in the Netherlands by widows of four of the nine men executed in which they sought compensation and an apology from Shell. We have always denied, in the strongest possible terms, the allegations made in this tragic case, SPDC said in a statement, referring to the executions of Saro-Wiwa and other activists. Shell appealed to the Nigerian government to grant clemency. To our deep regret, that appeal, and the appeals made by many others within and outside Nigeria, went unheard, SPDC said. In 2009, Shell agreed in an out-of-court settlement in the United States to pay $15.5 million (11.71 million) in damages to a group of relatives of the nine. Esther Kiobel, the widow of one of the nine Ogoni activists, had sought to raise a case against Shell in the United States but the U.S. Supreme Court ruled in 2013 that the country did not have jurisdiction to hear it. Reporting by Libby George; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-nigeria-oil-shell/amnesty-wants-probe-into-shells-alleged-role-in-1990s-nigeria-violence-idUKKBN1DS27Y'|'2017-11-28T18:47:00.000+02:00'|8683.0|''|-1.0|'' 8684|'cfa557f1e4c4e14f6bd6e4668cec53edaf861637'|'UPDATE 1-Canadian Pacific eyeing signs of life in crude by rail shipments'|' 47 PM / Updated 14 minutes ago UPDATE 1-Canadian Pacific eyeing signs of life in crude by rail shipments Reuters Staff 3 Min Read (Adds context, background on pipeline projects) MONTREAL/CALGARY, Alberta, Nov 14 (Reuters) - Canadian Pacific Railway Ltd sees shipments of crude by rail coming alive a little bit, Chief Marketing Officer John Brooks said on Tuesday, signaling a pickup in a business that had been hurt by low energy prices and competition from pipelines. Many traders are expecting a pickup in crude by rail volumes in 2018 as oil sands projects including Suncor Energy Incs Fort Hills plant and the latest phase of Canadian Natural Resources Ltds Horizon oil sands start producing at the end of this year. Canadian railway executives, however, remain cautious about crude-by-rail demand after they were forced to slash rates for shipping crude in 2015 due to a rout in global oil prices. The energy sector is really getting interesting, Brooks told a Toronto transportation conference, noting demand for shipping several energy-related products including frac sand, which is used in the hydraulic fracturing process. CP, Canadas second-largest railroad, in October reported a better-than-expected quarterly profit on higher shipments of crude oil, coal and potash. Energy industry players are bracing for congestion on Canadas major export pipelines, which are running close to capacity, while underutilized rail loading terminals built during a crude-by-rail boom in 2014 are increasing loading volumes. TransCanada Corps in October scrapped its $12 billion Energy East pipeline that would have taken crude from Alberta to the Atlantic coast, which could further increase producers reliance on crude-by-rail. Calgary-based Gibson Energy said on a third-quarter earnings call that it has started to see its Hardisty rail terminal in central Alberta being used more than in the past. And Cenovus Energy Inc, which owns the Bruderheim terminal near Edmonton, Alberta, said earlier this month that it has additional capacity to meet increased demand as it arises. With new production expected to come on line in the next year we are about to reach the limits of current pipeline infrastructure. This will likely result in a need to turn to rail as a stopgap to allow the new crude production to reach refineries, analysts from consultancy Turner Mason & Company said on Tuesday in a client note. The most recent National Energy Board data showed Canada exported 93,000 barrels per day (bpd) by rail in July, down 40 percent from a 2017 high of 156,000 bpd in March. However, since the summer the price discount on Canadian crude in Alberta versus its global benchmark has widened and is expected to deepen in coming months. With the wider differential rail shipments become more economic, even though they are still costlier than moving crude by pipelines. (Reporting By Allison Lampert in Montreal and Nia Williams in Calgary; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/cp-crude/update-1-canadian-pacific-eyeing-signs-of-life-in-crude-by-rail-shipments-idUSL1N1NK1FY'|'2017-11-14T20:45:00.000+02:00'|8684.0|1.0|0.0|'' @@ -8711,7 +8711,7 @@ 8709|'7d24a51d035946491fd02735681f441062b7c4fd'|'British lender Close Brothers'' first-quarter boosted by banking unit, market maker'|'November 16, 2017 / 7:45 AM / Updated 18 minutes ago British lender Close Brothers'' first-quarter boosted by banking unit, market maker Reuters Staff 2 Min Read (Reuters) - British lender Close Brothers Group ( CBRO.L ) said it had made a good start to its financial year, driven by strength in its banking division and higher trading activity at its market maker Winterflood. The merchant banking group said the loan book at its banking division rose 1.4 percent from end-July to 7 billion pounds in the first quarter ended Oct. 31, driven by growth in property and premium finance. Close Brothers said its asset and motor finance loan books remained broadly flat and analysts have pointed to particularly intense competition within these markets possibly curbing net loan book growth. In August, Close Brothers said its banking business would face challenges due to a highly competitive environment, prompting analysts to warn that loan growth would be limited and net interest margin could be pressured. The company, which provides loans, wealth management and securities trading services, said its net interest margin and bad debt ratio were in line with the last financial year. Close Brothers, founded in 1878 as a merchant bank to provide farm mortgages in Iowa, said market maker Winterflood benefited from continued retail investor trading activity. Greater market volatility tends to bolster profits at firms such as Winterflood as investors turn portfolios around more frequently. Total client assets at Close Brothers asset management arm rose to 11.7 billion pounds in the quarter from 11.2 billion pounds at the end of July, helped by positive market movements. Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-close-brothers-outlook/british-lender-close-brothers-first-quarter-boosted-by-banking-unit-market-maker-idUKKBN1DG0S0'|'2017-11-16T09:44:00.000+02:00'|8709.0|''|-1.0|'' 8710|'3966790ce154c48a6c9cf979f6cdb52c89c91ded'|'China blue chips extend losses as bond market mood remains fragile'|'SHANGHAI (Reuters) - Chinas stock markets fell sharply on Monday, extending last weeks sell-off, as the spectre of rising borrowing costs hitting company profits haunts investors amid an increasing regulatory crackdown on risky financing.People walk past a panel displaying Chinese stock market indexes in Hong Kong, China January 4, 2016. REUTERS/Bobby Yip/Files Selling in Chinas stock markets had been prompted by a rout in the bond market that pushed yields on government treasury bonds to three-year highs, and by fresh moves to reduce risks in the asset management industry that may bring a sea change for banks and millions of small investors.The blue-chip CSI300 index fell 1.3 percent in the morning session to 4,050.24 points.The index had closed barely higher on Friday as afternoon buying erased earlier losses, following its worst one-day drop in nearly 18 months on Thursday.The Shanghai Composite index was 0.8 percent lower at 3,326.82, while Hong Kongs Hang Seng index lost 0.4 percent to 29,737.45.Major internet-of-things supplier BOE Technology, seen as a blue-chip bellwether, tumbled 7.1 percent on news that major shareholders planned to cut their stakes in the company.Shares in the company surged 51.6 percent from the beginning of October to a nine-year high on Nov. 21, but have since plunged 19.5 percent.Blue chips have been rising too fast ... and soaring prices of stocks such as Moutai have apparently raised regulatory eyebrows, said Chen Xiaopeng, strategist at Sealand Securities Co.In addition, the new guidelines on asset management business have triggered expectations of tighter liquidity.Economic Information Daily reported on Monday that regulators are expected to tighten controls on consumer loan asset-backed securities, in the latest move to increase oversight of financial products.Official efforts to cool some of the highest flying blue chips have also weighed on sentiment overhaul, prompting investors to take profits from this years heady run-up.Shares in liquor maker Kweichow Moutai had fallen sharply after the Shanghai Stock Exchange sent a letter to Essence Securities last week, questioning the rationale behind a bullish brokerage report.However, Kweichow Moutai shares were higher on Monday, rising 0.2 percent after an 8.6 percent fall last week. The stock had more than doubled in value this year through mid-November.QUIET BOND MARKET The yield on Chinese 10-year treasury bonds stood at 3.975 percent on Monday, while five-year AAA-rated corporate bonds issued by Jiangsu Communications Holding were Quote: d at 5.201 percent, up 38.5 basis points since the end of October.Yields on shorter-term instruments also remain high. AAA-rated three-month commercial paper yielded 4.99 percent, reflecting a rise of nearly 60 basis points in November.Despite persistently high yields, traders said the bond market was quiet on Monday, though sentiment remained fragile as regulatory tightening keeps borrowing costs elevated and companies start to hoard cash heading into the year-end, when liquidity typically tightens.It has been relatively calm today, were seeing range-bound trade, said a trader at a regional bank.Traders are hesitating, with no clear view on the direction, said a fixed-income manager in Shanghai.Its near the year-end, everyone is calculating bonuses so nobody wants to take more risk. Traders may just hope there will be no further drops in the market before the end of the year.Markets largely shrugged off data showing profits at Chinas industrial firms continued to grow at a robust pace last month despite a slight cooling from a sizzling September.Profits earned by Chinas industrial companies in October rose 25.1 percent from a year earlier, slowing from a 27.7 percent gain in September.While robust earnings should give China Inc more room to reduce its massive debt - a key government priority - a Reuters analysis shows the debt pile at listed Chinese firms is still climbing, with levels at the end of September growing at the fastest pace in four years.Highlighting the size of the problem and the potential drag on future economic growth, debt servicing costs have gobbled up about a fourth of state-owned firms revenues in the last few quarters, and higher interest rates could see that burden grow.Chinas yuan inched up against the dollar on Monday, but gains were capped as companies increased their purchases of the U.S. currency, traders said.The onshore spot yuan opened at 6.5970 per dollar and was trading at 6.5992 at 0438 GMT.Writing by Andrew Galbraith; Additional reporting by Samuel Shen, Luoyan Liu and Winni Zhou; Editing by Kim Coghill '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/china-markets/china-blue-chips-extend-losses-as-bond-market-mood-remains-fragile-idINKBN1DR0G2'|'2017-11-27T07:47:00.000+02:00'|8710.0|''|-1.0|'' 8711|'b613f87d2866516c27fdf594eaa9183aa5aefe00'|'Airbus in record 430 plane deal with budget airline backer Franke'|'November 15, 2017 / 11:02 AM / Updated 3 hours ago Biggest deal yet for Airbus as Franke ups bet on budget airlines Tim Hepher , Alexander Cornwell 3 Min Read DUBAI (Reuters) - Airbus landed its biggest ever airliner deal on Wednesday with an agreement to sell 430 planes worth up to $50 billion to U.S. budget airlines investor Bill Franke. The preliminary deal for A320neo narrowbody jets was signed at the Dubai Airshow and offers a major boost to Airbus, which has lagged archrival Boeing in deals this year. It also ensures veteran sales chief John Leahy retires on a high in the coming months. But Boeing immediately hit back with a provisional agreement to sell 175 planes to budget airline flydubai. Including options to buy a further 50 planes, that deal could be worth $27 billion at list prices. The deal between Airbus and Frankes Indigo Partners is the industrys largest ever by number of aircraft. Indigo plans to supply the A320neo narrowbody jets to four airlines in which it has stakes: Frontier Airlines, Mexicos Volaris, Chilean carrier JetSmart and Hungarys Wizz Air. Airbus said it expected to finalise the transaction with the 80-year-old Franke in the coming weeks. Its shares were up 2.5 percent to 85.59 euros at 1150 GMT. The agreement, along with flydubais deal for Boeings 737 MAX narrowbody jets, underscores how budget carriers are rewriting the industry rule book by combining bargain fares with optional services and upgrades for which passengers pay extra. John Leahy, Airbus Sales Chief, and Bill Franke, Managing Partner of Indigo Partners LLC, pose during a news conference at the Dubai Airshow in Dubai, UAE November 15, 2017. REUTERS/Satish Kumar According to some delegates at the air show, the deals also suggest airlines are taking advantage of a recent slowdown in demand for new jets to negotiate competitive prices. SWAN SONG Slideshow (2 Images) The Franke deal marks a dramatic swan-song for Airbus sales chief Leahy, who is due to retire in the coming months after holding the job since 1994. The 67-year-old has overseen the sale of jets worth $1.7 trillion at list prices and helped engineer a rise in Airbuss market share to a par with Boeing from just 18 percent. This year, however, Airbuss share of the order tally had dropped to 35 percent prior to the Dubai show, as a rejuvenated Boeing management made advances in Singapore and elsewhere. Airbus management, meanwhile, is dealing with investigations by British, French and U.S. authorities after the company uncovered inaccuracies in sales documents. Airbus also aims to sell more of its A380 superjumbo, with main customer Emirates seeking guarantees on keeping production lines open. I think both sides will take stock and see if something can be agreed later this year, an industry source told Reuters. Reporting by Tim Hepher and Alexander Cornwell; editing by Mark Potter and Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/emirates-airshow/airbus-in-record-430-plane-deal-with-budget-airline-backer-franke-idINKBN1DF1FU'|'2017-11-15T12:58:00.000+02:00'|8711.0|''|-1.0|'' -8712|'b5ebb57fedc2860327ba7917b966ccc59d5c927c'|'HP Enterprise CEO Meg Whitman steps down'|'November 21, 2017 / 9:23 PM / Updated 3 hours ago Meg Whitman stepping down as HP Enterprise CEO Pushkala Aripaka , Salvador Rodriguez 5 Min Read (Reuters) - Meg Whitman on Tuesday announced that she will step down as chief executive of Hewlett Packard Enterprise Co ( HPE.N ), ending a 6-year tenure that included overseeing one of the biggest corporate breakups in history. Hewlett Packard Enterprise CEO Meg Whitman is seen following an interview on CNBC on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 6, 2017. REUTERS/Brendan McDermid Shares of HPE fell more than 6 percent in after-hours trading. Hewlett Packard Enterprises, known for its computer servers, is still adjusting to a new landscape in which corporate customers are placing more of their digital operations in the cloud and moving away from purchasing their own equipment. Whitman, one of the most powerful women in U.S. business and a former candidate for California governor, split Hewlett Packard Co into HPE and PC-and-printer business HP Inc ( HPQ.N ) in 2015 as part of a plan to turn around the large corporation. She aggressively shed assets and cut tens of thousand of jobs as HPE sharpened its focus on server and networking businesses. Taking over for Whitman in February will be Antonio Neri, a relatively unknown HP executive who has been with the company for nearly a quarter century and currently serves as HPEs president. Neri is a trained computer engineer and has worked in every one of HPEs businesses, Whitman said during the companys earnings call on Tuesday. Neri did not speak on the call. We have a much smaller, much nimbler, much more focused company, Whitman said during the call after Bernstein analyst Toni Sacconaghi said the move felt abrupt. I think it is absolutely the right time for Antonio and a new generation of leaders to take the reins. Neri will join HPEs board of directors and Whitman will remain on the board as well. Whitmans retooling of HPE included Septembers spin off of HPEs enterprise services and software business to British software company MicroFocus International Plc ( MCRO.L ) and acquired companies, including Aruba and Nimble Storage. This month, HPE announced it is selling its Palo Alto, California, headquarters, which the company has held for six decades. Shares of HPE have risen nearly 47 percent since the split up, outpacing the 27.8 percent rise in the S&P 500 index .SPX during the same period. Whitman is leaving just as it is time for an executive with technical prowess to come in and retool the companys offerings, said Ilya Kundozerov, equity analyst with Morningstar. HPE is more focused and more agile than ever before, Kundozerov said. A CEO with tech background can help HPE to improve its innovative edge. Whitman, who previously headed eBay Inc ( EBAY.O ), was reported to have been a leading candidate for chief executive job at Uber Technologies Inc [UBER.UL] before it was given to Dara Khosrowshahi. An undated handout photo of Antonio Neri. REUTERS/Hewlett Packard Enterprise/Handout Whitman ran unsuccessfully for California governor in 2010, and she has served on the presidential campaigns of Republican former Massachusetts Governor Mitt Romney and New Jersey Governor Chris Christie. She endorsed Democrat Hillary Clinton in the 2016 U.S. presidential election. She stepped down from the board of HP Inc in July and joined the board of Dropbox in September. Whitman said on Tuesdays earnings call that she is going to take a little downtime, but theres no chance Im going to a competitor. She told Reuters that she is not preparing another run for public office. I stay active in politics by contributing to candidates from both sides of the aisle who I agree with on core issues, but aside from that, I have no plans to get involved directly, Whitman said in a statement. Although Whitman is one of the most prominent executives in Silicon Valley, with a career that spans startups and older businesses, she is not a household name in California, despite her run for governor, said Elliott Suthers, senior vice president with Grayling public communications and communications and media adviser for the McCain/Palin 2008 presidential campaign. To run against a relatively popular incumbent like [Sen. Dianne Feinstein] shed need to spend record amounts to get within striking distance, Suthers said. Outside of Silicon Valley, shes still a largely unknown quantity. Voters have a pretty short memory and her positions have undoubtedly shifted since 2010. Separately, the company reported net income of $524 million, or 32 cents per share, for the fourth quarter ended Oct. 31, compared with $302 million, or 18 cents per share, a year earlier. Excluding items, it reported earnings of 31 cents per share. Revenue rose 4.6 percent to $7.66 billion. Analysts were expecting fourth-quarter profit of 28 cents per share on revenue of $7.78 billion, according to Thomson Reuters I/B/E/S. Reporting by Salvador Rodriguez in San Francisco and Pushkala Aripaka in Bengaluru. Additional reporting by Akankshita Mukhopadhyay and Arjun Panchadar in Bengaluru; Editing by Anil D''Silva, Peter Henderson and Grant McCool'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-hpe-results/hp-enterprise-ceo-meg-whitman-steps-down-idUSKBN1DL2PO'|'2017-11-21T23:22:00.000+02:00'|8712.0|''|-1.0|'' +8712|'b5ebb57fedc2860327ba7917b966ccc59d5c927c'|'HP Enterprise CEO Meg Whitman steps down'|'November 21, 2017 / 9:23 PM / Updated 3 hours ago Meg Whitman stepping down as HP Enterprise CEO Pushkala Aripaka , Salvador Rodriguez 5 Min Read (Reuters) - Meg Whitman on Tuesday announced that she will step down as chief executive of Hewlett Packard Enterprise Co ( HPE.N ), ending a 6-year tenure that included overseeing one of the biggest corporate breakups in history. Hewlett Packard Enterprise CEO Meg Whitman is seen following an interview on CNBC on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 6, 2017. REUTERS/Brendan McDermid Shares of HPE fell more than 6 percent in after-hours trading. Hewlett Packard Enterprises, known for its computer servers, is still adjusting to a new landscape in which corporate customers are placing more of their digital operations in the cloud and moving away from purchasing their own equipment. Whitman, one of the most powerful women in U.S. business and a former candidate for California governor, split Hewlett Packard Co into HPE and PC-and-printer business HP Inc ( HPQ.N ) in 2015 as part of a plan to turn around the large corporation. She aggressively shed assets and cut tens of thousand of jobs as HPE sharpened its focus on server and networking businesses. Taking over for Whitman in February will be Antonio Neri, a relatively unknown HP executive who has been with the company for nearly a quarter century and currently serves as HPEs president. Neri is a trained computer engineer and has worked in every one of HPEs businesses, Whitman said during the companys earnings call on Tuesday. Neri did not speak on the call. We have a much smaller, much nimbler, much more focused company, Whitman said during the call after Bernstein analyst Toni Sacconaghi said the move felt abrupt. I think it is absolutely the right time for Antonio and a new generation of leaders to take the reins. Neri will join HPEs board of directors and Whitman will remain on the board as well. Whitmans retooling of HPE included Septembers spin off of HPEs enterprise services and software business to British software company MicroFocus International Plc ( MCRO.L ) and acquired companies, including Aruba and Nimble Storage. This month, HPE announced it is selling its Palo Alto, California, headquarters, which the company has held for six decades. Shares of HPE have risen nearly 47 percent since the split up, outpacing the 27.8 percent rise in the S&P 500 index .SPX during the same period. Whitman is leaving just as it is time for an executive with technical prowess to come in and retool the companys offerings, said Ilya Kundozerov, equity analyst with Morningstar. HPE is more focused and more agile than ever before, Kundozerov said. A CEO with tech background can help HPE to improve its innovative edge. Whitman, who previously headed eBay Inc ( EBAY.O ), was reported to have been a leading candidate for chief executive job at Uber Technologies Inc [UBER.UL] before it was given to Dara Khosrowshahi. An undated handout photo of Antonio Neri. REUTERS/Hewlett Packard Enterprise/Handout Whitman ran unsuccessfully for California governor in 2010, and she has served on the presidential campaigns of Republican former Massachusetts Governor Mitt Romney and New Jersey Governor Chris Christie. She endorsed Democrat Hillary Clinton in the 2016 U.S. presidential election. She stepped down from the board of HP Inc in July and joined the board of Dropbox in September. Whitman said on Tuesdays earnings call that she is going to take a little downtime, but theres no chance Im going to a competitor. She told Reuters that she is not preparing another run for public office. I stay active in politics by contributing to candidates from both sides of the aisle who I agree with on core issues, but aside from that, I have no plans to get involved directly, Whitman said in a statement. Although Whitman is one of the most prominent executives in Silicon Valley, with a career that spans startups and older businesses, she is not a household name in California, despite her run for governor, said Elliott Suthers, senior vice president with Grayling public communications and communications and media adviser for the McCain/Palin 2008 presidential campaign. To run against a relatively popular incumbent like [Sen. Dianne Feinstein] shed need to spend record amounts to get within striking distance, Suthers said. Outside of Silicon Valley, shes still a largely unknown quantity. Voters have a pretty short memory and her positions have undoubtedly shifted since 2010. Separately, the company reported net income of $524 million, or 32 cents per share, for the fourth quarter ended Oct. 31, compared with $302 million, or 18 cents per share, a year earlier. Excluding items, it reported earnings of 31 cents per share. Revenue rose 4.6 percent to $7.66 billion. Analysts were expecting fourth-quarter profit of 28 cents per share on revenue of $7.78 billion, according to Thomson Reuters I/B/E/S. Reporting by Salvador Rodriguez in San Francisco and Pushkala Aripaka in Bengaluru. Additional reporting by Akankshita Mukhopadhyay and Arjun Panchadar in Bengaluru; Editing by Anil D''Silva, Peter Henderson and Grant McCool'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-hpe-results/hp-enterprise-ceo-meg-whitman-steps-down-idUSKBN1DL2PO'|'2017-11-21T23:22:00.000+02:00'|8712.0|10.0|0.0|'' 8713|'75abf2076225a333335e267840a257e57ee56012'|'Unilever to buy U.S. bodycare products company Sundial Brands'|'November 27, 2017 / 3:57 PM / Updated 3 hours ago Unilever to buy U.S. bodycare products company Sundial Brands Reuters Staff 2 Min Read LONDON (Reuters) - Anglo-Dutch consumer goods giant Unilever ( ULVR.L ) ( UNc.AS ) is to buy U.S.-based company Sundial Brands, a maker of hair and skincare products, expanding deeper into the fast-growing personal care products market. FILE PHOTO: The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid/File Photo The maker of Dove soap and Axe body spray announced the deal on Monday, without disclosing financial terms. Sundial, a 26-year-old company based in New York, is home to brands including SheaMoisture, Nubian Heritage and Madam C.J. Walker. It is expected to have turnover of $240 million this year. Sundial will operate as a standalone unit within Unilever and its founder, Richelieu Dennis, who hails from Liberia, will stay on to run it. Buying Sundial accelerates Unilevers push deeper into personal care products, which tend to grow faster and be more international than its food business. The deal is part of a bigger buying spree by Unilever, which earlier this year rebuffed a $143 billion takeover offer from Kraft-Heinz ( KHC.O ), that has included Pukka Herbs and Tazo tea, Carver Korea beauty products and Mae Terra food. (Corrects third paragraph to read New York instead of New Jersey) Reporting by Martinne GellerEditing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-unilever-m-a-sundial/unilever-to-buy-u-s-bodycare-products-company-sundial-brands-idUKKBN1DR1Y3'|'2017-11-27T22:44:00.000+02:00'|8713.0|''|-1.0|'' 8714|'9a459ff13b2d7ad8552b7f515a70ac4d6afbd4ce'|'Uzbekistan to attend OPEC, non-OPEC meeting on November 30, Saudi''s Falih says'|'November 5, 2017 / 10:59 AM / Updated 2 hours ago Uzbekistan to attend OPEC, non-OPEC meeting on Nov. 30, Saudi''s Falih says Reuters Staff 2 Min Read DUBAI (Reuters) - The Central Asian nation of Uzbekistan may attend a meeting of OPEC and non-OPEC producers in Vienna this month as an observer, Saudi Arabias Energy Minister Khalid al-Falih said on Sunday. FILE PHOTO - Saudi Energy Minister Khalid al-Falih attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. REUTERS/Sergei Karpukhin Falih met his counterparts from Russia, Kazakhstan and Uzbekistan in Tashkent on Saturday. The Saudi minister said after the meeting that more work was needed to cut inventories. Uzbekistan has responded (positively) to participating at the Vienna meeting this month, and has expressed its readiness to attend as an observer, Falih said on his Twitter account. Uzbekistan is a small oil producer with around 594 million barrels of proven crude oil reserves. In 2015, its total petroleum and other liquids production was 78,900 barrels per day (bpd), according to the EIA. Saudi Arabia and Russia are leading a deal between OPEC and non-OPEC producers to cut oil supply, with the aim of draining global inventories and propping up oil prices. OPEC, led by Saudi Arabia, has been urging other producers to join the supply cut pact. Riyadh holds the presidency of OPEC this year. The involvement of Uzbekistan is a sign of how the pact is gaining more support from other producers, OPEC sources said. OPEC, Russia and other oil producers are due to meet on Nov. 30 in Vienna to decide whether to extend the current agreement which expires in March 2018. Reporting by Rania El Gamal; Editing by Keith Weir'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-oil-opec-uzbekistan/uzbekistan-to-attend-opec-non-opec-meeting-on-nov-30-saudis-falih-says-idUKKBN1D50HV'|'2017-11-05T12:49:00.000+02:00'|8714.0|''|-1.0|'' 8715|'08dd31505ba072d1fc9808aae643cf3c297ff5b6'|'Philippine leader gives order to start easing foreign business restrictions'|'November 23, 2017 / 10:25 AM / Updated 3 minutes ago Philippine leader gives order to start easing foreign business restrictions Reuters Staff 3 Min Read MANILA (Reuters) - Philippine President Rodrigo Duterte has instructed government agencies to scrap or start easing barriers that foreigners face in multiple business and employment sectors, part of moves to liberalise an economy long criticised as restrictive. Philippines'' President Rodrigo Duterte Rodrigo Duterte gestures during a news conference on the sidelines of the Association of South East Asian Nations (ASEAN) summit in Pasay, metro Manila, Philippines, November 14, 2017. REUTERS/Dondi Tawatao The directive, made public on Thursday, said the aim was to pursue stronger economic growth, create fairness and to enable partnerships to develop. Dutertes directive ordered government agencies to take immediate steps to lift or ease restrictions on foreign participation, including those that will require new legislation. The directive specified eight areas or activities where changes will be made, including construction and repairs for government-funded projects, private recruitment for both domestic and overseas employment, teaching at higher education levels, as well as processing and trading except retailing of rice and corn. Some of the eight are broad and open to interpretation, such as retail trade enterprises, domestic market enterprises and public services other than those recognised as utilities. There remains some debate in the Philippines about what is considered a utility. The directive, dated Nov. 21, also called for openness in particular professions where allowing foreign participation will redound to public benefit. For several years, the Philippines has been posting some of Asias fastest rates of growth> Its third-quarter expansion of 6.9 percent from a year earlier beat forecasts. The government is targeting annual growth this year of 6.5-7.5 percent, propped up by higher state spending and stronger exports and agriculture output. But investors have lamented the obstacles to foreign firms, many because of archaic laws that limit foreign participation, some of which require time-consuming legislative amendments. Foreign direct investment into the Philippines is dwarfed by that of rivals such as Thailand, Vietnam and Indonesia, something the government is eager to change by slashing red tape and launching an ambitious, six-year, $180-billion, Build, Build, Build infrastructure splurge, which would modernise airports, roads, railways and ports. Reporting by Martin Petty; Editing by Richard Borsuk'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-philippines-economy-restrictions/philippine-leader-gives-order-to-start-easing-foreign-business-restrictions-idUKKBN1DN0WU'|'2017-11-23T12:24:00.000+02:00'|8715.0|''|-1.0|'' @@ -8739,8 +8739,8 @@ 8737|'37b6c814f0d2b8fd692197cd539c41a4bd51520d'|'UPDATE 1-Brazil bankruptcy judge weakens Oi board, bolsters management'|'(Adds context, response from involved parties)By Gram SlatterySAO PAULO, Nov 30 (Reuters) - A Brazilian bankruptcy judge overseeing Oi SAs in-court debt restructuring has put newly appointed Chief Executive Officer Eurico Teles in charge of negotiating with creditors, the telecom operator said in a filing.The decision, disclosed late on Wednesday night, gives Teles powers to draft a debt restructuring plan and present it to the judge without board approval, a move that severely weakens the power of influential shareholder Nelson Tanure.Preferred shares of Oi were down 1.3 percent at 3.88 reais ($1.19) in early trading.The company and a spokesman for Tanure declined to comment.According to the filing, Teles is the person responsible for conducting and concluding negotiations by Dec. 12, the new deadline for a proposal to restructure some 65 billion reais of debt in Latin Americas biggest bankruptcy case ever.In the last several months, the board and management have clashed over competing plans to take Oi, Brazils fourth-largest carrier by users, out of bankruptcy.The board, controlled by Tanure and his allies, has been pushing a plan with relatively little creditor support that would imply a 73 percent loss on the original value of some bonds, according to an analysis by Ita BBA.Meanwhile, management has been significantly closer to two major groups of private creditors who have been proposing a plan that would involve a much smaller haircut.With Wednesdays court decision, a resolution to the bankruptcy at a Dec. 19 creditors meeting is more likely, as debtholders and the parties in charge of the company are now more closely aligned.$1 = 3.26 reais Reporting by Gram Slattery; Editing by Lisa Von Ahn '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/oi-sa-restructuring/update-1-brazil-bankruptcy-judge-weakens-oi-board-bolsters-management-idUSL1N1O00NH'|'2017-11-30T20:50:00.000+02:00'|8737.0|''|-1.0|'' 8738|'c3168a354e7edda527bc3e10eae3cc4e9729a13b'|'AIRSHOW-Kuwait''s Alafco finalises order for 20 Boeing 737 MAX jets'|'November 13, 2017 / 11:32 AM / Updated 31 minutes ago Kuwait''s Alafco finalizes order for 20 Boeing 737 MAX jets Reuters Staff 1 Min Read DUBAI (Reuters) - Kuwaits Aviation Lease and Finance Company (ALAFCO) on Monday announced it was exercising options for 20 Boeing 737-8 MAX jets at the Dubai Airshow. The order, first announced at the Paris show in June, is valued at $2.2 billion at list prices. The aircraft will start being delivered from 2020, Boeing Commercial Airplanes sales chief Ihssane Mounir said at a news conference. Boeing dominates the scorecard so far at the Nov 12-16 show, with $19 billion of orders and provisional commitments while Airbus has yet to disclose an order. Industry sources said Airbuss energetic sales chief John Leahy was working on closing some business during the show, possibly his last before retirement. Egyptair could announce indirect orders with Airbus and Boeing involving third parties, they added. Both planemakers declined to comment. Reporting by Alexander Cornwell; Editing by Jane Merriman and Daid Goodman'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-emirates-airshow-boeing-alafco/kuwaits-alafco-finalises-order-for-20-boeing-737-max-jets-idUSKBN1DD1B2'|'2017-11-13T13:25:00.000+02:00'|8738.0|''|-1.0|'' 8739|'f133a9c5a37d47b4734d9cac3b068088b981b87d'|'Emerging market inflows stall; flows to Mexico hit six-year low - IIF'|'NEW YORK (Reuters) - The pace of fund flows to emerging markets has stalled in the fourth quarter, data from a bank lobbying institution shows, with fund flows to Mexico slumping to their lowest since 2011 and accounting for just 3.8 percent of investors portfolios.Mexican peso banknotes are pictured at a currency exchange shop in Ciudad Juarez, Mexico November 10, 2017. Picture taken November 10, 2017. REUTERS/Jose Luis Gonzalez The Institute of International Finance on Friday released a survey that found emerging market flow has dampened significantly as investors have pulled back on allocation to the asset class, preferring to invest in U.S. assets as tax overhaul expectations have heightened.For Mexico, IIF said protracted negotiations on the North American Free Trade Agreement have weighed on sentiment as the administration of U.S. President Donald Trump has drawn a hard line that investors see as dimming the likelihood of a renewed agreement.Emerging market assets have had inflows of about $14 billion since late September, the group said, noting that the pace of inflows has slowed and has become more volatile in line with trends in daily cross-border portfolio flows.IIF also noted expectations of a December interest rate increase from the Federal Reserve, uncertainty about U.S. tax policies and profit-taking after strong gains this year as having contributed to the slowdown.Investors told Reuters, however, that the slowdown was largely the result of cyclical trends, as emerging market buying regularly slows in the later months of the year.Its practiced within our industry to take profits in the fourth quarter, said Jan Dehn, head of research at Ashmore Investment Management. Thats very restricted to this quarter.Dehn expects buying to pick up again once the new year begins in January.Last month the organization reported that foreign investors had cut capital flows to emerging market debt and equities in September for the second straight month, reducing inflows to $14.5 billion.That estimate marked the lowest level of inflows since Januarys $13.2 billion reading and was a little more than $1 billion lower than Augusts level.Reporting by Dion Rabouin; Editing by Dan Grebler '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/emerging-markets-flows-iif/emerging-market-inflows-stall-flows-to-mexico-hit-six-year-low-iif-idINKBN1DH27S'|'2017-11-17T18:55:00.000+02:00'|8739.0|''|-1.0|'' -8740|'611864dc5da0cdc4907ce47ce47d9b52d40c6b29'|'Thyssenkrupp profit beats forecast on steel, materials'|'November 23, 2017 / 6:06 AM / Updated 13 minutes ago ThyssenKrupp lifted by record orders as shifts from steel Christoph Steitz , Tom Kckenhoff 3 Min Read ESSEN, Germany (Reuters) - Demand for next-generation lifts and car components enabled Thyssenkrupp ( TKAG.DE ) to report its highest annual order intake in five years as the German firm slowly exits steelmaking. FILE PHOTO: An elevator exchanger is pictured inside Thyssenkrupp''s elevator test tower in Rottweil, Germany, September 25, 2017. REUTERS/Michaela Rehle/File Photo Thyssenkrupp is in the middle of a major shift under Chief Executive Heinrich Hiesinger towards technology and away from the more volatile steel industry, its traditional mainstay. It has sold its money-losing Brazilian steel mill CSA Cia Siderrgica do Atlntico SA to Ternium SA ( TX.N ) and struck a deal to combine its European steel businesses with that of Indias Tata Steel ( TISC.NS ) in 2018. The structural problems in the European steel industry have not gone away. We still have significant overcapacities also on the European flat steel market, Hiesinger said on Thursday. But labour representatives are demanding job protection for workers and say Thyssenkrupp is shirking responsibility for a business whose roots go back more than 200 years. Hiesinger said he remained confident an agreement with workers can be found as thousands were expected to stage demonstrations at Thyssenkrupps tin plate production site in Andernach, calling for job and plant guarantees. All conceivable alternatives would involve far greater job cuts, Hiesinger said, referring to 2,000 job losses that were already announced along with the joint venture in September. CATCHING A LIFT While slowly reducing its dependency on steel, Thyssenkrupp is staking its future on its elevators unit, its most profitable, as well as demand from the automotive sector, its biggest customer group accounting for about a quarter of sales. ThyssenKrupps order intake rose 18 percent to 44.29 billion euros ($52 billion) in the financial year to Sept. 30 while adjusted earnings before interest and tax (EBIT) reached 1.91 billion euros, beating the 1.73 billion expected by analysts in a Reuters poll. Operating profit at its elevators unit, which mostly caters to clients in the United States and Europe with its internet-connected elevators, rose 7 percent to 922 million euros, making it the groups single biggest profit contributor. At its components technology unit, which supplies parts to nine out of 10 premium cars, including all models of electric car maker Tesla ( TSLA.O ), operating profit grew 12 percent to 377 million euros. Shares in the group turned positive after sharp early falls, and were trading up 1.3 percent by 0940 GMT in a volatile session. The numbers came out better than feared, although the outlook could disappoint people a bit, said one trader. Thyssenkrupp, which recommended an unchanged dividend of 0.15 euros per share, said it expects adjusted EBIT this year of 1.8-2.0 billion euros while analysts on average expect 2.03 billion euros. Editing by Douglas Busvine/Jason Neely/Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-thyssenkrupp-results/thyssenkrupp-profit-beats-forecast-on-steel-materials-idUKKBN1DN0GM'|'2017-11-23T08:05:00.000+02:00'|8740.0|''|-1.0|'' -8741|'ab2d931358006a88ccde60fa49b5311695d7f337'|'Deutsche Bank CEO meets with chief of big shareholder HNA - WSJ'|' 25 PM / Updated 36 minutes ago Deutsche Bank CEO meets with chief of big shareholder HNA - WSJ FRANKFURT (Reuters) - Deutsche Banks ( DBKGn.DE ) chief executive officer John Cryan has met with the chief of its major shareholder Chinas HNA, The Wall Street Journal reported on Tuesday. FILE PHOTO: Deutsche Bank CEO John Cryan speaks at the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski /File Photo The Journal, citing people familiar with the matter, said the meeting between Cryan and HNA CEO Adam Tan took place last week in Frankfurt. The paper reported last month that Cryan had resisted meeting HNA. Deutsche Bank and a representative for HNA declined to comment. Earlier this year, the German lender disclosed that the Chinese conglomerate had built up a stake of just under 10 percent. Reporting by Andreas Framke and Tom Sims, editing by Louise Heavens'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-deutsche-bank-hna/deutsche-bank-ceo-meets-with-chief-of-big-shareholder-hna-wsj-idUKKBN1DE1Y7'|'2017-11-14T16:24:00.000+02:00'|8741.0|''|-1.0|'' +8740|'611864dc5da0cdc4907ce47ce47d9b52d40c6b29'|'Thyssenkrupp profit beats forecast on steel, materials'|'November 23, 2017 / 6:06 AM / Updated 13 minutes ago ThyssenKrupp lifted by record orders as shifts from steel Christoph Steitz , Tom Kckenhoff 3 Min Read ESSEN, Germany (Reuters) - Demand for next-generation lifts and car components enabled Thyssenkrupp ( TKAG.DE ) to report its highest annual order intake in five years as the German firm slowly exits steelmaking. FILE PHOTO: An elevator exchanger is pictured inside Thyssenkrupp''s elevator test tower in Rottweil, Germany, September 25, 2017. REUTERS/Michaela Rehle/File Photo Thyssenkrupp is in the middle of a major shift under Chief Executive Heinrich Hiesinger towards technology and away from the more volatile steel industry, its traditional mainstay. It has sold its money-losing Brazilian steel mill CSA Cia Siderrgica do Atlntico SA to Ternium SA ( TX.N ) and struck a deal to combine its European steel businesses with that of Indias Tata Steel ( TISC.NS ) in 2018. The structural problems in the European steel industry have not gone away. We still have significant overcapacities also on the European flat steel market, Hiesinger said on Thursday. But labour representatives are demanding job protection for workers and say Thyssenkrupp is shirking responsibility for a business whose roots go back more than 200 years. Hiesinger said he remained confident an agreement with workers can be found as thousands were expected to stage demonstrations at Thyssenkrupps tin plate production site in Andernach, calling for job and plant guarantees. All conceivable alternatives would involve far greater job cuts, Hiesinger said, referring to 2,000 job losses that were already announced along with the joint venture in September. CATCHING A LIFT While slowly reducing its dependency on steel, Thyssenkrupp is staking its future on its elevators unit, its most profitable, as well as demand from the automotive sector, its biggest customer group accounting for about a quarter of sales. ThyssenKrupps order intake rose 18 percent to 44.29 billion euros ($52 billion) in the financial year to Sept. 30 while adjusted earnings before interest and tax (EBIT) reached 1.91 billion euros, beating the 1.73 billion expected by analysts in a Reuters poll. Operating profit at its elevators unit, which mostly caters to clients in the United States and Europe with its internet-connected elevators, rose 7 percent to 922 million euros, making it the groups single biggest profit contributor. At its components technology unit, which supplies parts to nine out of 10 premium cars, including all models of electric car maker Tesla ( TSLA.O ), operating profit grew 12 percent to 377 million euros. Shares in the group turned positive after sharp early falls, and were trading up 1.3 percent by 0940 GMT in a volatile session. The numbers came out better than feared, although the outlook could disappoint people a bit, said one trader. Thyssenkrupp, which recommended an unchanged dividend of 0.15 euros per share, said it expects adjusted EBIT this year of 1.8-2.0 billion euros while analysts on average expect 2.03 billion euros. Editing by Douglas Busvine/Jason Neely/Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-thyssenkrupp-results/thyssenkrupp-profit-beats-forecast-on-steel-materials-idUKKBN1DN0GM'|'2017-11-23T08:05:00.000+02:00'|8740.0|13.0|0.0|'' +8741|'ab2d931358006a88ccde60fa49b5311695d7f337'|'Deutsche Bank CEO meets with chief of big shareholder HNA - WSJ'|' 25 PM / Updated 36 minutes ago Deutsche Bank CEO meets with chief of big shareholder HNA - WSJ FRANKFURT (Reuters) - Deutsche Banks ( DBKGn.DE ) chief executive officer John Cryan has met with the chief of its major shareholder Chinas HNA, The Wall Street Journal reported on Tuesday. FILE PHOTO: Deutsche Bank CEO John Cryan speaks at the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski /File Photo The Journal, citing people familiar with the matter, said the meeting between Cryan and HNA CEO Adam Tan took place last week in Frankfurt. The paper reported last month that Cryan had resisted meeting HNA. Deutsche Bank and a representative for HNA declined to comment. Earlier this year, the German lender disclosed that the Chinese conglomerate had built up a stake of just under 10 percent. Reporting by Andreas Framke and Tom Sims, editing by Louise Heavens'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-deutsche-bank-hna/deutsche-bank-ceo-meets-with-chief-of-big-shareholder-hna-wsj-idUKKBN1DE1Y7'|'2017-11-14T16:24:00.000+02:00'|8741.0|14.0|0.0|'' 8742|'670ad101bd70dfd8a8c3470dd2ab34e854d08294'|'Uber to disclose price on SoftBank deal early next week - sources'|'November 24, 2017 / 8:23 PM / Updated 9 hours ago Uber to disclose price on SoftBank deal early next week: sources Paresh Dave , Liana B. Baker 3 Min Read SAN FRANCISCO/NEW YORK (Reuters) - Uber Technologies Inc [UBER.UL] plans to move ahead with a deal to bring in Japanese technology company SoftBank Group Corp ( 9984.T ) as a major investor by disclosing the pricing early next week in formal tender offers to the ride-hailing services investors, two people familiar with the plans said on Friday. FILE PHOTO: A man arrives at the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid/File Photo The start of the tender follows Ubers disclosure on Tuesday that it covered up a 2016 data breach which compromised data of some 57 million customers and drivers. That revelation prompted governments around the world to launch probes into the breach and Ubers handling of the matter. The people familiar with the plans did not say how much investors would be offered for the shares, or say if the price had been cut do to the breach or governments response to the disclosure. Investors will have 20 business days, or about a month, to respond to emails and letters to be sent early next week, said one of the sources, who declined to be named because they were not authorized to discuss terms before they are public. SoftBank and Dragoneer Investment Group agreed on Nov. 12 to lead a group that would invest as much as $10 billion in Uber, people familiar with the deal previously told Reuters. They plan to directly invest $1 billion to $1.25 billion in Uber, then buy as much as 17 percent of shares held by existing investors and employees. Selling shareholders must be accredited investors as defined by U.S. regulations and hold at least 10,000 shares of the firm, Uber said in ads published Wednesday in the New York Times and Wall Street Journal. Uber is valued at $69 billion, the highest of any venture backed company. SoftBanks $1 billion direct investment in Uber is expected to be at the same valuation. Employees and existing investors will be paid a lower price for their shares in a tender that will likely take weeks to complete, people familiar with the Nov. 12 agreement told Reuters. Purchasers of startup shares through secondary deals service provider SharesPost discount a companys valuation by as much as 25 percent depending on liquidity options and scarcity, said Rohit Kulkarni, the companys managing director for private investment research. That would value Uber at about $52 billion. Kulkarni said he expected SoftBank to apply an incremental discount because of the data breach. Verizon, he noted, cut its $4.8 billion Yahoo Inc takeover offer 7 percent following disclosure at the time of breaches affecting 1 billion accounts. Reporting by Paresh Dave in San Francisco and Liana Baker in New York; Editing by Jim Finkle and Richard Chang'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-uber-softbank-tender/uber-to-send-out-tenders-on-softbank-deal-early-next-week-sources-idUKKBN1DO2GZ'|'2017-11-25T02:24:00.000+02:00'|8742.0|''|-1.0|'' 8743|'e347431c4bd60d5c5149bb333313232c9ebd2de6'|'NAFTA talks causing business uncertainty: Rio Tinto executive'|'Reuters TV United States November 2, 2017 / 2:29 AM / a few seconds ago NAFTA talks causing business uncertainty: Rio Tinto executive David Ljunggren 2 Min Read OTTAWA (Reuters) - The current state of talks to update the NAFTA trade pact is creating uncertainty among businesses and could hurt investments and growth, Rio Tinto Aluminium ( RIO.L ) chief executive Alf Barrios said on Wednesday. Canada and Mexico say several U.S. proposals for modernizing the North American Free Trade Agreement are unacceptable, prompting increasing concern that Washington could walk away from the trilateral deal. Rio Tinto exports 75 percent of the aluminum produced at its Canadian plants to the United States and supplies 30 percent of that markets needs, Barrios told an evening conference organized by the Canadian-American Business Council. The negotiation process has created some uncertainty among business on both sides of the border and I think this puts at risk to a certain degree investments and growth, he said when asked about the NAFTA talks. U.S. President Donald Trump frequently describes the 1994 pact as a disaster and has threatened to walk away from the deal unless major changes are made. Company data show Rio Tintos Canadian plants accounted for 53 percent of the 3.65 million tonnes of aluminum that the company produced last year. Barrios said NAFTA had created a predictable business environment that made investment decisions easier and had also solidified ties between Canada and the United States. So were watching very, very carefully how things evolve ... We encourage the negotiating teams at the table to continue looking at ways to strengthen that relationship, he said. Speaking earlier in the day, Bank of Canada Governor Stephen Poloz said the lack of clarity over the NAFTA talks meant companies would put off investment decisions. Reporting by David Ljunggren; Editing by Michael Perry'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-trade-nafta-riotinto/nafta-talks-causing-business-uncertainty-rio-tinto-executive-idUKKBN1D206G'|'2017-11-02T04:14:00.000+02:00'|8743.0|''|-1.0|'' 8744|'d898d7815df272e72a550d616256b2dee261bc0f'|'New York state regulator fines Credit Suisse $135 million over forex practices'|'November 13, 2017 / 7:04 PM / Updated 16 minutes ago New York state regulator fines Credit Suisse $135 million over forex practices Karen Freifeld 3 Min Read NEW YORK (Reuters) - Credit Suisse Group AG ( CSGN.S ) has agreed to pay $135 million to settle allegations that its foreign exchange traders deceived customers, improperly shared their information and tried to manipulate currency prices, the New York State Department of Financial Services (DFS) said on Monday. The Credit Suisse logo is seen at the headquarters in downtown Milan, Italy, March 9, 2016. REUTERS/Stefano Rellandini The settlement stems from a DFS investigation that found unlawful, unsafe and unsound conduct in the Swiss banks forex business from at least 2008 to 2015, the regulator said. In addition to the fine, Credit Suisse will have to improve its controls and compliance, and hire a consultant to review remedial efforts for at least a year, subject to DFS approval. Credit Suisse foreign exchange traders used chat rooms to share confidential customer information, coordinate trades and try to manipulate currencies or benchmark rates, DFS said. Through these communications, the traders were able to trade ahead of clients, or sometimes use a tactic called building ammo, with which they coordinated activity to ensure they were not taking positions that would hurt one another, the regulator said. Credit Suisse also used an algorithm offered by its electronic trading platform, eFX, to trade ahead of known client orders, DFS said. In a statement, DFS Superintendent Maria Vullo blamed Credit Suisse executives who deliberately fostered a corrupt culture that failed to implement effective controls. DFSs agreement with Credit Suisse is the latest in a string of global regulatory settlements with big Wall Street banks over forex trading practices since 2015. Rivals including Citigroup Inc ( C.N ), JPMorgan Chase & Co ( JPM.N ), Barclays PLC ( BARC.L ), UBS AG ( UBSG.S ) and Royal Bank of Scotland PLC ( RBS.L ) have collectively paid $10 billion to settle allegations by U.S. and European authorities that their forex traders coordinated to cheat clients and boost their own profits. Reporting by Karen Freifeld; Writing by Lauren Tara LaCapra; Editing by Paul Simao'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-credit-suisse-gp-forex-settlement/new-york-state-regulator-fines-credit-suisse-135-million-over-forex-practices-idUKKBN1DD2AY'|'2017-11-13T21:02:00.000+02:00'|8744.0|''|-1.0|'' @@ -8819,7 +8819,7 @@ 8817|'f552b5a5f5cdbf705ebdb1f6df208f08d151c27e'|'Spotlight on RBS in Bank of England stress test'|'Reuters TV United States November 24, 2017 / 12:32 PM / in 2 hours Spotlight on RBS in Bank of England stress test Huw Jones 4 Min Read LONDON (Reuters) - The Bank of England will publish stress test results for seven of Britains major banks on Tuesday, which will put the spotlight on Royal Bank of Scotland ( RBS.L ) now the government has revived plans to sell its majority stake. The logo of RBS (Royal Bank of Scotland) bank is seen reflected in the windows of a branch of the bank in the City of London financial district in London September 4, 2017. REUTERS/Toby Melville RBS failed the stress test a year ago and had to cut costs and sell assets worth 2 billion pounds ($2.66 billion) to plug a capital shortfall. As in prior years, RBS will be on the watch list, said Rob Smith, a partner at consultants KPMG. Whilst we think they will fare better than in the 2016 exercise, it is likely to be a close call. However, it should be noted the positive effect of the improved capital position over 2017 is not reflected in the results, Smith said. The BoE has said it will consider any steps banks have taken to strengthen their capital positions since the end of 2016 before deciding on any actions they must take. The tests aim to show if banks have strong enough balance sheets to withstand an economic crisis. RBS, along with Barclays ( BARC.L ), HSBC ( HSBA.L ), Lloyds ( LLOY.L ), Santander UK ( SAN.MC ), Standard Chartered ( STAN.L ) and the Nationwide building society must show they would still hold enough capital to avoid a bailout after undergoing theoretical market shocks spanning five years. The shocks include a big drop in the pound and growth, and sharp rises in unemployment and loan defaults. All have a bespoke basic hurdle to pass, but RBS, Barclays, HSBC and Standard Chartered must also leap a higher systemic hurdle because they are bigger banks. The banks hold a lot more capital than they did before the financial crisis, but analysts said the test results could still affect their ability to pay dividends given the uncertainties banks face, not least Britain leaving the European Union in 2019. RBS was rescued in the financial crisis with a 45.5 billion pound taxpayer bailout, leaving the government with stake of around 71 percent. Britains finance minister Philip Hammond said on Wednesday the government would reprivatise RBS by selling 15 billion pounds of shares before the end of the 2018-19 fiscal year. Last years Brexit vote forced the government to shelve original plans for a sale. RBC Capital Markets analysts said they did not expect RBS to fail. We do not expect RBS to fail again this year given the progress on clean up at the bank. They said Barclays might face a bumpy ride in the tests due to higher hurdle rates and higher assumed consumer finance losses. Markets will also be looking at how much detail the BoE releases from its first, parallel exploratory scenario test that spans seven years. This assesses how the banks business models would cope with a prolonged downturn. There is no pass or fail, but it will help the BoE check whether profits are sustainable. KPMGs Smith said markets also want to know if next years test will include the potential for a hard Brexit, or Britain crashing out of the European Union in 2019 without trading arrangements with the bloc. The test results will be published at 0700 GMT on Tuesday, followed by a press conference with BoE Governor Mark Carney. ($1 = 0.7513 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-britain-boe-banks-royal-bank-scot/spotlight-on-rbs-in-bank-of-england-stress-test-idUKKBN1DO1G2'|'2017-11-24T14:28:00.000+02:00'|8817.0|''|-1.0|'' 8818|'8294d4e8bbf0a1f3793cca0bc1eb49a0ee13d4a1'|'Spain''s BBVA sells 80 pct of real estate business for 4 bln euros'|'November 29, 2017 / 8:53 AM / Updated 6 hours ago Spain''s BBVA sells 80 pct of real estate business for 4 bln euros Reuters Staff 2 Min Read MADRID, Nov 29 (Reuters) - Spains BBVA said on Wednesday it had agreed to sell 80 percent of its real estate business to U.S. fund Cerberus for 4 billion euros ($5 billion), one of the largest such deals as investor enthusiasm for Spanish property returns. The real estate assets included in the package have a gross book value of some 13 billion euros, Spains second largest bank said in a statement to the market regulator. The deal is the largest since Santander sold control of property worth 10 billion euros to U.S. investor Blackstone Group in August. A burst property bubble in 2008 sent Spains economy in to a tailspin that lasted nearly five years, put millions out of work, sent public debt soaring and prompted a more-than 40-billion-euro bailout for its banks. The economy returned to growth in 2013 and has outperformed the rest of Europe since then, helping restart residential construction as house prices turn around and prompting foreign investors to return to the market. BBVA said it would retain control of 20 percent of the real estate portfolio, which it said would be exclusively managed by Cerberuss Haya Real Estate. The deal is expected to be closed in the second half of 2018 and while it wasnt seen having a significant impact on the banks profits it would have a slightly positive impact on the fully loaded core tier 1 capital ratio (CET1), it said. On Tuesday, Bank Of Nova Scotia agreed to buy BBVAs stake in BBVA Chile for $2.2 billion. $1 = 0.8423 euros Reporting by Paul Day; Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/cerberus-ma-bbva/spains-bbva-sells-80-pct-of-real-estate-business-for-4-bln-euros-idUSL8N1NZ1VB'|'2017-11-29T10:51:00.000+02:00'|8818.0|''|-1.0|'' 8819|'b055df9dad667a6941d52396cc06274c2659a072'|'Law likely on AT&T''s side in Time Warner battle - analysts'|'November 21, 2017 / 1:04 PM / Updated 6 minutes ago Law likely on AT&T''s side in Time Warner battle - analysts Supantha Mukherjee 4 Min Read (Reuters) - AT&T Inc is likely to emerge victorious from a legal fight with the United States Department of Justice over its $85.4 billion (64.5 billion) acquisition of Time Warner Inc, analysts said in a series of research notes on Tuesday. FILE PHOTO: An AT&T logo and communication equipment is shown on a building in downtown Los Angeles, California, U.S. on October 29, 2014. REUTERS/Mike Blake/File Photo The Justice Department confirmed earlier hints on Monday by launching a suit against AT&T, arguing that the telecom carrier would use Time Warners content to force rival pay-TV companies to pay hundreds of millions of dollars more per year for Time Warners networks. AT&Ts shares were down just 0.5 percent in premarket trading on Tuesday. Time Warners shares were untraded. They closed on Monday some 18 percent below the implied value of AT&Ts $107.50 per share cash and stock offer, suggesting that investors have doubts about the companys ability to close the deal. We are surprised at the lawsuit as there are decades of clear legal precedent on how these deals are handled, Oppenheimer analysts wrote in a client note. We see a 75 percent chance AT&T wins at trial and the onus is on the DOJ to prove potential harm. The United States second largest wireless carrier offered to buy Time Warner in October last year to gain control of cable TV channels HBO and CNN, and film studio Warner Bros as well as a number of other coveted media assets. AT&T has rejected DoJ demands that it sell DirecTV or Time Warners Turner Broadcasting - which includes news network CNN - in order to win antitrust approval. The company, which expects to use Time Warners movies to fight off streaming companies Netflix Inc and Amazon.com Incs Prime Video, said the lawsuit was a radical and inexplicable departure from decades of antitrust precedent. FILE PHOTO: A Time Warner logo is seen at a Time Warner store in New York City, October 23, 2016. REUTERS/Stephanie Keith/File Photo Analysts from another brokerage, Evercore, also backed the companys chances in the fight. Based on our assessment of both the DoJ brief and the AT&T arguments, we believe that the law is likely on AT&Ts side, they said in a note. AT&Ts acquisition of Time Warner comes under the heading of vertical mergers - a deal between two companies that do not compete directly but operate on different steps in a supply chain. The last time the DoJ challenged a vertical case was in the Carter years; it was last successful under Nixon, Nomura Instinet analyst Jeffrey Kvaal wrote in a note. Aside from the Trump administration, the deal is also opposed by an array of consumer groups and smaller television networks. The battle is Chief Executive Randall Stephensons second major run-in with the Justice Department after AT&T abandoned its $39-billion bid to buy T-Mobile USA in 2011 in the face of opposition from Obama administration regulators. AT&T had planned to fight the governments decision in court at that time, but later dropped the deal and swallowed billions in costs. This time around AT&T seems to be more convinced of its case. The company says it plans to ask the Washington court dealing with the case for the earliest possible hearing, hopefully within 60 days, as the current merger agreement expires on April 22, 2018. AT&T made it clear that they are in this to win and dont intend to cut their losses by walking away, Morgan Stanley analysts wrote in a note. Reporting by Supantha Mukherjee and Sonam Rai in Bengaluru; editing by Patrick Graham'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-time-warner-m-a-at-t/law-likely-on-atts-side-in-time-warner-battle-analysts-idUKKBN1DL1FX'|'2017-11-21T15:04:00.000+02:00'|8819.0|''|-1.0|'' -8820|'be6aa3b76e258869a0335c42844e5a8163732596'|'Saudi crackdown will not hit investments - energy minister Falih'|'November 16, 2017 / 9:53 PM / Updated 18 minutes ago Saudi crackdown will not hit investments - energy minister Falih Ahmad Ghaddar , Dmitry Zhdannikov 3 Min Read BONN, Germany (Reuters) - Saudi Arabias corruption investigations are linked to a just few individuals and will not hinder investments in the kingdom, its energy minister said on Thursday. Saudi Oil Minister, Khalid al-Falih, arrives to the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Faisal Al Nasser Khalid al Falih said the crackdown was way overdue and would also not have any impact on plans to float shares in oil giant Saudi Aramco. Everybody understands that this is a limited, domestic affair that the government is simply cleaning house, he said on the sidelines of the U.N. climate conference in Bonn, Germany. Saudi Arabias future king has tightened his grip on power through an anti-corruption purge by arresting royals, ministers and investors including billionaire Alwaleed bin Talal who is one of the kingdoms most prominent businessmen. The move by Prince Mohammed bin Salman against Saudis political and business elite also targeted the head of the National Guard, Prince Miteb bin Abdullah, who was detained and replaced as minister of the powerful National Guard by Prince Khaled bin Ayyaf. The energy minister said many foreign investors who had been have been doing business in Saudi Arabia for decades will tell you that they have not seen corruption in their interactions with the Saudi government or with the Saudi entities. It (the crackdown) has no impact on foreign direct investment. It has no impact whatsoever on the kingdoms openness, capital flows and our wide open investment environment, he added. Saudi Arabias plan to float around 5 percent of Aramco in an initial public offering (IPO) is a centrepiece of Vision 2030, a wide-ranging reform plan to diversify the Saudi economy beyond oil. Falih said a decision is yet to be made on where the listing would be made. On the upcoming meeting of the Organization of the Petroleum Exporting Countries in Vienna at the end of the month to decide the fate of a global oil production cut, Falih said an extension beyond the March 2018 expiry was needed to rebalance the oil market. OPEC and ten other oil producers led by Russia agreed last year to curb production by some 1.8 million barrels per day to get rid of an oversupply in the market. Reporting by Ahmad Ghaddar; Editing by Andrew Heavens'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-saudi-arrests-minister/saudi-crackdown-will-not-hit-investments-energy-minister-falih-idUKKBN1DG340'|'2017-11-16T23:53:00.000+02:00'|8820.0|''|-1.0|'' +8820|'be6aa3b76e258869a0335c42844e5a8163732596'|'Saudi crackdown will not hit investments - energy minister Falih'|'November 16, 2017 / 9:53 PM / Updated 18 minutes ago Saudi crackdown will not hit investments - energy minister Falih Ahmad Ghaddar , Dmitry Zhdannikov 3 Min Read BONN, Germany (Reuters) - Saudi Arabias corruption investigations are linked to a just few individuals and will not hinder investments in the kingdom, its energy minister said on Thursday. Saudi Oil Minister, Khalid al-Falih, arrives to the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Faisal Al Nasser Khalid al Falih said the crackdown was way overdue and would also not have any impact on plans to float shares in oil giant Saudi Aramco. Everybody understands that this is a limited, domestic affair that the government is simply cleaning house, he said on the sidelines of the U.N. climate conference in Bonn, Germany. Saudi Arabias future king has tightened his grip on power through an anti-corruption purge by arresting royals, ministers and investors including billionaire Alwaleed bin Talal who is one of the kingdoms most prominent businessmen. The move by Prince Mohammed bin Salman against Saudis political and business elite also targeted the head of the National Guard, Prince Miteb bin Abdullah, who was detained and replaced as minister of the powerful National Guard by Prince Khaled bin Ayyaf. The energy minister said many foreign investors who had been have been doing business in Saudi Arabia for decades will tell you that they have not seen corruption in their interactions with the Saudi government or with the Saudi entities. It (the crackdown) has no impact on foreign direct investment. It has no impact whatsoever on the kingdoms openness, capital flows and our wide open investment environment, he added. Saudi Arabias plan to float around 5 percent of Aramco in an initial public offering (IPO) is a centrepiece of Vision 2030, a wide-ranging reform plan to diversify the Saudi economy beyond oil. Falih said a decision is yet to be made on where the listing would be made. On the upcoming meeting of the Organization of the Petroleum Exporting Countries in Vienna at the end of the month to decide the fate of a global oil production cut, Falih said an extension beyond the March 2018 expiry was needed to rebalance the oil market. OPEC and ten other oil producers led by Russia agreed last year to curb production by some 1.8 million barrels per day to get rid of an oversupply in the market. Reporting by Ahmad Ghaddar; Editing by Andrew Heavens'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-saudi-arrests-minister/saudi-crackdown-will-not-hit-investments-energy-minister-falih-idUKKBN1DG340'|'2017-11-16T23:53:00.000+02:00'|8820.0|12.0|0.0|'' 8821|'d9be2417b4d1785329ca7bb57c7cd0a012fe8d27'|'Man Group says bitcoin futures would draw it toward cryptocurrencies'|'November 14, 2017 / 3:28 PM / Updated 11 minutes ago Man Group says bitcoin futures would draw it toward cryptocurrencies Maiya Keidan , Simon Jessop 3 Min Read LONDON (Reuters) - British hedge fund firm Man Group ( EMG.L ) will add cryptocurrencies to its investment universe if the Chicago Mercantile Exchange launches a bitcoin futures contract as planned, CEO Luke Ellis told Reuters on Tuesday. Speaking at the Reuters Global Investment Outlook Summit in London, Ellis said there are a number of challenges with cryptocurrencies but that doesnt mean theyre not investable. Conceptually digital currencies are an interesting thing, he said. Its not part of our investment universe today it could be. If there is a CME future on bitcoin, it would be. Futures market operator CME Group announced on Oct. 31 it would launch bitcoin futures in the fourth quarter. There is a big difference between a digital currency and a traditional currency...Traditional ones are supported by governments who have armies and tax men that can make people follow their rules, and digital ones dont, said Ellis. But that doesnt invalidate digital currencies at all. Turning to emerging markets debt, Ellis said there appeared to be a mispricing across the sovereign credits, where investors were overly focused on broad indices. Youve got a few countries where there is a real problem about getting paid your money back - like Venezuela and Lebanon. There are high yields but not if youre not going to get your money back, and (then) theres a whole bunch of countries that trade with sort of no premium, he said. Extreme pricing was best highlighted during the summer when Russian government debt yields were trading below U.S. Treasuries, he added. On other potential market mispricings, Ellis said upcoming European financial markets regulation, called MiFID II, will increase the number of companies trading at significantly incorrect valuations. Is transparency about whats going on in small and mid-cap stocks going to get materially worse? Yes. Is it going to create some what are inherently false markets which will hurt some inexperienced investors? Yes. He said big stocks have far too many people covering them, a lot of whom dont add value, while small stocks dont have many analysts covering them, leading to a worse situation overall. Other views: For other news from Reuters Global Investment 2018 Outlook Summit, click here Reporting by Maiya Keidan and Simon Jessop; editing by Mark Heinrich'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-investment-summit-man-group/man-group-says-bitcoin-futures-would-draw-it-toward-cryptocurrencies-idUKKBN1DE232'|'2017-11-14T17:23:00.000+02:00'|8821.0|''|-1.0|'' 8822|'6adaa80addb01b1f753686aa97be415f312c940d'|'Russian pipemaker TMK''s U.S. subsidiary considering IPO'|'November 30, 2017 / 9:10 AM / Updated 3 hours ago Russian oil industry pipe maker TMK prepares for U.S. spin-off Reuters Staff 3 Min Read MOSCOW (Reuters) - TMK, Russias largest maker of steel pipes for the oil and gas industry, is preparing its U.S. subsidiary IPSCO Tubulars for an initial public offering (IPO) of shares. The announcement comes amid concerns among some Russian officials about a potential expansion of U.S. sanctions against Moscow and as Russia itself has pledged to cut its oil output by 300,000 barrels per day as a part of the global deal. OPEC and non-OPEC oil producers look poised to agree at a meeting on Thursday to extend output cuts until the end of 2018, four OPEC sources said as the group seeks to clear a global glut of crude and avoid another price crash. IPSCO has submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) relating to the proposed IPO of its new and existing shares, it said in a statement. TMK declined to comment further. It has previously said it was considering different options for IPSCO but intends to keep a controlling stake. The OPEC and non-OPEC states agreed to cut supply by about 1.8 million barrels per day (bpd) to boost prices. The deal, currently due to expire in March, has pushed up oil prices but also encouraged U.S. shale oil producers to ramp up output. The rapidly expanding operations in the shale oil industry, combined with the general rise of the U.S. stock market, have provided an opportunity for TMK to monetize its exposure to the U.S. at a valuation which is significantly higher than IPSCOs contribution to the valuation of the Russian entity, analysts at VTB Capital said in a note. The number of shares to be offered and the price range for the offering have not yet been determined, IPSCO said, and the offering is subject to the completion of an SEC review, market conditions and further approval by TMK. Both IPSCO and TMK plan to offer IPSCOs shares if they decide to go ahead with the listing, and both plan to use the proceeds from the deal for debt repayment. Controlled by Russian businessman Dmitry Pumpyansky, TMK paid around $1.7 billion for the IPSCO assets in 2008 and 2009, VTB Capital said in a note in October. IPSCOs current contribution to our estimate of TMKs NPV (net present value) stands at some $0.7 billion. However, we suggest that a company which is placed in the middle of the U.S. shale oil boom development with shares listed on a premium stock market deserves a higher valuation, VTB Capital said. TMK has not been affected by Western sanctions. They were imposed against some Russian companies and individuals in 2014 over Moscows annexation of Crimea from Ukraine. IPSCO has said it plans to produce over one million tonnes of pipes in 2017 and expects to be running at full production capacity next year as drilling activity in the United States remains high. Reporting by Polina Devitt and Andrey Kuzmin; Editing by Jason Neely and Edmund Blair'|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-trubnaya-metal-ipo/russian-pipemaker-tmks-u-s-subsidiary-considering-ipo-idUSKBN1DU10G'|'2017-11-30T17:10:00.000+02:00'|8822.0|''|-1.0|'' 8823|'4a61da40969c4b659efe56dc1d4e9cde1ddffc00'|'German car makers warned of possible battery materials shortage - Welt am Sonntag'|'November 26, 2017 / 4:02 PM / Updated 5 hours ago German car makers warned of possible battery materials shortage - Welt am Sonntag Reuters Staff 2 Min Read FRANKFURT (Reuters) - The German car industry risks running short of key raw materials for automotive batteries, hampering a planned boost in the production of electric vehicles (EVs), Germanys largest industry association BDI warned. The risk of running into bottlenecks in raw material supply is increasing because demand is growing faster than production capacity, Matthias Wachter, head of security and raw materials at the BDI was quoted as saying by Sunday paper Welt am Sonntag. Without sufficient supplies for instance of cobalt, graphite, lithium or manganese there wont be any future technology made in Germany, he added. Demand for these materials is expected to soar as carmakers rush to embrace EVs in response to governments around the world cracking down on pollution. German carmaker Volkswagen ( VOWG_p.DE ) said it is pushing to secure long-term supply contracts to avoid material shortages as it aims to invest 34 billion euros (30.42 billion pounds) in battery-powered cars by 2022 to challenge Tesla ( TSLA.O ). Daimlers DAIGN.DE Mercedes brand plans to offer an electric version of every model it sells by 2022, while rival BMW ( BMWG.DE ), a pioneer in electric cars with its i3 model, has vowed to achieve mass production by 2025 with 12 fully electric models. Recycling companies such as Belgiums Umicore ( UMI.BR ) or U.S. group Retriev Technologies are preparing to extract metals from old batteries so they can capitalise on an expected shortfall in materials. Reporting by Ludwig Burger; Editing by Elaine Hardcastle'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-materials-electromobility/german-car-makers-warned-of-possible-battery-materials-shortage-welt-am-sonntag-idUKKBN1DQ0MS'|'2017-11-26T18:01:00.000+02:00'|8823.0|''|-1.0|'' @@ -8833,10 +8833,10 @@ 8831|'cf3f223fbadd99cb744abfcf368beac82e8492c2'|'Wal-Mart triples online items, lowers prices as holiday season kicks in'|'November 1, 2017 / 4:04 AM / in 7 hours Wal-Mart triples online items, lowers prices as holiday season kicks in Nandita Bose 2 Min Read CHICAGO (Reuters) - Wal-Mart Stores Inc is planning to boost sales and fend off rivals this holiday season by doubling down on incentives for shoppers who buy online and those who visit its stores. A general view shows a Wal-Mart store in Monterrey, Mexico, August 10, 2016. REUTERS/Daniel Becerril The worlds largest retailer said it tripled its online selections for the holiday season to 60 million items, and that it would provide free two-day shipping on more than two million products when the order size exceeds $35. It said it would also offer discounts for online orders picked up at its stores. The company said its stores and website would offer more exclusive products from companies such as appliance maker Cuisinart and audio equipment maker Bose. The plans were announced at a media briefing to outline Wal-Marts strategy for the November and December holiday shopping season, an important period for retailers during which they earn an outsized portion of their annual profits and sales. Steve Bratspies, chief merchandising officer at Wal-Mart said the retailer would offer thousands of rollbacks or reduced prices across products that would include lower prices on 400 toys from brands like Lego and Nerf. We are buying as much inventory as we think we can handle and sell ... we think we are in a really strong position, Bratspies said. Bratspies said that for the third consecutive year the retailer would focus more on discounts and offering the lowest prices on items instead of gimmicky product deals, as customers expect more consistent pricing. Wal-Mart will hold more than 20,000 holiday events at its stores where shoppers can test and try top-selling items, chief marketing officer Tony Rogers said, adding that the company was investing heavily in improving the shopping experience at its stores. Reporting by Nandita Bose in Chicago'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-holidayshopping/wal-mart-triples-online-items-lowers-prices-as-holiday-season-kicks-in-idUSKBN1D13GX'|'2017-11-01T06:06:00.000+02:00'|8831.0|''|-1.0|'' 8832|'8d2425f4aba1077d0330310e01c5e8301d017de1'|'Graduate bank accounts: grown-up finance comes at a price'|'Graduate bank accounts: grown-up finance comes at a price My life as a student account holder was over. No more interest-free overdraft Rise of Spains Generation Rent sparks investor rush Tuesday, 14 November, 2017 The deeper push into retail banking comes as some of Goldmans traditional business lines are struggling Anna Gordon/FT Save to myFT Play audio for this article Pause This is an experimental feature. Give us your feedback. Thank you for your feedback. What do you think? Ill use it in the future I dont think Ill use it Please tell us why (optional) Send Feedback Having racked up tens of thousands of pounds of debt at university, getting your first job is a proud moment. Finally, you are earning some money! But then comes the shock of seeing your payslip eroded by student loan repayments. Not long after, your bank will whip away your final financial comfort blanket your interest-free student overdraft. Having taken this for granted while studying, the costs of servicing thousands of pounds worth of overdraft debt can come as a nasty shock. Essential stories related to this article This is why millennials hate letting agents Friday, 25 November, 2016 Most banks will start to transition you to a graduate account the summer after graduation. You need to be prepared. I know this, because I wasnt. In my early twenties, a year or so after graduating, I innocently walked into my bank branch to ask for a replacement debit card. I gave an earnest-looking member of staff all my details, sat on a sofa and scrolled through my emails. I was pleasantly bored by the whole experience. But it didnt stay relaxing for long. The assistant came back. Are you a student? I said no. This was met with a weird smile. Before I could resist, I was ushered into an upstairs room by a staff member. Like most busy people, I usually avoid bank branches . I didnt realise that they employ armies of staff to squeeze profits from low-net worth individuals like me. While I ingested a cup of hot, sweet coffee, the staff member imparted the cold, sour news: my life as a student account holder was over. No more interest-free overdraft. No more free railcard. No more restaurant discounts. The bank would have sent me a letter about this through the post, he said, sensing my shock. Having moved several times since graduating, who knows where that letter ended up? It didnt matter, he reassured me. All I had to do was sign a bunch of documents and either repay my overdraft in the next two months, or start paying interest on it. Would you like more coffee? he asked cheerfully. Transitioning student account holders into full-blown, fee-paying customers is a crucial moment for banks. After three years of small deposits, large outflows, interest-free overdrafts and lost debit cards, its payback time. They finally have the chance to make some money from their customers. Those free giveaways are an effective loss leader for the banks. Ask your colleagues in the office whether they are still a customer of the bank they had a student account with. In my experience, a great number of them will say yes . Even the ones in their 50s. If I was more prepared, I would have avoided the bank branch altogether and ordered a new debit card over the phone. That way, I might have been able to string out the free overdraft for a bit longer. One foolhardy friend had the nerve to lie to her bank, and tell them that she hadnt graduated, even though she had. They didnt notice for five years. Others took a more pragmatic approach. A former coursemate of mine recently disappeared for almost three weeks without telling anyone where she was going. When she finally showed up it turned out she had taken a second job working shifts in a pub to raise 3,000 to pay off her overdraft before charges were applied. Another, who called the experience her second graduation, managed to negotiate an extension with her bank, buying time to pay down more of her debts. Realistically, I should have been more on top of when the overdraft was going to start costing me money. When this happens and how much you will be charged is different for every bank. So I have attempted to make things easier for recent graduates by compiling this table of the UKs main banks, and what they can offer you. Graduate accounts the high street options Bank When do they switch you? Interest-free overdraft limit Overdraft breach charges (excluding transaction fees) Other benefits Summer after graduating Year 1: Up to 1,500; Year 2: Up to 1,000; Then 19.9% EAR 5 per day (capped at 80 per month or how much you''ve borrowed, whichever is lower) N/A Up to 1 year after graduating; Year 2: Up to 1,000; Then 17.81% EAR Year 1: Up to 2,000 8 per day (capped at 72 per month) Tastecard or National Express Young Person''s Coach Card Santander Up to 2,000 for the term of the account 5 per day (capped at 95 per month) Access to full range of 1-2-3 World offers Lloyds and Bank of Scotland Summer after graduating Year 1: Up to 2,000 Year 2: Up to 1,500 Year 3: Up to 1,000 1p per day for every 7 over over the interest-free overdraft up to your planned limit N/A Halifax Reward Account (not specifically for graduates): Up to one year after graduation Up to 1,500 (or up to 3,000 if opened prior to August 2017) 1p per day for every 7 over the interest-free overdraft up to your planned limit N/A Upon graduation Year 1: Up to 3,000; Year 2: Up to 2,000; Year 3: Up to 1,000 50p a day for arranged overdraft of up to 2,000; 1 a day for arranged overdraft of more than 2,000. No unarranged overdrafts allowed 7 a month loyalty reward if graduates pay 800 into the account each month, pay two direct debits a month, register for online banking and pay a 3 monthly fee; Cashback with 150 retailers TSB Upon graduation Year 1: Up to 2,000; Year 2: Up to 1,500; Year 3: Up to 1,000 Then 16.77% EAR variable Up to 10 per day (capped at 80 per month) plus a monthly overdraft usage fee of 6 N/A Credit interest on accounts: Natwest offers 3% AER/2.96% gross (variable) on balances from 300 up to a maximum of 2,000; Halifax offers 0.1 per cent. Source: FT Research. Information correct as of 14/11/17. Overdrafts are subject to status and may be repayable on demand The first lesson? Loyalty does not pay. If you see a better deal than the one your bank is offering, then consider switching . Some banks including Barclays and TSB will move you to a graduate account as soon as you throw your mortarboard in the air. However, Barclays graduate account also offers the most generous interest free overdraft of up to 3,000 for the first year. Most of the other banks will wait until the summer after graduation until switching you to a graduate account. You should be able to secure an interest-free overdraft of between 1,500 to 2,000 for the first year, which is then gradually whittled down. In the third year, most will charge interest and/or a monthly fee. This is where overdrafts can get very expensive if they are not properly managed. The table shows how banks can charge interest ranging from 7.2 per cent to almost 20 per cent on your borrowings. While this may be less expensive than credit card debt, if you go over your agreed overdraft limit, the charges quickly spiral. Again, every bank has a different set of charges. Depending on the bank, going over your limit could cost anywhere between 1 and 10 per day, although charges are generally capped once they add up to more than 72 to 95 per month. Friends have been caught out by overdraft charges as bank letters have been sent to old addresses. One colleague who went abroad after graduating returned to discover that she had accidentally breached her overdraft limit and accumulated 700 in fines. The bank had sent warnings to an old address. Banks will not accept this as an excuse and it also puts you at risk of identity theft. So either tell your bank your new address, use online banking to request that they send you emails rather than letters, or pay Royal Mail 67 to redirect all of your post for one year. Another really useful service that most banks offer free of charge is a text or email alert when your balance falls below a certain level (set by you). This could be 100 above the point where overdraft charges will kick in, giving you time to reshuffle your finances and avoid being charged. Aliya Ram is the FTs European Technology Correspondent. , Twitter: @aliya__ram Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t copy articles from FT.com and redistribute by email or post to the web. Print this page'|'ft.com'|'http://rss.ft.com/rss/companies/banks'|'https://www.ft.com/content/71be468e-a28d-11e7-9e4f-7f5e6a7c98a2'|'2017-11-16T13:12:00.000+02:00'|8832.0|''|-1.0|'' 8833|'3d5f42a94e6709368f8824a578c7ebb92b39716a'|'Facebook profit soars, with no sign of impact from Russia scandal'|'November 1, 2017 / 8:13 PM / Updated 5 minutes ago Facebook profit soars, with no sign of impact from Russia scandal David Ingram , Aishwarya Venugopal 6 Min Read (Reuters) - Facebook Inc ( FB.O ) faced harsh criticism in Washington on Wednesday over its failure to prevent Russian operatives from using its platform for election meddling, but the earnings report it issued hours later showed just how insulated its business remains from political risk. A 3D-printed Facebook like button is seen in front of the Facebook logo, in this illustration taken October 25, 2017. REUTERS/Dado Ruvic/Illustration The social network said its quarterly profit soared 79 percent and revenues were up nearly 50 percent in the third quarter as marketers poured money into Facebook''s advertising offerings, whose power to target and influence users has actually been showcased by the election scandal. ( tmsnrt.rs/1SKTFU3 ) Chief Executive Mark Zuckerberg condemned Russias attempts to influence last years election through Facebook posts and advertisements designed to sow division, and repeated his pledge to ramp up spending to confront the problem. Zuckerberg said that spending would include 10,000 additional people to review content on the network, though based on past practice many of those people will be contractors. The spending would hit profits, Facebook said, with expenses expected to grow by 45 percent to 60 percent next year. What they did is wrong, and we are not going to stand for it, Zuckerberg said of the Russians, on a conference call with analysts. The companys share price, which hit a record $182.90 earlier on Wednesday, initially rose in after-hours trading, but later fell into negative territory on discussion of the higher spending. Shares have gained almost 60 percent this year. While the investigations into Russian activity on the platform have been getting a lot of attention, theyre not detracting from Facebooks power as an ad platform, analyst Debra Aho Williamson of research firm eMarketer said in an interview. The political storm in the United States over how Facebook, Twitter Inc ( TWTR.N ) and Alphabet Incs ( GOOGL.O ) Google handle false news stories and political manipulation of their services gathered strength this week as three separate congressional committees held hearings. Zuckerberg did not appear at the hearings. But lawmakers threatened tougher regulation and fired questions at Facebook General Counsel Colin Stretch, excoriating the company for being slow to act and slow to share what it knew with Congress. The chief executive told analysts that legislation to force disclosure of election ads would be very good if done well. In a series of disclosures over two months, Facebook has said that people in Russia bought at least 3,000 U.S. political ads and published another 80,000 Facebook posts that were seen by as many as 126 million Americans over two years. Russia denies any meddling. MOBILE ADS DOMINATE Facebooks total advertising revenue rose 49 percent in the third quarter to $10.14 billion, about 88 percent of which came from mobile ads. Analysts on average had expected total ad revenue of $9.71 billion, according to data and analytics firm FactSet. Facebook in the third quarter gave advertisers for the first time the ability to run ads in standalone videos, outside the Facebook News Feed, and the company is seeing good early results, Chief Operating Officer Sheryl Sandberg told analysts. Video is exploding, and mobile video advertising is a big opportunity, Sandberg said. More than 70 percent of ad breaks up to 15 seconds long were viewed to completion, most with the sound on, she said. Facebook executives, though, declined to give details on the performance so far of Watch, a video tab the company rolled out two months ago. Its too early to be talking about any stats there, Chief Financial Officer Dave Wehner said in response to an analyst question. Zuckerberg said Facebook would be spending heavily in making the Watch tab a place where people want to talk and connect around, rather than a spot to passively consume programs. The 49 percent increase in total ad sales in the latest quarter compares with a 47 percent rise in the prior quarter and a 51 percent jump in the first quarter. Facebook has been warning for more than a year about reaching a limit in ad load, or the number of ads the company can feature in users pages before crowding their News Feed. Advertisers seem unfazed, though, spending heavily as the social network continues to attract users. The average price per ad rose 35 percent. The nearly 50 percent jump in ad revenue is phenomenal, especially when for the past few quarters theyve been trying to bring that expectation way, way down. Yet it keeps going up, Tigress Financial Partners analyst Ivan Feinseth said. Of the Russia scandal enveloping Facebook publicly, Feinseth said: In the bigger picture, I dont think its a really big factor. The companys performance was strong in comparison with smaller social media firms Snap Inc ( SNAP.N ) and Twitter, Wedbush analyst Michael Pachter said. Facebook grew revenues by $3.3 billion year-over-year for the quarter. This is more than Twitter and Snapchat generate combined for the full year, he said. Facebook said about 2.07 billion people were using its service monthly, up 16 percent from a year earlier. Net income rose to $4.71 billion, or $1.59 per share, from $2.63 billion, or 90 cents per share. Analysts on an average were expecting the company to earn $1.28, according to Thomson Reuters I/B/E/S. Total revenue increased 47.3 percent to $10.33 billion beating analysts estimate of $9.84 billion, according to Thomson Reuters I/B/E/S. Reporting by David Ingram in Washington and Aishwarya Venugopal in Bengaluru; Editing by Jonathan Weber, Bill Rigby and Lisa Shumaker'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-facebook-results/facebook-quarterly-profit-rises-on-mobile-ad-growth-idUKKBN1D15SS'|'2017-11-02T02:05:00.000+02:00'|8833.0|''|-1.0|'' -8834|'aa7ee36739bc724922e9219b677fd9d438da0979'|'Iridium says last call from its device on missing Argentine submarine was Wednesday'|'BUENOS AIRES, Nov 19 (Reuters) - U.S. satellite communications company Iridium Communications Inc said on Sunday the last call from its device aboard a missing Argentine submarine was made at 1136 GMT on Wednesday, the day the vessel vanished.Argentinas Defense Ministry has said seven failed satellite calls on Saturday may have been from the submarine. In a statement to Reuters, Iridium referred to those reports and said no calls from the vessel were made on its network on Saturday but that there may be equipment from another satellite communications company aboard the submarine. (Reporting by Mitra Taj, Maximiliano Rizzi and Luc Cohen; Editing by Peter Cooney) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/argentina-submarine-iridium-commun/iridium-says-last-call-from-its-device-on-missing-argentine-submarine-was-wednesday-idINL1N1NP0MA'|'2017-11-19T19:04:00.000+02:00'|8834.0|''|-1.0|'' +8834|'aa7ee36739bc724922e9219b677fd9d438da0979'|'Iridium says last call from its device on missing Argentine submarine was Wednesday'|'BUENOS AIRES, Nov 19 (Reuters) - U.S. satellite communications company Iridium Communications Inc said on Sunday the last call from its device aboard a missing Argentine submarine was made at 1136 GMT on Wednesday, the day the vessel vanished.Argentinas Defense Ministry has said seven failed satellite calls on Saturday may have been from the submarine. In a statement to Reuters, Iridium referred to those reports and said no calls from the vessel were made on its network on Saturday but that there may be equipment from another satellite communications company aboard the submarine. (Reporting by Mitra Taj, Maximiliano Rizzi and Luc Cohen; Editing by Peter Cooney) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/argentina-submarine-iridium-commun/iridium-says-last-call-from-its-device-on-missing-argentine-submarine-was-wednesday-idINL1N1NP0MA'|'2017-11-19T19:04:00.000+02:00'|8834.0|4.0|0.0|'' 8835|'1f8c9e67af5c13f04184a3f1060edd92eb2c03dd'|'Greece''s Tsipras says debt relief discussion to follow review'|'November 8, 2017 / 10:04 AM / Updated 12 minutes ago Greece''s Tsipras says debt relief discussion to follow review Reuters Staff 1 Min Read ATHENS (Reuters) - Discussions on the long-term sustainability of Greeces debt are expected to start after the conclusion of a review of the countrys reforms by its lenders, Prime Minister Alexis Tsipras said on Wednesday. Greek Prime Minister Alexis Tsipras speaks as he holds a joint news conference with U.S. President Donald Trump in the Rose Garden of the White House in Washington, U.S., October 17, 2017. REUTERS/Kevin Lamarque Tsipras told MPs of his leftist Syriza party that discussions with lenders were progressing well. Immediately after the conclusion of the third review a discussion is expected to start on the long-term viability of debt, and enter the final stretch for emerging from the bailout, he told parliamentarians. A cash-for-reforms bailout programme worth up to 86 billion euros (75.9 billion) is expected to expire in Aug. 2018. Reporting By Lefteris Papadimas, writing by Michele Kambas'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-eurozone-greece/greeces-tsipras-says-debt-relief-discussion-to-follow-review-idUKKBN1D813B'|'2017-11-08T12:03:00.000+02:00'|8835.0|''|-1.0|'' 8836|'b0fff06e4a3b1f2eeff19c99247e78232d3dad12'|'Alibaba to buy 36.2 pct Sun Art for $2.9 bln'|'HONG KONG, Nov 20 (Reuters) - Internet giant Alibaba Group Holding Ltd said it would buy an aggregate direct and indirect stake of 36.16 percent stake in Chinas top hypermarket operator, Sun Art Retail Group Ltd, for a total HK$22.4 billion ($2.9 billion).As part of a strategic alliance with Auchan Retail S.A. and Ruentex Group, Alibaba would buy the stake from Ruentex while Auchan Retail was also increasing its stake in Sun Art, Alibaba said in a joint statement.The deal would give Auchan Retail, Alibaba Group and Ruentex 36.18 percent, 36.16 percent and 4.67 percent stakes respectively in Sun Art, the companies said in the joint statement.In a separate statement, Sun Art said Alibabas Taobao China Holding Ltd would make a general offer for the company at HK$6.50 apiece.Trading in Sun Art shares, which were suspended on Nov. 13, will resume on Monday.$1 = 7.8115 Hong Kong dollars Reporting by Donny Kwok; Editing by Stephen Coates '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/alibaba-sun-art-retail/alibaba-to-buy-36-2-pct-sun-art-for-2-9-bln-idUSL3N1NQ02J'|'2017-11-20T02:21:00.000+02:00'|8836.0|''|-1.0|'' -8837|'db6b019aa17d1717f93ff63096270e99be737aa4'|'UPDATE 1-Wix.com Q3 profit misses estimates, raises 2017 rev forecast'|' 28 AM / Updated 7 minutes ago UPDATE 1-Wix.com Q3 profit misses estimates, raises 2017 rev forecast Reuters Staff * Q3 EPS ex-items $0.01 vs $0.13 forecast * Q3 revenue up 47 percent to $111 mln * Raises 2017 revenue estimate to $423-$424 mln (Adds details, CFO comments, changes dateline from TEL AVIV) By Steven Scheer JERUSALEM, Nov 8 (Reuters) - Wix.com, which helps small businesses build and operate websites, raised its revenue outlook for 2017 due to a jump in conversions to paid products, after posting sharply lower than expected third-quarter profits. Boosted by more users paying for web design products like Wix ADI, the company on Wednesday projected full year revenue of $423-$424 million for 47 percent growth over 2016, up from a prior forecast of $421 million-$423 million. It reported third-quarter profit of 1 cent a share excluding one-time items, compared with a 4 cent loss a year earlier. Revenue grew 47 percent to $111 million. Operating expenses rose to $103.7 million from $73.6 million. Wix was forecast to earn 13 cents a share on revenue of $110 million, according to Thomson Reuters I/B/E/S. Chief Financial Officer Lior Shemesh attributed the profit miss to the company opting to use its revenue for marketing of a new product called Wix Code and for research and development. We prefer to invest in growth, which also increases our free cash flow, he told Reuters. We invested more in marketing because we beat our top line (revenue) and also invested more in R&D to be ready for (Wix Code). Israel-based Wix offers free basic features for setting up websites but users must pay for extra services such as shopping carts, individual web addresses and site traffic analysis. It has 114 million users. During the quarter it converted 188,000 free users to paying -- up 33 percent over the prior year -- for a total of 3.1 million premium customers. In the next few weeks, Wix Code will be launched and targeted towards professional web designers. Shemesh said 90 percent of websites are built by professionals. We are trying to capture the entire spectrum of the (web design) market, he said, adding he expects further conversions to premium. Wix Code is not expected to start generating cash until 2019, he said. Shares of Nasdaq-listed Wix, which has a market value of $3.2 billion, are up 56 percent so far this year. Shemesh said that while Wix has generated $210 million of cash, the company was not in a hurry to make acquisitions. Wix, he said, will not air a commercial during the Super Bowl in 2018 as it did this year due to shifting its marketing budget to other advertising. For the fourth quarter Wix estimates revenue of $116-$117 million, up 38-39 percent from a year earlier. (Additional reporting by Tova Cohen; Editing by Angus MacSwan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/wixcom-results/update-1-wix-com-q3-profit-misses-estimates-raises-2017-rev-forecast-idUSL5N1NE2WG'|'2017-11-08T12:24:00.000+02:00'|8837.0|''|-1.0|'' +8837|'db6b019aa17d1717f93ff63096270e99be737aa4'|'UPDATE 1-Wix.com Q3 profit misses estimates, raises 2017 rev forecast'|' 28 AM / Updated 7 minutes ago UPDATE 1-Wix.com Q3 profit misses estimates, raises 2017 rev forecast Reuters Staff * Q3 EPS ex-items $0.01 vs $0.13 forecast * Q3 revenue up 47 percent to $111 mln * Raises 2017 revenue estimate to $423-$424 mln (Adds details, CFO comments, changes dateline from TEL AVIV) By Steven Scheer JERUSALEM, Nov 8 (Reuters) - Wix.com, which helps small businesses build and operate websites, raised its revenue outlook for 2017 due to a jump in conversions to paid products, after posting sharply lower than expected third-quarter profits. Boosted by more users paying for web design products like Wix ADI, the company on Wednesday projected full year revenue of $423-$424 million for 47 percent growth over 2016, up from a prior forecast of $421 million-$423 million. It reported third-quarter profit of 1 cent a share excluding one-time items, compared with a 4 cent loss a year earlier. Revenue grew 47 percent to $111 million. Operating expenses rose to $103.7 million from $73.6 million. Wix was forecast to earn 13 cents a share on revenue of $110 million, according to Thomson Reuters I/B/E/S. Chief Financial Officer Lior Shemesh attributed the profit miss to the company opting to use its revenue for marketing of a new product called Wix Code and for research and development. We prefer to invest in growth, which also increases our free cash flow, he told Reuters. We invested more in marketing because we beat our top line (revenue) and also invested more in R&D to be ready for (Wix Code). Israel-based Wix offers free basic features for setting up websites but users must pay for extra services such as shopping carts, individual web addresses and site traffic analysis. It has 114 million users. During the quarter it converted 188,000 free users to paying -- up 33 percent over the prior year -- for a total of 3.1 million premium customers. In the next few weeks, Wix Code will be launched and targeted towards professional web designers. Shemesh said 90 percent of websites are built by professionals. We are trying to capture the entire spectrum of the (web design) market, he said, adding he expects further conversions to premium. Wix Code is not expected to start generating cash until 2019, he said. Shares of Nasdaq-listed Wix, which has a market value of $3.2 billion, are up 56 percent so far this year. Shemesh said that while Wix has generated $210 million of cash, the company was not in a hurry to make acquisitions. Wix, he said, will not air a commercial during the Super Bowl in 2018 as it did this year due to shifting its marketing budget to other advertising. For the fourth quarter Wix estimates revenue of $116-$117 million, up 38-39 percent from a year earlier. (Additional reporting by Tova Cohen; Editing by Angus MacSwan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/wixcom-results/update-1-wix-com-q3-profit-misses-estimates-raises-2017-rev-forecast-idUSL5N1NE2WG'|'2017-11-08T12:24:00.000+02:00'|8837.0|12.0|0.0|'' 8838|'4e6ccce010bf6411ed17c63511a25713494aec47'|'Euro zone growth, eclipsing U.S. economy, set to be best in decade'|'November 14, 2017 / 10:30 AM / Updated 20 minutes ago Euro zone growth, eclipsing U.S. economy, set to be best in decade Jan Strupczewski 4 Min Read BRUSSELS (Reuters) - The euro zones annual economic growth rate outstripped that of the United States in the third quarter setting up 2017 as the best year for the currency area since financial markets crashed a decade ago. Germany was a major factor, but even some of the blocs laggards, such as Italy, showed signs of revival. Eurostat, the European Union statistics office, confirmed a preliminary estimate that euro zone gross domestic product (GDP)grew 0.6 percent from July to September from the previous quarter and on a year on year basis was 2.5 percent higher. This was higher than the 2.3 percent year-on-year rate for the U.S. economy, which had been growing faster than the euro zone. The U.S. quarterly numbers were slightly better than the euro zones at 0.7 percent, however. A robust labour market recovery, growing export markets, an accommodative monetary stance, improving lending conditions and modest inflation are but a few of the tailwinds that the euro zone economy is experiencing, ING economist Bert Colijn said. Because of that, this could well be its strongest year for growth since 2007. The euro zone will likely outpace both the U.S. and UK in terms of GDP growth in 2017, he said. Euro zone GDP grew 3.0 percent in 2007, and reached 2.1 percent in 2010 and 2015. Partly as a result of the growth, euro zone investments have turned in one of their best years since the single currency was born in 1999, confounding many who had bet on the bloc to be the disaster play of 2017. Euro zone grows - reut.rs/2zC2LSc GERMANY, ITALY, NETHERLANDS The shopping mall "Galeria Kaufhof" in Frankfurt, Germany, March 15, 2017. REUTERS/Kai Pfaffenbach The strong euro zone growth was powered by the biggest economy Germany, which shifted into an even higher gear in the third quarter, propelled by buoyant exports and rising company investments in equipment. Seasonally adjusted German GDP rose 0.8 percent on the quarter, beating a consensus forecast of 0.6 percent, which was also the second-quarter growth rate. Second biggest France grew 0.5 percent on the quarter and 2.2 percent in annual terms and the third biggest Italy beat expectations with a 0.5 percent quarterly, and 1.8 percent annual growth, supported by exports and domestic demand. The Netherlands, the fifth biggest economy, grew an expected 0.4 percent on the quarter after a record jump of 1.5 percent in the previous three months, putting it on track for a 3.3 percent expansion this year, the strongest since 2007. Outside the bloc, euro zone growth also exceeded that of Britain, the EUs second-ranked economy which will leave the bloc in March 2019. The British economy, affected by a drop in the pound against the euro since last years Brexit vote, expanded 0.4 percent on the quarter in sterling terms and just 1.5 percent annually. Separately, Eurostat said euro zone industrial production fell by 0.6 percent month-on-month in September as expected by markets but rose 3.3 percent year-on-year, slightly beating economists average forecast of a 3.2 percent increase. The outlook for production in the fourth quarter remains strong, INGs Colijn said. New orders for manufacturing surged in August and businesses are reporting large backlogs of work according to the PMI survey. That should result in continued strength in industry in the final quarter of the year, adding to the possibility that our estimate for GDP growth in 2017 of 2.3 percent could still be too low, he said. The stronger growth supports the European Central Banks decision last month to start weaning the euro zone off ultra-loose money by saying that from January it will halve the amount of bonds it buys every month to 30 billion euros (26.9 billion). It nevertheless promised years of stimulus and left the door open to backtracking. Reporting by Jan Strupczewski Editing by Philip Blenkinsop and Alastair Macdonald'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-economy-gdp/euro-zone-annual-growth-exceeds-u-s-backs-ecb-qe-taper-idUKKBN1DE17Z'|'2017-11-14T15:52:00.000+02:00'|8838.0|''|-1.0|'' 8839|'8dbda93abd8476c08404d6cbefc9776b09723f7d'|'Tezos organizers hit with second lawsuit over cryptocurrency fundraiser'|'November 15, 2017 / 10:58 PM / Updated 7 hours ago Tezos organizers hit with second lawsuit over cryptocurrency fundraiser Anna Irrera , Steve Stecklow 3 Min Read (Reuters) - A second lawsuit was filed this week against the organizers of cybercurrency technology project Tezos, an initiative that raised $232 million to issue a cryptocurrency that does not exist and fund development of a transaction system that has no clear end date. Tezos co-founder and CTO Arthur Breitman and his wife and co-founder Kathleen Breitman respond to questions during the Money 20/20 conference in Las Vegas, Nevada, U.S. on October 24, 2017. REUTERS/Steve Marcus The class action lawsuit, filed in a U.S. District Court in Florida by Coral Springs-based law firm Silver Miller, alleges that Tezos organizers broke U.S. securities laws and defrauded and misled participants in the online fundraiser, according to court documents. Many who put money toward the initial coin offering consider themselves investors, but the funds were raised as non-refundable donations. The lawsuit was filed on Monday and made public on Wednesday. The defendants are Kathleen and Arthur Breitman, the co-founders of the project; their Delaware-based company Dynamic Ledger Solutions Inc, which owns the rights to the transaction systems code; and the Tezos Foundation, a Swiss entity that was set up to carry out the fundraiser. It is the second lawsuit in less than a month to hit the embattled project that in July raised funds in one of the largest ever initial coin offerings, a popular way for technology startups to collect money by issuing cryptocurrencies. Johann Gevers, president of the Tezos Foundation, declined to comment on the ongoing litigation, and Brian Klein, an attorney for the Breitmans, did not immediately respond to Reuters request for comment. The lawsuit quotes from a Reuters investigation and reports published in October that revealed details of a backroom battle between the Breitmans and Gevers over control of the project. The dispute has delayed the project. ( reut.rs/2yGk6IT ) The lawsuit alleges that contributors to the fundraiser were not told that it could take more than three years for the Swiss foundation, which holds the funds, to purchase Dynamic Ledger Solutions and the projects source code. This time frame, revealed by Reuters, was not disclosed to investors despite being a highly material fact, the lawsuit alleges. Plaintiffs are asking for a refund as well as damages, according to the lawsuit. It also alleges organizers sold unregistered securities. As a result of Defendants fraud, false representations and violation of federal and state securities laws in connection with the Tezos ICO, Plaintiff and the Class Members state their demand that the Contract be rescinded and canceled, the lawsuit states. Other law firms have said they are considering litigation. Reporting by Anna Irrera and Steve Stecklow; Editing by Lauren Tara LaCapra and Cynthia Osterman'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-bitcoin-tezos/tezos-organizers-hit-with-second-lawsuit-over-cryptocurrency-fundraiser-idUSKBN1DF37L'|'2017-11-16T00:56:00.000+02:00'|8839.0|''|-1.0|'' 8840|'cfbe714dc06b5b22c4a6421711b5dba060889d95'|'General Electric wins $643 million U.S. defence contract - Pentagon'|'Reuters TV United States November 9, 2017 / 11:47 PM / Updated 16 minutes ago General Electric wins $643 million U.S. defense contract: Pentagon Reuters Staff 1 Min Read WASHINGTON (Reuters) - General Electric Co ( GE.N ) has been awarded a $643 million contract to provide F110-GE-129 aircraft engines and related equipment and services to Qatar, Saudi Arabia and Bahrain, the Pentagon said on Thursday. The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, on May 12, 2017. REUTERS/Daniel Becerril Work will be performed in Cincinnati, Ohio, with an expected completion date of Nov. 8, 2024, it said in a statement. Reporting by Eric Walsh; Editing by Eric Beech'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ge-pentagon/general-electric-wins-643-million-u-s-defense-contract-pentagon-idUKKBN1D93EV'|'2017-11-10T01:45:00.000+02:00'|8840.0|''|-1.0|'' @@ -8930,8 +8930,8 @@ 8928|'7c3fe4ff09569b7a45f5e89a54dbd69174a4c865'|'U.S. top court weighs protections for corporate whistleblowers'|'November 28, 2017 / 5:37 PM / in 25 minutes Supreme Court wary about widening whistleblower protections Andrew Chung 5 Conservative and liberal U.S. Supreme Court justices on Tuesday appeared reluctant to broaden protections for corporate insiders who blow the whistle on securities law violations or fraud by their companies. U.S. Supreme Court is seen in Washington, U.S., November 27, 2017. REUTERS/Yuri Gripas During an hour-long argument in the case, several justices signaled that they believed the 2010 Dodd-Frank Wall Street reform law at the center of the dispute does not protect those who report the violations only internally instead of to the U.S. Securities and Exchange Commission. The case involves Digital Realty Trust Incs ( DLR.N ) appeal of a lower court ruling in favor of a fired executive, Paul Somers, after he complained internally about alleged misconduct by his supervisor but never reported the matter to the SEC. The case will determine the scope of the shield against employer retaliation provided to whistleblowers under the Dodd-Frank law. A ruling by the nine justices favoring Digital Realty could deter individuals from reporting misconduct to management and potentially spare companies from certain whistleblower lawsuits. The San Francisco-based real estate investment trust company, which owns and develops data centers, said the Dodd-Frank law explicitly defined a whistleblower as someone who provides information to the SEC, and therefore does not cover Somers. Many of the justices questions on Tuesday indicated they agreed that the text of the law is clear, leaving little room for them to interpret it more expansively. Liberal Justice Elena Kagan said Congress probably did not mean to limit protections through the laws definition of whistleblower, but added, It says what it says. How much clearer could Congress have been? conservative Justice Neil Gorsuch asked. Liberal Justice Ruth Bader Ginsburg noted that the court normally follows statutory definitions unless it leads to an absurd result. SEC rules adopted in 2011 bar corporate employers from retaliating against whistleblowers who try to report allegations of securities law violations or fraud. They provide the SEC the power to offer monetary awards to whistleblowers whose tips lead to successful enforcement actions. Somers and President Donald Trumps administration argued that whistleblower protections must extend to those who speak up internally in order to encourage people to report misconduct without fear of being fired. SARBANES-OXLEY LAW Liberal Justice Stephen Breyer said people left unprotected by the Dodd-Frank law still would have whistleblower protection under another federal law called the Sarbanes-Oxley Act of 2002, but it offers a shorter time frame for filing a whistleblower lawsuit. Daniel Geyser, Somers attorney, said his client missed that deadline and added that not everyone whos not a lawyer is aware of all their whistleblower options under federal law. Geyser noted that the Dodd-Frank whistleblower provisions were needed because after the 2008 financial crisis, Congress recognized that Sarbanes-Oxley had been ineffective in getting lawyers and auditors and other employees to report internally. Somers, who worked from 2010 to 2014 as a portfolio-management vice president at Digital Realty, said he was fired because of allegations that he reported to senior management that his supervisor had eliminated some internal controls, hid major cost overruns and granted unsubstantiated payments to friends, according to court papers. He sued in 2014, saying he was protected from retaliation as a whistleblower under the Dodd-Frank law. A federal judge refused the companys bid to quash his claim, saying the law covered a wide array of disclosures by whistleblowers, not just those who report to the SEC. The San Francisco-based 9th U.S. Circuit Court of Appeals upheld the ruling in March, and Digital Realty appealed to the Supreme Court. The Trump administration in a brief said that Digital Realtys interpretation of the law would weaken internal corporate compliance programs and substantially diminish the retaliation prohibitions deterrent effect. A ruling is due by the end of June. Reporting by Andrew Chung; Editing by Will Dunham'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-court-sec/u-s-top-court-weighs-protections-for-corporate-whistleblowers-idUSKBN1DS2C0'|'2017-11-28T19:33:00.000+02:00'|8928.0|''|-1.0|'' 8929|'fac2ad0b324ae0c4f48dbf2042d2d153c29d6fe8'|'Springer Nature asks JP Morgan, Morgan Stanley to organize IPO: sources'|'FRANKFURT (Reuters) - SpringerNature, the publisher of science magazines Nature and Scientific American, has asked JP Morgan ( JPM.N ) and Morgan Stanley ( MS.N ) to organize its potential 4 billion euro ($4.8 billion) 2018 stock market listing, people close to the matter said.The SpringerNature joint venture is 53-percent owned by German publisher Holtzbrinck, with buyout group BC Partners holding the rest.Reporting by Arno Schuetze and Alexander HbnerEditing by Maria Sheahan '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-springer-nature-ipo/springer-nature-asks-jp-morgan-morgan-stanley-to-organize-ipo-sources-idINKBN1DR1R3'|'2017-11-27T11:39:00.000+02:00'|8929.0|''|-1.0|'' 8930|'8cf17a4c786be381cf0cee773d8152d0a389bff5'|'CEE MARKETS-Debt sales draw robust demand, Hungarian yields set record lows'|'* Demand heavy at auctions in Budapest, Prague, Warsaw * Long-term Hungarian bonds trade at record low yields * Central bank measures to curb yields weigh on forint (Recasts with debt auctions.) By Sandor Peto BUDAPEST, Nov 23 (Reuters) - Hungarian long-term government bonds traded at record low yields on Thursday after their first auction since the central bank announced measures to push yields lower. Debt auctions in Prague and Warsaw also drew robust demand. Hungary sold 3-, 5- and 10-year bonds worth 99 billion forints at its own auctions, 80 percent more than planned . The longer bonds were sold at record low yields, and secondary market trading settled at the same levels after the primary sale: the 5-year benchmark at 1.04 percent and the 10-year paper at 2.04 percent. The sale came two days after Hungary''s central bank, one of the most dovish in the world, announced that it would launch a big interest rate swap programme from January to push long-term yield lower, and also a mortgage note buying scheme. The comments helped drive Hungarian bond yields down after a steep decline since March. Some market participants expect the NBH''s loose policy to weaken the forint to one-year lows past 315 against the euro later this year. The strong bond sale helped the currency reverse an early weakening. At 1421 GMT, it traded at 312.62, a touch firmer from Wednesday. Polish bond yields, which are well above Hungarian levels also fell, after an auction in Warsaw. Following the auction, Polish 10-year debt traded at a yield of 3.33 percent, down 7 basis points. Analysts said demand got a boost from Wednesday''s Federal Reserve minutes, which suggested that U.S. interest rates may rise more slowly than expected. Demand at an auction of Czech 19-week Treasury bills also jumped, driven by banks trying to keep cash off their books at the end of the year, to reduce a charge they have to pay to a national resolution fund. The crown extended the gains reached in the past weeks as expectations grew that the Czech central bank would further raise interest rates. The currency set a 4 1/2-year high against the euro, trading at 25.431, up 0.2 percent. The leu eased, hovering near record lows. The Romanian government rejected all bids at a one-year Treasury bill auctions. Surging yields have caused several auctions to fail since October, along with a decline by leu amid corruption scandals and a rise in inflation. CEE MARKETS SNAPSH AT 1521 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 25.431 25.487 +0.22 6.20% 0 5 % Hungary 312.62 312.75 +0.04 -1.22% forint 00 00 % Polish zloty 4.2102 4.2051 -0.12% 4.60% Romanian leu 4.6530 4.6515 -0.03% -2.54% Croatian 7.5730 7.5775 +0.06 -0.24% kuna % Serbian 119.35 119.19 -0.13% 3.35% dinar 00 00 Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1045.2 1046.6 -0.13% +13.4 6 1 2% Budapest 39965. 40131. -0.41% +24.8 27 37 8% Warsaw 2512.9 2489.5 +0.94 +29.0 2 0 % 1% Bucharest 7784.1 7772.9 +0.14 +9.87 9 6 % % Ljubljana 781.69 786.11 -0.56% +8.93 % Zagreb 1860.3 1857.6 +0.14 -6.74% 0 5 % Belgrade 736.19 731.78 +0.60 +2.62 % % Sofia 667.71 669.38 -0.25% +13.8 6% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.473 0.093 +116b +8bps ps 5-year 1.024 0.141 +135b +14bp ps s 10-year 1.757 -0.025 +141b -2bps ps Poland 2-year 1.551 -0.004 +224b -1bps ps 5-year 2.565 -0.038 +289b -4bps ps 10-year 3.34 -0.049 +299b -5bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets/cee-markets-debt-sales-draw-robust-demand-hungarian-yields-set-record-lows-idINL8N1NT3RP'|'2017-11-23T12:11:00.000+02:00'|8930.0|''|-1.0|'' -8931|'8c9e184ec902a1173064a7dbda7c791518118705'|'Bitcoin blasts to new all-time high of $6,450'|'November 1, 2017 / 8:42 AM / Updated 2 hours ago Bitcoin blasts to new all-time high of $6,450 Reuters Staff 1 Min Read LONDON (Reuters) - Bitcoin climbed to a new all-time high of $6,450 on Wednesday, boosted by bets the cryptocurrency could enter the financial mainstream after the worlds largest derivatives exchange operator said on Tuesday it would launch bitcoin futures. A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. Picture taken October 26, 2017. REUTERS/Dado Ruvic CME Group Inc ( CME.O ) said it would provide a regulated trading venue for the cryptocurrency market and would launch the new derivatives in the fourth quarter of 2017. Bitcoin has had a bumper year with a more than sixfold increase in price, and has more than doubled in price since mid-September alone. It was up 0.3 percent on Wednesday on the Luxembourg-based Bitstamp exchange BTC=BTSP . Reporting by Jemima Kelly, Editing by Abhinav Ramnarayan'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-markets-bitcoin/bitcoin-blasts-to-new-all-time-high-of-6450-idUKKBN1D140H'|'2017-11-01T10:39:00.000+02:00'|8931.0|''|-1.0|'' -8932|'8e1e31fd6d24f3a5eeec5ed4b2c742f6501041cc'|'Scope for ''prudent but obvious'' recalibration of ECB policy - Hansson'|'November 15, 2017 / 8:39 AM / Updated 30 minutes ago Scope for ''prudent but obvious'' rejig of ECB policy - Hansson Helen Reid 2 Min Read LONDON (Reuters) - The better outlook for the euro zones economy justifies a shift in European Central Bank policies, and the central bank should not depend solely on asset purchases to implement its goals, policymaker Ardo Hansson said on Wednesday. FILE PHOTO - Estonian bank governor Ardo Hansson listens during a news conference following the Governing Council meeting in Tallinn, Estonia, June 8, 2017. REUTERS/Ints Kalnins With greater confidence in the outlook for the real economy there is some scope for a prudent but obvious recalibration of policies, Hansson said at a banking conference hosted by UBS. Hansson, who is Estonias ECB member and seen as one of its more hawkish ratesetters, added: The world looks better to us, noting the euro zone economy was enjoying strong growth. Thanks to this more supportive economic backdrop, the bank feels more and more confident that inflation will reach the desired levels in the bloc, he said. The ECBs array of monetary policy tools should not be limited to asset purchases, he emphasised. Monetary policy is not only about asset purchases. We cant make the stance of policy synonymous with one important but still limited part of the programme, he said. One of my colleagues always likes to say monetary policy is not a solo, its a quartet: you have the asset purchases, the accumulated stock of purchases, the reinvestment policy and forward guidance. Late last month the ECB laid out plans to cut its stimulus programme from the start of next year to 30 billion euros a month from 60 billion. That arrangement will run until September. Reporting by Helen Reid, Editing by Marc Jones/Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-ecb-hansson/scope-for-prudent-but-obvious-recalibration-of-ecb-policy-hansson-idUKKBN1DF118'|'2017-11-15T10:39:00.000+02:00'|8932.0|''|-1.0|'' +8931|'8c9e184ec902a1173064a7dbda7c791518118705'|'Bitcoin blasts to new all-time high of $6,450'|'November 1, 2017 / 8:42 AM / Updated 2 hours ago Bitcoin blasts to new all-time high of $6,450 Reuters Staff 1 Min Read LONDON (Reuters) - Bitcoin climbed to a new all-time high of $6,450 on Wednesday, boosted by bets the cryptocurrency could enter the financial mainstream after the worlds largest derivatives exchange operator said on Tuesday it would launch bitcoin futures. A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. Picture taken October 26, 2017. REUTERS/Dado Ruvic CME Group Inc ( CME.O ) said it would provide a regulated trading venue for the cryptocurrency market and would launch the new derivatives in the fourth quarter of 2017. Bitcoin has had a bumper year with a more than sixfold increase in price, and has more than doubled in price since mid-September alone. It was up 0.3 percent on Wednesday on the Luxembourg-based Bitstamp exchange BTC=BTSP . Reporting by Jemima Kelly, Editing by Abhinav Ramnarayan'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-markets-bitcoin/bitcoin-blasts-to-new-all-time-high-of-6450-idUKKBN1D140H'|'2017-11-01T10:39:00.000+02:00'|8931.0|7.0|0.0|'' +8932|'8e1e31fd6d24f3a5eeec5ed4b2c742f6501041cc'|'Scope for ''prudent but obvious'' recalibration of ECB policy - Hansson'|'November 15, 2017 / 8:39 AM / Updated 30 minutes ago Scope for ''prudent but obvious'' rejig of ECB policy - Hansson Helen Reid 2 Min Read LONDON (Reuters) - The better outlook for the euro zones economy justifies a shift in European Central Bank policies, and the central bank should not depend solely on asset purchases to implement its goals, policymaker Ardo Hansson said on Wednesday. FILE PHOTO - Estonian bank governor Ardo Hansson listens during a news conference following the Governing Council meeting in Tallinn, Estonia, June 8, 2017. REUTERS/Ints Kalnins With greater confidence in the outlook for the real economy there is some scope for a prudent but obvious recalibration of policies, Hansson said at a banking conference hosted by UBS. Hansson, who is Estonias ECB member and seen as one of its more hawkish ratesetters, added: The world looks better to us, noting the euro zone economy was enjoying strong growth. Thanks to this more supportive economic backdrop, the bank feels more and more confident that inflation will reach the desired levels in the bloc, he said. The ECBs array of monetary policy tools should not be limited to asset purchases, he emphasised. Monetary policy is not only about asset purchases. We cant make the stance of policy synonymous with one important but still limited part of the programme, he said. One of my colleagues always likes to say monetary policy is not a solo, its a quartet: you have the asset purchases, the accumulated stock of purchases, the reinvestment policy and forward guidance. Late last month the ECB laid out plans to cut its stimulus programme from the start of next year to 30 billion euros a month from 60 billion. That arrangement will run until September. Reporting by Helen Reid, Editing by Marc Jones/Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-ecb-hansson/scope-for-prudent-but-obvious-recalibration-of-ecb-policy-hansson-idUKKBN1DF118'|'2017-11-15T10:39:00.000+02:00'|8932.0|11.0|0.0|'' 8933|'ad1c7acd222f07cc0c28323cecceaa8b0e734a1b'|'AT&T armed for fight with U.S. on Time Warner deal - CEO'|'November 9, 2017 / 4:55 PM / Updated 16 minutes ago Trump''s CNN attacks may hobble legal case to block AT&T-Time Warner deal David Shepardson , Jan Wolfe 5 Min Read WASHINGTON/NEW YORK (Reuters) - U.S. President Donald Trumps broadsides against cable network CNN may complicate the U.S. governments legal case if it decides to block AT&Ts deal to buy media company Time Warner, according to legal experts. Trumps repeated claims that CNN produces fake news and other criticisms of the network could hurt legitimate legal arguments the Department of Justice may use to show the deal gives the company too much power over media rivals and is bad for consumers. His comments have soiled the process, said John Kwoka, an economics professor at Northeastern University. If I were AT&Ts lawyers I would certainly introduce them into the evidentiary record as meddling with what is really a law enforcement process. The fate of AT&T Incs ( T.N ) $85.4 billion deal to buy Time Warner Inc ( TWX.N ), hatched in October 2016, looks set to end up in court as the two sides have so far failed to agree on what conditions AT&T needs to meet in order to gain antitrust approval. Justice Department staff have recommended that AT&T sell either its DirecTV unit or Time Warner Incs ( TWX.N ) Turner Broadcasting unit, which includes news company CNN, a government official told Reuters on Thursday, on the grounds that a combined company would raise costs for rival entertainment distributors and stifle innovation. AT&T chief executive Randall Stephenson said on Thursday he would not sell CNN to win antitrust approval and would fight the government in court if the two sides could not reach an agreement. If we feel like litigation is a better outcome then we will litigate, Stephenson told the New York Times DealBook conference on Thursday. He said the company had been ready to go to court the day the deal was announced in October 2016. TRAVEL BAN COULD BE PRECEDENT The deal took on broader political significance soon after it was announced when Trump attacked it on the campaign trail last year, vowing that as president his Justice Department would block it. He has not commented on the transaction since taking office in January. FILE PHOTO: An AT&T logo and communication equipment is shown on a building in downtown Los Angeles, California October 29, 2014. REUTERS/Mike Blake/File Photo Trumps aggressive campaign comments have harmed legal arguments of his administration before. Earlier this year, an appeals court refused to reinstate a ban on travellers from a group of Muslim-majority nations on the grounds that it illegally targeted people of one religion. Explaining the decision, the chief judge cited a statement on Trumps campaign website calling for a total and complete shutdown of Muslims entering the United States. The U.S. Supreme Court later partially reinstated the travel ban. FILE PHOTO: The CNN building (L) in Dubai Media City Park March 17, 2016. REUTERS/Russell Boyce/File Photo OVER BY APRIL Stephenson has rejected the Justice Departments arguments against the deal, saying it was a classic vertical merger that removed no competitors from any market and denied the company would be too powerful. He said a combined AT&T and Time Warner would create a data and advertising company competing against the newest and most disruptive entrants into the media sector: Amazon.com Inc ( AMZN.O ), Facebook Inc ( FB.O ), Netflix Inc ( NFLX.O ) and Alphabet Incs ( GOOGL.O ) Google, not other wireless phone companies. Stephenson told the conference he has no reason to think Trump would be a factor in the deals approval and said he hoped the matter would be settled well before the April 22, 2018 deadline when parties can walk away from a deal. The head of the Justice Departments antitrust division, Makan Delrahim, said in a statement late on Thursday that he has never been instructed by the White House on the AT&T deal. AT&T told the Justice Department on Monday that it believed it had complied with all legal requirements for the deal to be cleared, a person briefed on the matter said. That sets a deadline for the government to sue if it wants to block the merger. Officials said that detail could be as early Nov. 27. Shares of Time Warner closed down 1.6 percent at $87.05. AT&T shares rose 1.6 percent to $34.00. Reporting by David Shepardson and Jan Wolfe; Additional reporting by Anjali Athavaley, Subrat Patnaik and Aishwarya Venugopal; Writing by Anna Driver; Editing by Bill Rigby and Chris Sanders'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-time-warner-m-a-at-t/u-s-worried-att-buying-time-warner-would-hike-costs-for-media-rivals-source-idUKKBN1D92HH'|'2017-11-09T23:48:00.000+02:00'|8933.0|''|-1.0|'' 8934|'4697d025f74196bb1e95a65e5c66254ee6121562'|'EU mergers and takeovers (Nov 30)'|' 36 PM / in 26 minutes EU mergers and takeovers (Nov 30) Reuters Staff 9 Min Read BRUSSELS, Nov 30 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS None NEW LISTINGS -- Private equity firm KKR and South Korean industrial company LS Mtron to jointly acquire South Korean car components maker LS Auto (notified Nov. 29/deadline Jan. 12/simplified) -- Asset management firm Aviva Investors, which is part of UK insurer Aviva, and French pension fund ERAFP to jointly acquire a shopping centre in Strasbourg, France (notified Nov. 28/deadline Jan. 11/simplified) EXTENSIONS AND OTHER CHANGES FIRST-STAGE REVIEWS BY DEADLINE DEC 4 -- Austrian energy and petrol station company OMV to acquire 40 percent of electric car charging company Smatrics which is owned by hydropower company Verbund and Germanys Siemens (notified Oct. 26/deadline Dec. 4/simplified) DEC 5 -- Chinas COSCO Shipping to acquire Hong Kongs Orient Overseas International Ltd (OOIL) (notified Oct. 27/deadline Dec. 5) -- French car rental company Europcar to acquire Spanish peer Goldcar (notified Oct. 27/deadline Dec. 5) DEC 6 -- Czech state-controlled special purpose vehicle Prisko to acquire Czech coal producer OKD Nastupnicka (notified Oct. 30/deadline Dec. 6) DEC 7 -- German carrier Lufthansa to acquire some Air Berlin assets (notified Oct. 31/deadline Dec. 7) DEC 8 -- French insurer Axa and specialist fund Pradera to jointly acquire two Italian properties (notified Nov. 11/deadline Dec. 8/simplified) -- German air maintenance services provider Lufthansa Technik and and sensor maker Pepperl + Fuchs to set up a joint venture (notified Nov. 3/deadline Dec. 8/simplified) DEC 12 -- Private equity firm the Carlyle Group to acquire British delivery company and convenience store operator Palmer & Harvey McLane (notified Nov. 7/deadline Dec. 12/simplified) -- British budget carrier easyJet to acquire parts of German airline Air Berlin (notified Nov. 7/deadline Dec. 12) DEC 13 -- French bank Credit Agricoles Italian unit Cariparma to acquire at least 95 percent of three Italian savings banks Caricesena, Carim and Carismi (notified Nov. 8/deadline Dec. 13/simplified) DEC 15 -- German energy group Innogy and European Energy Exchange (EEX) to set up a joint venture (notified Nov. 10/deadline Dec. 15/simplified) DEC 18 -- French property developer Fonciere des Regions and Marriott International to acquire joint control of Le Meridien Hotel in Nice (notified Nov. 13/deadline Dec. 18/simplified) -- German glasswear company Carl Zeiss and Deutsche Telekom to develop smart glasses (notified Nov. 13/deadline Dec. 18/simplified) -- Japanese engineering company Chiyoda Corp which is a subsidiary of Japans Mitsubishi Corp, Portugals Energias de Portugal, energy company Trustwind, which is a unit of a joint venture between Frances Engie and Marubeni Corp, Japanese conglomerate Mitsubishi, and Spanish energy company Repsol to set up a joint venture (notified Nov. 13/deadline Dec. 18/simplified) -- Australian investment bank MacQuarie and German storage services provider Oiltanking to acquire joint control of petrochemical storage operator Oiltanking Odfjell terminal Singapore (notified Nov. 13/deadline Dec. 18/simplified) DEC 19 -- German car parts supplier ZF subsidiary Zukunft Venture, German bicycle parts maker Gustav Magenwirth, German brakes maker Brake Force One and vehicle driving systems maker Unicorn Energy to set up a joint venture (notified Nov. 14/deadline Dec. 19/simplified) DEC 20 -- South African chemicals company Tronox to acquire the titanium dioxide business of Cristal, a subsidiary of Saudi Arabias Tasnee (notified Nov. 15/deadline Dec. 20) -- Frances Engie, Omnes Capital and Predica Prevoyance to jointly acquire several wind farms (notified Nov. 15/deadline Dec. 20/simplified) DEC 21 -- French aerospace group Safran to acquire French seats maker Zodiac Aerospace (notified Nov. 16/deadline Dec. 21) -- French bank Societe Generale and BNP Paribas to jointly acquire French property developer Powerhouse France (notified Nov. 16/deadline Dec. 21/simplified) -- Private equity firm CVC to acquire Israeli drugmaker Teva Pharmaceutical Industries womens health business (notified Nov. 16/deadline Dec. 21) DEC 22 -- Hong Kong conglomerate CK Hutchisons container terminal operator Hutchison Ports Netherlands B.V. and Dutch stevedoring services provider TMA Holding to acquire joint control of Dutch logistics company TMA Logistics (notified Nov. 17/deadline Dec. 22/simplified) -- Private equity firms CVC and Providence to acquire joint control of security services provider Skybox (notified Nov. 17/deadline Dec. 22/simplified) -- Private eqyity firm BC Partners to acquire German ceramics maker CeramTec Holding GmbH (notified Nov. 17/deadline Dec. 22/simplified) -- Private equity firm Blackstone to acquire Portuguese bank Banco Populars real estate business (notified Nov. 17/deadline Dec. 22/simplified) -- French petroleum product storage and distribution group Rubis Group and Phillips 66 to acquire joint control of Zeller & Cie (notified Nov. 17/deadline Dec. 22) -- German investment group Porsche Digital GmbH, which is a subsidiary of German carmaker Volkswagen, and German publisher Axel Springer to set up a joint venture (notified Nov. 17/deadline Dec. 22/simplified) JAN 4 -- Private equity firm EQT Fund Management to acquire German energy company G+E Getec Holding (notified Nov. 21/deadline Jan. 4/simplified) -- Spanish energy company Compana Espanola de Petroleos, S.A.U. (CEPSA), which is controlled by Abu Dhabi state fund Mubadala Investment Co, to acquire control of Spanish gas company CEPSA Gas Comercializadora (notified Nov. 21/deadline Jan. 4/simplified) JAN 5 -- U.S. private equity firm Bain Capital to acquire Japanese conglomerate Toshiba Corps chip unit (notified Nov. 22/deadline Jan. 5/simplified) JAN 8 -- WME Entertainment Parent, which is controlled by private equity firm Silver Lake Group, and Perform Group Ltd, which is a unit of Access Industries Ltd, to set up a joint venture in South America (notified Nov. 23/deadline Jan. 8/simplified) -- French energy company Engie to acquire indirect sole control of British energy trader IPM Energy Trading and UK natural gas shipping services provider International Power Fuel Co (notified Nov. 23/deadline Jan. 8/simplified) -- Fund management firm Varde to acquire French vehicle leasing firm Fraikin (notified Nov. 23/deadline Jan. 8/simplified) -- Japanese electronics parts maker Kyocera to acquire Japanese diecasting maker Ryobis power tool business (notified Nov. 23/deadline Jan. 8/simplified) JAN 9 -- Comsa Concesionanes S.L., Mirova Core Infrastructure and Dutch fund manager PGGM Infrastructure Funds to acquire joint control of Cedinsa Concessionaria (notified Nov. 24/deadline Jan. 9/simplified) JAN 10 -- Chinese pork supplier WH Group subsidiary and U.S. meat producer Smithfield to acquire Polish meat company Pini Polonia (notified Nov. 27/deadline Jan. 10) -- Canada Pension Plan Investment Board, German insurer Allianz and Spanish utility Gas Natural to acquire joint control of Gas Naturals natural gas distribution business in Spain Gas Natural Fenosa Generacion Nuclear (notified Nov. 27/deadline Jan. 10/simplified) -- UK private equity firm TDR Capital to acquire French restaurant franchise operator Rossini Holding (notified Nov. 27/deadline Jan. 10/simplified) MARCH 5 -- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline March 5) MARCH 8 -- Italian eyewear maker Luxottica and French lens manufacturer Essilor to merge (notified Aug. 22/deadline March 8) MARCH 15 -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline March 15) MARCH 19 -- U.S. specialty material company Celanese and private equity firm Blackstone to combine their cellulose acetate tow units under a new joint venture (notified Sept. 9/deadline extended to March 19 from March 5) MARCH 23 -- Luxembourg-based steelmaker ArcelorMittal to acquire Italian steel plant (notified Sept. 21/deadline extended to March 23 from Nov. 13 after ArcelorMittal offered concessions) GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a companys proposed remedies or an EU member states request to handle the case. Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days. SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/eu-ma/eu-mergers-and-takeovers-idUSL8N1O055D'|'2017-11-30T16:35:00.000+02:00'|8934.0|''|-1.0|'' 8935|'a5e4aafa14c30d94a2e03e1ec7fd6d740b3c2d98'|'European shares dip, earnings dent sentiment'|'(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets)LONDON, Nov 21 (Reuters) - European shares opened lower on Tuesday as a flow of trading updates and corporate news dented sentiment despite continued faith in the underlying strength of the European economy and a synchronised global expansion.The STOXX 600 benchmark was down 0.3 percent by 0820 GMT with most European bourses and sectors trading in negative territory.Germanys DAX was just 0.2 percent lower after Chancellor Angela Merkel said she would prefer a new election to minority rule, following the failure of overnight talks on forming a three-way coalition.Aggreko, the worlds largest listed temporary power provider, was the worst performer, losing 9.7 percent after a trading update that got investors worried about 2018 prospects when it said its pipeline was taking longer to convert.Other UK corporates also suffered after publishing their results, such as Melrose, down 7.1 percent, Johnson Matthey, which fell 4 percent, as well as Intertek and Compass, which retreated 2.6 percent and 3.3 percent respectively.EasyJet was the top performer with a 4.6 percent rise as it said it was benefiting from the collapse of rivals and from problems at Ryanair. (Reporting by Julien Ponthus, Editing by Kit Rees and Georgina Prodhan) '|'reuters.com'|'https://in.reuters.com/finance'|'https://in.reuters.com/article/europe-stocks/european-shares-dip-earnings-dent-sentiment-idINL8N1NR1JU'|'2017-11-21T05:41:00.000+02:00'|8935.0|''|-1.0|'' @@ -8965,7 +8965,7 @@ 8963|'afbbf341d277bfb83cf7d595c578d62b24abd057'|'ADNOC''s distribution unit could raise as much as $2 billion in IPO'|'ABU DHABI (Reuters) - Abu Dhabi National Oil Cos (ADNOC) unit set an indicative price range for its initial public offering (IPO) that could raise as much as $2 billion to become the biggest listing in the United Arab Emirates (UAE) since 2007.ADNOC Distribution set an indicative price range of between 2.35 dirham ($0.6400) and 2.95 dirhams, it said in a statement on Sunday.ADNOC is selling a minimum of 10 percent, or 1.25 billion shares, and a maximum of 20 percent, or 2.5 billion shares, in the IPO of its unit.At the top of the price range, the deal could be valued at 7.375 billion dirhams ($2.01 billion), assuming it sells a maximum 20 percent.That would make it the biggest IPO in the UAE since 2007 when DP World ( DPW.DI ) raised nearly $5 billion, according to Thomson Reuters data.The planned listing comes as Abu Dhabi is pushing its state companies to float on the bourse, hoping to lure foreign investors with privatizations after a fall in oil prices since mid-2014 depleted its coffers.The units total market value could be between $8 billion to $10 billion.Analysts had earlier valued the total fuel distribution unit at between $11 billion and $14 billion in reports prepared by banks advising the firm on the planned listing, sources had told Reuters earlier.The company valuation implies a 2018 dividend yield of 6 percent to 7.5 percent and a 2019 dividend yield of 4 percent to 5 percent.ADNOCs CEO Sultan al-Jaber said in the statement that the IPOs price range was compelling and it was an attractive dividend prospect. Investors are getting a unique opportunity to invest in the UAEs number one fuel retail brand, he said.Under his leadership, ADNOC has embarked on a major shake-up plan to privatize its services businesses, venture into oil trading and expand partnerships with strategic investors. .ADNOC Distribution is the leading fuel distributor in the UAE, with a market share of around 67 percent in the country by number of retail fuel service stations.Abu Dhabis national oil company earlier this month unveiled details of ADNOC Distributions listing, as Gulf states step up plans to privatize energy assets in an era of cheap oil.Saudi Arabia plans to list 5 percent of Aramco [IPO-ARMO.SE] by the end of next year, which Saudi officials say could raise $100 billion, making it the worlds biggest IPO.Citigroup ( C.N ), First Abu Dhabi Bank FAB.AD, HSBC ( HSBA.L ) and Bank of America Merrill Lynch ( BAC.N ) are joint global coordinators for the ADNOC units offer and bookrunners alongside EFG Hermes ( HRHO.CA ), Goldman Sachs ( GS.N ) and Morgan Stanley ( MS.N ). Rothschild is the sole financial adviser.Writing by Saeed Azhar; Editing by Muralikumar Anantharaman '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-adnoc-ipo/adnocs-distribution-unit-could-raise-as-much-as-2-billion-in-ipo-idINKBN1DQ042'|'2017-11-26T01:57:00.000+02:00'|8963.0|''|-1.0|'' 8964|'a0a3e421a86bbcb898502d4e066f80a68d392301'|'Moody''s upgrade boosts already growing confidence in Indian debt'|'SINGAPORE/MUMBAI (Reuters) - Indias sovereign rating upgrade by Moodys is a shot in the arm for Indian companies looking to raise funds in offshore bond markets.FILE PHOTO: An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo Driven by more attractive rates and relatively strong economic fundamentals among emerging markets, offshore dollar borrowing by Indian companies has already risen 32 percent from the start of 2017 to $8.81 billion, according to Reuters data.The rating agencys decision on Friday to raise Indias credit assessment for the first time in nearly 14 years to a notch higher than its rivals was perfect timing for billionaire Mukesh Ambanis Reliance Industries, which announced plans to raise $800 million offshore just days before.The upgrade to Baa2 from Baa3 lifted Indian stocks, bonds and currency and helped Reliance price its notes at 130 basis points (bps) over U.S. Treasuries on Tuesday, the tightest ever spread for an Indian issue.Other companies are assessing if the narrowing in Indian bonds yields over U.S. Treasuries will last with a view to raising fresh funds, say bankers and corporate finance heads.Markets have received the upgrade well, said Jujhar Singh, managing director and head of capital markets, South Asia at Standard Chartered Bank.This should give further confidence to Indian corporates to raise dollar funds through the international bond markets at the tightest ever spread in the last 10 years, he said.Foreign investment in Indias domestic corporate debt has reached its ceiling under central bank-mandated limits, forcing those investors who want exposure to India to buy offshore. This had helped tighten spreads even before the upgrade.State Bank of India 2024 bonds have come in to 120 bps over U.S. Treasuries from 126 bps over just before the Moodys upgrade and 147 bps over in early 2017.Seshagiri Rao, joint managing director of Indias JSW Group, a steel-to-energy company, said the ratings upgrade could help JSW potentially save over $1 million annually on its borrowings.Mahindra Group, which operates multiple businesses from autos to information technology, might tap offshore markets too, said finance head V.S. Parthasarathy, adding a small one step upgrade by Moodys is a big step up for Indias confidence.ATTRACTIVE PRICING Companies, including quasi-sovereign issuers that had already begun work on raising funds offshore, such as Indian Railways Finance Corp and Power Finance Corp, are now speeding up the process, bankers said.State-controlled Hindustan Petroleum, might explore raising funds offshore next year, Chairman M.K. Surana said.Some institutional investors who are required to invest in investment-grade bonds might not have been willing to buy India dollar bonds in the past as the Baa3 credit rating did not give them psychological comfort margin in case of a downgrade, said Ken Hu, a senior investment officer at Invesco.The prior Baa3 rating was the lowest investment-grade level.Lower-rated issuers could also benefit with some bankers estimating their borrowing costs could fall as much as 15 basis points in offshore dollar markets.Still, Moodys upgrade may not be enough to please all debt investors.Indias a good credit to have on the books for foreign investors, said a senior investment banker, who declined to be named as he is not authorised to speak to media. However, much bigger traction among investors will happen only if at least one more rating agency upgrades India.Reporting by Suvashree Choudhury and Krishna Merchant of IFR: Additional reporting by Nidhi Verma, Krishna Das and Neha Dasgupta in New Delhi, and Euan Rocha in Mumbai: writing by Suvashree Dey Choudhury; Editing by Neil Fullick '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-ratings-companies/moodys-upgrade-boosts-already-growing-confidence-in-indian-debt-idINKBN1DL1QR'|'2017-11-21T16:54:00.000+02:00'|8964.0|''|-1.0|'' 8965|'1298fe0e341664370e543cdf6d0f7a7b6b621e30'|'BOJ''s Kuroda expects to hit inflation goal in fiscal 2019'|'November 13, 2017 / 7:34 PM / in an hour BOJ''s Kuroda expects to hit inflation goal in fiscal 2019 Reuters Staff 1 Min Read ZURICH (Reuters) - Bank of Japan Governor Haruhiko Kuroda expects to achieve the central banks long term inflation target of 2 percent by fiscal year 2019, he told an event in Zurich on Monday. Bank of Japan Governor Haruhiko Kuroda listens to questions from the audience after his speech at the University of Zurich in Zurich, Switzerland November 13, 2017. REUTERS/Arnd Wiegmann The BOJ was making good progress tackling low inflation until oil prices slumped from 110 dollars per barrel to less than 30 dollar per barrel in 2014, dragging down prices in Japan, which imports all of its oil. The inflation situation has slightly improved, and now unless another price shock or something happens, we expect inflation rate to reach around 2 percent in fiscal 2019, he told an event at Zurich University. The Japanese government which has built up a debt to GDP ratio of more than 200 percent also needed to reduce its debts over the next decade, he said. The current level is simply unsustainable, Kuroda said. Reporting by John Revill; Editing by Balazs Koranyi '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/swiss-kuroda-target/bojs-kuroda-expects-to-hit-inflation-goal-in-fiscal-2019-idINKBN1DD2DR'|'2017-11-13T21:30:00.000+02:00'|8965.0|''|-1.0|'' -8966|'9cd07f21f5c229679f41642cf08ad281ffb12c50'|'Acacia Mining chief executive and financial head quit'|'November 2, 2017 / 7:33 AM / in 24 minutes Acacia Mining chief executive and financial head quit Reuters Staff 1 Min Read LONDON (Reuters) - Acacia Mining ( ACAA.L ) said on Thursday its chief executive and chief financial officers had resigned and appointed temporary replacements in the midst of negotiations to end a long running dispute with the Tanzanian government. Acacia chairman Kevin Dushnisky said the company would fully support its management team while seeking a resolution to the dispute in Tanzania. Reporting by Zandi Shabalala; Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-acaciamining-moves/acacia-mining-chief-executive-and-financial-head-quit-idUKKBN1D20P3'|'2017-11-02T09:33:00.000+02:00'|8966.0|''|-1.0|'' +8966|'9cd07f21f5c229679f41642cf08ad281ffb12c50'|'Acacia Mining chief executive and financial head quit'|'November 2, 2017 / 7:33 AM / in 24 minutes Acacia Mining chief executive and financial head quit Reuters Staff 1 Min Read LONDON (Reuters) - Acacia Mining ( ACAA.L ) said on Thursday its chief executive and chief financial officers had resigned and appointed temporary replacements in the midst of negotiations to end a long running dispute with the Tanzanian government. Acacia chairman Kevin Dushnisky said the company would fully support its management team while seeking a resolution to the dispute in Tanzania. Reporting by Zandi Shabalala; Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-acaciamining-moves/acacia-mining-chief-executive-and-financial-head-quit-idUKKBN1D20P3'|'2017-11-02T09:33:00.000+02:00'|8966.0|11.0|0.0|'' 8967|'edc5fe73586f2f715debe306e532eb5e87cde791'|'Fed nominee Powell, once hawkish, now champions Yellen''s focus on jobs'|' 12 AM / in 9 minutes Fed nominee Powell, once hawkish, now champions Yellen''s focus on jobs Howard Schneider , Ann Saphir 6 Min Read WASHINGTON/SAN FRANCISCO (Reuters) - As a nominee to lead the Fed, veteran governor Jerome Powell sides with the outgoing chair Janet Yellen in arguing that the Feds easy money policy has paid off by bringing millions back to work without any clear sign it has thrown markets off kilter. FILE PHOTO: Jerome Powell, U.S. President Donald Trump''s nominee to become chairman of the U.S. Federal Reserve at the announcement event in the Rose Garden of the White House in Washington, U.S. on November 2, 2017. REUTERS/Carlos Barria/File Photo In remarks released ahead of his hearing by the Senate Banking Committee which is due on Tuesday, Powell said the Fed needed the capacity to respond decisively and with appropriate force to new threats to the economy. In the past, however, Powell has been more cautious about the risks posed by such an expansive approach. In his first months at the Fed, Powell was among those who pressured then chair Ben Bernanke for more clarity on when the central bank would start scaling back its bond buying. When Bernanke made those plans public it triggered a taper tantrum spike in market interest rates in the summer of 2013, forcing Bernanke, Powell and others to do damage control. As Powell, 64, now prepares to lead the Fed himself, former colleagues, associates and former Fed staff say the key unanswered question is whether his evolution - from a former investment banker wary of an expanding Fed to a supporter of Yellens jobs-first approach - represents a change of heart, or rather the outgoing chairs imprint on the current debate. Powell will inherit a strong economy, low inflation and a clear near-term policy path set by Yellen. What is not clear is how he would respond to another recessionary shock, Minneapolis Fed President Narayana Kocherlakota, who himself transitioned from a policy hawk to dove while in office, told Reuters. Would Powell be willing to be as aggressive as Yellen? Kocherlakota asked. Powell will come under particular scrutiny as the first non-economist to run the Fed since William Miller in the 1970s, who was at odds with markets and his colleagues over his reluctance to raise rates to fight high inflation. Globally, it is the norm that top central bankers hold advanced economics degrees or rise through the ranks of the central bank or national finance ministry. Powell, a lawyer by training, served three years at the Treasury in the early 1990s, but spent most of his career in investment banking and private equity. Still, even well-known economists have surprised once in the top job. A review of tenures of Arthur Burns, Alan Greenspan and Ben Bernanke by economists Alexander Salter and Daniel Smith showed all three implemented policies they opposed before taking office. Prior to serving as Fed chairman, each favoured a degree of monetary restraint, acknowledging the past errors of the Fed, Salter and Smith wrote. But during their tenure at the Fed, these economists views switch to promoting monetary activism, they said. They said they focused on the three because their extensive writings allowed such comparisons. ONE EYE ON TRUMP While there is no immediate policy challenge for Powell to tackle, the Fed is trying to get a handle on the U.S. economys ability to grow without stoking inflation, and whether low long-term bond yields signal investors are losing faith in the recovery. President Donald Trumps tax and spending plans could also present a risk if they spurred higher inflation. Any Fed policy tightening in response could mean a clash with Trump, who picked Powell, initially considered a long-shot for the job, out of a group of five finalists that included Yellen. There is also a risk that one of the longest U.S. recoveries could fizzle during Powells four-year term. David Stockton, the former head of research at the Fed, said that Powell will do well by continuing Yellens policies if the economy stays on its current course. Too little is known, though, about Powells capacity to diagnose and respond to crises, he said. Powell became a Fed governor in 2012 when the recovery was taking hold and the debate centred on how to end the Feds crisis response programs and raise interest rates for the first time in nearly a decade. He has expressed in the past greater concern about the side effects of low interest rates and quantitative easing, Stockton said. Does that mean he will be more reluctant to move quickly, and what will the consequences be? After the taper tantrum, Powell appeared to side with the hawks again in the summer of 2015, when he argued two rate rises might be needed that year. That initial view overlooked how a meltdown in the Chinese stock market would dim the global economic outlook. He later backtracked and the Fed eventually moved only once that year, raising rates in December. Over time, Powells speeches have come to emphasise how the long spell of loose U.S. policy has given workers time to recover - the argument that has defined Yellens term as chair. Those who have worked with Powell say it reveals a key skill needed to lead the Fed. You need to know what you dont know. And you need to be willing to listen when you dont know something, said Karen Dynan, who as an assistant Treasury Secretary in Barack Obamas second administration would regularly meet Fed governors. Reporting by Howard Schneider and Ann Saphir; Editing by David Chance and Tomasz Janowski'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-fed-powell/fed-nominee-powell-once-hawkish-now-champions-yellens-focus-on-jobs-idUKKBN1DS0G8'|'2017-11-28T08:12:00.000+02:00'|8967.0|''|-1.0|'' 8968|'c986a6795469acf1f89454e0b4dd7a2e8b6090b1'|'Demand for modem, IoT chips helps Qualcomm top estimates'|'(Reuters) - Qualcomm Incs ( QCOM.O ) fourth-quarter profit and revenue beat market expectations as strength in its smartphone chips business was complemented by demand for chips used in automobiles and for the Internet of Things (IoT).FILE PHOTO - The Qualcomm logo is seen on one of its buildings in San Diego, California, U.S., November 2, 2016. REUTERS/Mike Blake/File Photo Qualcomm, which has been fighting a legal battle on many fronts with Apple Inc ( AAPL.O ), said revenue from areas other than smartphones was more than $3 billion in its latest fiscal year, up more than 25 percent from last year.Revenue from Qualcomms chip unit, which supplies both Android smartphone makers and Apple, rose 13 percent in the latest quarter. Licensing revenue, which includes royalties mostly from Apple, sank 36 percent.Reuters reported earlier this week that Apple would drop the Qualcomms chips altogether from its iPhones and iPads from next year, the latest salvo in a longstanding dispute between the two companies.Apple sued Qualcomm in January, accusing it of overcharging for chips and of refusing to pay some $1 billion in promised rebates. Qualcomm also sued some Apple contract manufacturers in April over royalty payments and is trying to ban the sale of iPhones in China.We really try to compartmentalise our engagement with Apple ... (and) we do have a lot of engagement with the company and we do speak in our engage on a daily basis with them across multiple areas, Chief Executive Steve Mollenkopf told analysts on a conference call.Qualcomm continues to exclude from its forecast revenue related to the sale of Apple products by the iPhone makers contract manufacturers as well as the another licensee in dispute.It forecast current-quarter revenue of $5.5 billion to $6.3 billion and adjusted earnings of 88 cents to 95 cents per share.Analysts were expecting revenue of $5.90 billion and a profit of 90 cents per share, per Thomson Reuters I/B/E/S.While Qualcomm and Apple would be better off with each other, Qualcomm will do just fine even if thats not the case, Moor Insights & Strategy analyst Patrick Moorhead said.Qualcomm also reported better-than expected profit and sales for the fourth quarter, despite earnings tumbling nearly 90 percent due to a $778 million charge related to a fine imposed by the Taiwan Fair Trade Commission for anti-trust violations.The company'' adjusted earnings of 92 cents per share beat estimates of 81 cents. Revenue fell 4.5 percent to $5.91 billion, but topped estimates of $5.80 billion. ( bit.ly/2z5MwMB )Its shares were marginally higher in after-hours trading.Reporting by Sonam Rai Savio D''Souza '|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/qualcomm-results/demand-for-modem-iot-chips-helps-qualcomm-top-estimates-idINKBN1D166N'|'2017-11-01T20:19:00.000+02:00'|8968.0|''|-1.0|'' 8969|'017c09b93530ad7a7c9b1b4d1f81f5618cc04aad'|'PRESS DIGEST- Financial Times - Nov 28'|'Nov 28 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines* EasyJet reveals 45 pct gender pay gap on.ft.com/2zv1w3z* British Airways owner IAG buys Gatwick slots from collapsed Monarch on.ft.com/2zxyXTn* Unilever to delay picking UK or Netherlands for sole base on.ft.com/2zxzRzf* David Davis heading for row over Brexit sectoral papers on.ft.com/2zxA85fOverview- easyJet Plc, whose outgoing chief executive Dame Carolyn McCall will take over at ITV in January, reported that there was a 45.5 per cent median pay gap between its male and female employees.- British Airways parent International Consolidated Airlines is buying 20 take-off and landing slots from collapsed carrier Monarch Airlines.- The board of Unilever board delaying a decision on whether to choose the UK or the Netherlands for its headquarters. Unilever was likely to abandon its dual structure in favour of a single legal corporation.- UK Brexit secretary David Davis is facing criticism from MPs over claims that his department redacted key information from Brexit analysis papers that were handed over to parliament on Monday.Compiled by Bengaluru newsroom; Editing by Peter CooneyOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-press-ft/press-digest-financial-times-nov-28-idUSL3N1NY19R'|'2017-11-28T03:37:00.000+02:00'|8969.0|''|-1.0|'' @@ -8979,10 +8979,10 @@ 8977|'ebe423e2817d813007ec334eedacbda66d236684'|'Oceanwide, Genworth extend deal deadline to April'|'WASHINGTON (Reuters) - Chinas Oceanwide Holdings Co Ltd ( 000046.SZ ) and U.S. insurer Genworth Financial Inc ( GNW.N ) have agreed to extend a deadline for their merger agreement to April 1, 2018.The previous deadline had been Thursday.Genworth Chief Executive Tom McInerney said in a statement the companies were making good progress in hammering out a remedy that would make the proposed merger allowable under rules that prevent the sale of U.S. companies to foreign entities if it would hurt national security.We expect to refile our joint voluntary notice with the Committee on Foreign Investment in the United Stated (CFIUS) in the near term, said McInerney.Reporting by Diane Bartz; Editing by Richard Chang '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-genworth-fincl-m-a-oceanwide-hldg/oceanwide-genworth-extend-deal-deadline-to-april-idINKBN1DT3CN'|'2017-11-29T19:02:00.000+02:00'|8977.0|''|-1.0|'' 8978|'7d4e7a86ee9ab1c6f63165cd270924fedbbac19b'|'Belgium''s Bpost finalizes purchase of U.S. e-commerce firm Radial'|'BRUSSELS (Reuters) - Bpost ( BPOST.BR ), Belgiums national postal deliverer, said on Thursday it had finalised the purchase of U.S.-based e-commerce service provider Radial [EBAYG.UL].Bpost said it had received all the necessary approvals from competition authorities and that the acquisition would also bring know-how in e-commerce services, including payment, tax and fraud protection and custom care for brands and retailers.In finalizing this acquisition, Bpost takes a great leap forward in becoming a leading player in the e-commerce logistics business in the Benelux, Europe, North America and throughout the world, the company said in a statement.Reporting by Alissa de Carbonnel @AdeCar, editing by David Evans '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-radialcommerce-m-a-bpost/belgiums-bpost-finalizes-purchase-of-u-s-e-commerce-firm-radial-idINKBN1DG315'|'2017-11-16T18:09:00.000+02:00'|8978.0|''|-1.0|'' 8979|'cacc22ea7b212a395b394cfd4800284024b6e7bd'|'Apple says no operations were moved from Ireland'|'November 6, 2017 / 10:22 PM / in 7 hours Apple says no operations were moved from Ireland (Reuters) - Apple Inc ( AAPL.O ) said none of its operations were moved from Ireland and that changes made to its corporate structure in 2015 were specially designed to preserve tax payments to the United States, and not to reduce taxes anywhere else. FILE PHOTO - A 3D printed Apple logo is seen in front of a displayed Irish flag in this illustration taken September 2, 2016. REUTERS/Dado Ruvic/Illustration/File Photo The statement on Monday from Apple comes following criticism of its tax affairs after reports based on the Paradise Papers showed that the iPhone maker shifted key parts of its business to Jersey as an offshore tax haven in a move to maintain a low tax rate. The Paradise Papers are a trove of financial documents leaked mostly from Appleby, a prominent offshore law firm. The documents were obtained by Germanys Sueddeutsche Zeitung newspaper and shared with the International Consortium of Investigative Journalists (ICIJ) and some media outlets. Reuters has not independently verified them. Appleby was not immediately available for comment. Apple said it pays billions of dollars in taxes to the United States at the statutory 35 percent rate on investment income from its overseas cash. ( apple.co/2AohvBE ) Last month, Apple responded to questions from the ICIJ and others revealing that when Ireland changed its tax laws in 2015, the company complied by changing the residency of its Irish subsidiaries and informed Ireland, the European Commission and the United States. The changes made did not reduce its tax payments in any country, according to the company. Apple is the largest taxpayer in the world, paying over $35 billion (26.61 billion pounds) in corporate income taxes in the last three years, according to the statement. Tax reduction strategies have been employed for decades by companies including Microsoft Corp ( MSFT.O ) and Amazon.com Inc ( AMZN.O ). Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D''Souza and Shounak Dasgupta'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-apple-tax-paradise-papers/apple-says-no-operations-were-moved-from-ireland-idUKKBN1D62UM'|'2017-11-07T00:21:00.000+02:00'|8979.0|''|-1.0|'' -8980|'bf8e763b54816499a912e1ef5ae3ce4592bf9778'|'Bitcoin skyrockets above $7,000 for first time ever'|'LONDON (Reuters) - Digital currency bitcoin rocketed above $7,000 for the first time ever on Thursday, after a more than sevenfold increase in its value since the start of the year.A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. Picture taken October 26, 2017. REUTERS/Dado Ruvic Bitcoin has seen eye-watering gains in recent months and has more than doubled in value in the past seven weeks alone. It hit as high as $7,066.44 on the Luxembourg-based Bitstamp exchange on Thursday.The latest rally was driven by news earlier this week that the worlds largest derivatives exchange operator CME Group is to launch bitcoin futures.The price move takes bitcoins aggregate value, or market cap -- its price multiplied by the number of bitcoins released into circulation -- to more than $117 billion, according to industry website Coinmarketcap.The aggregate value of all cryptocurrencies is now at a record high of over $190 billion, the website said.Reporting by Jemima Kelly, Editing by Abhinav Ramnarayan; CATEGORY-BUSINESS '|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/newsloop-global-markets-bitcoin/bitcoin-skyrockets-above-7000-for-first-time-ever-idINKBN1D217M'|'2017-11-02T07:25:00.000+02:00'|8980.0|''|-1.0|'' +8980|'bf8e763b54816499a912e1ef5ae3ce4592bf9778'|'Bitcoin skyrockets above $7,000 for first time ever'|'LONDON (Reuters) - Digital currency bitcoin rocketed above $7,000 for the first time ever on Thursday, after a more than sevenfold increase in its value since the start of the year.A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. Picture taken October 26, 2017. REUTERS/Dado Ruvic Bitcoin has seen eye-watering gains in recent months and has more than doubled in value in the past seven weeks alone. It hit as high as $7,066.44 on the Luxembourg-based Bitstamp exchange on Thursday.The latest rally was driven by news earlier this week that the worlds largest derivatives exchange operator CME Group is to launch bitcoin futures.The price move takes bitcoins aggregate value, or market cap -- its price multiplied by the number of bitcoins released into circulation -- to more than $117 billion, according to industry website Coinmarketcap.The aggregate value of all cryptocurrencies is now at a record high of over $190 billion, the website said.Reporting by Jemima Kelly, Editing by Abhinav Ramnarayan; CATEGORY-BUSINESS '|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/newsloop-global-markets-bitcoin/bitcoin-skyrockets-above-7000-for-first-time-ever-idINKBN1D217M'|'2017-11-02T07:25:00.000+02:00'|8980.0|10.0|0.0|'' 8981|'f9630cc1c4e79aba11be927d616240b82ecec9ac'|'TransCanada starts excavation work after South Dakota pipeline leak'|'Nov 20 (Reuters) - Canada Corp has started initial excavation work at the site of an oil spill on its Keystone pipeline in South Dakota but has not yet pinpointed where the leak came from, a state official said on Monday.The 590,000 barrel per day Keystone pipeline, which links Albertas oil sands to U.S. refineries, was shut down on Thursday after a 5,000 barrel spill.Calgary-based TransCanada is working through the clean-up process, said Brian Walsh, environmental scientist manager for the South Dakota Department of Environment and Natural Resources.They are digging some smaller excavations to get a sense of where the oil is and have started recovering oil from this area, Walsh said.TransCanada spokesman Terry Cunha said it had around 150 people on site working around the clock and the cause of the leak was under investigation.The company has not yet set an expected restart date for Keystone, which is one of Canadas main crude export pipelines.Canadian heavy crude grades remained under pressure on concerns about crude getting bottlenecked in Alberta. Western Canada Select heavy blend crude for December delivery in Hardisty, Alberta, settled at $16.25 per barrel below benchmark U.S. crude, according to Shorcan Energy brokers. (Reporting by Nia Williams; Editing by Tom Brown) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/transcanada-keystone-spill/transcanada-starts-excavation-work-after-south-dakota-pipeline-leak-idUSL1N1NQ1Y8'|'2017-11-21T01:38:00.000+02:00'|8981.0|''|-1.0|'' 8982|'3f73edcdf7f0155f520dd40f91cc7d00fda3002a'|'Morning News Call - India, November 23'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 09:30 am: UltraTech Cement Joint Executive President Rajesh Srivastava, Indian Oil General Manager (HRD) Shailesh Tiwari at FICCIs annual HR conference in New Delhi. 10:00 am: Junior Law Minister P.P. Chaudhary at Paradigm Shift in Valuation workshop in New Delhi. 10:00 am: Edelweiss Group Chairman Rashesh Shah, HDFC Executive Director V. S. Rangan, PNB Housing Finance MD Sanjaya Gupta and other NBFC heads at CRISIL Ratings seminar on NBFCs in Mumbai. 11:30 am: EPFO board meet in New Delhi. 12:00 pm: Talwalkar Better Value Fitness CEO Prashant Talwalkar to announce partnership with corporate life coach Mickey Mehta in Mumbai. 02:00 pm: State Bank of India Chairman Rajnish Kumar at announcement of banks digital innovation in Mumbai. 03:30 pm: CRISIL Ratings media teleconference on NBFCs in Mumbai.x TRADING INDIA FORUM - THE FUTURE OF INDIAN BANKING The Indian banking scene is in the throes of changes that will be felt for years to come. With online, digital and wallets bringing more players into the fray and the government''s recapitalization plan for PSU banks up and running, a variety of interesting scenarios have cropped up. Do customers win with lending moving to small but niche players? Will marrying a good bank with a bad bank result in a good bank? Trading India invites you to our Banking Day event to discuss these questions and the future of Indian banking. To join the conversation with H.R.Khan, Former Deputy Governor, Reserve Bank of India, at 12:00 pm IST; Renu Satti, CEO, PAYTM payments bank, at 2:30 pm IST and C.Venkat Nageswar, Deputy Managing Director, Global Markets, State Bank of India, at 4:00 pm IST, click on the link: here INDIA TOP NEWS Cabinet approves amendments to insolvency and bankruptcy code India''s cabinet on Wednesday approved amendments to the Insolvency and Bankruptcy Code, the finance minister said, changes that are designed to prevent wilful defaulters from bidding for stressed assets. Indian Oil Corp studies renewed Venezuelan crude purchases Indian Oil Corp is considering buying Venezuelan crude for the first time in at least six years, in a move that could help the crisis-struck South American nation settle unpaid bills with another state-owned Indian energy firm. India''s top court upholds ban on petroleum coke in New Delhi area India''s top court on Wednesday upheld the ban on use of petroleum coke in and around New Delhi as the country battles to clean the air in its capital, one of the world''s most polluted cities. India''s annual diesel consumption to rise by two-thirds by 2030 India''s annual diesel consumption could rise to 150 billion litres by 2030 from 90 billion litres now, Oil Minister Dharmendra Pradhan said on Wednesday. Japan''s JFE to bid for Bhushan Steel with India''s JSW as partner -sources Japan''s India''s India''s GLOBAL TOP NEWS Uber''s messy data breach collides with launch of SoftBank deal A newspaper advertisement for an Uber Technologies Inc stock sale was juxtaposed on Wednesday with a report that the ride-service provider had covered up a data hack - something of a metaphor for Uber, a company with boundless investor interest, but whose penchant for rule-breaking has led to a series of scandals. Chinese firms scrap plans for micro loan business amid crackdown on ''blind borrowing'' A Chinese menswear firm and a leading maker of POS terminals said late on Wednesday they had given up plans to set up micro-loan units, one day after policymakers took steps to tighten supervision of the lightly regulated sector. Fed policymakers say rate increase likely warranted soon -minutes Many Federal Reserve policymakers expect that interest rates will have to be raised in the "near term," according to the minutes of the U.S. central bank''s last policy meeting released on Wednesday. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were trading at 10,367.50, up 0.14 percent from its previous close. Indian government bonds are likely to rise in early trade tracking an overnight fall in U.S. Treasury yields.However, higher crude oil prices and lack of fresh cues may lead to some selling, a trader with a primary dealership said. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.93 percent -6.98 percent band. The Indian rupee will likely open higher against the dollar, on weaker-than-expected U.S. data and after minutes of the Federal Reserves latest meeting showed policymakers remained cautious about subdued inflation in the worlds largest economy. GLOBAL MARKETS U.S. stocks were little changed on Wednesday, with telecom services shares among the biggest movers while the energy sector rose in line with gains in crude oil. Moves in Asian share markets were minor with Japanese markets closed for a holiday and the United States off for Thanksgiving. The dollar touched a two-month low against the yen, having tumbled after the minutes of the Federal Reserve''s latest meeting showed some policymakers were concerned about persistently low inflation in a blow to rate hawks. U.S. Treasury prices gained slightly after the minutes from the Federal Reserves latest meeting on Wednesday affirmed market expectations that it will hike rates in December, with trading volumes subdued before Thursdays Thanksgiving holiday. U.S. oil prices remained near two-year highs as the shutdown of the Keystone pipeline and a drawdown in fuel inventories pointed to a tightening market, despite rising output. Gold prices nudged lower, after gaining nearly one percent in the previous session on weaker U.S. economic data and concerns by some Federal Reserve policymakers about lower inflation. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.85/64.88 November 22 -$67.98 mln -$14.17 mln 10-yr bond yield 7.12 pct Month-to-date $2.36 bln -$89.20 mln Year-to-date $8.01 bln $25.86 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.8700 Indian rupees) (Compiled by Nachiket Tekawade in Bengaluru) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-morningcall/morning-news-call-india-november-23-idINL3N1NT1HU'|'2017-11-23T00:40:00.000+02:00'|8982.0|''|-1.0|'' -8983|'d5aeefe52453228db16e86382692ae1e6f4ce204'|'EU mergers and takeovers (Nov 9)'|'BRUSSELS, Nov 9 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS -- Private equity firm Apollo Management to acquire insurer Aegon Ireland (approved Nov. 8)NEW LISTINGS -- Private equity firm the Carlyle Group to acquire British delivery company and convenience store operator Palmer & Harvey McLane (notified Nov. 7/deadline Dec. 12/simplified)EXTENSIONS AND OTHER CHANGES NoneFIRST-STAGE REVIEWS BY DEADLINE NOV 11 -- Medical device maker Avantor, which is controlled by private equity firm New Mountain Capital, to acquire laboratory equipment distributor VWR (notified Oct. 11/deadline Nov. 17/withdrawn Oct. 9/refiled Oct. 11)NOV 14 -- French insurer Axa and Dutch property developer Unibail-Rodamco to jointly acquire a shopping centre in Leipzig, Germany (notified Oct. 6/deadline Nov. 14)NOV 16 -- West Midland Holdings Ltd, which is a joint venture between Dutch rail operator Abellio Transport Holding BV, East Japan Railway Co and Mitsui Co, to acquire the West Midlands franchise from London & Birmingham Railway Ltd (notified Oct. 10/deadline Nov. 16/simplified)NOV 22 -- Private equity firms CVC and Blackstone to jointly acquire online payuments processing provider Paysafe Group (notified Oct. 16/deadline Nov. 22)-- Techno Polymer Co. Ltd, a unit of Japanese chemicals company JSR Corp, and UMG ABS Ltd, which is jointly controlled by Mitsubishi Chemical Corporation and Ube Industries Ltd, to merge their resin businesses (notified Oct. 16/deadline Nov. 22/simplified)NOV 23 -- French insurer Axa and Dutch insurer NN Group to acquire joint control of a newly created Spanish joint venture (notified Oct. 17/deadline Nov. 23/simplified)NOV 24 -- U.S. private equity firms Madison Dearborn Partners and HPS Investment Partners to jointly acquire private holding company Ardonagh Group, which owns insurance broker Towergate Insurance Ltd, and Nevada Investment Holdings 2 Ltd (notified Oct. 18/deadline Nov. 24/simplified)NOV 27 -- Commodities trader Cargill and UK poultry supplier Faccenda Investments to set up a joint venture (notified Oct. 19/deadline Nov. 27/simplified)-- UK oil company BP and holding company Bridas Corp to acquire oil refiner Axion Energy Holding (notified Oct. 19/deadline Nov. 27/simplified)NOV 28 -- Dutch pension fund APG and property developer Hines Cherrywood Town Centre Associates LLC to set up a joint venture (notified Oct. 20/deadline Nov. 28/simplified)-- German car parts maker Continental Automotive and French industrial group Alstom to jointly acquire a minority stake in driverless car technologies company EasyMile (notified Oct. 20/deadline Nov. 28/simplified)-- Canadian fund manager CDPQ and U.S. conglomerate GE casubsidiary GE Capital Aviation Services (GECAS) to set up a global aircraft financing cajoint venture (notified Oct. 20/deadline Nov. 28/simplified)-- Japanese company Mitsui and Malaysian conglomerate Sime Darby to set up a joint venture (notified Oct. 20/deadline Nov. 28/simplified)DEC 1 -- French oil major Total to acquire Danish shipping company Maersks oil and gas business(notified Oct. 25/deadline Dec. 1/simplified)-- Apollo Capital Management to acquire Dutch toy store chain Intertoys Holdings (notified Oct. 25/deadline Dec. 1/simplified)DEC 4 -- Austrian energy and petrol station company OMV to acquire 40 percent of electric car charging company Smatrics which is owned by hydropower company Verbund and Germanys Siemens (notified Oct. 26/deadline Dec. 4/simplified)-- Infrastructure fund DIF and French fund manager Caisse des Depots et Consginations to jointly acquire French broadband network operator ADTIM (notified Oct. 26/deadline Dec. 4/simplified)DEC 5 -- German travel services provider Der Touristik Deutschland, which is part of German conglomerate REWE , to acquire Czech tourism company Exim (notified Oct. 27/deadline Dec. 5/simplified)-- Chinas COSCO Shipping to acquire Hong Kongs Orient Overseas International Ltd (OOIL) (notified Oct. 27/deadline Dec. 5)-- French car rental company Europcar to acquire Spanish peer Goldcar (notified Oct. 27/deadline Dec. 5)-- Private equity firms Oaktree Capital Group LLC and Pimco to jointly acquire a portfolio of properties in Poland (notified Oct. 27/deadline Dec. 5/simplified)DEC 6 -- Private equity firm EQT to acquire Dutch dental services group Curaeos Holding (notified Oct. 30/deadline Dec. 6/simplified)-- Deutsche Alternative Asset Management, which is an affiliate of Deutsche Bank, and UK insurer Prudentials subsidiary M&G Alternatives Investment Management to set up a joint venture (notified Dec. 30/deadline Dec. 6/simplified)-- Czech state-controlled special purpose vehicle Prisko to acquire Czech coal producer OKD Nastupnicka (notified Oct. 30/deadline Dec. 6)DEC 7 -- German carrier Lufthansa to acquire some Air Berlin assets (notified Oct. 31/deadline Dec. 7)DEC 8 -- German air maintenance services provider Lufthansa Technik and and sensor maker Pepperl + Fuchs to set up a joint venture (notified Nov. 3/deadline Dec. 8/simplified)DEC 12 -- British budget carrier easyJet to acquire parts of German airline Air Berlin (notified Nov. 7/deadline Dec. 12)MARCH 5 -- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline March 5)MARCH 8 -- Italian eyewear maker Luxottica and French lens manufacturer Essilor to merge (notified Aug. 22/deadline March 8)MARCH 19 -- U.S. specialty material company Celanese and private equity firm Blackstone to combine their cellulose acetate tow units under a new joint venture (notified Sept. 9/deadline extended to March 19 from March 5)MARCH 23 -- Luxembourg-based steelmaker ArcelorMittal to acquire Italian steel plant (notified Sept. 21/deadline extended to March 23 from Nov. 13 after ArcelorMittal offered concessions)SUSPENDED -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline suspended from Aug. 17/concessions offered Oct. 5)GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a companys proposed remedies or an EU member states request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eu-ma/eu-mergers-and-takeovers-idINL8N1NF8MA'|'2017-11-09T12:22:00.000+02:00'|8983.0|''|-1.0|'' +8983|'d5aeefe52453228db16e86382692ae1e6f4ce204'|'EU mergers and takeovers (Nov 9)'|'BRUSSELS, Nov 9 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS -- Private equity firm Apollo Management to acquire insurer Aegon Ireland (approved Nov. 8)NEW LISTINGS -- Private equity firm the Carlyle Group to acquire British delivery company and convenience store operator Palmer & Harvey McLane (notified Nov. 7/deadline Dec. 12/simplified)EXTENSIONS AND OTHER CHANGES NoneFIRST-STAGE REVIEWS BY DEADLINE NOV 11 -- Medical device maker Avantor, which is controlled by private equity firm New Mountain Capital, to acquire laboratory equipment distributor VWR (notified Oct. 11/deadline Nov. 17/withdrawn Oct. 9/refiled Oct. 11)NOV 14 -- French insurer Axa and Dutch property developer Unibail-Rodamco to jointly acquire a shopping centre in Leipzig, Germany (notified Oct. 6/deadline Nov. 14)NOV 16 -- West Midland Holdings Ltd, which is a joint venture between Dutch rail operator Abellio Transport Holding BV, East Japan Railway Co and Mitsui Co, to acquire the West Midlands franchise from London & Birmingham Railway Ltd (notified Oct. 10/deadline Nov. 16/simplified)NOV 22 -- Private equity firms CVC and Blackstone to jointly acquire online payuments processing provider Paysafe Group (notified Oct. 16/deadline Nov. 22)-- Techno Polymer Co. Ltd, a unit of Japanese chemicals company JSR Corp, and UMG ABS Ltd, which is jointly controlled by Mitsubishi Chemical Corporation and Ube Industries Ltd, to merge their resin businesses (notified Oct. 16/deadline Nov. 22/simplified)NOV 23 -- French insurer Axa and Dutch insurer NN Group to acquire joint control of a newly created Spanish joint venture (notified Oct. 17/deadline Nov. 23/simplified)NOV 24 -- U.S. private equity firms Madison Dearborn Partners and HPS Investment Partners to jointly acquire private holding company Ardonagh Group, which owns insurance broker Towergate Insurance Ltd, and Nevada Investment Holdings 2 Ltd (notified Oct. 18/deadline Nov. 24/simplified)NOV 27 -- Commodities trader Cargill and UK poultry supplier Faccenda Investments to set up a joint venture (notified Oct. 19/deadline Nov. 27/simplified)-- UK oil company BP and holding company Bridas Corp to acquire oil refiner Axion Energy Holding (notified Oct. 19/deadline Nov. 27/simplified)NOV 28 -- Dutch pension fund APG and property developer Hines Cherrywood Town Centre Associates LLC to set up a joint venture (notified Oct. 20/deadline Nov. 28/simplified)-- German car parts maker Continental Automotive and French industrial group Alstom to jointly acquire a minority stake in driverless car technologies company EasyMile (notified Oct. 20/deadline Nov. 28/simplified)-- Canadian fund manager CDPQ and U.S. conglomerate GE casubsidiary GE Capital Aviation Services (GECAS) to set up a global aircraft financing cajoint venture (notified Oct. 20/deadline Nov. 28/simplified)-- Japanese company Mitsui and Malaysian conglomerate Sime Darby to set up a joint venture (notified Oct. 20/deadline Nov. 28/simplified)DEC 1 -- French oil major Total to acquire Danish shipping company Maersks oil and gas business(notified Oct. 25/deadline Dec. 1/simplified)-- Apollo Capital Management to acquire Dutch toy store chain Intertoys Holdings (notified Oct. 25/deadline Dec. 1/simplified)DEC 4 -- Austrian energy and petrol station company OMV to acquire 40 percent of electric car charging company Smatrics which is owned by hydropower company Verbund and Germanys Siemens (notified Oct. 26/deadline Dec. 4/simplified)-- Infrastructure fund DIF and French fund manager Caisse des Depots et Consginations to jointly acquire French broadband network operator ADTIM (notified Oct. 26/deadline Dec. 4/simplified)DEC 5 -- German travel services provider Der Touristik Deutschland, which is part of German conglomerate REWE , to acquire Czech tourism company Exim (notified Oct. 27/deadline Dec. 5/simplified)-- Chinas COSCO Shipping to acquire Hong Kongs Orient Overseas International Ltd (OOIL) (notified Oct. 27/deadline Dec. 5)-- French car rental company Europcar to acquire Spanish peer Goldcar (notified Oct. 27/deadline Dec. 5)-- Private equity firms Oaktree Capital Group LLC and Pimco to jointly acquire a portfolio of properties in Poland (notified Oct. 27/deadline Dec. 5/simplified)DEC 6 -- Private equity firm EQT to acquire Dutch dental services group Curaeos Holding (notified Oct. 30/deadline Dec. 6/simplified)-- Deutsche Alternative Asset Management, which is an affiliate of Deutsche Bank, and UK insurer Prudentials subsidiary M&G Alternatives Investment Management to set up a joint venture (notified Dec. 30/deadline Dec. 6/simplified)-- Czech state-controlled special purpose vehicle Prisko to acquire Czech coal producer OKD Nastupnicka (notified Oct. 30/deadline Dec. 6)DEC 7 -- German carrier Lufthansa to acquire some Air Berlin assets (notified Oct. 31/deadline Dec. 7)DEC 8 -- German air maintenance services provider Lufthansa Technik and and sensor maker Pepperl + Fuchs to set up a joint venture (notified Nov. 3/deadline Dec. 8/simplified)DEC 12 -- British budget carrier easyJet to acquire parts of German airline Air Berlin (notified Nov. 7/deadline Dec. 12)MARCH 5 -- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline March 5)MARCH 8 -- Italian eyewear maker Luxottica and French lens manufacturer Essilor to merge (notified Aug. 22/deadline March 8)MARCH 19 -- U.S. specialty material company Celanese and private equity firm Blackstone to combine their cellulose acetate tow units under a new joint venture (notified Sept. 9/deadline extended to March 19 from March 5)MARCH 23 -- Luxembourg-based steelmaker ArcelorMittal to acquire Italian steel plant (notified Sept. 21/deadline extended to March 23 from Nov. 13 after ArcelorMittal offered concessions)SUSPENDED -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline suspended from Aug. 17/concessions offered Oct. 5)GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a companys proposed remedies or an EU member states request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eu-ma/eu-mergers-and-takeovers-idINL8N1NF8MA'|'2017-11-09T12:22:00.000+02:00'|8983.0|15.0|1.0|'' 8984|'648e53b82dab6202e29f962aa769751b51f07220'|'Comcast, Verizon approached Twenty-First Century Fox to buy some assets -sources'|'(Reuters) - Comcast Corp and Verizon Communications Inc have both expressed interest in acquiring a significant part of Rupert Murdochs Twenty-First Century Fox Incs assets, two people familiar with the situation told Reuters on Thursday.FILE PHOTO: The Twenty-First Century Fox Studios flag flies over the company building in Los Angeles, California U.S. November 6, 2017. REUTERS/Lucy Nicholson /File Photo News of competing interest in some of Murdochs assets broke even though the U.S. Justice Department was preparing a lawsuit to block AT&T Inc, the largest pay-TV provider in the United States, from buying Time Warner Inc for $85.4 billion, according to a source. This raised questions about the U.S. governments willingness to allow large media industry mergers.The Fox assets that buyers have expressed interest in include Foxs movie and TV production studios, cable networks FX and National Geographic, and international assets such as the Star network in India, and the European pay TV provider Sky Plc. These units have also been the subject of recent talks between Fox and Walt Disney Co, one of the sources said.Fox shares jumped nearly 8.0 percent in after-hours trading after the Wall Street Journal first reported the news. Shares of Viacom Inc and CBS Corp also rose more than 2.0 percent, a sign investors may see them as potential targets also.Comcast has approached Fox about its interest, and talks are in early stages, the source added, requesting anonymity. There is no guarantee that talks between the companies will result in a deal.Fox, Comcast and Verizon declined comment.After Comcast first bought a stake in NBCUniversal in 2011, buying the Fox assets would give Comcast, the largest cable provider in the United States, an international distribution footprint through ownership of Sky and Star in India.Comcast has steadily boosted its ownership of content over the years and acquiring Foxs assets would further position Comcast as a diversified conglomerate to rival Disney, analysts said.The deal would bulk up its NBCUniversal unit, which acquired Dreamworks Animation for $3.8 billion last year, as well as increase its ownership stake in video streaming service Hulu.Verizon is also in the early stages of exploring a deal, one of the sources said. A deal could give the U.S. No. 1 wireless phone carrier ownership of movies and TV shows to stream to its mobile subscribers.Acquisition of a movie studio and cable channels would be a departure for Verizon, which has focused its media deals around advertising technology and internet properties.Verizon spent $4.48 billion acquiring the core business of Yahoo, which it merged with AOL this year to form a venture called Oath. Led by AOL CEO Tim Armstrong, Oath owns more than 50 brands including HuffPost, TechCrunch and Tumblr.Roger Entner, an analyst of Recon Analytics, said, It is undeniable that there is a trend of combining content with distribution.Verizon, which has said it is launching a new streaming service, could have more targeted advertising with a vertically integrated platform, he added.Traditional cable television networks have been struggling with faster-than-expected subscriber erosion in the competition with streaming services like Netflix Inc and Amazon.com Inc.To increase its scale, Fox tried to buy Time Warner Inc. three years ago and last year announced its intention to buy the rest of Sky beyond the 39 percent it already owns.The moves also come after the U.S. Federal Communications Commission on Thursday voted to remove key roadblocks to increased consolidation among media companies, potentially unleashing new deals among TV, radio and newspaper owners as they seek to better compete with online media.Additional reporting by David Shepardson and Diane Bartz in Washington, Jessica Toonkel in New York and Yashaswini Swamynathan in Bengalaru; Editing by Bill Rigby and Clive McKeef '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-fox-m-a-comcast/comcast-approaches-twenty-first-century-fox-for-buying-some-assets-idINKBN1DG34Z'|'2017-11-16T19:09:00.000+02:00'|8984.0|''|-1.0|'' 8985|'f56a93169de3f6e48937f8ba6730e7de4fe7c9c8'|'Bankrate to divest Caring.com for Red Ventures merger -FTC'|'November 3, 2017 / 6:19 PM / in 17 minutes Bankrate to divest Caring.com for Red Ventures merger -FTC Reuters Staff 1 Min Read WASHINGTON (Reuters) - Bankrate Inc ( RATE.N ) will divest its Caring.com unit as a condition of its acquisition by Red Ventures LLC for $1.4 billion to avoid harm to competition in the third-party paid senior living facilities referral services, the Federal Trade Commission said on Friday. The FTC said in a statement that two of Red Ventures largest shareholders jointly own A Place for Mom.com, the largest provider of such services, and Caring.com is the second largest provider. Reporting by Eric Walsh; Editing by Phil Berlowitz'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-bankrate-m-a-red-ventures/bankrate-to-divest-caring-com-for-red-ventures-merger-ftc-idUSKBN1D326C'|'2017-11-03T20:17:00.000+02:00'|8985.0|''|-1.0|'' 8986|'b7f61b2dfdedc0a07ed60c3d26b4f69b041e531c'|'South Africa to outline ''decisive'' policy in 2018 after debt rating cut'|'November 25, 2017 / 7:59 AM / Updated 18 minutes ago South Africa to outline ''decisive'' policy in 2018 after debt rating cut TJ Strydom 3 Min Read JOHANNESBURG (Reuters) - South Africa will use its annual budget next year to outline decisive policy to strengthen its fiscal framework, the finance ministry said on Saturday after S&P Global Ratings cut its local currency debt to junk status. FILE PHOTO: A view shows the Standard & Poor''s building in New York''s financial district February 5, 2013. REUTERS/Brendan McDermid S&P announced the downgrade on Friday, citing a further deterioration in the countrys economic outlook and public finances. Moodys, meanwhile, placed South Africa on review for a downgrade. The 2018 Budget will outline decisive and specific policy measures to strengthen the fiscal framework, the finance ministry said in a statement, without giving more detail. The downgrade by S&P comes after Finance Minister Malusi Gigaba shocked markets on Oct. 25 by flagging sharply weaker growth expectations, a wider budget deficit and rising government debt. The government has since appointed a judicial commission of inquiry into the causes of a 50 billion rand ($3.6 billion)revenue shortfall and to investigate a possible erosion into the nations revenue collection capability. Economic growth has slowed to near zero in recent years and business and consumer sentiment have plumbed multi-decade lows as political uncertainty weighs on the economy. Infighting within the ruling African National Congress ahead of a conference in December to elect a successor to President Jacob Zuma as party chief has also sapped investor confidence. Restoring business and consumer confidence, and catalyzing inclusive growth is the top priority of government, the finance ministry said. South African businesses have been in talks with government more than a year to try to avoid credit ratings downgrades, but when Zuma in March replaced finance minister Pravin Gordhan with Gigaba, S&P and Fitch cut its ratings a notch within a week. Nedbank, one of the nations largest lenders, on Saturday warned that the latest move by S&P will make it more expensive for government and the private sector to raise funding. The February budget statement is South Africas last chance to demonstrate the structural reforms and fiscal consolidation that are required to improve economic growth prospects and prevent Moodys from also downgrading the local currency debt to below investment grade, Chief Executive Mike Brown said. A Moodys downgrade would trigger the exit of South Africas local currency debt from important global bond indices, Brown added. Reporting by TJ Strydom; editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-safrica-ratings/south-africa-to-outline-decisive-policy-in-2018-after-ratings-cut-idUKKBN1DP06N'|'2017-11-25T11:16:00.000+02:00'|8986.0|''|-1.0|'' @@ -8994,7 +8994,7 @@ 8992|'6a4a31d905108ea9d5b8a0d9fab030afe5157e5d'|'BOJ Suzuki - Room to debate fine-tuning of YCC: Mainichi'|'November 24, 2017 / 10:14 PM / Updated 10 hours ago BOJ Suzuki signals room to fine-tune yield curve control - media Leika Kihara 3 Min Read TOKYO (Reuters) - Bank of Japan board member Hitoshi Suzuki said there is room to debate a fine-tuning of the central banks yield curve control (YCC) policy, the Mainichi paper reported, signalling the chance it may raise interest rates before inflation hits its target. Bank of Japan (BOJ) new policy board member Hitoshi Suzuki attends a news conference at BOJ headquarters in Tokyo, Japan July 25, 2017. REUTERS/Issei Kato Suzuki also said in a separate interview with Jiji news agency that the BOJ could slow its purchases of exchange-traded funds (ETF) or change the way it buys them in the future. Its inappropriate for interest rates to show no changes until the 2 percent inflation target is hit, and then jump abruptly once the target is achieved, Suzuki said in the interview with the Mainichi daily newspaper. There is room to debate a fine-tuning of YCC once inflation heads near 2 percent, so that markets can gradually accept the changes, he said. The remarks by the former commercial bank executive are the strongest signal to date that the BOJ could move up its interest rate targets before 2 percent inflation is achieved, to ease the hit to bank margins from years of ultra-low borrowing costs. Suzuki said the BOJs negative rate policy is having a significant impact on financial institutions profits. If the health of financial institutions is in trouble, its possible monetary policy wont function well, Suzuki was quoted as saying. Im carefully watching how our policy of controlling the yield curve affects the economy, and whether or not it is creating any distortions, Suzuki said. People familiar with the central banks thinking have told Reuters the BOJ is dropping subtle, yet intentional, hints it could edge away from crisis-mode stimulus earlier than expected, through a future hike in its yield target. After three years of heavy money printing failed to fire up inflation, the BOJ shifted last year to a policy targeting interest rates. It now guides short-term interest rates at minus 0.1 percent and long-term yields around zero percent. The central bank also buys huge amounts of government bonds and risky assets, such as ETFs, though inflation remains well below its target. The BOJs ETF buying is part of its monetary policy framework and must be continued to achieve 2 percent inflation at the earliest date possible, Suzuki said in an interview with Jiji that also ran on Saturday. We wont make decisions on our ETF buying looking just at the stock market. But changing the amount or method of our purchases is a future option, he added. Reporting by Leika Kihara; Editing by James Dalgleish and Cynthia Osterman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-japan-economy/boj-suzuki-room-to-debate-fine-tuning-of-ycc-mainichi-idUKKBN1DO2N3'|'2017-11-25T00:13:00.000+02:00'|8992.0|''|-1.0|'' 8993|'b5486d2adfb1d139ed0d8d28c1321e5906d7e209'|'Oil markets cautious as OPEC cuts are met by rising U.S. output'|'Reuters TV United States 34 AM / a few seconds ago Oil markets cautious as OPEC cuts are met by rising U.S. output Henning Gloystein 3 Min Read SINGAPORE (Reuters) - Oil markets were treading water early on Tuesday, continuing the cautious trading seen over the last week as bullish factors such as ongoing OPEC-led production cuts and Middle East tensions are countered by rising U.S. output. A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. REUTERS/Sergei Karpukhin/File Photo Brent crude futures LCOc1 were at $63.13 per barrel at 0127 GMT, down 3 cents from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.72 per barrel, down 4 cents. The dips came after both crude benchmarks early last week hit highs last seen in 2015, but traders said the market had lost some momentum since then. Oil is fairly calm. OPEC is talking its book and boosting demand expectations but the U.S. rig count seems to have countered that, said Greg McKenna, chief market strategist at futures brokerage AxiTrader. Price support came from ongoing output cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which have contributed to a reduction in excess supplies. OPEC is due to meet on Nov. 30 to discuss further policy, and the group is expected to agree an extension of the cuts beyond their current expiry date in March 2018. Also, tensions in the Middle East raised the prospect of supply disruptions, traders said, though they were cautious on betting on further price rises. Prices ... are starting to look like a pause or pullback is needed, said McKenna. U.S. oil producers have raised output C-OUT-T-EIA by more than 14 percent since mid-2016 to a record 9.62 million barrels per day (bpd). Rating agency Fitch said in its 2018 oil and gas sector outlook that it assumed average oil prices will be broadly unchanged year-on-year and that the recent price recovery with Brent exceeding $60 per barrel may not be sustained. So far, the 2017 average Brent price has been $54.5 per barrel. Lower costs and U.S. shale growth could restrict oil prices below $60 per barrel in the long-term, Fitch said. Looking further out, the International Energy Agency said on Tuesday global oil demand would only fall modestly due to the expected rise of electric vehicles, with consumption in petrochemicals and other transportation still growing. In its World Energy Outlook 2018, the IEA estimates there will be 50 million electric vehicles on the road by 2025 and 300 million by 2040, from around 2 million now. This is expected to cut 2.5 million bpd, or about 2 percent, off global oil demand by that time. Still, the IEAs New Policies Scenario, based on existing legislation and announced policy intentions, expects oil prices to rise towards $83 a barrel by the mid-2020s. Reporting by Henning Gloystein; Editing by Joseph Radford'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil/oil-markets-cautious-as-opec-cuts-are-met-by-rising-u-s-output-idUKKBN1DE04H'|'2017-11-14T03:29:00.000+02:00'|8993.0|''|-1.0|'' 8994|'f5fd98490142a1a738b0af0ad722105b7ee8c0c4'|'Insurer Sompo unit to set up EU subsidiary in Luxembourg'|' 10 PM / in 7 minutes Insurer Sompo unit to set up EU subsidiary in Luxembourg Reuters Staff 2 Min Read LONDON (Reuters) - Sompo International Holdings, a Bermuda-based unit of Japanese insurer Sompo ( 8630.T ), is to set up a subsidiary in Luxembourg following Britains vote to leave the European Union. The new entity, SI Insurance (Europe), will offer insurance and reinsurance, Sompo said in a statement late on Monday. SI has been formulating a strategy to address issues relating to (Britains) decision to leave the European Union, in particular the potential loss of EU passporting rights, the firm said, adding that regulatory approval for the Luxembourg firm was expected in the second quarter of 2018. Luxembourg and Dublin have been the most successful European cities in the race to attract insurers worried about the loss of access to Britains single market as a result of Brexit. Other insurers choosing Luxembourg for their EU hubs include AIG ( AIG.N ) and Tokio Marine ( 8766.T ). Ship insurers North Club and Standard Club said this week they were choosing Dublin for their subsidiaries. Reporting by Carolyn Cohn; editing by Simon Jessop'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-eu-sompo/insurer-sompo-unit-to-set-up-eu-subsidiary-in-luxembourg-idUKKBN1DL1SR'|'2017-11-21T17:09:00.000+02:00'|8994.0|''|-1.0|'' -8995|'3fb373b868f10394ff77f15f03ba595457cac85e'|'UPDATE 1-Germany''s HelloFresh prices IPO at 10.25 euros per share, centre of range'|'* Expects to earn 318 mln euros from IPO* Stock due to start trading on Thursday (Adds CEO comment, detail and background)BERLIN/FRANKFURT, Nov 1 (Reuters) - Loss-making German meal-kit-delivery group HelloFresh on Wednesday priced its initial public offering (IPO) at 10.25 euros ($11.91) per share, the centre of an indicative price range of 9 to 11.50 euros.The group said it would earn about 318 million euros from the IPO if the greenshoe option, allowing the sale of more shares than originally planned, was fully exercised. It said it would use the proceeds to fund further growth.HelloFresh is selling 31 million new shares including an overallotment option, implying a valuation of the company of about 1.7 billion euros.The company decided to go ahead with its renewed listing despite a 50 percent decline in shares in U.S. rival Blue Apron since the groups June IPO.Two years ago, HelloFresh cancelled a planned IPO after investors rejected a higher valuation.Its stock is due to start trading on the Frankfurt stock exchange on Thursday.HelloFreshs largest market is the United States, where it is spending heavily on discounts and advertising to compete with rivals like Blue Apron and Plated.The group is majority-owned by German e-commerce investor Rocket Internet, which listed in 2014 with a pledge to be a launch pad for floating start-ups. Volatile markets meant it had to wait until this year for its first success, with takeaway firm Delivery Hero.HelloFresh, which delivers meal ingredients and recipes in 10 countries, aims to break even on an operating level, or adjusted EBITDA, within the next 15 months.Its net loss stood at 56.7 million euros in the first half of 2017 on revenues of 435 million euros. (Reporting by Andreas Cremer and Maria Sheahan; Editing by Edmund Blair) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/hellofresh-ipo/update-1-germanys-hellofresh-prices-ipo-at-10-25-euros-per-share-centre-of-range-idINL8N1N76D5'|'2017-11-01T16:39:00.000+02:00'|8995.0|''|-1.0|'' +8995|'3fb373b868f10394ff77f15f03ba595457cac85e'|'UPDATE 1-Germany''s HelloFresh prices IPO at 10.25 euros per share, centre of range'|'* Expects to earn 318 mln euros from IPO* Stock due to start trading on Thursday (Adds CEO comment, detail and background)BERLIN/FRANKFURT, Nov 1 (Reuters) - Loss-making German meal-kit-delivery group HelloFresh on Wednesday priced its initial public offering (IPO) at 10.25 euros ($11.91) per share, the centre of an indicative price range of 9 to 11.50 euros.The group said it would earn about 318 million euros from the IPO if the greenshoe option, allowing the sale of more shares than originally planned, was fully exercised. It said it would use the proceeds to fund further growth.HelloFresh is selling 31 million new shares including an overallotment option, implying a valuation of the company of about 1.7 billion euros.The company decided to go ahead with its renewed listing despite a 50 percent decline in shares in U.S. rival Blue Apron since the groups June IPO.Two years ago, HelloFresh cancelled a planned IPO after investors rejected a higher valuation.Its stock is due to start trading on the Frankfurt stock exchange on Thursday.HelloFreshs largest market is the United States, where it is spending heavily on discounts and advertising to compete with rivals like Blue Apron and Plated.The group is majority-owned by German e-commerce investor Rocket Internet, which listed in 2014 with a pledge to be a launch pad for floating start-ups. Volatile markets meant it had to wait until this year for its first success, with takeaway firm Delivery Hero.HelloFresh, which delivers meal ingredients and recipes in 10 countries, aims to break even on an operating level, or adjusted EBITDA, within the next 15 months.Its net loss stood at 56.7 million euros in the first half of 2017 on revenues of 435 million euros. (Reporting by Andreas Cremer and Maria Sheahan; Editing by Edmund Blair) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/hellofresh-ipo/update-1-germanys-hellofresh-prices-ipo-at-10-25-euros-per-share-centre-of-range-idINL8N1N76D5'|'2017-11-01T16:39:00.000+02:00'|8995.0|6.0|0.0|'' 8996|'eeaefbbda7c43015ed538384eb9cc3588f0797c8'|'Whole Foods unveils further price cuts ahead of Thanksgiving'|'November 15, 2017 / 2:21 PM / Updated 4 hours ago Amazon cuts prices again at Whole Foods ahead of the holidays Sruthi Ramakrishnan 4 Min Read (Reuters) - Amazon.com Inc ( AMZN.O ) said on Wednesday it will offer more discounts and steeper price cuts at Whole Foods Market on many organic foods and groceries popular during the holidays. A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri The plan was announced just ahead of Thanksgiving and is on the heels of price cuts in August when Amazon completed its $13.7 billion acquisition of Whole Foods. Price cuts are permanent, Brooke Buchanan, a spokeswoman for Whole Foods, told Reuters in an email. Investors have been closely watching for price cuts at Whole Foods, concerned that cheaper prices would further hurt U.S. grocers already struggling to stay competitive with Amazon and Wal-Mart Stores Inc ( WMT.N ), which are locked in an intense battle for market share. Ever since Amazon bought Whole Foods Market, this is exactly what the other grocery store competitors have been fearing, Fort Pitt Capital analyst Kim Forrest told Reuters. Other grocers are going to have to come back in competitive replies and it could be better service, better products and better pricing. Shares of rival U.S. grocers Costco ( COST.O ), Sprouts Farmers Market ( SFM.O ) and Kroger ( KR.N ) all fell on Wednesday morning between 1 percent to 2 percent after the news. Target Corps ( TGT.N ) stock also moved lower. The shares were already pressured after the company forecasted disappointing earnings for the key holiday quarter. Amazon, which forayed into brick-and-mortar retailing with Whole Foods, could upend the grocery industry with its deep pockets and large presence, analysts have said. In September, Target slashed prices on thousands of items, including cereal and baby formula, and said it would continue to offer discounts on some products in addition to the price-cuts. ( bit.ly/2vT4elO ) Prices at Whole Foods, however, are still higher than most grocery stores because it caters to an up-market clientele. As we saw with Sprouts Farmer and really other grocery reports, the prior cuts havent had a material impact on leading players, said Oppenheimer analyst Rupesh Parikh. (Whole Food) prices are still quite high versus peers, he said. Sprouts Farmer reported better-than-expected third-quarter profit and net sales this month and raised its full-year forecasts. Amazon said on Wednesday that Whole Foods will sell organic turkeys for $3.49 per pound to all customers, while Amazon Prime members can buy them at $2.99 a pound. The company said it will also offer lower prices on items from national brands including Chobani Yogurt and Applegate Hot Dogs, as well as smaller organic brands such as Eden Foods. A study last month showed Whole Foods previous price cuts on items including bananas, avocados and beef had drawn customers away from Wal-Mart, Trader Joes and Sprouts Farmers. Reporting by Sruthi Ramakrishnan in Bengaluru; Additional reporting by Rama Venkat Raman and Karina D''souza; Editing by Sayantani Ghosh and Bernard Orr '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-amazon-prices-whole-foods/whole-foods-unveils-further-price-cuts-ahead-of-thanksgiving-idUSKBN1DF20M'|'2017-11-15T16:20:00.000+02:00'|8996.0|''|-1.0|'' 8997|'c27d35af478e13f1783da183ec3a890d2206ee1a'|'Rio Tinto''s U.S. copper smelter restarts, force majeure remains'|'Nov 20 (Reuters) - Global miner Rio Tinto restarted the smelter at its large Kennecott mine in the United States last Friday after a nearly six-week outage but force majeure on refined copper has not yet been lifted, a company spokesman said on Monday.There was no timeline for when the force majeure would be lifted, spokesman Kyle Bennett said. A force majeure is usually implemented by companies during unforeseen events when they cannot meet commitments to customers. (Reporting by Nicole Mordant in Vancouver Editing by Sandra Maler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/rio-tinto-kennecott-restart/rio-tintos-u-s-copper-smelter-restarts-force-majeure-remains-idUSL1N1NQ1TC'|'2017-11-21T00:06:00.000+02:00'|8997.0|''|-1.0|'' 8998|'0bfde589ff6b852b250293a4f27cb86abc13e785'|'Smoking rooms are disappearing from hotels - Stubbed out'|'TO THE list of endangered travel facilitieswhich includes pay phones, communal aeroplane screens and concierges there is one more to add: smoking rooms. Even a few years ago, guests were routinely asked whether they would prefer a smoking room or not. But today fewer hotels are offering smoking rooms and those that do have a vanishingly small supply.According to the latest report from the American Hotel and Lodging Association, a trade group, the share of hotel rooms that are non-smoking has steadily risen from 74% to 97% over the last decade. And the proportion of hotels that only offer non-smoking rooms has jumped from 38% in 2008 to 85% last year. 14 minutes ago A grilling on Capitol Hill Democracy in America 17 33 See all updates For a business traveller with a tobacco habit, then, there are few options. Those seeking a dash of glamour will struggle, as 97% of luxury hotels do not have smoking rooms. Only among budget-hotel categorythe lowest price segment of five listed in the surveydo the majority of establishments have any smoking rooms on offer. Small hotels are more likely to have smoking rooms than larger ones. And older hotels are a slightly better bet than new ones.Non-smokers may want to avoid these cheaper, older haunts. Even if they land a non-smoking room in a hotel with smoking options, they are still subject to second-hand smoke. A study in 2013 found that the levels of tobacco air pollutants in non-smoking rooms were five times as high as in non-smoking hotels. And levels of surface pollution, such as cigarette ash, were 25 times higher.Smokers can, of course, stay in non-smoking rooms and use a variety of strategies to get their fix. The most obvious of which is to brave the elements for a puff outside. But many opt for more devious approaches. Internet forums are full of advice for people who want to smoke in non-smoking rooms (and dodge the often-hefty fines for the hotel to decontaminate the room). The least obnoxious of these is to upgrade to a room with a balcony. More egregious options include smoking out the window, exhaling into the bathroom vents, turning on a hot shower so that the steam can absorb the smell and putting a wet towel under the door.But travellers who indulge in tobacco should recognise the way that the winds are blowing. In America, none of the hotels owned by Marriott International allow smoking, nor do Wyndham Hotel Groups lifestyle and full-service brands. Two new Hilton brands, Canopy and Tru, will not allow smoking in any of their hotels in the world. Outside of America, there are usually more smoking options, although Europe is also increasingly going smoke-free. Smokers who do not want to mess around with wet towels and steam baths, should prepare for a future in which having a cigarette in a hotel room is no longer an option.Next A black-rights group warns would-be passengers about American Airlines'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/11/stubbed-out?fsrc=rss'|'2017-11-02T23:52:00.000+02:00'|8998.0|''|-1.0|'' @@ -9062,7 +9062,7 @@ 9060|'d2aafe517fad8159323d1c38bba93c0d74e0082f'|'Exclusive - Vale delays sale of stake in New Caledonia nickel mine: sources'|'November 17, 2017 / 6:50 PM / Updated 2 hours ago Exclusive - Vale delays sale of stake in New Caledonia nickel mine: sources Tatiana Bautzer , Nicole Mordant 3 Min Read NEW YORK/VANCOUVER (Reuters) - Vale SA ( VALE5.SA ) has decided to postpone the sale of a stake in its New Caledonia nickel mine after the worlds largest iron ore producer decided initial bids were too low, two people with knowledge of the matter said. The logo of Vale SA is pictured in Rio de Janeiro, Brazil, August 7, 2017. Picture taken August 7, 2017. REUTERS/Ricardo Moraes The sale may be delayed for up to a year as the company anticipates a rebound in nickel prices, the sources said, requesting anonymity because they were not authorized to speak publicly on the matter. One source said Vale was seeking an investment of $500 million to $1 billion in New Caledonia, which have been beset by technical setbacks, a chemical spill and violent protests by locals. The company has recently reduced its debt burden, and new Chief Executive Officer Fabio Schvartsman has been conducting a broad strategic review. Vale had been in talks with Chinese battery recycler GEM Co Ltd ( 002340.SZ ) for several months about the stake in the mine, but those talks stalled, the sources said. GEM did not reply to requests for comment sent by Reuters. Makers of rechargeable batteries for electric vehicles are looking to lock in supplies of cobalt, lithium and nickel, which are key battery ingredients. Vale and its adviser on the sale process, Canadas Bank of Nova Scotia ( BNS.TO ), did not reply to requests for comment. Overbudget and years late when it finally started up in 2010, the New Caledonia project accumulated nearly $1.3 billion in losses between 2014 and 2016, according to a June presentation to investors. This has also narrowed the field of potential bidders, the second source said. At an investor conference in New York this week, Schvartsman said nickel had brought Vale lower returns than expected and vowed to cut new investments in the business. We expect nickel to have more demand as it becomes a raw material for car batteries, but prices have not reacted so far, Schvartsman said. Murilo Ferreira, whom Schvartsman replaced as CEO in May, had decided to sell the New Caledonia nickel mine as part of a $15 billion divestiture plan announced in 2016 to reduce Vales debt. The companys net debt shrank 18 percent in the 12 months through September to 21 billion reais ($6.4 billion). It stood at 4.9 times earnings before interest, taxes, depreciation and amortization, down from 8.6 times a year earlier, according to Thomson Reuters data. Reporting by Tatiana Bautzer in New York and Nicole Mordant in Vancouver; Additional reporting by Marta Nogueira in Rio de Janeiro, Melanie Burton in Melbourne, Susan Taylor and John Tilak in Toronto and Tom Daly in Beijing; Editing by Lisa Von Ahn '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/vale-sa-divestiture/exclusive-vale-delays-sale-of-stake-in-new-caledonia-nickel-mine-sources-idINKBN1DH2F5'|'2017-11-17T20:45:00.000+02:00'|9060.0|''|-1.0|'' 9061|'02538e1c04f086f3cb74196334ccd745cb66f591'|'Chipmaker Broadcom plans unsolicited bid for Qualcomm - source'|'November 3, 2017 / 5:59 PM / Updated 30 minutes ago Chipmaker Broadcom plans blockbuster bid for Qualcomm - sources Liana B. Baker , Greg Roumeliotis 5 Min Read (Reuters) - Communications chipmaker Broadcom Ltd ( AVGO.O ) is planning to unveil a bid for smartphone chip supplier Qualcomm Inc ( QCOM.O ) by Monday, two sources familiar with the matter said on Friday, an attempt to create a roughly $200-billion (153.06 billion pounds) company in what would be the biggest technology acquisition ever. A tie-up would combine two of the largest makers of wireless communications chips for mobile phones and raises the stakes for Intel Corp ( INTC.O ), which has been diversifying into smartphone technology from its stronghold in computers. The value of Broadcoms bid has not been decided, though an offer in the range of around $70 to $80 per share is being contemplated, one of the sources said. At $70 a share, an offer would value Qualcomm at $103 billion. Qualcomm is not aware of the details of Broadcoms bid, and it is far from certain whether it will entertain this deal, the sources said. Its a smart move that would make Broadcom into a tech juggernaut, said GBH Insights analyst Daniel Ives. Qualcomm declined to comment, while Broadcom did not immediately respond to a request for comment. The bid comes as Broadcom plans to move its headquarters to the United States from Singapore, President Donald Trump said on Thursday at a White House event where Chief Executive Hock Tan cited Republican tax efforts. It is currently incorporated in Singapore and co-headquartered there and in San Jose, California. Broadcoms acquisition would be the most ambitious move by Tan, who has turned a small, scrappy chipmaker into a $100-billion company with a string of deals, since he took the helm a decade ago. The proposal raises questions about whether Qualcomm will close its pending $38-billion acquisition of NXP Semiconductors NV ( NXPI.O ). NXP is one of the largest makers of chips for vehicles and expanding into self-driving technology. Qualcomm, an early pioneer in mobile phone chips, supplies so-called modem chips to phone makers such as Apple, Samsung and LG that help the phones connect to wireless data networks. Broadcom is also a major supplier to many of the same companies for Wi-Fi chips. FILE PHOTO: Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California May 12, 2016. REUTERS/Mike Blake/File Photo Broadcoms Wi-Fi chips are essentially a commodity and priced much lower than the modem chips. The only other major supplier of high-end chips is Intel Corp ( INTC.O ), which supplies about half of the modem chips in Apples ( AAPL.O ) iPhones. Purchasing Qualcomm would give Broadcom a much more lucrative line of business in the mobile phone markets. Intel shares fell 1.6 percent to $46.34. Broadcom is considering a cash and stock offer of about $70 a share, Bloomberg reported earlier. bloom.bg/2h8pnlS Broadcom is looking to complete its $5.5 billion purchase of Brocade Communications Systems Inc ( BRCD.O ) while Qualcomm is in the process of closing its deal for NXP. Shares of Qualcomm jumped 12.7 percent to $61.81, while Broadcoms stock climbed nearly 6 percent to $273.63 on Friday afternoon. Shares of NXP fell 2 percent and Brocade slipped 2.6 percent. Shares of Broadcom have rallied this year while Qualcomm has fallen, making the target more vulnerable. Qualcomm faces a multinational legal battle with Apple Inc ( AAPL.O ) over Qualcomms licensing terms to Apple. Antitrust officials, who also would have to approve a Broadcom-Qualcomm deal, are still considering Qualcomms purchase of NXP. Activist investor Elliott Management Corp has taken a large stake in NXP and has been pushing for Qualcomm to pay a higher price for the company, Reuters has reported. Broadcom and Qualcomm have few areas of overlap and but both make Wi-Fi solutions for wireless routers, Bluetooth drivers and some RF semiconductors, said Rob Lineback, a research analyst at IC Insights. These companies are leaders in those areas but there are other companies supplying them, said Lineback, who added that asset sales in those areas, if needed to address antitrust concerns, would not affect the value of the deal. Reporting by Sonam Rai in Bengaluru, Chuck Mikolajczak in New York, Diane Bartz in Washington and Stephen Nellis in San Francisco; writing by Anna Driver and Peter Henderson; editing by Arun Koyyur and Nick Zieminski'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-qualcomm-m-a-broadcom/broadcom-explores-deal-to-buy-qualcomm-bloomberg-idUKKBN1D324M'|'2017-11-03T21:46:00.000+02:00'|9061.0|''|-1.0|'' 9062|'36ea3ffefba3bf3157e18d395caabe7f22f5ea60'|'PRESS DIGEST- Financial Times - Nov 23'|'November 23, 2017 / 12:58 AM / Updated 8 minutes ago PRESS DIGEST- Financial Times - Nov 23 Reuters Staff 2 Min Read Nov 23 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Monarch''s administrators win airport slots battle on.ft.com/2jhHh2v Aston Martin posts first year of profit for a decade on.ft.com/2jfY7yO Uber faces investigations by regulators over massive data breach on.ft.com/2jgwvcQ Overview Monarchs administrators have won their legal battle over rights to the airlines most valuable assets, allowing them to raise capital by selling their take-off and landing slots at London Gatwick and Luton. Aston Martin has reported four consecutive quarters of profitability for the first time since it was sold by Ford in 2008, paving the way for a potential stock market listing in 2019. The regulatory fallout for Uber Technologies Inc after it failed to disclose a massive data breach began to emerge on Wednesday, as regulators in the UK, United States and Italy said they were opening investigations, presenting the latest challenge for the company as it tries to move on from a string of crises. (Compiled by Bengaluru newsroom; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-press-ft/press-digest-financial-times-nov-23-idUSL3N1NT04Q'|'2017-11-23T02:54:00.000+02:00'|9062.0|''|-1.0|'' -9063|'8d137d6123d67c736c7f3fc3572e721d5d7642e2'|'UK economy peps up, bolstering BoE rate hike call - PMI'|'November 3, 2017 / 11:57 AM / Updated 3 hours ago UK economy peps up, bolstering BoE rate hike call - PMI Andy Bruce , David Milliken 4 Min Read LONDON (Reuters) - Britains economy appears to be picking up speed, according to a survey on Friday that will reassure the Bank of England a day after it raised interest rates for the first time a decade. A man looks from a building in the financial district of Canary Wharf in London, Britain November 3, 2017. REUTERS/Kevin Coombs Sterling hit a days high against the dollar after the IHS Markit/CIPS services Purchasing Managers Index (PMI) jumped to 55.6 in October from 53.6 in September, its biggest one-month rise since August 2016. Despite nervousness among businesses about Brexit, the reading was its highest since April and exceeded all forecasts in a Reuters poll of economists. The survey of services businesses, which account for around 80 percent of British economic output, follows relatively upbeat PMI readings this week for the smaller manufacturing and construction sectors. Taken together they suggest the economy is growing at a quarterly rate of 0.5 percent, IHS Markit said, picking up from growth of 0.4 percent in the three months to September. Britains economy has lagged behind others in Europe and beyond this year as sterlings plunge following last years vote to leave the European Union pushes up inflation and uncertainty over the shape of Brexit causes businesses invest more slowly. The UK PMI may be starting to show some convergence with its firm global counterpart, JPMorgan economist Allan Monks said. Growth in the services sector outpaced that in the euro zone, as measured by a flash estimate, for the first time since January, the PMI showed. IHS Markit will publish a final estimate for the euro zone on Monday. The Bank of England will likely see Octobers (PMIs) as supportive to the decision to raise interest rates, said Howard Archer, chief economic adviser to the EY ITEM Club consultancy. Many private economists had warned before Thursdays decision by the BoE that a rate hike would be premature. However, serious uncertainties over the outlook evident among services companies fuels suspicion that it is likely to be some considerable time before the Bank of England hikes interest rates again, Archer said. The BoE raised rates for the first time in more than 10 years on Thursday and said its next increases would be very gradual. Deputy Governor Ben Broadbent said on Friday that the BoEs signal that it may need to raise interest rates two more times to bring down inflation was not a promise. Businesses are unsure about the outlook, and optimism among services companies remained well below its long-run average, fuelled mainly by uncertainty over Brexit, the PMI data showed. A deeper dive into the numbers highlights the fragility of the economy, said Chris Williamson, chief business economist at IHS Markit, which compiles the PMIs. BoE Governor Mark Carney said on Thursday that the central banks next move would be heavily influenced by the progress of talks on Britains departure from the EU. Growth could get a boost if a transitional deal gave businesses confidence to invest. But a failure to reach a deal would further weaken the pound and intensify inflation pressure. The services PMI, which covers non-retail businesses, said firms were putting up prices at the fastest rate since April. Costs increased rapidly, though at the slowest rate in just over a year, possibly tallying with the BoEs view that the inflationary effect of last years more than 10 percent fall in the value of the pound is starting to fade. Across the economy as a whole, the PMI showed that job creation was at its weakest since March. Squeezed margins and concerns about the economic outlook had led to more cautious hiring strategies, IHS Markit said. Editing by William Schomberg and Catherine Evans '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-economy-pmi/uk-economy-peps-up-bolstering-boe-rate-hike-call-pmi-idINKBN1D317V'|'2017-11-03T08:57:00.000+02:00'|9063.0|''|-1.0|'' +9063|'8d137d6123d67c736c7f3fc3572e721d5d7642e2'|'UK economy peps up, bolstering BoE rate hike call - PMI'|'November 3, 2017 / 11:57 AM / Updated 3 hours ago UK economy peps up, bolstering BoE rate hike call - PMI Andy Bruce , David Milliken 4 Min Read LONDON (Reuters) - Britains economy appears to be picking up speed, according to a survey on Friday that will reassure the Bank of England a day after it raised interest rates for the first time a decade. A man looks from a building in the financial district of Canary Wharf in London, Britain November 3, 2017. REUTERS/Kevin Coombs Sterling hit a days high against the dollar after the IHS Markit/CIPS services Purchasing Managers Index (PMI) jumped to 55.6 in October from 53.6 in September, its biggest one-month rise since August 2016. Despite nervousness among businesses about Brexit, the reading was its highest since April and exceeded all forecasts in a Reuters poll of economists. The survey of services businesses, which account for around 80 percent of British economic output, follows relatively upbeat PMI readings this week for the smaller manufacturing and construction sectors. Taken together they suggest the economy is growing at a quarterly rate of 0.5 percent, IHS Markit said, picking up from growth of 0.4 percent in the three months to September. Britains economy has lagged behind others in Europe and beyond this year as sterlings plunge following last years vote to leave the European Union pushes up inflation and uncertainty over the shape of Brexit causes businesses invest more slowly. The UK PMI may be starting to show some convergence with its firm global counterpart, JPMorgan economist Allan Monks said. Growth in the services sector outpaced that in the euro zone, as measured by a flash estimate, for the first time since January, the PMI showed. IHS Markit will publish a final estimate for the euro zone on Monday. The Bank of England will likely see Octobers (PMIs) as supportive to the decision to raise interest rates, said Howard Archer, chief economic adviser to the EY ITEM Club consultancy. Many private economists had warned before Thursdays decision by the BoE that a rate hike would be premature. However, serious uncertainties over the outlook evident among services companies fuels suspicion that it is likely to be some considerable time before the Bank of England hikes interest rates again, Archer said. The BoE raised rates for the first time in more than 10 years on Thursday and said its next increases would be very gradual. Deputy Governor Ben Broadbent said on Friday that the BoEs signal that it may need to raise interest rates two more times to bring down inflation was not a promise. Businesses are unsure about the outlook, and optimism among services companies remained well below its long-run average, fuelled mainly by uncertainty over Brexit, the PMI data showed. A deeper dive into the numbers highlights the fragility of the economy, said Chris Williamson, chief business economist at IHS Markit, which compiles the PMIs. BoE Governor Mark Carney said on Thursday that the central banks next move would be heavily influenced by the progress of talks on Britains departure from the EU. Growth could get a boost if a transitional deal gave businesses confidence to invest. But a failure to reach a deal would further weaken the pound and intensify inflation pressure. The services PMI, which covers non-retail businesses, said firms were putting up prices at the fastest rate since April. Costs increased rapidly, though at the slowest rate in just over a year, possibly tallying with the BoEs view that the inflationary effect of last years more than 10 percent fall in the value of the pound is starting to fade. Across the economy as a whole, the PMI showed that job creation was at its weakest since March. Squeezed margins and concerns about the economic outlook had led to more cautious hiring strategies, IHS Markit said. Editing by William Schomberg and Catherine Evans '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-economy-pmi/uk-economy-peps-up-bolstering-boe-rate-hike-call-pmi-idINKBN1D317V'|'2017-11-03T08:57:00.000+02:00'|9063.0|11.0|0.0|'' 9064|'1c007149d795b0b1b9933716d4d5f57a07ac8802'|'Tesla gives wishy-washy outlook for Model 3 production issues'|'Tesla releases Model 3 Tesla''s first mass market car has been beset with manufacturing issues -- and there'' s no end in sight. The electric carmaker issued its latest earnings report Wednesday, and the firm did little to assuage investors'' concerns that Tesla would be able to significantly ramp up Model 3 production in the near future. The company''s stock price sunk more nearly 5% during after-hours trading. "While we continue to make significant progress each week in fixing Model 3 bottlenecks, the nature of manufacturing challenges during a ramp such as this makes it difficult to predict exactly how long it will take for all bottlenecks to be cleared or when new ones will appear," the company said in a letter to investors. Tesla ( TSLA ) was already facing backlash from its shareholders over production of the Model 3, which is the first vehicle that''s priced more for the average consumer at $35,000. At least one lawsuit has been filed by investors. Related: Tesla sued for Model 3 delays Tesla previously said it would make 1,500 Model 3''s during the last quarter, but the firm dramatically undershot that goal. It churned out just 260, Tesla said earlier this month. The company said "a handful" of assembly lines had taken "longer to activate than expected." Based on figures in Tesla''s latest earnings letter, the company isn''t expecting to reach its initial goal of making 5,000 Model 3''s per week until sometime next year. Tesla, which rarely turns a profit, posted a net loss of $619 million for the quarter. Among investor worries: The Wall Street Journal reported on October 6, citing unnamed sources, that "as recently as early September major portions of the Model 3" were being built by hand. At the time, Tesla denied the report. "Every vehicle manufacturing line in the world has both manual and automated processes," said the company''s Tuesday statement. "As we''ve always acknowledged, it will take time to fine-tune the line for higher volumes." Related: Tesla fired union supporters, UAW charges Production issues have been par for the course at Tesla practically since Day 1. Similar problems ramping up production also plagued the company''s first two car models -- the Model S sedan and the Model X SUV. In July, as Tesla delivered the first batch of Model 3''s to employees, Musk admitted the company went through " production hell " to bring all three of its cars to market. With a simpler, streamlined designed, the Model 3 was designed to make the manufacturing process easier. On Wednesday, however, the company admitted that because "the Model 3 production process will be vastly more automated than the production process of Model S, Model X [...] bringing this level of automation online is simply challenging in the early stages of the ramp." Despite the production woes, Tesla has still had a phenomenal year in terms of stock performance. Its shares are up more than 50% so far in 2017. And the company says there''s no signs of demand slowing down. "We received record net orders for Model S and Model Xs" last quarter, Tesla said in its earnings letter, which later added, "Demand for Model 3 is not going to be a constraint for quite a long time." --CNNMoney''s Chris Isidore contributed to this report. 5:09 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/11/01/technology/business/tesla-earnings-model-3-production/index.html'|'2017-11-02T00:24:00.000+02:00'|9064.0|''|-1.0|'' 9065|'5303189138f4cf5e4590ba3c6c6f265a6c1a9291'|'China pushing billions into Iranian economy as Western firms stall'|'November 30, 2017 / 2:40 PM / Updated 6 minutes ago China pushing billions into Iranian economy as Western firms stall Mark Bendeich , Parisa Hafezi 6 Min Read ROME/ANKARA, Nov 30 (Reuters) - China is financing billions of dollars worth of Chinese-led projects in Iran, making deep inroads into the economy while European competitors struggle to find banks willing to fund their ambitions, Iranian government and industry officials said. Freed from crippling nuclear sanctions two years ago, Iran is drawing unprecedented Chinese funding for everything from railways to hospitals, they said. State-owned investment arm CITIC Group recently established a $10 billion credit line and China Development Bank is considering $15 billion more. They (Western firms) had better come quickly to Iran otherwise China will take over, said Ferial Mostofi, head of the Iran Chamber of Commerces investment commission, speaking on the sidelines of an Iran-Italy investment meeting in Rome. The Chinese funding, by far the largest statement of investment intent of any country in Iran, is in stark contrast with the drought facing Western investors since U.S. President Donald Trump disavowed the 2015 pact agreed by major powers, raising the threat sanctions could be reimposed. Iranian officials say the deals are part of Beijings $124 billion Belt and Road initiative, which aims to build new infrastructure - from highways and railways to ports and power plants - between China and Europe to pave the way for an expansion of trade. A source in China familiar with the CITIC credit line, which was agreed in September, called it an agreement of strategic intent. The source declined to give details on projects to be financed, but Iranian media reports have said they would include water management, energy, environment and transport projects. An Iranian central bank source said loans under the credit line would be primarily extended in euros and yuan. The China Development Bank signed a memorandum of understanding for $15 billion, Iranian state news agency IRNA said on Sept. 15. The bank itself declined to comment, in line with many foreign investors and banks, including from China, who were reluctant to discuss their activities in Iran for this story. The web sites of banks and companies often carry little or no information on their Iran operations. POWERHOUSE With a population of 80 million and a large, sophisticated middle class, Iran has the potential to be a regional economic powerhouse. But with the risk of sanctions hanging in the air, more and more foreign investors want Tehran to issue sovereign guarantees to protect them in case the projects are halted. Economic ties between Iran and Italy, its biggest European trade partner, have been affected. Italys state-owned rail company, Ferrovie dello Stato, is a consultant in the building of a 415-km (260-mile) high-speed north-south rail line between Tehran to Isfahan via Qom by state-owned China Railway Engineering Corp. The Italian firm is separately contracted to build a line from Qom west to Arak, but it needs 1.2 billion euros in financing. Though backed by the states export insurance agency, it says it needs a sovereign guarantee. We are finalising the negotiations and we are optimistic about moving forward, said Riccardo Monti, chairman of Italferr, the state firms engineering unit, adding that the financing should be finalised by March next year. Prime Minister Matteo Renzis promise in Tehran last year to oil the wheels of trade with a 4 billion euro credit line from Italys state investment vehicle is effectively dead, a source in Italy familiar with the matter said. Cassa Depositi e Prestiti (CDP) risked losing the confidence of its many U.S. bond-holders who could sell down their holdings if the credit line went ahead, the source said. A few European banks have deepened trade ties with Iran this year -- Austrias Oberbank inked a financing deal with Iran in September. South Korea has also proved a willing investor, with Seouls Eximbank signing an 8 billion euros credit line for projects in Iran in August, according to Chinese state news agency Xinhua. But China is the standout. Valerio de Molli, head of Italian think tank European House Ambrosetti, reckons China now accounts for more than double the EUs share of Irans total trade. The time to act is now, otherwise opportunities nurtured so far will be lost, de Molli said. A MOVING TRAIN Iranian officials attending this weeks meeting in Rome sought to goad European firms and their bankers into action by talking up the Chinese financing and investments. The train is going forward, said Fereidun Haghbin, director general of economic affairs at Irans foreign ministry. The world is a lot greater than the United States. Some Iranian officials remain concerned that investment could become lop-sided and are looking at creative ways to maintain investment links with the West, however. The Iran chamber is encouraging Western firms to consider transferring technology as a way of earning equity in Iranian projects rather than focusing on capital. It was also seeking approval to set up a 2.5-billion-euro offshore fund, perhaps in Luxembourg, as an indirect way for foreigners to invest in Iran, especially small and medium-sized Iranian enterprises, Mostofi said. The fund would issue the financial guarantees that foreigners want in return for a fee, effectively stepping in where banks now fear to tread. Most of the funds capital would come from Iran, Mostofi said. For now, however, big Western firms remain stuck. Italian power engineering firm Ansaldo Energia, controlled by state investor CDP and part-owned by Shanghai Electric Group , has been in Iran for 70 years. Its chairman, Giuseppe Zampini, told Reuters at the Rome conference there were many opportunities for new contracts but his hands were tied for now, partly because Ansaldo bonds were also in the hands of U.S. investors. My heart says that we are losing something, Zampini said. (Additional reporting by Shu Zhang in BEIJING, Stefano Bernabei in ROME, Parisa Hafezi in ANKARA and Jonathan Saul in LONDON; Editing by Sonya Hepinstall)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/iran-nuclear-china/china-pushing-billions-into-iranian-economy-as-western-firms-stall-idUSL3N1NY4SO'|'2017-11-30T16:40:00.000+02:00'|9065.0|''|-1.0|'' 9066|'8e311748dcfb4817ee5077ca93719e56b95f5f0c'|'HSBC investment banker Westerman leaves bank'|' 46 AM / Updated 9 minutes ago HSBC investment banker Westerman leaves bank Reuters Staff 1 One of HSBCs ( HSBA.L ) most senior investment bankers, Matthew Westerman, is leaving the bank immediately, an internal memo seen by Reuters showed on Thursday. HSBC bank is pictured in Geneva, Switzerland, November 8, 2017. REUTERS/Denis Balibouse Westerman, co-head of global banking at HSBC, joined the lender just under two years ago from Goldman Sachs with a mandate to shake up the division and improve performance. Co-head Robin Phillips will manage the global banking unit following his departure, the memo said. An HSBC spokeswoman confirmed the contents of the memo. Reporting by Lawrence White; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-moves-hsbc-westerman/hsbc-investment-banker-westerman-leaves-bank-idUKKBN1DN14X'|'2017-11-23T13:53:00.000+02:00'|9066.0|''|-1.0|'' @@ -9162,7 +9162,7 @@ 9160|'5ecfea80193ce52bd82161454826665fc0892a23'|'Luxury cosmetics help sales pick-up at L''Oreal'|'November 2, 2017 / 6:16 PM / Updated 10 minutes ago Luxury cosmetics help sales pick-up at L''Oreal Reuters Staff 3 Min Read PARIS (Reuters) - LOreal ( OREP.PA ), the worlds biggest cosmetics company, on Thursday posted slightly higher-than-expected sales in the third quarter as luxury brands such as Lancome and a surge in demand in China drove growth. The logo of French cosmetics group L''Oreal is seen in front of the Arc de Triomphe during a public event in Paris, France, October 1, 2017. REUTERS/Charles Platiau Like-for-like sales, which strip out currency swings and acquisitions or disposals, rose 5.1 percent from a year earlier between July and September - a pick-up from the previous quarter and more than forecast by analysts. Sales in LOreals luxury division, which also includes Kiehls and Yves Saint Laurent beauty products, rose by 11.2 percent on a comparable basis, after expanding by 8.9 percent three months earlier. Revenue growth in Asia Pacific also accelerated from one quarter to the next, and the company said Chinese demand was particularly strong. These good performances strengthen our confidence in our ability to once again outperform the cosmetics market in 2017, and to achieve growth in both our sales and profits, Chairman and Chief Executive Jean-Paul Agon said in a statement. However, in the consumer products unit - which includes Essie nail varnish, Maybelline make-up and Garnier shampoo and is the biggest contributor to revenue - comparable sales were a touch below forecasts. They rose 2.3 percent, a small slowdown from the 2.4 percent pace notched up three months earlier. Agon said the U.S. and French markets were proving tough. Fellow consumer goods firms have reported mixed results, with Unilever ( ULVR.L ), maker of Dove soap, coming below expectations in the third quarter while Beiersdorf ( BEIG.DE ), owner of Nivea body milk, was more upbeat. Cosmetics giant Estee Lauder ( EL.N ), meanwhile, is also riding high on strong Asian and European sales. LOreals revenue came in at 6.1 billion euros (5.44 billion pounds) across the group in the three months to end-September, versus the 6.08 billion euros expected in a poll of analysts carried out by Inquiry Financial for Reuters. Reporting by Sarah White and Pascale Denis; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-loreal-results/luxury-cosmetics-help-sales-pick-up-at-loreal-idUKKBN1D22J1'|'2017-11-02T20:15:00.000+02:00'|9160.0|''|-1.0|'' 9161|'ada9899e9ef87e295a19bb287eb88c4773339589'|'OPEC, allies unlikely to delay decision on oil cut extension'|'November 13, 2017 / 11:24 AM / Updated 4 minutes ago OPEC, allies unlikely to delay decision on oil cut extension Rania El Gamal , Maha El Dahan 2 Min Read ABU DHABI (Reuters) - OPEC and non-OPEC oil producers are moving towards deciding at their Nov. 30 meeting whether to extend a global agreement to curb oil supply further into 2018, two ministers said on Monday, a quicker time frame than previously indicated. The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria September 21, 2017. REUTERS/Leonhard Foeger The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, are cutting output by about 1.8 million barrels per day until March in an attempt to eradicate a glut, and are considering extending the deal for longer. Reuters reported last month, citing OPEC sources, that producers were leaning towards prolonging the agreement until the end of 2018, though the decision could be postponed until early next year depending on the market. But United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui said on Monday he saw no need for the decision to be delayed beyond the Nov. 30 meeting in Vienna. His Omani counterpart voiced confidence there would be an agreement this month. I dont see the need to delay the decision until March ... We are not going to meet in that quarter unless it is extraordinary, Mazroui said at an energy industry conference. If there is a decision to extend the supply cut it will be until the end of 2018, said the Omani oil minister, Mohammed bin Hamad al-Rumhi, adding that he did not think producers would agree to deepen the curbs. Mazroui, whose country next year holds the rotating OPEC presidency, said that while the UAE backed an extension, he could not say yet whether it would support maintaining the supply cut until the end of 2018. Additional reporting by Aziz El Yaakoubi and Stanley Carvalho; Writing by Andrew Torchia and Alex Lawler; Editing by Dale Hudson'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-oil-emirates-adipec-decision/opec-allies-unlikely-to-delay-decision-on-oil-cut-extension-idINKBN1DD123'|'2017-11-13T13:10:00.000+02:00'|9161.0|''|-1.0|'' 9162|'4e7e37cd3648ceb1744a038d32057129dd74ce36'|'Japan''s steelmakers in rare sweet spot, but Kobe Steel may miss out'|'November 1, 2017 / 9:57 AM / in 17 minutes Japan''s steelmakers in rare sweet spot, but Kobe Steel may miss out Yuka Obayashi 6 Min Read TOKYO (Reuters) - Japans steelmakers are in the midst of the best market conditions in at least three years as steel prices rise with construction in full swing for the 2020 Olympics in Tokyo and automakers boosting production. FILE PHOTO: Men work at the construction site of the New National Stadium, the main stadium of Tokyo 2020 Olympics and Paralympics in Tokyo, Japan, October 13, 2017. REUTERS/Issei Kato/File Photo But the countrys third-biggest steelmaker, Kobe Steel Ltd ( 5406.T ), is likely to be left out as it struggles to cope with one of Japans biggest industrial scandals, involving widespread cheating on product specifications. The company says it has lost customers and analysts say more could cancel contracts after a seal of industrial quality was revoked last week. Last week, Japans biggest steelmaker, Nippon Steel & Sumitomo Metal Corp ( 5401.T ) reported an 800 percent increase in net profit in the first half of the 2017/18 financial year. JFE Holdings ( 5411.T ), the countrys second-biggest steel maker, posted net profit in the first half after a net loss in the year-ago period, and it forecast that full-year profit will more than double. Besides the construction for the Olympics and higher demand from auto manufacturers, Japanese steelmakers are also being boosted by a country-wide boom in hotel and shop building. Overseas, a cutback in steel production in China is helping them recover from a period of high inventories and slack profitability. With large redevelopment projects in central Tokyo, construction materials are in tighter supply, said Kiyoshi Imamura, managing director at Tokyo Steel Manufacturing Co Ltd ( 5423.T ), Japans top electric-arc furnace steelmaker. Prices for the companys main product, H-shaped beams used in construction, rose to 81,000 yen (534.3) per tonne in October, the highest since 2011, amid a tight domestic market and higher overseas prices. The Japan Iron and Steel Federation has estimated the Olympics-related projects would boost steel demand by 2-3 million tonnes in total. This is the first time since 2013 to see the steel market being pulled by stronger demand, instead of pushed by higher costs of materials, said Atsushi Yamaguchi, an analyst at SMBC Nikko Securities. This solid trend will continue through early next year, he said. TIDE IN OUR FAVOUR Backed by healthy demand from manufacturers, the average price of Nippon Steels products rose to 83,500 yen per tonne in the April-September half, the highest since the six months through March 2015. The tide is running in our favour with strong local demand from manufacturers, particularly automakers, and with construction demand getting into full swing, Toshiharu Sakae, Nippon Steels executive vice president, told an earnings news conference on Friday. FILE PHOTO: People walk in front of the construction site of the New National Stadium, the main stadium of Tokyo 2020 Olympics and Paralympics in Tokyo, Japan, October 13, 2017. REUTERS/Issei Kato/File Photo Nippon Steels net profit for the April-September period came to 99 billion yen, 9-fold higher than a year earlier. It raised its interim dividend to 30 yen per share, from its earlier prediction of 25 yen, and forecast a 30 percent climb in full-year profit. JFE Holdings executive vice president Shinichi Okada said falling exports from China helped boost steel prices in Southeast Asia, its main export target. We dont know how long it will continue, but there are no causes of concern for now, Okada said. Chinas steel output dropped in September from a record high the previous month as mills cut production to fall in line with a government campaign to fight smog. Chinas exports of steel products also declined for a 14th consecutive month in September, with January-September exports sliding nearly 30 percent from the same period a year earlier. Kobe Steel also reported a 858 percent increase in net profit for the first six months to nearly 40 billion yen, but pulled its forecast for a first annual profit in three years as it deals with the financial impact of the data cheating. The steelmakers admission last month that it had found widespread tampering in product specifications has sent companies in global supply chains scrambling to check whether the safety or performance of their goods has been compromised. Executive Vice President Naoto Umehara said the misconduct would likely reduce Kobe Steels second-half recurring profit by 10 billion yen, 70 percent of which will mainly come from the steel business. We understand our customers are taking a harsh view of the data fabrication, Umehara said. An immediate impact may be limited, but we may see more impact as time goes by. Nippon Steels Sakae and JFEs Okada said they have not received orders from customers of Kobe Steel. Investors are generally upbeat about the steel market. Business condition for steelmakers looks fairly healthy with falling exports from China and strong capital expenditure worldwide, said Naoki Fujiwara, chief fund manager at Shinkin Asset Management. Shares in steelmakers could have attracted more attention if Kobe Steels scandal did not happen, he said. As long as the data cheating stays at the one company, rivals will likely benefit as Kobe Steel customers will likely reduce orders, he said. Reporting by Yuka Obayashi; Editing by Aaron Sheldrick and Raju Gopalakrishnan'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-kobe-steel-scandal-rivals/japans-steelmakers-in-rare-sweet-spot-but-kobe-steel-may-miss-out-idUKKBN1D148R'|'2017-11-01T11:56:00.000+02:00'|9162.0|''|-1.0|'' -9163|'8db1da8eb3c95b2afb9da605ab312bd18e9aec66'|'Insurer Sompo unit to set up EU subsidiary in Luxembourg'|'November 21, 2017 / 3:08 PM / Updated 11 minutes ago Insurer Sompo unit to set up EU subsidiary in Luxembourg Reuters Staff 2 Min Read LONDON, Nov 21 (Reuters) - Sompo International Holdings, a Bermuda-based unit of Japanese insurer Sompo, is to set up a subsidiary in Luxembourg following Britains vote to leave the European Union. The new entity, SI Insurance (Europe), will offer insurance and reinsurance, Sompo said in a statement late on Monday. SI has been formulating a strategy to address issues relating to (Britains) decision to leave the European Union, in particular the potential loss of EU passporting rights, the firm said, adding that regulatory approval for the Luxembourg firm was expected in the second quarter of 2018. Luxembourg and Dublin have been the most successful European cities in the race to attract insurers worried about the loss of access to Britains single market as a result of Brexit. Other insurers choosing Luxembourg for their EU hubs include AIG and Tokio Marine. Ship insurers North Club and Standard Club said this week they were choosing Dublin for their subsidiaries. (Reporting by Carolyn Cohn; editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-eu-sompo/insurer-sompo-unit-to-set-up-eu-subsidiary-in-luxembourg-idUSL8N1NR4ZA'|'2017-11-21T17:06:00.000+02:00'|9163.0|''|-1.0|'' +9163|'8db1da8eb3c95b2afb9da605ab312bd18e9aec66'|'Insurer Sompo unit to set up EU subsidiary in Luxembourg'|'November 21, 2017 / 3:08 PM / Updated 11 minutes ago Insurer Sompo unit to set up EU subsidiary in Luxembourg Reuters Staff 2 Min Read LONDON, Nov 21 (Reuters) - Sompo International Holdings, a Bermuda-based unit of Japanese insurer Sompo, is to set up a subsidiary in Luxembourg following Britains vote to leave the European Union. The new entity, SI Insurance (Europe), will offer insurance and reinsurance, Sompo said in a statement late on Monday. SI has been formulating a strategy to address issues relating to (Britains) decision to leave the European Union, in particular the potential loss of EU passporting rights, the firm said, adding that regulatory approval for the Luxembourg firm was expected in the second quarter of 2018. Luxembourg and Dublin have been the most successful European cities in the race to attract insurers worried about the loss of access to Britains single market as a result of Brexit. Other insurers choosing Luxembourg for their EU hubs include AIG and Tokio Marine. Ship insurers North Club and Standard Club said this week they were choosing Dublin for their subsidiaries. (Reporting by Carolyn Cohn; editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-eu-sompo/insurer-sompo-unit-to-set-up-eu-subsidiary-in-luxembourg-idUSL8N1NR4ZA'|'2017-11-21T17:06:00.000+02:00'|9163.0|10.0|0.0|'' 9164|'741f1505d8807f39c58875172ea67bc2f44292d2'|'Japan''s economy set to show seven straight growth quarters'|' 12 AM / Updated 3 minutes ago Japan''s economy set to show seven straight growth quarters Kaori Kaneko 3 Min Read TOKYO (Reuters) - Japans economy was expected have grown for a seventh straight quarter in July-September, a period of unbroken expansion last seen between 1999 and 2001, a Reuters poll found on People cross a street in the Shinjuku shopping and business district in Tokyo, Japan May 17, 2017. Picture taken May 17, 2017. REUTERS/Toru Hanai Gross domestic product (GDP) is expected to have grown at an annualised rate of 1.3 percent in the third quarter, the poll of 20 analysts showed. That result would mark a seventh straight growth quarter, the longest period of expansion since an eight-quarter run from April-June 1999 to January-March 2001. Quarter-on-quarter growth of 0.3 percent is expected after a revised 0.6 percent rise in the second quarter. Consumer spending was seen stalling in July-September but export growth likely supported solid economic expansion, said Atsushi Takeda, chief economist at Itochu Economic Research Institute. The poll found that private consumption, which accounts for roughly 60 percent of GDP, probably slipped 0.4 percent in the third quarter, the first fall in seven quarters. External demand - or exports minus imports - was seen contributing 0.4 percentage point to growth, the poll found, after it subtracted 0.3 percentage point from GDP growth in April-June. Capital spending was seen rising 0.3 percent in the third quarter, growing for a fourth straight quarter, following a 0.5 percent rise the previous quarter. We forecast the economy will continue to grow as both domestic and external demand pick up thanks to the global economic recovery and a softer yen, said Hidenobu Tokuda, senior economist at Mizuho Research Institute. But there is downside risk from the Chinese economy and we also need to closely monitor geopolitical risk from the North Korean situation, he said. The Cabinet Office will announce the GDP data on Nov. 15 at 8:50 a.m.(2350 GMT, Nov. 14). The Bank of Japans corporate goods price index (CGPI), which measures the prices companies charge each other for goods and services, was seen likely to have risen an annual 3.1 percent in October, the poll found. Such a result would mark a 10th straight rising month and the fastest annual rate of increase since October 2008, excluding the effect of a sales tax hike in 2014. The central bank will release the CGPI data on Nov 14 at 2350 gmt. (This story has been refiled to fix format) Reporting by Kaori Kaneko; Editing by Eric Meijer'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-japan-economy-gdp/japans-economy-set-to-show-seven-straight-growth-quarters-idUKKBN1DA0F0'|'2017-11-10T07:11:00.000+02:00'|9164.0|''|-1.0|'' 9165|'fc32ea5a1765c550ce24b741d46ba14ee109e04c'|'Airline revenue of $1.2 billion blocked across Africa - IATA'|'November 13, 2017 / 2:48 PM / Updated 14 minutes ago Airline revenue of $1.2 billion blocked across Africa - IATA Clement Uwiringiyimana 2 Min Read KIGALI (Reuters) - The global airline industry has $1.2 billion (916.6 million) blocked in nine dollar-strapped African countries, the International Air Transport Association (IATA) said on Monday. The global commodities price crash that began in 2014 hit economies across Africa hard, particularly big resource exporters such as Angola and Nigeria. Low oil and mineral prices have reduced government revenue and caused chronic dollar shortages and immense pressure on local currencies. The fiscal slump has meant governments have not allowed foreign airlines to repatriate their dollar profits in full. At an aviation meeting in the Rwandan capital, IATAs Vice President for Africa, Raphale Kuuchi, said that airlines were in talks with a few governments to unblock airline funds. He did not specify the companies were affected. To do business effectively, airlines must be able to reliably repatriate their revenues, Kuuchi said. And thats not the case in nine African countries: Angola, Algeria, Eritrea, Ethiopia, Libya, Mozambique, Nigeria, Sudan and Zimbabwe. Of the total of $1.2 billion, Angola has blocked the largest amount, $500 million, while Sudan has held up $200 million, another IATA official, Adefunke Adeyemi, told Reuters. Last year Nigeria owed airliners $600 million but as of October the amount had fallen to $221 million, she said. Reporting by Clement Uwiringiyimana; Editing by David Goodman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-airlines-iata-africa/airline-revenue-of-1-2-billion-blocked-across-africa-iata-idUKKBN1DD1SU'|'2017-11-13T16:47:00.000+02:00'|9165.0|''|-1.0|'' 9166|'fb32d59e212930e123b6fc2ccb941668aaa90007'|'Australia''s Downer to sell freight rail business to Caterpillar unit for $82 million'|'(Reuters) - Australias Downer EDI ( DOW.AX ) said on Tuesday it plans to sell its freight rail business to Caterpillar Incs ( CAT.N ) Progress Rail unit for A$109 million ($82.18 million) as the engineering contractor reduces its dependence on the mining sector.Downer is expected to book a non-cash writedown of A$40 million in relation to the divestment, and about 360 people employed by the freight rail business would be transferred to Progress Rail as a part of the deal, it said in a statement.The company said its rail division was on track to meet its underlying full-year earnings target despite divesting the freight business.Downers rail arm is also involved in building passenger trains, operations and maintenance.Earlier this year, Downer had announced it would buy cleaner-caterer Spotless Group Holdings ( SPO.AX ) for A$1.27 billion, saying the move would help the company reduce its reliance on the mining sector.Downer has been diversifying away from mining services by buying companies in parallel industries.Reporting By Rushil Dutta in Bengaluru; Editing by Sherry Jacob-Phillips '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-downer-edi-deals-caterpillar/australias-downer-to-sell-freight-rail-business-to-caterpillar-unit-for-82-million-idINKBN1DL0DX'|'2017-11-21T03:01:00.000+02:00'|9166.0|''|-1.0|'' @@ -9237,14 +9237,14 @@ 9235|'9b39e0ca569b2a764881b514fa1d75c7a90179c3'|'Let board do its job finding successor, Airbus CEO urges staff'|' 10 PM / a minute ago Let board do its job finding successor, Airbus CEO urges staff Reuters Staff 2 Min Read PARIS (Reuters) - Airbus ( AIR.PA ) Chief Executive Tom Enders, who is stepping down in 2019, urged employees on Friday to allow the board to pick his successor without being distracted by speculation about who would replace him. You may be wondering who will replace me in 2019, Enders said in a letter seen by Reuters shortly after a management shake-up. This is a matter for the board to decide in due course, behind closed doors and in the sole interest of Airbus, its employees and shareholders. We have much to achieve together between now and then, so my suggestion is to let the board do their work and well focus on ours. Enders acknowledged past differences with his no.2 and chief operating officer, Fabrice Bregier, and said he was relying on Bregiers team to welcome his successor Guillaume Faury into the role with open arms and ease him into the job. Bregier is leaving in February 2018, having told the board he would not seek the CEO position in 2019, Airbus said earlier. Several people close to the company said tensions between the two top executives had contributed to Bregiers departure, though aides to Enders said it was solely related to the board-supervised succession process. I am personally very grateful to Fabrice for everything he has done for Airbus, Enders said. Faury will be replaced as head of Airbus Helicopters in coming weeks, he added. In his own letter, Bregier thanked staff and called for one last push to meet a difficult challenge of reaching a record target of more than 700 jet deliveries in 2017. It will require a huge effort, but I am confident that with your support and full dedication, we will be successful again. Enders called for all hands on deck to meet the same goal, which is being closely watched by aerospace investors. Reporting by Tim Hepher; Editing by Richard Lough'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-airbus-management-letters/let-board-do-its-job-finding-successor-airbus-ceo-urges-staff-idUSKBN1E91DH'|'2017-12-15T14:10:00.000+02:00'|9235.0|''|-1.0|'' 9236|'459ed4ede9854dd88318024ac00cd789e11f2f12'|'Oil prices fall after U.S. drillers add rigs'|'December 4, 2017 / 1:40 AM / Updated 13 minutes ago Oil eases with Brent down $1 as market eyes U.S. output Jessica Resnick-Ault 3 Min Read NEW YORK (Reuters) - Oil fell more than 1 percent on Monday as the market saw signs of continuing U.S. production increases, though prices remained in sight of their recent two-year highs thanks to last weeks decision by OPEC and other producers to extend output cuts. A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. REUTERS/Jo Yong-Hak/File Photo Brent crude futures fell $1.00 a barrel to $62.73 by 10:40 a.m. EST (1540 GMT), while U.S. West Texas Intermediate futures were down 70 cents at $57.66. Brent hit a two-year high of $64.65 a month ago and has since attracted record investment by fund managers.[O/ICE] Were in a situation where there might not be much more ammunition on the bullish side, said John Kilduff, a partner at Again Capital Management in New York. As a result, the market could correct slightly, pulling further downward, he said. The market is continuing to watch U.S. crude production, which is nearing a record high, according to data last week.. Additionally, drillers in the United States added two oil rigs in the week to Dec. 1, bringing the total count to 749, the highest since September, energy services company Baker Hughes said on Friday. [RIG/U] The U.S. rig count, an early indicator of future output, has risen sharply from 477 active rigs a year ago after energy companies boosted spending plans for 2017. Even higher prices are likely to be precluded by news from the U.S., where drilling activity is being stepped up, said Commerzbank analyst Carsten Fritsch. U.S. producers were encouraged during 2017 to increase activity as crude prices started recovering from a multi-year price slump after the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers, including Russia, agreed to production cuts a year ago. Last week the producers agreed to extend those cuts of 1.8 million barrels per day (bpd) until the end of next year. Market reaction has been positive so far. There are only two worrying aspects ... One is that Iraqs indiscipline has not been discussed, at least not publicly, PVM Oil Associates strategist Tamas Varga said, referring to Baghdads compliance with output cuts. [OPEC/c] The second is OPECs own forecast for next year. They are by far the most bullish on 2018, with the annual call on their oil at 33.42 million bpd, he said. The forecast is much higher than those of the U.S. government at 32.70 million bpd and the International Energy Agencys prediction of 32.38 million bpd. The latest agreement allows for producers to exit the deal early if the market overheats. Russian officials had expressed concern that extending the cuts might encourage U.S. shale oil companies, which have been a thorn in OPECs side, to pump more crude. U.S. output rose in September to 9.5 million bpd, the highest monthly output since 9.6 million bpd in April 2015, government data shows. On an annual basis, U.S. output peaked at 9.6 million bpd in 1970. Additional reporting by Aaron Sheldrick in TOKYO and Emily Chow in KUALA LUMPUR and Amanda Cooper in LONDON; Editing by David Goodman and Marguerita Choy'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-oil/oil-prices-fall-after-u-s-drillers-add-rigs-idUKKBN1DY044'|'2017-12-04T03:39:00.000+02:00'|9236.0|''|-1.0|'' 9237|'5b98da91a94062deceb708441ad45ef98dfb5bc9'|'Volkswagen says some employees cooperated with Brazil''s military regime'|'December 14, 2017 / 2:37 PM / Updated 5 minutes ago Volkswagen says some employees cooperated with Brazil''s military regime Reuters Staff 1 Min Read FRANKFURT (Reuters) - Volkswagen ( VOWG_p.DE ) said on Thursday that a historian commissioned by the carmaker found that some of the security staff at Volkswagen do Brasil had cooperated with the countrys former military regime. A Volkswagen logo is pictured at the International Auto Show in Mexico City, Mexico November 23, 2017. REUTERS/Henry Romero There is no clear evidence found, that the cooperation was institutionalized by the company, said Christopher Kopper, a history professor at Germanys Bielefeld University who carried out the study on Volkswagens role in Brazil from 1964 to 1985. Kopper based his study on statements made by former employees, documents from Volkswagens corporate archives in Germany and Brazil as well as Brazilian state archives, Volkswagen said. Reporting by Arno Schuetze; Editing by Maria Sheahan'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-volkswagen-brazil/volkswagen-says-some-employees-cooperated-with-brazils-military-regime-idUSKBN1E823X'|'2017-12-14T16:36:00.000+02:00'|9237.0|''|-1.0|'' -9238|'cc9f40de5c0d4755701e3e318d2712c6fdfba27c'|'Siemens to gauge interest of state funds in Healthineers IPO - CEO'|'December 31, 2017 / 12:26 PM / Updated 2 hours ago Siemens to gauge interest of state funds in Healthineers IPO: CEO Reuters Staff 2 Min Read FRANKFURT (Reuters) - Siemens will test the appetite of sovereign wealth funds ahead of the planned listing of its healthcare unit Healthineers next year, its chief executive told a German weekly, possibly to secure anchor investors for the flotation. Siemens CEO Joe Kaeser attends the company''s annual news conference in Munich, Germany, November 9, 2017. REUTERS/Michael Dalder - RC12652D94E0 The listing of a minority of the unit, which makes X-ray and MRI machines, is set to take place in the first half of 2018 and is expected to value Healthineers as a whole at around 40 billion euros ($48 billion). Siemens is expected to sell 15-25 percent of Healthineers, sources have said, implying stock worth 6-10 billion euros could be sold - Germanys biggest share offering since Deutsche Telekom in 1996. Internal preparations are going well and we are still planning the listing in the first half of 2018, if markets play along, Joe Kaeser told Frankfurt Allgemeine Sonntagszeitung in an interview published on Sunday. In any case, we are planning to test the interest of relevant anchor shareholders, including sovereign wealth funds. Asked whether this included Norway and China, home to the worlds largest and third-largest state funds, respectively, Kaeser said: We will probably cover the range of the most important state funds, yes. The advantage would be that we would gain anchor investors. The disadvantage: the free float of shares is not as high. The move is designed to enable the unit to raise its own funds for takeovers and investments in the healthcare sector as well as crystallizing its standalone value, removing some of the conglomerate discount that weighs on Siemens valuation. In 2016, utility RWE won BlackRock as an anchor investor in the initial public offering of its Innogy unit. RWE ended up selling a 23.2 percent stake in the networks, renewables and retail unit. Reporting by Christoph Steitz; Editing by Alison Williams'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-siemens-healthcare-ipo/siemens-to-gauge-interest-of-state-funds-in-healthineers-ipo-ceo-idUKKBN1EP0BO'|'2017-12-31T14:26:00.000+02:00'|9238.0|''|-1.0|'' -9239|'f051300e4267f77cbe2b02a7b3b3afb6f332b488'|'Deutsche Bank receives subpoena from Mueller on Trump accounts: source'|'December 5, 2017 / 9:45 AM / Updated 26 minutes ago Trump lawyer denies Deutsche Bank got subpoena on Trump accounts Arno Schuetze , Karen Freifeld 7 Min Read FRANKFURT/WASHINGTON (Reuters) - A U.S. federal investigator probing alleged Russian interference in the 2016 U.S. presidential election asked Deutsche Bank for data on accounts held by President Donald Trump and his family, a person close to the matter said on Tuesday, but Trumps lawyer denied any such subpoena had been issued. Special Counsel Robert Mueller departs after briefing the U.S. House Intelligence Committee on his investigation of potential collusion between Russia and the Trump campaign on Capitol Hill in Washington, U.S., June 20, 2017. REUTERS/Aaron P. Bernstein Germanys largest bank received a subpoena from Special Counsel Robert Mueller several weeks ago to provide information on certain money and credit transactions, the person said, without giving details, adding that key documents had been handed over in the meantime. Deutsche Bank has lent the Trump Organization hundreds of millions of dollars for real estate ventures and is one of the few major lenders that has given large amounts of credit to Trump in the past decade. A string of bankruptcies at his hotel and casino businesses during the 1990s made most of Wall Street wary of extending him credit. Mueller is investigating alleged Russian attempts to influence the election, and potential collusion by Trump aides. Russia has denied U.S. intelligence agencies conclusion that it meddled in the election and Trump has said there was no collusion with Moscow. Jay Sekulow, one of Trumps personal lawyers, said Deutsche Bank has not received any subpoena for financial records relating to the president as part of Muellers probe. We have confirmed that the news reports that the Special Counsel had subpoenaed financial records relating to the president are false, Sekulow told Reuters in a statement. No subpoena has been issued or received. We have confirmed this with the bank and other sources. He later said the bank in question was Deutsche Bank. A spokesman for Mueller declined to comment. A Deutsche Bank spokesman in New York had no immediate comment beyond the statement the bank issued earlier on Tuesday which said the bank takes its legal obligations seriously and remains committed to cooperating with authorized investigations into this matter. A U.S. official with knowledge of Muellers probe said one reason for the subpoenas was to find out whether Deutsche Bank may have sold some of Trumps mortgage or other loans to Russian state development bank VEB or other Russian banks that now are under U.S. and European Union sanctions. VEB, as well as the Russian Agricultural Bank and Gazprombank did not immediately reply to emailed requests for comment. No one from the VTB Group representatives has received a subpoena because there are absolutely no grounds for it, a bank representative said in response to a request from Reuters. Deutsche Bank did not contact us regarding people connected with the Trump administration. We would not comment on the existence of any such request, had one been received, responded a representative of Sberbank. Holding Trump debt, particularly if some of it was or is coming due, could potentially give Russian banks some leverage over Trump, especially if they are state-owned, said a second U.S. official familiar with Russian intelligence methods. One obvious question is why Trump and those around him expressed interest in improving relations with Russia as a top foreign policy priority, and whether or not any personal considerations played any part in that, the second official said, speaking on the condition of anonymity. A source close to Deutsche Bank said the bank had run checks on Trumps financial dealings with Russia. During his election campaign, Trump said he would seek to improve ties with Russian President Vladimir Putin, which were strained during President Barack Obamas administration. The subpoena was earlier reported by German daily Handelsblatt. FINANCES A RED LINE During a photo opportunity with senators at the White House on Tuesday, Trump declined to answer shouted questions from reporters about whether Mueller had crossed a line by asking Deutsche Bank for information. In a July 9 interview with the New York Times, Trump said Mueller should not extend his investigation into Trumps finances if they were not directly related to the Russia accusations. Asked if delving into his and his familys finances unrelated to the Russia probe would cross a red line, Trump replied, I would say yeah. I would say yes. Deutsche Bank earlier this year rebuffed efforts by Democratic U.S. lawmakers to get more information on its dealings with Trump as well as any information it may have about whether the Republican, his family or advisers had financial backing from Russia. Trump had liabilities of at least $130 million (96.8 million) to Deutsche Bank Trust Company Americas, a unit of the German bank, according to a federal financial disclosure form released in June by the U.S. Office of Government Ethics. The Deutsche debts include a loan exceeding $50 million for the Old Post Office, a historic property he redeveloped in downtown Washington, mortgages worth more than $55 million on a golf course in Florida, and a $25 million-plus loan on a Trump hotel and condominium in Chicago, the disclosure shows. All of those loans were taken out in 2012 and will mature in 2023 and 2024, according to the disclosure. Trump and Deutsche Bank have not always been on good terms. Trump sued the bank and other lenders in 2008, demanding $3 billion in damages, claiming they broke agreements in the construction and financing of a Chicago hotel. Deutsche Bank countersued and the two sides eventually settled. Internal Deutsche Bank documents seen by Reuters feature the names of Trumps former campaign manager Paul Manafort and his wife, Kathleen, in a series of client profiles. But it was not immediately clear what their relationship with the bank is or had been. According to a person familiar with the matter who spoke on the condition of anonymity, Manafort and his wife do not have Deutsche Bank accounts. The bank declined to comment on whether Manafort is or has ever been a client. A spokesman for Manafort declined to comment. In October, Manafort pleaded not guilty to charges including conspiracy to launder money and conspiracy against the United States. The charges were brought as part of Muellers investigation. Reporting by Arno Schuetze and Tom Bergin in Frankfurt, Tatiana Voronova in Moscow, and Nathan Layne, John Walcott, Nathan Layne, Karen Freifeld and Jonathan Landay in Washington; Writing by Alistair Bell and Yara Bayoumy; Editing by Keith Weir, Mark Potter, Toni Reinhold and Frances Kerry'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-usa-trump-deutsche-bank/deutsche-bank-receives-subpoena-from-mueller-on-trump-accounts-source-idUKKBN1DZ13M'|'2017-12-05T11:44:00.000+02:00'|9239.0|''|-1.0|'' +9238|'cc9f40de5c0d4755701e3e318d2712c6fdfba27c'|'Siemens to gauge interest of state funds in Healthineers IPO - CEO'|'December 31, 2017 / 12:26 PM / Updated 2 hours ago Siemens to gauge interest of state funds in Healthineers IPO: CEO Reuters Staff 2 Min Read FRANKFURT (Reuters) - Siemens will test the appetite of sovereign wealth funds ahead of the planned listing of its healthcare unit Healthineers next year, its chief executive told a German weekly, possibly to secure anchor investors for the flotation. Siemens CEO Joe Kaeser attends the company''s annual news conference in Munich, Germany, November 9, 2017. REUTERS/Michael Dalder - RC12652D94E0 The listing of a minority of the unit, which makes X-ray and MRI machines, is set to take place in the first half of 2018 and is expected to value Healthineers as a whole at around 40 billion euros ($48 billion). Siemens is expected to sell 15-25 percent of Healthineers, sources have said, implying stock worth 6-10 billion euros could be sold - Germanys biggest share offering since Deutsche Telekom in 1996. Internal preparations are going well and we are still planning the listing in the first half of 2018, if markets play along, Joe Kaeser told Frankfurt Allgemeine Sonntagszeitung in an interview published on Sunday. In any case, we are planning to test the interest of relevant anchor shareholders, including sovereign wealth funds. Asked whether this included Norway and China, home to the worlds largest and third-largest state funds, respectively, Kaeser said: We will probably cover the range of the most important state funds, yes. The advantage would be that we would gain anchor investors. The disadvantage: the free float of shares is not as high. The move is designed to enable the unit to raise its own funds for takeovers and investments in the healthcare sector as well as crystallizing its standalone value, removing some of the conglomerate discount that weighs on Siemens valuation. In 2016, utility RWE won BlackRock as an anchor investor in the initial public offering of its Innogy unit. RWE ended up selling a 23.2 percent stake in the networks, renewables and retail unit. Reporting by Christoph Steitz; Editing by Alison Williams'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-siemens-healthcare-ipo/siemens-to-gauge-interest-of-state-funds-in-healthineers-ipo-ceo-idUKKBN1EP0BO'|'2017-12-31T14:26:00.000+02:00'|9238.0|12.0|0.0|'' +9239|'f051300e4267f77cbe2b02a7b3b3afb6f332b488'|'Deutsche Bank receives subpoena from Mueller on Trump accounts: source'|'December 5, 2017 / 9:45 AM / Updated 26 minutes ago Trump lawyer denies Deutsche Bank got subpoena on Trump accounts Arno Schuetze , Karen Freifeld 7 Min Read FRANKFURT/WASHINGTON (Reuters) - A U.S. federal investigator probing alleged Russian interference in the 2016 U.S. presidential election asked Deutsche Bank for data on accounts held by President Donald Trump and his family, a person close to the matter said on Tuesday, but Trumps lawyer denied any such subpoena had been issued. Special Counsel Robert Mueller departs after briefing the U.S. House Intelligence Committee on his investigation of potential collusion between Russia and the Trump campaign on Capitol Hill in Washington, U.S., June 20, 2017. REUTERS/Aaron P. Bernstein Germanys largest bank received a subpoena from Special Counsel Robert Mueller several weeks ago to provide information on certain money and credit transactions, the person said, without giving details, adding that key documents had been handed over in the meantime. Deutsche Bank has lent the Trump Organization hundreds of millions of dollars for real estate ventures and is one of the few major lenders that has given large amounts of credit to Trump in the past decade. A string of bankruptcies at his hotel and casino businesses during the 1990s made most of Wall Street wary of extending him credit. Mueller is investigating alleged Russian attempts to influence the election, and potential collusion by Trump aides. Russia has denied U.S. intelligence agencies conclusion that it meddled in the election and Trump has said there was no collusion with Moscow. Jay Sekulow, one of Trumps personal lawyers, said Deutsche Bank has not received any subpoena for financial records relating to the president as part of Muellers probe. We have confirmed that the news reports that the Special Counsel had subpoenaed financial records relating to the president are false, Sekulow told Reuters in a statement. No subpoena has been issued or received. We have confirmed this with the bank and other sources. He later said the bank in question was Deutsche Bank. A spokesman for Mueller declined to comment. A Deutsche Bank spokesman in New York had no immediate comment beyond the statement the bank issued earlier on Tuesday which said the bank takes its legal obligations seriously and remains committed to cooperating with authorized investigations into this matter. A U.S. official with knowledge of Muellers probe said one reason for the subpoenas was to find out whether Deutsche Bank may have sold some of Trumps mortgage or other loans to Russian state development bank VEB or other Russian banks that now are under U.S. and European Union sanctions. VEB, as well as the Russian Agricultural Bank and Gazprombank did not immediately reply to emailed requests for comment. No one from the VTB Group representatives has received a subpoena because there are absolutely no grounds for it, a bank representative said in response to a request from Reuters. Deutsche Bank did not contact us regarding people connected with the Trump administration. We would not comment on the existence of any such request, had one been received, responded a representative of Sberbank. Holding Trump debt, particularly if some of it was or is coming due, could potentially give Russian banks some leverage over Trump, especially if they are state-owned, said a second U.S. official familiar with Russian intelligence methods. One obvious question is why Trump and those around him expressed interest in improving relations with Russia as a top foreign policy priority, and whether or not any personal considerations played any part in that, the second official said, speaking on the condition of anonymity. A source close to Deutsche Bank said the bank had run checks on Trumps financial dealings with Russia. During his election campaign, Trump said he would seek to improve ties with Russian President Vladimir Putin, which were strained during President Barack Obamas administration. The subpoena was earlier reported by German daily Handelsblatt. FINANCES A RED LINE During a photo opportunity with senators at the White House on Tuesday, Trump declined to answer shouted questions from reporters about whether Mueller had crossed a line by asking Deutsche Bank for information. In a July 9 interview with the New York Times, Trump said Mueller should not extend his investigation into Trumps finances if they were not directly related to the Russia accusations. Asked if delving into his and his familys finances unrelated to the Russia probe would cross a red line, Trump replied, I would say yeah. I would say yes. Deutsche Bank earlier this year rebuffed efforts by Democratic U.S. lawmakers to get more information on its dealings with Trump as well as any information it may have about whether the Republican, his family or advisers had financial backing from Russia. Trump had liabilities of at least $130 million (96.8 million) to Deutsche Bank Trust Company Americas, a unit of the German bank, according to a federal financial disclosure form released in June by the U.S. Office of Government Ethics. The Deutsche debts include a loan exceeding $50 million for the Old Post Office, a historic property he redeveloped in downtown Washington, mortgages worth more than $55 million on a golf course in Florida, and a $25 million-plus loan on a Trump hotel and condominium in Chicago, the disclosure shows. All of those loans were taken out in 2012 and will mature in 2023 and 2024, according to the disclosure. Trump and Deutsche Bank have not always been on good terms. Trump sued the bank and other lenders in 2008, demanding $3 billion in damages, claiming they broke agreements in the construction and financing of a Chicago hotel. Deutsche Bank countersued and the two sides eventually settled. Internal Deutsche Bank documents seen by Reuters feature the names of Trumps former campaign manager Paul Manafort and his wife, Kathleen, in a series of client profiles. But it was not immediately clear what their relationship with the bank is or had been. According to a person familiar with the matter who spoke on the condition of anonymity, Manafort and his wife do not have Deutsche Bank accounts. The bank declined to comment on whether Manafort is or has ever been a client. A spokesman for Manafort declined to comment. In October, Manafort pleaded not guilty to charges including conspiracy to launder money and conspiracy against the United States. The charges were brought as part of Muellers investigation. Reporting by Arno Schuetze and Tom Bergin in Frankfurt, Tatiana Voronova in Moscow, and Nathan Layne, John Walcott, Nathan Layne, Karen Freifeld and Jonathan Landay in Washington; Writing by Alistair Bell and Yara Bayoumy; Editing by Keith Weir, Mark Potter, Toni Reinhold and Frances Kerry'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-usa-trump-deutsche-bank/deutsche-bank-receives-subpoena-from-mueller-on-trump-accounts-source-idUKKBN1DZ13M'|'2017-12-05T11:44:00.000+02:00'|9239.0|15.0|0.0|'' 9240|'8029e3be90c6a6e19a66335f52c68caec0b5dd88'|'EU clears easyJet''s takeover of parts of Air Berlin'|'December 12, 2017 / 3:51 PM / a few seconds ago EU clears easyJet''s takeover of parts of Air Berlin Reuters Staff 1 Min Read BRUSSELS (Reuters) - EU antitrust authorities approved on Tuesday British budget carrier easyJets ( EZJ.L ) planned purchase of parts of bankrupt German peer Air Berlin ( AB1.DE ) without setting any conditions. FILE PHOTO: EasyJet passengers line up at Nice Cote d''Azur airport as most of the flights are cancelled due to a storm in Nice, France, December 11, 2017. REUTERS/Eric Gaillard The European Commission said the deal would not hurt competition, confirming a Reuters report on Dec. 4. EasyJets plans to buy certain Air Berlin assets will not reduce competition and we have approved it today. Our decision enables easyJet to grow its presence at Berlin airports and start competing on new routes to the benefit of consumers, EU Competition Commissioner Margrethe Vestager said in a statement. The deal will see EasyJet take on some of Air Berlins operations at Tegel airport in the German capital for around 40 million euros ($47 million), leases for up to 25 A320 aircraft and about 1,000 of Air Berlins pilots and cabin crew. ($1 = 0.8518 euros) Reporting by Foo Yun Chee and Philip Blenkinsop; Editing by Alastair Macdonald'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-air-berlin-m-a-easyjet-eu/eu-clears-easyjets-takeover-of-parts-of-air-berlin-idUKKBN1E624D'|'2017-12-12T17:39:00.000+02:00'|9240.0|''|-1.0|'' -9241|'f8554ede4cd107c2eca12ca213291e22882f3216'|'Dealmaking in focus as European shares make strong start'|' 41 AM / Updated 8 minutes ago Dealmaking in focus as European shares make strong start Reuters Staff 2 Min Read MILAN (Reuters) - European shares rose in early trading on Monday with fresh merger and acquisition activity in focus and investor sentiment buoyed by expectations that a U.S. tax bill could pass soon. General view of the Frankfurt stock exchange, Germany, June 29, 2015. REUTERS/Ralph Orlowski Thales ( TCFP.PA ) rose 6.6 percent after the French aerospace and defence company agreed to buy chipmaker Gemalto ( GTO.AS ) for 4.8 billion euros. Gemalto shares rose 6.1 percent. Its a healthy premium and it looks like the sort of deal the Gemalto board will be happy with, said Chris Beauchamp, chief market analyst at IG. Both stocks were among the biggest gainers on the pan-European STOXX 600 index, which was up 0.8 percent by 0811 GMT, helped by gains across all sectors. Euro zone blue chips .STOXX50E added 0.9 percent and the UK''s FTSE .FTSE rose 0.6 percent. Unilever ( ULVR.L ) slipped 0.3 percent after the consumer goods group agreed to sell its margarine and spreads business to U.S. private equity firm KKR for 6.8 billion euros to concentrate on faster-growing products. Among outstanding fallers, UK-based online broker IG Group ( IGG.L ) fell 12 percent after European regulator ESMA said it was considering measures to restrict offering of speculative products to retail investors. The STOXX is up more than 7 percent so far this year and remains below a two-year peak hit at the start of November on profit taking and resurfacing worries over political risks in the region. Sentiment was supported on Monday by expectations that U.S. lawmakers will pass a tax bill in the coming days or early next year. Reporting by Danilo Masoni; editing by Tom Pfeiffer'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks/dealmaking-in-focus-as-european-shares-make-strong-start-idUKKBN1EC0T7'|'2017-12-18T10:41:00.000+02:00'|9241.0|''|-1.0|'' +9241|'f8554ede4cd107c2eca12ca213291e22882f3216'|'Dealmaking in focus as European shares make strong start'|' 41 AM / Updated 8 minutes ago Dealmaking in focus as European shares make strong start Reuters Staff 2 Min Read MILAN (Reuters) - European shares rose in early trading on Monday with fresh merger and acquisition activity in focus and investor sentiment buoyed by expectations that a U.S. tax bill could pass soon. General view of the Frankfurt stock exchange, Germany, June 29, 2015. REUTERS/Ralph Orlowski Thales ( TCFP.PA ) rose 6.6 percent after the French aerospace and defence company agreed to buy chipmaker Gemalto ( GTO.AS ) for 4.8 billion euros. Gemalto shares rose 6.1 percent. Its a healthy premium and it looks like the sort of deal the Gemalto board will be happy with, said Chris Beauchamp, chief market analyst at IG. Both stocks were among the biggest gainers on the pan-European STOXX 600 index, which was up 0.8 percent by 0811 GMT, helped by gains across all sectors. Euro zone blue chips .STOXX50E added 0.9 percent and the UK''s FTSE .FTSE rose 0.6 percent. Unilever ( ULVR.L ) slipped 0.3 percent after the consumer goods group agreed to sell its margarine and spreads business to U.S. private equity firm KKR for 6.8 billion euros to concentrate on faster-growing products. Among outstanding fallers, UK-based online broker IG Group ( IGG.L ) fell 12 percent after European regulator ESMA said it was considering measures to restrict offering of speculative products to retail investors. The STOXX is up more than 7 percent so far this year and remains below a two-year peak hit at the start of November on profit taking and resurfacing worries over political risks in the region. Sentiment was supported on Monday by expectations that U.S. lawmakers will pass a tax bill in the coming days or early next year. Reporting by Danilo Masoni; editing by Tom Pfeiffer'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks/dealmaking-in-focus-as-european-shares-make-strong-start-idUKKBN1EC0T7'|'2017-12-18T10:41:00.000+02:00'|9241.0|9.0|0.0|'' 9242|'aa5688a4ec0be94f04f7c2f240df9d761b48b350'|'Steelworkers face huge pension cuts as Tata completes merger - Business'|'The retirement plans of tens of thousands of steel workers have been thrown into disarray after their pensions were pushed into the Pension Protection Fund, the government lifeboat for failed schemes. The 122,000 members of the British Steel pension scheme (BSPS) have until Friday to decide whether to stay with the scheme, join a new one with reduced benefits set up by Tata Steel, or transfer to a personal plan. Tata was forced to offload the 15bn BSPS, to pave the way for a 50-50 merger of its European operations with Germanys ThyssenKrupp to create the second biggest steel producer in Europe after ArcelorMittal. British Steel pension scheme members preyed on by financial firms Read more It is thought more than 20,000 members had still not indicated a decision to leave by the deadline. As a result, they will default into the PPF a move that is likely to see their retirement savings dramatically slashed.The PPF steps in to save schemes when they face collapse, meaning savers do not lose everything. Stephen Kinnock, the Labour MP for Aberavon where Tatas Port Talbot steelworks is situated, said: Its deeply worrying that we have a huge number that have not responded.Why was the PPF the default? Why on earth wasnt BSPS 2 the default? I have written to [the work and pensions secretary] David Gauke a few weeks ago about this and he still hasnt responded. It is still possible for the government to step in and sort this out.Allan Johnston, the chairman of the BSPS trustees, said the situation was a concern, because for around 99% of pensioners the new scheme, set up by Tata, still represents the best option.Alan Rubenstein, the chief executive of the PPF, disagreed, saying most, but not all, BSPS pensioners would be financially no worse off or marginally better off in the new scheme.The BSPS said the deadline could not be extended because it would cost the pension scheme an additional 200m if the transfers were not completed by the end of January.Scheme trustees, union leaders and the Financial Conduct Authority, the countrys main financial regulator, have all faced criticism for not providing sufficient advice and protection to members. BSPS trustees have held 40 events at 11 locations over the last five weeks in an attempt to reach out to members with advice on what to do with their pension pots, many worth as much as 300,000.The 4,500-strong British Steel Pension Members Group made a plea to staff in retirement and care homes in North Lincolnshire, close to British Steels former Scunthorpe works, to see if residents were aware of the deadline.The pension transfer process descended into chaos as unscrupulous financial advisers, charging large fees, flooded into the steel heartlands of south Wales and the north of England in a bid to persuade workers to transfer their retirement pots .Frank Field, the chairman of the work and pensions committee, said the practice had become a feeding frenzy and a honey pot for scammers. Transferring out of a gold-plated final salary pension is generally a terrible idea, except in very particular circumstances, he said.The regulator is investigating 17 such firms, but MPs said the efforts to protect steelworkers was inadequate, and that the FCA should have acted sooner. The FCA has been asleep at the wheel, Kinnock said.The aim of the joint venture with ThyssenKrupp is to create a leading European provider of flat steel, and position it as a leader in quality and technology. The new company will have annual sales of roughly 15bn and employ around 48,000 people.A source close to Tata said: The pension is not an issue. It is a done deal. But ThyssenKrupp has got its own problems in Germany with the unions.Workers at ThyssenKrupp initially opposed the deal, fuelled by concern that more steel jobs would be lost on top of the 2,000 already announced. IG Metall, the powerful German union, demanded 10-year guarantees for jobs, plants and investments.A deal was struck on Friday between the union and management removing the final obstacle to the planned merger.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/dec/22/steelworkers-face-huge-pension-cuts-as-tata-completes-merger'|'2017-12-22T02:00:00.000+02:00'|9242.0|''|-1.0|'' 9243|'eb58922b8614ea7a469633e2b0d6086960f4a557'|'U.S. transit agencies cautious on electric buses despite bold forecasts'|'Reuters TV United States December 12, 2017 / 6:15 AM / Updated 16 minutes ago U.S. transit agencies cautious on electric buses despite bold forecasts Nichola Groom 8 Min Read LOS ANGELES (Reuters) - Communities across the United States are looking to replace their dirty diesel buses, ushering in what some analysts predict will be a boom in electric fleets. An electric bus sits under a charging station in Pomona, California U.S. November 16, 2017. REUTERS/Lucy Nicholson But transit agencies doing the buying are moving cautiously, an analysis by Reuters shows. Out of more than 65,000 public buses plying U.S. roads today, just 300 are electric. Among the challenges: EVs are expensive, have limited range and are unproven on a mass scale. A typical 40-foot electric bus costs around $750,000, compared with about $435,000 for a diesel bus. Cheaper fuel and maintenance expenses can lower the overall costs over the 12-year life of the vehicles. But those costs can widely depending on utility rates, terrain and weather. The technology is still a gamble for many cities at a time when bus ridership is falling nationwide and officials are trying to keep a lid on fares, says Chris Stoddart, an executive at Canadian bus maker New Flyer Industries Inc. A top supplier of conventional buses to the U.S. market, the company has just a handful of pure battery electrics in service. People worry about being an early adopter. Remember 20 years ago someone paid $20,000 for a plasma TV and then 10 years later it was $900 at Best Buy, said Stoddart, senior vice president of engineering and customer service for New Flyer. People just dont want a science project. Rival electric bus manufacturers expect dramatic growth; the most ambitious forecasts call for all bus purchases to be electric by 2030. But even green-energy advocates are skeptical of such rosy predictions. CALSTART, a California-based nonprofit that promotes clean transportation, figures 50 percent to 60 percent of new buses will be zero emissions by 2030. Market research firm Navigant Research expects electric buses to make up 27 percent of new U.S. bus sales by 2027. NOT QUITE THERE YET Transit agencies have found EV performance lags in extreme conditions. In environmentally friendly San Francisco, officials have resisted electrics over concerns about the citys famously steep hills. The technology isnt quite there yet, Erica Kato, a spokeswoman for the San Francisco Municipal Transportation Agency, said in a statement. Weather is also a major challenge. An electric bus tested last year near Phoenix wilted in the summer heat due to the strains of running the air conditioning. The vehicle never achieved more than 89.9 miles on a charge, less than two-thirds of its advertised range, according to a report by the Valley Metro Regional Public Transportation Authority. In Massachusetts, two agencies running small numbers of electric buses - the Pioneer Valley Transit Authority in Springfield and Worcesters Regional Transit Authority - say the vehicles weaken in extreme cold and snow. They have no plans to acquire additional EVs, officials at those agencies said. Even places with successful pilots have downplayed expectations. Seattles King County Metro transit agency soon will be operating more than a dozen vehicles by three manufacturers, according to Pete Melin, director of zero emission fleet technologies. The agency likes what it has seen so far. Still, Melin said, high electricity rates from the local utility at peak demand periods are a concern. And the lack of a uniform charging system among bus makers has complicated Seattles goal of running an all-electric fleet by 2034. We have caveats to becoming zero emissions, Melin said in an interview. Another worry is government funding. Federal money for bus purchases is about 25 percent lower than it was five years ago, according to Rob Healy, vice president of government affairs for the American Public Transportation Association. Passengers ride an electric bus in Azusa, California U.S. November 16, 2017. REUTERS/Lucy Nicholson An Obama-era program that sets aside $55 million a year in grants to help transit agencies purchase clean buses will expire in 2020 if not renewed by Congress. THE EV BUS HEAVYWEIGHTS In addition to New Flyer, the fledgling U.S. electric bus industry has two other major players: Chinese automaker BYD, which is backed by Warren Buffetts Berkshire Hathaway Inc; and Silicon Valley startup Proterra Inc. BYD and Proterra began selling electric buses into the U.S. market several years ago, and have 165 and 126 vehicles on the road today, respectively. Both are ramping up U.S. manufacturing on expectations that EVs will account for nearly all new bus sales in a little over a decade. BYD has a plant in Lancaster, California, while Proterra has manufacturing facilities in City of Industry, California and Greenville, South Carolina. Buffett paid $230 million for a 10 percent stake in BYD in 2008. Today the company has a market capitalization of $25 billion, thanks mainly to Chinas aggressive move to electrify transportation. More than 15 percent of the 608,600 buses in China are pure electric, according to government data. Proterra investors include venture capital firm Kleiner Perkins Caufield & Byers and the venture capital arm of General Motors Co. Proterra, based in Burlingame, California, is planning an initial public offering, but would not give a timeline for the debut. Slideshow (8 Images) Chief Executive Ryan Popple said range is improving quickly. The company is currently shipping models with up to 350 miles of range, but new battery technology is expected to boost that by nearly 30 percent. Were starting to outstrip the market requirement in terms of what city buses actually do, Popple said. It opens up new markets for us. Notably, Proterras growth should also lift the fortunes of U.S. wind blade maker TPI Composites Inc, which struck a deal to build up to 3,350 lightweight bus bodies for the EV bus maker over the next five years. Raymond James analyst Pavel Molchanov estimated the deal could account for 12 percent of Scottsdale, Arizona-based TPIs revenue in 2019. Winnipeg-based New Flyer, meanwhile, has won some big orders, including a deal to supply up to 100 electric buses to Los Angeles County Metropolitan Transportation Authority. Still, company executives view electrification as a gradual transformation. Its going to be a slow, methodical rather than an absolute disruption type environment, CEO Paul Soubry said on a conference call with analysts last month. WORKING WELL, WITH TRADE-OFFS Despite the technologys limitations, some U.S. transit agencies are hitting the accelerator on their electric conversions. IndyGo, which serves greater Indianapolis, has struck a deal with BYD to purchase 31 electric buses, with the option to add dozens more, in addition to the 21 already in its fleet, according to an IndyGo board of directors meeting report from July. Agency spokesman Bryan Luellen said the EVs have reduced fuel and maintenance costs by up to half compared to conventional buses. Foothill Transit, in Southern California, has been operating Proterra buses since 2010. It now has 17 in its fleet, with 13 more scheduled to arrive before the end of the year, according to spokeswoman Felicia Friesema. Still, both agencies acknowledged trade-offs due to the limited range of these vehicles. Foothill has mainly confined its electric buses to a short 16-mile route. The Indianapolis EVs run primarily during the morning and evening rush hours, not all day long like the diesel workhorses that remain the mainstay of the fleet. Still, IndyGos Luellen figures the best is yet to come. With battery technology evolving rapidly we think its a big opportunity for us to maximize our budget and do more, he said. Reporting by Nichola Groom; Editing by Sue Horton and Marla Dickerson'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-transportation-buses-electric-analysi/u-s-transit-agencies-cautious-on-electric-buses-despite-bold-forecasts-idUKKBN1E60GS'|'2017-12-12T08:08:00.000+02:00'|9243.0|''|-1.0|'' 9244|'05272940c2dd34a13763565e9b2592e99226c7c2'|'Venezuelans scramble to survive as merchants demand dollars'|'December 26, 2017 / 1:14 PM / in 2 hours Venezuelans scramble to survive as merchants demand dollars Eyanir Chinea , Maria Ramirez 5 Min Read CARACAS/CIUDAD GUAYANA, Venezuela (Reuters) - There was no way Jose Ramon Garcia, a food transporter in Venezuela, could afford new tires for his van at $350 each. Arepas stuffed with cheese are seen at a restaurant in Caracas, Venezuela December 21, 2017. REUTERS/Marco Bello Whether he opted to pay in U.S. currency or in the devalued local bolivar currency at the equivalent black market price, Garcia would have had to save up for years. Though used to expensive repairs, this one was too much and put him out of business. Repairs cost an arm and a leg in Venezuela, said the now-unemployed 42-year-old Garcia, who has a wife and two children to support in the southern city of Guayana. Theres no point keeping bolivars. For a decade and a half, strict exchange controls have severely limited access to dollars. A black market in hard currency has spread in response, and as once-sky-high oil revenue runs dry, Venezuelas economy is in free-fall. The practice adopted by gourmet and design stores in Caracas over the last couple of years to charge in dollars to a select group of expatriates or Venezuelans with access to greenbacks is fast spreading. Food sellers, dental and medical clinics, and others are starting to charge in dollars or their black market equivalent - putting many basic goods and services out of reach for a large number of Venezuelans. According to the opposition-led National Assembly, Novembers rise in prices topped academics traditional benchmark for hyperinflation of more than 50 percent a month - and could end the year at 2,000 percent. The government has not published inflation data for more than a year. I cant think in bolivars anymore, because you have to give a different price every hour, said Yoselin Aguirre, 27, who makes and sells jewelry in the Paraguana peninsula and has recently pegged prices to the dollar. To survive, you have to dollarize. The socialist government of the late president Hugo Chavez in 2003 brought in the strict controls in order to curb capital flight, as the wealthy sought to move money out of Venezuela after a coup attempt and major oil strike the previous year. Oil revenue was initially able to bolster artificial exchange rates, though the black market grew and now is becoming unmanageable for the government. TRIM THE TREE WITH BOLIVARS A worker counts Venezuelan bolivar notes at a gas station of Venezuelan state oil company PDVSA in Caracas, Venezuela December 1, 2017. REUTERS/Marco Bello President Nicolas Maduro has maintained his predecessors policies on capital controls. Yet, the spread between the strongest official rate, of some 10 bolivars per dollar, and the black market rate, of around 110,000 per dollar, is now huge. While sellers see a shift to hard currency as necessary, buyers sometimes blame them for speculating. Rafael Vetencourt, 55, a steel worker in Ciudad Guayana, needed a prostate operation priced at $250. We dont earn in dollars. Its abusive to charge in dollars! said Vetencourt, who had to decimate his savings to pay for the surgery. Slideshow (4 Images) In just one year, Venezuelas currency has weakened 97.5 per cent against the greenback, meaning $1,000 of local currency purchased then would be worth just $25 now. Maduro blames black market rate-publishing websites such as DolarToday for inflating the numbers, part of an economic war he says is designed by the opposition and Washington to topple him. On Venezuelas borders with Brazil and Colombia, the prices of imported oil, eggs and wheat flour vary daily in line with the black market price for bolivars. In an upscale Caracas market, cheese-filled arepas, the traditional breakfast made with corn flour, increased 65 percent in price in just two weeks, according to tracking by Reuters reporters. In the same period, a kilogram of ham jumped a whopping 171 percent. The runaway prices have dampened Christmas celebrations, which this season were characterized by shortages of pine trees and toys, as well as meat, chicken and cornmeal for the preparation of typical dishes. In one grim festive joke, a Christmas tree in Maracaibo, the countrys oil capital and second city, was decorated with virtually worthless low-denomination bolivar bills. Most Venezuelans, earning just $5 a month at the black market rate, are nowhere near being able to save hard currency. How do I do it? I earn in bolivars and have no way to buy foreign currency, said Cristina Centeno, a 31-year-old teacher who, like many, was seeking remote work online before Christmas in order to bring in some hard currency. Additional reporting by Andreina Aponte and Leon Wietfeld in Caracas, Mircely Guanipa in Maracay, Anggy Polanco in San Cristobal, Lenin Danieri in Maracaibo; Writing by Girish Gupta; Editing by Leslie Adler'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/venezuela-economy/venezuelans-scramble-to-survive-as-merchants-demand-dollars-idINKBN1EK0YE'|'2017-12-26T15:13:00.000+02:00'|9244.0|''|-1.0|'' -9245|'044b38c6cd43f9eb177fc64ebdb980fcacb0a0f9'|'Switching energy supplier: here''s what you can save'|'I ts the easiest way to save money, and it takes just a few minutes. So why do so few of us regularly switch gas and electricity supplier especially as our figures show that some households will save in excess of 400 a year?In the run-up to Christmas, the energy regulator Ofgem revealed that 57% of standard households reside on their energy suppliers standard variable tariffs and are typically overpaying by 300 a year.More than 70% of SSE customers are on its most expensive standard tariff, while at British Gas the figure is 67%.Switching supplier has to be your New Year resolution. A 200-400 plus saving for five minutes work? Why wouldnt you?Experts claim that one of the reasons that householders dont switch suppliers is because they dont believe the promised savings will materialise.With this in mind, Money asked the switching website Energyhelpline.com to crunch the numbers to show what real households on actual tariffs can save if they switch right now. We put together different types of households to reflect the reality of modern lives. The size of the possible savings surprised even us. It also reveals how being on a tariff that supplies 100% green electricity can be the cheapest and greenest option.One thing to note. Many of the cheapest suppliers are firms you will probably not have heard of, but this neednt put you off. Customer service standards can vary enormously at small suppliers, but there is no other downside to signing up with a small supplier. If it goes bust you are protected by Ofgems rules. If you prefer a name supplier, we have shown those too.Mark Todd, who runs Energyhelpline, says customers switching supplier saved 217 on average this year. A really nice New Years present to give yourself is a cheaper energy tariff. You can stay warmer and pay less right through 2018. If you care about the environment, you can do your bit to stop global warming, and save at the same time. Whats not to like? he says.The energy-conscious family from NottinghamFacebook Twitter Pinterest Illustration: Jim StotenThis couple have two young children, and they live in an energy efficient home with solar panels on the roof. Their electricity bills are just 200 a year by virtue of the solar panels and the gas bills are 450 a year 650 in total. They are currently on Scottish Powers standard online tariff.They receive feed-in-tariff payments meaning they cant move to many of the smaller suppliers as they wont administer these. They will pay just 410 per year saving 240 if they switch to Solarplicity s Fair Market Price Variable tariff. The better-known First:utilitys Smart First January 2019 Online costs total of 456 per year, and is the cheapest bigger name supplier saving them 194 a year.The high-usage family in SurreyFacebook Twitter PinterestWith four children who like long showers and a large five-bedroom house to keep warm, this family are currently spending 2,900 a year 1,900 on gas annually and 1,000 on electricity. They were on a British Gas deal a while ago but think its probably expired, meaning they are on British Gass default tariff the standard variable deal one of the UKs most expensive tariffs.The family can cut their bill to 2,092 and save 808 if they move to the very cheapest supplier for their usage the Pioneer tariff by Igloo Energy . If they prefer a company they have heard of, npower will supply them for 2,309 a year (a 591 saving) which is fixed until 31 March 2019. And if they wanted to go for a renewables tariff they can cut their bill to 2,098 just a shade more than the cheapest deal by switching to 100% green by Pure Planet.Younger couple in their late 20s who live in CardiffThey bought their first flat a year ago, but their bills are low as they both work long hours during the week and are often away at weekends. Last years gas bill was just 420, while their electricity bill was a creditable 290 a total of 710. They are currently with Ovos Simpler Energy tariff, but are free to switch supplier.Their low bills mean they need a supplier with either a low or no standing charge. Again they will save 214 a year if they move to Solarplicity s Fair Market Price Variable tariff paying just for the energy they use as it has no standing charges. This tariff offers electricity thats 100% renewable.Professional couple who drive an electric car and live in EdinburghFacebook Twitter PinterestOur couple are recent converts to an electric car, and have not cottoned on to the fact that they could bring down their car recharging costs by switching to night charging using Economy 7. They currently are projected to spend 760 on electricity this year and 580 on gas, or a total annual bill of 1,340. They are with local supplier SSE Scottish Hydro standard paper billing.If they simply switch their current spending to the cheapest supplier Our Power s Our Best tariff they can get their annual bill down to 995 a year a saving of 345. If they prefer a big-name provider, Sainsburys Energys Price PromiseDecember 2018 (powered by British Gas) will save them 243 a year. However, by shifting 60% of their electricity bill to a tariff that offers discounted Economy 7 cheaper night-time recharging they can save a further 79 (an annual bill of 890) by switching to Bulbs Vari-Fair tariff (100% renewable electricity tariff). They could save a fantastic 424 a year.Single pensioner who lives in SouthamptonHe has a small modern flat that features night storage heaters and electrically heated hot water that uses cheap night-time Economy 7 electricity. His total electricity bill is 950 a year with 45% being Economy 7. He is on EDFs Online Saver Jan19v2 tariff. No gas is used.The fact that he has a second Economy 7 meter limits his number of potential suppliers. Currently the cheapest electricity only supplier in his area is Powershop . He will save about 276 a year if he moves to the Easy Saver tariff. The cheapest well-known supplier tariff is Scottish Powers Online Fixed Saver January 2019 at 738 (only available through price comparison websites) still giving a substantial saving of 212.Unemployed couple, one child, living in LondonFacebook Twitter PinterestThey rely on pre-payment meters paying about 600 a year for gas and 450 for electricity a total spend of 1,050 a year. Their rented flat came with the pre-payment meters supplied by Eon.Savings in the pre-payment market are much harder to come by. The cheapest pre-payment supplier in their area is E . If they can move to Es Reward April 2017 tariff they will save 66, a fraction of what they could save if they could persuade a supplier to give them a credit meter.Retired couple from Bristol who want to switch to 100% renewable energyFacebook Twitter PinterestThey currently are on npowers standard tariff, having come off a fixed-price deal in late 2017, and done nothing about switching since. They want to switch to green energy, and will pay a price premium if need be. They currently spend 480 a year on electricity and 820 on gas a combined bill of 1,300 a year.The cheapest 100% widely available renewables '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/dec/30/switching-energy-supplier-heres-what-you-can-save'|'2017-12-30T14:00:00.000+02:00'|9245.0|''|-1.0|'' +9245|'044b38c6cd43f9eb177fc64ebdb980fcacb0a0f9'|'Switching energy supplier: here''s what you can save'|'I ts the easiest way to save money, and it takes just a few minutes. So why do so few of us regularly switch gas and electricity supplier especially as our figures show that some households will save in excess of 400 a year?In the run-up to Christmas, the energy regulator Ofgem revealed that 57% of standard households reside on their energy suppliers standard variable tariffs and are typically overpaying by 300 a year.More than 70% of SSE customers are on its most expensive standard tariff, while at British Gas the figure is 67%.Switching supplier has to be your New Year resolution. A 200-400 plus saving for five minutes work? Why wouldnt you?Experts claim that one of the reasons that householders dont switch suppliers is because they dont believe the promised savings will materialise.With this in mind, Money asked the switching website Energyhelpline.com to crunch the numbers to show what real households on actual tariffs can save if they switch right now. We put together different types of households to reflect the reality of modern lives. The size of the possible savings surprised even us. It also reveals how being on a tariff that supplies 100% green electricity can be the cheapest and greenest option.One thing to note. Many of the cheapest suppliers are firms you will probably not have heard of, but this neednt put you off. Customer service standards can vary enormously at small suppliers, but there is no other downside to signing up with a small supplier. If it goes bust you are protected by Ofgems rules. If you prefer a name supplier, we have shown those too.Mark Todd, who runs Energyhelpline, says customers switching supplier saved 217 on average this year. A really nice New Years present to give yourself is a cheaper energy tariff. You can stay warmer and pay less right through 2018. If you care about the environment, you can do your bit to stop global warming, and save at the same time. Whats not to like? he says.The energy-conscious family from NottinghamFacebook Twitter Pinterest Illustration: Jim StotenThis couple have two young children, and they live in an energy efficient home with solar panels on the roof. Their electricity bills are just 200 a year by virtue of the solar panels and the gas bills are 450 a year 650 in total. They are currently on Scottish Powers standard online tariff.They receive feed-in-tariff payments meaning they cant move to many of the smaller suppliers as they wont administer these. They will pay just 410 per year saving 240 if they switch to Solarplicity s Fair Market Price Variable tariff. The better-known First:utilitys Smart First January 2019 Online costs total of 456 per year, and is the cheapest bigger name supplier saving them 194 a year.The high-usage family in SurreyFacebook Twitter PinterestWith four children who like long showers and a large five-bedroom house to keep warm, this family are currently spending 2,900 a year 1,900 on gas annually and 1,000 on electricity. They were on a British Gas deal a while ago but think its probably expired, meaning they are on British Gass default tariff the standard variable deal one of the UKs most expensive tariffs.The family can cut their bill to 2,092 and save 808 if they move to the very cheapest supplier for their usage the Pioneer tariff by Igloo Energy . If they prefer a company they have heard of, npower will supply them for 2,309 a year (a 591 saving) which is fixed until 31 March 2019. And if they wanted to go for a renewables tariff they can cut their bill to 2,098 just a shade more than the cheapest deal by switching to 100% green by Pure Planet.Younger couple in their late 20s who live in CardiffThey bought their first flat a year ago, but their bills are low as they both work long hours during the week and are often away at weekends. Last years gas bill was just 420, while their electricity bill was a creditable 290 a total of 710. They are currently with Ovos Simpler Energy tariff, but are free to switch supplier.Their low bills mean they need a supplier with either a low or no standing charge. Again they will save 214 a year if they move to Solarplicity s Fair Market Price Variable tariff paying just for the energy they use as it has no standing charges. This tariff offers electricity thats 100% renewable.Professional couple who drive an electric car and live in EdinburghFacebook Twitter PinterestOur couple are recent converts to an electric car, and have not cottoned on to the fact that they could bring down their car recharging costs by switching to night charging using Economy 7. They currently are projected to spend 760 on electricity this year and 580 on gas, or a total annual bill of 1,340. They are with local supplier SSE Scottish Hydro standard paper billing.If they simply switch their current spending to the cheapest supplier Our Power s Our Best tariff they can get their annual bill down to 995 a year a saving of 345. If they prefer a big-name provider, Sainsburys Energys Price PromiseDecember 2018 (powered by British Gas) will save them 243 a year. However, by shifting 60% of their electricity bill to a tariff that offers discounted Economy 7 cheaper night-time recharging they can save a further 79 (an annual bill of 890) by switching to Bulbs Vari-Fair tariff (100% renewable electricity tariff). They could save a fantastic 424 a year.Single pensioner who lives in SouthamptonHe has a small modern flat that features night storage heaters and electrically heated hot water that uses cheap night-time Economy 7 electricity. His total electricity bill is 950 a year with 45% being Economy 7. He is on EDFs Online Saver Jan19v2 tariff. No gas is used.The fact that he has a second Economy 7 meter limits his number of potential suppliers. Currently the cheapest electricity only supplier in his area is Powershop . He will save about 276 a year if he moves to the Easy Saver tariff. The cheapest well-known supplier tariff is Scottish Powers Online Fixed Saver January 2019 at 738 (only available through price comparison websites) still giving a substantial saving of 212.Unemployed couple, one child, living in LondonFacebook Twitter PinterestThey rely on pre-payment meters paying about 600 a year for gas and 450 for electricity a total spend of 1,050 a year. Their rented flat came with the pre-payment meters supplied by Eon.Savings in the pre-payment market are much harder to come by. The cheapest pre-payment supplier in their area is E . If they can move to Es Reward April 2017 tariff they will save 66, a fraction of what they could save if they could persuade a supplier to give them a credit meter.Retired couple from Bristol who want to switch to 100% renewable energyFacebook Twitter PinterestThey currently are on npowers standard tariff, having come off a fixed-price deal in late 2017, and done nothing about switching since. They want to switch to green energy, and will pay a price premium if need be. They currently spend 480 a year on electricity and 820 on gas a combined bill of 1,300 a year.The cheapest 100% widely available renewables '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/dec/30/switching-energy-supplier-heres-what-you-can-save'|'2017-12-30T14:00:00.000+02:00'|9245.0|12.0|0.0|'' 9246|'bb81a04e8fc6fae7d678fd5eba354fb7440c2c16'|'Fueling dissent: how the oil industry set out to undercut clean air - Environment'|'On sunny days, when his classmates run out to play, Gabriel Rosales heads to the school nurse for a dose of Albuterol.The fine mist opens his airways, relaxing the muscles in his chest. Without it, recess could leave the nine-year-old gasping for breath. He gets a second dose at the end of the day before heading home from St John Bosco Elementary School, in San Antonio, Texas.How big oil is tightening its grip on Donald Trump''s White House Read more Over the past year, Gabriels asthma has worsened. Visits to the emergency room, shortened trips to the park and reliance on inhalers have become his new norm. It got to the point where I couldnt even leave him with anybody, said his father, Gabe, who works as a consultant to the National Association of Public Employees, a workers advocacy group, and a seasonal field director of the Bexar County Democratic Party. One time he almost looked blue.Gabriels health is deteriorating alongside air quality in San Antonio, where oil and gas development, a hotter climate and a growing population have combined to spell misery for a city that once boasted clean air compared to other Texas metropolitan areas. Part of the problem lies southeast of the city in the Eagle Ford Shale,a 400-mile-long hub of hydraulic fracturing that unleashes microscopic particles and smog-causing, ground-level ozone.Facebook Twitter Pinterest Gabe Rosales and his son, Gabriel. Photograph: Tom Dart for the Guardian The states environmental regulator the Texas Commission on Environmental Quality has been criticized for not making things better. In fact, its followed in the footsteps of Big Oils biggest lobby, the American Petroleum Institute , which has forestalled progress on ozone for decades. Using consultants also hired by API, the commission has spent millions of taxpayer dollars in an effort to question scientific evidence linking particulate matter and ozone with bronchitis, asthma and premature death.Air quality is the new frontier for climate-change skeptics long tied to API. The institute has fueled uncertainty on climate by producing what critics call misleading scientific and economic studies. Now, by attempting to discredit established research on ozone and fine particles, API and its cadre of doubters are trying to undermine the Clean Air Act the landmark US law credited with saving millions of lives. Working in concert with other free-market groups, theyre taking their message to Capitol Hill. API officials did not grant interview requests from the Center for Public Integrity.Timeline Big oil and the US government Show Hide 1911 Standard Oil broken up Standard Oils monopoly is broken up by the US Supreme Court. The trust which had been set up by John D. Rockefeller in 1882, had gained control of nearly 90 percent of US oil production1917 Oil industry gets close to government during war The US joins the first world war and supplies allied forces with oil. President Woodrow Wilson appoints multiple oil executives to war-effort committees and nationalizes the railways1919 API created Brought together by the war, oil executives form a trade body, the American Petroleum Institute (API) in 1919. Ten years later, another trade association, the Independent Petroleum Association of America (IPAA) is formed to represent smaller companies.1939 Second world war starts During World War II, the US government worked closely with the oil industry, putting a federal investigation into its monopolistic practices on hold. A peacetime version of a wartime committee becomes the National Petroleum Council, an advisory committee that exists today.1959 Global warming warning API hosts renowned nuclear physicist Edward Teller at a conference at Columbia University, where he warns of impending global warming.1965 President Johnson warns of global warning Lyndon B. Johnson is the first U.S. president to publicly acknowledge climate change, calling it a serious global threat during a speech. 1968 CO2 warning Scientists at the Stanford Research Institute deliver reports to API, warning of global warming induced by CO2 emissions from fossil fuels.1970 EPA created President Nixon signs an executive order creating the U.S. Environmental Protection Agency.1978 CO2 research by Exxon starts Exxon starts internal climate research programme on carbon dioxide1979 Ozone standards weakened The EPA relaxes the standard for ozone, which contributes to smog. The move angers environmentalists and industry alike. API sues the agency.1988 Nasa scientist gives evidence NASA scientist James E Hansen testifies before Congress that the planet is warming because of carbon dioxide and other greenhouse gases from fossil fuels1997 Kyoto Protocol signed The Kyoto Protocol treaty is signed. Countries pledge to reduce greenhouse gases and recognize the scientific consensus that global warming is occurring and is likely caused by fossil fuel emissions.2016 Paris accord signed Some 195 countries back the Paris climate agreement, pledging efforts to reduce emissions and curb global warming.2017 Trump announces US exit from Paris President Trump announces the US exit from the Paris climate agreement, citing industry-hired economists that call the accord a bad deal for US businesses. Supporting the move is Scott Pruitt, a climate-change skeptic, who Trump appointed to head the EPA.Was this helpful? Thank you for your feedback. Residents of San Antonios low-income, mostly Latino neighborhoods like Hillcrest, where Gabriel Rosales lives bear the brunt of poor air quality even if they arent in ozone hot spots, said Mario Bravo , an outreach specialist with the Environmental Defense Fund. They have less access to healthcare, Bravo said. They have less access to transportation to get to the health-care providers.Dangerous and under dispute In June, two peer-reviewed studies trumpeted a conclusion at odds with years of solid science: fine-particle pollution long linked to premature death and chronic illness isnt as dangerous as health advocates contend. If true, the findings would call into question health benefits claimed by the US Environmental Protection Agency , which has set ever-tightening air-quality standards.There was a catch, however. The articles which were published within a week of one another appeared in Critical Reviews in Toxicology and Regulatory Toxicology and Pharmacology, two journals favored by industry consultants . And both studies were funded by API, a trade group that has spent $40m since 2013 to lobby Congress on topics ranging from taxes to global warming.Our study is published ... air quality does not kill. $600m of EPA junk science up in smoke, Steve Milloy , a climate change skeptic and Donald Trump acolyte, tweeted in June, linking to the Regulatory Toxicology article . During a congressional luncheon a month later, the former coal executive took credit for conceiving the study before turning it over to friend, S Stanley Young , and two other statisticians, who authored the final article. No mention of Milloys involvement is made in the publication.Some of the same data was used in the Critical Reviews article published by Louis Anthony Tony Cox Jr, which also disputed the link between fine particles and mortality. Cox, a biostatistician from Colorado, started consulting for API in 1988. Cox disclosed that his paper benefited from close proofreading and copy editing suggestions from API but denied in an interview that his findings were influenced. In November, he was named the next chair of the EPAs Clean Air Scientific Advisory Committee , drawing criticism from groups like the Union of Concerned Scientists.The science on particle pollution, much like the science on global warming, is exhaustive and widely accepted, with thousands of studies pointing to serious health implications. The World Health Organization notes that particulate matter affects more people than any other pollutant, with effects observed at even very low concentrations. The particles found in automotive and industrial exhaust and smaller than one-fifth of the width of a strand of hair form a toxic mix with ozone that lodges deep in the lungs. Unlike Cox, most researchers are no longer fixated on whether this form of pollution is fundamentally dangerous; they worry instead about whether it can cause not just exacerbate chronic illness.Attacking the science is one way of undermining the Clean Air Act, said John Walke of the Natural Resources Defense Council, which advocates for more protective air-quality standards. The Clean Air Act is routinely hailed as one of the most cost-effective federal laws, even by business groups. In 2015, the EPA estimated that the law will have saved the US economy $2tn by 2020 while costing $65bn to implement. About 85% of the acts benefits come from reducing fine-particle pollution, which raises the risk of early death. Opponents of the law deny that air pollution is deadly or even harmful in order to try to pretend that no benefits are delivered, Walke said.Milloys July congressional luncheon at the Rayburn House Office Building billed as a congressional staff and media briefing helped him plug his latest book, Scare Pollution: Why and How to Fix the EPA, which condemns the echo chamber of deceptive science on ozone and fine particles. Copies of the book were on a table at the side of the room.The event was hosted by Myron Ebell , who chairs the Cooler Heads Coalition , a climate skeptics group that began as an alliance of free-market think tanks. Its a lot like climate, Milloy told the audience. This stuff is pulled out of thin air.Reached for comment, Milloy said the study is not an attack on the Clean Air Act but part of his 20-year effort to expose the EPAs garbage-in, garbage-out air pollution research. He denied having any formal ties to API. I am very, very disappointed in the American Petroleum Institute and all the oil companies for not defending their products, for leaving the science to people like me, he said.Facebook Twitter Pinterest Steve Milloy Illustration: Robert G Fresson Young, who authored the study, stood behind its findings and disputed the idea that industry funding presents ethical conflicts. His study data are publicly available, he said, but the EPA isnt as transparent. Ebell agreed, accusing the agency of using junk science to justify air-quality and greenhouse-gas regulation.Despite their misgivings about the EPA, all three men have become tethered to the agency. Earlier this year, Ebell oversaw the EPA transition for Trump, leading a group that included Milloy. Young was named to the EPAs Science Advisory Board in October.Senator Sheldon Whitehouse , co-founder of the Senate Climate Action Task Force, complained that such appointments have become all too common. These people were fringe fanatics and industry stooges fighting on behalf of the industry a propaganda war against science, he said.Milloy and Ebell were listed among the authors of a $2m plan to amplify uncertainty in climate science as revealed in a 1998 API memo leaked to The New York Times. Both say the memo grew out of an API brainstorming session that never resulted in concrete action, with Milloy calling it just a big joke.Years before, API had refuted the very concept of global warming under its president, Charles DiBona, who joined the institute shortly after a stint as energy policy advisor to Richard Nixon in the 1970s. White House communications show that DiBona regularly met with then president Frank Ikard, a close friend of Nixons, before becoming Ikards deputy in 1974.In recent years, fringe views espoused by API have found a receptive audience in US Representative Lamar Smith , whose climate-denial credentials rival those of Republican Senator James Inhofe of Oklahoma. Since Smith became chairman of the House Committee on Science, Space and Technology in 2013, the panel has handed out dozens of subpoenas many to scientists at regulatory agencies and environmental groups aiming to debunk climate research.Smith whose district includes San Antonio has opened the committees hearing rooms to Cooler Heads Coalition events such as Milloys book promotion and briefings that urged the United States to drop out of the 2015 Paris climate agreement. In February, he reissued a controversial subpoena to New York attorney general Eric Schneiderman, who is investigating ExxonMobils historical knowledge on climate change. Since he joined Congress in 1989, Smiths top campaign donors have been from the oil and gas sector, which gave him at least $764,000 , according to the Center for Responsive Politics. Smith did not respond to requests for comment.In 2016, Influence Map, a nonprofit environmental research group, estimated that ExxonMobil had spent about $27m on climate obstruction lobbying and advertising campaigns. That amount was dwarfed by the $65m API spent on similar efforts , the group found. ExxonMobil is one of the oldest and largest API members.Tired, old industry argument In July, the House passed a bill targeting what its proponents called job-killing regulations namely, bedrock air-quality standards. Its lead author was Representative Pete Olson , a Republican from the ozone-plagued Houston area. All but four of the 229 aye votes were cast by Republicans, Lamar Smith among them.Under Olsons bill, states would have until 2025 to meet the EPAs latest ozone limit, which was supposed to take effect in October. The agency, which is legally required to update air standards to keep pace with evolving science, would be obligated to review rules for pollutants once a decade, as opposed to once every five years.The 2017 bill is the latest iteration of a proposal Olson first floated in 2015, seeking to delay regulation of ozone. The same day his bill passed, 144 trade groups, including regional offshoots of API, pledged their support in a letter to Congress . Oil and gas interests have been Olsons top political contributors, donating more than $1m to his campaigns since 2007. A Senate version of the bill has not come up for a vote.In an email, Olsons office wrote that the congressman believes the Clean Air Act is critically important but has fundamental concerns about Texas ability to meet tighter standards. Pollution control, the email said, can be done rationally and with an eye on our economy.By law, the EPA is not allowed to consider cost when setting ozone standards, but that hasnt stopped API and other industry groups from injecting economics into the policy debate.Economics, like some controversial science, has provided API with grist to challenge regulations.Armed with seemingly authoritative studies from firms such as NERA Economic Consulting , the institute has recast issues such as action on climate change as reckless moves that could tank the US economy. NERA, whose clients include API collaborators such as the National Association of Manufacturers and the American Chemistry Council , was co-founded by Irwin Stelzer , an economist who works at the Hudson Institute, a free-market think tank.Such studies, like the NERA report Trump cited when he announced the US exit from the Paris climate agreement earlier this year, can be extremely misleading, often tallying every conceivable cost and ignoring every possible benefit, said Ben Franta, a Stanford University researcher investigating APIs climate activities. Because data underlying these reports are proprietary, Franta said, in many cases they can neither be verified or debunked. Whats left are unsupported arguments: New ozone rules could be the most expensive ever, reads an API webpage linking to dozens of NERA findings.The Texas Commission on Environmental Quality has taken a tack similar to APIs. Since 2013, the TCEQ has paid NERA more than $870,000 for economic research on ozone a topic the firm studied earlier for API. More than $2.2m in taxpayer funds have also been spent on contracts with Gradient a consultancy previously hired by API to question the benefits of a stricter ozone limit. The TCEQ declined to comment on this story but on its website describes its mission as protecting the states public health and natural resources consistent with sustainable economic development.Anne E Smith , a managing director at NERA, did not respond to emails and phone calls seeking comment. She was among several industry-friendly voices at a 2015 TCEQ ozone workshop in Austin led by Michael Honeycutt, the agencys director of toxicology. Other speakers included Gradient scientists, the editor of Critical Reviews in Toxicology, industry toxicologist Michael Dourson and air researcher Robert Phalen, known for saying the air is a little too clean for optimum health.Speakers at the Austin workshop have risen to prominence in the Trump administration. This fall, Honeycutt, Anne Smith, Dourson and Phalen were all named to key EPA science positions as either advisers or staff. Economics has long figured into APIs strategy to derail ozone rules. In 1971, the newly formed EPA set the ozone standard at 80 parts per billion, but in 1979 took an unexpected U-turn and weakened it to 120 ppb angering industry and environmentalists alike. The latter called the reversal scientifically indefensible and accused the EPA of prioritizing economics over health. API promptly sued the EPA, with DiBona claiming the relaxed standards would still cost billions of dollars without significantly improving the quality of the environment or the health of the public.Spurred by lawsuits from the American Lung Association that compelled it to update air standards based on the latest science, the EPA reverted to its original 80 ppb ozone limit in 1997. The cap is now at 70 ppb, though even that number may not be protective enough, as some research has found health effects at 60 ppb.Nonetheless, EPA administrator Scott Pruitt a former Oklahoma attorney general with deep ties to oil and gas tried to keep the 70 ppb standard from taking effect. He backed off on the delay after 16 state attorneys general sued the agency in August. In a lawsuit filed this month , however, environmental groups accused the EPA of failing to enforce the rule.Pruitt had put forth what Dr Greg Diette a lung specialist at Johns Hopkins University who has testified in favor of tighter ozone standards calls a tired, old industry argument. They say, Its going to put us out of business, and it doesnt, Diette said. All this stuff always comes down to who has to pay.But not all costs are economic. High ozone days are the hardest for Diettes patients. It can be terrifying its the sensation of not being able to breathe, he said. Some feel as if theyre going to pass out. Some feel as if theyre going to die.Asthmatics can do little more than hide indoors in an air-conditioned environment. The only other option, Diette said, is to move.Relocating isnt possible for the Rosales family of San Antonio, who are uninsured and struggling to keep up with the cost of Gabriels medications. The air he breathes is expected to degrade further as oil prices rebound and drilling picks up in the Eagle Ford.With additional reporting by Tom Dart in San Antonio, Texas. Read the final part of the Guardian US/Center for Public Integrity pieces on big oil and power on Sunday: Venue of last resort: the climate lawsuits threatening future of Big Oil . Read more in the Center for Public Integritys special report, Unites States of Petroleum . Topics Air pollution Oil (Business) US Environmental Protection Agency features'|'theguardian.com'|'http://www.theguardian.com/business/oil/rss'|'https://www.theguardian.com/environment/2017/dec/14/fueling-dissent-how-the-oil-industry-set-out-to-undercut-clean-air'|'2017-12-14T14:00:00.000+02:00'|9246.0|''|-1.0|'' 9247|'9a3ae098516bb05b8cb9a3a8ed824b457af4f692'|'NY regulator probing unpaid pensions by MetLife'|'December 18, 2017 / 10:08 PM / Updated 2 minutes ago NY regulator probing unpaid pensions by MetLife Reuters Staff 1 Min Read Dec 18 (Reuters) - New York states financial regulator is reviewing MetLife Incs failure to pay some workers pensions, the regulator said on Monday. The New York Department of Financial Services (NYDFS) was aware that MetLife had failed to pay the pensions before the insurer publicly disclosed the matter on Friday and will work to remediate the issue, NYDFS Superintendent Maria Vullo said in a statement. A MetLife spokesman said, We are committed to making this right for our customers. We found the issue, we self-reported it, and we are committed to doing better. (Reporting by Suzanne Barlyn; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/metlife-pensions-probe/ny-regulator-probing-unpaid-pensions-by-metlife-idUSL1N1OI1Y0'|'2017-12-19T00:07:00.000+02:00'|9247.0|''|-1.0|'' 9248|'f84d1f544bcc67af0fe2b91a0ecf454b7cfb1408'|'Thai Beverage unit wins auction to buy 54 percent stake in Sabeco'|'December 18, 2017 / 9:21 AM / Updated 12 minutes ago Thai Beverage unit wins auction to buy 54 percent stake in Sabeco Reuters Staff 1 Min Read HO CHI MINH CITY (Reuters) - A unit of Thai Beverage ( TBEV.SI ) won the auction to buy a $5 billion (3.74 billion pounds) or 54 percent stake in top brewer Sabeco SAB.HM in the countrys biggest ever privatisation process, an official from the Ho Chi Minh City Stock Exchange said on Monday. Bottles of Sabeco''s Saigon beer are seen at a restaurant bar in Hanoi, Vietnam December 18, 2017. REUTERS/Kham The anticipated sale of the state-owned maker of Bia Saigon gained momentum in recent months. Thai Beverage emerged as the only buyer for a majority stake as global brewing groups stayed out of the auction. Reporting by Mai Nguyen; Editing by Tom Hogue'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-sabeco-m-a-announcement/thai-beverage-unit-wins-auction-to-buy-54-percent-stake-in-sabeco-idUKKBN1EC0WN'|'2017-12-18T11:22:00.000+02:00'|9248.0|''|-1.0|'' @@ -9269,7 +9269,7 @@ 9267|'54b3a45b5b0d85ffa4adde9aa575b006cac4f37c'|'Exclusive - Engie, Mubadala, Macquarie groups bid for Petrobras pipelines: sources'|'December 20, 2017 / 5:08 AM / Updated an hour ago Exclusive - Engie, Mubadala, Macquarie groups bid for Petrobras pipelines: sources Tatiana Bautzer 4 Min Read SAO PAULO (Reuters) - At least three consortia, led by Frances Engie SA ( ENGIE.PA ), Australias Macquarie Group Ltd ( MQG.AX ) and the United Arab Emirates sovereign wealth fund Mubadala Development Co, delivered proposals for a Brazilian gas pipeline network owned by state oil company Petrobras, three people with knowledge of the matter said. FILE PHOTO: Brazil''s state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil, September 14 2017. REUTERS/Sergio Moraes/File photo Friday was the final day for the delivery of proposals, in the first phase of the process to acquire a 90 percent stake in Transportadora Associada de Gs SA, the Petrobras unit known as TAG, which owns 4,500 kilometers (2,800 miles) of pipelines in northeast Brazil. The sale of TAG is part of a plan by Petrobras, as Petrleo Brasileiro SA ( PETR4.SA ) is known, to raise $21 billion from asset sales this year and next in order to reduce its $95 billion debt load - the largest among oil majors. TAGs sale is expected to be one of the largest Petrobras divestitures in the program. Reuters disclosed in October that 20 groups, which formed consortia because of the size of the deal, were interested in bidding. The deal is expected to attract bids ranging from $5 billion to up to $7 billion, according to two of the sources. Petrobras declined to comment on Tuesday on the bidders. Engie, asked to confirm that it had delivered a bid, only said in an emailed reply that it is interested in investments in assets in the gas sector and considers good opportunities in Brazil. Macquarie declined to comment while Mubadala did not immediately comment. Macquarie, the worlds largest manager of infrastructure funds, has partnered with the Canada Pension Plan Investment Board, known as CPPIB, and Singapores sovereign wealth fund GIC Pte Ltd, according to one of the sources. CPPIB also declined to comment, while GIC did not immediately comment. Mubadala has partnered with EIG Global Energy Partners LLC, according to one of the sources. EIG also did not immediately comment. Brazilian investment firm Ptria Investimentos Ltda, which has a partnership with U.S. buyout firm Blackstone Group LP ( BX.N ), did not deliver a proposal, according to the people, who requested anonymity because the process is private. Brazilian firms Cambuhy Investimentos Ltda, which manages investments of the billionaire family Moreira Salles, and Itasa Investimentos Ita SA ( ITSA4.SA ), a holding company with business interests spanning the banking, consumer goods and chemical industries in Brazil, also joined Macquaries group, according to the source. The sources did not elaborate on the partners chosen by Engie. Patria, Blackstone, Itasa and Cambuhy all declined to comment. TWO-YEAR PLAN Petrobras sold another gas pipeline network in southeast Brazil last year, known as Nova Transportadora do Sudeste, to a group led by Canadas Brookfield Asset Management, for $5.2 billion. That left TAG with a network in the northeast known as Nova Transportadora do Nordeste, which is responsible for a smaller share of the countrys natural gas consumption. Although it is now selling a smaller network, Petrobras expects a higher price due to better perspectives for economic growth after Brazils harshest recession in decades, according to two of the sources. Petrobras raised $1.5 billion last week by selling about 29 percent of its fuel distribution unit, Petrobras Distribuidora SA ( BRDT3.SA ), in an initial public offering. This week, Petrobras announced the sale of a 25 percent stake in the offshore Roncador field to Norways Statoil for $2.9 billion. Reporting by Tatiana Bautzer; Editing by Leslie Adler'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-petrobras-divestiture-tag/exclusive-engie-mubadala-macquarie-groups-bid-for-petrobras-pipelines-sources-idUKKBN1EE0F0'|'2017-12-20T07:08:00.000+02:00'|9267.0|''|-1.0|'' 9268|'2438c9ebbf23e6da55cc0da67968070ff611ab56'|'Bitcoin bounces back over $16,000 despite latest bubble warning - business live'|'Close Skip to main content switch to the International edition switch to the UK edition switch to the US edition switch to the Australia edition current edition: International edition The Guardian - Back to home become asupporter subscribe find a job jobs sign in Comment activity Edit profile Email preferences Change password Sign out my account search news opinion sport arts lifestyle All sections Close news world news UK news science cities global development football tech business environment obituaries opinion the guardian view columnists cartoons opinion videos letters sport football rugby union cricket tennis cycling F1 golf US sports arts books music tv & radio art & design film games classical stage lifestyle fashion food recipes love & sex health & fitness home & garden women family travel money What term do you want to search? Search with google become a supporter subscribe Sign in/up my account Comment activity Edit profile Email preferences Change password Sign out International edition switch to the UK edition switch to the US edition switch to the Australia edition jobs dating holidays the guardian app video podcasts pictures newsletters today''s paper the observer digital archive crosswords Facebook Twitter jobs dating holidays business economics banking money markets project syndicate b2b more sign in Comment activity Edit profile Email preferences Change password Sign out become a supporter subscribe search find a job dating more from the guardian: dating find a job change edition: switch to the UK edition switch to the US edition switch to the AU edition International edition switch to the UK edition switch to the US edition switch to the Australia edition The Guardian - Back to home home business markets project syndicate economics banking retail home UK world sport football opinion culture business selected lifestyle fashion environment tech travel browse all sections close Stock markets Business live London stock market hits record high but bitcoin wobbles - as it happenedAll the days economic and financial news, as shares in London close at a new peakLatest: FTSE 100 closes at new high Wealthiest 500 people became 23% richer this yearFTSE 250 hits new peak Earlier:Bitcoin rebounds from pre-Christmas wobbleIsrael plans clampdown over bubble fearsAnalyst: How do you value bitcoin? UpdatedA small toy figure is seen on representations of the Bitcoin virtual currency. Photograph: Dado Ruvic/Reuters Graeme WeardenWed 27 Dec 17 18.26 GMT First published on Wed 27 Dec 17 08.11 GMTShare on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Key events Show 6.26pm GMT 18:26 Closing summary 5.04pm GMT 17:04 FTSE 100 hits record closing high 3.10pm GMT 15:10 US consumer confidence dips 2.08pm GMT 14:08 FTSE 100 hits record high 12.58pm GMT 12:58 Greeks fear end of bailout programme 12.41pm GMT 12:41 FTSE 250 hits new record high 10.55am GMT 10:55 World''s richest people gained $1 trillion in 2017 Live feed Show 6.26pm GMT 18:26Closing summary Right, time for a quick recap.Britains stock market has closed at a new peak tonight, on the first trading day since Christmas.The FTSE 100 hit a record closing high, propelled by mining companies as optimism for the world economy in 2018 boosted commodity prices.The smaller FTSE 250 also finished at its highest ever level, partly due to a takeover bid for office manager IWG (which closed 27% higher).The rally came as new data showed that the worlds 500 richest people had collectively gained $1tn in 2017.World''s richest 500 see their wealth increase by $1tn this year Read moreBut it was a volatile day for bitcoin. After surging 13% yesterday, the digital currency has fallen back this afternoon.Its currently down 4% at $15,094 - having been valued at almost $20,000 10 days ago.This latest fluctuation came after Israels stock market regulator suggested it could ban cryptocurrency firms from listing on the Tel Aviv exchange.Thomas Biesheuvel (@tbiesheuvel) Bitcoin drops back below $15,000 https://t.co/orhdKeJqJB pic.twitter.com/ShNei58BUnDecember 27, 2017 Thats all for tonight. Thanks for reading and commenting. GWFacebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 6.10pm GMT 18:10The jump in commodity prices today helped to push the FTSE 100 to its record high, thanks to the various mining giants that are included in the index.Sky News explains:The rally was supported by an upturn in copper and other commodity prices, which helped to lift global mining giants including Fresnillo, Antofagasta and Glencore.Demand for commodities implies optimism about the outlook for rapidly advancing world economies such as China.Greg McKenna, chief strategist at AxiTrader, said: The rally in copper supports expectations that 2018 is going to be a strong year for synchronised global growth.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 6.08pm GMT 18:08Of course, the FTSE 100s run of record highs is less impressive once you remember the tumble in sterling 18 months ago.The pound is still worth around 10% less than before the EU referendum; that made UK companies more affordable to overseas investors, and pumped up the value of their foreign earnings.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 5.12pm GMT 17:12Peer and pollster Lord Ashcroft tweets:Lord Ashcroft (@LordAshcroft) Both Remainers and Leavers should be heartened by the FTSE 100 at the Stock Exchange having closed at a record high of 7620...December 27, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 5.06pm GMT 17:06The smaller, more domestically focused FTSE 250 has also hit a new record high tonight:LondonStockExchange (@LSEplc) #FTSE 250 closes at 20,640.04, up 0.78% https://t.co/bE3ySiNxLpDecember 27, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 5.04pm GMT 17:04FTSE 100 hits record closing high Newsflash: the FTSE 100 index has closed at a new all time high of 7,620 points.Mining companies and supermarkets helped the index rise on the first trading day since Christmas.Almanacist (@UKAlmanac) For the 29th year in the last 34, the #FTSE100 closes up on the first trading day after Christmas https://t.co/2SnQ5e4gde pic.twitter.com/B2XgqVjsamDecember 27, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.10pm GMT 15:10US consumer confidence dips Newsflash: US consumer confidence has fallen back from its recent highs.The Conference Boards measure of consumer confidence, just released, dropped to 122.1 in December, down from Novembers 129.5 - which was the highest in 17 years.Lynn Franco, Director of Economic Indicators at The Conference Board, says:The decline in confidence was fueled by a somewhat less optimistic outlook for business and job prospects in the coming months,Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.07pm GMT 15:07'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/business/live/2017/dec/27/bitcoin-price-bubble-digital-currencies-uk-mortgages-retail-business-live'|'2017-12-27T10:11:00.000+02:00'|9268.0|''|-1.0|'' 9269|'a2292560db8f672f32090c367591fdda45803be2'|'Roche to buy US cancer drugmaker Ignyta for $1.7 billion'|'December 22, 2017 / 6:26 AM / Updated 10 hours ago Roche to buy U.S. cancer drugmaker Ignyta for $1.7 billion Reuters Staff 3 Min Read (Reuters) - Swiss drugmaker Roche ( ROG.S ) will buy U.S. cancer drug specialist Ignyta Inc ( RXDX.O ) for $1.7 billion in an agreed deal to broaden its oncology portfolio, the firms said on Friday. FILE PHOTO: The logo of Swiss pharmaceutical company Roche is seen outside their headquarters in Basel, Switzerland, January 30, 2014. REUTERS/Ruben Sprich/File Photo Roche would pay $27 per share for Ignyta, representing a premium of about 74 percent to the stocks closing price on Thursday, they said. Reuters had reported on Thursday that Ignyta was in advanced talks to sell itself, just three years after going public with a focus on precision drugs and diagnostics. Ignyta will continue its operations in San Diego and will be responsible for the ongoing pivotal study of entrectinib, its most advanced drug. The U.S. company has a suite of drugs in early stage development that use gene therapy to kill off the underlying diseases that drive cancer tumor growth. Cancer is a highly complex disease and many patients suffer from mutations which are difficult to detect and treat. The agreement with Ignyta builds on Roches strategy of fitting treatments to patients and will allow Roche to broaden and strengthen its oncology portfolio globally, said the companys pharmaceuticals head, Daniel ODay. The deal is expected to close in the first half of 2018, the companies said. Roche stock eased 0.3 percent by mid-morning, in line with the European sector average .SXDP. Zuercher Kantonalbank analyst Michael Nawrath said the deal reflected Roches strategy of making bolt-on acquisitions, adding it was not overpaying for the new assets. The data speak for themselves. We expect approval in the first half of 2019 and this could become a blockbuster given the wide field of use, he wrote in a research note, keeping his market weight rating. Bank Vontobel analysts said the deal was set to boost Roches efforts to address cancers with specific mutations by precision medicines that work hand in hand with diagnostics. Citi advised Roche on the deal, while BofA Merrill Lynch and J.P. Morgan Securities LLC advised Ignyta. Sidley Austin LLP and Latham & Watkins LLP were legal counsel to Roche and Ignyta, respectively. Reporting by Parikshit Mishra in Bengaluru and Michael Shields in Zurich; Editing by Gopakumar Warrier and Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-ignyta-m-a-roche/roche-to-buy-u-s-cancer-drugmaker-ignyta-for-1-7-billion-idUKKBN1EG0HH'|'2017-12-22T08:20:00.000+02:00'|9269.0|''|-1.0|'' -9270|'bd20631fa0909483c4a8f85d1651fa8d30345802'|'UK''s Domino''s to buy further 44.3 percent stake in Iceland subsidiary'|' 48 AM / Updated 6 minutes ago UK''s Domino''s to buy further 44.3 percent stake in Iceland subsidiary (Reuters) - Dominos Pizza, a master franchisee of U.S. group Dominos Pizza Inc, said on Thursday it would buy a further 44.3 percent stake in Dominos Iceland for 30.2 million euros (26.6 million pounds). The deal would take the companys stake in Dominos Iceland to 95.3 percent. Reporting by Rahul B in Bengaluru; Editing by Adrian Croft'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-dominos-piza-grp-iceland-stake/uks-dominos-to-buy-further-44-3-percent-stake-in-iceland-subsidiary-idUKKBN1E80T8'|'2017-12-14T09:47:00.000+02:00'|9270.0|''|-1.0|'' +9270|'bd20631fa0909483c4a8f85d1651fa8d30345802'|'UK''s Domino''s to buy further 44.3 percent stake in Iceland subsidiary'|' 48 AM / Updated 6 minutes ago UK''s Domino''s to buy further 44.3 percent stake in Iceland subsidiary (Reuters) - Dominos Pizza, a master franchisee of U.S. group Dominos Pizza Inc, said on Thursday it would buy a further 44.3 percent stake in Dominos Iceland for 30.2 million euros (26.6 million pounds). The deal would take the companys stake in Dominos Iceland to 95.3 percent. Reporting by Rahul B in Bengaluru; Editing by Adrian Croft'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-dominos-piza-grp-iceland-stake/uks-dominos-to-buy-further-44-3-percent-stake-in-iceland-subsidiary-idUKKBN1E80T8'|'2017-12-14T09:47:00.000+02:00'|9270.0|12.0|4.0|'' 9271|'1d44734aec9d039d5b2c28682a8085dba9faf7aa'|'EU''s Verhofstadt says no Brexit deal yet'|'December 4, 2017 / 11:35 AM / Updated 2 hours ago EU''s Verhofstadt says no Brexit deal yet Reuters Staff 2 Min Read BRUSSELS (Reuters) - Britain and the EU have yet to strike a deal on an initial Brexit divorce package, the European Parliaments Brexit coordinator Guy Verhofstadt said on Monday after meeting the EUs negotiator Michel Barnier. European Commission President Jean-Claude Juncker and his Brexit negotiator Michel Barnier meet European Union''s chief Brexit negotiator Guy Verhofstadt and his Brexit team from the European Parliament, at the EU Commission headquarters in Brussels, Belgium December 4, 2017. REUTERS/Yves Herman Speaking to reporters after the meeting, Verhofstadt put the chances of a deal when British Prime Minister Theresa May visits Brussels later in the day at 50-50. He said the Parliament was still pressing for more from London on guarantees for the rights of EU citizens in Britain. Elmar Brok, another member of the parliaments Brexit group who attended the meeting, said there was a very good chance of a deal and that Mays meeting with Barnier and European Commission President Jean-Claude Juncker could resolve outstanding issues. Brok said he was astonished at how far the negotiations had come and that differences remained over just a few words. The EU was still pressing, he said, for the European Court of Justice to have a say on guaranteeing citizens rights, while on Ireland there was a difficult matter of wording to ensure there would be a system to avoid border controls with Northern Ireland once Britain leaves the European Union. Verhofstadt later issued a written statement. He said: I have reiterated Parliaments priority: to make sure that the EU citizens living in the UK will not have to go through an unclear, arbitrary and burdensome procedure at great cost. Their rights must be guaranteed. They came to the UK in good faith to contribute to British society and must be treated with the respect they deserve. Reporting by Gabriela Baczynska and Alastair Macdonald; Editing by Alissa de Carbonnel and Peter Graff'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/britain-eu-verhofstadt-nodeal/eus-verhofstadt-says-no-brexit-deal-yet-idINKBN1DY18F'|'2017-12-04T13:33:00.000+02:00'|9271.0|''|-1.0|'' 9272|'bee3b6172409738f1e7d17b96e7e83d1e00f5ab0'|'French bank Natixis bets on fixed-income, equity derivatives to grow Asia sales'|'HONG KONG (Reuters) - Natixis SA ( CNAT.PA ) aims to boost Asias share of its corporate and investment banking sales to more than 15 percent over the next couple of years, as the French bank expands in areas such as fixed-income and equity derivatives, its chief executive said.The logo of French bank Natixis is seen outside one of their offices in Paris February 18, 2013. REUTERS/Charles Platiau/File Photo The region currently accounts for roughly 13 percent of the banks revenue in corporate and investment banking, the biggest contributor to sales at Natixis that also has interests in asset management and insurance.Natixis also plans to continue adding to its headcount of 620 in Asia, its fastest-growing region globally, by 10 percent a year over the next three years, global CEO Laurent Mignon told Reuters in an interview.Natixis aim to grow its investment banking business in Asia comes against the backdrop of heightened competition among Wall Street banks and a host of local firms for services including underwriting and deal advisory.The competition has pushed down the fee income for plain-vanilla investment banking offerings, which has weighed on the revenue of the well-heeled foreign banks in the recent years.We are not trying to compete in some of the areas where everybody is. We are trying to pick up a few items where we have some value to bring to our customers and we do well in that, said Mignon on a visit to Asia.The prospective of growing the business here is very important and it is key to us.Natixis has been increasing its presence in fixed-income and equity derivatives businesses in Asia on the back of growing demand for high-yield investment products from companies including insurers.The French bank is also planning to boost its fixed-income and equity derivative offerings in markets including Australia and Singapore, after establishing a strong presence for those businesses in Japan, South Korea and Taiwan.We are starting to be closer to those clients; we hired some dedicated staff on the fixed-income side, said Alain Gallois, chief executive officer for Natixis Asia-Pacific corporate and investment banking business.Its a potential growing market.In Asia, Natixis corporate and investment banking offerings also include structure finance, capital markets, acquisition advisory and finance, and trade finance in countries including Australia, China, Taiwan and South Korea.It mainly focuses on clients in the aviation, energy and natural resources, and infrastructure sectors in the region.These are two, three areas where we already are a global house with significant presence worldwide, and we want to invest more into these areas to develop investment banking-type service and we will do that specifically in this region, Mignon said.Reporting by Sumeet Chatterjee; Editing by Christopher Cushing '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-natixis-asia/french-bank-natixis-bets-on-fixed-income-equity-derivatives-to-grow-asia-sales-idUSKBN1DY0V4'|'2017-12-04T11:19:00.000+02:00'|9272.0|''|-1.0|'' 9273|'15c3347fe3f976fe4a6e006512c36ec0765f67a6'|'EU''s Malmstrom sees Mercosur trade deal by early 2018'|' 45 PM / Updated 4 minutes ago EU''s Malmstrom sees Mercosur trade deal by early 2018 Reuters Staff 1 Min Read BUENOS AIRES (Reuters) - Trade talks between the European Union and South Americas Mercosur bloc are closing on a deal which could come early in the new year, European Trade Commissioner Cecilia Malmstrom told reporters on Tuesday. European Trade Commissioner Cecilia Malmstrom addresses a news conference on the trade package in Brussels, Belgium September 14, 2017. REUTERS/Francois Lenoir We have made good advancement but theres still stock taking today, Malmstrom said. We see the end of this. Reporting by Luc Cohen and Eliana Raszewski, editing by Tom Miles'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-mercosur/eus-malmstrom-sees-mercosur-trade-deal-by-early-2018-idUKKBN1E61OS'|'2017-12-12T15:44:00.000+02:00'|9273.0|''|-1.0|'' @@ -9477,7 +9477,7 @@ 9475|'eebabe9568a87b4cccaa40b47d41541978ca1844'|'Pfizer announces new $10 bln share buyback, hikes dividend'|'December 18, 2017 / 5:00 PM / in 19 minutes Pfizer announces new $10 bln share buyback, hikes dividend Reuters Staff 1 Min Read Dec 18 (Reuters) - Pfizer Inc said on Monday its board had authorized a new $10 billion share repurchase program and raised its quarterly dividend. The share buyback is in addition to the $6.4 billion remaining under the companys current authorization, Pfizer said. The drugmaker hiked its first-quarter dividend to 34 cents per share from 32 cents. (Reporting by Tamara Mathias in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/pfizer-buyback/pfizer-announces-new-10-bln-share-buyback-hikes-dividend-idUSL4N1OI4R2'|'2017-12-18T19:00:00.000+02:00'|9475.0|''|-1.0|'' 9476|'dbc08d2d5dfac8142742a1c46c6ff417b948b11a'|'Preview: RBI, wary on inflation, set to keep rates on hold'|'December 5, 2017 / 11:56 AM / Updated 10 hours ago Preview: RBI, wary on inflation, set to keep rates on hold Rafael Nam , Suvashree Choudhury 4 Min Read MUMBAI (Reuters) - The Reserve Bank of India (RBI) looks set to keep its policy rate on hold on Wednesday, after inflation accelerated to a seven-month high and stronger economic growth reduced the need for monetary stimulus. A man speaks on his mobile phone outside the Reserve Bank of India (RBI) headquarters in Mumbai, October 4, 2017. REUTERS/Shailesh Andrade/Files All but two of 54 analysts in a Reuters Poll said the repo rate would be left at 6.00 percent, the lowest since November 2010. In August, the RBI made its only cut in 2017, of 25 basis points, and in October, it held. On Wednesday, after a two-day meeting, the RBI is likely to reiterate concern about inflation, as the annual rate increased to 3.58 percent in October. Thats low by Indian standards, but not far from the central banks 4 percent target. Another source of RBI discomfort is that core inflation, which excludes food and energy prices, has remained stubbornly high at around 4.5 percent. The central bank is likely to reiterate a neutral stance, thus giving itself flexibility to cut rates in February, even though only seven of the 48 analysts in the Reuters poll who gave a view on 2018s first meeting expect that outcome. Last week, there was welcome news of a recovery in annual economic growth in July-September to 6.3 percent, from 5.7 percent the previous quarter. The recovery is a source of comfort to the RBI as it lowers pressure on them to take a growth-supportive stance, said Radhika Rao, an economist at DBS in Singapore. But the latest pace is still well below the 8 percent level India needs to create millions of jobs each year for youths. CALLS FOR A CUT That has sparked renewed calls from some government officials for the RBI, which has cut the repo rate by 200 bps since January 2015, to trim again. While analysts rule out a cut now, some say the central bank could soften its tone somewhat and sound more accommodative. We dont expect the tone to be outright hawkish as the RBI might need to trim down its growth projections for FY18, which at current levels is optimistic, said Rao, who expects a hold on Wednesday and in February. But they would still sound cautious on inflation and positive on growth. The RBIs course will likely be determined by inflation, which in October it projected would accelerate to 4.2 to 4.6 percent in the six months to March, driven by multiple factors including planned pay hikes for government employees. The central bank is also likely to be concerned that the government may have a wider fiscal deficit in the fiscal year ending in March than the 3.2 percent target, raising the prospect New Delhi may have to sell more bonds. Those fears, plus the prospect they would further reduce the scope to cut rates amid accelerating inflation, have sent benchmark 10-year bonds sharply lower since the RBI cut the repo rate on Aug. 2, with the yield up more than 60 bps. The uncertainty about Indias fiscal management is being further exacerbated as the government is due to unveil its budget for the next fiscal year in early February, before the RBIs next meeting. The governments prudent fiscal management helped the country earn a much-desired rating upgrade from Moodys Investors Service last month. Still, some analysts are worried New Delhi could crank up spending next year as it seeks to boost its re-election chances in 2019. Reporting by Rafael Nam and Suvashree Dey Choudhury; Editing by Richard Borsuk'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-economy-rates-rbi/preview-rbi-wary-on-inflation-set-to-keep-rates-on-hold-idINKBN1DZ1KQ'|'2017-12-05T07:19:00.000+02:00'|9476.0|''|-1.0|'' 9477|'d14f64b7f00ea3c73505215d1cec0a6e13b9b19e'|'London Stock Exchange''s company floats hit three-year high at 15 billion pounds'|'December 29, 2017 / 3:19 PM / Updated 7 hours ago London Stock Exchange''s company floats hit three-year high at 15 billion pounds Reuters Staff 2 Min Read LONDON (Reuters) - The London Stock Exchange ( LSE.L ) raised 15 billion pounds from 106 initial public offerings (IPOs) in 2017, a 63 percent increase compared to last year and the highest level for three years. People walk past the London Stock Exchange Group offices in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville Money raised from the exchanges listings was up 164 percent compared to 5.7 billion pounds in 2016, the LSE said in a statement on Friday. It added that 20 North American companies chose London for their listing, including Dallas-based oil and gas company Kosmos Energy ( KOS.L ). London has seen a pick-up in listings this year after uncertainty around Britains future outside of the EU single market in 2016 dampened investor confidence and caused a number of initial public offerings (IPO) to be postponed or cancelled. Despite the debates about Brexit, Londons highly global, deep and liquid capital markets continue to be the ideal partner for funding the worlds growth, Chief Executive Officer Nikhil Rathi said. It is particularly significant that the number of international listings in London is up, with North American listings up nearly seven-fold on last year, Rathi said. The listing of 35 investment companies drove total IPOs value higher, with 5 billion pounds raised from vehicles including real estate investment trusts or special purpose acquisition firms, compared to just 644 million pounds in 2016. However, the average share performance of newly listed companies in 2017 was down 34 percent year on year, the LSE said. Raising $1.5 billion, the largest single London float in 2017 was Russias En+ Group ( ENPLq.L ), which manages tycoon Oleg Deripaskas aluminum and hydropower businesses. Broadcasting masts company Arqiva abandoned plans to raise 1.5 billion pounds and business services firm TMF scrapped a planned float of up to 1.3 billion pounds in favour of an outright sale to a private equity firm. Reporting by Clara Denina; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-lse-ipo-performance/london-stock-exchanges-company-floats-hit-three-year-high-at-15-billion-pounds-idUKKBN1EN1BR'|'2017-12-29T18:40:00.000+02:00'|9477.0|''|-1.0|'' -9478|'0c8e4ff6b109d46a8a532e7a90769106c74d5303'|'Exclusive - EU regulators set to approve easyJet buy of parts of Air Berlin: sources'|'December 4, 2017 / 11:18 AM / Updated 4 minutes ago Exclusive: EU regulators set to approve easyJet buy of parts of Air Berlin - sources Reuters Staff 1 Min Read BRUSSELS/LONDON (Reuters) - British budget carrier easyJet ( EZJ.L ) is set to win unconditional EU antitrust approval to buy parts of failed German peer Air Berlin ( AB1.DE ), people familiar with the matter said on Monday. FILE PHOTO: An EasyJet passenger aircraft makes its final approach for landing at Gatwick Airport in southern England, Britain, October 9, 2016. REUTERS/Toby Melville/File Photo EasyJet will take on some of Air Berlins operations at Tegel airport in the German capital, covering leases for up to 25 A320 aircraft and around 1,000 of its pilots and cabin crew. The move will allow easyJet to strengthen its position in the German capital, notably against Irelands Ryanair ( RYA.I ) and Lufthansas budget unit Eurowings. The European Commission, which is scheduled to decide on the deal by Dec. 12, declined to comment. Reporting by Foo Yun Chee in Brussels and Alistair Smout in London, editing by Julia Fioretti'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-airberlin-m-a-easyjet-eu/exclusive-eu-regulators-set-to-approve-easyjet-buy-of-parts-of-air-berlin-sources-idUKKBN1DY172'|'2017-12-04T13:13:00.000+02:00'|9478.0|''|-1.0|'' +9478|'0c8e4ff6b109d46a8a532e7a90769106c74d5303'|'Exclusive - EU regulators set to approve easyJet buy of parts of Air Berlin: sources'|'December 4, 2017 / 11:18 AM / Updated 4 minutes ago Exclusive: EU regulators set to approve easyJet buy of parts of Air Berlin - sources Reuters Staff 1 Min Read BRUSSELS/LONDON (Reuters) - British budget carrier easyJet ( EZJ.L ) is set to win unconditional EU antitrust approval to buy parts of failed German peer Air Berlin ( AB1.DE ), people familiar with the matter said on Monday. FILE PHOTO: An EasyJet passenger aircraft makes its final approach for landing at Gatwick Airport in southern England, Britain, October 9, 2016. REUTERS/Toby Melville/File Photo EasyJet will take on some of Air Berlins operations at Tegel airport in the German capital, covering leases for up to 25 A320 aircraft and around 1,000 of its pilots and cabin crew. The move will allow easyJet to strengthen its position in the German capital, notably against Irelands Ryanair ( RYA.I ) and Lufthansas budget unit Eurowings. The European Commission, which is scheduled to decide on the deal by Dec. 12, declined to comment. Reporting by Foo Yun Chee in Brussels and Alistair Smout in London, editing by Julia Fioretti'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-airberlin-m-a-easyjet-eu/exclusive-eu-regulators-set-to-approve-easyjet-buy-of-parts-of-air-berlin-sources-idUKKBN1DY172'|'2017-12-04T13:13:00.000+02:00'|9478.0|6.0|2.0|'' 9479|'56a644db99005fb9795d7da3d25c2b20365fb946'|'Cross-border bank deals can boost stability - ECB''s Villeroy'|'December 11, 2017 / 11:11 AM / Updated 3 hours ago Cross-border bank deals can boost stability - ECB''s Villeroy Reuters Staff 2 Min Read PARIS (Reuters) - Cross-border banking mergers would not necessarily create too-big-to-fail behemoths and could contribute to financial stability, ECB governing council member Francois Villeroy de Galhau said on Monday. Governor of the Bank of France Francois Villeroy de Galhau attends a press conference in Berlin, Germany, September 23, 2016. REUTERS/Axel Schmidt European banking regulations put in place since the 2008-2009 financial crisis have discouraged banks from becoming too complex, Villeroy, the governor of the Bank of France, told a bank supervision conference in Paris. Meanwhile, new European rules on winding down troubled banks aim to remove implicit government guarantees which Villeroy said had previously provided incentives for excessive risk taking. We are reaching the point in Europe where facilitating healthy and well-designed cross-border mergers could actually improve financial stability, Villeroy said. It would make banks better able to diversify their risks, achieve economies of scale and become more efficient. And as we have strengthened the single supervision and resolution of significant institutions, we should not fear the too-big-to-fail issue, he added. European banks have so far largely ignored calls to merge from some central bankers, who think that consolidation would make it easier to transmit monetary policy more evenly across the euro zone. In private, senior bankers say that mergers are discouraged by ever-changing regulations, though some of the uncertainty has cleared since global financial supervisors last week reached a long-sought deal to harmonise bank capital rules. Bankers are also concerned that buying a bank in another euro zone country could raise their capital requirements. But Villeroy said that the bloc should be considered as a single geographic area. Reporting by Leigh Thomas, Editing by Sarah White'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-france-banks-regulations/cross-border-bank-deals-can-boost-stability-ecbs-villeroy-idUKKBN1E5131'|'2017-12-11T13:11:00.000+02:00'|9479.0|''|-1.0|'' 9480|'f29b2a13ba9e004240ff8e11c91baa32e7d730c9'|'BRIEF-AerCap Exercises Options To Purchase 50 Airbus A320neo Family Aircraft'|' 26 PM / in 11 minutes BRIEF-AerCap Exercises Options To Purchase 50 Airbus A320neo Family Aircraft Aercap Holdings Nv: * AERCAP EXERCISES OPTIONS TO PURCHASE 50 AIRBUS A320NEO FAMILY AIRCRAFT * AERCAP HOLDINGS NV - EXERCISED OPTIONS TO PURCHASE 50 A320NEO FAMILY AIRCRAFT FROM AIRBUS, WITH DELIVERIES STARTING FROM 2022 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-aercap-exercises-options-to-purcha/brief-aercap-exercises-options-to-purchase-50-airbus-a320neo-family-aircraft-idUSFWN1OS033'|'2017-12-28T14:25:00.000+02:00'|9480.0|''|-1.0|'' 9481|'b14b46190a5a19b15f3711ed62cf6a5a704bbf97'|'Morning News Call - India, December 18'|'December 18, 2017 / 3:27 AM / Updated an hour ago Morning News Call - India, December 18 Reuters Staff 6 Min Read To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:00 am: IRDAI Chairman T.S. Vijayan and New India Assurance CMD G. Srinivasan to speak at Annual Health Insurance Conference. 11:00 am: Winter session of parliament continues. 6:00 pm: Finance Minister Arun Jaitley, Textiles Minister Smriti Irani, NITI Aayog CEO Amitabh Kant, Commerce Minister Suresh Prabhu at APEC Export Awards. GMF: LIVECHAT 2018 INVESTMENT OUTLOOK Get an investment outlook for the year ahead with Rory McPherson, Head of Investment Strategy, Psigma at 1530 IST. To join the conversation, click on the link: here INDIA TOP NEWS India''s Adani drops contractor for Australian coal mine India''s Adani said it had canceled plans with Downer EDI to help develop and run its Carmichael coal mine in Australia after failing to secure a cheap government loan for the A$16.5 billion project. India government ignored warnings over GST roll out-sources The Indian government ignored several warnings from private companies that the complex technology required for a nationwide goods and services tax (GST) to work smoothly was not ready for launch, several people who worked on the project said. Tobacco industry trumps as India court cancels stringent health labelling rules An Indian court on Friday quashed federal rules that mandated stringent graphic health warnings on tobacco products, lawyers involved in the case said, in a decision seen as a major victory for the tobacco industry and a setback for health advocates. Italy''s CDP, Intesa set for role in ArcelorMittal bid for Ilva -source Italy''s state holding company CDP and Intesa Sanpaolo have signed a non-binding agreement to join ArcelorMittal''s bid to buy Italian steelmaker Ilva, a source close to the matter said on Friday. GLOBAL TOP NEWS Japan export growth accelerates, underscores steady economic recovery Japan''s export growth accelerated in November to mark a full year of annual gains, underscoring the strength of external demand that has led the economy to its second-longest run of postwar growth. Thai Bev only bidder seeking to buy $5 bln stake in Vietnam''s Sabeco Thai Beverage, through a local unit, emerged as the only bidder keen to buy all shares on offer of Vietnam''s top brewer Sabeco worth nearly $5 billion, as Vietnam conducts an auction in its biggest privatisation process. Australia''s ANZ reveals $1.2 bln buy-back, hints more to come Australia and New Zealand Banking Group said it would start buying back up to A$1.5 billion of its shares on-market, as it begins returning surplus capital to shareholders after a series of divestments. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures was trading at 10,403.00, up 0.4 percent from its previous close. The Indian rupee will likely open slightly lower against the dollar, in line with most other Asian currencies, as top Republican lawmakers expect the U.S. Congress to approve a long-pending tax reform bill as early as this week, lifting demand for the greenback. Indian government bonds will likely open little changed ahead of state election results, even as investors remain focused on the governments fiscal stance. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 7.11 percent-7.16 percent band. GLOBAL MARKETS Wall Street''s three major indexes climbed to record closing highs on Friday with broad-based gains as a long-awaited bill to cut corporate tax rates looked like it would win enough support from lawmakers to pass. Asian shares inched up, tracking Wall Street, which hit record highs on expectations U.S. lawmakers will pass a long-awaited tax bill, while the British pound hovered near 3-week lows amid Brexit talks. The dollar held modest gains against the euro and yen, having received a lift after U.S. tax reform efforts moved another step closer to ratification over the weekend. The margin between U.S. shorter-dated and longer-dated Treasury yields shrank to its smallest in a decade on Friday, based on traders'' expectations that the Federal Reserve would increase short-term interest rates further and long-term inflation would stay tame. Oil markets were stable, hovering around Friday''s levels as a lack of conclusive market indicators prevented prices from swinging either way. Gold prices inched down early on Monday, pressured by firmer equities and a buoyant dollar after a bill to overhaul the tax system in the United States moved a step closer to ratification. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.12/64.15 December 15 -$143.75 mln $109.93 mln 10-yr bond yields 7.18 pct Month-to-date -$390.82 mln $343.57 mln Year-to-date $8.30 bln $26.08 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.0700 Indian rupees)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/india-morningcall/morning-news-call-india-december-18-idUSL4N1OI1OY'|'2017-12-18T05:26:00.000+02:00'|9481.0|''|-1.0|'' @@ -9512,11 +9512,11 @@ 9510|'0d4c5cae2b940655c77fde20982384241b37c78c'|'Orange boss, magnate Tapie ordered to stand trial in France - source'|'December 20, 2017 / 10:54 AM / Updated 14 minutes ago Orange boss, magnate Tapie ordered to stand trial in France - source Reuters Staff 1 Min Read PARIS (Reuters) - French businessman Bernard Tapie and Stephane Richard, the head of telecoms company Orange, are being ordered to stand trial over a disputed financial award the state made to Tapie when Richard held a senior government post, a judicial source said. French telecom operator Orange Chief Executive Stephane Richard arrives at the Justice court in Paris March 19, 2014. REUTERS/Gonzalo Fuentes/Files The trial concerns six people in all, the source said. Richard was chief of staff to then finance minister Christine Lagarde at the time the award was granted. Lagarde is now head of the Washington-based International Monetary Fund. Reporting Sophie Louet, Writing by Brian Love; editing by Luke Baker'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/france-trial/orange-boss-magnate-tapie-ordered-to-stand-trial-in-france-source-idINKBN1EE17N'|'2017-12-20T12:49:00.000+02:00'|9510.0|''|-1.0|'' 9511|'5c503485a9cc387090a3f616699907744f5c3197'|'Russia, Saudi Arabia sign atomic energy cooperation roadmap'|'December 14, 2017 / 10:37 AM / Updated 5 minutes ago Russia, Saudi Arabia sign atomic energy cooperation roadmap Reuters Staff 1 Min Read MOSCOW (Reuters) - Russia and Saudi Arabia have signed a roadmap for cooperation in the atomic energy sector, Russian state nuclear company Rosatom said on Thursday. The roadmap comprises a number of steps needed to implement a cooperation programme that was signed by the two nations during Saudi King Salmans visit to Russia in October. Saudi Arabia, which wants to reduce oil consumption at home, is considering building 17.6 gigawatts of nuclear-powered electricity generating capacity by 2032 and has sent a request for information to international suppliers to build two reactors in the kingdom. Last month Rosatom said it hoped to win the Saudi tender. Reporting by Maria Kiselyova; Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-russia-saudi-nuclear/russia-saudi-arabia-sign-atomic-energy-cooperation-roadmap-idUKKBN1E818F'|'2017-12-14T12:37:00.000+02:00'|9511.0|''|-1.0|'' 9512|'a1fdee7369f8146c4b898944b804f4d9d7f0d0fb'|'Global shares little changed after central bank meetings'|'December 14, 2017 / 10:35 AM / Updated 25 minutes ago World stocks lower; U.S. Treasury yield gap shrinks Stephanie Kelly 4 Min Read NEW YORK (Reuters) - World shares were lower on Thursday after concern from investors over potential obstacles to Republicans tax overhaul and a slate of policy meetings from major central banks in Europe. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid MSCIs gauge of stocks across the globe .MIWD PUS shed 0.20 percent. The Dow Jones Industrial Average .DJI fell 75.94 points, or 0.31 percent, to 24,509.49, the S&P 500 .SPX lost 10.79 points, or 0.41 percent, to 2,652.06 and the Nasdaq Composite .IXIC dropped 19.27 points, or 0.28 percent, to 6,856.53. While U.S. Congressional Republicans reached a deal on final tax legislation on Wednesday, some policymakers said they were unhappy with the legislations child tax credit approach. Equity investors worry that stocks could tumble if the bill, which includes slashing corporate taxes, fails. The fear they cant get corporate tax cuts across the finish line might be causing the market to turn down, despite the strong retail sales and other good economic data, said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. Earlier in the day, stocks moved lower after the U.S. Federal Communications Commission voted to repeal net neutrality rules. Weakness in bank stocks contributed to a downbeat mood for equities in Europe, and the pan-European STOXX 600 index closed down 0.46 percent. On Thursday, both the European Central Bank and Bank of England left interest rates unchanged, as expected. The ECB promised to hold rates low for an extended period and even maintained a pledge to provide more stimulus if needed. The decisions come a day after a U.S. Federal Reserve meeting where the central bank announced a widely expected interest rate hike, but left its rate outlook for the coming years unchanged. The Feds less hawkish statements supported MSCIs broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS, but its gains were pared to 0.18 percent. U.S. TREASURY YIELD GAP SHRINKS The gap between U.S. shorter-dated and longer-dated Treasury yields shrank as surprisingly strong data on retail sales in November supported the view the Federal Reserve would raise interest rates further to keep the economy from overheating. The yield spread between five-year and 30-year Treasuries US5US30=TWEB was last at 57.0 basis points. The yield curve will flatten in the long term, said Matt Freund, head of fixed income strategies at Calamos Investments in Chicago. The long end of the curve will be well-behaved with the Fed being deliberate in raising short-term rates. Benchmark 10-year notes US10YT=RR last fell 1/32 in price to yield 2.3511 percent, from 2.349 percent late on Wednesday. The 30-year Treasury US30YT=RR last rose 17/32 in price to yield 2.7094 percent, from 2.735 percent late on Wednesday The euro EUR= fell 0.34 percent after the ECB revised its growth forecasts upward while sticking with its pledge to provide stimulus if needed. The dollar index .DXY, tracking the greenback against a basket of major currencies, rose 0.12 percent, paring earlier gains on tax legislation concern. The Japanese yen strengthened 0.25 percent at 112.28 per dollar. In Greece, 10-year government bond yields GR10YT=RR fell, touching the lowest in almost a decade on Thursday. Earlier this month, Greece and its euro zone creditors reached a preliminary agreement on reforms Athens needs to roll out under its bailout programme, while economic data has proven stronger than anticipated. U.S. crude CLcv1 rose 0.94 percent to $57.13 per barrel and Brent LCOcv1 was last at $63.40, up 1.54 percent on the day. Reporting by Stephanie Kelly; Additional reporting by Jemima Kelly, Fanny Potkin, Dhara Ranasinghe, Helen Reid, Julien Ponthus in London, Rama Venkat Raman and Sruthi Shankar in Bengaluru, and Richard Leong, Karen Brettell, Sinead Carew in New York; Editing by Bernadette Baum and Nick Zieminski'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-markets/european-stocks-euro-dip-as-central-banks-dominate-idINKBN1E817V'|'2017-12-14T21:16:00.000+02:00'|9512.0|''|-1.0|'' -9513|'34e35c53462fc4fe00206b69f772a88ab79fb7ad'|'China''s November industrial profit growth slowest since April on weaker price gains'|'December 27, 2017 / 2:10 AM / in 4 hours China Inc braces for testing 2018 as profit growth slows to seven-month low Reuters Staff 5 Min Read BEIJING (Reuters) - Earnings at Chinas industrial firms grew at their slowest pace in seven months in November, as demand and producer price gains eased in further confirmation of ebbing growth in the worlds second-largest economy. FILE PHOTO: A worker jokes and beckons at her colleague as she rolls away carts of unused tools between rows of spinning machine at a factory owned by Hong Kong''s Novetex Textiles Limited in Zhuhai City, Guangdong Province, China December 13, 2016. REUTERS/Venus Wu/File Photo The lower income underscores a delicate balancing act for authorities as they extend a campaign to reduce Chinas reliance on credit-intensive investment without imperiling the economy. Profits in November rose 14.9 percent to 785.8 billion yuan ($120.05 billion), the National Bureau of Statistics (NBS) said on its website on Wednesday. It marked the slowest monthly growth rate since Aprils 14.0 percent. Earnings were pressured in November by a slower pace of price rises compared to previous months, He Ping of the statistics bureau said in a statement along with the data release. He noted that Novembers decline in producer price inflation to 5.8 percent from 6.9 percent in October was one of the biggest of the year. Previous price increases were concentrated in upstream industries like coal and steel. Inflation in those areas is slowing, and the transmission of higher prices to downstream industries hasnt been very strong, which hurts profit margins, said Ye Bingnan, an economist at BOC International in Beijing. More than half of the increase in profits in Jan-Nov came from coal mining and washing, iron and steel smelting and processing, chemicals, and oil and natural gas extraction, the statistic bureaus He said. While the industrial sector has enjoyed a year-long construction boom that has fueled demand and prices for building materials in a boost to growth, a government-led battle to clean toxic air and a crackdown on financial risks have started to drag on Chinas economy. Chinese steel makers in 28 cities have been ordered to curb output between mid-November and mid-March. A campaign to promote clean energy by converting coal to natural gas has also hampered manufacturing activity in northern cities due to insufficient supply and high prices. Chinese iron ore and coke futures stretched losses on Tuesday as steel prices fell further, weighed down by seasonal weakness in demand in the worlds top producer during winter. For the first eleven months of the year, profits reached 6.875 trillion yuan, up 21.9 percent from the same period and lower than the 23.3 percent annual growth in the January-October period. LOWER PROFITS IN 2018 Research firm China Beige Book said in a survey out earlier on Wednesday that with demand strong and prices holding up, Chinese firms continued to ramp up new capacity and production in the fourth quarter. However, it also showed a slowdown in hiring and wages growth in a further sign of slackening economic activity. China has defied market expectations with 6.9 percent growth in the first nine months of the year amid the construction boom and solid exports. A slowdown has started to take hold in the last few months as the property sector cools and credit growth ebbs, with Beijing focused on controlling corporate leverage and defusing financial risks. At the end of November, industrial firms liabilities were 6.3 percent higher then a year earlier, compared with a 6.7 percent increase at the end of October. But the ratio of liabilities to assets at industrial firms ticked up to 55.8 percent at the end of November, compared to 55.7 percent in October, indicating that deleveraging outside the financial sector has been limited. Mining industry profits rose 286.8 percent from a year earlier in January-November while manufacturing profits were up 18.9 percent, both slowing from January-October. Profits earned by Chinas state-owned firms increased 46.2 percent to 1.576 trillion yuan in the first eleven months, cooling from a 48.7 percent surge in January-October. Ye at BOC International said industrial profit growth will likely slow next year. We think next year investment growth will slow, specifically real estate and infrastructure investment, Ye said. So price, sales, and profit gains may slow in industries that are sensitive to investment, while firms related to consumer and industrial upgrades should see better performance. Reporting by Zhang Min and Elias Glenn; Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-china-economy-industrial-profits/chinas-november-industrial-profit-growth-slowest-since-april-on-weaker-price-gains-idINKBN1EL03T'|'2017-12-27T05:02:00.000+02:00'|9513.0|''|-1.0|'' +9513|'34e35c53462fc4fe00206b69f772a88ab79fb7ad'|'China''s November industrial profit growth slowest since April on weaker price gains'|'December 27, 2017 / 2:10 AM / in 4 hours China Inc braces for testing 2018 as profit growth slows to seven-month low Reuters Staff 5 Min Read BEIJING (Reuters) - Earnings at Chinas industrial firms grew at their slowest pace in seven months in November, as demand and producer price gains eased in further confirmation of ebbing growth in the worlds second-largest economy. FILE PHOTO: A worker jokes and beckons at her colleague as she rolls away carts of unused tools between rows of spinning machine at a factory owned by Hong Kong''s Novetex Textiles Limited in Zhuhai City, Guangdong Province, China December 13, 2016. REUTERS/Venus Wu/File Photo The lower income underscores a delicate balancing act for authorities as they extend a campaign to reduce Chinas reliance on credit-intensive investment without imperiling the economy. Profits in November rose 14.9 percent to 785.8 billion yuan ($120.05 billion), the National Bureau of Statistics (NBS) said on its website on Wednesday. It marked the slowest monthly growth rate since Aprils 14.0 percent. Earnings were pressured in November by a slower pace of price rises compared to previous months, He Ping of the statistics bureau said in a statement along with the data release. He noted that Novembers decline in producer price inflation to 5.8 percent from 6.9 percent in October was one of the biggest of the year. Previous price increases were concentrated in upstream industries like coal and steel. Inflation in those areas is slowing, and the transmission of higher prices to downstream industries hasnt been very strong, which hurts profit margins, said Ye Bingnan, an economist at BOC International in Beijing. More than half of the increase in profits in Jan-Nov came from coal mining and washing, iron and steel smelting and processing, chemicals, and oil and natural gas extraction, the statistic bureaus He said. While the industrial sector has enjoyed a year-long construction boom that has fueled demand and prices for building materials in a boost to growth, a government-led battle to clean toxic air and a crackdown on financial risks have started to drag on Chinas economy. Chinese steel makers in 28 cities have been ordered to curb output between mid-November and mid-March. A campaign to promote clean energy by converting coal to natural gas has also hampered manufacturing activity in northern cities due to insufficient supply and high prices. Chinese iron ore and coke futures stretched losses on Tuesday as steel prices fell further, weighed down by seasonal weakness in demand in the worlds top producer during winter. For the first eleven months of the year, profits reached 6.875 trillion yuan, up 21.9 percent from the same period and lower than the 23.3 percent annual growth in the January-October period. LOWER PROFITS IN 2018 Research firm China Beige Book said in a survey out earlier on Wednesday that with demand strong and prices holding up, Chinese firms continued to ramp up new capacity and production in the fourth quarter. However, it also showed a slowdown in hiring and wages growth in a further sign of slackening economic activity. China has defied market expectations with 6.9 percent growth in the first nine months of the year amid the construction boom and solid exports. A slowdown has started to take hold in the last few months as the property sector cools and credit growth ebbs, with Beijing focused on controlling corporate leverage and defusing financial risks. At the end of November, industrial firms liabilities were 6.3 percent higher then a year earlier, compared with a 6.7 percent increase at the end of October. But the ratio of liabilities to assets at industrial firms ticked up to 55.8 percent at the end of November, compared to 55.7 percent in October, indicating that deleveraging outside the financial sector has been limited. Mining industry profits rose 286.8 percent from a year earlier in January-November while manufacturing profits were up 18.9 percent, both slowing from January-October. Profits earned by Chinas state-owned firms increased 46.2 percent to 1.576 trillion yuan in the first eleven months, cooling from a 48.7 percent surge in January-October. Ye at BOC International said industrial profit growth will likely slow next year. We think next year investment growth will slow, specifically real estate and infrastructure investment, Ye said. So price, sales, and profit gains may slow in industries that are sensitive to investment, while firms related to consumer and industrial upgrades should see better performance. Reporting by Zhang Min and Elias Glenn; Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-china-economy-industrial-profits/chinas-november-industrial-profit-growth-slowest-since-april-on-weaker-price-gains-idINKBN1EL03T'|'2017-12-27T05:02:00.000+02:00'|9513.0|10.0|0.0|'' 9514|'91501cacb92ee82bd8fdc44dbbf2710f9fde812b'|'EU''s Moscovici says expects adoption of blacklist of 20 tax havens'|'December 5, 2017 / 8:37 AM / Updated 11 minutes ago EU''s Moscovici says expects adoption of blacklist of 20 tax havens Reuters Staff 1 Min Read BRUSSELS (Reuters) - European Union tax commissioner Pierre Moscovici said he expected EU finance ministers to adopt a blacklist of about 20 tax havens when they meet on Tuesday. European Commissioner for Economic and Financial Affairs Pierre Moscovici presents the EU executive''s autumn economic forecasts during a news conference at the EU Commission headquarters in Brussels, Belgium November 9, 2017. REUTERS/Yves Herman There will be, I hope, a blacklist that will include about 20 countries that despite ten months of talks have not made the necessary commitments, and then also a list I would call grey with about 40 countries, who have made commitments that will need to be respected, Moscovici said on arrival at the meeting of EU finance and economy ministers. Following multiple disclosures of offshore tax avoidance schemes by companies and wealthy individuals, EU states launched a process in February to list tax havens in a bid to discourage setting up shell structures abroad which are themselves in many cases legal but could hide illicit activities. Reporting by Julia Fioretti and Francesco Guarascio; Editing by Alissa de Carbonnel'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-tax-blacklist/eus-moscovici-says-expects-adoption-of-blacklist-of-20-tax-havens-idUKKBN1DZ0UL'|'2017-12-05T10:36:00.000+02:00'|9514.0|''|-1.0|'' 9515|'76cf89bacb6fdc8c96f02c30590879486c6dba81'|'Sports Direct reveals falling sales and profits as slump in pound bites - Business'|'Sports Direct has revealed falling sales at its core UK stores and a dive in profits partly caused by the slump in the value of the pound.Sales at the Sports Direct , USC and Heatons chains fell 1% to 1.14bn in the six months to 29 October, as the company said it had cut online promotions and closed stores as part of its attempts to improve the look and feel of its stores.Overall revenues for the group, which owns stores in the US and Europe as well as the Flannels fashion chain, rose 4.7%, partly thanks to acquisitions and overseas growth. But profits dived 67.3% to 45.8m in the half year as margins came under pressure from the fall in the value of the pound against the dollar, in which Sports Direct buys much of its stock.Sports Direct shareholders block 11m payout to Mike Ashley''s brother Read more Tony Shiret, an analyst at Whitman Howard, said in a note that changes to Sports Directs structure made it difficult to assess performance but he believed sales at the core chains established stores and website were both down.Mike Ashley , chief executive and the majority shareholder of Sports Direct, said underlying profit before tax remained healthy and the company was investing for the long-term.Our high street elevation strategy is currently delivering spectacular trading performance within our flagship stores. We intend to open between 10 and 20 new flagship stores next year, he said.Shares in Sports Direct closed down just over 2% as analysts were surprised by a big rise in net debt to 471m, from 182m a year before, and raised concerns about lack of transparency, corporate governance and investments in potentially distracting strategic stakes in companies such as Debenhams.Nicholas Hyett, equity analyst at Hargreaves Lansdown, said: Sports Directs corporate governance practices continue to attract headlines for all the wrong reasons, with independent shareholders rejecting an 11m payment to Mike Ashleys brother on Wednesday .Unfortunately the lack of transparency also stretches to the Selfridges of Sport initiative. Mike Ashley has described trading at the new format stores as spectacular, but its difficult to see evidence of that in the numbers. Improved profits are being driven by cost cuts rather than sales growth.Topics Sports Direct International Retail industry Mike Ashley Sterling Currencies news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/dec/14/sports-direct-reveals-falling-sales-profits-pound-slump-bites'|'2017-12-15T02:50:00.000+02:00'|9515.0|''|-1.0|'' -9516|'4be2ad55e286300c7b09f7e64e053e69ba0618be'|'Brazil defense ministry opposes giving up Embraer control to Boeing'|'(Reuters) - Brazils defense minister voiced opposition on Thursday to selling control in Embraer SA ( EMBR3.SA ) to Boeing Co ( BA.N ), saying the defense operations of the Brazilian planemaker cannot be separated from the commercial business.Boeing and Embraer said last week they were discussing a potential combination, in a move that would consolidate a global passenger jet duopoly provided Brazils government gives its blessing. The companies have given no further details.Defense Minister Raul Jungmann said on Thursday the ministry was concerned that the negotiations between the aerospace companies had advanced without its knowledge.No country in the world would release its grasp on control of a company like (Embraer). It has a nucleus of defense that is inalienable, Jungmann told reporters in Brasilia.He said the ministry viewed favorably any deal that maintained local control of the company and would direct its representative on the Embraer board to seek further information. The Brazilian government holds veto power over strategic moves at Embraer.President Michel Temer has also said he opposes Boeing taking control of Embraer and that the government could use its golden share in the company to block foreign control. He added he would welcome an injection of foreign capital into Embraer.Reporting by Ricardo Brito, writing by Jake Spring; Editing by Bernadette Baum and Susan Thomas '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-embraer-m-a-boeing/brazil-defense-ministry-opposes-giving-up-embraer-control-to-boeing-idUSKBN1EM1ET'|'2017-12-28T17:30:00.000+02:00'|9516.0|''|-1.0|'' -9517|'20d47d2caf3595dc2d9b466ce54197aba151b432'|'Phoenix Solar to file for insolvency next week'|'FRANKFURT, Dec 8 (Reuters) - Phoenix Solar, once one of Germanys largest solar groups during the sectors heyday, on Friday said it would file for insolvency next week after an unnamed U.S. customer demanded payments that exceed the groups funds.Following the drawdown of project-related letters of credit in the amount of approximately $8 million by a large customer of Phoenix Solar Inc. ... the parent company Phoenix Solar AG is obligated to reimburse the issuing banks immediately under its existing financing agreements, Phoenix Solar said.Attempts by the companys management to find a solution with the said U.S. customer and the companys banking consortium in Germany have failed, it added.Shares in the group, which used to be a member of Frankfurts technology index before an oversupply crisis led most of its local peers to file for insolvency, traded 1.7 percent lower at 1.46 euros apiece.The news comes only months after larger peer SolarWorld filed for insolvency, overwhelmed by a renewed wave of cheap Chinese exports that was caused by reduced ambitions in China to expand solar power generation. (Reporting by Christoph Steitz; Editing by Arno Schuetze) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/phoenix-solar-bankruptcy/brief-phoenix-solar-to-file-for-insolvency-idINASM000GUW'|'2017-12-08T09:04:00.000+02:00'|9517.0|''|-1.0|'' +9516|'4be2ad55e286300c7b09f7e64e053e69ba0618be'|'Brazil defense ministry opposes giving up Embraer control to Boeing'|'(Reuters) - Brazils defense minister voiced opposition on Thursday to selling control in Embraer SA ( EMBR3.SA ) to Boeing Co ( BA.N ), saying the defense operations of the Brazilian planemaker cannot be separated from the commercial business.Boeing and Embraer said last week they were discussing a potential combination, in a move that would consolidate a global passenger jet duopoly provided Brazils government gives its blessing. The companies have given no further details.Defense Minister Raul Jungmann said on Thursday the ministry was concerned that the negotiations between the aerospace companies had advanced without its knowledge.No country in the world would release its grasp on control of a company like (Embraer). It has a nucleus of defense that is inalienable, Jungmann told reporters in Brasilia.He said the ministry viewed favorably any deal that maintained local control of the company and would direct its representative on the Embraer board to seek further information. The Brazilian government holds veto power over strategic moves at Embraer.President Michel Temer has also said he opposes Boeing taking control of Embraer and that the government could use its golden share in the company to block foreign control. He added he would welcome an injection of foreign capital into Embraer.Reporting by Ricardo Brito, writing by Jake Spring; Editing by Bernadette Baum and Susan Thomas '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-embraer-m-a-boeing/brazil-defense-ministry-opposes-giving-up-embraer-control-to-boeing-idUSKBN1EM1ET'|'2017-12-28T17:30:00.000+02:00'|9516.0|11.0|0.0|'' +9517|'20d47d2caf3595dc2d9b466ce54197aba151b432'|'Phoenix Solar to file for insolvency next week'|'FRANKFURT, Dec 8 (Reuters) - Phoenix Solar, once one of Germanys largest solar groups during the sectors heyday, on Friday said it would file for insolvency next week after an unnamed U.S. customer demanded payments that exceed the groups funds.Following the drawdown of project-related letters of credit in the amount of approximately $8 million by a large customer of Phoenix Solar Inc. ... the parent company Phoenix Solar AG is obligated to reimburse the issuing banks immediately under its existing financing agreements, Phoenix Solar said.Attempts by the companys management to find a solution with the said U.S. customer and the companys banking consortium in Germany have failed, it added.Shares in the group, which used to be a member of Frankfurts technology index before an oversupply crisis led most of its local peers to file for insolvency, traded 1.7 percent lower at 1.46 euros apiece.The news comes only months after larger peer SolarWorld filed for insolvency, overwhelmed by a renewed wave of cheap Chinese exports that was caused by reduced ambitions in China to expand solar power generation. (Reporting by Christoph Steitz; Editing by Arno Schuetze) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/phoenix-solar-bankruptcy/brief-phoenix-solar-to-file-for-insolvency-idINASM000GUW'|'2017-12-08T09:04:00.000+02:00'|9517.0|11.0|0.0|'' 9518|'79542ebfdc30cd4f57bb8562f1acac83cf585700'|'Munich prosecutors start initial inquiry into BMW emissions allegations'|'MUNICH (Reuters) - Munich prosecutors have opened a preliminary inquiry into allegations made this week by Germanys main environmental lobby group that a BMW diesel model is fitted with engine software capable of cheating on emissions tests.A BMW logo is seen on a car at the International Auto Show in Mexico City, Mexico November 23, 2017. REUTERS/Henry Romero BMWs 3-Series 320d car, designed to comply with the latest Euro 6 emission standards, was found to have breached permitted nitrogen oxide (NOx) emission levels by up to seven times the legal limit in a series of road tests while emissions remained below the limit in a set of static roller-bed tests, Deutsche Umwelthilfe (DUH) alleged on Tuesday.Munich prosecutors on Wednesday said they had initiated a preliminary examination, without being more specific, after the German Transport Ministry had said on Tuesday that the KBA motor vehicle regulator would look into the accusations.A BMW spokesman said the company had taken note of the move by Munich prosecutors but remained convinced that the vehicle in question complied with all emission requirements.The company was considering its options with regard to the accusations, the spokesman added.The DUH had said that in the roller-bed tests, which like its road tests were not independently verified, the BMW 320ds NOx emissions remained significantly below the 80 milligrams per kilometer limit at normal speeds and also when the speed was increased by 10 percent.Volkswagens ( VOWG_p.DE ) emissions test-cheating scandal two years ago has since spilled over to the wider German vehicle industry with its luxury division Audi and Daimler the subjects of criminal investigations.Reporting by Irene Preisinger; Writing by Andreas Cremer; Editing by Douglas Busvine, Greg Mahlich '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-bmw-emissions-prosecutors/munich-prosecutors-start-initial-inquiry-into-bmw-emissions-allegations-idUSKBN1E022P'|'2017-12-06T17:11:00.000+02:00'|9518.0|''|-1.0|'' 9519|'5907944201c0d8c9bf8b03b32350dcd699ea8150'|'Global brewers line up bids for Vietnam''s Sabeco sale - sources'|'December 10, 2017 / 9:48 AM / Updated 10 hours ago Global brewers line up bids for Vietnam''s Sabeco sale - sources Anshuman Daga , Martinne Geller 4 Min Read SINGAPORE/LONDON (Reuters) - Brewing groups including Thai Beverage, Anheuser-Busch InBev and Kirin Holdings are gearing up to bid for a stake in Vietnams largest brewer, Sabeco, people familiar with the matter said, with the $5 billion sale process by the government opening this week. FILE PHOTO: Men drink Sabeco''s Saigon beer on a roadside restaurant in Hanoi, Vietnam November 29, 217. REUTERS/Kham/File Photo The auction of up to 54 percent of Sabeco, in what is set to be Vietnams biggest privatisation, offers brewers access to a fast-growing market with a youthful population and beer drinking culture. Sabeco is seen as attractive as assets are scarce in a highly consolidated global beer market. Thai Bev, controlled by tycoon Charoen Sirivadhanabhakdi, is shaping up as a strong contender, the people said, as it is familiar with the Vietnam system and sees Sabeco as key to expanding outside its home market. They have been around this situation for many years and are very keen to get this asset, said one of the people, none of whom wanted to be named as they are not authorised to speak to the media. Last month, a Thai Bev unit bought a 49 percent stake in a Vietnamese company which, the people said, could be used as a vehicle to bid for Sabeco as a domestic player, giving it an advantage over international rivals. Thai Bev had no immediate comment, but said in October it was keen to grow through acquisitions in markets such as Vietnam. Firms controlled by Sirivadhanabhakdi also hold a 19 percent stake in Vietnams Vinamilk. A spokeswoman for AB InBev, the worlds biggest brewer, said the company was committed to Vietnam and to growing its business for the long-term. A spokesman for Japans Kirin said it was carefully considering its options. Other potential bidders include Asahi Group Holdings, San Miguel and Heineken, though several people said Heineken already had a strong business in Vietnam and could sit out an expensive auction that values Sabeco at about 36 times core earnings - more than double the trading multiples of around 15 for some global brewers, according to Reuters data. Heineken, which already owns 5 percent of Sabeco, did not respond to requests for comment. Bottles of beer move along a production line at a factory of Saigon Beer Corporation (Sabeco) in Hanoi, Vietnam June 23, 2017. Picture taken June 23, 2017. REUTERS/Kham Asahi could not be immediately reached for comment, but the Japanese firms president told Reuters in September it was studying Sabeco. San Miguels president Ramon Ang said the Philippine conglomerate was interested to bid for Sabeco. Kirin owns around half of its affiliate San Miguel Brewery. The Sabeco auction is on Dec. 18, and bidders who are keen to own a stake equal to 25 percent or more of Sabecos shares need to inform local authorities a week before the auction. OWNERSHIP CAP Foreign ownership in Sabeco is limited to 49 percent.That means overseas bidders can only bid for a minority stake of as much as 39 percent as foreign entities already own 10 percent. Lack of control could put off some possible bidders, the people said. Having control of the business is very important for these international brewers because the multiple is very high. If youre going to pay that much you want to be able to institute your plans, said one of the people, who expected international firms to sell their own premium beers like Budweiser, Heineken and Kirin through Sabecos distribution network, in addition to Sabecos beers, which include the Bia Saigon and 333 brands. Vietnams Ministry of Industry and Trade, which represents state shares in Sabeco, said foreign investors can link with Vietnamese firms to buy Sabeco shares, but have to comply with local laws and regulations. Sabecos share price has nearly tripled since its listing a year ago, with analysts citing a small float as inflating its market value. The brewers sky-high valuations and a complicated sale process could pose challenges for some potential bidders, the people said. The Sabeco sale could also set the pace for peer Habeco, in which Danish brewer Carlsberg A/S owns 17.3 percent. Reporting by Anshuman Daga and Martinne Geller, with additional reporting by Mai Nguyen in HANOI, Neil Jerome Morales in MANILA, Chayut Setboonsarng in BANGKOK and Junko Fujita in TOKYO; Editing by Ian Geoghegan'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/sabeco-m-a-sale/global-brewers-line-up-bids-for-vietnams-sabeco-sale-sources-idINKBN1E409G'|'2017-12-10T11:47:00.000+02:00'|9519.0|''|-1.0|'' 9520|'6823de00e8506576d4951622ff857cd74a47bba5'|'EU executive to propose deeper euro zone integration to unite EU on Wednesday'|'December 5, 2017 / 11:06 PM / in 12 minutes EU executives propose deeper euro zone integration to unite EU Jan Strupczewski , Francesco Guarascio 4 Min Read BRUSSELS (Reuters) - The European Commission proposed on Wednesday ideas for deeper euro zone integration in an effort to help unite the broader European Union, as eurosceptic sentiment grows across the EU and Britain prepares to leave the EU in 2019. European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium June 14, 2017. REUTERS/Francois Lenoir The Commission, the EUs executive arm, presented a package of proposals aimed at giving the 19 countries sharing the euro better protection against future financial crises. But plans to tighten cooperation among the 19 euro countries have sparked concern among the eight non-euro countries that they will become second-class members of the EU, with less say - and less funds - in the future. To alleviate those fears, the Commission proposals stressed that all their proposals were open to all EU members, even though that clashes with the thinking of some euro zone leaders, such as French President Emmanuel Macron. Macron has called for creating a euro zone budget of several hundred billion euros, a euro zone finance minister and a euro zone parliament. But instead, the Commission proposed creating cash incentives for countries that embark on structural reforms. It also proposed helping financially the economies of non-euro countries, all of which - except Denmark - are obligated to adopt the single currency at some point. The Commission also backed the idea of setting up what it calls a euro zone stabilisation function, because the monetary policy of the European Central Bank cannot deal with economic crises that hit only one or a few countries in the euro zone. That proposal calls for a pool of money to protect investment in the event of shocks to a few euro zone countries. The Commission did not say how big the fund should be. Instead of a euro zone finance minister, the Commission called for naming a pan-European Minister of Economy and Finance, who would also be a senior member of the European Commission and chair meetings of euro zone finance ministers. The job might be created when the next European Commission starts work in November 2019, the Commission said. Under the current arrangement, the chair of the euro zone finance ministers, the closest thing the bloc now has to a single finance minister, often testifies before the parliaments economic committee, but it has no power over him or her. Euro zone finance ministers have little enthusiasm for allowing the Commission, which is only an observer at their monthly meetings, to chair the talks. Other euro zone integration ideas, floated by Germany, include transforming the euro zones government-owned and run bailout fund into a European Monetary Fund. The Commission backed that idea, but said the EMF should become an EU institution, which would be overseen by the European Parliament -- an idea officials have said would not fly with governments. The EMF would also provide a 60 billion-euro backstop for the bank-funded Single Resolution Fund. The Commission did not address the proposal of Germany and backed by Slovakia and the Netherlands to create a sovereign insolvency mechanism that would put pressure on governments to conduct prudent fiscal policy. Reporting By Jan Strupczewski; Editing by Hugh Lawson, Larry King'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-integration-commission/eu-executive-to-propose-deeper-euro-zone-integration-to-unite-eu-on-wednesday-idUKKBN1DZ38O'|'2017-12-06T01:05:00.000+02:00'|9520.0|''|-1.0|'' @@ -9602,7 +9602,7 @@ 9600|'74c7dc0c390048faeb684b552be080ad0cd68b84'|'Hopu Investments raising $2.5 bln fund to tap demand for China exposure - sources'|'* Hopu fund targets $2 bln in commitments by year-end - sources* Fund investors include CIC, Temasek, Mitsui - sources* Fund to tap China opportunities, including SOE reforms - sourcesBy Julie Zhu and Shu ZhangHONG KONG/BEIJING, Dec 6 (Reuters) - Chinese private equity firm Hopu Investments is targeting raising up to $2.5 billion in a new dollar fund to capitalise on the countrys state sector reforms and its growing consumer industries, people with knowledge of the matter said.The capital-raising is the latest in a series by Chinas homegrown private equity firms and comes as they have increased their dealmaking over the past two years.China is stepping up efforts to reform its bloated state-owned enterprises by streamlining their activities - a strategy bankers and private equity executives expect will produce a series of spin-offs and divestments.Hopus new fund, its third one denominated in U.S. dollars, has already received more than $1 billion in commitments and is aiming to secure $2 billion in total by year-end, according to the people. A final close is expected to be reached early next year, they added.The fund counts sovereign wealth funds including China Investment Corp (CIC) and Singapore state investor Temasek as well as Japans Mitsui & Co Ltd as investors, said two of the people. The Hong Kong Monetary Authority, the citys de facto central bank, and Singapores GIC , are also among investors, according to one of them.Hopu declined to comment on plans for a new fund. An HKMA spokesman declined to comment on the details of its investment activities. Temasek, GIC and Mitsui declined to comment. CIC didnt respond to a request for comment.The sources declined to be named as the fundraising plans were private.Hopu is one of the longest-established private equity firms in China, founded in 2007 by Chinese rainmaker Fang Fenglei, who is also the non-executive chairman of Goldman Sachs investment banking China joint venture, and Richard Ong, now head of RRJ Capital.It joins a list of Chinese private equity firms, which includes Hony Capital and FountainVest Partners, that have raised dollar funds since last year.International investors have become more interested in China-related opportunities after a period when worries over Chinas debt levels suppressed their appetite.And for the Chinese private equity groups, raising funds in dollars instead of yuan enables them to target overseas investments without getting entangled in Beijings capital controls, while international investors often wish to avoid taking local currency risk.Reuters reported in October that Primavera Capital Group and CITIC Private Equity planned to raise new dollar funds totaling around $5 billion.Chinese private equity firms have targeted raising $49 billion in 35 buyout funds so far this year, up from just $13 billion in 22 such funds one year ago, according to data provider Preqin. The $49 billion is mainly in U.S. dollars and yuan.Acquisitions made by Chinese private equity firms globally amounted to $93 billion since the beginning of 2016, with the number of deals reaching 359, Thomson Reuters data shows.In July, Hopu led a Chinese consortium in an $11.6 billion deal to acquire Singapore-listed warehouse operator Global Logistic Properties, in Asias second-largest private equity buyout. (Reporting by Julie Zhu in HONG KONG and Shu Zhang in BEIJING; Additional reporting by Anshuman Daga in SINGAPORE and Makiko Yamazaki in TOKYO; Editing by Muralikumar Anantharaman) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/hopu-fundraising/hopu-investments-raising-2-5-bln-fund-to-tap-demand-for-china-exposure-sources-idINL8N1O432W'|'2017-12-06T02:23:00.000+02:00'|9600.0|''|-1.0|'' 9601|'1e64ef82ab3ef1c44729983a6ad10da2a4c7204d'|'PRESS DIGEST- Canada - Dec. 19'|' 09 AM / Updated 5 minutes ago PRESS DIGEST- Canada - Dec. 19 Reuters Staff 2 Min Read Dec 19 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** Boeing Co is accusing Bombardier Inc of squeezing the U.S. plane maker''s by dumping jets subsidized with billions of dollars of Canadian and British corporate welfare into the American market. tgam.ca/2D1dioM ** Canada is on pace to lose more than 4,000 people to opioid-related deaths this year, with about one-third of them in British Columbia, according to new figures from the Public Health Agency of Canada. tgam.ca/2oFGCxQ ** U.S. Secretary of State Rex Tillerson will travel to Ottawa on Tuesday, where he will meet with Prime Minister Justin Trudeau and iron out the details of a major international meeting on North Korea to be held in Vancouver early next year. tgam.ca/2CEqizC NATIONAL POST ** In a boost to Alberta''s energy industry, Inter Pipeline Ltd said it will spend $3.5 billion on Canada''s first-ever propane-to-plastics petrochemical plant. bit.ly/2kfNWvH Compiled by Bengaluru newsroom'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-canada/press-digest-canada-dec-19-idUSL4N1OJ3G5'|'2017-12-19T13:06:00.000+02:00'|9601.0|''|-1.0|'' 9602|'2a9572de528d0823bca1790220b597109168782f'|'Iraqi oil minister says expects oil market to be in balance in first quarter'|'December 25, 2017 / 10:27 AM / Updated 4 hours ago Iraqi oil minister says expects oil market to be in balance in first quarter Ahmed Rasheed 3 Min Read BAGHDAD (Reuters) - Iraqi Oil Minister Jabar al-Luaibi said on Monday he was optimistic there would be a balance between supply and demand by the first quarter of 2018, leading to a boost in oil prices. FILE PHOTO: Iraqi Oil Minister Jabar al-Luaibi attends the opening ceremony for a new gas plant at Badra oilfield in Kut province, Iraq December 6, 2017. REUTERS/Thaier Al-Sudani Global oil inventories have decreased to an acceptable level and there were positive signs that oil market prices would improve significantly in 2018, Luaibi told journalists. I am optimistic, and during the first quarter of next year there will be more balance between supply and demand, which will reflect positively on improving global oil prices, he said. A slight rise in oil production in the United States in December might have some effect on prices, he added. Luaibi was speaking at a signing ceremony with Chinas state-run Zhenhua Oil. Iraq reached an agreement with Zhenhua to develop the southern portion of the East Baghdad oilfield. The oil ministry expects the costs needed to develop the oilfield could reach $3 billion, said Abdul Mahdi al-Ameedi, who heads the oil ministrys licensing and contracts office. Iraq has made significant changes to the new service contract with the Chinese company that links global oil prices and the cost of development, he said. Abdul Mahdi al-Ameedi, who heads the Oil Ministry''s licensing and contracts office, speaks to the media in Baghdad, Iraq December 25, 2017. REUTERS/Khalid al Mousily Its a new contract with new amendments which we made to overcome the chokes and lapses in our previous service contracts, Luaibi told journalists. The new contact will allow Zhenhua to receive a $3.5 fee for each barrel of crude produced from the oilfield, Ameedi said, and will serve as a model for all upcoming contracts with international companies. The East Baghdad contract was drafted in a way to significantly minimise the cost of oilfield developments. This contract will be a model for the following oil deals, he said. Iraq plans to utilise 20 million cubic feet of gas produced as a by-product of oil production from the East Baghdad oilfield to supply a nearby power station, Ameedi said. He said he expects the signing of the East Baghdad final deal to take place in March. The head of the state-run Midland Oil Company, Jalal Ahmed, told reporters that the increase of crude output from East Baghdad oilfield, which he said was now producing 10,000 barrels per day, will be used to feed a nearby major electricity station near Baghdad. Jalal also said his company has plans to upgrade production from the Neft Khana oilfield near the Iranian border to 8,000 barrels per day from the current 2,000. Reporting by Ahmed Rasheed; Writing by Ahmed Aboulenein; Editing by Hugh Lawson'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-iraq-oil/iraqi-oil-minister-says-expects-oil-market-to-be-in-balance-in-first-quarter-idUKKBN1EJ0H5'|'2017-12-25T13:58:00.000+02:00'|9602.0|''|-1.0|'' -9603|'b55a31ab4acccfe94f73befe9d08472adf47ae58'|'An investor''s best friend: China''s booming pet market sparks deals'|'December 24, 2017 / 12:05 AM / Updated 13 hours ago An investor''s best friend: China''s booming pet market sparks deals Anita Li , Adam Jourdan 7 Min Read PINGYANG, China/SHANGHAI (Reuters) - Li Mingjie is a pet industry investors dream. The 23-year-old e-commerce worker spares little expense to make his pooch happy. Ill happily splash out on my dog, Li told Reuters as he walked his brown poodle Coco in Pingyang, a town on Chinas east coast. She is like a child to me. He is far from alone in China these days. The growth in the middle class, a massive move to urbanization and other demographic changes - such as growing numbers of elderly, and people getting married and having children later than before - have been turning this into not just a pet-owning society but also one that is prepared to lavish money on them. Chinese shoppers are set to spend 46.3 billion yuan ($7 billion) on their pets by 2022, up from 17.5 billion yuan this year as the market grows at around an annual 20 percent, according to estimates from Euromonitor. The U.S. market may be much bigger with an estimated $44.4 billion in sales this year but it is only growing around 2 percent a year. The surge in Chinese demand is not only great news for global pet food behemoths such as Mars Inc and Nestle SA ( NESN.S ), but also rapidly growing Chinese pet food and product companies, as well as entrepreneurs setting up everything from dog salons for grooming to fancy pet hotels. It is an amazing shift in a country where owning pets was once banned for being too much of a bourgeois pursuit under revolutionary leader Mao Zedong, and where - despite protests - there is still an annual dog-meat festival in the southern Chinese town of Yulin. There is huge growth potential in the Chinese market, said Liu Yonghao, the chairman of Chinese company New Hope Group [NWHOP.UL] at a recent event in Beijing, noting that younger people especially were developing closer bonds with their pets. They are willing to spend lots of money on the pets because they have become like part of the family, he said. New Hope joined a consortium, including Singapores state-owned fund Temasek and private equity firm Hosen Capital that just closed a $1 billion deal to acquire Australian pet food maker Real Pet Food Co, with the aim of bringing the firms brands to China. The growing popularity of pets is turning China into a magnet for local and global firms. Thomas Kwan, chief investment officer of Hong Kong-based fund manager Harvest Global, said Chinas pet market would be one of his personal picks for 2018 as consumers looked to shift up to premium products. The questions pet owners are asking now: Can you buy them healthy foods? Can you give them a good lifestyle? he said. BONE-SHAPED CENTER Pingyang, where Li lives with his poodle, has big ambitions in Chinas pet economy. The county, which is near the wealthy city of Wenzhou and has a population of almost one million, is among a slew of places responding to Beijings call to create 1,000 specialty towns by 2020 in industries from cloud computing to chocolate. In Pingyangs case the theme is pets. Slideshow (16 Images) It has a dog bone-shaped visitor center and pet factories, while locals said there were plans for pet-themed hotels and a retail hub. On a recent visit, though, it was clear the concept has a way to go. The visitor center was shut and locals admitted the pet town had yet to fully catch on. Nationally though, there is no doubt that the pet economy is thriving helped by demographic shifts. Chinese society is aging, were experiencing declining birth rates, we have empty nesters and the youngsters from those empty nests, said Zhang Tianli, co-founder of Hosen Capital, adding pets were helping people find spiritual sustenance. The pet products boom has stoked imports and boosted local business. Among the Chinese companies that are now challenging the global giants, in China at least, are Shanghai Bridge Petcare, Sunsun Group and Navarch. Yantai China Pet Foods ( 002891.SZ ) has seen its stock climb close to 60 percent since it listed in Shenzhen in August. Smaller entrepreneurs abound too. They include DogWhere.com, which offers pet holidays and runs a boutique pet hotel in Beijing with all sorts of amenities for the pets - including a swimming pool, pet-sized bedrooms and a cinema. Owners can spend thousands of dollars per stay. We once looked after a dog in our hotel for 47 nights, at a total costs of 17,000 yuan ($2,585), said the platforms marketing manager Wang Chao. Xiao Xudong in Beijing runs a popular grooming service for Westies - West Highland White Terriers - and says his increasingly youthful clientele fly in from regions as remote as far-western Xinjiang and the southwestern Yunnan province. Young people hold a different consumption view to the older generations, said Xiao, 45. They think a lot about how their pets are groomed and are willing to splash out on them. PET BATHING Despite the growth, Chinese pet ownership is still just getting started. Some pets are mistreated and there is a lack of know-how about vaccinations and sterilization. Strict rules about pet food imports also stoke a gray market trade. Earlier this month, police arrested gang members who were selling poisoned darts used to kill dogs that were then sold to restaurants, the official Xinhua news reported, opening the debate once more about the practice of eating dog meat. Back in Pingyangs state-sanctioned pet town, the owner of one pet shop said the shift towards pet ownership was nonetheless stark. Ten years ago this place was basically farmland and people were eating dogs, now they dont eat them as much and have started to see them as pets, he said. In the shop, Wang Jing, 26, was getting her two dogs - Can Can and Niu Niu - their regular bath. She said she spent around 2,000 yuan a month on them, mostly on food, but that it was all worth it when she arrived home each day. Otherwise when you come back theres nobody there, she said. But if you have a dog then it jumps on you happily as soon as you open the door. Reporting by Anita Li in PINGYANG, Hallie Gu in BEIJING and Adam Jourdan in SHANGHAI; Additional reporting by SHANGHAI newsroom, Lusha Zhang and Shu Zhang in BEIJING; Writing by Adam Jourdan; Edited by Martin Howell'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-china-pets-analysis/an-investors-best-friend-chinas-booming-pet-market-sparks-deals-idUSKBN1EI001'|'2017-12-24T02:04:00.000+02:00'|9603.0|''|-1.0|'' +9603|'b55a31ab4acccfe94f73befe9d08472adf47ae58'|'An investor''s best friend: China''s booming pet market sparks deals'|'December 24, 2017 / 12:05 AM / Updated 13 hours ago An investor''s best friend: China''s booming pet market sparks deals Anita Li , Adam Jourdan 7 Min Read PINGYANG, China/SHANGHAI (Reuters) - Li Mingjie is a pet industry investors dream. The 23-year-old e-commerce worker spares little expense to make his pooch happy. Ill happily splash out on my dog, Li told Reuters as he walked his brown poodle Coco in Pingyang, a town on Chinas east coast. She is like a child to me. He is far from alone in China these days. The growth in the middle class, a massive move to urbanization and other demographic changes - such as growing numbers of elderly, and people getting married and having children later than before - have been turning this into not just a pet-owning society but also one that is prepared to lavish money on them. Chinese shoppers are set to spend 46.3 billion yuan ($7 billion) on their pets by 2022, up from 17.5 billion yuan this year as the market grows at around an annual 20 percent, according to estimates from Euromonitor. The U.S. market may be much bigger with an estimated $44.4 billion in sales this year but it is only growing around 2 percent a year. The surge in Chinese demand is not only great news for global pet food behemoths such as Mars Inc and Nestle SA ( NESN.S ), but also rapidly growing Chinese pet food and product companies, as well as entrepreneurs setting up everything from dog salons for grooming to fancy pet hotels. It is an amazing shift in a country where owning pets was once banned for being too much of a bourgeois pursuit under revolutionary leader Mao Zedong, and where - despite protests - there is still an annual dog-meat festival in the southern Chinese town of Yulin. There is huge growth potential in the Chinese market, said Liu Yonghao, the chairman of Chinese company New Hope Group [NWHOP.UL] at a recent event in Beijing, noting that younger people especially were developing closer bonds with their pets. They are willing to spend lots of money on the pets because they have become like part of the family, he said. New Hope joined a consortium, including Singapores state-owned fund Temasek and private equity firm Hosen Capital that just closed a $1 billion deal to acquire Australian pet food maker Real Pet Food Co, with the aim of bringing the firms brands to China. The growing popularity of pets is turning China into a magnet for local and global firms. Thomas Kwan, chief investment officer of Hong Kong-based fund manager Harvest Global, said Chinas pet market would be one of his personal picks for 2018 as consumers looked to shift up to premium products. The questions pet owners are asking now: Can you buy them healthy foods? Can you give them a good lifestyle? he said. BONE-SHAPED CENTER Pingyang, where Li lives with his poodle, has big ambitions in Chinas pet economy. The county, which is near the wealthy city of Wenzhou and has a population of almost one million, is among a slew of places responding to Beijings call to create 1,000 specialty towns by 2020 in industries from cloud computing to chocolate. In Pingyangs case the theme is pets. Slideshow (16 Images) It has a dog bone-shaped visitor center and pet factories, while locals said there were plans for pet-themed hotels and a retail hub. On a recent visit, though, it was clear the concept has a way to go. The visitor center was shut and locals admitted the pet town had yet to fully catch on. Nationally though, there is no doubt that the pet economy is thriving helped by demographic shifts. Chinese society is aging, were experiencing declining birth rates, we have empty nesters and the youngsters from those empty nests, said Zhang Tianli, co-founder of Hosen Capital, adding pets were helping people find spiritual sustenance. The pet products boom has stoked imports and boosted local business. Among the Chinese companies that are now challenging the global giants, in China at least, are Shanghai Bridge Petcare, Sunsun Group and Navarch. Yantai China Pet Foods ( 002891.SZ ) has seen its stock climb close to 60 percent since it listed in Shenzhen in August. Smaller entrepreneurs abound too. They include DogWhere.com, which offers pet holidays and runs a boutique pet hotel in Beijing with all sorts of amenities for the pets - including a swimming pool, pet-sized bedrooms and a cinema. Owners can spend thousands of dollars per stay. We once looked after a dog in our hotel for 47 nights, at a total costs of 17,000 yuan ($2,585), said the platforms marketing manager Wang Chao. Xiao Xudong in Beijing runs a popular grooming service for Westies - West Highland White Terriers - and says his increasingly youthful clientele fly in from regions as remote as far-western Xinjiang and the southwestern Yunnan province. Young people hold a different consumption view to the older generations, said Xiao, 45. They think a lot about how their pets are groomed and are willing to splash out on them. PET BATHING Despite the growth, Chinese pet ownership is still just getting started. Some pets are mistreated and there is a lack of know-how about vaccinations and sterilization. Strict rules about pet food imports also stoke a gray market trade. Earlier this month, police arrested gang members who were selling poisoned darts used to kill dogs that were then sold to restaurants, the official Xinhua news reported, opening the debate once more about the practice of eating dog meat. Back in Pingyangs state-sanctioned pet town, the owner of one pet shop said the shift towards pet ownership was nonetheless stark. Ten years ago this place was basically farmland and people were eating dogs, now they dont eat them as much and have started to see them as pets, he said. In the shop, Wang Jing, 26, was getting her two dogs - Can Can and Niu Niu - their regular bath. She said she spent around 2,000 yuan a month on them, mostly on food, but that it was all worth it when she arrived home each day. Otherwise when you come back theres nobody there, she said. But if you have a dog then it jumps on you happily as soon as you open the door. Reporting by Anita Li in PINGYANG, Hallie Gu in BEIJING and Adam Jourdan in SHANGHAI; Additional reporting by SHANGHAI newsroom, Lusha Zhang and Shu Zhang in BEIJING; Writing by Adam Jourdan; Edited by Martin Howell'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-china-pets-analysis/an-investors-best-friend-chinas-booming-pet-market-sparks-deals-idUSKBN1EI001'|'2017-12-24T02:04:00.000+02:00'|9603.0|6.0|0.0|'' 9604|'f9fb0b3c9b9f66f89002120fe82fe0fe4f59b044'|'Upbeat U.S. data lifts stocks, euro slips on Catalan vote'|'December 22, 2017 / 1:21 AM / Updated 22 minutes ago Nike weighs on Wall St; Catalan vote hits euro, Spanish stocks Laila Kearney 4 Major global stock indexes slipped slightly on Friday as a drop in shares of Nike and UnitedHealth helped offset any gains, while Spanish bond yields rose and European stocks briefly stumbled after separatists prevailed in a Catalan election. Nike ( NKE.N ) shares dropped more than 4 percent after it forecast muted current-quarter revenue growth, highlighting its struggles to regain market share in North America from Adidas. UnitedHealth ( UNH.N ) slid 0.7 percent after the health insurer agreed to buy Chilean healthcare company Banmedica SA BAN.SN for $2.8 billion. Despite the dip, Wall Street was poised to end the week higher after rallying sharply ahead of a $1.5 trillion tax cut bill that passed in Washington on Wednesday. U.S. President Donald Trump signed the tax overhaul into law on Friday. Stock markets around the world shot higher as the law, seen as boosting corporations and leading to economic growth, advanced through both chambers of the Republican-dominated Congress. Were in a bullish phase and investors have things to feel good about, said Andres Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey. Investors were also winding down ahead of the Christmas holiday on Monday. Volumes in the stock market are down 28 percent, director, institutional sales trading at Robert The Dow Jones Industrial Average .DJI fell 48.91 points, or 0.2 percent, to 24,733.38, the S&P 500 .SPX lost 2.78 points, or 0.10 percent, to 2,681.79 and the Nasdaq Composite .IXIC dropped 8.01 points, or 0.11 percent, to 6,957.35. MSCIs gauge of stocks across the globe .MIWD PUS gained 0.02 percent. Slideshow (2 Images) In Europe, the premium investors demand for holding Spanish bonds over top-rated German peers fell to its lowest in almost three months as Catalonia held an independence election. The euro dipped to $1.1817 EUR= early in the day, before trimming its losses to trade at $1.1835. Spanish stocks were among the biggest losers, confirming analyst expectations that any shake-out from the Catalonia vote would be mostly confined to Spain. Europes common currency, though, was still up nearly 13 percent so far this year, on track for its best yearly performance in 14 years. U.S. Treasury yields, which reached a nine-month peak after the American tax vote, pushed slightly higher as investors hung up their hats before Christmas. The yield curve, while mildly flatter on the day, was on track for its largest weekly steepening since July following the bills passage, which was seen as hastening the pace of interest rate increases. Investors appeared to brush off U.S. data on durable goods orders, personal spending, new home sales and consumer sentiment. Next week, investors will watch for the release of December U.S. consumer confidence survey data. Economists polled by Reuters expect it to decline from its strongest levels since late 2000. In commodities, oil prices dipped in light trading but remained near their highest levels since 2015 on pledges from OPEC leader Saudi Arabia and non-OPEC producer Russia that any exit from crude output cuts would be gradual. In cryptocurrencies, bitcoin once again became the most eye-catching mover, this time because of losses. Bitcoin plunged as much as 25 percent on the day at one point to below $12,000, having lost a third of its value since Sunday BTC=BTSP . Additional reporting by Ritvik Carvalho in London, Henning Gloystein and Dmitry Zhdannikov; Sruthi Shankar in Bengaluru, and Gertrude Chavez-Dreyfuss and Richard Leong in New York; Editing by Nick Zieminski and James Dalgleish'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-markets/upbeat-u-s-data-lifts-stocks-euro-slips-on-catalan-vote-idUKKBN1EG045'|'2017-12-22T03:11:00.000+02:00'|9604.0|''|-1.0|'' 9605|'57237b6b0a5c2cc7aa2651a846f43180ba8bae84'|'Exclusive - KKR wins auction for Unilever''s spreads business: sources'|'December 15, 2017 / 2:05 PM / Updated 6 minutes ago Exclusive - KKR wins auction for Unilever''s spreads business: sources Reuters Staff 1 Min Read (Reuters) - Private equity firm KKR ( KKR.N ) is in exclusive talks to buy Unilevers ( ULVR.L ) margarine and spreads business, people familiar with the matter said on Friday, in a deal expected to top $7 billion. FILE PHOTO: The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid /File Photo KKR prevailed in an auction for the business and could finalise a deal as early as this month, the sources said, asking not to be identified because the discussions are confidential. KKR and Unilever did not immediately respond to requests for comment. Reporting by Greg Roumeliotis in New York'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-unilever-spreads-kkr-exclusive/exclusive-kkr-wins-auction-for-unilevers-spreads-business-sources-idUKKBN1E91S5'|'2017-12-15T16:11:00.000+02:00'|9605.0|''|-1.0|'' 9606|'f8de1160c5ad361837a7866a6fed47a8ffe285a4'|'Turkish banker says U.S. prosecutors withheld evidence'|'December 4, 2017 / 6:42 PM / Updated 9 minutes ago Turkish banker says U.S. prosecutors withheld evidence Reuters Staff 3 Min Read NEW YORK, Dec 4 (Reuters) - Lawyers for a banker at Turkey''s state-owned Halkbank who is charged with scheming to violate U.S. sanctions against Iran accused U.S. prosecutors of withholding evidence that might help exculpate their client. They said this included gold trader Reza Zarrab''s alleged willingness to lie in exchange for leniency. In a letter on Monday to U.S. District Judge Richard Berman in Manhattan, lawyers for Mehmet Hakan Atilla said prosecutors on Saturday evening turned over important materials to them that the judge ordered be turned over on Nov. 28, and that such a delay makes it harder for the defense to prepare. The lawyers said these materials included a summary of a Sept. 15, 2016 call when Zarrab, then held in a U.S. jail, discussed with an individual named Ahad the perceived need when incarcerated in the United States to lie "in order to get out or to get a reduced sentence," and "admit to something you haven''t committed" to get out of prison. Ahad''s identity could not immediately be determined from court records. "Zarrab is proclaiming his willingness to fabricate testimony out of whole cloth in order to obtain a reduced sentence," Atilla''s lawyers wrote in the letter. "The belated production of these statements not only violates this court''s November 28 order, but also significantly impairs the ability of the defense to properly and effectively utilize them at trial." "Mr. Zarrab understands his obligation to provide fully truthful testimony," Robert Anello, a lawyer for Zarrab, said in an email. A spokesman for Acting U.S. Attorney Joon Kim in Manhattan, whose office is prosecuting the case, declined to comment. Prosecutors were in court on Monday, where Zarrab is testifying for a fourth day. Zarrab has pleaded guilty and agreed to cooperate with prosecutors. Atilla has pleaded not guilty. Prosecutors have alleged that nine defendants took part in a scheme from 2010 to 2015 that involved gold trades and fake purchases of food to give Iran access to international markets, violating U.S. sanctions. Only Zarrab, 34, and Atilla, 47, have been arrested by U.S. authorities. In Monday''s letter, Atilla''s lawyers also renewed arguments that they have not had enough time to review materials turned over by prosecutors, making it harder for their client to get a fair trial. (Reporting by Jonathan Stempel in New York; Editing by Alden Bentley)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-turkey-zarrab-letter/turkish-banker-says-u-s-prosecutors-withheld-evidence-idUSL1N1O4126'|'2017-12-04T20:40:00.000+02:00'|9606.0|''|-1.0|'' @@ -9661,14 +9661,14 @@ 9659|'fcf388690d32ae39f109ab7338d487f3077a25f4'|'Ex-BT Italy boss wins $2 million for wrongful dismissal: sources'|'MILAN (Reuters) - A manager at the center of investigations into an accounting scandal at British Telecoms Italian business has been awarded almost 1.8 million euros ($2.1 million) in damages for wrongful dismissal, three legal sources said on Wednesday.The logo of BT is seen outside the headquarters in Milan, Italy January 24, 2017. REUTERS/ Stefano Rellandini Gianluca Cimini was fired for disciplinary reasons last year, months before the phone company filed a criminal complaint accusing him of grave violations of corporate governance. The accusations arose from its investigation of alleged accounting fraud that cost the firm 530 million pounds ($690 million).An Italian labor tribunal ruled that the managers dismissal was both illegitimate and unfounded, one source said, quoting the judges summary of his decision.Full reasons for the ruling will be issued within 15 days.Were extremely disappointed with this decision, a BT spokesman said in an email, adding that the firm would not comment further until the full judgment was available.Cimini, formerly BT Italy CEO, and several other former top managers remain under investigation by Italian prosecutors on allegations of alleged fraud. The civil case involving Cimini is separate from the criminal investigation.All the accused have always denied any wrongdoing.Ciminis lawyer, Angelo Zambelli, confirmed the wrongful dismissal ruling.Thats a courageous sentence which leaves us fully satisfied and which I believe will reinstate Mr Ciminis reputation and professional decorum that was taken away from him a year ago, Zambelli said.The accounting scandal surfaced late last year when BT Group said it had discovered financial irregularities at its Italy unit. In January, it characterized it as improper accounting and took a write-down of around 530 million pounds.BT first suspended and later fired Cimini and some other managers late last year after an internal inquiry into bullying.In the criminal complaint filed in March, BT accused several former Italy executives, including Cimini, and other employees of breaking company rules and unlawful conduct.In Ciminis case, BT alleges he was responsible for breaking corporate governance rules in relation to contracts and suppliers, and for using intimidatory behavior when dealing with staff.($1 = 0.8480 euros)Writing by Agnieszka Flak; Editing by Mark Bendeich '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-bt-italy-dismissal/ex-bt-italy-boss-wins-2-million-for-wrongful-dismissal-sources-idUSKBN1E02RV'|'2017-12-07T03:33:00.000+02:00'|9659.0|''|-1.0|'' 9660|'e892a383ba25faf8d1fc9417d914db721c55c86f'|'NEWSMAKER-South Africa''s nearly man Ramaphosa may lead country at last'|'JOHANNESBURG (Reuters) - The nearly man of South African politics, Cyril Ramaphosa, is at last in with a chance of becoming president after being overlooked for years.FILE PHOTO: South Africa''s President and African National Congress (ANC) party president Jacob Zuma (L) gestures at Deputy President Cyril Ramaphosa ahead of the party''s National Executive Committee (NEC) three-day meeting in Pretoria, South Africa March 18, 2016. REUTERS/Siphiwe Sibeko/File Photo Ramaphosas political abilities have been apparent for decades. Whenever Nelson Mandela needed a breakthrough in talks to end apartheid, he would turn to the then trade union leader with a reputation as a tenacious negotiator.Using skills honed in pay disputes with mining bosses, Ramaphosa steered those talks to a successful conclusion, allowing Mandela to sweep to power in 1994 as head of the African National Congress.Mandela wanted Ramaphosa to be his heir but was pressured into picking Thabo Mbeki by a group of ANC leaders who had fought apartheid from exile.It has taken more than two decades for Ramaphosa, now deputy president, to get another chance to run the country.The 65-year-old is one of the two favorites to become ANC leader at a party vote this weekend. Whoever wins the ANC race will probably be the countrys next president because of the ruling partys electoral dominance.Ramaphosas ambition for the presidency has been clear through his whole adult life. He was quite clearly wounded by his marginalization in the Mbeki period, said Anthony Butler, a politics professor who has written a biography of Ramaphosa.The choice between Ramaphosa and his main rival for the ANCs top job, former cabinet minister Nkosazana Dlamini-Zuma, will help determine the pace of reform in South Africa and affect how the country gets on with with foreign powers.A trained lawyer with an easygoing manner, Ramaphosa has vowed to fight corruption and revitalise an economy which has slowed to a near-standstill under President Jacob Zuma.That message has gone down well with foreign investors and ANC members who think Zumas handling of the economy could cost the party dearly in 2019 parliamentary elections.Dlamini-Zuma, who clashed with Western countries while foreign minister, has promised a radical brand of wealth redistribution which is popular with poorer ANC voters who are angry at racial inequality.While Ramaphosa, who declined to be interviewed for this story, has backed radical economic transformation, an ANC plan to tackle inequality, he tends to couch his policy pronouncements in more cautious terms.Analysts say the race between Ramaphosa and Dlamini-Zuma, who was previously married to President Zuma, is too close to call.LABOR LEADER Unlike Zuma or Dlamini-Zuma, Ramaphosa was not driven into exile for opposing apartheid, which some of the partys more hardline members hold against him.He fought the injustices of white minority rule from within South Africa, most prominently by defending the rights of black miners as leader of the National Union of Mineworkers (NUM).A member of the relatively small Venda ethnic group, Ramaphosa was able to overcome divisions that sometimes constrained members of the larger Zulu and Xhosa groups.A massive miners strike led by Ramaphosas NUM in 1987 taught business that Cyril was a force to be reckoned with, said Michael Spicer, a former executive at Anglo American.South Africa''s President Jacob Zuma (L) chats to his deputy Cyril Ramaphosa ahead of the African National Congress 5th National Policy Conference at the Nasrec Expo Centre in Soweto, South Africa, June 30, 2017. Picture taken June 30, 2017. REUTERS/Siphiwe Sibeko He has a shrewd understanding of men and power and knows how to get what he wants from a situation, Spicer said.The importance of Ramaphosas contribution to the talks to end apartheid is such that commentators have referred to them in two distinct stages: BC and AC, Before Cyril and After Cyril.Ramaphosa also played an important role in the drafting of South Africas post-apartheid constitution.INVESTOR FAVORITE After missing out on becoming Mandelas deputy, Ramaphosa withdrew from active political life, switching focus to business.His investment vehicle Shanduka - Venda for change - grew rapidly and acquired stakes in mining firms, mobile operator MTN and McDonalds South African franchise.FILE PHOTO: Former African Union chairperson Nkosazana Dlamini-Zuma (L) chats to South Africa''s deputy president Cyril Ramaphosa ahead of the African National Congress 5th National Policy Conference at the Nasrec Expo Centre in Soweto, South Africa, June 30,2017. REUTERS/Siphiwe Sibeko/File Photo Phuti Mahanyele, a former chief executive at Shanduka, recalled that Ramaphosa was a passionate leader who required staff to contribute to charitable projects aimed at improving access to education for the underprivileged.By the time Ramaphosa sold out of Shanduka in 2014, the firm was worth more than 8 billion rand ($584 million in todays money), making Ramaphosa one of South Africas 20 richest people.To his supporters, Ramaphosas business success makes him well-suited to the task of turning around an economy grappling with 28 percent unemployment and credit rating downgrades.In the Johannesburg township of Soweto last month, Ramaphosa called for a new deal between business and government to spur economic growth.Pravin Gordhan, a respected former finance minister, told Reuters that if Ramaphosa was elected ANC leader, the whole narrative about South Africas economy would change for the better within three months.Signs that Ramaphosa has done well in the nominations by ANC branches that precede the leadership vote have driven a rally in the rand in recent weeks.But Ramaphosa has his detractors too.He was a non-executive director at Lonmin when negotiations to halt a violent wildcat strike at its Marikana platinum mine in 2012 ended in police shooting 34 strikers dead. An inquiry subsequently absolved Ramaphosa of guilt. But some families of the victims still blame him for urging the authorities to intervene.My conscience is that I participated in trying to stop further deaths from happening, Ramaphosa said recently about the Marikana deaths. Others are unconvinced that Ramaphosa, who has been deputy president since 2014, will be as tough on corruption as his campaign rhetoric suggests.Bantu Holomisa, an opposition politician and former ANC member who worked closely with Ramaphosa in the 1990s, said he was by nature cautious.Cyril has been part of the machinery and has not acted on corruption so far, Holomisa said. It is not clear whether he will if he gets elected.(For a graphic on ''ANC election in South Africa'' click here )(For a graphic on ''South African economy'' click here )Editing by James Macharia and Giles Elgood '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-safrica-politics-ramaphosa-newsmaker/south-africas-nearly-man-ramaphosa-may-lead-country-at-last-idUSKBN1E61ZB'|'2017-12-12T17:07:00.000+02:00'|9660.0|''|-1.0|'' 9661|'70fe9433c1bf94cd890ea91bd713d9d8be2e9997'|'EasyJet says other airlines interested in feeder flights from Tegel'|'December 23, 2017 / 4:23 AM / Updated 10 hours ago EasyJet says other airlines interested in feeder flights from Tegel Reuters Staff 2 Min Read FRANKFURT (Reuters) - EasyJet ( EZJ.L ) has been approached to provide feeder flights from Berlins Tegel airport for other airlines long-haul routes, the British budget carriers Europe managing director told a German newspaper. FILE PHOTO - EasyJet passengers line up at Nice Cote d''Azur airport as most of the flights are cancelled due to a storm in Nice, France, December 11, 2017. REUTERS/Eric Gaillard EasyJet is taking over some of failed German airline Air Berlins operations at Tegel, covering leases for up to 25 A320 aircraft. It already operates at Berlins other airport, Schoenefeld. We have already had very many enquiries from other airlines that want to use our flights as feeders, daily Berliner Morgenpost quoted Thomas Haagensen as saying on Saturday. He did not provide details. FILE PHOTO - An Easy Jet plane prepares to land at Manchester Airport in Manchester northern England, March 31, 2016. REUTERS/Phil Noble Both easyJet and Ryanair ( RYA.I ) have been looking at so-called feeder flights to attract more customers, and have often said traditional carriers should use low-cost rivals to bring passengers to their hubs. EasyJet in September launched a new booking platform allowing customers to connect more easily onto long-haul flights by Norwegian Air Shuttle ( NWC.OL ) and WestJet ( WJA.TO ) at London Gatwick. Haagensen said easyJet had so far brought on board around 100 of the 1,000 Air Berlin crew it plans to recruit. Around 500 former Air Berlin staff are in the recruitment process and 300 of those are poised to sign contracts, he said. EasyJet in November agreed a deal with German trade union Verdi over job terms for former pilots and cabin crew of Air Berlin. Reporting by Maria Sheahan; Editing by Robin Pomeroy'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-air-berlin-m-a-easyjet/easyjet-says-other-airlines-interested-in-feeder-flights-from-tegel-idUKKBN1EH04W'|'2017-12-23T06:23:00.000+02:00'|9661.0|''|-1.0|'' -9662|'4ac4a05f43150fb3bd5b8c56b4fab3227d6f08fb'|'Qualcomm files new patent infringement complaints against Apple'|'November 30, 2017 / 10:53 PM / Updated 4 hours ago Qualcomm files new patent infringement complaints against Apple Stephen Nellis , Ankit Ajmera 3 Min Read (Reuters) - Qualcomm Inc ( QCOM.O ) said on Thursday it filed three new patent infringement complaints against Apple Inc ( AAPL.O ), saying there were 16 more of its patents that Apple was using in its iPhones. A sign on the Qualcomm campus is seen, as chip maker Broadcom Ltd announced an unsolicited bid to buy peer Qualcomm Inc for $103 billion, in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake The new complaints represent the latest development in a long-standing dispute and follows Apples countersuit on Wednesday against Qualcomm, which alleged that Qualcomms Snapdragon mobile phone chips infringed on Apple patents. Apple declined to comment on the new cases, referring to its earlier claims in its Wednesday filing that the company has developed its own technology and patents to power its iPhones. Qualcomm in July accused Apple of infringing several patents related to helping mobile phones get better battery life. That case accompanied a complaint with the U.S. International Trade Commission seeking to ban the import of Apple iPhones that use competing Intel Corp ( INTC.O ) chips because of the alleged patent violations. A woman looks at the screen of her mobile phone in front of an Apple logo outside its store in Shanghai, China July 30, 2017. REUTERS/Aly Song The three cases filed Thursday were all filed in U.S. District Court for the Southern District of California in San Diego. One of the cases is a companion civil lawsuit to a new complaint also filed Thursday with the ITC that seeks the same remedy of banning iPhones with Intel chips. The other two cases are civil patent infringement lawsuits. The dispute between Apple and Qualcomm over patents is part of a wide-ranging legal war between the two companies. In January, Apple sued Qualcomm for nearly $1 billion in patent royalty rebates that Qualcomm allegedly withheld from Apple. In a related suit, Qualcomm sued the contract manufacturers that make Apples phones, but Apple joined in to defend them. Qualcomm in November sued Apple over an alleged breach of a software agreement between the two companies. Apple emailed Qualcomm to request highly confidential information about how its chips work on an unidentified wireless carriers network, Qualcomm alleged, but Apple had copied an Intel engineer in the email for information. Separately, Qualcomm is facing a lawsuit from the U.S. Federal Trade Commission over many of the same pricing practices Apple names in its complaints. Reporting by Ankit Ajmera in Bengaluru and Stephen Nellis in San Francisco; Editing by Sai Sachin Ravikumar and Chris Reese'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-apple-qualcomm/qualcomm-files-new-patent-infringement-complaints-against-apple-idINKBN1DU35R'|'2017-12-01T01:28:00.000+02:00'|9662.0|''|-1.0|'' +9662|'4ac4a05f43150fb3bd5b8c56b4fab3227d6f08fb'|'Qualcomm files new patent infringement complaints against Apple'|'November 30, 2017 / 10:53 PM / Updated 4 hours ago Qualcomm files new patent infringement complaints against Apple Stephen Nellis , Ankit Ajmera 3 Min Read (Reuters) - Qualcomm Inc ( QCOM.O ) said on Thursday it filed three new patent infringement complaints against Apple Inc ( AAPL.O ), saying there were 16 more of its patents that Apple was using in its iPhones. A sign on the Qualcomm campus is seen, as chip maker Broadcom Ltd announced an unsolicited bid to buy peer Qualcomm Inc for $103 billion, in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake The new complaints represent the latest development in a long-standing dispute and follows Apples countersuit on Wednesday against Qualcomm, which alleged that Qualcomms Snapdragon mobile phone chips infringed on Apple patents. Apple declined to comment on the new cases, referring to its earlier claims in its Wednesday filing that the company has developed its own technology and patents to power its iPhones. Qualcomm in July accused Apple of infringing several patents related to helping mobile phones get better battery life. That case accompanied a complaint with the U.S. International Trade Commission seeking to ban the import of Apple iPhones that use competing Intel Corp ( INTC.O ) chips because of the alleged patent violations. A woman looks at the screen of her mobile phone in front of an Apple logo outside its store in Shanghai, China July 30, 2017. REUTERS/Aly Song The three cases filed Thursday were all filed in U.S. District Court for the Southern District of California in San Diego. One of the cases is a companion civil lawsuit to a new complaint also filed Thursday with the ITC that seeks the same remedy of banning iPhones with Intel chips. The other two cases are civil patent infringement lawsuits. The dispute between Apple and Qualcomm over patents is part of a wide-ranging legal war between the two companies. In January, Apple sued Qualcomm for nearly $1 billion in patent royalty rebates that Qualcomm allegedly withheld from Apple. In a related suit, Qualcomm sued the contract manufacturers that make Apples phones, but Apple joined in to defend them. Qualcomm in November sued Apple over an alleged breach of a software agreement between the two companies. Apple emailed Qualcomm to request highly confidential information about how its chips work on an unidentified wireless carriers network, Qualcomm alleged, but Apple had copied an Intel engineer in the email for information. Separately, Qualcomm is facing a lawsuit from the U.S. Federal Trade Commission over many of the same pricing practices Apple names in its complaints. Reporting by Ankit Ajmera in Bengaluru and Stephen Nellis in San Francisco; Editing by Sai Sachin Ravikumar and Chris Reese'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-apple-qualcomm/qualcomm-files-new-patent-infringement-complaints-against-apple-idINKBN1DU35R'|'2017-12-01T01:28:00.000+02:00'|9662.0|6.0|0.0|'' 9663|'141f5ed094a8d522e7f723b365ea037bc6353073'|'China''s Huawei says expects 2017 revenue up 15 percent to $92 billion'|'HONG KONG (Reuters) - Chinas Huawei Technologies Co Ltd expects 2017 revenue to rise 15 percent to 600 billion yuan ($92.08 billion), its rotating chief executive, Ken Hu, said in a New Years message to staff posted on its official WeChat account on Friday.FILE PHOTO: Visitors are seen at a Huawei stand during the 2017 Mobile World Congress in Shanghai, China June 28, 2017. REUTERS/Stringer/File Photo That would make it the slowest revenue growth in four years for Huawei, the worlds third-largest smartphone maker after Samsung Electronics Co Ltd and Apple Inc.Hu also said Huaweis smartphone shipments in 2017 totalled 153 million units and its global market share surpassed 10 percent.Huawei vowed to focus on profit after posting near-flat annual profit growth in March, weighed down by its fast-growing but thin-margin smartphone business and heavy marketing spending.Its leading position in the worlds biggest smartphone market came under threat from local rivals over the past year and a half.Huaweis China market share was 22.3 percent in the third quarter, followed by OPPO at 21.6 percent, showed latest data from IDC. The industry tracker forecasts Chinas total smartphone shipments in 2017 to shrink slightly compared with a year earlier.In his message, Hu said Huaweis enterprise business needs to maintain mid-to-high growth speed and become a pillar business for the company in five years.He also asked for its consumer business to continue to improve profitability, its new public cloud business to increase in scale, and its core carrier business to beat the industry.($1 = 6.5159 Chinese yuan renminbi)Reporting by Sijia Jiang; Editing by Christopher Cushing '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/huawei-revenue/chinas-huawei-says-expects-2017-revenue-up-15-percent-to-92-billion-idINKBN1EN07E'|'2017-12-29T05:52:00.000+02:00'|9663.0|''|-1.0|'' 9664|'6c9b96e163156de0ef056b4bedf7565679254a1a'|'Vietnam to name buyer of up to $5 billion stake in top brewer Sabeco'|'December 17, 2017 / 6:14 AM / Updated 8 hours ago Vietnam to name buyer of up to $5 billion stake in top brewer Sabeco Mai Nguyen , Anshuman Daga 4 Min Read Ho CHI MINH CITY/SINGAPORE (Reuters) - Vietnam is set to auction an up to $5 billion stake in top brewer Sabeco SAB.HM on Monday, with Thai Beverage ( TBEV.SI ) the only potential bidder to have expressed interest in a majority stake. Sabeco''s Saigon beers are display for sale in a market in Hanoi, Vietnam April 17, 2017. REUTERS/Kham/File Photo The keenly anticipated sale of the state-owned maker of Bia Saigon gained momentum in recent months after being hampered for years by political resistance, fickle policy-making and complications over valuations. The government has set a minimum sale price of 320,000 dong or $14.10 a share for Saigon Beer Alcohol Beverage Corp (Sabeco), whose shares have nearly trebled to 309,200 dong since its listing a year ago. Thai Beverage, through a partly-owned Vietnam unit, is the only company which has expressed interest in owning more than 25 percent of the company, which has roughly 40 percent of the beer-loving Vietnamese market.So far no formal bid had been made. Men drink Sabeco''s Saigon beer on a roadside restaurant in Hanoi, Vietnam November 29, 217. REUTERS/Kham/File Photo Vietnams young population and booming economy should make Sabeco an attractive asset for global brewers hoping to expand in Southeast Asia, but a high minimum bid price and foreign ownership limits appear to have turned off potential buyers. Sabecos foreign ownership is capped at 49 percent. With 10 percent already in foreign hands, that leaves only 39 percent on the table for overseas buyers at Mondays auction. Local bidders can bid for a majority stake of up to 54 percent. Heinken ( HEIN.AS ) holds a 5 percent stake. Theres a disconnect between what the government wants to achieve and how international brewers view this auction, said one person familiar with the matter.In a normal auction, bidders are fully aware of what stake theyll end up owning and bid for it accordingly, said the person, who was not authorised to speak to the media.Unlike similar sales in developed markets, where investors are whittled down over several rounds and offers can be adjusted, Sabeco bidders need to submit a single offer for a specific number of shares in a sealed envelope in one round. Thai Bev, controlled by tycoon Charoen Sirivadhanabhakdi, was keen to acquire Sabeco as part of a strategy to expand outside its home market, sources told Reuters. The company had already lined up bank guarantees to support the bid by its Vietnam unit, sources said. There was no immediate response from Thai Bev to a query from Reuters. Reuters previously reported that the auction was drawing the interest of brewing groups such as Anheuser-Busch InBev ( ABI.BR ), Kirin Holdings ( 2503.T ), Asahi Group Holdings ( 2502.T ) and San Miguel ( SMC.PS ), but there is no clear sign of whether they have participated in the auction so far.The governments minimum price for the 54 percent stake on offer valued Sabeco at about 36 times core earnings, more than double the trading multiples of around 15 for some global peers, according to Reuters data.Vietnams trade ministry is expected to announce the bidding result on Monday afternoon. Reporting by Mai Nguyen and Anshuman Daga; Additional reporting by Chayut Setboonsarng in BANGKOK; Editing by Stephen Coates'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-sabeco-m-a-sale/vietnam-to-name-buyer-of-up-to-5-billion-stake-in-top-brewer-sabeco-idUKKBN1EB04W'|'2017-12-17T08:13:00.000+02:00'|9664.0|''|-1.0|'' 9665|'1394539d86b33ac500784b08586dabad3d83a502'|'Sage''s depression drug succeeds in mid-stage study'|' 19 AM / in 28 minutes Sage''s depression drug succeeds in mid-stage study Reuters Staff 1 Min Read Dec 7 (Reuters) - Sage Therapeutics Inc said on Thursday its drug to treat patients with moderate to severe depression met the main goal in a mid-stage study. The 89-patient study testing the drug, SAGE-217, showed statistically significant reduction of depression symptoms, compared to a placebo. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/sage-study/sages-depression-drug-succeeds-in-mid-stage-study-idUSL3N1O73QI'|'2017-12-07T13:19:00.000+02:00'|9665.0|''|-1.0|'' 9666|'1b8fc5c5e2a396d3f3f89db292698abb7bab8d3c'|'Key Oi shareholder asks judge to declare Aurelius abusive'|'SAO PAULO, Dec 5 (Reuters) - Socit Mondiale, an investment fund with sway over the board of Brazilian telecoms company Oi SA, on Tuesday filed two petitions with the bankruptcy court overseeing the carriers restructuring process, asking a judge to declare key creditors abusive.In the petitions, Socit Mondiale, a vehicle of distressed debt tycoon Nelson Tanure, cited a number of disparate reasons for creditors led by Aurelius Capital Management LP to be declared abusive, a designation that could lead to them being barred from restructuring proceedings.Among those reasons is that Aurelius bought debt it holds in Oi for a fraction of its face value, and is seeking to gain unusual profits from the current dispute, Societe Mondiale said. The fund also said that the Aurelius groups attempt to put forth a plan of its own at a creditors meeting scheduled for Dec. 19, rather than deliberating on plans put forth by the board, represents a conflict of interest.The bondholders led by Aurelius are making a hostile takeover attempt, participating in blackmail, among other measures, Socit Mondiale said in a statement after filing the documents with the court.A representative for bondholders affiliated with Aurelius declined to comment.In November, the judge overseeing the Oi bankruptcy case, the largest ever in Latin America, effectively removed Ois board from ongoing debt renegotiations.The petitions on Tuesday represented the second attempt by Ois board to regain power. Last week, Socit Mondiale, which controls the board through alliances, asked Brazils telecommunications regulator to prohibit the company from signing any contract that would imply a transfer of control to Aurelius.Oi, which filed for bankruptcy protection a year and a half ago, is wracked by divisions between creditors, the board, and management.Aurelius is spearheading a group of creditors known as the International Bondholders Committee, which is in turn part of an alliance of funds and banks holding about 22 billion reais ($6.79 billion) of Ois debt.Earlier on Tuesday, a U.S. judge reiterated previous judgments, saying the fight over Ois future must be fought in Brazilian courts.The International Bondholders Committee has been attempting to establish jurisdiction for some restructuring proceedings in the Netherlands, which has more creditor-friendly bankruptcy law than Brazil. ($1 = 3.24 reais) (Reporting by Gram Slattery; Editing by Jonathan Oatis) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/oi-sa-restructuring/key-oi-shareholder-asks-judge-to-declare-aurelius-abusive-idINL1N1O521Z'|'2017-12-05T17:26:00.000+02:00'|9666.0|''|-1.0|'' 9667|'bff59441b7b8c4c6fd947a7fcdcc6ed5bc8dff10'|'Broadcom profit beats as Qualcomm takeover fight intensifies'|'December 6, 2017 / 9:35 PM / Updated 15 minutes ago Broadcom profit beats as Qualcomm takeover fight intensifies Arjun Panchadar 3 Min Read (Reuters) - Broadcom Ltd ( AVGO.O ) on Wednesday reported a better-than-expected quarterly profit and boosted its dividend by 72 percent, days after the chipmaker took its $103 billion (77 billion) bid for Qualcomm Inc ( QCOM.O ) hostile. FILE PHOTO - Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California May 12, 2016. REUTERS/Mike Blake/File Photo Shares of Broadcom rose 5 percent in extended trading after the company also forecast first-quarter revenue largely above analysts estimates. The company said on Monday it planned to field a slate of 11 nominees to Qualcomms board, its first formal move towards a hostile bid for the U.S. chipmaker. Broadcoms move came after Qualcomm rejected its $70 per share bid, saying the offer undervalued the company and would face regulatory hurdles. However, Broadcoms chief financial officer, Thomas Krause, appeared confident of overcoming regulatory hurdles. After having had initial meetings with certain relevant antitrust authorities, we remain confident that any regulatory requirement necessary to complete the combination will be met in a timely manner, Krause said in a post-earnings call. A combined Broadcom-Qualcomm would become the dominant supplier of chips used in the 1.5 billion or so smartphones expected to be sold around the world this year. Broadcoms wireless business has been a strong performer as soaring sales of Apple Incs ( AAPL.O ) iPhone and Android smartphones drive demand for its WiFi and Bluetooth chips. The business far outperformed its wired infrastructure unit, which makes chips for set-top boxes and cable modems, with a 33.4 percent rise in sales and accounted for much of its fourth-quarter profit. Excluding items, the company earned $4.59 per share in the quarter ended Oct. 29, easily beating analysts expectations of $4.52 per share. Net revenue rose to $4.84 billion, slightly above the $4.83 billion analysts had estimated. The company also forecast current-quarter revenue of $5.30 billion, plus or minus $75 million, helped by its acquisition of network gear maker Brocade Communications Systems. Analysts on average were expecting revenue of $4.83 billion, according to Thomson Reuters I/B/E/S. Broadcom also raised its quarterly dividend to $1.75 per share from $1.02. Additional reporting by Uday Sampath Kumar in Bengaluru; Editing by Anil D''Silva'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-broadcom-results/broadcom-quarterly-revenue-rises-17-percent-idUKKBN1E033E'|'2017-12-07T02:22:00.000+02:00'|9667.0|''|-1.0|'' 9668|'18823a65645697f482b406878fe0885b94736932'|'CANADA STOCKS-TSX rises to record high as financials and energy gain'|' 43 PM / Updated 11 minutes ago CANADA STOCKS-TSX rises to record high as financials and energy gain Reuters Staff 1 Min Read TORONTO, Dec 12 (Reuters) - Canadas main stock index rose to a record high on Tuesday, led by the heavyweight financials group as bond yields rose, while the energy group also gained ground. The Toronto Stock Exchanges S&P/TSX composite index rose 17.07 points, or 0.11 percent, to 16,120.58, shortly after the open. Six of the indexs 10 main groups gained. (Reporting by Fergal Smith; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-rises-to-record-high-as-financials-and-energy-gain-idUSL1N1OC0WU'|'2017-12-12T16:42:00.000+02:00'|9668.0|''|-1.0|'' -9669|'117c348c5253e8ba15b0bdecfa00af7b7b51c0d3'|'Russia''s Sistema countersues Rosneft for $5.6 billion in growing row'|'December 8, 2017 / 12:12 PM / Updated 10 minutes ago Russia''s Sistema countersues Rosneft for $5.6 billion in growing row Reuters Staff 2 Min Read MOSCOW (Reuters) - Russian conglomerate Sistema said on Friday it had filed a 330.5 billion rouble (4.1 billion) lawsuit against Rosneft, retaliating against $4.5 billion in legal claims made against it by Russias top oil producer. The logo of Russia''s Rosneft oil company is pictured at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. Picture taken August 4, 2016. REUTERS/Sergei Karpukhin Shares in Sistema, which groups the assets of Russian businessman Vladimir Yevtushenkov and includes the countrys largest mobile operator MTS, hit a three-year low after Rosneft filed its second lawsuit on Thursday. [L8N1O73P5] Rosneft is seeking the return of dividends paid out by mid-sized oil company Bashneft in the years between 2009 and 2014, when Sistema was its controlling shareholder. Sistema has been forced to take actions to defend the legitimate interests of the corporation, its employees, partners and shareholders, and has asked the court to compensate the losses incurred, Sistema said on Friday. A spokesman for the group said it had not ruled out further lawsuits to counter the actions of Rosneft and Bashneft, raising the stakes in a long and bitter dispute which has resurrected fears about the risk of doing business in Russia. The Russian government seized Sistemas stake in Bashneft in 2014, saying its privatisation had been illegal. Rosneft later bought a controlling stake in Bashneft and in May filed its first lawsuit, alleging Sistema had removed assets from the company - something Sistema denies. A Russian court ruled in August that Sistema should pay Rosneft more than 136 billion roubles in compensation. Russian news agencies reported Rosneft spokesman Mikhail Leontyev as saying Sistemas legal action was absurd. President Vladimir Putin has fuelled speculation about the Kremlins role in such disputes by calling on Rosneft and Sistema to settle out of court, saying this would benefit both companies and the wider Russian economy. But the presidents intervention appears to have been ignored, with both companies accusing one another of not making compromise proposals. Reporting by Denis Pinchuk and Anastasia Teterevleva; writing by Maria Tsvetkova and Denis Pinchuk; Editing by Katya Golubkova and Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-russia-oil-rosneft-sistema/russias-sistema-sues-rosneft-for-330-5-billion-roubles-idUKKBN1E21JO'|'2017-12-08T18:12:00.000+02:00'|9669.0|''|-1.0|'' +9669|'117c348c5253e8ba15b0bdecfa00af7b7b51c0d3'|'Russia''s Sistema countersues Rosneft for $5.6 billion in growing row'|'December 8, 2017 / 12:12 PM / Updated 10 minutes ago Russia''s Sistema countersues Rosneft for $5.6 billion in growing row Reuters Staff 2 Min Read MOSCOW (Reuters) - Russian conglomerate Sistema said on Friday it had filed a 330.5 billion rouble (4.1 billion) lawsuit against Rosneft, retaliating against $4.5 billion in legal claims made against it by Russias top oil producer. The logo of Russia''s Rosneft oil company is pictured at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. Picture taken August 4, 2016. REUTERS/Sergei Karpukhin Shares in Sistema, which groups the assets of Russian businessman Vladimir Yevtushenkov and includes the countrys largest mobile operator MTS, hit a three-year low after Rosneft filed its second lawsuit on Thursday. [L8N1O73P5] Rosneft is seeking the return of dividends paid out by mid-sized oil company Bashneft in the years between 2009 and 2014, when Sistema was its controlling shareholder. Sistema has been forced to take actions to defend the legitimate interests of the corporation, its employees, partners and shareholders, and has asked the court to compensate the losses incurred, Sistema said on Friday. A spokesman for the group said it had not ruled out further lawsuits to counter the actions of Rosneft and Bashneft, raising the stakes in a long and bitter dispute which has resurrected fears about the risk of doing business in Russia. The Russian government seized Sistemas stake in Bashneft in 2014, saying its privatisation had been illegal. Rosneft later bought a controlling stake in Bashneft and in May filed its first lawsuit, alleging Sistema had removed assets from the company - something Sistema denies. A Russian court ruled in August that Sistema should pay Rosneft more than 136 billion roubles in compensation. Russian news agencies reported Rosneft spokesman Mikhail Leontyev as saying Sistemas legal action was absurd. President Vladimir Putin has fuelled speculation about the Kremlins role in such disputes by calling on Rosneft and Sistema to settle out of court, saying this would benefit both companies and the wider Russian economy. But the presidents intervention appears to have been ignored, with both companies accusing one another of not making compromise proposals. Reporting by Denis Pinchuk and Anastasia Teterevleva; writing by Maria Tsvetkova and Denis Pinchuk; Editing by Katya Golubkova and Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-russia-oil-rosneft-sistema/russias-sistema-sues-rosneft-for-330-5-billion-roubles-idUKKBN1E21JO'|'2017-12-08T18:12:00.000+02:00'|9669.0|11.0|0.0|'' 9670|'cf3f2bb0007862d57760a085a2f1d177f973bd8c'|'UK to avoid sudden break for EU asset managers after Brexit'|'December 20, 2017 / 3:49 PM / Updated an hour ago UK to avoid sudden break for EU asset managers after Brexit Reuters Staff 2 Min Read LONDON (Reuters) - Britains financial regulator said on Wednesday that asset managers and mutual funds from the European Union would be allowed to continue operating in the UK after Brexit for a period of time even if there is no trade deal with the bloc. FILE PHOTO - Andrew Bailey, chief executive of the Financial Conduct Authority, speaks at his office in London, Britain, September 25, 2017. REUTERS/Afolabi Sotunde The aim is to avoid a destabilising rupture in customer links if there is a hard Brexit, whereby no trade deal or transition period has been agreed between Britain and the EU by the time the UK leaves the EU in March 2019. The Financial Conduct Authority (FCA) said the finance would, if necessary, legislate for a temporary permissions regime to roll over existing permissions at firms from elsewhere in the EU so they can continue operating in the UK from March 2019. This regime will enable relevant firms and funds to undertake new business within the scope of their permission, enable them to continue performing their contractual rights and obligations, manage existing business and mitigate risks associated with a sudden loss of permission, the FCA said in a statement. FCA Chief Executive Andrew Bailey has said a system of interim permissions is needed as the watchdog wont have enough time before March 2019 to issue new authorisations for some 8,000 firms from elsewhere in the EU that sell funds, insurance and other investments in Britain. The watchdog said more details would be made public in the new year. FCA said the government has also decided that the watchdog will also become the regulator for UK-based trade repositories and credit rating agencies, two sectors that are currently regulated at EU level. Separately on Wednesday, the Bank of England said branches of EU banks in London wont have to become subsidiaries after Brexit, a costly exercise, as long as there remains close supervisory cooperation between UK and EU regulators. Reporting by Huw Jones; Editing by Adrian Croft'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-eu-funds/uk-to-avoid-sudden-break-for-eu-asset-managers-after-brexit-idUKKBN1EE21T'|'2017-12-20T17:49:00.000+02:00'|9670.0|''|-1.0|'' 9671|'9da96c5cda4c5e87dc199abaf38a736ff7ec4099'|'CORRECTED-HNA''s airlines miss lease payments -report'|'December 5, 2017 / 9:55 PM / in 13 hours HNA''s airlines miss lease payments: report Reuters Staff 3 Min Read NEW YORK (Reuters) - Airlines owned by Chinese conglomerate HNA Group have missed payments due on leased aircraft, the chief executive of lessor Aergo Capital has told industry publication FlightGlobal. HNA had stopped paying via their owned airline subsidiaries some lessors for leased jets for the past two to three months, Aergo CEO Fred Browne was quoted as saying. We only have one aircraft exposed, but I know others have a lot more, Browne told FlightGlobal. If those lessors turn around and say no more and pull those aircraft out, that could truly shake the market. Pressure is growing on the HNA conglomerate after a debt-fueled $50 billion acquisition spree including New York properties, Californian golf courses, U.S. electronics wholesaler Ingram Micro and stakes in Deutsche Bank and hotelier Hilton Worldwide Holdings Inc. Its financing costs have risen as repayments come due, and ratings agency Standard & Poors last week downgraded its credit assessment due to its aggressive financial policy and tightening liquidity. We value our relationships with lessors and we are committed to meeting our obligations to them, a spokesman for HNA Group said. The rating agency cut the rating of Swiss airport services group Swissport on Tuesday due to the weakening outlook for parent HNA. [L3N1O54NC] The conglomerates Chief Executive Adam Tan told a conference in Beijing last week that the company was considering asset sales. [L3N1NY4I7] Headquartered in the southern Chinese island of Hainan, HNA started out as a regional airline. Among its other investments, it owns a group of mostly Chinese air carriers, including Hainan Airlines and Beijing Capital Airlines. It also has stakes in some foreign carriers such as Brazils Azul SA. Uncertainty shrouds the owners the privately held company and some international banks have scaled back their dealings with the firm due to its opaque ownership structure. The debt pile at Chinese firms is climbing, with levels at the end of September growing at the fastest pace in four years, according to a Reuters analysis. (This version of the story deletes reference to no comment in paragraph 4; HNA comment in paragraph 6) Reporting by Carmel Crimmins; Editing by Bill Rigby'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-hnagroup-leases/hnas-airlines-miss-lease-payments-report-idUSKBN1DZ33G'|'2017-12-06T02:06:00.000+02:00'|9671.0|''|-1.0|'' 9672|'16c6f42fc2486b8381def573a341695ccfb465e0'|'Raytheon wins $634 mln U.S. defense contract -Pentagon'|'December 28, 2017 / 10:18 PM / in 20 minutes Raytheon wins $634 mln U.S. defense contract -Pentagon Reuters Staff 1 Min Read WASHINGTON, Dec 28 (Reuters) - Raytheon Co has been awarded a $634 million contract for Advanced Medium-Range Air-to-Air Missiles, the Pentagon said on Thursday. It said the contract involves sales to Japan, South Korea, Morocco, Poland, Indonesia, Romania, Spain, Turkey, Bahrain and Qatar. (Reporting by Eric Beech; Editing by Mohammad Zargham)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/raytheon-pentagon/raytheon-wins-634-mln-u-s-defense-contract-pentagon-idUSW1N1NS029'|'2017-12-29T00:14:00.000+02:00'|9672.0|''|-1.0|'' @@ -9730,7 +9730,7 @@ 9728|'488af2029e6eefa62fd1d2d232109b8a2ffac0ff'|'China Aircraft Leasing buys 50 Airbus A320neo series for $5.4 billion'|'December 29, 2017 / 1:37 AM / Updated 5 minutes ago China Aircraft Leasing buys 50 Airbus A320neo series for $5.4 billion Reuters Staff 1 Min Read HONG KONG (Reuters) - China Aircraft Leasing Group Holdings Ltd ( 1848.HK ) said it will buy 50 Airbus SE ( AIR.PA ) A320neo aircraft for an aggregate list price of $5.42 billion (4 billion pounds), as it expands its fleet to strengthen its position as a full-value chain aircraft solutions provider. The new Airbus U.S. Manufacturing Facility in Mobile, Alabama September 13, 2015. REUTERS/Michael Spooneybarger A subsidiary has agreed to the purchase in a deal to be settled using internal resources, loans and other borrowings, China Aircraft Leasing said in a filing to the Hong Kong stock exchange on Friday. China Aircraft Leasing, which currently owns and manages 107 aircraft, said the actual purchase price would be lower than the list price as Airbus is likely to grant price concessions as per industry practice. The aircraft will be delivered in stages through 2023. The company said its total order book would rise to 252 aircraft, comprising 202 from Airbus and 50 from Boeing Co ( BA.N ). Reporting by Donny Kwok; Editing by Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-cnaircraft-lease-airbus/china-aircraft-leasing-buys-50-airbus-a320neo-series-for-5-4-billion-idUKKBN1EN03K'|'2017-12-29T03:36:00.000+02:00'|9728.0|''|-1.0|'' 9729|'cc857a0c6c170097e72e791a919ec7d538dce189'|'Indian authorities weighing how to regulate cryptocurrencies: SEBI chief'|'December 20, 2017 / 10:14 AM / Updated 9 hours ago Indian authorities weighing how to regulate cryptocurrencies: SEBI chief Reuters Staff 2 Min Read MUMBAI (Reuters) - Indias capital market regulator is talking with the government and central bank about how to regulate cryptocurrencies, its chairman said on Wednesday. The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai, India March 1, 2017. REUTERS/Shailesh Andrade/File Photo The Securities and Exchange Board of India (SEBI), plus officials from the Ministry of Finance, Ministry of Electronics and Information Technology and the Reserve Bank of India (RBI), are on a panel tasked with determining the legal oversight for cryptocurrencies such as bitcoin, Chairman Ajay Tyagi said. There has to be a process or law, only then can you take action, Tyagi told reporters on the sidelines of a Confederation of Indian Industry conference in Mumbai. India currently has no regulation for cryptocurrencies, and like other global policymakers, it is seeking to understand how to supervise a market that many feel is a speculative bubble. Earlier this month, the RBI said it was concerned about bitcoin. Indias central tax authority is also surveying bitcoin exchanges to find out whether it can tax any transactions. Reporting by Abhirup Roy; Editing by Richard Borsuk'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-cryptocurrencies/indian-authorities-weighing-how-to-regulate-cryptocurrencies-sebi-chief-idINKBN1EE149'|'2017-12-20T12:13:00.000+02:00'|9729.0|''|-1.0|'' 9730|'b2b2e7fe6542cc830e881bbc4a02f428055cfb65'|'Whitbread shares jump after activist investor declares stake'|'December 6, 2017 / 4:16 PM / Updated an hour ago Whitbread jumps after hedge fund Sachem Head declares stake Martinne Geller 2 Min Read LONDON (Reuters) - Whitbread shares jumped more than 7 percent on Wednesday after U.S.-based hedge fund Sachem Head Capital Management said it owns a 3.4 percent stake in the hotel and coffee chain operator. Whitbread, owner of Costa Coffee and Premier Inn, has been the subject of break-up speculation in the past. Before Wednesdays jump, Whitbread shares were down nearly 2 percent this year, having risen in part on hopes that Premier Inns domestic hotels would benefit from foreign visitors cashing in on the weak pound. They fell back when those benefits turned out to be smaller than expected. The company warned in April of a tougher consumer environment, as rising inflation and muted wage growth forced consumers to rein in spending. The shares closed about 7.5 percent higher at 3,990 pence. Sachem Head, with about $4 billion (3 billion) in assets under management, was founded in 2013 by Scott Ferguson, one of a number for former partners at Bill Ackmans Pershing Square Capital Management who have launched their own funds. The New York-based firm has been very popular with investors, both because of its steady run of positive returns and the fact Ferguson largely stays out of the headlines. While Ferguson shies away from being called an activist investor, the firm has taken activist positions and pushed for change at some companies it has invested in. Ferguson took a board seat at software maker Autodesk, and has held sizeable stakes in CDK Global and Zoetis. Its current UK holdings include Worldpay Group and Shire. A spokeswoman for Whitbread was not immediately available for a comment. A spokesman for Sachem Head declined to comment beyond Wednesdays regulatory filing, which declared contracts for difference over 6.2 million shares expiring July 2020. Additional reporting by Svea Herbst-Bayliss in Boston; Editing by Mark Potter and Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-whitbread-stake/whitbread-shares-jump-after-activist-investor-declares-stake-idUKKBN1E0294'|'2017-12-06T18:15:00.000+02:00'|9730.0|''|-1.0|'' -9731|'481ecd640c5f8f581de3757693fdee8daffeab42'|'L&G says on track for record year in 2017'|'December 7, 2017 / 8:06 AM / Updated 3 minutes ago L&G says on track for record year in 2017 Reuters Staff 2 Min Read LONDON (Reuters) - Legal & General said on Thursday it is on track for a record year with strong growth in its core business driving profits higher. FILE PHOTO: The logo of Legal & General insurance company is seen at their office in central London, Britain, March 17, 2008. REUTERS/Alessia Pierdomenico/File Photo L&G is on track for a record year for earnings and profits... our business is now well-positioned and focused on the products and geographies where we see optimum growth and cultural alignment, CEO Nigel Wilson said in a statement. The insurer said sales at its retirement business for 2017 to date stood at 6.2 billion pounds supported by strong UK and U.S. institutional pension risk transfer markets, individual annuities and lifetime mortgages. L&G has been growing in the bulk annuity market, which involves taking on the risk of company defined benefit, or final salary, pension schemes. This is seen as an expanding market as many schemes are in deficit and companies want to offload them. It said annuity sales generated 4.5 billion pounds of annuity premium and that it had doubled its U.S. institutional pension risk transfer business versus 2016. L&G said on Wednesday it had agreed to sell its Mature Savings business to Swiss Re for around $870 million. Reporting by Clara Denina; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-legal-general-outlook/lg-says-on-track-for-record-year-in-2017-idUKKBN1E10UL'|'2017-12-07T10:05:00.000+02:00'|9731.0|''|-1.0|'' +9731|'481ecd640c5f8f581de3757693fdee8daffeab42'|'L&G says on track for record year in 2017'|'December 7, 2017 / 8:06 AM / Updated 3 minutes ago L&G says on track for record year in 2017 Reuters Staff 2 Min Read LONDON (Reuters) - Legal & General said on Thursday it is on track for a record year with strong growth in its core business driving profits higher. FILE PHOTO: The logo of Legal & General insurance company is seen at their office in central London, Britain, March 17, 2008. REUTERS/Alessia Pierdomenico/File Photo L&G is on track for a record year for earnings and profits... our business is now well-positioned and focused on the products and geographies where we see optimum growth and cultural alignment, CEO Nigel Wilson said in a statement. The insurer said sales at its retirement business for 2017 to date stood at 6.2 billion pounds supported by strong UK and U.S. institutional pension risk transfer markets, individual annuities and lifetime mortgages. L&G has been growing in the bulk annuity market, which involves taking on the risk of company defined benefit, or final salary, pension schemes. This is seen as an expanding market as many schemes are in deficit and companies want to offload them. It said annuity sales generated 4.5 billion pounds of annuity premium and that it had doubled its U.S. institutional pension risk transfer business versus 2016. L&G said on Wednesday it had agreed to sell its Mature Savings business to Swiss Re for around $870 million. Reporting by Clara Denina; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-legal-general-outlook/lg-says-on-track-for-record-year-in-2017-idUKKBN1E10UL'|'2017-12-07T10:05:00.000+02:00'|9731.0|8.0|0.0|'' 9732|'e6131ee7013f0d35ad39d097336dbf653bc50006'|'Abu Dhabi''s IPIC says Malaysian fund 1MDB has paid settlement amount in full'|'Reuters TV United States December 27, 2017 / 8:20 AM / Updated an hour ago Abu Dhabi''s IPIC says Malaysian fund 1MDB has paid settlement amount in full Reuters Staff 2 Min Read KUALA LUMPUR (Reuters) - Abu Dhabis government-owned International Petroleum Investment Co (IPIC) on Wednesday said Malaysian state fund 1Malaysia Development Berhad (1MDB) has made all required payments as part of a settlement agreement between the two. FILE PHOTO: A construction worker talks on the phone in front of a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, February 3, 2016. REUTERS/Olivia Harris/File Photo 1MDB was required to pay IPIC about $600 million by Dec. 31, as part of a settlement agreement reached in April after 1MDB defaulted on its bonds, causing the Abu Dhabi company to ask a London court to arbitrate over a claim totaling some $6.5 billion. 1MDB had originally agreed to pay $1.2 billion in two instalments to IPIC, with the first of about $600 million due by July 31. 1MDB however missed the deadline due to the need to get regulatory approvals and made the payment in August instead. IPIC has now received all the funds required to be paid to IPIC by Dec. 31 under the Settlement with the Minister of Finance (Inc) Malaysia and 1Malaysia Development Berhad and the Consent Award made on 9 May 2017, IPIC said in a statement to the London Stock Exchange on Wednesday. 1MDB later on Wednesday said it has remitted in full to IPIC all funds required to be paid by Dec. 31. All funds were paid from proceeds of the on-going rationalization program, 1MDB said in a statement. 1MDB is the subject of money-laundering investigations in at least six countries, including the United States, Switzerland and Singapore. In civil lawsuits, the U.S. Justice Department has alleged that about $4.5 billion was misappropriated from 1MDB. The Malaysian fund has denied any wrongdoing and Prime Minister Najib Razak, who founded 1MDB, has denied all allegations of corruption against him. Reporting by Emily Chow; Editing by Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-malaysia-scandal-ipic-gmtn/abu-dhabis-ipic-says-malaysian-fund-1mdb-has-paid-settlement-amount-in-full-idUKKBN1EL0H4'|'2017-12-27T10:58:00.000+02:00'|9732.0|''|-1.0|'' 9733|'531517038ff4c47b532dc2050f0fb12726fa942c'|'UPDATE 2-U.S. labor board overturns Obama-era ''joint employment'' ruling'|'December 14, 2017 / 10:38 PM / Updated an hour ago U.S. labor board overturns Obama-era ''joint employment'' ruling Daniel Wiessner 4 Min Read (Reuters) - A U.S. labor board on Thursday overturned an Obama-era ruling that had made it easier for unions and workers to hold companies accountable for practices of contractors and franchisees, a decision welcomed by business groups that could affect a major case against McDonalds Corp ( MCD.N ). The 3-2 decision by the National Labor Relations Board reversed the standard it had set in a 2015 case involving Browning-Ferris Industries Inc. It reinstated a previous test that says companies are joint employers only when they exercise direct control over workers. President Donald Trump appointed two Republicans to the five-member NLRB earlier this year, giving his party a 3-2 majority for the first time in a decade. Trumps appointees, who joined the board in August and September, are widely expected to revisit a series of recent NLRB decisions that business groups say unfairly favored unions. Thursdays decision marked the third time this week the board overruled an Obama era decision. Use of franchising or contract labor allows many companies to avoid the costs and responsibilities of directly employing workers. But a company found to be a joint employer can be required to bargain with unions and may be held liable for labor law violations by contractors, staffing agencies or franchisees. Prior to the 2015 ruling in Browning-Ferris, companies were found to be joint employers of workers hired by another business if they had direct and immediate control over working conditions. In the Browning-Ferris decision, the NLRB said joint employment could also exist when companies have only indirect or unexercised control over workers. On Thursday, the board said the Democratic majority in Browning-Ferris overstepped its authority by altering the legal definitions of employment. The two Democrats on the board dissented, saying the Browning-Ferris decision was legally sound and the majority failed to provide any real-world examples or even remotely plausible hypotheticals that show how the standard harmed businesses. In a separate case, the NLRB has filed complaints against McDonalds claiming it was the joint employer of franchise workers across the country. A trial began over 2-1/2 years ago, but Thursdays decision could derail the bulk of the case. The McDonalds case had been seen as an important test of how Browning-Ferris, which did not mention franchisors, would apply to those companies. At the very least, this significantly narrows the issues and it should be very comforting to McDonalds and the franchise community, said Michael Lotito, a partner at labor law firm Littler Mendelson who represents employers. A lawyer representing McDonalds in the case did not immediately respond to a request for comment, but two restaurant trade groups hailed the ruling. The U.S. Chamber of Commerce, the National Retail Federation and other trade groups also applauded the decision, which came in a case involving two construction companies based in Iowa and Illinois. The board said the companies were joint employers of several workers who were unlawfully fired for going on strike. The International Franchise Association and National Restaurant Association, which represent McDonalds and other fast-food restaurant operators, have been especially vocal critics of the Browning-Ferris standard, arguing it could doom the franchising industry. The restaurant association said in a statement that Thursdays decision restores years of established law and brings back clarity for restaurants and small businesses across the country. Reporting by Daniel Wiessner in Albany, New York; Editing by Alexia Garamfalvi, Leslie Adler and David Gregorio'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-labor-jointemployers/u-s-labor-board-overturns-obama-era-joint-employment-ruling-idUSKBN1E838B'|'2017-12-15T01:20:00.000+02:00'|9733.0|''|-1.0|'' 9734|'7afec8fd45536405c195e54050ddcd9547da4b6b'|'Former TV boss Michael Grade invests in British music rights business'|'December 18, 2017 / 11:44 AM / Updated 7 hours ago Former TV boss Michael Grade invests in British music rights business LONDON (Reuters) - Michael Grade, the British media executive who chaired the BBC and ITV, has invested in One Media IP Group, a music rights holder that he said was set to benefit from the growth in streaming services. FILE PHOTO - Michael Grade, former chairman of the BBC and executive chairman of ITV, arrives to give evidence at the Leveson Inquiry into the culture, practice and ethics of the press at the High Court in London January 31, 2012. REUTERS/Stringer Grade has teamed up with Ivan Dunleavy, former chief executive of Pinewood Studios, which Grade has also chaired, to take a stake in OMIP, spending 375,000 pounds in total for two holdings of 8.715 percent each. He said that the popularity of services like Spotify was helping revitalise an industry that was facing a bleak future only a few years ago. Streaming is now seen as real growth engine for people who own intellectual property in the music sector whether they be composers, writers or music publishers, he told Reuters by phone on Monday. This is a really exciting space to be in, and there are very few companies that enable you to have a pure play in music publishing, because all the big music publishers are owned by massive international conglomerates. OMIPs catalogue comprises 250,000 nostalgic music tracks from the last 50 years, including artists such as Ricky Valance, Anita Harris, The Tremeloes, the Troggs and Marv Johnson. Grade said the tracks, some of which are rarely played on radio, could find a new lease of life on streaming services thanks to play lists and algorithms that curate music for users. He said that he and Dunleavy, who both become non-executive directors, would use their industry contracts to gain more rights. Shares in the company rose 29 percent on Monday, valuing the group at about 3.9 million pounds. Reporting by Paul Sandle; Editing by Adrian Croft'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-one-media-ip-investment-grade/former-tv-boss-michael-grade-invests-in-british-music-rights-business-idUKKBN1EC1B6'|'2017-12-18T13:44:00.000+02:00'|9734.0|''|-1.0|'' @@ -9762,8 +9762,8 @@ 9760|'6d8457661787289d1d6a6d5fa8369e6b526315bd'|'UPDATE 1-U.S. slaps duties on Vietnamese steel originating from China'|'December 5, 2017 / 11:00 PM / Updated an hour ago U.S. slaps duties on Vietnamese steel originating from China David Lawder 3 Min Read WASHINGTON (Reuters) - The U.S. Commerce Department on Tuesday slapped steep import duties on steel products from Vietnam that originated in China after finding they evaded U.S. anti-dumping and anti-subsidy orders. The decision marked a victory for U.S. steelmakers, who won anti-dumping and anti-subsidy duties against Chinese steel in 2015 and 2016 only to see shipments flood in from elsewhere. The industry has argued that Chinese products are being diverted to third countries to circumvent the duties. The Commerce Department said it would apply the same Chinese anti-dumping and anti-subsidy rates on corrosion-resistant and cold-rolled steel from Vietnam that starts out as Chinese-made hot-rolled steel. Although the product was processed in Vietnam to be made corrosion resistant or cold-rolled for use in autos or appliances, the Commerce Department agreed with the claims of American producers that as much as 90 percent of the products value originated from China. The global steel industry is struggling with a glut of excess production capacity, much of it located in China, that has pushed down prices. A G20 forum last week failed to make significant progress toward a solution amid divisions between Beijing and Washington. The Vietnamese-shipped cold-rolled steel will face combined preliminary U.S. anti-subsidy and anti-dumping duties of 531 percent, while the corrosion-resistant steel will face combined duties of 238 percent - more than high enough to shut both products out of the U.S market. Final duties are expected to be announced on Feb. 16. The decision followed a European Union finding in November that steel shipments from Vietnam into the EU also circumvented tariffs. The Commerce Department said that after anti-dumping duties were imposed on Chinese steel products in 2015, shipments of cold-rolled steel from Vietnam into the United States shot up to $295 million annually from $11 million. The case stems from a petition filed in September by U.S. producers ArcelorMittal USA ( MT.AS ), Nucor Corp ( NUE.N ), AK Steel Holdings Corp ( AKS.N ) and United States Steel Corp ( X.N ) that alleged that Chinese producers began diverting their steel shipments to Vietnam immediately after the duties were imposed. The industry is awaiting the Commerce Departments recommendation from its study on whether steel imports pose a threat to U.S. national security and broad import restrictions should be imposed. Although the study has been largely completed, the recommendations have been delayed until Congress passes tax legislation. By law, the Commerce Departments findings are due by late January. Reporting by David Lawder; Editing by Andrew Hay and Peter Cooney'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-trade-steel/u-s-slaps-duties-on-vietnamese-steel-originating-from-china-idUSKBN1DZ385'|'2017-12-06T01:53:00.000+02:00'|9760.0|''|-1.0|'' 9761|'3171fdd4de50a40f2081e6d07576f1932882d463'|'Fox prefers Disney as buyer for studio, media assets: Bloomberg - Reuters'|'December 4, 2017 / 9:40 PM / Updated 6 minutes ago Fox prefers Disney as buyer for studio, media assets: Bloomberg Reuters Staff 1 Min Read (Reuters) - Media company Twenty-First Century Fox ( FOXA.O ), controlled by the Murdoch family, favours selling some assets to Walt Disney Co ( DIS.N ) as it is a better strategic fit and presents fewer regulatory hurdles, Bloomberg reported on Monday, citing people familiar with the matter. The Twenty-First Century Fox Studios logo is seen in Los Angeles, California U.S. November 6, 2017. REUTERS/Lucy Nicholson The company is said to be in talks on combining certain media assets, including Foxs stake in European pay-TV provider Sky Plc as well as its Twentieth Century Fox TV and Film studio, with Disney and Comcast Corp ( CMCSA.O ), Bloomberg reported. Reuters had reported last month that apart from Disney, both Comcast and Verizon Communications Inc ( VZ.N ) had also expressed interest in acquiring a significant part of Foxs assets. Fox and Disney were not immediately available to comment. Reporting by Arjun Panchadar in Bengaluru; Editing by Anil D''Silva'|'reuters.com'|'https://in.reuters.com/finance'|'https://in.reuters.com/article/fox-m-a-disney/fox-prefers-disney-as-buyer-for-studio-media-assets-bloomberg-idINKBN1DY2P1'|'2017-12-04T18:40:00.000+02:00'|9761.0|''|-1.0|'' 9762|'def6f22278a6b6b6b50e9042872a9a7282e77b04'|'European shares drift into year-end as resources stocks glitter'|'December 28, 2017 / 8:30 AM / Updated an hour ago European shares drift into year-end as resources stocks glitter Reuters Staff 2 Min Read LONDON (Reuters) - European shares drifted lower in early deals on Thursday with company news and macro events scarce in holiday-thinned trading, while Britains FTSE 100 hovered just under a record high. The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, December 21, 2017. REUTERS/Staff/Remote The pan-European STOXX 600 index was down 0.1 percent, while blue chips .STOXX50E slipped 0.2 percent. A rally in commodity prices continued to support the resources-heavy FTSE 100 .FTSE index, which gained 0.1 percent. Europe''s basic resources index .SXPP was the best-performing sector, up 0.5 percent. Tech stocks .SX8P extended the previous sessions losses, when chipmakers were hit by concerns over demand for Apples iPhone X. The tech sector was down 0.3 percent on the day, but has gained more than 20 percent so far this year, the standout performer in Europe. More broadly, volumes have been muted and liquidity in short supply over the festive season in Europe, with little by way of company news to spur significant moves among single stocks. Shares in BT ( BT.L ) were among the biggest fallers, down 1.7 percent after the telecoms stock traded ex-dividend, while volatile Steinhoff ( SNHG.DE ) was the top gainer, up 4 percent. Nearing the year-end, European stocks have enjoyed a positive year, with the STOXX 600 up around 8 percent in 2017 as buoyant company earnings and a brighter economic backdrop have fuelled the regions equities. Germany''s DAX .GDAXI and Italy''s benchmark .FTMIB are among this year''s winners, up 13.8 percent and 15.4 percent respectively, while Britain''s FTSE has managed to gain 6.7 percent. Graphic - Major European Indexes YTD Price Performance: reut.rs/2BPYR5X Reporting by Kit Rees; Editing by Kevin Liffey'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks/european-shares-drift-into-year-end-as-resources-stocks-glitter-idUKKBN1EM0O3'|'2017-12-28T10:29:00.000+02:00'|9762.0|''|-1.0|'' -9763|'13f5182a517f83f83d54e3b37acf8e601fef4a3d'|'Russian finance ministry to increase foreign currency buying in 2018'|'December 26, 2017 / 11:13 AM / Updated 9 hours ago Russian finance ministry to increase foreign currency buying in 2018 Darya Korsunskaya 4 Min Read MOSCOW (Reuters) - The Russian finance ministry plans to increase purchases of foreign currency for its reserves next year, reducing ruble volatility in a presidential election year, the Finance Minister said on Tuesday. FILE PHOTO: Russian Finance Minister Anton Siluanov attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. REUTERS/Sergei Karpukhin After two years of recession and a draining of reserves amid a sharp drop in the price of oil, Russias key export, the finance ministry has decided to replenish coffers and insulate the ruble by setting a budget rule. According to the rule, the finance ministry will buy dollars and other foreign currency when Russias crude blend Urals URL-E trades above $40 per barrel, the level factored into the budget. The higher the oil price, the bigger the forex purchases would be. Finance Minister Anton Siluanov said the finance ministry could spend around 2 trillion rubles ($35 billion) on foreign currency next year if Urals prices are at $54-55 per barrel. Urals crude last traded at $64.35 per barrel. This would more than offset the envisaged reserves spending next year, Siluanov said, adding that his ministry would increase foreign exchange purchases next year to level of up to 70 percent of non-oil and gas budget revenues from around 30-40 percent at present. Speaking to reporters, Siluanov said the increased foreign currency purchases would reduce the rubles vulnerability to volatility on capital markets in 2018. President Vladimir Putin, who will seek re-election for another six years in March, said this year the rubles stability was more important than its actual exchange rate. If oil prices average $60 per barrel, the finance ministry would buy around 2.8 trillion rubles, Siluanov said. Analysts at ING had predicted the finance ministry would increase its foreign currency purchases to more than $27 billion in 2018 from around $15 billion in 2017. The central bank carries out these purchases for the finance ministry but does not consider them as interventions aimed at bringing the ruble to a certain level as the rouble has had a free-floating status since 2015. Siluanov said he expected the ruble, trading in a range between 57 and 59 versus the dollar for a few weeks, to stay at these levels in 2018 if oil prices hover near $55 per barrel. The ruble forecast is valid if there are no new additional sanctions and nuisances due to external restrictions, Siluanov said. Russian authorities largely dismiss risks of new U.S. sanctions, which could be imposed in 2018 and could ban purchases of Russian debt, but are still bracing themselves for possible shocks in 2018. BUDGET DEFICIT Russia is likely to run a smaller-than-expected budget deficit this year as some of the planned spending has been postponed until next year, Siluanov said. The 2017 deficit is now seen at 1.5 trillion rubles, which accounts for 1.6 percent of gross domestic product, Siluanov said. The earlier approved budget plan envisaged a budget deficit of 2.1 percent of GDP. The budget deficit target for 2018 stands at 1.3 percent of GDP. Part of the budget shortfall next year will be covered by Russias No.1 state-owned lender Sberbank ( SBER.MM ) that is expected to channel around 130 billion rubles worth of dividends to the budget, Siluanov said. Writing by Andrey Ostroukh; Editing by Robin Pomeroy'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-russia-finmin/russian-finance-ministry-to-increase-foreign-currency-buying-in-2018-idUKKBN1EK0ON'|'2017-12-26T13:09:00.000+02:00'|9763.0|''|-1.0|'' -9764|'9871b16f9671f09a447603482c71de7c206eac39'|'Defiant O''Leary says union recognition sets stage for Ryanair expansion'|'December 19, 2017 / 3:59 PM / Updated 5 minutes ago Defiant O''Leary says union recognition sets stage for Ryanair expansion Conor Humphries 5 Min Read DUBLIN (Reuters) - Ryanair Chief Executive Michael OLeary broke months of media silence on Tuesday to defend his decision to recognise unions for the first time in 32 years, saying it would allow his airline to expand and help to keep staff costs down. Ryanair CEO Michael O''Leary arrives at the Ryanair AGM in Dublin, Ireland September 21, 2017. REUTERS/Clodagh Kilcoyne/File Photo In his first interview since Fridays surprise decision to accept unionisation to stave off a string of Christmas strikes, OLeary said the move was his idea and that he would not step down. His action knocked more than 10 percent off the companys shares. But he also warned unions that he would not be a soft-touch and if they put forward unreasonable demands he would simply shift planes and jobs to other jurisdictions. This is not a ruse. This is serious, OLeary said of the decision, which he said was in many respects my idea and which he ran past the companys board of directors on Thursday night. But if someone is being unreasonable and we are being completely messed around by a union, we will still move aircraft away from that base or country, he said in the interview in his Dublin office, flanked by his chief operations officer Peter Bellew and chief people officer Eddie Wilson, who are leading talks with unions. He rejected media speculation that he may step aside to make way for Bellew, who left his position as chief executive of Malaysia Airlines last month and has been the face of the company in recent days. Am I going to leave? No. I am going to stay, said OLeary, in his first media interview since a Sept. 21 annual general meeting when he infuriated pilots by saying they did not have a difficult job. OLeary said union recognition would open new opportunities for Ryanair, allowing it to work in heavily unionised countries like France and Denmark. The airline could move 50 planes to France - one eighth of its current 400-plane fleet - he said, although he said the speed of such a deployment would depend on the availability of planes and deals with airports. Ryanair will still meet its target of flying 200 million passengers per year by 2024, up from just under 130 million this year, he said. OLeary said the decision to recognise unions would not impact on the companys annual profit forecast and that he did not expect staff costs to increase beyond the extra 100 million euros announced following the cancellation of 20,000 flights in September. FILE PHOTO - Ryanair commercial passenger jet lands in Colomiers near Toulouse, France, October 19, 2017. REUTERS/Regis Duvignau We have already admitted there will be an uptick in labour costs next year. But will it alter our model? No, he said. We will still have much lower aircraft costs, much lower financing costs, much lower airport deals. That will all remain unchanged. In the longer term, the rate of growth of staff costs could actually decrease as he said pilots prefer to work in unionised airlines, he said. OLeary said the decision to recognise unions was not a result of management weakness or pilot strength but the fact that the airline was facing the prospect of compensating 150,000 passengers in Christmas week and possibly more after that. If you need to go on strike just to test our mettle, then go ahead, OLeary said. But not in Christmas week. And not one that disrupts all our customers across Europe. Union recognition was always going to happen when we moved into France. We have just moved that forward, he said. Bellew and Wilson are due to meet with the Irish pilots union for the first time on Tuesday evening. OLeary declined to comment on what Ryanair would concede. Ryanair, he said, would go in with a can do attitude. Ryanair shares closed up 2.3 percent on Tuesday at 14.95 euros, but well below the Friday opening of 17.6 euros as investors have fretted that union recognition could potentially damage the carriers low-cost business model. Rory Powe, fund manager at Man GLG, a top 20 shareholder in Ryanair, said some investors agreed with OLearys reading of the situation. I dont see Ryanairs cost advantage being eroded by anything more than an immaterial amount, he said. He has adapted and will continue to stay. ($1 = 0.8466 euros) Additional reporting by Victoria Bryan and Maiya Keidan; Editing by Mark Potter, Susan Fenton and Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ryanair-pilots-unions/ryanair-says-serious-on-union-recognition-but-threat-to-move-planes-remains-idUKKBN1ED22Y'|'2017-12-19T20:39:00.000+02:00'|9764.0|''|-1.0|'' +9763|'13f5182a517f83f83d54e3b37acf8e601fef4a3d'|'Russian finance ministry to increase foreign currency buying in 2018'|'December 26, 2017 / 11:13 AM / Updated 9 hours ago Russian finance ministry to increase foreign currency buying in 2018 Darya Korsunskaya 4 Min Read MOSCOW (Reuters) - The Russian finance ministry plans to increase purchases of foreign currency for its reserves next year, reducing ruble volatility in a presidential election year, the Finance Minister said on Tuesday. FILE PHOTO: Russian Finance Minister Anton Siluanov attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. REUTERS/Sergei Karpukhin After two years of recession and a draining of reserves amid a sharp drop in the price of oil, Russias key export, the finance ministry has decided to replenish coffers and insulate the ruble by setting a budget rule. According to the rule, the finance ministry will buy dollars and other foreign currency when Russias crude blend Urals URL-E trades above $40 per barrel, the level factored into the budget. The higher the oil price, the bigger the forex purchases would be. Finance Minister Anton Siluanov said the finance ministry could spend around 2 trillion rubles ($35 billion) on foreign currency next year if Urals prices are at $54-55 per barrel. Urals crude last traded at $64.35 per barrel. This would more than offset the envisaged reserves spending next year, Siluanov said, adding that his ministry would increase foreign exchange purchases next year to level of up to 70 percent of non-oil and gas budget revenues from around 30-40 percent at present. Speaking to reporters, Siluanov said the increased foreign currency purchases would reduce the rubles vulnerability to volatility on capital markets in 2018. President Vladimir Putin, who will seek re-election for another six years in March, said this year the rubles stability was more important than its actual exchange rate. If oil prices average $60 per barrel, the finance ministry would buy around 2.8 trillion rubles, Siluanov said. Analysts at ING had predicted the finance ministry would increase its foreign currency purchases to more than $27 billion in 2018 from around $15 billion in 2017. The central bank carries out these purchases for the finance ministry but does not consider them as interventions aimed at bringing the ruble to a certain level as the rouble has had a free-floating status since 2015. Siluanov said he expected the ruble, trading in a range between 57 and 59 versus the dollar for a few weeks, to stay at these levels in 2018 if oil prices hover near $55 per barrel. The ruble forecast is valid if there are no new additional sanctions and nuisances due to external restrictions, Siluanov said. Russian authorities largely dismiss risks of new U.S. sanctions, which could be imposed in 2018 and could ban purchases of Russian debt, but are still bracing themselves for possible shocks in 2018. BUDGET DEFICIT Russia is likely to run a smaller-than-expected budget deficit this year as some of the planned spending has been postponed until next year, Siluanov said. The 2017 deficit is now seen at 1.5 trillion rubles, which accounts for 1.6 percent of gross domestic product, Siluanov said. The earlier approved budget plan envisaged a budget deficit of 2.1 percent of GDP. The budget deficit target for 2018 stands at 1.3 percent of GDP. Part of the budget shortfall next year will be covered by Russias No.1 state-owned lender Sberbank ( SBER.MM ) that is expected to channel around 130 billion rubles worth of dividends to the budget, Siluanov said. Writing by Andrey Ostroukh; Editing by Robin Pomeroy'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-russia-finmin/russian-finance-ministry-to-increase-foreign-currency-buying-in-2018-idUKKBN1EK0ON'|'2017-12-26T13:09:00.000+02:00'|9763.0|12.0|0.0|'' +9764|'9871b16f9671f09a447603482c71de7c206eac39'|'Defiant O''Leary says union recognition sets stage for Ryanair expansion'|'December 19, 2017 / 3:59 PM / Updated 5 minutes ago Defiant O''Leary says union recognition sets stage for Ryanair expansion Conor Humphries 5 Min Read DUBLIN (Reuters) - Ryanair Chief Executive Michael OLeary broke months of media silence on Tuesday to defend his decision to recognise unions for the first time in 32 years, saying it would allow his airline to expand and help to keep staff costs down. Ryanair CEO Michael O''Leary arrives at the Ryanair AGM in Dublin, Ireland September 21, 2017. REUTERS/Clodagh Kilcoyne/File Photo In his first interview since Fridays surprise decision to accept unionisation to stave off a string of Christmas strikes, OLeary said the move was his idea and that he would not step down. His action knocked more than 10 percent off the companys shares. But he also warned unions that he would not be a soft-touch and if they put forward unreasonable demands he would simply shift planes and jobs to other jurisdictions. This is not a ruse. This is serious, OLeary said of the decision, which he said was in many respects my idea and which he ran past the companys board of directors on Thursday night. But if someone is being unreasonable and we are being completely messed around by a union, we will still move aircraft away from that base or country, he said in the interview in his Dublin office, flanked by his chief operations officer Peter Bellew and chief people officer Eddie Wilson, who are leading talks with unions. He rejected media speculation that he may step aside to make way for Bellew, who left his position as chief executive of Malaysia Airlines last month and has been the face of the company in recent days. Am I going to leave? No. I am going to stay, said OLeary, in his first media interview since a Sept. 21 annual general meeting when he infuriated pilots by saying they did not have a difficult job. OLeary said union recognition would open new opportunities for Ryanair, allowing it to work in heavily unionised countries like France and Denmark. The airline could move 50 planes to France - one eighth of its current 400-plane fleet - he said, although he said the speed of such a deployment would depend on the availability of planes and deals with airports. Ryanair will still meet its target of flying 200 million passengers per year by 2024, up from just under 130 million this year, he said. OLeary said the decision to recognise unions would not impact on the companys annual profit forecast and that he did not expect staff costs to increase beyond the extra 100 million euros announced following the cancellation of 20,000 flights in September. FILE PHOTO - Ryanair commercial passenger jet lands in Colomiers near Toulouse, France, October 19, 2017. REUTERS/Regis Duvignau We have already admitted there will be an uptick in labour costs next year. But will it alter our model? No, he said. We will still have much lower aircraft costs, much lower financing costs, much lower airport deals. That will all remain unchanged. In the longer term, the rate of growth of staff costs could actually decrease as he said pilots prefer to work in unionised airlines, he said. OLeary said the decision to recognise unions was not a result of management weakness or pilot strength but the fact that the airline was facing the prospect of compensating 150,000 passengers in Christmas week and possibly more after that. If you need to go on strike just to test our mettle, then go ahead, OLeary said. But not in Christmas week. And not one that disrupts all our customers across Europe. Union recognition was always going to happen when we moved into France. We have just moved that forward, he said. Bellew and Wilson are due to meet with the Irish pilots union for the first time on Tuesday evening. OLeary declined to comment on what Ryanair would concede. Ryanair, he said, would go in with a can do attitude. Ryanair shares closed up 2.3 percent on Tuesday at 14.95 euros, but well below the Friday opening of 17.6 euros as investors have fretted that union recognition could potentially damage the carriers low-cost business model. Rory Powe, fund manager at Man GLG, a top 20 shareholder in Ryanair, said some investors agreed with OLearys reading of the situation. I dont see Ryanairs cost advantage being eroded by anything more than an immaterial amount, he said. He has adapted and will continue to stay. ($1 = 0.8466 euros) Additional reporting by Victoria Bryan and Maiya Keidan; Editing by Mark Potter, Susan Fenton and Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ryanair-pilots-unions/ryanair-says-serious-on-union-recognition-but-threat-to-move-planes-remains-idUKKBN1ED22Y'|'2017-12-19T20:39:00.000+02:00'|9764.0|6.0|0.0|'' 9765|'47ef4f4253bccf6fc832435b468c459799454070'|'Bitcoin surges above $15,000 after climbing $2,000 in 12 hours'|' 24 PM / Updated 6 minutes ago Bitcoin surges above $15,000 after climbing $2,000 in 12 hours Jemima Kelly 3 Min Read LONDON (Reuters) - Bitcoin rocketed above $15,000 for the first time on Thursday, after adding more than $2,000 to its price in fewer than 12 hours. A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic Bitcoin, the worlds biggest and best-known cryptocurrency, has seen a more than fifteenfold surge in its value since the start of the year. It climbed to as high as $15,344 on the Luxembourg-based Bitstamp exchange around 1420 GMT, leaving it up more than 12 percent on the day, having traded just above $13,000 12 hours earlier. Many market-watchers said the launch this weekend of bitcoin futures by CBOE, one of the worlds biggest derivatives exchanges, was helping drive up the price on expectations it would draw more investors to the market. Futures trading will mean more demand...and is a form of ratification of the underlying tech - bitcoin and cryptocurrencies in general. They are now on the main stage, said Charles Hayter, founder of cryptocurrency data analysis firm Cryptocompare. But some are warning that the launch of bitcoin futures, which will allow investors to take speculative short positions on the cryptocurrency, as well as long positions, could cause even greater volatility. Aggressive traders, such as hedge funds and algorithm-driven funds, (will be able) to use this futures market to enter bitcoin trading with high levels of liquidity for aggressive short-selling and knock the prices really low, said Think Markets analyst Naeem Aslam. Players now have an incentive to be on the short side and make profits hedging against the upside. The latest surge brought bitcoins market cap - its price multiplied by the total number of bitcoins in circulation - to more than $260 billion, according to Coinmarketcap, a trade website. That, in theory, makes its market value higher than that of Visa. The value of all cryptocurrencies now stands at around $415 billion, according to Coinmarketcap. Bitcoin has more than tripled in price since the start of October, putting it on track for its best quarter since the end of 2013, when it surged above $1,000 for the first time. It slumped in 2014, after Mt Gox, then the worlds biggest bitcoin exchange, collapsed, saying it had been hacked and had 650,000 bitcoins stolen. Reporting by Jemima Kelly, Editing by Abhinav Ramnarayan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-markets-bitcoin/bitcoin-surges-above-15000-after-climbing-2000-in-12-hours-idUKKBN1E11YT'|'2017-12-07T16:23:00.000+02:00'|9765.0|''|-1.0|'' 9766|'fb7068720e9232f28dd79976f86a6e69666c6047'|'Roche, Shire court fight escalates over haemophilia drug'|'December 16, 2017 / 10:09 AM / Updated 11 hours ago Roche, Shire court fight escalates over haemophilia drug John Miller 3 Min Read ZURICH (Reuters) - Roches patent dispute with London-listed Shire over the Swiss drugmakers new haemophilia drug Hemlibra has escalated, with Shire filing a new motion in a U.S. court that Roche says aims to stop some patients from getting its medicine. Shires motion for a preliminary injunction is part of an ongoing case in which it contends Roche infringed on a key patent to develop Hemlibra, approved in November by the U.S. Food and Drug Administration. The patent dispute at the U.S. district court of Delaware underscores Hemlibras potential to take business from Shire, with some analysts estimating Roches roughly $450,000-per-year drug will hit $5 billion in annual sales by muscling in on older drugs for the genetic disease whose sufferers blood does not clot properly. In a press release late last week, Shire said it expected a judge to rule next year. Until the courts decision on the motion for the preliminary injunction, expected summer 2018, is made there will be no patient impact, Shire said in a statement. Shire has proactively proposed a carve-out provision to facilitate access for patients, but the scope of the provision is ultimately a matter for the court to decide. There are about 20,000 people in the United States with the disease and 400,000 worldwide, according to the National Hemophilia Foundation. FILE PHOTO : Vitamins made by Shire are displayed at a chemist''s in northwest London July 11, 2014. REUTERS/Suzanne Plunkett/File Photo In the patent dispute, Roche argues Shires patent is not valid and that its scientists did not encroach on its rivals intellectual property. On Saturday, the Swiss company acknowledged that Shires latest motion would have no immediate impact on the current situation in which Hemlibra is approved for so-called inhibitor patients, or those who have developed resistance to clotting treatments like those made by Shire. It will have to go through a formal legal process before a decision is made, Roche said. But it contends Shires motion seeks to encroach on decisions best left to doctors and patients. We believe it is also inappropriate for Shire to dictate which patients should or should not receive Hemlibra, the company said in a statement. Roche is seeking to expand Hemlibras regulatory approvals beyond inhibitor patients to include those who have not yet developed resistance, to boost the medicines sales. Shire, whose shares dropped on Nov. 20 after Hemlibras approval, contends its latest motion will protect patients by preserving their treatment options. The filing of the preliminary injunction is not a decision we made lightly, and we carefully considered the impact this filing may have on hemophilia patients, it said. Reporting by John Miller; Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-roche-hldg-shire-patent/roche-shire-court-fight-escalates-over-haemophilia-drug-idUSKBN1EA08T'|'2017-12-16T11:57:00.000+02:00'|9766.0|''|-1.0|'' 9767|'21d86d49315fb724f1a3d2db163b5382c16f1709'|'Glencore sells parts of oil storage to China''s HNA, awaits U.S. clearance'|'December 29, 2017 / 10:03 AM / Updated an hour ago Glencore sells parts of oil storage to China''s HNA, awaits U.S. clearance Kane Wu 3 Min Read HONG KONG (Reuters) - Swiss-based trading and mining giant Glencore Plc has partly completed the sale of a 51 percent stake in its storage and logistics businesses to a unit of Chinas HNA Group, although transfer of some assets is pending U.S. clearance. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo Glencore in March agreed to sell the stake in HG Storage International Ltd, a vehicle that carries its petroleum products storage and logistics portfolio, to HNA Innovation Finance Group Co for $775 million. The commodities trader said on Friday that $579 million of the deal had closed. It added that three assets located in the United States would be transferred to HNA in 2018 upon receiving clearance from the Committee on Foreign Investment in the United States (CFIUS), which reviews national security implications of foreign investments in U.S. firms or operations. In a two-year acquisition spree, privately owned HNA has signed $50 billion worth of deals, buying stakes in logistics firms, hotels such as Hilton and even Deutsche Bank. This has prompted U.S. and European authorities to closely examine the Chinese firms ownership. CIFUS has not yet given its approval to a number of other major deals by HNA. HNA said, in a separate statement, that the companies had completed the deal and would operate HG Storage International Ltds portfolio in Europe, Africa and the Americas as a joint venture. It did not mention any pending U.S. approval for the transfer of three U.S. assets. A spokeswoman for HNA did not have an immediate comment on CFIUS approval. Glencore declined to comment further. CFIUS declined to comment. HNA has come under pressure to provide greater clarity about who owns the conglomerate. The CIFUS process has held up the completion of HNAs majority stake purchase in Skybridge Capital, owned by former White House communications director Anthony Scaramucci. This month, U.S. software firm Ness Technologies S.A.R.L. said it was suing HNA for failing to adequately answer CIFUS questions about its ownership, accusations that HNA has dismissed as baseless. Glencore had been looking to sell a bundle of its global oil storage stakes, following similar moves by rivals as a boom period for storage showed signs of ending. Demand for storage exploded following the oil price plunge in 2014 because the abundance of crude for immediate delivery meant traders could make millions by buying oil cheaply and storing it to resell later at higher prices. But the appeal of storing oil for Western trading houses decreased when the market balance changed as a result of OPEC-led oil output cuts. HNA has moved increasingly into commodities and logistics in the past year. In September, it announced shareholder approval to buy Singapores CWT for $1 billion. CWTs businesses include logistics services, commodity marketing, financial services and engineering services. Reporting by Kane Wu, additional reporting by Jennifer Hughes in Hong Kong, Clara Denina and Julia Payne in London; editing by Himani Sarkar and Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-glencore-hna-m-a/glencore-partly-completes-stake-sale-in-oil-storage-assets-to-chinas-hna-idUKKBN1EN0RT'|'2017-12-29T15:03:00.000+02:00'|9767.0|''|-1.0|'' @@ -9840,7 +9840,7 @@ 9838|'dcbc96f219f20fc0bb1a810a70060f5c4c7a2c55'|'Venezuela PDVSA boss says oil contracts to be reviewed in graft probe'|'December 3, 2017 / 9:40 PM / Updated 7 minutes ago Venezuela PDVSA boss says oil contracts to be reviewed in graft probe Reuters Staff 1 Min Read CARACAS (Reuters) - The new president of Venezuelan state oil company, Major General Manuel Quevedo, said on Sunday that oil service contracts would be reviewed as part of an alleged crackdown on graft sweeping the OPEC members energy industry. Venezuela''s Oil Minister Manuel Quevedo talks to journalists at the beginning of an OPEC meeting in Vienna, Austria, November 30, 2017. REUTERS/Heinz-Peter Bader Reporting by Alexandra Ulmer and Deisy BuitragoEditing by Sandra Maler'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-venezuela-oil/venezuela-pdvsa-boss-says-oil-contracts-to-be-reviewed-in-graft-probe-idUSKBN1DX0V8'|'2017-12-03T23:39:00.000+02:00'|9838.0|''|-1.0|'' 9839|'34a3dbcb81fa83c72b8e3dcb6fd121d584b8b063'|'BRIEF-CSX Names James M. Foote President and Ceo'|' 09 PM / Updated 19 minutes ago BRIEF-CSX Names James M. Foote President and Ceo Reuters Staff Dec 22 (Reuters) - CSX Corp: * CSX BOARD OF DIRECTORS NAMES INDUSTRY VETERAN JAMES M. FOOTE PRESIDENT AND CEO * FOOTE WAS NAMED ACTING CEO ON DEC. 14 AFTER E. HUNTER HARRISON WAS PLACED ON MEDICAL LEAVE * FOOTE WILL ALSO JOIN COMPANYS BOARD OF DIRECTORS * EXECUTION OF PRECISION SCHEDULED RAILROADING IS WELL UNDERWAY Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-csx-names-james-m-foote-president/brief-csx-names-james-m-foote-president-and-ceo-idUSASB0BZ1G'|'2017-12-22T20:08:00.000+02:00'|9839.0|''|-1.0|'' 9840|'86dc949876e31e3ff8496122df2223b97e64cbef'|'Lufthansa scraps purchase of Air Berlin''s Niki'|'December 13, 2017 / 2:13 PM / Updated 8 minutes ago Lufthansa scraps purchase of Air Berlin''s Niki Reuters Staff 2 Min Read BERLIN (Reuters) - Lufthansa has abandoned plans to buy Air Berlin subsidiary Niki after being told by the European Commission that it would not allow the deal. A placard is seen in the cockpit of the plane of the AB6210, the last flight, operated by insolvent carrier Air Berlin before departing Munich''s international airport, southern Germany, October 27, 2017. Sign reads "Air Berlin says goodbye". REUTERS/Michael Dalder The planned takeover of Air Berlin businesses Niki and LGW had raised concerns among rivals that Lufthansa would become too dominant in Germany. Lufthansa said it would still pursue its growth plans for its Eurowings low-cost business but would do so without the Niki acquisition. Air Berlin administrators had been holding fresh talks with others parties previously interested in Niki - British Airways parent IAG and Thomas Cooks Condor. But they said on Tuesday that no suitable offers were ready and that unless the deal was approved quickly, Niki would have to follow its parent and file for insolvency protection itself. Lufthansa said it still planned to buy Air Berlin subsidiary LGW and would submit a revised proposal, including foregoing slots, to the Commission on Wednesday. The purchase price for LGW on its own is around 18 million euros (15.9 million), Air Berlin said, compared to a previous price of 210 million euros for the deal including Niki. The German government had been expecting to use the sale proceeds to repay a bridge loan it awarded to Air Berlin to keep it flying after it filed for insolvency protection. ($1 = 0.8499 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-air-berlin-m-a-lufthansa/lufthansa-scraps-purchase-of-air-berlins-niki-idUKKBN1E71V8'|'2017-12-13T16:13:00.000+02:00'|9840.0|''|-1.0|'' -9841|'c9f65b7558ef6098d45f05340712c104a1bc7f21'|'France''s Sanofi pins hopes on new drugs after setbacks'|'December 13, 2017 / 7:10 AM / Updated 3 hours ago France''s Sanofi pins hopes on new drugs after setbacks Matthias Blamont 5 Min Read PARIS (Reuters) - Sanofis ( SASY.PA ) promising pipeline of experimental drugs can help it overcome setbacks including the low uptake of a new cholesterol treatment and concerns about a dengue vaccine, the French pharmaceuticals group said on Wednesday. FILE PHOTO: A logo is seen in front of the entrance at the headquarters French drugmaker Sanofi in Paris October 30, 2014. REUTERS/Christian Hartmann/File Photo The worlds sixth largest drugmaker, battling to contain the fallout from a safety row in the Philippines over dengue vaccine Dengvaxia, said it expected to file nine medicines for regulatory assessment in the next 18 months. Shares in Sanofi were down 0.77 percent at 1510 GMT. Some investors have voiced discontent with the groups product pipeline and its failure to make a large acquisition since it appointed Olivier Brandicourt as chief executive in 2015. Sanofi is under pressure to stand out in research and development as its diabetes division still has to overcome pricing constraints in the United States, the worlds largest health market, where its blockbuster insulin medication Lantus has lost its patent. In opening remarks at a company investor day, Brandicourt said the group was on track to sell its European generic drugs unit in the coming year, a long-awaited deal which could be worth more than 2 billion euros ($2.35 billion), sources say. We are making good progress overall on our roadmap and I am confident that Sanofi now is much better positioned to deliver the sustained and long term growth that our shareholders are expecting from us, he said. The company said in November 2015 its five-year strategic plan would see six key launches likely to generate peak sales of 12 billion to 14 billion euros by 2025. One of them, Dengvaxia, is proving disappointing after findings the vaccine could, in some cases, increase the risk of severe dengue in recipients not previously infected by the virus. Once touted as a $1 billion-a-year blockbuster product, Dengvaxias initial sales last year were only 55 million euros. Hurdles to patient access by health insurers and pharmacy benefit managers have also led to disappointing sales in Sanofis new cholesterol drug Praluent. When I turn to delivering outstanding launches, I concede that our record over the past two years has been mixed, Brandicourt said. While we are not changing our ambition of combined peak sales, we are clearly much more reliant on our immunology franchise. MULTI-TARGETING In immunology, Sanofi has been concentrating on multi-targeting drugs that have the potential to treat more than one disease. One example is dupilumab, which was developed with U.S partner Regeneron ( REGN.O ) and for which it has secured approval in the United States and Europe to treat eczema. The drug is also expected to have further uses in asthma, nasal polyps, eosinophilic esophagitis and food allergies. Phase 3 development for dupilumab is now planned in chronic obstructive pulmonary disease (COPD), Sanofi said. Sanofi, whose shares have underperformed major rivals, reiterated its strategy to rebuild its position in cancer and said it expected a first regulatory submission of its monoclonal antibody for relapsed refractory multiple myeloma in 2018. The drug will compete with Genmabs ( GEN.CO ) and Johnson & Johnsons (J&J) ( JNJ.N ) Darzalex which is already on the market. DIVERSIFIED The Cancer Research Institute said last week the race to come up with new immunotherapy treatments for cancer had sparked an unprecedented expansion in the oncology drug pipeline, with more than 2,000 immune-system-boosting agents in development. The result is a scramble for patients to enrol in clinical trials, duplication of effort and the likely ultimate failure of many projects, according to experts. Asked if Sanofi had the means to pursue its strategy in multiple indications while some other players have opted to focus on niche products or key drugs, Brandicourt said Sanofi had made a clear choice to remain diversified. There is no miracle recipe, he said. But given the risks in the industry, we came to the conclusion that being active in one therapeutic area only was dangerous. ($1 = 0.8505 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-sanofi-strategy/sanofi-sees-nine-regulatory-submissions-over-next-18-months-idUKKBN1E70N2'|'2017-12-13T13:13:00.000+02:00'|9841.0|''|-1.0|'' +9841|'c9f65b7558ef6098d45f05340712c104a1bc7f21'|'France''s Sanofi pins hopes on new drugs after setbacks'|'December 13, 2017 / 7:10 AM / Updated 3 hours ago France''s Sanofi pins hopes on new drugs after setbacks Matthias Blamont 5 Min Read PARIS (Reuters) - Sanofis ( SASY.PA ) promising pipeline of experimental drugs can help it overcome setbacks including the low uptake of a new cholesterol treatment and concerns about a dengue vaccine, the French pharmaceuticals group said on Wednesday. FILE PHOTO: A logo is seen in front of the entrance at the headquarters French drugmaker Sanofi in Paris October 30, 2014. REUTERS/Christian Hartmann/File Photo The worlds sixth largest drugmaker, battling to contain the fallout from a safety row in the Philippines over dengue vaccine Dengvaxia, said it expected to file nine medicines for regulatory assessment in the next 18 months. Shares in Sanofi were down 0.77 percent at 1510 GMT. Some investors have voiced discontent with the groups product pipeline and its failure to make a large acquisition since it appointed Olivier Brandicourt as chief executive in 2015. Sanofi is under pressure to stand out in research and development as its diabetes division still has to overcome pricing constraints in the United States, the worlds largest health market, where its blockbuster insulin medication Lantus has lost its patent. In opening remarks at a company investor day, Brandicourt said the group was on track to sell its European generic drugs unit in the coming year, a long-awaited deal which could be worth more than 2 billion euros ($2.35 billion), sources say. We are making good progress overall on our roadmap and I am confident that Sanofi now is much better positioned to deliver the sustained and long term growth that our shareholders are expecting from us, he said. The company said in November 2015 its five-year strategic plan would see six key launches likely to generate peak sales of 12 billion to 14 billion euros by 2025. One of them, Dengvaxia, is proving disappointing after findings the vaccine could, in some cases, increase the risk of severe dengue in recipients not previously infected by the virus. Once touted as a $1 billion-a-year blockbuster product, Dengvaxias initial sales last year were only 55 million euros. Hurdles to patient access by health insurers and pharmacy benefit managers have also led to disappointing sales in Sanofis new cholesterol drug Praluent. When I turn to delivering outstanding launches, I concede that our record over the past two years has been mixed, Brandicourt said. While we are not changing our ambition of combined peak sales, we are clearly much more reliant on our immunology franchise. MULTI-TARGETING In immunology, Sanofi has been concentrating on multi-targeting drugs that have the potential to treat more than one disease. One example is dupilumab, which was developed with U.S partner Regeneron ( REGN.O ) and for which it has secured approval in the United States and Europe to treat eczema. The drug is also expected to have further uses in asthma, nasal polyps, eosinophilic esophagitis and food allergies. Phase 3 development for dupilumab is now planned in chronic obstructive pulmonary disease (COPD), Sanofi said. Sanofi, whose shares have underperformed major rivals, reiterated its strategy to rebuild its position in cancer and said it expected a first regulatory submission of its monoclonal antibody for relapsed refractory multiple myeloma in 2018. The drug will compete with Genmabs ( GEN.CO ) and Johnson & Johnsons (J&J) ( JNJ.N ) Darzalex which is already on the market. DIVERSIFIED The Cancer Research Institute said last week the race to come up with new immunotherapy treatments for cancer had sparked an unprecedented expansion in the oncology drug pipeline, with more than 2,000 immune-system-boosting agents in development. The result is a scramble for patients to enrol in clinical trials, duplication of effort and the likely ultimate failure of many projects, according to experts. Asked if Sanofi had the means to pursue its strategy in multiple indications while some other players have opted to focus on niche products or key drugs, Brandicourt said Sanofi had made a clear choice to remain diversified. There is no miracle recipe, he said. But given the risks in the industry, we came to the conclusion that being active in one therapeutic area only was dangerous. ($1 = 0.8505 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-sanofi-strategy/sanofi-sees-nine-regulatory-submissions-over-next-18-months-idUKKBN1E70N2'|'2017-12-13T13:13:00.000+02:00'|9841.0|8.0|0.0|'' 9842|'8c7a3f6efd41b0accaa5f35ee76320c01efcfe70'|'Apple slows some older iPhones because of flagging batteries'|'December 21, 2017 / 12:45 AM / Updated 17 hours ago Apple slows some older iPhones because of flagging batteries Stephen Nellis 3 Min Read (Reuters) - Apple Inc ( AAPL.O ) has addressed claims from an app company that says the maker of iPhones slows down the performance of older phones. A logo of Apple is seen in this September 23, 2014 illustration photo in Sarajevo. REUTERS/Dado Ruvic On Monday, the blog Primate Labs, a company that makes an app for measuring the speed of an iPhones processor, published data that appeared to show slower performance in the Apples iPhone 6s and iPhone 7 models as they aged. Apple on Wednesday acknowledged that the company does take some measures to reduce power demands - which can have the effect of slowing the processor - when a phones battery is having trouble supplying the peak current that the processor demands. The problem stems from the fact that all lithium-ion batteries, not just those found in Apple products, degrade and have problems supplying the big bursts as they age and accumulate charging cycles, Apple said in a statement. The problems with peak current draws can also occur when batteries are cold or low on charge. Last year we released a feature for iPhone 6, iPhone 6s and iPhone SE to smooth out the instantaneous peaks only when needed to prevent the device from unexpectedly shutting down during these conditions, Apple said in an emailed statement to Reuters. Weve now extended that feature to iPhone 7 with iOS 11.2, and plan to add support for other products in the future. When an iPhones processor makes a big current draw from a flagging battery, the battery can deliver the current in spikes that can potentially damage the phones electronics. As a result, iPhones would suddenly shut down to protect the pricey processor from being damaged by the power spikes. The sudden shutdown problem became widespread among iPhones in late 2016, forcing Apple to issue a software fix that had the net result of slowing the phone somewhat with an old, cold or low-charged battery, the company said. The problem can be remedied by replacing the phones battery. Apple charges $79 to replace batteries not covered under the phones warranty. The company has long faced criticism from repair advocates for making its batteries difficult for users to replace on their own. Reporting by Stephen Nellis; editing by Diane Craft'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/apple-batteries/apple-slows-some-older-iphones-because-of-flagging-batteries-idINKBN1EF028'|'2017-12-21T02:41:00.000+02:00'|9842.0|''|-1.0|'' 9843|'94456e77b5cd3ffb2ee76b8dc6763aafe52784e0'|'HSBC has three-year head start on foreign investment banking rivals in China - Gulliver'|'December 7, 2017 / 6:38 AM / Updated 6 hours ago HSBC has three-year head start on foreign investment banking rivals in China - Gulliver Jennifer Hughes 4 Min Read HONG KONG (Reuters) - HSBC has a three-year head start on its foreign investment banking rivals in China because of the British banks unique position of having management control of its securities venture there, chief executive Stuart Gulliver said on Thursday. FILE PHOTO: A man walks past a logo of HSBC outside a branch at the financial Central district in Hong Kong, China June 2, 2015. REUTERS/Bobby Yip/File Photo Gullivers comments come after Beijing, in a surprise move last month, announced it will allow foreigners to control their onshore operations. Currently non-Chinese groups are limited to 49 per cent stakes in joint ventures in the fast-growing market. HSBCs 51 percent control of HSBC Qianhai Securities is unique because it was able to use its long-established Hong Kong unit to take advantage of a rule favouring banks based in the city. Many international banks are keen to launch new Chinese ventures with majority control or to boost their stakes in existing partnerships to help integrate those operations with their global networks and to better manage reputational risk, bankers have said. But it will be some years before things fall into place for foreign majority-owned ventures to kick off, according to HSBCs CEO. The regulations will come in two years time. Then you have to pick your partner and youve got to hire people - we think weve got a three-year head start, Gulliver told a media briefing at the launch of its securities joint venture in Shenzhen. FILE PHOTO: A logo of HSBC is displayed outside a branch at the financial Central district in Hong Kong, China June 2, 2015. REUTERS/Bobby Yip/File Photo The joint venture, with Qianhai Financial Holding Company, an investment unit controlled by local government, is part of the UK-headquartered banks pivot to Asia - a strategy launched in 2015 that aimed to capitalise on its strong links in the region and the closeness of Chinas Cantonese-speaking Pearl River Delta region to HSBCs Hong Kong stronghold. The ventures licence allows HSBC to underwrite bond and equity sales in the mainland and to act as a broker for shares listed in Shanghai and Shenzhen. It can also publish research on Chinese companies to local clients. So far, almost 100 staff have been hired, with investment bankers making up the biggest group. Asia accounted for 70 percent of HSBCs adjusted pre-tax profit in the first nine months of this year. Gulliver said on Thursday he expected the Pearl River Delta business, which includes retail and commercial banking as well as the new securities business, to produce $1 billion in cumulative pre-tax profit in the next three to five years and add about $500 million a year after that. The bank has about 17,400 staff in the area already, with 15,000 in data processing and software. About 2,400 are in its branches - a number he expects to double by 2020. Gulliver is due to step down in 2018 as chief executive after seven years at the helm. He will be replaced by John Flint, who currently runs the banks retail and wealth management division. The CEO welcomed news that Ping An had become HSBCs second-largest shareholder. The Chinese insurer began buying shares in 2016 as part of its insurance investments and on Wednesday passed the 5 per cent threshold after which it had to announce its holding. We are really very happy about this, Gulliver said, adding that he and other senior managers met regularly with Ping An executives as they did with other large shareholders. Reporting by Jennifer Hughes; Editing by Muralikumar Anantharaman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-hsbc-china/hsbc-has-three-year-head-start-on-foreign-investment-banking-rivals-in-china-gulliver-idUKKBN1E10M9'|'2017-12-07T08:39:00.000+02:00'|9843.0|''|-1.0|'' 9844|'d1ea15e2c715a7546bd9f75afb02e6756f60bfc5'|'Peru''s Kuczynski acknowledges having advised Odebrecht project'|'December 9, 2017 / 6:25 PM / in 15 minutes Peru''s Kuczynski acknowledges having advised Odebrecht project Reuters Staff 3 Min Read LIMA (Reuters) - Peruvian President Pedro Pablo Kuczynski acknowledged that he worked as a financial adviser for an irrigation project owned by the Brazilian builder Odebrecht [ODBES.UL] on Saturday, contradicting his previous denials of having any links to the company. Peru''s President Pedro Pablo Kuczynski attends the APEC Economic Leaders'' Meeting in Danang, Vietnam November 11, 2017. REUTERS/Jorge Silva Odebrecht is at the center of Latin Americas biggest graft scandal and has admitted to paying about $30 million in bribes to secure contracts in Peru over a decade. Kuczynski worked in the Cabinet of former President Alejandro Toledo, who prosecutors say took a $20 million bribe from Odebrecht during his 2001-2006 term. However, Kuczynski has not been named as a suspect in the far-reaching graft probe by the attorney generals office. In a televised interview with local broadcaster RPP, Kuczynski denied being a partner in an investment fund that allegedly had links to Odebrecht. However, he said he had worked as a financial adviser for several companies that needed to raise funds for big projects, including an Odebrecht firm. They use bankers, said Kuczynski, a 79-year-old former Wall Street banker elected president in 2016. Ive been a banker, in New York, for a very prestigious bank. Ive been one of the founders of whats called project financing. So sometimes, I was hired. For H2Olmos, an irrigation project. Odebrecht owns H2Olmos SA, which was formed in 2009 to build and operate one of its landmark projects in Peru - carving a 20-kilometer (12-mile) tunnel through the Andes to transport water to irrigate agricultural fields in the desert. Kuczynskis comments could provide more ammunition for the opposition-controlled Congress as it targets him in its probe into Odebrechts links to politicians. Kuczynski had previously denied reports in local media that Odebrecht hired him as an adviser a decade ago to mend ties with him after he opposed highway contracts awarded to the company in Toledos government. Kuczynski did not provide additional details about his work for H2Olmos, and his office did not respond to requests for comment. However, he stressed in the interview that the advising work was done when he was a private citizen and denied favoring any company while in public office. Odebrecht reached a deal to sell H2Olmos to Brookfield Infrastructure Partners LP and Suez SA a year ago. However, the sale has not closed. While the attorney generals office reopened a preliminary probe related to Odebrecht and Kuczynski a year ago, it has not accused Kuczynski of wrongdoing. Reporting by Mitra Taj; Editing by Lisa Von Ahn'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-peru-kuczynski-odebrecht/perus-kuczynski-acknowledges-having-advised-odebrecht-project-idUSKBN1E30OX'|'2017-12-09T20:13:00.000+02:00'|9844.0|''|-1.0|'' @@ -9880,7 +9880,7 @@ 9878|'3149c0024d5df3c8548cbfd8e98578f57159381e'|'Acacia to sell Burkina Faso asset for $45 mln to Canada''s Sandstorm Gold'|' 41 AM / a few seconds ago Acacia to sell Burkina Faso asset for $45 million to Canada''s Sandstorm Gold Reuters Staff 1 Min Read (Reuters) - Acacia Mining Plc said on Tuesday it would sell its 2 percent royalty over the Hound Mine in Burkina Faso for $45 million to Sandstorm Gold Ltd. The deal is expected to close early in the first quarter of 2018. Acacia, whose three producing gold mines are in Tanzania, has been hit by changes in mining laws that have dented the investment appeal of companies operating in countries such as South Africa and Tanzania, where nations feel they are not reaping the benefits of their minerals. Barrick Gold, the worlds biggest gold miner and 63.9 percent owner of Acacia, struck a deal with the Tanzanian government in October to end a dispute, part of which involved Acacia making a $300 million payment to the east African country. Acacia said then it could not immediately afford the payment. The sale will help bolster the companys balance sheet as the concentrate export ban in Tanzania enters its second year, Jefferies analysts wrote in a note on Tuesday. Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-acacia-mining-divestiture/acacia-to-sell-burkina-faso-asset-for-45-million-to-canadas-sandstorm-gold-idUSKBN1ED0NA'|'2017-12-19T09:36:00.000+02:00'|9878.0|''|-1.0|'' 9879|'01fb839430481df334cdf3086a9291f0cd290223'|'Three months that shook Ryanair - How cancellations sparked a pilot revolt'|'December 20, 2017 / 6:10 PM / Updated 11 minutes ago Three months that shook Ryanair - How cancellations sparked a pilot revolt Conor Humphries 8 Min Read DUBLIN (Reuters) - Within hours of the news on Sept. 15 that thousands of Ryanair flights had been cancelled in Europe, pilots WhatsApp groups exploded with pent-up frustration. FILE PHOTO: A pilot disembarks a Ryanair flight at Stansted airport in London, Britain September 27, 2017. REUTERS/Clodagh Kilcoyne While management explained away the cancellations as a one-off rostering screw-up, pilots believed there was a deeper problem - that disaffected colleagues were leaving in droves. The pilots saw an opportunity to shift the balance of power in a company where they feel they are treated, in the words of one serving captain, like janitors. A hectic five days of Facebook and WhatsApp exchanges and meetings later, representatives of 20 of Ryanairs 87 bases were demanding new contracts. In December, pilots in Italy, Ireland and Portugal called strikes that would have been the first of their kind in the airlines history. The discontent has always been there ... but the cancellations triggered everyone to mobilise, one pilot said. Their manoeuvre worked. On Dec. 15, Chief Executive Michael OLeary recognised unions for the first time, crossing what for him had always been a red line. The full implications of union recognition for Ryanairs pioneering ultra low-cost business model will take months to become clear. The markets view was immediate: shares fell 9 percent in a single day. In his first interview since the cancellations, OLeary told Reuters the decision did not indicate management weakness or pilot strength but the fact that the airline was facing the prospect of compensating 150,000 passengers in Christmas week. If you need to go on strike just to test our mettle, then go ahead, OLeary said in his Dublin office on Tuesday. But not in Christmas week. And not one that disrupts all our customers across Europe. The blunt-speaking CEO, who once crossed a picket line of baggage handlers to help load a plane, also indicated a grudging respect for the pilots: In fairness, their timing was good. Analysts have been concerned that rising staff costs could destroy one of the main pillars of the airlines cost advantage, pushing it into the crowded middle ground occupied by easyJet ( EZJ.L ) and restructured legacy carriers such as Air Lingus. OLeary counters that a tiny proportion of its advantage over rivals is due to staff costs. There will be an uptick in labour costs next year, but will it alter the model? No. SOMETHING AWRY The first signs that something was awry at Ryanair came in early summer, according to union officials and three pilots who asked not to be named because their contracts forbid them to talk to the media. By May, the rostering department had begun calling pilots to ask them to work during their annual month off, a first. Calls on days off also increased in frequency and on short notice, measures one pilot said were seen as a sign of desperation. From the start of the summer schedule there were very, very clear signs that there issues in crew control, said the pilot, a captain who works at a base in northwest Europe. OLeary acknowledged in the interview that there were all these little bits of mismanagement, including training pilots being sent to fly passengers and a backlog of newly hired pilots unable to fly. By mid-summer, punctuality was suffering. In-house statistics show the number of flights arriving on time deteriorated from 91 percent in April to 83 percent in July, its worst level since 2010. In early September, it had collapsed to the mid-60s, causing cascading delays and cancellations. Management put out a call on Sept. 13 offering pilots more money to work extra days, with management not quite realising how serious it was, OLeary told Reuters. Two days later, Ryanair bowed to the inevitable and announced the cancellations. Management has maintained the problem was triggered by a regulatory change: starting in 2018, Irish airlines will have to calculate pilots annual 900-hour flying time limits on the basis of the calendar year, like the rest of the European Union, rather than the customary April to March. The rostering department responded by over-allocating annual leave in the final four months of 2017, which meant almost half of the companys pilots took a month off between September and December compared to 40 percent in a normal year, OLeary said. FILE PHOTO: Ryanair CEO Michael O''Leary arrives at the Ryanair AGM in Dublin, Ireland September 21, 2017. REUTERS/Clodagh Kilcoyne The Irish Aviation Authority (IAA) told Reuters the rostering move was not a direct result of their change because the rules on annual limits were effectively waived. The airline made a commercial decision and has accepted full responsibility, the IAA said in a statement. SHORTAGES Many pilots believe the key factor was the high number of pilots leaving, and questioned managements distinction between a standby pilot shortage, which it admitted, and a pilot shortage, which it denied. OLeary told investors on Sept. 18 that the annual turnover among Ryanairs 4,400 pilots was less than 5 percent . On Tuesday, however, he admitted turnover had reached high single digits for captains and low teens for First Officers in 2017, more than double the churn rate of below 4 percent reported by easyJet. The number of pilots leaving has undoubtedly stepped up this year, OLeary said. The uptick in First Officer resignations is highly unusual. After the September cancellations OLeary announced an extra 10,000 euros per year to pilots in several bases and goodies to pilots at others. If pilots misbehaved, however, that will be the end of discussion on goodies, he said. The approach did not have the desired effect and a week later the airline was forced to cancel another 18,000 flights and cut its growth plans, grounding 25 planes in the winter and 10 next summer. While management was suffering setbacks, the pilots were growing in confidence. By the end of September, they had set up an unofficial pan-European body with its own web site and WhatsApp group, allowing information to be shared instantly among a majority of pilots for the first time. In October, the airline made its next move, hiring back its former director of flight operations, Peter Bellew, after just over a year as CEO at Malaysia Airlines to lead a significant transformation in the way we reward and interact with our pilots. In a meeting with pilots in London in mid-December, Bellew conceded the airline had lost pilots trust, according to a recording of the meeting reported in Irish media on Tuesday and heard by Reuters. The airlines administrative staff appeared determined to give pilots a hard time, he said. With the anger there is around the place, if we dont manage to turn that around, were going to lose more people, so we need to change that, Bellew said. Ryanair and Bellew declined to comment on the recording. TOXIC CULTURE OLeary made it Ryanairs trademark to treat pilots more like bus drivers than what he saw as the pampered rock stars of aviations golden a'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ryanair-pilots-insight/three-months-that-shook-ryanair-how-cancellations-sparked-a-pilot-revolt-idUKKBN1EE2D3'|'2017-12-20T20:09:00.000+02:00'|9879.0|''|-1.0|'' 9880|'96fca21d68e8ddfebe1dc1b0f91f2fbb2743c9b5'|'Russias dysfunctional funeral business gets a makeover - Notes from the undertaker'|'THE calls began shortly after Yulias grandmother died. The undertaker offered help arranging the funeral, for 47,000 roubles ($800) in cash. She then travelled to Moscows Khovanskoe Cemetery, where she was offered a discount on a gravesite150,000 roubles offif she could bring cash within three hours and sign a receipt saying she had paid half that amount. Yulia (whose name has been changed) and her family gave in. We knew we were paying a bribe, but what else could we do?To bury a loved one in Russia often means entering an underworld of corruption and red tape. The myriad goods and services needed, from preparing the body for burial to funeral arrangements to carving a headstone, all represent opportunities for extortion in a largely informal market. Instead of a funeral as a commercial service, the consumer is offered a strange sort of quest, writes Sergei Mokhov, editor of The Archaeology of Russian Death , an academic journal. Official spending on funeral services reached some 58bn roubles in 2016. But most of the marketanother 120bn-150bn roublesremains in the shadows, according to official estimates. Change may be afoot. President Vladimir Putin in August directed his government to clean up the industry. The authorities want to bring revenues into the light and under control of state firms, such as GBU Ritual, a large provider in Moscow. Earlier when there was lots of oil money, no one wanted to bother with foul-smelling funerals, notes Mr Mokhov, but now the state is looking for resources. An unintended consequence may be to allow more space for entrepreneurs, who see opportunities to disrupt Russias most archaic sector. This is practically the last sphere to go through a market transition, says Oleg Shelyagov, owner of Ritual.ru, an innovative funeral-services provider in Moscow.Russias history has shaped the industry in unusual ways. Under the tsars the church oversaw most funerals and cemeteries. The Bolsheviks nationalised church land and property, abolished traditional rituals, and decreed that all citizens must have identical funerals. In practice, however, the Soviet authorities paid little attention to burial practices.After the Soviet Unions collapse absolute bacchanalia and absolute banditry took hold, says Vladimir Panin, director of STIKS-S, one of Moscows oldest funeral bureaus. Over time some 20 firms, including Mr Panins, became specialised city services, or privately owned firms that the city licenses as funeral providers in return for a small stake (no less than 5%). These firms developed a simple business strategy, paying rent to hospitals and morgues for offices on the premises, then waiting for the inevitable appearance of clients. (The city received shares in the firms in exchange for offering access to state infrastructure.)RIP-offTheir main competitors have long been black agentsindependent operators who buy information on recent deaths from police, medical and morgue employees (the going rate in Moscow for this kind of intelligence is 20,000 roubles). These agents thrust themselves upon relatives of the deceased, often showing up at home offering help with documents, coffins and arrangements. They often price services by the bootsestimating from the clients appearance how much they can pay.Problems mounted for years with little government response. The last notable law on the industry passed in 1996. Oversight has been minimal. But Mr Putins order, and a run of scandals, including a brawl over turf that left three dead and dozens wounded at Moscows Khovanskoe Cemetery in 2016, gave impetus to talk of reform. Officials speak of raising standards, banning funeral agents from morgues and hospitals, and digitising services.A handful of newer players have emerged, hoping to speed the industrys transformation. Mr Shelyagov, a former banker, acquired a controlling share in Ritual.ru in 2016 and set out to modernise things. Rather than purchasing death notices or setting up shop in morgues, Ritual.ru aims to attract customers with a competitive product and strong branding. He talks of becoming the Coca-Cola in this market, but admits that marketing funeral services is a challenge. What are you going to do, put an ad up for cheap coffins?Ritual.ru has developed two in-house apps: one, inspired by Uber, connects its network of funeral agents with incoming orders; a second contains a catalogue where customers can choose coffins, wreaths and other services, with fixed prices and the option to pay by credit card. Everyone is afraid to call this business a business, says Mr Shelyagov. But its no different from any other. Another firm, Chestniy Agent (meaning Honest Agent), employs drones to map cemeteries, most of which have few or no records, to find space; their app links agents with suppliers for coffins and headstones.Entrepreneurs and established companies must nonetheless contend with an expansionist GBU Ritual. In 2015 it went beyond controlling city cemeteries, also taking over spaces in morgues and hospitals to offer funeral arrangements. Why are there changes? Because someone wants to eat, laments Mr Panin, gazing at two shark heads perched on the shelves of his opulent office. His company, until recently one of Moscows largest funeral agencies, is under strain. Back in the 80s and 90s there were bandits, he says. Now there are the state structures.This article appeared in the Business section of the print edition under the headline "Notes from the undertaker"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21732838-shoot-out-cemetery-and-governments-need-revenue-prompt-reform-often-corrupt?fsrc=rss'|'2017-12-19T23:50:00.000+02:00'|9880.0|''|-1.0|'' -9881|'b589d89ab89ef2d91a1a9879485807ecd6a18515'|'An accounting scandal sends Steinhoff plummeting - Broken furniture'|'THE scale is staggering, even by the standards of scandal-worn South Africa. Steinhoff, a retailer that is one of the countrys best-known companies, admitted to accounting irregularities on December 6th when it was due to publish year-end financial statements. Its chief executive, Markus Jooste, resigned, and the firm announced an internal investigation by PwC. Within days Steinhoff had lost 10.7bn ($12.7bn) in market value as its share price fell by more than 80% (see chart). Much is unclear, but it is shaping up to be the biggest corporate scandal that South Africa has ever seen. The company has said it is reviewing the validity and recoverability of 6bn in non-South African assets.Steinhoff traces its roots to West Germany, where it found a niche sourcing cheap furniture from the communist-ruled east. The company merged with a South African firm in 1998 and is based in Stellenbosch, near Cape Towna Winelands town that is home to some of the wealthiest Afrikaner businessmen. It recently pursued a debt-fuelled expansion, buying furniture and homeware chains, from Conforama in France and Mattress Firm in America to Poundland in Britain, becoming Europes second-largest furniture retailer after IKEA. It has 130,000 employees at 12,000 outlets in over 30 countries. 43 minutes 7 7 Between June 2014 and September 2016 Steinhoff expanded its assets by 145% as its acquisition spree intensified. This splurge added to its financial complexity and might have helped it to hide bad news. A recent report by Viceroy Research, which hunts for stocks to sell short, or bet against, accuses Steinhoff of using off-balance-sheet vehicles to inflate profits and mask losses. Viceroys analysts concluded that these vehicles were controlled by associates and former executives of Steinhoff, and that they engaged in transactions with Steinhoff that the firm failed to disclose.They also allege that Steinhoff made loans to these entities, allowing it to book interest revenue that was never likely to be translated into cash. This, they argue, went hand in hand with round-tripping, in which large blocks of business were moved off the books and only the profitable bits were then brought back on. The firm has not commented in detail on the analysis, though it has denied impropriety.Steinhoffs biggest shareholder is Christo Wiese, one of South Africas richest men. One money manager wonders how Mr Wiese could have been unaware of accounting problems. But there are also questions over the level of due diligence performed by some large financial firms. Steinhoff was a top-15 stock by market value on the Johannesburg Stock Exchange (JSE); many fund managers had it in their portfolio. Investec, a bank, has warned that it could lose up to 3% of its annual post-tax profit, from trading in Steinhoff-linked derivatives. Deloitte, Steinhoffs auditor, is also under scrutiny over the scandal, although the audit regulatory body has said it may not have been in the wrong.The biggest damage could be suffered by South African pensioners. The Government Employees Pension Fund (GEPF), with more than 1m members, is one of Steinhoffs biggest shareholders, with a stake of around 10%. The GEPF said its stake in Steinhoff amounted to 1% of total assets, making the collapse in the share price significant but manageable.The South African parliaments public-accounts committee is less phlegmatic: it has called for Steinhoff to be investigated by an elite police unit called the Hawks. The JSE and South Africas corporate and financial regulators have all said they will investigate whether Steinhoff breached regulations. German investigators, meanwhile, have been looking at the companys accounting practices since shortly before its listing in Frankfurt in December 2015.Steinhoffs share price has recovered slightly, but is expected to be volatile until more is known about the firms liquidity position and the nature of the accounting irregularities. Steinhoff has appointed Moelis & Company, an investment bank, to advise on talks with lenders, and AlixPartners, a consultancy, to help with liquidity management and operational measures. An annual meeting with lenders in London has been postponed to December 19th. Were all in the dark, says David Shapiro of Sasfin Securities. Speculating whether there is value or nottheres no point, its too early.This article appeared in the Business section of the print edition under the headline "Broken furniture"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21732566-owner-poundland-conforama-and-mattress-firm-loses-107bn-its-market-value?fsrc=rss'|'2017-12-14T22:49:00.000+02:00'|9881.0|''|-1.0|'' +9881|'b589d89ab89ef2d91a1a9879485807ecd6a18515'|'An accounting scandal sends Steinhoff plummeting - Broken furniture'|'THE scale is staggering, even by the standards of scandal-worn South Africa. Steinhoff, a retailer that is one of the countrys best-known companies, admitted to accounting irregularities on December 6th when it was due to publish year-end financial statements. Its chief executive, Markus Jooste, resigned, and the firm announced an internal investigation by PwC. Within days Steinhoff had lost 10.7bn ($12.7bn) in market value as its share price fell by more than 80% (see chart). Much is unclear, but it is shaping up to be the biggest corporate scandal that South Africa has ever seen. The company has said it is reviewing the validity and recoverability of 6bn in non-South African assets.Steinhoff traces its roots to West Germany, where it found a niche sourcing cheap furniture from the communist-ruled east. The company merged with a South African firm in 1998 and is based in Stellenbosch, near Cape Towna Winelands town that is home to some of the wealthiest Afrikaner businessmen. It recently pursued a debt-fuelled expansion, buying furniture and homeware chains, from Conforama in France and Mattress Firm in America to Poundland in Britain, becoming Europes second-largest furniture retailer after IKEA. It has 130,000 employees at 12,000 outlets in over 30 countries. 43 minutes 7 7 Between June 2014 and September 2016 Steinhoff expanded its assets by 145% as its acquisition spree intensified. This splurge added to its financial complexity and might have helped it to hide bad news. A recent report by Viceroy Research, which hunts for stocks to sell short, or bet against, accuses Steinhoff of using off-balance-sheet vehicles to inflate profits and mask losses. Viceroys analysts concluded that these vehicles were controlled by associates and former executives of Steinhoff, and that they engaged in transactions with Steinhoff that the firm failed to disclose.They also allege that Steinhoff made loans to these entities, allowing it to book interest revenue that was never likely to be translated into cash. This, they argue, went hand in hand with round-tripping, in which large blocks of business were moved off the books and only the profitable bits were then brought back on. The firm has not commented in detail on the analysis, though it has denied impropriety.Steinhoffs biggest shareholder is Christo Wiese, one of South Africas richest men. One money manager wonders how Mr Wiese could have been unaware of accounting problems. But there are also questions over the level of due diligence performed by some large financial firms. Steinhoff was a top-15 stock by market value on the Johannesburg Stock Exchange (JSE); many fund managers had it in their portfolio. Investec, a bank, has warned that it could lose up to 3% of its annual post-tax profit, from trading in Steinhoff-linked derivatives. Deloitte, Steinhoffs auditor, is also under scrutiny over the scandal, although the audit regulatory body has said it may not have been in the wrong.The biggest damage could be suffered by South African pensioners. The Government Employees Pension Fund (GEPF), with more than 1m members, is one of Steinhoffs biggest shareholders, with a stake of around 10%. The GEPF said its stake in Steinhoff amounted to 1% of total assets, making the collapse in the share price significant but manageable.The South African parliaments public-accounts committee is less phlegmatic: it has called for Steinhoff to be investigated by an elite police unit called the Hawks. The JSE and South Africas corporate and financial regulators have all said they will investigate whether Steinhoff breached regulations. German investigators, meanwhile, have been looking at the companys accounting practices since shortly before its listing in Frankfurt in December 2015.Steinhoffs share price has recovered slightly, but is expected to be volatile until more is known about the firms liquidity position and the nature of the accounting irregularities. Steinhoff has appointed Moelis & Company, an investment bank, to advise on talks with lenders, and AlixPartners, a consultancy, to help with liquidity management and operational measures. An annual meeting with lenders in London has been postponed to December 19th. Were all in the dark, says David Shapiro of Sasfin Securities. Speculating whether there is value or nottheres no point, its too early.This article appeared in the Business section of the print edition under the headline "Broken furniture"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21732566-owner-poundland-conforama-and-mattress-firm-loses-107bn-its-market-value?fsrc=rss'|'2017-12-14T22:49:00.000+02:00'|9881.0|5.0|0.0|'' 9882|'f903381ac4c270c71cde82cead5fd1024af16066'|'Carillion says refinancing talks ''progressing well'''|'December 22, 2017 / 7:51 AM / Updated 24 minutes ago Carillion says lenders OK deferral of covenants until April Reuters Staff 2 Min Read (Reuters) - Carillion ( CLLN.L ) said on Friday it had received all necessary consents from lenders to defer two financial covenants to April 30 from the end of this year, sending shares in the British builder up more than 5 percent. FILE PHOTO: A Carillion sign is seen in Manchester, Britain July 13, 2017. REUTERS/Phil Noble/File Photo Hurt by a downturn in new business and costly contract delays, analysts estimate the company is grappling with debt including provisions, pensions and accounts payable of about 1.5 billion pounds ($2.01 billion). Its market capitalisation stands at less than 75 million pounds, Reuters Eikon data shows, reflecting a fall of more than 90 percent in the wake of three profit warnings in the span of five months. On Friday it said discussions with stakeholders regarding its options to cut debt and avoid a breach of debt covenants are progressing well. In November, the company issued a third profit warning and said it need some form of recapitalisation as it was at risk of potentially breaching debt covenants. Shares in the company, which helps to maintain British railways and roads, were up 4.3 percent at 0917 GMT. The company this week moved forward the start date for new CEO Andrew Davies to Jan. 22 from April 2. Reporting by Hanna Paul in Bengaluru; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-carillion-debt/carillion-says-refinancing-talks-progressing-well-idUKKBN1EG0PC'|'2017-12-22T09:51:00.000+02:00'|9882.0|''|-1.0|'' 9883|'a04dbc88c800984ad3762f219967a75f7afe16e5'|'Portugal, once in EU bailout, sees budget deficit almost disappear'|'December 22, 2017 / 1:42 PM / Updated 16 minutes ago Portugal, once in EU bailout, sees budget deficit almost disappear Andrei Khalip 3 Min Read LISBON (Reuters) - Portugals budget deficit was just 0.1 percent of gross domestic product in the 12 months ending in September, putting the country on course to beat its full-year target and reduce its debt burden. FILE PHOTO: People walk past a shop decorated with Portugal''s national flags in downtown Lisbon, Portugal, August 5, 2011. REUTERS/Jose Manuel Ribeiro/File Photo The third quarter year-on-year figure compared with 1.3 percent three months earlier and indicated a July-September surplus of 2.6 percent. The National Statistics Institute said on Friday that in the first nine months of the year the deficit fell to 0.3 percent of GDP from 2.8 percent in the same period of 2016. Portugal exited an international bailout program in 2014 with many European officials holding the country up as a success story in reforming its economy. The official full-year deficit target is 1.4 percent - which would make it a new record low in over four decades of the countrys democratic history, but Prime Minister Antonio Costa said on Thursday the budget gap should narrow even more from last years 2 percent and end the year below 1.3 percent. The European Union demands deficits at or below 3 percent. Finance Minister Mario Centeno told reporters the deficit reduction shows that the sustainability of public accounts is now a reality in Portugal and will allow for the biggest cut in the debt-to-GDP ratio in 19 years - to around 126 percent in 2017 from last years around 130 percent. This is still a huge debt; the EU wants it at or heading down towards 60 percent. The latest deficit estimate does not include any impact from the recapitalization of state-owned bank Caixa Geral de Depositos by the state, worth around 4 billion euros, or 2.1 percent of GDP. The government has said it expects Brussels to disregard the recapitalization in this years deficit and INE is involved in a dialogue with Eurostat regarding the impact of this complex operation on national accounts. The INE said that in the 12 months to September, revenues rose 2.7 percent while spending edged 0.1 percent lower from June levels. In the setting of higher growth than initially projected we see revenues following the same trend as the economy, Centeno said. The Socialist government expects economic growth to accelerate to 2.6 percent this year after 1.5 percent in 2016. Its initial forecast in the 2017 budget had put this years expansion at just 1.5 percent. Reporting by Andrei Khalip; Editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-portugal-budget-deficit/portugal-once-in-eu-bailout-sees-budget-deficit-almost-disappear-idUKKBN1EG1JX'|'2017-12-22T15:38:00.000+02:00'|9883.0|''|-1.0|'' 9884|'24fb885b076da705769c8dca4ac47f8422510cd9'|'Thales'' 4.8 billion-euro bid for Gemalto gets thumbs up from investors'|'December 18, 2017 / 9:32 AM / in 2 hours Thales'' 4.8 billion euro bid for Gemalto gets thumbs up from investors Mathieu Rosemain , Cyril Altmeyer 4 Min Read PARIS (Reuters) - Shares in French defense electronics maker Thales ( TCFP.PA ) jumped more than 8 percent on Monday after chipmaker Gemalto ( GTO.AS ) accepted its 4.8 billion euro ($5.7 bln) takeover bid to create a leader in digital security. Thales Chief Executive Patrice Caine, who made his move just days after Gemalto had knocked back a 4.3 billion-euro offer from French rival Atos ( ATOS.PA ), said on Sunday that Gemalto had agreed to the takeover. Atos said it would not engage in a bidding war but would be open to further discussions with Gemalto should the Thales deal collapse. Thales shares closed up 8.25 percent at 93.40 euros, while Amsterdam-listed Gemaltos shares ended 5.6 percent higher at 49.47 euros, just below Thales 51 euro per share basic offer. The planned merger highlights the increasingly blurred lines between industrial and software companies which are both vying for a share of the fast-growing digital security market as companies seek more online security. In terms of DNA, the two companies look much more alike, said Richard-Maxime Beaudoux, an analyst at Bryan, Garnier & Co. Its not a financial deal, which was the case for Atos. They gave it a try; it was opportunistic. The French state is the largest shareholder in Thales, while state-owned bank Bpifrance is Gemaltos second-biggest shareholder. A French government source said Thales had told the Gemalto board that it was the better fit. Under the deal, unanimously recommended by the boards of both companies, Thales will merge its digital assets with Gemalto to create a unit headed by Gemalto CEO Philippe Vallee. Slideshow (5 Images) TOUGH YEAR Thaless proposed takeover ends a difficult year for Gemalto, which has made a series of profit warnings that hurt its shares and overshadowed its attempt to shift away from a slowing market for phone SIM cards toward security services such as data encryption and biometric passports. Our intention is to keep all of the assets in Gemaltos portfolio, Caine told analysts, suggesting that SIM card operations remained core alongside Gemaltos growing focus on cybersecurity. He said he had been in talks with Gemalto for several months. Thales forecast that Gemaltos revenues would grow 5 percent annually and said it expected Gemaltos EBIT margin to exceed its own within two or three years of the merger. Thales and Gemalto said on Sunday that the digital security entity would generate sales of 3.5 billion euros - one fifth of Thales total revenues - and pre-tax cost synergies of between 100 million and 150 million euros by 2021. Vallee on Monday said he would stick to a plan to cut 288 jobs in Gemaltos struggling SIM card business in France. This plan is maintained, he told BFM business radio, adding that he would try to redeploy staff internally. Caine later told a news conference that Gemaltos staff would have the opportunity to get jobs at French military shipyard Naval Group, which is part of Thales. Editing by Richard Lough/Jane Merriman/Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-gemalto-m-a-thales/thales-sees-5-percent-revenue-growth-from-gemalto-assets-idUSKBN1EC0XY'|'2017-12-18T13:52:00.000+02:00'|9884.0|''|-1.0|'' @@ -9892,7 +9892,7 @@ 9890|'a9e8567ba570400fbbccbec29ecaee3b516f3eab'|'LimeBike expands to Europe as dockless bike-sharing rivalry mounts'|'FRANKFURT, Dec 11 (Reuters) - U.S. bicycle-sharing start-up LimeBike said on Monday it has begun operating in two European cities, marking the first overseas expansion move by U.S. firms seeking to keep pace with vastly better-funded Chinese rivals own international moves.Silicon Valley-based LimeBike, a company which only launched early in 2017, starts offering free bikes in Frankfurt and Zurich after expanding rapidly into 30 U.S. markets this year. It plans more European expansion moves in the spring, it said.It has raised $62 million in funds from investors including Andreesen Horowitz, a major Silicon Valley internet-focused venture firm, and New York-based hedge fund Coatue Management, backer of Uber, Lyft and Snap Inc.LimeBike is breaking in on an increasingly global craze dominated by Chinese players Ofo and Mobike, Singapores OBike and smaller U.S. rivals such as Spin. The three Asian firms have each made initial European forays of their own in recent months. (Reporting by Eric Auchard; Editing by Christoph Steitz) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/bicycle-sharing-europe/limebike-expands-to-europe-as-dockless-bike-sharing-rivalry-mounts-idINL8N1OB3TV'|'2017-12-11T11:00:00.000+02:00'|9890.0|''|-1.0|'' 9891|'190cc38170cf359aecddbf7dc05a83fe740655f8'|'Natixis bank broadens metals fraud lawsuit, targets Glencore unit'|' 57 PM / Updated 8 minutes ago Natixis bank broadens metals fraud lawsuit, targets Glencore unit Eric Onstad 4 Min Read LONDON (Reuters) - French bank Natixis has broadened its $32 million (24 billion) lawsuit over fraudulent receipts for nickel stored at warehouses in Asia by adding a unit of commodities giant Glencore as a defendant, a court filing showed. The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann/File Photo Glencores warehouse unit Access World rejected the accusations, according to the court papers. The move increases the focus on Access World, which said in January it had become aware of fake warehouse receipts circulating in its name and urged holders to seek authentication. In May, Natixis launched a lawsuit against metals broker Marex Spectron for $32 million after the bank said it paid the broker for metal but the ownership receipts provided by Marex for nickel stored in a warehouse turned out to be fakes. Marex rejected the claim and issued a counterclaim against Glencores unit Access World, which stored the metal. Marex said it had been diligent in verifying the warrants and that the warehouse firm had confirmed the receipts were authentic. Some further particulars having been provided by Marex, the bank has now brought the claims against Access World, Natixis said in a court document filed on Dec. 7. Natixis had no immediate comment. Marex and Glencore declined to comment. Metals markets were rocked about three years ago by a $3 billion fraud at Qingdao port in China, when a firm allegedly duplicated warehouse certificates to pledge metal as collateral for multiple bank loans. Following the more recent fraud, some global banks briefly froze credit lines for Singapore metal traders, people familiar with the matter said at the time. DISPUTED DOCUMENTS The Natixis legal action revolves around a series of complex trades in nickel warehouse receipts in late 2016 and early 2017 in which the bank granted what amounted to loans using nickel as collateral. Warehouse receipts can be endorsed from one holder to another and in this case the documents were transferred between several parties before they were discovered to be fakes. Marex said it verified some of the documents by sending them by courier to Access Worlds office in Singapore. The warehouse company acknowledged in court papers that on Dec. 22, 2016 and on Jan. 9, 2017 it certified that the receipts were valid, but raised the possibility that they were not the same documents that were shown to be fakes in February. As soon as the warehouse receipt leaves Access Worlds possession, it will have to be re-authenticated by Access World on any subsequent presentation, it said in a court filing on Sept. 15. Fake warehouse receipts for metal stored in Access World depots have also spurred legal action from Australia and New Zealand Banking Group, which was involved in a similar loan deal using nickel as collateral. Unlike Natixis, ANZ has sued neither its broker, ED&F Man, nor Access World, but said in U.S. court papers it was targeting parties in Asia it suspected were behind the fraud. ANZ was not immediately available for comment and ED&F Man declined to comment. ANZ received permission from the U.S. District Court in San Francisco to interview U.S. witnesses linked to Asian firms involved in the nickel trades, a court filing in August showed. ANZ, Australias third-biggest lender, said in the court papers that it had already unearthed information in Hong Kong after it asked courts there for access to bank records. Those bank documents, included in the U.S. court filing, showed transfers of $151 million from two Hong Kong firms involved in the nickel trades to people and entities in California. The two Hong Kong firms - Come Harvest Holdings Ltd (CHH) and Mega Wealth International Trading Ltd - were clients of ED&F Man and handed over the warehouse receipts in exchange for loans. One of them, CHH, was also a client of Marex and provided the warehouse receipts for the transactions with Natixis, the British court documents show. CHH and Mega Wealth were not available for comment. Reporting by Eric Onstad; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-natixis-lawsuit-glencore/natixis-bank-broadens-metals-fraud-lawsuit-targets-glencore-unit-idUKKBN1E91J1'|'2017-12-15T14:55:00.000+02:00'|9891.0|''|-1.0|'' 9892|'e1e62f988b7deeb41f1e5ee251e6f31f306b877f'|'CANADA STOCKS-TSX slips, but heading for biggest weekly gain in months'|'December 22, 2017 / 3:23 PM / Updated 5 minutes ago CANADA STOCKS-TSX slips, but heading for biggest weekly gain in months Reuters Staff (Adds details on specific stocks, updates prices) * TSX down 28.87 points, or 0.18 percent, at 16,153.76 * Eight of the TSXs 10 main groups move lower TORONTO, Dec 22 (Reuters) - Canadas main stock index slipped on Friday but was on track for its sharpest weekly gain in almost three months. * At 10:15 a.m. EST (1515 GMT), the Toronto Stock Exchanges S&P/TSX composite index was down 28.87 points, or 0.18 percent, at 16,153.76. It remains on track for a 0.7 percent rise for the week, its sharpest weekly gain since late September. * Eight of the indexs 10 main sectors moved lower, with the energy group climbing 0.2 percent, while decliners outnumbered advancers by a 1.3-to-1 ratio. * Among the most influential decliners on the index was First Majestic Silver Corp, which fell 8.9 percent to C$8.86 after Bank of Montreal analysts cut the stock to underperform and lowered its price target. * First Quantum Minerals Ltd declined 2 percent to C$17.27, while the overall materials group, which includes precious and base metal miners and fertilizer companies, added 0.3 percent. * Teck Resources rose 1.1 percent to C$32.50 after the miner reached a wage deal with one union at its Quebrada Blanca copper mine in Chile, ending an eight-day strike. * The Canadian economy paused in October, reinforcing expectations that growth cooled in the second half of the year and taking some steam out of bets that the central bank could raise interest rates as soon as January. * U.S. crude oil prices were down 0.6 percent at $58.03 a barrel, while Brent lost 0.4 percent to $64.67. (Reporting by Alastair Sharp; Editing by Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-slips-but-heading-for-biggest-weekly-gain-in-months-idUSL1N1OM0YW'|'2017-12-22T17:22:00.000+02:00'|9892.0|''|-1.0|'' -9893|'d1da96c62c6fe772c1b7962fb498c7ef59b4880a'|'H&M sales unexpectedly shrink in fourth-quarter'|'December 15, 2017 / 7:45 AM / Updated 8 minutes ago H&M shares tumble on surprise quarterly sales drop Reuters Staff 3 Min Read STOCKHOLM (Reuters) - Fashion retailer H&M ( HMb.ST ) said on Friday sales had fallen during the last three months as fewer shoppers visited its stores, sending its shares plummeting and underlining its struggle to adapt to a shift of business online. A boy enters Hennes & Mauritz (H&M) store on its opening day in central Moscow, Russia, May 27, 2017. REUTERS/Maxim Shemetov/File Photo Shares in the worlds second largest fashion retailer fell 13 percent to their lowest level since 2009. The Swedish group said sales in the September-November period were far below its own expectations. It plans to speed up efforts to adjust to changes in the market, including closing more H&M stores and opening fewer new ones, and start selling the brand through Chinese online platform Tmall.. The quarter was weak for the H&M brands physical stores, which were negatively affected by a continued challenging market situation with reduced footfall to stores due to the ongoing shift in the industry, the company said in a statement. In addition, there have been imbalances in parts of the H&M brands assortment composition, it added, suggesting issues with the product ranges. H&M has seen inventories pile up over the past two years. Fourth quarter sales shrank 4 percent year-on-year, or 2 percent in local currencies, to 50.4 billion crowns (4.5 billion pounds), lagging a mean Reuters poll forecast for a 2 percent increase, or 5 percent in local currencies. Main rival Inditex ( ITX.MC ), the owner of Zara, has outperformed H&M and others in recent years, helped by a more flexible supply chain that allows it to adapt quicker to demand. The Spanish company this week reported slower sales growth in the three months through October but said sales growth had gained pace again in November. A string of analysts have lowered their ratings on the H&M stock recently amid concerns that H&M wont be able, despite rapid online growth, to keep up with newer and nimbler pure-online players such as Zalando ( ZALG.DE ) and Asos ( ASOS.L ), and that comparable sales declines will extend into 2018. H&Ms full quarterly earnings report is due Jan. 31. Reporting by Anna Ringstrom; Editing by Johannes Hellstrom and Keith Weir'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-h-m-sales/hm-sales-unexpectedly-shrink-in-fourth-quarter-idUKKBN1E90N9'|'2017-12-15T09:45:00.000+02:00'|9893.0|''|-1.0|'' +9893|'d1da96c62c6fe772c1b7962fb498c7ef59b4880a'|'H&M sales unexpectedly shrink in fourth-quarter'|'December 15, 2017 / 7:45 AM / Updated 8 minutes ago H&M shares tumble on surprise quarterly sales drop Reuters Staff 3 Min Read STOCKHOLM (Reuters) - Fashion retailer H&M ( HMb.ST ) said on Friday sales had fallen during the last three months as fewer shoppers visited its stores, sending its shares plummeting and underlining its struggle to adapt to a shift of business online. A boy enters Hennes & Mauritz (H&M) store on its opening day in central Moscow, Russia, May 27, 2017. REUTERS/Maxim Shemetov/File Photo Shares in the worlds second largest fashion retailer fell 13 percent to their lowest level since 2009. The Swedish group said sales in the September-November period were far below its own expectations. It plans to speed up efforts to adjust to changes in the market, including closing more H&M stores and opening fewer new ones, and start selling the brand through Chinese online platform Tmall.. The quarter was weak for the H&M brands physical stores, which were negatively affected by a continued challenging market situation with reduced footfall to stores due to the ongoing shift in the industry, the company said in a statement. In addition, there have been imbalances in parts of the H&M brands assortment composition, it added, suggesting issues with the product ranges. H&M has seen inventories pile up over the past two years. Fourth quarter sales shrank 4 percent year-on-year, or 2 percent in local currencies, to 50.4 billion crowns (4.5 billion pounds), lagging a mean Reuters poll forecast for a 2 percent increase, or 5 percent in local currencies. Main rival Inditex ( ITX.MC ), the owner of Zara, has outperformed H&M and others in recent years, helped by a more flexible supply chain that allows it to adapt quicker to demand. The Spanish company this week reported slower sales growth in the three months through October but said sales growth had gained pace again in November. A string of analysts have lowered their ratings on the H&M stock recently amid concerns that H&M wont be able, despite rapid online growth, to keep up with newer and nimbler pure-online players such as Zalando ( ZALG.DE ) and Asos ( ASOS.L ), and that comparable sales declines will extend into 2018. H&Ms full quarterly earnings report is due Jan. 31. Reporting by Anna Ringstrom; Editing by Johannes Hellstrom and Keith Weir'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-h-m-sales/hm-sales-unexpectedly-shrink-in-fourth-quarter-idUKKBN1E90N9'|'2017-12-15T09:45:00.000+02:00'|9893.0|13.0|0.0|'' 9894|'8970eef367c26007803093378f77426ba6c42588'|'RCom''s shares surge for second day on debt-reduction plan'|'December 27, 2017 / 6:51 AM / in 8 hours RCom''s shares jump again on debt plan but unclear if all creditors on board Promit Mukherjee , Tanvi Mehta 4 Min Read MUMBAI (Reuters) - Reliance Communications Ltds shares soared for a second straight day on Wednesday after the Indian wireless carrier detailed a plan to cut its hefty debt load but it was not immediately clear if all key creditors were on board. A logo of Reliance Group is seen at Reliance Center in Mumbai, December 26, 2017. REUTERS/Danish Siddiqui RCom, as the company is known, announced on Tuesday a plan to slash its debt by 390 billion rupees ($6.08 billion) underpinned by the sale of some of its spectrum, tower, fibre and real estate assets for which the company said it has already received some non-binding offers. Building on an earlier plan announced in October, RCom, which is backed by billionaire businessman Anil Ambani, said the new scheme would involve no write-offs by lenders or bondholders, nor conversion of debt to equity. The announcement triggered a 32 percent rally in its shares on Tuesday. On Wednesday, the shares soared a further 35 percent. RComs bond gains, though, were muted with the 6.5 percent bonds due 2020 up only slightly on Wednesday at 38.5/39.5 cents on the dollar from the previous day. RCom had a net debt of 450 billion rupees at the end of October, putting it among Indias most indebted companies. Rising competition, including the entry of start-up Jio - backed by Anil Ambanis brother Mukesh - has trimmed margins in Indias telecom sector to wafer-thin levels. RCom had unveiled plans earlier this year to reduce debt but they came undone as asset sales failed to materialize. Pressure on the firm rose after it missed debt payments and some creditors such as China Development Bank (CDB) initiated insolvency proceedings. Whether the new plan succeeds will depend on creditors and bondholders signing off on it. Foreign lenders have supported the plan, Ambani said on Tuesday, though he did not say whether CDB had backed the plan. Anil Ambani, Chairman of Indias Reliance Communication, addresses a news conference at the companys headquarters in Mumbai, December 26, 2017. REUTERS/Danish Siddiqui CDB did not immediately respond to a Reuters request for comment. Chinas ICBC and Exim Bank, both of whom are lenders to RCom, declined to comment on whether they are on board with the new RCom plan. Sources had told Reuters this month the two lenders were planning to support CDB in its insolvency petition. Major domestic creditors of RCom were not immediately reachable for comment. The Indian unit of Swedish telecom equipment maker Ericsson, which has filed an insolvency case to recover dues totalling 11.55 billion rupees ($180 million) from RCom and two of its units, has not been approached by RCom about its latest plan, a source close to the company said, adding it would not withdraw its case. RCom has not approached us. Unless we have something concrete on the table from RCom, we will not withdraw the petition, said the source, who did not want to be named as they are directly related to the matter and not authorised to speak to the media. The case is up for hearing on January 5. An email sent to Ericsson on Tuesday did not elicit a response. RCom is in the process of approaching its creditors and will do so in due course, an RCom spokesman said. ($1 = 64.1500 Indian rupees) Reporting by Promit Mukherjee in Mumbai and Tanvi Mehta in Bengaluru; Additional reporting by Ma Rong in Beijing; Editing by Muralikumar Anantharaman'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/rcom-debt-stocks/rcoms-shares-surge-for-second-day-on-debt-reduction-plan-idINKBN1EL0BM'|'2017-12-27T08:50:00.000+02:00'|9894.0|''|-1.0|'' 9895|'a792d8a93ca5d7d1b89841168ed0e88c936496a9'|'UK RICS house price balance slips to lowest since March 2013'|'December 14, 2017 / 12:09 AM / Updated 4 hours ago UK RICS house price balance slips to lowest since March 2013 Reuters Staff 3 Min Read LONDON (Reuters) - British house prices were flat for the first time in more than four years during the past three months, a closely watched industry survey showed on Thursday, as falling prices in London and nearby areas dragged down the national average. FILE PHOTO - Property sale signs are seen outside of a group of newly built houses in west London, Britain, November 23, 2017. REUTERS/Toby Melville The Royal Institution of Chartered Surveyors said its monthly house price balance fell to zero in November from +1 the month before, meaning its members were evenly split between those reporting price rises compared with three months ago and those seeing falls. This was the lowest level for RICSs price balance since March 2013, and in line with the average forecast for a decline in a Reuters poll, as tax changes and concerns about Brexit dented demand in central London in particular. RICS members expect prices to fall over the next three months - though less sharply than they thought a couple of months ago - and now expect prices to rise over the next year. The mood music in London and the South East is very much flatter than elsewhere and interestingly, the forward looking indicators suggest this is likely to persist into the new year, RICS chief economist Simon Rubinsohn said. Prices in eastern and northeast England also fell, but there were solid gains in Wales, Northern Ireland and northwest England, RICS said. Official data for the year to October, released on Tuesday, painted a similar picture. Prices for the United Kingdom as a whole were 4.5 percent higher, while London was up 2.1 percent. Londons housing market is the most exposed to foreign investors concerns about Brexit, as well as to tax increases for property purchases valued at over 1 million pounds. Last month the government scrapped property purchase tax for most first-time buyers as the flagship measure of its annual budget in a bid to tackle falling home ownership among young people who find it increasingly hard to buy their own home. RICS said its members had seen little sign of increased interest from buyers in the weeks since the change. The body also reported the biggest fall on record in demand from tenants to rent property - though it said this was likely to be partly a seasonal effect in the run-up to Christmas. Reporting by David Milliken, editing by Andy Bruce'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-houseprices-rics/uk-rics-house-price-balance-slips-to-lowest-since-march-2013-idUKKBN1E800N'|'2017-12-14T02:09:00.000+02:00'|9895.0|''|-1.0|'' 9896|'acda28843db50d0eb39363692f27ff271fb6909a'|'China November investment growth slows, industrial output beats expectations'|'December 14, 2017 / 2:10 AM / Updated 8 minutes ago China November investment growth slows, industrial output beats expectations Reuters Staff 2 Min Read BEIJING (Reuters) - Chinas fixed-asset investment growth slowed to 7.2 percent in the January-November period, while industrial output expanded at a faster pace than markets had expected. A CRH (China Railway High-speed) bullet train runs past Beijing''s central business area, China December 13, 2017. REUTERS/Jason Lee Analysts polled by Reuters had correctly predicted investment growth of 7.2 percent, cooling from the 7.3 percent rate in the Jan-Oct period. Private sector fixed-asset investment rose 5.7 percent in January-November, down from the first 10 months of the year. Industrial output rose 6.1 percent in November from a year earlier, the National Bureau of Statistics said on Thursday, surpassing analysts estimates for a rise of 6.0 percent. In October, output increased 6.2 percent. Retail sales gained 10.2 percent in November on-year, in line with expectations, in line with expectations, but slightly ahead of the prior month. The worlds second-biggest economy has defied market expectations with economic growth of 6.9 percent in the first nine months of the year, supported by a construction boom and robust exports. But factory activity has shown signs of cooling in the past few months as Beijing extended a crackdown on financial risks, which has increased borrowing costs and weighed on new investment. Reporting by Cheng Fang and Kevin Yao; Writing by Sue-Lin Wong; Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-economy-activity/china-november-investment-growth-slows-industrial-output-beats-expectations-idUKKBN1E806W'|'2017-12-14T04:10:00.000+02:00'|9896.0|''|-1.0|'' @@ -9961,7 +9961,7 @@ 9959|'fb0df374ef0bc652e88f123f7e648b7d42c3f5c9'|'Singapore''s November headline CPI seen rising 0.5 percent: Reuters poll'|'December 21, 2017 / 7:06 AM / Updated 43 minutes ago Singapore''s November headline CPI seen rising 0.5 percent: Reuters poll Reuters Staff 2 Min Read SINGAPORE (Reuters) - Singapores headline consumer price index is expected to have risen in November from a year earlier, a Reuters poll showed, with the pace seen edging up slightly, partly due to higher oil prices. Customers shop at a vegetable and fruits wholesale market in Singapore August 22, 2013. REUTERS/Edgar Su/Files According to the median forecast in the Reuters poll of 13 economists, the all-items consumer price index (CPI) likely rose 0.5 percent year-on-year in November, after rising 0.4 percent in October. The poll also showed that the Monetary Authority of Singapores (MAS) core inflation measure probably increased 1.5 percent in November from a year earlier, the same as the pace recorded in October. The central banks core inflation measure excludes changes in the prices of cars and accommodation, which are influenced more by government policies. At its latest policy review in October, the MAS kept its exchange-rate based monetary policy steady but changed a reference to maintaining current settings for an extended period, a shift that analysts said created room for a tightening next year. Reporting by Masayuki Kitano; Editing by Sam Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/singapore-economy-inflation/singapores-november-headline-cpi-seen-rising-0-5-percent-reuters-poll-idINKBN1EF0HT'|'2017-12-21T09:02:00.000+02:00'|9959.0|''|-1.0|'' 9960|'e0e61e0f557b24c52478002d137d5b3659c238f5'|'StanChart and China''s Ant Financial sign ''Belt & Road'' partnership'|' 48 AM / Updated 33 minutes ago StanChart and China''s Ant Financial sign ''Belt & Road'' partnership Reuters Staff 1 Min Read LONDON (Reuters) - London-based bank Standard Chartered ( STAN.L ) and Ant Financial, the payment affiliate of Alibaba Group Holding Ltd ( BABA.N ) have agreed to collaborate in countries along Chinas Belt & Road strategic initiative. FILE PHOTO - A man walks past the head office of Standard Chartered bank in the City of London February 27, 2015. REUTERS/Eddie Keogh StanChart said on Monday the two companies will work to increase access to financial services in countries along the route, without giving details on how the partnership will work. Chinas Belt and Road initiative aims to recreate the old Silk Road with massive infrastructure projects to connect China to Europe and beyond. Reporting by Lawrence White, editing by Louise Heavens'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-stanchart-alibaba/stanchart-and-chinas-ant-financial-sign-belt-road-partnership-idUKKBN1EC14P'|'2017-12-18T12:48:00.000+02:00'|9960.0|''|-1.0|'' 9961|'0849dd672bb5564cfde86c565b7ca7a936153429'|'Ford CEO apologizes, voices zero tolerance for harassment'|'December 22, 2017 / 3:48 PM / Updated an hour ago Ford CEO apologizes, voices zero tolerance for harassment Reuters Staff 1 Min Read (Reuters) - Ford Motor Co ( F.N ) chief executive Jim Hackett has apologized to employees for accusations detailed in a New York Times report that management at two Chicago plants did not respond adequately to complaints of sexual harassment. In an open letter on Thursday, Hackett described as gut wrenching his experience this week reading womens accounts of incidents that took place over many years. Several prominent men in U.S. politics, entertainment and the media have been felled by allegations of sexual misconduct in recent months. I want to take this opportunity to say that I am sorry for any instance where a colleague was subjected to harassment or discriminatory conduct, Hackett wrote in the letter. Reuters has not independently confirmed the New York Times report. Hackett, who took over the top job at Ford in May, said there was zero tolerance for harassment and promised no retaliation against anyone who speaks up. Reporting by Rachit Vats in Bengaluru; Editing by Howard Goller'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-ford-motor-harassment/ford-ceo-apologizes-voices-zero-tolerance-for-harassment-idUSKBN1EG1US'|'2017-12-22T17:47:00.000+02:00'|9961.0|''|-1.0|'' -9962|'1ff429383007cfceefe415a16c6fd7f4c013c76d'|'EU adopts blacklist of 17 tax havens - officials'|'December 5, 2017 / 12:32 PM / Updated 5 minutes ago EU adopts blacklist of 17 tax havens - officials Reuters Staff 2 Min Read BRUSSELS (Reuters) - European Union finance ministers adopted on Tuesday a blacklist of tax havens which includes 17 extra-EU jurisdictions seen as not cooperative on tax matters, French Finance Minister Bruno Le Maire said. French Finance Minister Bruno Le Maire in Paris, France, November 20, 2017. REUTERS/Gonzalo Fuentes American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and United Arab Emirates are the countries listed, officials said. Le Maire said that other 47 jurisdictions are included in a public grey list of countries that are currently not compliant with EU standards but have committed to change their tax rules. Following multiple disclosures of offshore tax avoidance schemes by companies and wealthy individuals, EU states launched a process in February to list tax havens in a bid to discourage setting up shell structures abroad which are themselves in many cases legal but could hide illicit activities. Blacklisted countries could lose access to EU funds. Other possible countermeasures will be decided in coming weeks, Le Maire said. Reporting by Francesco Guarascio and Jan Strupczewski; Editing by Catherine Evans'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-tax-blacklist-taxhaven/eu-adopts-blacklist-of-17-tax-havens-officials-idUKKBN1DZ1PH'|'2017-12-05T14:32:00.000+02:00'|9962.0|''|-1.0|'' +9962|'1ff429383007cfceefe415a16c6fd7f4c013c76d'|'EU adopts blacklist of 17 tax havens - officials'|'December 5, 2017 / 12:32 PM / Updated 5 minutes ago EU adopts blacklist of 17 tax havens - officials Reuters Staff 2 Min Read BRUSSELS (Reuters) - European Union finance ministers adopted on Tuesday a blacklist of tax havens which includes 17 extra-EU jurisdictions seen as not cooperative on tax matters, French Finance Minister Bruno Le Maire said. French Finance Minister Bruno Le Maire in Paris, France, November 20, 2017. REUTERS/Gonzalo Fuentes American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and United Arab Emirates are the countries listed, officials said. Le Maire said that other 47 jurisdictions are included in a public grey list of countries that are currently not compliant with EU standards but have committed to change their tax rules. Following multiple disclosures of offshore tax avoidance schemes by companies and wealthy individuals, EU states launched a process in February to list tax havens in a bid to discourage setting up shell structures abroad which are themselves in many cases legal but could hide illicit activities. Blacklisted countries could lose access to EU funds. Other possible countermeasures will be decided in coming weeks, Le Maire said. Reporting by Francesco Guarascio and Jan Strupczewski; Editing by Catherine Evans'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-tax-blacklist-taxhaven/eu-adopts-blacklist-of-17-tax-havens-officials-idUKKBN1DZ1PH'|'2017-12-05T14:32:00.000+02:00'|9962.0|13.0|0.0|'' 9963|'b780c5244c5cd46a6b50f68e7abd710b57667d4d'|'Altice to sell Swiss telecom solutions, data centre businesses'|'PARIS (Reuters) - Altice ( ATCA.AS ) has agreed to sell its Swiss telecommunications solutions business and Data Center operations, the telecoms and cable company said on Friday, as it seeks to reduce its 50 billion euro ($59.6 billion) debt burden.The deal to sell Green.ch AG and Green Datacenter AG to InfraVia Capital Partners valued the business at around 214 million Swiss francs ($217.5 million), or 9.9 times long-term adjusted EBITDA, and is expected to close in early 2018, it said in a statement.Altices share price has halved since it reported disappointing quarterly results in France last month.Patrick Drahi, its billionaire founder and majority owner, fired CEO Michel Combes and pledged last month that Altice would shift away from acquisitions and focus on cutting its debt.Altice had said it had identified assets that could be sold, including its portfolio of telecoms towers.($1 = 0.8391 euros)($1 = 0.9838 Swiss francs)Reporting by Dominique Vidalon; editing by Jason Neely '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-altice-divestiture/altice-to-sell-swiss-telecom-solutions-data-centre-businesses-idINKBN1DV422'|'2017-12-01T04:54:00.000+02:00'|9963.0|''|-1.0|'' 9964|'f47fee993cb8c5c3fc9376fec7f78ea9c42b8cf7'|'French retailers Carrefour and Fnac Darty form purchasing partnership'|'December 5, 2017 / 6:59 AM / Updated 17 minutes ago French retailers Carrefour and Fnac Darty form purchasing partnership Reuters Staff 2 Min Read PARIS (Reuters) - French retailers Carrefour ( CARR.PA ) and Fnac Darty ( FNAC.PA ) announced a purchasing partnership for domestic appliances and consumer electronics in France, as Carrefour undertakes plans to cut costs in order to boost its earnings. The companies said the agreement would become effective for the 2018 supplier negotiations, and that Carrefour and Fnac Darty would maintain independent commercial policies. The tie-up between Carrefour and Fnac Darty follows a similar, recent partnership between Casino ( CASP.PA ) and Ocado ( OCDO.L ). Analysts have added that Amazon ( AMZN.O ), whose acquisition of U.S. upmarket food retail chain Whole Foods shook up the global supermarket sector this year, may also eye European alliances. Carrefour, the worlds largest retailer after Wal-Mart ( WMT.N ), hired Alexandre Bompard from Fnac Darty - which is Frances largest electronics retailer - in July. Bompard is expected to back a far-reaching restructuring that some analysts estimate could involve a billion euros ($1.2 billion) of cost cutting. Carrefour - which issued a profit warning in August - is due to unveil a strategy plan on Jan. 23. Investors want Bompard to boost the performance of the groups France-based hypermarkets, a goal that has eluded several predecessors amid competition online and price discounting from rivals such as unlisted Leclerc. They also want him to catch up in terms of the digitization of the retail sector. Reporting by Sudip Kar-Gupta; Editing by Mathieu Rosemain'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-fnac-carrefour/french-retailers-carrefour-and-fnac-darty-form-purchasing-partnership-idUKKBN1DZ0LW'|'2017-12-05T09:07:00.000+02:00'|9964.0|''|-1.0|'' 9965|'7843bfe6058e964335978f7e707ba58f9355a5a9'|'Insurers should improve catastrophe models - BOE'|' 08 AM / in 23 minutes Insurers should improve catastrophe models - BOE Reuters Staff 2 Min Read LONDON (Reuters) - Insurers need to improve the way they calculate potential risks from natural catastrophes such as hurricanes, wildfires and earthquakes, the Bank of England said on Thursday, with 2017 expected to be a record year for such losses. A number of insurers and reinsurers in Britain and elsewhere have issued profit warnings following catastrophes such as hurricanes in the U.S. and Caribbean, earthquakes in Mexico and wildfires in California this year. Hurricanes Harvey, Irma and Maria are expected to cause at least $100 billion (74.6 billion) in insured losses, reinsurers and modelling agencies say, compared with losses of about $74 billion caused by Hurricane Katrina in 2005. The UK general insurance sector showed it was resilient in stress tests carried out by the Bank of England, it said in a letter to chief executives published on its website. But scenarios to test risks such as flooding following hurricanes or tsunamis after earthquakes showed few firms go beyond a simple loading to reflect weaknesses, it said. Boards are encouraged to understand what the limitations are with the catastrophe modelling, and their inherent uncertainty when applicable, especially for their key perils, the Bank said.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-insurance-stresstests/insurers-should-improve-catastrophe-models-boe-idUKKBN1E11E0'|'2017-12-07T13:07:00.000+02:00'|9965.0|''|-1.0|'' @@ -9970,7 +9970,7 @@ 9968|'979eaadbf73e9086f6a376f26d900f113449c815'|'Indonesian ride-hailing firm Go-Jek to expand to Philippines in 2018'|'December 7, 2017 / 6:42 AM / in 34 minutes Indonesian ride-hailing firm Go-Jek to expand to Philippines in 2018 Reuters Staff 2 Min Read SINGAPORE, Dec 7 (Reuters) - Indonesia motorbike-hailing startup Go-Jek plans to set up operations in the Philippines in early 2018, with other Southeast Asian countries to follow later that year, the companys chief technology officer said on Thursday. Go-Jek, backed by private equity firms KKR & Co LP and Warburg Pincus LLC, competes with Uber Technologies and Singapore-based Grab to lure customers in the Southeast Asian market, home to 600 million people. Ajey Gore said in an interview that almost all Southeast Asian countries are on the radar over the next three, six to 12 months. The Philippines will be the first one just to figure out how things work. He declined to identify which other countries it would launch in next. Apart from Indonesia and the Philippines, Southeast Asia comprises Malaysia, Singapore, Laos, Vietnam, Cambodia, Brunei, East Timor and Myanmar. Gore declined to comment on reports about funding and whether the company had any plans for an IPO. The company is also backed by venture capitalist Sequoia Capital and recently raised funds from Chinese giants JD.com and Tencent Holdings Ltd. Gore said that his team would test some of Go-Jeks core services such as transportation and then payments, just to pilot it, learn from mistakes. It would be the companys first such operation overseas, he said. Key concerns were to test whether the companys data and systems applied elsewhere: in Indonesia, for example, motorcycles were more expensive than some cars because they could weave through traffic, making journeys faster, he said. He said the company was also planning to roll out new services soon, including installing charging stations in retail outlets that users can access through their app. The company also plans to launch a laundry pick-up and delivery service. (Reporting by Jeremy Wagstaff; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/gojek-southeast-asia/indonesian-ride-hailing-firm-go-jek-to-expand-to-philippines-in-2018-idUSL3N1O72FL'|'2017-12-07T08:41:00.000+02:00'|9968.0|''|-1.0|'' 9969|'0b1a865f21affd031b6a0cf68215dde45dbce7d3'|'Roche to seize leap-frog opportunity in lung cancer'|'December 6, 2017 / 6:26 PM / Updated 2 hours ago Roche to seize leap-frog opportunity in lung cancer Ben Hirschler 4 Min Read LONDON (Reuters) - After lagging rivals in cancer immunotherapies, Swiss drugmaker Roche ( ROG.S ) hopes to leap-frog into the lead in the biggest market, tackling previously untreated lung cancer. CEO Severin Schwan of Swiss drugmaker Roche addresses the annual news conference at the company''s headquarters in Base, Switzerland January 28, 2015. REUTERS/Arnd Wiegmann/File Photo We have a real chance to be at the forefront here, Chief Executive Severin Schwan said on Wednesday. Our ambition is to become a clear leader in the field of cancer immunotherapies. At the same time he warned many investors would lose money across the industry as a large proportion of the hundreds of cancer trials now underway failed, leaving just a few winners. His optimism for Roche has been buoyed by study results showing its immune-boosting medicine Tecentriq given with chemotherapy and the older drug Avastin significantly cut the risk of lung cancer worsening. Researchers will detail the scale of that benefit, versus chemotherapy and Avastin alone, in a keenly awaited presentation at a medical meeting in Geneva on Thursday. We have the potential to get into the lead in first-line lung cancer, Schwan said. In all likelihood we have a medicine here that will potentially change the standard of care ... but we will also have to see how it compares with other therapies. Overall survival (OS) data will also be crucial in determining the ultimate winner in lung cancer - by far the biggest oncology market - since one of the main benefits of using immunotherapy is its long-lasting effects. Roche does not yet have that OS data but initial observations are encouraging and it expects results in the first half of 2018, well ahead of OS findings with a competing drug combination including chemotherapy from Merck & Co ( MRK.N ). Roche and Merck have led the way in pioneering so-called chemo-combo treatment, while AstraZeneca ( AZN.L ) and Bristol-Myers ( BMY.N ) are betting mainly on mixing two immunotherapies, although AstraZeneca failed to show any initial benefit with this approach in a high-profile trial in July. Currently, Tecentriqs sales - expected to total around $500 million this year - are well behind the $3.7 billion and $4.8 billion expected respectively in 2017 for Mercks Keytruda and Bristols Opdivo, the current market leaders. But analysts at Jefferies believe Tecentriq could sell $6.2 billion by 2021, bolstered by its promise in drug cocktails. Tecentriq is one of several new drugs Roche is relying on to be a success to help replace revenue from older biological cancer drugs whose patents have expired or will shortly, exposing them to cheaper so-called biosimilar competition. On the pipeline side, were even more de-risked than a year ago ... but there is no doubt that the impact from biosimilars will be significant, Schwan told Reuters. On balance, Im now very confident that we should be able to compensate for this erosion. Cancer research is today the hottest area of drug research, with dozens of companies conducting hundreds of clinical trials, many of which Schwan said would fail. There will be an enormous drop-out from all these clinical trials, which means a lot of people that invested into these trials will lose money. Reporting by Ben Hirschler; Editing by Alexander Smith and Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-roche-ceo/roche-to-seize-leap-frog-opportunity-in-lung-cancer-idUKKBN1E02LB'|'2017-12-06T20:38:00.000+02:00'|9969.0|''|-1.0|'' 9970|'219c221ec811058caf26b1585d6229d535c4cc9b'|'UPDATE 1-Toll Brothers profit, revenue jump on higher demand'|'(Reuters) - U.S. luxury homebuilder Toll Brothers Incs ( TOL.N ) quarterly profit and revenue missed analysts expectations on Tuesday as it sold homes at prices lower than its own estimates, sending the companys shares down 8 percent in morning trading.The company said it also expects a decline in its full-year adjusted gross margin.A robust job market has supported demand for housing in the United States, but homebuilders are not fully able to take advantage of the rise in demand due to supply constraints such as higher labor and raw material costs.The company, which mainly builds single-family homes, expects fiscal 2018 adjusted gross margin of between 23.75 percent and 24.25 percent, compared with 24.80 percent this year.The homebuilder, which typically sells luxury homes that can cost upwards of $1 million, earlier this year introduced a new line of homes with lower prices and quicker delivery times to cater to millennial who are starting families.The move has boosted demand but has also weighed on the companys average prices, that rose marginally in the fourth quarter following declines for three straight quarters.Toll Brothers, which has been building homes for half a century, forecast full-year revenue of between $6.24 billion and $7.48 billion, compared with $5.81 billion this year.FILE PHOTO: A Toll Brothers home under construction is seen in Broomfield, Colorado February 25, 2014. REUTERS/Rick Wilking/File Photo Orders, a key metric of future revenue for homebuilders, rose 14.5 percent to 1,979 homes in the three months ended Oct. 31, its slowest pace in six quarters.Toll Brothers average price of homes sold increased to $836,600 in the quarter from a year earlier, missing its own forecast, while the number of homes sold rose 9 percent to 2,424.Homebuilders have reported largely positive quarterly results and remained upbeat on the housing market even as the hurricanes weighed on some operations.Toll has not given any details yet, but MKM Partners analyst Megan McGrath expects the hurricanes to weigh on the homebuilder.The companys net income rose to $191.9 million, or $1.17 per share, in the quarter, from $114.4 million, or 67 cents per share, a year earlier. The year-ago quarter was hit by a $121.2 million warranty charge.Revenue rose 9.3 percent to $2.03 billion.Analysts on average had expected a profit of $1.19 per share and revenue of $2.08 billion,Up to Mondays close, the companys shares had risen 63.4 percent this year.Reporting by Arunima Banerjee in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak Dasgupta '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-toll-brothers-results/toll-brothers-profit-revenue-jump-on-higher-demand-idUSKBN1DZ1AL'|'2017-12-05T12:30:00.000+02:00'|9970.0|''|-1.0|'' -9971|'8ae4db3ce6885f3d8c16cfce686b21f0a8faefcd'|'EU pensions have insufficient assets to cover liabilities - Watchdog'|'December 13, 2017 / 6:13 PM / Updated 42 minutes ago EU pensions have insufficient assets to cover liabilities - Watchdog Reuters Staff 1 Min Read FRANKFURT (Reuters) - European Union pension providers on the whole do not have enough assets to cover their liabilities, the European Unions insurance and pension watchdog said on Wednesday. The European Insurance and Occupational Pensions Authority (EIOPA) published aggregated results of this years stress test of 195 institutions that provide pensions. The results showed shortfalls of between 349 billion euros (307.5 billion) and 702 billion euros, levels that could harm the real economy, EIOPA said. Reporting by Tom Sims; Editing by Arno Schuetze'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-pensions-stress/eu-pensions-have-insufficient-assets-to-cover-liabilities-watchdog-idUKKBN1E72KZ'|'2017-12-13T20:13:00.000+02:00'|9971.0|''|-1.0|'' +9971|'8ae4db3ce6885f3d8c16cfce686b21f0a8faefcd'|'EU pensions have insufficient assets to cover liabilities - Watchdog'|'December 13, 2017 / 6:13 PM / Updated 42 minutes ago EU pensions have insufficient assets to cover liabilities - Watchdog Reuters Staff 1 Min Read FRANKFURT (Reuters) - European Union pension providers on the whole do not have enough assets to cover their liabilities, the European Unions insurance and pension watchdog said on Wednesday. The European Insurance and Occupational Pensions Authority (EIOPA) published aggregated results of this years stress test of 195 institutions that provide pensions. The results showed shortfalls of between 349 billion euros (307.5 billion) and 702 billion euros, levels that could harm the real economy, EIOPA said. Reporting by Tom Sims; Editing by Arno Schuetze'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-pensions-stress/eu-pensions-have-insufficient-assets-to-cover-liabilities-watchdog-idUKKBN1E72KZ'|'2017-12-13T20:13:00.000+02:00'|9971.0|12.0|0.0|'' 9972|'b40f3b0c32b06d369dab6a6f4b8ce70025e847a7'|'Italy''s Ferragamo unable to confirm medium-term targets'|'December 14, 2017 / 8:51 PM / Updated 12 minutes ago Italy''s Ferragamo unable to confirm medium-term targets Reuters Staff 2 Min Read MILAN (Reuters) - Italian luxury goods brand Salvatore Ferragamo ( SFER.MI ) said on Thursday it could not confirm the targets it had set for the next three years in its business plan as 2018 would be another year of transition. FILE PHOTO - People walks past a Salvatore Ferragamo shop in downtown Rome, Italy, February 10, 2016. REUTERS/Tony Gentile/File Photo In a statement it said it could not be sure of the medium-term ambitions presented to the market on Feb. 3, when it unveiled its strategy for the years 2017 to 2020, but it did not give a new guidance. Back in February the Florence-based group had said its revenue would increase at twice the market rate in the four years starting in 2017. It also said both gross margins and core profits would improve in the period, however without quantifying the growth. But since launching the ambitious new strategy, focussing on raising sales per square metre at its almost 700 boutiques around the world, core profit margins have been falling year-on-year, severely hit by a planned clearance of inventory products. The move is aimed at freeing up space for new products, in a broader push by the 90-year old brand to become more contemporary and appealing to younger customers, now a larger proportion of the luxury sectors client-base. The group also said that the transition phase, that characterised 2017 would extend into 2018. Chief Executive Eraldo Poletto, who took over from long-serving Michele Norsa last year, had already warned in November, when the group reported a 25 percent drop in nine-month core profit, that 2018 would be another year of hard work. Reporting by Giulia Segreti; Editing by Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ferragamo-strategy/italys-ferragamo-unable-to-confirm-medium-term-targets-idUKKBN1E8310'|'2017-12-14T22:51:00.000+02:00'|9972.0|''|-1.0|'' 9973|'007d02df2ed60046a3d0bc1a22c42398a2225f99'|'FS Investments moves lending platform from Blackstone to KKR'|'(Reuters) - Debt investment company FS Investment Corp and buyout firm KKR are pooling together more than $18 billion in private capital to invest in mid-sized businesses, in a push to do bigger deals which are out of reach for other alternative lenders.As a result, FS, which invests in the debt of private middle market U.S. companies, dropped a partnership with Blackstone Group LP.The KKR deal will create the worlds largest business development company (BDC) platform, the companies said on Monday.BDCs became popular with investors after the 2008 financial crisis as banks and other traditional lenders to companies retrenched, though their growth has slowed amid increasing competition in the sector.Scale enables you to do larger, upper middle market deals that you would not otherwise be able to do, Mike Gerber, executive vice president at FS, said in an interview.That really matters right now because the private credit markets are very competitive, particularly in the middle and lower end of the market.Some $13.7 billion will come from FS Investments and a further $4.6 billion from Corporate Capital Trust, a BDC externally managed by KKR.The KKR deal takes the place of FS Investments sub-advisory agreement with Blackstone, which said on Monday it is launching a new direct lending business.Blackstone said the FS funds on its platform had generated strong investment performance, exceeding substantially all of the relevant market benchmarks.FS will pay Blackstone $640 million in cash, representing approximately three years of revenues, to end the partnership.Bennett Goodman, a senior managing director at Blackstone, said the parting of ways was mutual and that Blackstone wanted to have 100 percent control over our direct lending activities to the middle market.KKR said the deal will help it grow the assets under management at its credit business by 33 percent to $55 billion.Our sources and the data that we have found see this partnership taking KKR Credit from a top 10 player in private credit to a top three player, CCT CEO and KKR Credit and Markets President Todd Builione said in an interview.The partnership is subject to shareholder approval.In a separate statement, FS Investments also said it is partnering with private equity firm EIG Global Energy Partners to create a $4 billion joint venture to finance energy and infrastructure companies.Reporting by Joshua Franklin in New York; Editing by Tom Brown '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-kkr-fs-investments-funds/fs-investments-moves-lending-platform-from-blackstone-to-kkr-idINKBN1E601O'|'2017-12-11T21:36:00.000+02:00'|9973.0|''|-1.0|'' 9974|'b4d46e867065da103d99a43d1f41cb1dbabb34e9'|'UK new car sales fell 11 percent in November - data'|' 40 AM / in 9 minutes UK new car sales fell 11 percent in November - data Reuters Staff 1 Min Read LONDON (Reuters) - New car registrations in Britain fell by around 11 percent in November, the eighth consecutive month that sales have declined, according to preliminary numbers from an industry body. Vauxhall cars are seen for sale at a car show room near Vauxhall''s plant in Luton, Britain, March 6, 2017. REUTERS/Neil Hall The sales have reflected caution among consumers faced by a rise in inflation since the Brexit vote in 2016 and weak wage growth, as well as concerns that the government would clamp down on diesel vehicles to curb pollution. Figures from the Society of Motor Manufacturers and Traders were expected to show diesel car sales fell sharply again. Britain will increase tax on diesel cars that do not meet more stringent emissions standards, finance minister Philip Hammond said last month. Novembers expected drop in sales would add to the fall of nearly 5 percent in overall registrations between January and October. The SMMT is due to publish final numbers at 0900 GMT on Tuesday. 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bRhU}&hj2(ShWe78g?Y4M;_2Z_hgbgxen!fc literal 0 HcmV?d00001 diff --git a/src/2018-12-01-al-interactive-labeling.ipynb b/src/2018-12-01-al-interactive-labeling.ipynb index 0622a73..938320b 100644 --- a/src/2018-12-01-al-interactive-labeling.ipynb +++ b/src/2018-12-01-al-interactive-labeling.ipynb @@ -26,7 +26,7 @@ }, { "cell_type": "code", - "execution_count": 19, + "execution_count": 1, "metadata": {}, "outputs": [], "source": [ @@ -63,7 +63,7 @@ }, { "cell_type": "code", - "execution_count": 20, + "execution_count": 2, "metadata": {}, "outputs": [ { @@ -124,7 +124,7 @@ }, { "cell_type": "code", - "execution_count": 22, + "execution_count": 3, "metadata": {}, "outputs": [], "source": [ @@ -147,51 +147,22 @@ }, { "cell_type": "code", - "execution_count": 23, + "execution_count": 22, "metadata": {}, "outputs": [], "source": [ "# global dict of all articles (article index => list of mentioned organizations)\n", "dict_art_orgs = {}\n", - "with open('../obj/dict_articles_organizations.pkl', 'rb') as input:\n", + "with open('../obj/dict_articles_organizations_without_banks.pkl', 'rb') as input:\n", " dict_art_orgs = pickle.load(input)" ] }, { "cell_type": "code", - "execution_count": 24, + "execution_count": 23, "metadata": {}, "outputs": [], "source": [ - "# global dict of mentioned companies in labeled articles (company name => number of occurences\n", - "dict_limit = {}\n", - "\n", - "def pick_random_articles(n, limit = 3):\n", - " ''' pick n random articles, check if company occurences under limit.\n", - " returns list of n indices of the articles we can label next.\n", - " '''\n", - " # labeling list\n", - " list_arts = []\n", - " # article counter\n", - " i = 0\n", - " while i < n:\n", - " # pick random article\n", - " rand_i = random.randint(0, 9999)\n", - " # check if not yet labeled\n", - " if df.loc[rand_i]['Label'] == -1:\n", - " # list of companies in that article\n", - " companies = dict_art_orgs[rand_i]\n", - " if all((dict_limit.get(company) == None) or (dict_limit[company] < limit ) for company in companies): \n", - " for company in companies:\n", - " if company in dict_limit:\n", - " dict_limit[company] += 1\n", - " else:\n", - " dict_limit[company] = 1\n", - " # add article to labeling list\n", - " list_arts.append(rand_i)\n", - " i += 1\n", - " return list_arts\n", - "\n", "def show_next(index):\n", " print('News article no. {}:'.format(index))\n", " print()\n", @@ -212,7 +183,8 @@ "\n", " # create slider widget for labels\n", " interact(f, x = widgets.IntSlider(min=-1, max=5, step=1, value=df.loc[df['Index'] == index, 'Label']))\n", - " print('1: merger of companies A and B, 2: merger pending/in talks, 3: merger aborted, 4: sale of shares/parts,')\n", + " print('1: merger of companies A and B, 2: merger pending/in talks/to be approved, 3: merger aborted/denied,') \n", + " print('4: sale or buy of shares/parts/assets or merger of units,')\n", " print('5: merger as incidental remark (not main topic/not current), 0: other/unrelated news, -1: i don\\'t know')\n", " print('___________________________________________________________________________________________________')\n", " print()\n", @@ -249,17 +221,17 @@ }, { "cell_type": "code", - "execution_count": 69, + "execution_count": 53, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ - "Last iteration number: 2\n", + "Last iteration number: 16\n", "\n", - "Number of labeled articles: 20\n", - "Number of unlabeled articles: 9980\n" + "Number of labeled articles: 320 (3.2 percent)\n", + "Number of unlabeled articles: 9680\n" ] } ], @@ -277,20 +249,21 @@ "\n", "print('Last iteration number: {}'.format(m))\n", "print()\n", - "print('Number of labeled articles: {}'.format(len(df.loc[df['Label'] != -1])))\n", + "print('Number of labeled articles: {0} ({1:.2} percent)'.format(len(df.loc[df['Label'] != -1]), \n", + " len(df.loc[df['Label'] != -1])/100))\n", "print('Number of unlabeled articles: {}'.format(len(df.loc[df['Label'] == -1])))" ] }, { "cell_type": "code", - "execution_count": 68, + "execution_count": 45, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ - "Continue with iteration number: 3\n" + "Continue with iteration number: 16\n" ] } ], @@ -303,7 +276,7 @@ }, { "cell_type": "code", - "execution_count": 70, + "execution_count": 46, "metadata": { "scrolled": true }, @@ -312,12 +285,57 @@ "name": "stdout", "output_type": "stream", "text": [ - "{'United Parcel Service': 3, 'Insurer Aviva': 3, 'JP Morgan': 3, 'HSBC': 3, 'Natural Resources': 3, 'Horizon': 3, 'TransCanada Corps': 3, 'Energy East': 3, 'Gibson Energy': 3, 'Cenovus Energy': 3, 'Turner Mason &': 3, 'National Energy Board': 3, 'Airlines Lufthansa': 3, 'Etihad': 3, 'Lufthansa': 3, 'Etihad Airways': 3, 'Abu Dhabi': 3, 'Alitalia': 3, 'Qatar Airways': 3, 'IAG': 3, 'Credit Suisse': 5, 'Singapore Airlines': 3, 'Air China': 3, 'All Nippon Airways': 3, 'Brussels Airlines': 3, 'Barclays': 5, 'Societe Generale': 3, 'Nomura': 3, 'NATO': 3, 'MSCI': 3, 'Financial Services Agency': 3, 'Shiroyama Consulting Co..': 3, 'FSA': 3, 'CNBC': 3, 'Snap': 3, 'CII': 3, 'Supremex': 3, 'Triumph': 3, 'Aerospace Industries': 3, 'Korea Aerospace Industries': 3, 'Reynolds': 3, 'British American Tobacco': 3, 'NGP': 3, 'Philip Morris International': 3, 'Imperial Brands': 3, 'Philip Morris': 3, 'FDA': 3, 'Jefferies': 3, 'Japan Tobacco': 3, 'Mighty': 3, 'British American Tobacco vs Philip Morris': 3, 'GST': 2, 'Indias': 2, 'Lee Cheong Gold Dealers': 2, 'MILAN': 2, 'Roche': 2, 'Banco Santander': 2, 'Richemont': 2, 'Corpus Christi': 2, 'Buckeye Partners': 2, 'Buckeye Texas Processing': 2, 'Amazon': 2, 'ASOS': 2, 'Fox Jessica Toonkel': 2, 'Fox TV': 2, 'Walt Disney': 2, 'News': 2, 'Fox News Channel': 2, 'National Football League': 2, 'Major League Baseball': 2, 'Fox': 2, 'Fox News': 2, 'Fox Sports': 2, 'GAMCO Investors': 2, 'Sinclair Broadcast': 2, 'Fox into News': 2, 'Facebook': 4, 'Amazon.com': 2, 'Pivotal Research': 2, 'Major League Baseballs': 2, 'NFL': 2, 'Media Kitchen': 2, 'Abertis': 2, 'FT Confidential Research': 2, 'Garena Interactive': 2, 'Sea': 2, 'Farallon Capital Management': 2, 'Hillhouse Capital': 2, 'JG Summit': 2, 'Uni-President Enterprises': 2, 'Cathay Financial': 2, 'Alibaba': 2, 'Lazada': 2, 'Tokopedia': 2, 'JD.Com': 2, 'SeaTown': 2, 'Temasek': 2, 'Khazanah Nasional Bhd': 2, 'IFR': 2, 'PT Toba Bara Sejahtra': 2, 'Milans Bocconi University': 2, 'Northern League': 2, 'Silvio Berlusconis Forza Italia': 2, 'Northern Leagues': 2, 'Democratic Party': 2, 'Forza Italia': 2, 'ENI': 2, 'Ichiyoshi Asset Management': 2, 'FBI': 2, \"May 's Conservative\": 2, 'Labour': 2, 'development.Toshiba': 2, 'Broadcom': 2, 'Toshiba': 2, 'Western Digital': 2, 'said.Dentsu': 2, 'Apple': 2}\n" + "Amazon\n", + "Google\n", + "Alphabet\n", + "EMEA\n", + "BAML\n", + "Royal Dutch Shell\n", + "Glencore\n", + "Abu Dhabi\n", + "Qatar Airways\n", + "Viacom\n", + "Nomura\n", + "General Motors\n", + "Boeing\n", + "Airbus\n", + "Societe Generale\n", + "SEC\n", + "Organization of the Petroleum Exporting Countries\n", + "Toshiba\n", + "LME\n", + "Pepsi\n", + "Microsoft\n", + "BOJ\n", + "Apple\n", + "Amazon.com\n", + "Facebook\n", + "AT & T\n", + "Verizon Communications\n", + "Lloyds\n", + "Unilever\n", + "BP\n", + "Alibaba\n", + "Tesla\n", + "Tencent\n", + "Tesco\n", + "Nestle\n", + "IHS Markit\n", + "VW\n", + "Volkswagen\n", + "Deutsche Telekom\n", + "T-Mobile US\n", + "BHP Billiton\n", + "ING\n", + "CME\n" ] } ], "source": [ - "# create dict_limit\n", + "# global dict of mentioned companies in labeled articles (company name => number of occurences\n", + "dict_limit = {}\n", + "\n", + "# initialize dict_limit\n", "df_labeled = df[df['Label'] != -1]\n", "for index in df_labeled['Index']:\n", " orgs = dict_art_orgs[index]\n", @@ -326,17 +344,47 @@ " dict_limit[org] += 1\n", " else:\n", " dict_limit[org] = 1\n", - "print(dict_limit)" + "\n", + "for k, v in dict_limit.items():\n", + " # print organizations that are mentioned 3 times\n", + " if v == 3:\n", + " print(k)" ] }, { "cell_type": "code", - "execution_count": 71, + "execution_count": 47, "metadata": {}, "outputs": [], "source": [ + "def pick_random_articles(n, limit = 3):\n", + " ''' pick n random articles, check if company occurences under limit.\n", + " returns list of n indices of the articles we can label next.\n", + " '''\n", + " # labeling list\n", + " list_arts = []\n", + " # article counter\n", + " i = 0\n", + " while i < n:\n", + " # pick random article\n", + " rand_i = random.randint(0, 9999)\n", + " # check if not yet labeled\n", + " if df.loc[rand_i]['Label'] == -1:\n", + " # list of companies in that article\n", + " companies = dict_art_orgs[rand_i]\n", + " if all((dict_limit.get(company) == None) or (dict_limit[company] < limit ) for company in companies): \n", + " for company in companies:\n", + " if company in dict_limit:\n", + " dict_limit[company] += 1\n", + " else:\n", + " dict_limit[company] = 1\n", + " # add article to labeling list\n", + " list_arts.append(rand_i)\n", + " i += 1\n", + " return list_arts\n", + "\n", "# generate new list of article indices for labeling\n", - "batchsize = 10\n", + "batchsize = 1\n", "label_next = pick_random_articles(batchsize)" ] }, @@ -349,16 +397,16 @@ }, { "cell_type": "code", - "execution_count": 80, + "execution_count": 48, "metadata": {}, "outputs": [ { "data": { "text/plain": [ - "3" + "16" ] }, - "execution_count": 80, + "execution_count": 48, "metadata": {}, "output_type": "execute_result" } @@ -370,28 +418,28 @@ }, { "cell_type": "code", - "execution_count": 72, + "execution_count": 49, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ - "News article no. 6380:\n", + "News article no. 5332:\n", "\n", "HEADLINE:\n", - "6380 Playtech revenue rises on strong gaming division performance\n", + "5332 Creditors seek to overturn Dana Gas sukuk injunction in UK court\n", "Name: Title, dtype: object\n", "\n", "TEXT:\n", - "6380 27 AM / 32 minutes ago Playtech revenue rises on strong gaming division performance Reuters Staff 1 Min Read (Reuters) - Gambling technology company Playtech ( PTEC.L ) reported half-year revenue up nearly 25 percent on a strong performance by its flagship Casino offering and benefits from recent acquisitions. Playtech, which provides software for sports betting and online casino and poker games, said that gaming revenue rose 22.8 percent to 376.5 million euros (347.43 million pounds). Total revenue for the six months to June 30 was 421.6 million euros, up from 337.7 million euros in the same period last year. Reporting by Rahul B in Bengaluru; Editing by David Goodman 0 : 0\n", + "5332 Market News - Wed Jul 5, 2017 - 7:03am EDT Creditors seek to overturn Dana Gas sukuk injunction in UK court DUBAI, July 5 The owners of Islamic bonds issued by Abu Dhabi-listed Dana Gas have gone to London's High Court of Justice to try to overturn an injunction that prevents them from forcing repayment of the $700 million of sukuk. Analysts say the case could have ramifications across the Islamic finance industry, with any decision against the creditors potentially undermining confidence in Islamic bonds. Dana Gas argues that because of changes in Islamic financial instruments and how they are interpreted, its sukuk are no longer sharia-compliant, and have become unlawful and unenforceable in the United Arab Emirates. The company says it is therefore halting payments on the mudaraba-style sukuk and proposing its creditors exchange them for new Islamic bonds with lower profit distributions. In mid-June, Dana Gas said it had obtained an interim injunction from London's High Court blocking holders of the sukuk, which are due to mature in October, from enforcing claims against the company related to the bonds. Deutsche Bank, representing the sukuk holders, told the High Court on Tuesday the injunction should be set aside, according to legal documents presented to the court and seen by Reuters. Deutsche Bank told the court Dana's case was \"hopeless as a matter of law,\" arguing that asserting the sukuk were illegal was an \"event of default\" allowing the sukuk holders to demand repayment, the documents show. Dana's actions \"have sent shockwaves around the market for Islamic bonds\" because they could erode trust in other sukuk issues, Deutsche Bank said. The judge did not reach a conclusion on Tuesday, and has asked Dana and the other parties to return to the court on Wednesday, a source familiar with the situation told Reuters. (Reporting by Davide Barbuscia; Editing by Andrew Torchia and Mark Potter) \n", "Name: Text, dtype: object\n" ] }, { "data": { "application/vnd.jupyter.widget-view+json": { - "model_id": "f465cbe73b2a4d4da5345eb048f314e2", + "model_id": "415d739cf3d643429b8bc3ea4884d88a", "version_major": 2, "version_minor": 0 }, @@ -421,448 +469,8 @@ "name": "stdout", "output_type": "stream", "text": [ - "1: merger of companies A and B, 2: merger pending/in talks, 3: merger aborted, 4: sale of shares/parts,\n", - "5: merger as incidental remark (not main topic/not current), 0: other/unrelated news, -1: i don't know\n", - "___________________________________________________________________________________________________\n", - "\n", - "\n", - "News article no. 2614:\n", - "\n", - "HEADLINE:\n", - "2614 Airbus reaches 35 A320neo deliveries for 2017 - sources\n", - "Name: Title, dtype: object\n", - "\n", - "TEXT:\n", - "2614 Business News 4:12pm BST Airbus reaches 35 A320neo deliveries for 2017 - sources The logo of Airbus Group is seen on the company's headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau PARIS Airbus ( AIR.PA ) has delivered 35 A320neo aircraft so far this year, industry sources said on Tuesday, bringing to 103 the number of upgraded medium-haul jets placed in service since deliveries began in January last year. The widely watched deliveries, which as of Monday totalled 9 so far in April, include the first aircraft for Icelandic budget carrier WOW air, which said on Tuesday it had taken the jet, powered by new LEAP engines from CFM International, under a leasing deal with Air Lease Corp ( AL.N ). Airbus aims to deliver some 200 of the A320neo jets, the latest version of Airbus's best-selling jet programme, this year. It is equipped with new fuel-saving engines from either CFM, jointly owned by General Electric ( GE.N ) and France's Safran ( SAF.PA ), or U.S. rival Pratt & Whitney. But deliveries have been hampered partly by problems with Pratt & Whitney's new Geared Turbofan engines. Since A320neo deliveries began in 2016, Airbus has delivered 53 aircraft with Pratt & Whitney engines and 50 powered by CFM. Pratt & Whitney parent United Technologies ( UTX.N ) on Tuesday reaffirmed plans to deliver 350 to 400 Geared Turbofan engines to planemakers this year. CFM's shareholders have said they are trimming forecasts for LEAP engine deliveries to Airbus and other planemakers in 2017 to 450-500 units from 500. Airbus is expected to give an update on its own deliveries to airlines with quarterly earnings on Thursday. (Reporting by Tim Hepher; editing by Alexander Smith)\n", - "Name: Text, dtype: object\n" - ] - }, - { - "data": { - "application/vnd.jupyter.widget-view+json": { - "model_id": "ed29645e1df943bab4dc82bef62dfbc3", - "version_major": 2, - "version_minor": 0 - }, - "text/html": [ - "

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\n" - ], - "text/plain": [ - "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" - ] - }, - "metadata": {}, - "output_type": "display_data" - }, - { - "name": "stdout", - "output_type": "stream", - "text": [ - "1: merger of companies A and B, 2: merger pending/in talks, 3: merger aborted, 4: sale of shares/parts,\n", - "5: merger as incidental remark (not main topic/not current), 0: other/unrelated news, -1: i don't know\n", - "___________________________________________________________________________________________________\n", - "\n", - "\n", - "News article no. 1178:\n", - "\n", - "HEADLINE:\n", - "1178 Braskem sees Brazil plastics market growing 2 pct in 2017 -CEO\n", - "Name: Title, dtype: object\n", - "\n", - "TEXT:\n", - "1178 Company News 13am EST Braskem sees Brazil plastics market growing 2 pct in 2017 -CEO SAO PAULO Feb 22 Petrochemical producer Braskem SA expects demand for plastic resins to grow around 2 percent this year from 2016, Chief Executive Fernando Musa said on a Wednesday earnings call. Demand for polyethylene, polypropylene and PVC in Brazil rose 13 percent in the fourth quarter from a year ago, Braskem said in an unaudited earnings release on Wednesday. (Reporting by Brad Haynes) Next In Company News\n", - "Name: Text, dtype: object\n" - ] - }, - { - "data": { - "application/vnd.jupyter.widget-view+json": { - "model_id": "33fcac8629a24518964db9295a29e4e3", - "version_major": 2, - "version_minor": 0 - }, - "text/html": [ - "

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\n" - ], - "text/plain": [ - "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" - ] - }, - "metadata": {}, - "output_type": "display_data" - }, - { - "name": "stdout", - "output_type": "stream", - "text": [ - "1: merger of companies A and B, 2: merger pending/in talks, 3: merger aborted, 4: sale of shares/parts,\n", - "5: merger as incidental remark (not main topic/not current), 0: other/unrelated news, -1: i don't know\n", - "___________________________________________________________________________________________________\n", - "\n", - "\n", - "News article no. 2273:\n", - "\n", - "HEADLINE:\n", - "2273 Effissimo says Toshiba stake purchase aimed at longer term price gain\n", - "Name: Title, dtype: object\n", - "\n", - "TEXT:\n", - "2273 TOKYO Singapore-based fund Effissimo said on Friday it had bought its 8.14 percent stake in Toshiba Corp ( 6502.T ) because it expects its share price to gain and produce returns though a longer-term increase in corporate value.Effissimo, established by former colleagues of Japan's most famous activist investor, Yoshiaki Murakami, has become the largest shareholder in Toshiba with its stake, a regulatory filing showed on Thursday.Effissimo's purchase of Toshiba shares is worth about 65 billion yen ($584 million), based on its closing price on March 15, the date of ownership shown in the filing.(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)\n", - "Name: Text, dtype: object\n" - ] - }, - { - "data": { - "application/vnd.jupyter.widget-view+json": { - "model_id": "69b7db6b4c534e3e93aee26fa05f6d29", - "version_major": 2, - "version_minor": 0 - }, - "text/html": [ - "

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\n" - ], - "text/plain": [ - "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" - ] - }, - "metadata": {}, - "output_type": "display_data" - }, - { - "name": "stdout", - "output_type": "stream", - "text": [ - "1: merger of companies A and B, 2: merger pending/in talks, 3: merger aborted, 4: sale of shares/parts,\n", - "5: merger as incidental remark (not main topic/not current), 0: other/unrelated news, -1: i don't know\n", - "___________________________________________________________________________________________________\n", - "\n", - "\n", - "News article no. 7288:\n", - "\n", - "HEADLINE:\n", - "7288 Drax promotes finance head Will Gardiner as next CEO\n", - "Name: Title, dtype: object\n", - "\n", - "TEXT:\n", - "7288 6:33 AM / Updated 17 minutes ago Drax chief executive Dorothy Thompson to step down Reuters Staff 1 Min Read (Reuters) - British power producer Drax ( DRX.L ) said chief executive Dorothy Thompson will step down after 12 years in the role. The companys current finance chief Will Gardiner will succeed Dorothy Thompson who will step down from the post and leave the group at the end of 2017. Shares of the company, which owns the UKs largest power station, fell 1.5 percent in early trading. Drax is speeding up plans to convert its units to gas. Under pressure from government plans to close all coal plants by 2025, Drax has increasingly turned to burning compressed wood pellets, or biomass. The company will begin the process of appointing a new chief financial officer and will also review the option of making an appointment on an interim basis, it said on Thursday. Reporting by Rahul B and Radhika Rukmangadhan in Bengaluru; Editing by Sunil Nair\n", - "Name: Text, dtype: object\n" - ] - }, - { - "data": { - "application/vnd.jupyter.widget-view+json": { - "model_id": "115d041beea5439db33aec72724ed97c", - "version_major": 2, - "version_minor": 0 - }, - "text/html": [ - "

Failed to display Jupyter Widget of type interactive.

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

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

\n" - ], - "text/plain": [ - "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" - ] - }, - "metadata": {}, - "output_type": "display_data" - }, - { - "name": "stdout", - "output_type": "stream", - "text": [ - "1: merger of companies A and B, 2: merger pending/in talks, 3: merger aborted, 4: sale of shares/parts,\n", - "5: merger as incidental remark (not main topic/not current), 0: other/unrelated news, -1: i don't know\n", - "___________________________________________________________________________________________________\n", - "\n", - "\n", - "News article no. 2075:\n", - "\n", - "HEADLINE:\n", - "2075 PetroChina 2016 profit sinks 78 percent on lower crude prices\n", - "Name: Title, dtype: object\n", - "\n", - "TEXT:\n", - "2075 45am BST PetroChina 2016 profit sinks 78 percent on lower crude prices FILE PHOTO: PetroChina's petrol station is pictured in Beijing, China, March 21, 2016. REUTERS/Kim Kyung-Hoon/File Photo BEIJING China's largest oil and gas producer, PetroChina ( 601857.SS ), on Thursday reported a drop of 78 percent in 2016 annual net profit, to its lowest since at least 2011, as it was hit by lower prices for crude oil and natural gas. The shrinking profits posted by China's state oil and gas producers for last year have highlighted their growing challenges from falling output at ageing wells and excess supply in domestic fuel oil markets. PetroChina's net profit sank to 7.86 billion yuan ($1.14 billion) from 35.7 billion yuan in 2015, while revenue fell 6.3 percent to 1.62 trillion yuan ($235 billion), based on IFRS accounting standards. PetroChina's crude oil production fell 5.3 percent to 920.7 million barrels in 2016 - still the highest among global oil producers including BP ( BP.L ) and Shell ( RDSa.L ) - but marking the lowest for PetroChina since 2012, according to Reuters data. The state company's crude oil output peaked in 2015 at 972 million barrels. PetroChina's total oil and gas output for the year was 1.47 billion barrels of oil equivalent, down 1.8 percent from 2015. PetroChina had 7.44 billion barrels of proven crude oil reserves, down 12.7 percent from 2015, it said. In its annual report, the company said domestic gasoline demand was lower than expected, while diesel consumption fell. \"The situation of excessive supply in domestic refined products became severe\" last year, it said. \"The quantity of imported and processed crude oil, operating capacity, and market shares of local refineries (all) increased significantly, leading to fiercer market competition.\" PetroChina's smaller upstream competitor CNOOC ( 0883.HK ) - a specialist in offshore operations - earlier reported its worst result since 2011, but forecast its output to rise this year. Profits at Sinopec ( 600028.SS ) - Asia's largest refiner - rose 44 percent from a year earlier on the back of strong performances in refining and chemicals. Sinopec's oil and gas production in 2016, however, fell 8.6 percent to 431.29 million barrels of oil equivalent versus 471.91 million a year earlier. ($1 = 6.8895 Chinese yuan) (Reporting by Josephine Mason and Meng Meng; Editing by Tom Hogue) Next In Business News\n", - "Name: Text, dtype: object\n" - ] - }, - { - "data": { - "application/vnd.jupyter.widget-view+json": { - "model_id": "ed4f02b48baa45af89069cb5c0d1fc3f", - "version_major": 2, - "version_minor": 0 - }, - "text/html": [ - "

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\n", - "

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

\n" - ], - "text/plain": [ - "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" - ] - }, - "metadata": {}, - "output_type": "display_data" - }, - { - "name": "stdout", - "output_type": "stream", - "text": [ - "1: merger of companies A and B, 2: merger pending/in talks, 3: merger aborted, 4: sale of shares/parts,\n", - "5: merger as incidental remark (not main topic/not current), 0: other/unrelated news, -1: i don't know\n", - "___________________________________________________________________________________________________\n", - "\n", - "\n", - "News article no. 2166:\n", - "\n", - "HEADLINE:\n", - "2166 BRIEF-Village Farms announces year end 2016 results\n", - "Name: Title, dtype: object\n", - "\n", - "TEXT:\n", - "2166 16am EDT BRIEF-Village Farms announces year end 2016 results March 31 Village Farms International Inc * Village Farms announces year end 2016 results * Village Farms International - sales for 3 months ended Dec 31, 2016 increased by $2,187, or 6%, to $37,308 from $35,121 for 3 months ended Dec 31, 2015 * Village Farms International Inc - net income for 3 months ended Dec 31, 2016 decreased by $2,033 to $453 from $2,486 for 3 months ended Dec 31, 2015 Source text for Eikon: \n", - "Name: Text, dtype: object\n" - ] - }, - { - "data": { - "application/vnd.jupyter.widget-view+json": { - "model_id": "80563e14fa554ca082f8e656e768ad3b", - "version_major": 2, - "version_minor": 0 - }, - "text/html": [ - "

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

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\n" - ], - "text/plain": [ - "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" - ] - }, - "metadata": {}, - "output_type": "display_data" - }, - { - "name": "stdout", - "output_type": "stream", - "text": [ - "1: merger of companies A and B, 2: merger pending/in talks, 3: merger aborted, 4: sale of shares/parts,\n", - "5: merger as incidental remark (not main topic/not current), 0: other/unrelated news, -1: i don't know\n", - "___________________________________________________________________________________________________\n", - "\n", - "\n", - "News article no. 29:\n", - "\n", - "HEADLINE:\n", - "29 ECB has told several banks to submit plans on bad loan by end-Feb - source\n", - "Name: Title, dtype: object\n", - "\n", - "TEXT:\n", - "29 Business News - Mon Jan 30, 2017 - 1:08pm GMT ECB has told several banks to submit plans on bad loan by end-Feb - source The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski MILAN The European Central Bank has asked several banks to submit a plan by the end of February spelling out how they intend to reduce their problematic loans, a source familiar with the matter said on Monday. The source, who declined to name the banks involved, said the request was a follow-up to the ECB's new guidance on non-performing loans issued last year. Italy's biggest bank by assets UniCredit ( CRDI.MI ) earlier on Monday said it had been requested to present such a plan by Feb. 28. Genoa-based Banca Carige ( CRGI.MI ) must also submit its own plan by that deadline. Italian banks are saddled with 356 billion euros ($378 billion) of soured debts, a third of the euro zone's total, accumulated during a long recession. (Reporting by Silvia Aloisi, editing by Luca Trogni) Next In Business News Oil steady but U.S. drilling weakens deal to cut output LONDON Oil prices were steady on Monday, but news of another increase in U.S. drilling activity spread concern over rising output just as many of the world's oil producers are trying to comply with a deal to pump less in an attempt to prop up prices.\n", - "Name: Text, dtype: object\n" - ] - }, - { - "data": { - "application/vnd.jupyter.widget-view+json": { - "model_id": "1a821243ed1548409bdd2d8736094218", - "version_major": 2, - "version_minor": 0 - }, - "text/html": [ - "

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

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

\n" - ], - "text/plain": [ - "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" - ] - }, - "metadata": {}, - "output_type": "display_data" - }, - { - "name": "stdout", - "output_type": "stream", - "text": [ - "1: merger of companies A and B, 2: merger pending/in talks, 3: merger aborted, 4: sale of shares/parts,\n", - "5: merger as incidental remark (not main topic/not current), 0: other/unrelated news, -1: i don't know\n", - "___________________________________________________________________________________________________\n", - "\n", - "\n", - "News article no. 87:\n", - "\n", - "HEADLINE:\n", - "87 Investment Focus: History suggests Trump month will be stocks down, dollar up\n", - "Name: Title, dtype: object\n", - "\n", - "TEXT:\n", - "87 Business News 9:18am EST Investment Focus: History suggests Trump month will be stocks down, dollar up FILE PHOTO - Republican U.S. presidential candidate Donald Trump poses for a photo after an interview with Reuters in his office in Trump Tower, in the Manhattan borough of New York City, U.S., May 17, 2016. REUTERS/Lucas Jackson/File Photo By Jamie McGeever and Marc Jones - LONDON LONDON For financial markets, the Trump era begins on Monday, and if history is any guide the following month should be a rocky one for Wall Street but positive for the dollar. The S&P 500 .SPX has fallen a median 2.7 percent in the month after each new president has taken the keys to the White House since Herbert Hoover did so in January 1929, according to Reuters analysis. Only four presidents have seen Wall Street rise in their first month in power: Hoover (+3.8 percent), John F. Kennedy in 1961 (+6 pct), George H. W. Bush in 1989 (+5.3 pct) and Bill Clinton in 1993 (0.8 pct). The market has fallen in the first month under every other incoming president since Hoover. Even Ronald Reagan and Barack Obama, who ultimately presided over 120 percent and 165 percent rallies on Wall Street during their two terms, respectively, saw initial slides of 4.8 percent and 15 percent. The dollar tends to fare better. Analysis going back to the early 1970s when the currency was taken off the gold standard shows it has risen an average 2.2 percent in the first month of a first-time president. Donald Trump takes office as the 45th president of the United States with investor apprehension over an incoming president has rarely been higher. \"There are two sides to Trump, the one side focusing on U.S. stimulus which drives up global growth and the other side, the protectionist Donald Trump that could do the opposite. So the big question is which will we get?,\" said State Street Global Advisors' EMEA head of currencies James Binny. Markets latched on after Trump won the November election to his reflationary and pro-growth stance: stocks rose to new highs, the bond selloff deepened, and the dollar clocked a 14-year peak against the euro. But as the inauguration has drawn closer, that momentum has faded. This week, the Dow Jones .DJI and dollar .DXY hit six-week lows, the 10-year U.S. Treasury yield its lowest since late November US10YT=RR, and gold rose to its highest in two months XAU=. Some investors are playing safe. \"We are neutral, because we don't know exactly what direction Trump will take,\" said Lukas Daadler, chief investment officer of investment solutions at Robeco, a subsidiary of Robeco Group. The latter has 269 billion euros in assets under management. \"There is some extreme positioning out there, so there's the risk of a short squeeze. But we've taken a neutral stance, and we might see more detail on his plans next week.\" Much of that positioning is in the U.S. bond market and the dollar. Speculators have amassed record bets against 10-year Treasuries, and according to Bank of America Merrill Lynch's January fund manager survey, the most overcrowded trade in the world now is the pro-dollar trade. BAML strategists said on Friday that although there has been a clear cooling of \"Trump trade\" bets in recent weeks, overall investor sentiment is its highest in three months. They recommend sticking with they call the \"Icarus trade\" - one last 10 percent rise in stocks and commodities before the rally ends. For graphic on markets one month into presidency: reut.rs/2k8p0Ui The Presidential Touch: tmsnrt.rs/2j1OyVe (Graphic by Vikram Subhedar; Editing by Jeremy Gaunt) Next In Business News\n", - "Name: Text, dtype: object\n" - ] - }, - { - "data": { - "application/vnd.jupyter.widget-view+json": { - "model_id": "34dd05dfd3ff4286b08b7a78af09ec81", - "version_major": 2, - "version_minor": 0 - }, - "text/html": [ - "

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\n" - ], - "text/plain": [ - "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" - ] - }, - "metadata": {}, - "output_type": "display_data" - }, - { - "name": "stdout", - "output_type": "stream", - "text": [ - "1: merger of companies A and B, 2: merger pending/in talks, 3: merger aborted, 4: sale of shares/parts,\n", - "5: merger as incidental remark (not main topic/not current), 0: other/unrelated news, -1: i don't know\n", - "___________________________________________________________________________________________________\n", - "\n", - "\n", - "News article no. 3431:\n", - "\n", - "HEADLINE:\n", - "3431 Japan proposes expanding bilateral FX swap scheme with ASEAN\n", - "Name: Title, dtype: object\n", - "\n", - "TEXT:\n", - "3431 Economy 3:25am BST Japan proposes expanding bilateral FX swap scheme with ASEAN Light is cast on a Japanese 10,000 yen note as it's reflected in a plastic board in Tokyo, in this February 28, 2013 picture illustration. REUTERS/Shohei Miyano/Illustration/File Photo YOKOHAMA, Japan Japan's Ministry of Finance on Friday proposed launching bilateral foreign exchange swap arrangements of up to 40 billion dollars with Southeast Asian nations to enable Tokyo to provide yen funds to these countries during times of financial crisis. The proposal was made during a meeting between finance ministers and central bank governors from Japan and the members of Association of Southeast Asian Nations (ASEAN) in Japan, the ministry said in a statement. The move is aimed at making yen funds more accessible to Japanese firms increasing their presence in Southeast Asia as well as others in need of the Japanese currency in case of financial stress. The scheme would allow each country to choose either the yen or the dollar in receiving funds under the bilateral arrangements in response to liquidity crisis. Separately on Friday, Japan entered into bilateral currency swap arrangement worth 3 billion dollars with Thailand and agreed to enter a similar arrangement with Malaysia under a current swap framework. (Reporting by Tetsushi Kajimoto; Editing by Sam Holmes)\n", - "Name: Text, dtype: object\n" - ] - }, - { - "data": { - "application/vnd.jupyter.widget-view+json": { - "model_id": "7c13276edecd491383ea9df15750c974", - "version_major": 2, - "version_minor": 0 - }, - "text/html": [ - "

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

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

\n" - ], - "text/plain": [ - "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" - ] - }, - "metadata": {}, - "output_type": "display_data" - }, - { - "name": "stdout", - "output_type": "stream", - "text": [ - "1: merger of companies A and B, 2: merger pending/in talks, 3: merger aborted, 4: sale of shares/parts,\n", + "1: merger of companies A and B, 2: merger pending/in talks/to be approved, 3: merger aborted/denied,\n", + "4: sale or buy of shares/parts/assets or merger of units,\n", "5: merger as incidental remark (not main topic/not current), 0: other/unrelated news, -1: i don't know\n", "___________________________________________________________________________________________________\n", "\n", @@ -877,13 +485,13 @@ }, { "cell_type": "code", - "execution_count": 73, + "execution_count": 50, "metadata": {}, "outputs": [ { "data": { "application/vnd.jupyter.widget-view+json": { - "model_id": "5c1ac5ca6b1248d0a7e81fcd52cb4523", + "model_id": "55a370bf5df94b3aacf4c0396bc43cad", "version_major": 2, "version_minor": 0 }, @@ -913,27 +521,7 @@ "name": "stdout", "output_type": "stream", "text": [ - "29 0.0\n", - "87 0.0\n", - "1178 0.0\n", - "2075 0.0\n", - "2166 0.0\n", - "2273 4.0\n", - "2614 0.0\n", - "3431 0.0\n", - "6380 0.0\n", - "7288 0.0\n", - "Name: Label, dtype: float64\n", - "29 0.0\n", - "87 0.0\n", - "1178 0.0\n", - "2075 0.0\n", - "2166 0.0\n", - "2273 4.0\n", - "2614 0.0\n", - "3431 0.0\n", - "6380 0.0\n", - "7288 0.0\n", + "5332 0.0\n", "Name: Label, dtype: float64\n" ] } @@ -965,28 +553,7 @@ }, { "cell_type": "code", - "execution_count": 79, - "metadata": {}, - "outputs": [ - { - "name": "stdout", - "output_type": "stream", - "text": [ - "This round (no. 3):\n", - "Number of labeled articles: 30\n", - "Number of unlabeled articles: 9970\n" - ] - } - ], - "source": [ - "print('This round (no. {}):'.format(m))\n", - "print('Number of labeled articles: {}'.format(len(l_data)))\n", - "print('Number of unlabeled articles: {}'.format(len(u_data)))" - ] - }, - { - "cell_type": "code", - "execution_count": 81, + "execution_count": 51, "metadata": {}, "outputs": [], "source": [ @@ -1001,94 +568,56 @@ }, { "cell_type": "code", - "execution_count": 82, + "execution_count": 52, "metadata": {}, - "outputs": [], + "outputs": [ + { + "name": "stdout", + "output_type": "stream", + "text": [ + "This round (no. 16):\n", + "Number of labeled articles: 320 (3.2 percent)\n", + "Number of unlabeled articles: 9680\n" + ] + } + ], "source": [ - " # split data set into labeled and unlabeled samples\n", - "l_data = df.loc[df['Label'] != -1]\n", - "u_data = df.loc[df['Label'] == -1]" + "print('This round (no. {}):'.format(m))\n", + "print('Number of labeled articles: {0} ({1:.2} percent)'.format(len(df.loc[df['Label'] != -1]), \n", + " len(df.loc[df['Label'] != -1])/100))\n", + "print('Number of unlabeled articles: {}'.format(len(df.loc[df['Label'] == -1])))" + ] + }, + { + "cell_type": "markdown", + "metadata": {}, + "source": [ + "NOW REPEAT PART II OR CONTINUE WITH PART III.\n", + "\n", + "## Part III\n", + "\n", + "Now we build a model and check if it is possible to label some articles automatically." ] }, { "cell_type": "code", "execution_count": null, "metadata": {}, - "outputs": [ - { - "name": "stdout", - "output_type": "stream", - "text": [ - "# MNB: starting multinomial naives bayes...\n", - "\n", - "# BOW: extracting all words from articles...\n", - "\n", - "# BOW: making vocabulary of data set...\n", - "\n", - "# BOW: vocabulary consists of 1938 features.\n", - "\n", - "# MNB: fit training data and calculate matrix...\n", - "\n", - "# BOW: calculating matrix...\n", - "\n", - "# BOW: calculating frequencies...\n", - "\n", - "# MNB: transform testing data to matrix...\n", - "\n", - "# BOW: extracting all words from articles...\n", - "\n" - ] - } - ], + "outputs": [], "source": [ + " # split data set into labeled and unlabeled samples\n", + "l_data = df.loc[df['Label'] != -1]\n", + "u_data = df.loc[df['Label'] == -1]\n", + "\n", "# assign array of classes in order used and array of class probabilities\n", - "%time classes, class_probs = MNBInteractive.make_nb(l_data, u_data)" - ] - }, - { - "cell_type": "code", - "execution_count": 56, - "metadata": {}, - "outputs": [ - { - "name": "stdout", - "output_type": "stream", - "text": [ - "Label classes in the order in which they are used for class_probs:\n", - "[0. 2. 5.]\n" - ] - } - ], - "source": [ + "%time classes, class_count, class_probs = MNBInteractive.make_nb(l_data, u_data)\n", + "\n", "print('Label classes in the order in which they are used for class_probs:')\n", - "print(classes)" - ] - }, - { - "cell_type": "code", - "execution_count": 57, - "metadata": {}, - "outputs": [ - { - "name": "stdout", - "output_type": "stream", - "text": [ - "First 10 estimations:\n", - "\n", - "[[0.3333692 0.33330931 0.33332149]\n", - " [0.33336935 0.33330722 0.33332343]\n", - " [0.33338453 0.33329506 0.33332041]\n", - " [0.33338619 0.33328946 0.33332435]\n", - " [0.33341376 0.3332979 0.33328834]\n", - " [0.33337418 0.33331362 0.3333122 ]\n", - " [0.33345864 0.33328092 0.33326044]\n", - " [0.33359888 0.33318753 0.33321359]\n", - " [0.33339256 0.33329162 0.33331582]\n", - " [0.33342884 0.33327653 0.33329462]]\n" - ] - } - ], - "source": [ + "print(classes)\n", + "\n", + "print('Number of samples of each class:')\n", + "print(class_count)\n", + "\n", "print('First 10 estimations:')\n", "print()\n", "print(class_probs[:10])" @@ -1096,9 +625,17 @@ }, { "cell_type": "code", - "execution_count": 58, + "execution_count": 9, "metadata": {}, - "outputs": [], + "outputs": [ + { + "name": "stdout", + "output_type": "stream", + "text": [ + "Number of auto-labeled samples in round 13: 0\n" + ] + } + ], "source": [ "# list of tuples (articles that were automatically labeled in this round and their estimated label probability)\n", "tuples_auto_labeled = []\n", @@ -1121,89 +658,70 @@ " tuples_auto_labeled.append(u_data[j]['Index'], u_data[j]['Probability'])\n", "\n", "# insert estimated labels\n", - "insert_estimated_labels()" - ] - }, - { - "cell_type": "code", - "execution_count": 59, - "metadata": {}, - "outputs": [ - { - "name": "stdout", - "output_type": "stream", - "text": [ - "Number of auto-labeled samples in round 2: 0\n" - ] - } - ], - "source": [ + "insert_estimated_labels()\n", + "\n", "print('Number of auto-labeled samples in round {}: {}'.format(m, len(tuples_auto_labeled)))" ] }, { "cell_type": "code", - "execution_count": 60, + "execution_count": 10, "metadata": {}, "outputs": [], "source": [ - "# sort new labeled articles by their estimated probability and return list of indices\n", - "list_auto_labeled = [t[0] for t in sorted(tuples_auto_labeled, key=lambda x: x[1])]\n", + "if len(tuples_auto_labeled) > 0:\n", "\n", - "# concatenate labeled and unlabeled data\n", - "df = pd.concat([l_data, u_data],\n", - " ignore_index=True)\n", + " # sort new labeled articles by their estimated probability and return list of indices\n", + " list_auto_labeled = [t[0] for t in sorted(tuples_auto_labeled, key=lambda x: x[1])]\n", "\n", - "# sort dataframe by index\n", - "df = df.sort_values(['Index'])\n", + " # concatenate labeled and unlabeled data\n", + " df = pd.concat([l_data, u_data],\n", + " ignore_index=True)\n", "\n", - "# create button widget for checking labels\n", - "button_check = widgets.Button(description='Check Label',\n", - " disabled=False,\n", - " button_style='')\n", - "def h(b):\n", - " ''' this function is executed when button 'Check Labels' clicked\n", - " '''\n", - " show_next(list_auto_labeled[0])\n", - " del list_auto_labeled[0]\n", + " # sort dataframe by index\n", + " df = df.sort_values(['Index'])\n", "\n", - "# execute function g if button is clicked\n", - "button_check.on_click(h)\n", + " # create button widget for checking labels\n", + " button_check = widgets.Button(description='Check Label',\n", + " disabled=False,\n", + " button_style='')\n", + " def h(b):\n", + " ''' this function is executed when button 'Check Labels' clicked\n", + " '''\n", + " show_next(list_auto_labeled[0])\n", + " del list_auto_labeled[0]\n", "\n", - "# while there is still a auto-labeled article not yet checked\n", - "# check sample with lowest estimated probability next\n", - "while len(list_auto_labeled) > 0:\n", - " print('PLEASE CLICK BUTTON BELOW (\\'Check Labels\\') TO CHECK AUTO-LABELED SAMPLE')\n", - " display(button_check)" + " # execute function g if button is clicked\n", + " button_check.on_click(h)\n", + "\n", + " # while there is still a auto-labeled article not yet checked\n", + " # check sample with lowest estimated probability next\n", + " while len(list_auto_labeled) > 0:\n", + " print('PLEASE CLICK BUTTON BELOW (\\'Check Labels\\') TO CHECK AUTO-LABELED SAMPLE')\n", + " display(button_check)" ] }, { "cell_type": "code", - "execution_count": 61, + "execution_count": 12, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ - "End of this round (no. 2):\n", - "Number of labeled articles: 20\n", - "Number of unlabeled articles: 9980\n" + "End of this round (no. 13):\n", + "Number of labeled articles: 300 (3.0 percent)\n", + "Number of unlabeled articles: 9700\n" ] } ], "source": [ "print('End of this round (no. {}):'.format(m))\n", - "print('Number of labeled articles: {}'.format(len(df.loc[df['Label'] != -1])))\n", - "print('Number of unlabeled articles: {}'.format(len(df.loc[df['Label'] == -1])))" - ] - }, - { - "cell_type": "code", - "execution_count": 62, - "metadata": {}, - "outputs": [], - "source": [ + "print('Number of labeled articles: {0} ({1:.2} percent)'.format(len(df.loc[df['Label'] != -1]), \n", + " len(df.loc[df['Label'] != -1])/100))\n", + "print('Number of unlabeled articles: {}'.format(len(df.loc[df['Label'] == -1])))\n", + "\n", "# save to csv\n", "df.to_csv('../data/interactive_labeling.csv',\n", " sep='|',\n", diff --git a/src/MNBInteractive.py b/src/MNBInteractive.py index b3b122e..028774e 100644 --- a/src/MNBInteractive.py +++ b/src/MNBInteractive.py @@ -94,7 +94,9 @@ class MNBInteractive: # classes in order used classes = classifier.classes_ + class_count = classifier.class_count_ + print('# MNB: ending multinomial naive bayes') # return classes and vector of class estimates - return classes, class_probs \ No newline at end of file + return classes, class_count, class_probs \ No newline at end of file diff --git a/src/NER.py b/src/NER.py index 4307958..80832c3 100644 --- a/src/NER.py +++ b/src/NER.py @@ -193,23 +193,51 @@ class NER: n_dict[next_highest[0]] = next_highest[1] print(n_dict) + def remove_banks_from_dict(): + ''' removes bank, news agencies and other organizations we do not need + ''' + # load pickle object + with open('../obj/dict_articles_organizations.pkl', 'rb') as input: + dict = pickle.load(input) + + black_list = ['Eastern and Southern African Trade and Development Bank', 'PTA Bank', 'Citigroup', + 'Rand Merchant Bank', 'Banca Carige', 'World Bank', 'Bank of America', 'Deutsche Bank', 'HSBC', 'JP Morgan', + 'Credit Suisse', 'JPMorgan', 'BNP Paribas', 'Goldman Sachs', 'Commerzbank', 'Deutsche Boerse', 'Handelsblatt', + 'Sky News', 'Labour', 'UN', 'Bank of Japan', 'Goldman', 'Goldman Sachs Asset Management', 'New York Times', + 'Bank of Scotland','World Economic Forum','Organisation for Economic Cooperation and Development', + 'Russell Investments','Royal London Asset Management','Conservative party','Blom Bank','Banco Santander', + 'Guardian Money','Financial Services Agency','Munich Re','Banca Popolare di Vicenza','SoftBank', + 'Financial Conduct Authority','Qatar National Bank','Welt am Sonntag','Sueddeutsche Zeitung','Der Spiegel', + 'Bank of England', 'Bank of America Merrill Lynch', 'Barclays', 'London Metal Exchange', 'Petroleum Exporting Countries'] + + for k, v in dict.items(): + for org in black_list: + if org in v: + v.remove(org) + + # save new dict + with open('../obj/'+ 'dict_articles_organizations_without_banks' + '.pkl', 'wb') as f: + pickle.dump(dict, f, pickle.HIGHEST_PROTOCOL) + if __name__ == '__main__': - print('# starting NER...') - print() - # read data set - file = '..\\data\\cleaned_data_set_without_header.csv' - df = pd.read_csv(file, - delimiter='|', - header=None, - index_col=None, - engine='python', - # usecols=[1,2], - # nrows=100, - quoting=csv.QUOTE_NONNUMERIC, - quotechar='\'') - #print(df) - texts = df[1] + '. ' + df[2] - NER.make_article_orgs_dict(texts) + # print('# starting NER...') + # print() + # # read data set + # file = '..\\data\\cleaned_data_set_without_header.csv' + # df = pd.read_csv(file, + # delimiter='|', + # header=None, + # index_col=None, + # engine='python', + # # usecols=[1,2], + # # nrows=100, + # quoting=csv.QUOTE_NONNUMERIC, + # quotechar='\'') + # #print(df) + # texts = df[1] + '. ' + df[2] + # NER.make_article_orgs_dict(texts) # NER.show_most_common_companies() - # print(NER.tag_words('On Monday, Github and Microsoft announced their merger.')) \ No newline at end of file + # print(NER.tag_words('On Monday, Github and Microsoft announced their merger.')) + + NER.remove_banks_from_dict() \ No newline at end of file